# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0000351601-26-000005
**Filing Date:** 2026-6
**Character Count:** 3532094
**Document Hash:** 19ae27bce72fc47f8b9f61dda6f9fb91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000351601-26-000005.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0000351601-26-000005

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03153
- **FILM NUMBER:** 261121769

**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           |

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

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

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

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

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

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

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

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

### Global Real Estate Securities Fund (Series ID: S000001579)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004269 | Class S      | RRESX           |
| C000004270 | Class C      | RRSCX           |
| C000043465 | Class A      | RREAX           |
| C000066901 | Class Y      | RREYX           |
| C000166197 | Class R6     | RRSRX           |
| C000178325 | Class M      | RETTX           |

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

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

### 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           |

### Investment Grade Bond Fund (Series ID: S000001587)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004301 | Class Y      | RFAYX           |
| C000053055 | Class C      | RFACX           |
| C000053056 | Class S      | RFATX           |
| C000089691 | Class A      | RFAAX           |
| C000166200 | Class R6     | RIGRX           |
| C000178345 | Class M      | RIWTX           |

### 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           |

### Strategic Bond Fund (Series ID: S000001589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004307 | Class Y      | RFCYX           |
| C000066911 | Class A      | RFDAX           |
| C000066912 | Class C      | RFCCX           |
| C000066913 | Class S      | RFCTX           |
| C000166202 | Class R6     | RSBRX           |
| C000178355 | Class M      | RSYTX           |

### Sustainable 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           |

### Tax-Exempt Bond Fund (Series ID: S000001599)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004330 | Class S      | RLVSX           |
| C000004331 | Class C      | RTECX           |
| C000089692 | Class A      | RTEAX           |
| C000178365 | Class M      | RBCUX           |

### Short Duration Bond Fund (Series ID: S000001601)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004336 | Class S      | RFBSX           |
| C000004337 | Class C      | RSBCX           |
| C000043470 | Class A      | RSBTX           |
| C000066918 | Class Y      | RSBYX           |
| C000166204 | Class R6     | RDBRX           |
| C000178370 | Class M      | RSDTX           |

### 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           |

### Global Infrastructure Fund (Series ID: S000029198)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000089834 | Class A      | RGIAX           |
| C000089835 | Class C      | RGCIX           |
| C000089837 | Class S      | RGISX           |
| C000089838 | Class Y      | RGIYX           |
| C000178385 | Class M      | RGFTX           |

### Opportunistic Credit Fund (Series ID: S000029199)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000089839 | Class Y      | RGCYX           |
| C000089840 | Class A      | RGCAX           |
| C000089841 | Class C      | RGCCX           |
| C000089843 | Class S      | RGCSX           |
| C000178390 | Class M      | RGOTX           |

### 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           |

### Multi-Strategy Income Fund (Series ID: S000048356)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000152724 | Class A      | RMYAX           |
| C000152725 | Class C      | RMYCX           |
| C000152727 | Class S      | RMYSX           |
| C000152728 | Class Y      | RMYYX           |
| C000178428 | Class M      | RGYTX           |

### Tax-Exempt High Yield Bond Fund (Series ID: S000049244)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000155368 | Class A      | RTHAX           |
| C000155369 | Class C      | RTHCX           |
| C000155371 | Class S      | RTHSX           |
| C000178433 | Class M      | RHYTX           |

### Multi-Asset Strategy Fund (Series ID: S000055522)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000174738 | Class A      | RAZAX           |
| C000174739 | Class C      | RAZCX           |
| C000174742 | Class S      | RMGSX           |
| C000174743 | Class Y      | RMGYX           |
| C000178443 | Class M      | RMATX           |

### Long Duration Bond Fund (Series ID: S000058644)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000192624 | Class S      | RMHSX           |
| C000192625 | Class M      | RMHTX           |
| C000192626 | Class Y      | RMHYX           |

### 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, 2025 to April 30, 2026**

**Item 1. Reports to Stockholders.**

#### Conservative Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RCLAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $27 | 0.54% |

---

# Key Fund Statistics
* Net Assets (thousands)$55,245

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ida5743b309452d1a53797617.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Conservative Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RCLCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $65 | 1.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$55,245

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ida5743b309452d1a53797617.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Conservative Strategy Fund

#### Class R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RCLRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $11 | 0.22% |

---

# Key Fund Statistics
* Net Assets (thousands)$55,245

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ida5743b309452d1a53797617.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Conservative Strategy Fund

#### Class R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RCLVX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $36 | 0.72% |

---

# Key Fund Statistics
* Net Assets (thousands)$55,245

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ida5743b309452d1a53797617.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Conservative Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RCLSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $18 | 0.35% |

---

# Key Fund Statistics
* Net Assets (thousands)$55,245

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ida5743b309452d1a53797617.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.5% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Moderate Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMLAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $25 | 0.50% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,355

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i61e4baf602a8e259e013cf93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.2% |
| International Equities | 24.4% |
| Domestic Equities | 12.4% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Moderate Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMLCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $63 | 1.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,355

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i61e4baf602a8e259e013cf93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.2% |
| International Equities | 24.4% |
| Domestic Equities | 12.4% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Moderate Strategy Fund

#### Class R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMLRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $13 | 0.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,355

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i61e4baf602a8e259e013cf93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.2% |
| International Equities | 24.4% |
| Domestic Equities | 12.4% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Moderate Strategy Fund

#### Class R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMLVX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $38 | 0.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,355

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i61e4baf602a8e259e013cf93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.2% |
| International Equities | 24.4% |
| Domestic Equities | 12.4% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Moderate Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMLSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $17 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,355

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $-

* Portfolio Turnover Rate6%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i61e4baf602a8e259e013cf93.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.2% |
| International Equities | 24.4% |
| Domestic Equities | 12.4% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |

---

#### 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**.

#### Balanced Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBLAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $27 | 0.53% |

---

# Key Fund Statistics
* Net Assets (thousands)$612,170

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $262

* Portfolio Turnover Rate7%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i812e322dcaf7a10861b8b20e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.8% |
| Fixed Income | 31.9% |
| Domestic Equities | 15.5% |
| Multi-Asset | 7.9% |
| Alternative | 4.0% |
| Other | (0.1)% |

---

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

#### Balanced Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBLCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $65 | 1.28% |

---

# Key Fund Statistics
* Net Assets (thousands)$612,170

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $262

* Portfolio Turnover Rate7%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i812e322dcaf7a10861b8b20e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.8% |
| Fixed Income | 31.9% |
| Domestic Equities | 15.5% |
| Multi-Asset | 7.9% |
| Alternative | 4.0% |
| Other | (0.1)% |

---

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

#### Balanced Strategy Fund

#### Class R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBLRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $16 | 0.32% |

---

# Key Fund Statistics
* Net Assets (thousands)$612,170

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $262

* Portfolio Turnover Rate7%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i812e322dcaf7a10861b8b20e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.8% |
| Fixed Income | 31.9% |
| Domestic Equities | 15.5% |
| Multi-Asset | 7.9% |
| Alternative | 4.0% |
| Other | (0.1)% |

---

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

#### Balanced Strategy Fund

#### Class R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBLVX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $42 | 0.82% |

---

# Key Fund Statistics
* Net Assets (thousands)$612,170

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $262

* Portfolio Turnover Rate7%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i812e322dcaf7a10861b8b20e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.8% |
| Fixed Income | 31.9% |
| Domestic Equities | 15.5% |
| Multi-Asset | 7.9% |
| Alternative | 4.0% |
| Other | (0.1)% |

---

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

#### Balanced Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBLSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $19 | 0.38% |

---

# Key Fund Statistics
* Net Assets (thousands)$612,170

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $262

* Portfolio Turnover Rate7%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i812e322dcaf7a10861b8b20e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.8% |
| Fixed Income | 31.9% |
| Domestic Equities | 15.5% |
| Multi-Asset | 7.9% |
| Alternative | 4.0% |
| Other | (0.1)% |

---

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

#### Aggressive Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RALAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $30 | 0.58% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,892

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $121

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i19fe48699564bddeac5ad678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.8% |
| Domestic Equities | 26.4% |
| Fixed Income | 13.9% |
| Multi-Asset | 8.0% |
| Alternative | 5.0% |
| Other | (0.1)% |

---

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

#### Aggressive Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RALCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $68 | 1.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,892

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $121

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i19fe48699564bddeac5ad678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.8% |
| Domestic Equities | 26.4% |
| Fixed Income | 13.9% |
| Multi-Asset | 8.0% |
| Alternative | 5.0% |
| Other | (0.1)% |

---

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

#### Aggressive Strategy Fund

#### Class R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RALRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $14 | 0.28% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,892

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $121

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i19fe48699564bddeac5ad678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.8% |
| Domestic Equities | 26.4% |
| Fixed Income | 13.9% |
| Multi-Asset | 8.0% |
| Alternative | 5.0% |
| Other | (0.1)% |

---

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

#### Aggressive Strategy Fund

#### Class R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RALVX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $40 | 0.78% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,892

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $121

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i19fe48699564bddeac5ad678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.8% |
| Domestic Equities | 26.4% |
| Fixed Income | 13.9% |
| Multi-Asset | 8.0% |
| Alternative | 5.0% |
| Other | (0.1)% |

---

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

#### Aggressive Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RALSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $17 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,892

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $121

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i80e74be9252624a87c0d8c7b.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i19fe48699564bddeac5ad678.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 46.8% |
| Domestic Equities | 26.4% |
| Fixed Income | 13.9% |
| Multi-Asset | 8.0% |
| Alternative | 5.0% |
| Other | (0.1)% |

---

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

#### Equity Aggressive Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REAAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $30 | 0.58% |

---

# Key Fund Statistics
* Net Assets (thousands)$323,438

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $20

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia0c1ca441e0fbac528b1838b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.5% |
| Domestic Equities | 32.5% |
| Multi-Asset | 6.9% |
| Fixed Income | 5.7% |
| Alternative | 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**.

#### Equity Aggressive Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RELCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $69 | 1.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$323,438

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $20

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia0c1ca441e0fbac528b1838b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.5% |
| Domestic Equities | 32.5% |
| Multi-Asset | 6.9% |
| Fixed Income | 5.7% |
| Alternative | 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**.

#### Equity Aggressive Strategy Fund

#### Class R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RELRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R1 | $13 | 0.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$323,438

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $20

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia0c1ca441e0fbac528b1838b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.5% |
| Domestic Equities | 32.5% |
| Multi-Asset | 6.9% |
| Fixed Income | 5.7% |
| Alternative | 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**.

#### Equity Aggressive Strategy Fund

#### Class R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RELVX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R5 | $39 | 0.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$323,438

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $20

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia0c1ca441e0fbac528b1838b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.5% |
| Domestic Equities | 32.5% |
| Multi-Asset | 6.9% |
| Fixed Income | 5.7% |
| Alternative | 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**.

#### Equity Aggressive Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RELSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $17 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$323,438

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $20

* Portfolio Turnover Rate8%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8d28e4e3e29ab8e32daa4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Investments in Affiliated Funds | 100.0% |

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ia0c1ca441e0fbac528b1838b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 49.5% |
| Domestic Equities | 32.5% |
| Multi-Asset | 6.9% |
| Fixed Income | 5.7% |
| Alternative | 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**.

#### Multifactor U.S. Equity Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $48 | 0.93% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Multifactor U.S. Equity Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $86 | 1.68% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Multifactor U.S. Equity Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $27 | 0.53% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Multifactor U.S. Equity Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $26 | 0.51% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Multifactor U.S. Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $35 | 0.68% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Multifactor U.S. Equity Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTDYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $25 | 0.48% |

---

# Key Fund Statistics
* Net Assets (thousands)$282,417

* Total Number of Portfolio Holdings 752

* Total Advisory Fees Paid (thousands) $411

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i33cd04668bcf49641ae58b2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.2% |
| Common Stocks | 97.8% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c76a0165ac3631fc6d3990a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 40.9% |
| Financial Services | 14.6% |
| Consumer Discretionary | 12.1% |
| Health Care | 9.1% |
| Producer Durables | 7.7% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Materials and Processing | 3.2% |
| Consumer Staples | 2.6% |
| Other | 2.2% |

---

#### 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**.

#### Equity Income Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSQAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $59 | 1.12% |

---

# Key Fund Statistics
* Net Assets (thousands)$149,204

* Total Number of Portfolio Holdings 273

* Total Advisory Fees Paid (thousands) $329

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib556e70d575484036c7bb711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 3.3% |
| Common Stocks | 96.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i24096188c859c41c11785aab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Technology | 14.1% |
| Health Care | 12.4% |
| Consumer Discretionary | 9.4% |
| Utilities | 8.3% |
| Producer Durables | 8.2% |
| Energy | 7.8% |
| Consumer Staples | 7.3% |
| Materials and Processing | 5.4% |
| 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**.

#### Equity Income Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REQSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $98 | 1.87% |

---

# Key Fund Statistics
* Net Assets (thousands)$149,204

* Total Number of Portfolio Holdings 273

* Total Advisory Fees Paid (thousands) $329

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib556e70d575484036c7bb711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 3.3% |
| Common Stocks | 96.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i24096188c859c41c11785aab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Technology | 14.1% |
| Health Care | 12.4% |
| Consumer Discretionary | 9.4% |
| Utilities | 8.3% |
| Producer Durables | 8.2% |
| Energy | 7.8% |
| Consumer Staples | 7.3% |
| Materials and Processing | 5.4% |
| 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**.

#### Equity Income Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLISX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $44 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$149,204

* Total Number of Portfolio Holdings 273

* Total Advisory Fees Paid (thousands) $329

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib556e70d575484036c7bb711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 3.3% |
| Common Stocks | 96.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i24096188c859c41c11785aab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Technology | 14.1% |
| Health Care | 12.4% |
| Consumer Discretionary | 9.4% |
| Utilities | 8.3% |
| Producer Durables | 8.2% |
| Energy | 7.8% |
| Consumer Staples | 7.3% |
| Materials and Processing | 5.4% |
| 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**.

#### Equity Income Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REAYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $35 | 0.67% |

---

# Key Fund Statistics
* Net Assets (thousands)$149,204

* Total Number of Portfolio Holdings 273

* Total Advisory Fees Paid (thousands) $329

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib556e70d575484036c7bb711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 3.3% |
| Common Stocks | 96.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i24096188c859c41c11785aab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Technology | 14.1% |
| Health Care | 12.4% |
| Consumer Discretionary | 9.4% |
| Utilities | 8.3% |
| Producer Durables | 8.2% |
| Energy | 7.8% |
| Consumer Staples | 7.3% |
| Materials and Processing | 5.4% |
| 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**.

#### Sustainable Equity Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REQAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Sustainable Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $62 | 1.23% |

---

# Key Fund Statistics
* Net Assets (thousands)$264,994

* Total Number of Portfolio Holdings 384

* Total Advisory Fees Paid (thousands) $456

* Portfolio Turnover Rate85%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6687819f9c6abe6da36ccf2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia7047ba3180c4073f47ea430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 29.8% |
| Financial Services | 16.4% |
| Health Care | 12.3% |
| Consumer Discretionary | 10.0% |
| Producer Durables | 9.9% |
| Materials and Processing | 6.3% |
| Consumer Staples | 4.1% |
| Utilities | 3.7% |
| Energy | 1.7% |
| Other | 5.8% |

---

#### 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**.

#### Sustainable Equity Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REQCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Sustainable Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $99 | 1.98% |

---

# Key Fund Statistics
* Net Assets (thousands)$264,994

* Total Number of Portfolio Holdings 384

* Total Advisory Fees Paid (thousands) $456

* Portfolio Turnover Rate85%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6687819f9c6abe6da36ccf2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia7047ba3180c4073f47ea430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 29.8% |
| Financial Services | 16.4% |
| Health Care | 12.3% |
| Consumer Discretionary | 10.0% |
| Producer Durables | 9.9% |
| Materials and Processing | 6.3% |
| Consumer Staples | 4.1% |
| Utilities | 3.7% |
| Energy | 1.7% |
| Other | 5.8% |

---

#### 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**.

#### Sustainable Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REQTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Sustainable Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $47 | 0.93% |

---

# Key Fund Statistics
* Net Assets (thousands)$264,994

* Total Number of Portfolio Holdings 384

* Total Advisory Fees Paid (thousands) $456

* Portfolio Turnover Rate85%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6687819f9c6abe6da36ccf2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia7047ba3180c4073f47ea430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 29.8% |
| Financial Services | 16.4% |
| Health Care | 12.3% |
| Consumer Discretionary | 10.0% |
| Producer Durables | 9.9% |
| Materials and Processing | 6.3% |
| Consumer Staples | 4.1% |
| Utilities | 3.7% |
| Energy | 1.7% |
| Other | 5.8% |

---

#### 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**.

#### Sustainable Equity Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REUYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Sustainable Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $39 | 0.78% |

---

# Key Fund Statistics
* Net Assets (thousands)$264,994

* Total Number of Portfolio Holdings 384

* Total Advisory Fees Paid (thousands) $456

* Portfolio Turnover Rate85%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6687819f9c6abe6da36ccf2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.1% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia7047ba3180c4073f47ea430.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 29.8% |
| Financial Services | 16.4% |
| Health Care | 12.3% |
| Consumer Discretionary | 10.0% |
| Producer Durables | 9.9% |
| Materials and Processing | 6.3% |
| Consumer Staples | 4.1% |
| Utilities | 3.7% |
| Energy | 1.7% |
| Other | 5.8% |

---

#### 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**.

#### U.S. Strategic Equity Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSEAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $55 | 1.08% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,987,503

* Total Number of Portfolio Holdings 524

* Total Advisory Fees Paid (thousands) $6,828

* Portfolio Turnover Rate24%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8bf64fa7ab5e1c3cf0a95ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 2.3% |
| Common Stocks | 102.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic66b5b48ac1fd8805f75bab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 9.9% |
| Producer Durables | 7.9% |
| Materials and Processing | 3.9% |
| Energy | 3.7% |
| Utilities | 3.5% |
| Consumer Staples | 3.2% |
| Other | (2.1)% |

---

#### 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**.

#### U.S. Strategic Equity Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSECX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $93 | 1.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,987,503

* Total Number of Portfolio Holdings 524

* Total Advisory Fees Paid (thousands) $6,828

* Portfolio Turnover Rate24%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8bf64fa7ab5e1c3cf0a95ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 2.3% |
| Common Stocks | 102.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic66b5b48ac1fd8805f75bab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 9.9% |
| Producer Durables | 7.9% |
| Materials and Processing | 3.9% |
| Energy | 3.7% |
| Utilities | 3.5% |
| Consumer Staples | 3.2% |
| Other | (2.1)% |

---

#### 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**.

#### U.S. Strategic Equity Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RUSTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $37 | 0.73% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,987,503

* Total Number of Portfolio Holdings 524

* Total Advisory Fees Paid (thousands) $6,828

* Portfolio Turnover Rate24%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8bf64fa7ab5e1c3cf0a95ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 2.3% |
| Common Stocks | 102.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic66b5b48ac1fd8805f75bab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 9.9% |
| Producer Durables | 7.9% |
| Materials and Processing | 3.9% |
| Energy | 3.7% |
| Utilities | 3.5% |
| Consumer Staples | 3.2% |
| Other | (2.1)% |

---

#### 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**.

#### U.S. Strategic Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSESX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $42 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,987,503

* Total Number of Portfolio Holdings 524

* Total Advisory Fees Paid (thousands) $6,828

* Portfolio Turnover Rate24%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8bf64fa7ab5e1c3cf0a95ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 2.3% |
| Common Stocks | 102.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic66b5b48ac1fd8805f75bab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 9.9% |
| Producer Durables | 7.9% |
| Materials and Processing | 3.9% |
| Energy | 3.7% |
| Utilities | 3.5% |
| Consumer Staples | 3.2% |
| Other | (2.1)% |

---

#### 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**.

#### U.S. Strategic Equity Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RUSPX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $33 | 0.65% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,987,503

* Total Number of Portfolio Holdings 524

* Total Advisory Fees Paid (thousands) $6,828

* Portfolio Turnover Rate24%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8bf64fa7ab5e1c3cf0a95ddf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 2.3% |
| Common Stocks | 102.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic66b5b48ac1fd8805f75bab3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.5% |
| Financial Services | 14.1% |
| Consumer Discretionary | 13.4% |
| Health Care | 9.9% |
| Producer Durables | 7.9% |
| Materials and Processing | 3.9% |
| Energy | 3.7% |
| Utilities | 3.5% |
| Consumer Staples | 3.2% |
| Other | (2.1)% |

---

#### 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**.

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

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLACX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $72 | 1.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

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

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLECX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $112 | 2.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

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

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RUNTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $51 | 0.95% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

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

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSCRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $50 | 0.92% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

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

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLESX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $57 | 1.05% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

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

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REBYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $48 | 0.89% |

---

# Key Fund Statistics
* Net Assets (thousands)$955,686

* Total Number of Portfolio Holdings 1,186

* Total Advisory Fees Paid (thousands) $2,726

* Portfolio Turnover Rate55%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4cfaad9a3d526601632bb0c8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Securities Sold Short | (3.8)% |
| Short-Term Investments | 4.3% |
| Common Stocks | 99.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i39d4de35155dc29a382affd2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 20.4% |
| Producer Durables | 19.8% |
| Health Care | 15.7% |
| Technology | 14.6% |
| Consumer Discretionary | 9.9% |
| Materials and Processing | 8.8% |
| Energy | 5.2% |
| Utilities | 2.5% |
| Consumer Staples | 2.2% |
| Other | 0.9% |

---

#### 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**.

#### Multifactor International Equity Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTITX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $38 | 0.73% |

---

# Key Fund Statistics
* Net Assets (thousands)$182,520

* Total Number of Portfolio Holdings 609

* Total Advisory Fees Paid (thousands) $410

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i577df622998d63af64cae282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.6% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1a9ab9c6300a6faf73bd2190.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| Canada | 11.1% |
| United Kingdom | 9.5% |
| Germany | 7.0% |
| France | 6.7% |
| United States | 6.5% |
| Australia | 5.4% |
| Netherlands | 4.6% |
| Switzerland | 3.5% |
| Sweden | 3.3% |
| Other Common Stocks | 17.7% |
| 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**.

#### Multifactor International Equity Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTIRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $37 | 0.71% |

---

# Key Fund Statistics
* Net Assets (thousands)$182,520

* Total Number of Portfolio Holdings 609

* Total Advisory Fees Paid (thousands) $410

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i577df622998d63af64cae282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.6% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1a9ab9c6300a6faf73bd2190.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| Canada | 11.1% |
| United Kingdom | 9.5% |
| Germany | 7.0% |
| France | 6.7% |
| United States | 6.5% |
| Australia | 5.4% |
| Netherlands | 4.6% |
| Switzerland | 3.5% |
| Sweden | 3.3% |
| Other Common Stocks | 17.7% |
| 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**.

#### Multifactor International Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTISX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $46 | 0.88% |

---

# Key Fund Statistics
* Net Assets (thousands)$182,520

* Total Number of Portfolio Holdings 609

* Total Advisory Fees Paid (thousands) $410

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i577df622998d63af64cae282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.6% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1a9ab9c6300a6faf73bd2190.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| Canada | 11.1% |
| United Kingdom | 9.5% |
| Germany | 7.0% |
| France | 6.7% |
| United States | 6.5% |
| Australia | 5.4% |
| Netherlands | 4.6% |
| Switzerland | 3.5% |
| Sweden | 3.3% |
| Other Common Stocks | 17.7% |
| 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**.

#### Multifactor International Equity Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTIYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $36 | 0.68% |

---

# Key Fund Statistics
* Net Assets (thousands)$182,520

* Total Number of Portfolio Holdings 609

* Total Advisory Fees Paid (thousands) $410

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i577df622998d63af64cae282.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.6% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 94.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1a9ab9c6300a6faf73bd2190.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 19.3% |
| Canada | 11.1% |
| United Kingdom | 9.5% |
| Germany | 7.0% |
| France | 6.7% |
| United States | 6.5% |
| Australia | 5.4% |
| Netherlands | 4.6% |
| Switzerland | 3.5% |
| Sweden | 3.3% |
| Other Common Stocks | 17.7% |
| 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**.

#### International Developed Markets Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLNAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $66 | 1.28% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,390,406

* Total Number of Portfolio Holdings 593

* Total Advisory Fees Paid (thousands) $4,165

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i610a193be4d6ba048ff43a5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.4% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.9% |
| Common Stocks | 93.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie414711b503cf781c0b76b05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.6% |
| United Kingdom | 11.3% |
| France | 8.6% |
| Germany | 7.4% |
| United States | 6.9% |
| Canada | 4.8% |
| Netherlands | 4.2% |
| Switzerland | 3.8% |
| Italy | 3.5% |
| China | 3.3% |
| Other Common Stocks | 22.7% |
| Other | 6.9% |

---

#### 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**.

#### International Developed Markets Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLNCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $105 | 2.03% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,390,406

* Total Number of Portfolio Holdings 593

* Total Advisory Fees Paid (thousands) $4,165

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i610a193be4d6ba048ff43a5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.4% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.9% |
| Common Stocks | 93.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie414711b503cf781c0b76b05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.6% |
| United Kingdom | 11.3% |
| France | 8.6% |
| Germany | 7.4% |
| United States | 6.9% |
| Canada | 4.8% |
| Netherlands | 4.2% |
| Switzerland | 3.8% |
| Italy | 3.5% |
| China | 3.3% |
| Other Common Stocks | 22.7% |
| Other | 6.9% |

---

#### 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**.

#### International Developed Markets Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RNTTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $46 | 0.89% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,390,406

* Total Number of Portfolio Holdings 593

* Total Advisory Fees Paid (thousands) $4,165

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i610a193be4d6ba048ff43a5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.4% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.9% |
| Common Stocks | 93.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie414711b503cf781c0b76b05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.6% |
| United Kingdom | 11.3% |
| France | 8.6% |
| Germany | 7.4% |
| United States | 6.9% |
| Canada | 4.8% |
| Netherlands | 4.2% |
| Switzerland | 3.8% |
| Italy | 3.5% |
| China | 3.3% |
| Other Common Stocks | 22.7% |
| Other | 6.9% |

---

#### 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**.

#### International Developed Markets Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RINTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $51 | 0.99% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,390,406

* Total Number of Portfolio Holdings 593

* Total Advisory Fees Paid (thousands) $4,165

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i610a193be4d6ba048ff43a5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.4% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.9% |
| Common Stocks | 93.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie414711b503cf781c0b76b05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.6% |
| United Kingdom | 11.3% |
| France | 8.6% |
| Germany | 7.4% |
| United States | 6.9% |
| Canada | 4.8% |
| Netherlands | 4.2% |
| Switzerland | 3.8% |
| Italy | 3.5% |
| China | 3.3% |
| Other Common Stocks | 22.7% |
| Other | 6.9% |

---

#### 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**.

#### International Developed Markets Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RINYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $43 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,390,406

* Total Number of Portfolio Holdings 593

* Total Advisory Fees Paid (thousands) $4,165

* Portfolio Turnover Rate30%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i610a193be4d6ba048ff43a5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.4% |
| Preferred Stocks | 0.6% |
| Short-Term Investments | 3.9% |
| Common Stocks | 93.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie414711b503cf781c0b76b05.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 16.6% |
| United Kingdom | 11.3% |
| France | 8.6% |
| Germany | 7.4% |
| United States | 6.9% |
| Canada | 4.8% |
| Netherlands | 4.2% |
| Switzerland | 3.8% |
| Italy | 3.5% |
| China | 3.3% |
| Other Common Stocks | 22.7% |
| Other | 6.9% |

---

#### 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**.

#### Global Equity Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGEAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $63 | 1.22% |

---

# Key Fund Statistics
* Net Assets (thousands)$3,839,291

* Total Number of Portfolio Holdings 696

* Total Advisory Fees Paid (thousands) $10,424

* Portfolio Turnover Rate23%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea57cc9eca3ddd0f8d667cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 5.1% |
| Common Stocks | 91.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i96c2e442c68626c824175c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 56.4% |
| United Kingdom | 5.6% |
| Japan | 5.3% |
| France | 3.8% |
| Taiwan | 3.0% |
| Netherlands | 2.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| China | 1.7% |
| Canada | 1.2% |
| Other Common Stocks | 7.9% |
| Other | 8.7% |

---

#### 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**.

#### Global Equity Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGECX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $101 | 1.97% |

---

# Key Fund Statistics
* Net Assets (thousands)$3,839,291

* Total Number of Portfolio Holdings 696

* Total Advisory Fees Paid (thousands) $10,424

* Portfolio Turnover Rate23%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea57cc9eca3ddd0f8d667cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 5.1% |
| Common Stocks | 91.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i96c2e442c68626c824175c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 56.4% |
| United Kingdom | 5.6% |
| Japan | 5.3% |
| France | 3.8% |
| Taiwan | 3.0% |
| Netherlands | 2.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| China | 1.7% |
| Canada | 1.2% |
| Other Common Stocks | 7.9% |
| Other | 8.7% |

---

#### 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**.

#### Global Equity Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGDTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $45 | 0.87% |

---

# Key Fund Statistics
* Net Assets (thousands)$3,839,291

* Total Number of Portfolio Holdings 696

* Total Advisory Fees Paid (thousands) $10,424

* Portfolio Turnover Rate23%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea57cc9eca3ddd0f8d667cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 5.1% |
| Common Stocks | 91.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i96c2e442c68626c824175c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 56.4% |
| United Kingdom | 5.6% |
| Japan | 5.3% |
| France | 3.8% |
| Taiwan | 3.0% |
| Netherlands | 2.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| China | 1.7% |
| Canada | 1.2% |
| Other Common Stocks | 7.9% |
| Other | 8.7% |

---

#### 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**.

#### Global Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGESX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $50 | 0.97% |

---

# Key Fund Statistics
* Net Assets (thousands)$3,839,291

* Total Number of Portfolio Holdings 696

* Total Advisory Fees Paid (thousands) $10,424

* Portfolio Turnover Rate23%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea57cc9eca3ddd0f8d667cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 5.1% |
| Common Stocks | 91.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i96c2e442c68626c824175c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 56.4% |
| United Kingdom | 5.6% |
| Japan | 5.3% |
| France | 3.8% |
| Taiwan | 3.0% |
| Netherlands | 2.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| China | 1.7% |
| Canada | 1.2% |
| Other Common Stocks | 7.9% |
| Other | 8.7% |

---

#### 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**.

#### Global Equity Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLGYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $40 | 0.77% |

---

# Key Fund Statistics
* Net Assets (thousands)$3,839,291

* Total Number of Portfolio Holdings 696

* Total Advisory Fees Paid (thousands) $10,424

* Portfolio Turnover Rate23%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea57cc9eca3ddd0f8d667cb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Preferred Stocks | 0.3% |
| Short-Term Investments | 5.1% |
| Common Stocks | 91.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i96c2e442c68626c824175c89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 56.4% |
| United Kingdom | 5.6% |
| Japan | 5.3% |
| France | 3.8% |
| Taiwan | 3.0% |
| Netherlands | 2.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| China | 1.7% |
| Canada | 1.2% |
| Other Common Stocks | 7.9% |
| Other | 8.7% |

---

#### 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**.

#### Emerging Markets Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REMAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $75 | 1.40% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

#### Emerging Markets Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REMCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $116 | 2.15% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

#### Emerging Markets Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMMTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $57 | 1.05% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

#### Emerging Markets Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REGRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $54 | 1.00% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

#### Emerging Markets Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REMSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $62 | 1.15% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

#### Emerging Markets Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### REMYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $52 | 0.97% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,231,163

* Total Number of Portfolio Holdings 563

* Total Advisory Fees Paid (thousands) $4,493

* Portfolio Turnover Rate38%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i46920001bdbfb85cb2e7dedb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Preferred Stocks | 1.9% |
| Short-Term Investments | 2.8% |
| Common Stocks | 94.5% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i76aa58fad747283091c17072.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 21.7% |
| Taiwan | 20.4% |
| South Korea | 19.4% |
| India | 8.7% |
| Brazil | 6.2% |
| South Africa | 2.3% |
| Thailand | 1.8% |
| Saudi Arabia | 1.6% |
| Mexico | 1.6% |
| Hong Kong | 1.3% |
| Other Common Stocks | 9.5% |
| Other | 5.5% |

---

#### 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**.

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

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTLAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $58 | 1.15% |

---

# Key Fund Statistics
* Net Assets (thousands)$11,915,606

* Total Number of Portfolio Holdings 445

* Total Advisory Fees Paid (thousands) $34,997

* Portfolio Turnover Rate15%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i854713d2d730632e0b569689.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.3% |
| Common Stocks | 98.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5b06aed9d90891ee42a08a95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.2% |
| Financial Services | 13.7% |
| Consumer Discretionary | 13.7% |
| Health Care | 8.7% |
| Producer Durables | 6.9% |
| Utilities | 3.6% |
| Materials and Processing | 3.5% |
| Energy | 3.2% |
| Consumer Staples | 3.1% |
| Other | 1.4% |

---

#### 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**.

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

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTLCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $96 | 1.90% |

---

# Key Fund Statistics
* Net Assets (thousands)$11,915,606

* Total Number of Portfolio Holdings 445

* Total Advisory Fees Paid (thousands) $34,997

* Portfolio Turnover Rate15%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i854713d2d730632e0b569689.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.3% |
| Common Stocks | 98.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5b06aed9d90891ee42a08a95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.2% |
| Financial Services | 13.7% |
| Consumer Discretionary | 13.7% |
| Health Care | 8.7% |
| Producer Durables | 6.9% |
| Utilities | 3.6% |
| Materials and Processing | 3.5% |
| Energy | 3.2% |
| Consumer Staples | 3.1% |
| Other | 1.4% |

---

#### 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**.

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

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTMTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $41 | 0.80% |

---

# Key Fund Statistics
* Net Assets (thousands)$11,915,606

* Total Number of Portfolio Holdings 445

* Total Advisory Fees Paid (thousands) $34,997

* Portfolio Turnover Rate15%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i854713d2d730632e0b569689.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.3% |
| Common Stocks | 98.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5b06aed9d90891ee42a08a95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.2% |
| Financial Services | 13.7% |
| Consumer Discretionary | 13.7% |
| Health Care | 8.7% |
| Producer Durables | 6.9% |
| Utilities | 3.6% |
| Materials and Processing | 3.5% |
| Energy | 3.2% |
| Consumer Staples | 3.1% |
| Other | 1.4% |

---

#### 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**.

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

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RETSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $46 | 0.90% |

---

# Key Fund Statistics
* Net Assets (thousands)$11,915,606

* Total Number of Portfolio Holdings 445

* Total Advisory Fees Paid (thousands) $34,997

* Portfolio Turnover Rate15%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i854713d2d730632e0b569689.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Short-Term Investments | 1.3% |
| Common Stocks | 98.6% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5b06aed9d90891ee42a08a95.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 42.2% |
| Financial Services | 13.7% |
| Consumer Discretionary | 13.7% |
| Health Care | 8.7% |
| Producer Durables | 6.9% |
| Utilities | 3.6% |
| Materials and Processing | 3.5% |
| Energy | 3.2% |
| Consumer Staples | 3.1% |
| Other | 1.4% |

---

#### 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**.

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

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTSAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $78 | 1.48% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,070,826

* Total Number of Portfolio Holdings 873

* Total Advisory Fees Paid (thousands) $9,023

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3856c4e3a6a6f920ced83653.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i032424b4d33491811df4a060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Producer Durables | 18.8% |
| Financial Services | 18.8% |
| Technology | 13.2% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.1% |
| Materials and Processing | 10.6% |
| Energy | 4.1% |
| Consumer Staples | 3.7% |
| Utilities | 2.6% |
| Other | 3.8% |

---

#### 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**.

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

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTSCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $116 | 2.20% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,070,826

* Total Number of Portfolio Holdings 873

* Total Advisory Fees Paid (thousands) $9,023

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3856c4e3a6a6f920ced83653.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i032424b4d33491811df4a060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Producer Durables | 18.8% |
| Financial Services | 18.8% |
| Technology | 13.2% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.1% |
| Materials and Processing | 10.6% |
| Energy | 4.1% |
| Consumer Staples | 3.7% |
| Utilities | 2.6% |
| Other | 3.8% |

---

#### 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**.

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

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTOUX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $58 | 1.10% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,070,826

* Total Number of Portfolio Holdings 873

* Total Advisory Fees Paid (thousands) $9,023

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3856c4e3a6a6f920ced83653.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i032424b4d33491811df4a060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Producer Durables | 18.8% |
| Financial Services | 18.8% |
| Technology | 13.2% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.1% |
| Materials and Processing | 10.6% |
| Energy | 4.1% |
| Consumer Staples | 3.7% |
| Utilities | 2.6% |
| Other | 3.8% |

---

#### 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**.

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

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTSSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $64 | 1.20% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,070,826

* Total Number of Portfolio Holdings 873

* Total Advisory Fees Paid (thousands) $9,023

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3856c4e3a6a6f920ced83653.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 3.4% |
| Common Stocks | 96.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i032424b4d33491811df4a060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Producer Durables | 18.8% |
| Financial Services | 18.8% |
| Technology | 13.2% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.1% |
| Materials and Processing | 10.6% |
| Energy | 4.1% |
| Consumer Staples | 3.7% |
| Utilities | 2.6% |
| Other | 3.8% |

---

#### 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**.

#### Tax-Managed International Equity Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTNAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $67 | 1.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$5,678,276

* Total Number of Portfolio Holdings 865

* Total Advisory Fees Paid (thousands) $19,829

* Portfolio Turnover Rate18%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0067853a768e69883085dcbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.9% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 2.3% |
| Common Stocks | 95.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic4cb429b32077196759ab3e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 12.2% |
| China | 9.6% |
| Taiwan | 7.5% |
| United Kingdom | 7.4% |
| France | 6.2% |
| South Korea | 5.7% |
| United States | 5.7% |
| Germany | 5.3% |
| Canada | 3.7% |
| Brazil | 3.4% |
| Other Common Stocks | 28.3% |
| 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**.

#### Tax-Managed International Equity Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTNCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $106 | 2.04% |

---

# Key Fund Statistics
* Net Assets (thousands)$5,678,276

* Total Number of Portfolio Holdings 865

* Total Advisory Fees Paid (thousands) $19,829

* Portfolio Turnover Rate18%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0067853a768e69883085dcbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.9% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 2.3% |
| Common Stocks | 95.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic4cb429b32077196759ab3e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 12.2% |
| China | 9.6% |
| Taiwan | 7.5% |
| United Kingdom | 7.4% |
| France | 6.2% |
| South Korea | 5.7% |
| United States | 5.7% |
| Germany | 5.3% |
| Canada | 3.7% |
| Brazil | 3.4% |
| Other Common Stocks | 28.3% |
| 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**.

#### Tax-Managed International Equity Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTIUX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $49 | 0.94% |

---

# Key Fund Statistics
* Net Assets (thousands)$5,678,276

* Total Number of Portfolio Holdings 865

* Total Advisory Fees Paid (thousands) $19,829

* Portfolio Turnover Rate18%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0067853a768e69883085dcbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.9% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 2.3% |
| Common Stocks | 95.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic4cb429b32077196759ab3e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 12.2% |
| China | 9.6% |
| Taiwan | 7.5% |
| United Kingdom | 7.4% |
| France | 6.2% |
| South Korea | 5.7% |
| United States | 5.7% |
| Germany | 5.3% |
| Canada | 3.7% |
| Brazil | 3.4% |
| Other Common Stocks | 28.3% |
| 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**.

#### Tax-Managed International Equity Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTNSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $54 | 1.04% |

---

# Key Fund Statistics
* Net Assets (thousands)$5,678,276

* Total Number of Portfolio Holdings 865

* Total Advisory Fees Paid (thousands) $19,829

* Portfolio Turnover Rate18%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0067853a768e69883085dcbf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.9% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 2.3% |
| Common Stocks | 95.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic4cb429b32077196759ab3e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 12.2% |
| China | 9.6% |
| Taiwan | 7.5% |
| United Kingdom | 7.4% |
| France | 6.2% |
| South Korea | 5.7% |
| United States | 5.7% |
| Germany | 5.3% |
| Canada | 3.7% |
| Brazil | 3.4% |
| Other Common Stocks | 28.3% |
| 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**.

#### Tax-Managed Real Assets Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTXAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $72 | 1.32% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,467,834

* Total Number of Portfolio Holdings 417

* Total Advisory Fees Paid (thousands) $4,969

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iede64beb9e9b765ae1e1d633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 1.9% |
| Common Stocks | 96.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie0be05153ea0b2cd46e34b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.8% |
| Australia | 4.7% |
| Canada | 4.5% |
| France | 2.8% |
| Mexico | 2.6% |
| United Kingdom | 1.9% |
| Brazil | 1.8% |
| Spain | 1.8% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 9.9% |
| 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**.

#### Tax-Managed Real Assets Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTXCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $113 | 2.07% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,467,834

* Total Number of Portfolio Holdings 417

* Total Advisory Fees Paid (thousands) $4,969

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iede64beb9e9b765ae1e1d633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 1.9% |
| Common Stocks | 96.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie0be05153ea0b2cd46e34b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.8% |
| Australia | 4.7% |
| Canada | 4.5% |
| France | 2.8% |
| Mexico | 2.6% |
| United Kingdom | 1.9% |
| Brazil | 1.8% |
| Spain | 1.8% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 9.9% |
| 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**.

#### Tax-Managed Real Assets Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTXMX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $53 | 0.97% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,467,834

* Total Number of Portfolio Holdings 417

* Total Advisory Fees Paid (thousands) $4,969

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iede64beb9e9b765ae1e1d633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 1.9% |
| Common Stocks | 96.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie0be05153ea0b2cd46e34b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.8% |
| Australia | 4.7% |
| Canada | 4.5% |
| France | 2.8% |
| Mexico | 2.6% |
| United Kingdom | 1.9% |
| Brazil | 1.8% |
| Spain | 1.8% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 9.9% |
| 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**.

#### Tax-Managed Real Assets Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTXSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $59 | 1.07% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,467,834

* Total Number of Portfolio Holdings 417

* Total Advisory Fees Paid (thousands) $4,969

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iede64beb9e9b765ae1e1d633.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 1.9% |
| Common Stocks | 96.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie0be05153ea0b2cd46e34b09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.8% |
| Australia | 4.7% |
| Canada | 4.5% |
| France | 2.8% |
| Mexico | 2.6% |
| United Kingdom | 1.9% |
| Brazil | 1.8% |
| Spain | 1.8% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 9.9% |
| 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**.

#### Opportunistic Credit Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGCAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $46 | 0.92% |

---

# Key Fund Statistics
* Net Assets (thousands)$971,779

* Total Number of Portfolio Holdings 1,599

* Total Advisory Fees Paid (thousands) $1,842

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i051a2d773f6d8f145764b293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Common Stocks | 0.6% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 87.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i4f2fafc10bc56e3698dc8664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Debt | 32.7% |
| Corporate Bonds and Notes | 32.1% |
| Mortgage-Backed Securities | 11.1% |
| Non-US Bonds | 9.8% |
| Asset-Backed Securities | 2.1% |
| Other | 12.2% |

---

#### 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**.

#### Opportunistic Credit Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGCCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $83 | 1.67% |

---

# Key Fund Statistics
* Net Assets (thousands)$971,779

* Total Number of Portfolio Holdings 1,599

* Total Advisory Fees Paid (thousands) $1,842

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i051a2d773f6d8f145764b293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Common Stocks | 0.6% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 87.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i4f2fafc10bc56e3698dc8664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Debt | 32.7% |
| Corporate Bonds and Notes | 32.1% |
| Mortgage-Backed Securities | 11.1% |
| Non-US Bonds | 9.8% |
| Asset-Backed Securities | 2.1% |
| Other | 12.2% |

---

#### 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**.

#### Opportunistic Credit Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGOTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $31 | 0.62% |

---

# Key Fund Statistics
* Net Assets (thousands)$971,779

* Total Number of Portfolio Holdings 1,599

* Total Advisory Fees Paid (thousands) $1,842

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i051a2d773f6d8f145764b293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Common Stocks | 0.6% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 87.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i4f2fafc10bc56e3698dc8664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Debt | 32.7% |
| Corporate Bonds and Notes | 32.1% |
| Mortgage-Backed Securities | 11.1% |
| Non-US Bonds | 9.8% |
| Asset-Backed Securities | 2.1% |
| Other | 12.2% |

---

#### 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**.

#### Opportunistic Credit Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGCSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $34 | 0.67% |

---

# Key Fund Statistics
* Net Assets (thousands)$971,779

* Total Number of Portfolio Holdings 1,599

* Total Advisory Fees Paid (thousands) $1,842

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i051a2d773f6d8f145764b293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Common Stocks | 0.6% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 87.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i4f2fafc10bc56e3698dc8664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Debt | 32.7% |
| Corporate Bonds and Notes | 32.1% |
| Mortgage-Backed Securities | 11.1% |
| Non-US Bonds | 9.8% |
| Asset-Backed Securities | 2.1% |
| Other | 12.2% |

---

#### 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**.

#### Opportunistic Credit Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGCYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $30 | 0.59% |

---

# Key Fund Statistics
* Net Assets (thousands)$971,779

* Total Number of Portfolio Holdings 1,599

* Total Advisory Fees Paid (thousands) $1,842

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i051a2d773f6d8f145764b293.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Common Stocks | 0.6% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 87.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i4f2fafc10bc56e3698dc8664.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Debt | 32.7% |
| Corporate Bonds and Notes | 32.1% |
| Mortgage-Backed Securities | 11.1% |
| Non-US Bonds | 9.8% |
| Asset-Backed Securities | 2.1% |
| Other | 12.2% |

---

#### 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**.

#### Long Duration Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMHTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $16 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$504,552

* Total Number of Portfolio Holdings 258

* Total Advisory Fees Paid (thousands) $374

* Portfolio Turnover Rate20%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib103880ab2a5f3f29aaf4e96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Short-Term Investments | 3.1% |
| Long-Term Fixed Income Investments | 95.5% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i13725f1ed48f56e4b512f32d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 67.3% |
| United States Government Agencies | 15.7% |
| Municipal Bonds | 12.4% |
| Asset-Backed Securities | 0.1% |
| Other | 4.5% |

---

#### 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**.

#### Long Duration Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMHSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $24 | 0.48% |

---

# Key Fund Statistics
* Net Assets (thousands)$504,552

* Total Number of Portfolio Holdings 258

* Total Advisory Fees Paid (thousands) $374

* Portfolio Turnover Rate20%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib103880ab2a5f3f29aaf4e96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Short-Term Investments | 3.1% |
| Long-Term Fixed Income Investments | 95.5% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i13725f1ed48f56e4b512f32d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 67.3% |
| United States Government Agencies | 15.7% |
| Municipal Bonds | 12.4% |
| Asset-Backed Securities | 0.1% |
| Other | 4.5% |

---

#### 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**.

#### Long Duration Bond Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMHYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $14 | 0.28% |

---

# Key Fund Statistics
* Net Assets (thousands)$504,552

* Total Number of Portfolio Holdings 258

* Total Advisory Fees Paid (thousands) $374

* Portfolio Turnover Rate20%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib103880ab2a5f3f29aaf4e96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| Short-Term Investments | 3.1% |
| Long-Term Fixed Income Investments | 95.5% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i13725f1ed48f56e4b512f32d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 67.3% |
| United States Government Agencies | 15.7% |
| Municipal Bonds | 12.4% |
| Asset-Backed Securities | 0.1% |
| Other | 4.5% |

---

#### 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**.

#### Strategic Bond Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFDAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $41 | 0.82% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Strategic Bond Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFCCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $78 | 1.57% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Strategic Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSYTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $22 | 0.45% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Strategic Bond Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSBRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $22 | 0.44% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Strategic Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFCTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $27 | 0.55% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Strategic Bond Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFCYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $20 | 0.41% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,160,898

* Total Number of Portfolio Holdings 1,014

* Total Advisory Fees Paid (thousands) $3,202

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1e5a4c158ad9fb72af1de5ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 15.0% |
| Long-Term Fixed Income Investments | 83.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i8be37e94b002793104ed9b73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.3% |
| Mortgage-Backed Securities | 22.9% |
| International Debt | 11.8% |
| United States Government Treasuries | 10.2% |
| Asset-Backed Securities | 6.1% |
| Non-US Bonds | 5.0% |
| Other | 16.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFAAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $39 | 0.79% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFACX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $76 | 1.54% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RIWTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $20 | 0.40% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RIGRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $18 | 0.37% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFATX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $25 | 0.50% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Investment Grade Bond Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFAYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $17 | 0.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,015,292

* Total Number of Portfolio Holdings 849

* Total Advisory Fees Paid (thousands) $1,208

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if9db00bf02fbf74110e53382.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.8)% |
| Short-Term Investments | 8.5% |
| Long-Term Fixed Income Investments | 92.3% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib365f2b32c5e6642b5b6e1ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 29.3% |
| United States Government Treasuries | 23.1% |
| Mortgage-Backed Securities | 21.6% |
| International Debt | 10.6% |
| Asset-Backed Securities | 5.2% |
| Non-US Bonds | 2.4% |
| Municipal Bonds | 0.1% |
| Other | 7.7% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSBTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $39 | 0.78% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSBCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $76 | 1.53% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSDTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $24 | 0.48% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RDBRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $24 | 0.48% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RFBSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $26 | 0.53% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Short Duration Bond Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RSBYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $22 | 0.45% |

---

# Key Fund Statistics
* Net Assets (thousands)$390,819

* Total Number of Portfolio Holdings 585

* Total Advisory Fees Paid (thousands) $607

* Portfolio Turnover Rate92%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i670ee3afb06c4afd8e5fca4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 92.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ibb80e6817745da544629da43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 34.9% |
| Asset-Backed Securities | 17.5% |
| International Debt | 13.9% |
| Mortgage-Backed Securities | 13.7% |
| United States Government Treasuries | 9.8% |
| United States Government Agencies | 2.6% |
| Municipal Bonds | 0.4% |
| Other | 7.2% |

---

#### 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**.

#### Tax-Exempt High Yield Bond Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTHAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $44 | 0.89% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,468,452

* Total Number of Portfolio Holdings 3,008

* Total Advisory Fees Paid (thousands) $4,194

* Portfolio Turnover Rate26%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic881d56a620529f60550f4e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 2.2% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i0d358157b83c493ec6824409.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 9.8% |
| New York | 8.5% |
| Texas | 7.3% |
| Puerto Rico | 7.3% |
| Illinois | 6.8% |
| California | 6.4% |
| Ohio | 4.2% |
| Pennsylvania | 4.0% |
| Wisconsin | 3.9% |
| Colorado | 3.9% |
| Other | 37.9% |

---

#### 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**.

#### Tax-Exempt High Yield Bond Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTHCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $82 | 1.64% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,468,452

* Total Number of Portfolio Holdings 3,008

* Total Advisory Fees Paid (thousands) $4,194

* Portfolio Turnover Rate26%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic881d56a620529f60550f4e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 2.2% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i0d358157b83c493ec6824409.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 9.8% |
| New York | 8.5% |
| Texas | 7.3% |
| Puerto Rico | 7.3% |
| Illinois | 6.8% |
| California | 6.4% |
| Ohio | 4.2% |
| Pennsylvania | 4.0% |
| Wisconsin | 3.9% |
| Colorado | 3.9% |
| Other | 37.9% |

---

#### 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**.

#### Tax-Exempt High Yield Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RHYTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $27 | 0.54% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,468,452

* Total Number of Portfolio Holdings 3,008

* Total Advisory Fees Paid (thousands) $4,194

* Portfolio Turnover Rate26%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic881d56a620529f60550f4e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 2.2% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i0d358157b83c493ec6824409.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 9.8% |
| New York | 8.5% |
| Texas | 7.3% |
| Puerto Rico | 7.3% |
| Illinois | 6.8% |
| California | 6.4% |
| Ohio | 4.2% |
| Pennsylvania | 4.0% |
| Wisconsin | 3.9% |
| Colorado | 3.9% |
| Other | 37.9% |

---

#### 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**.

#### Tax-Exempt High Yield Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTHSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $31 | 0.61% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,468,452

* Total Number of Portfolio Holdings 3,008

* Total Advisory Fees Paid (thousands) $4,194

* Portfolio Turnover Rate26%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic881d56a620529f60550f4e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.7% |
| Short-Term Investments | 2.2% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i0d358157b83c493ec6824409.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 9.8% |
| New York | 8.5% |
| Texas | 7.3% |
| Puerto Rico | 7.3% |
| Illinois | 6.8% |
| California | 6.4% |
| Ohio | 4.2% |
| Pennsylvania | 4.0% |
| Wisconsin | 3.9% |
| Colorado | 3.9% |
| Other | 37.9% |

---

#### 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**.

#### Tax-Exempt Bond Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTEAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $40 | 0.80% |

---

# Key Fund Statistics
* Net Assets (thousands)$6,571,927

* Total Number of Portfolio Holdings 3,311

* Total Advisory Fees Paid (thousands) $9,476

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7fcfc925a74ae4f7b1e5618d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Long-Term Fixed Income Investments | 99.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](ibcab984a86c42e65ed39f99f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Texas | 10.5% |
| New York | 9.2% |
| Illinois | 9.0% |
| California | 6.9% |
| Florida | 6.3% |
| Alabama | 4.8% |
| Pennsylvania | 3.5% |
| Georgia | 3.4% |
| Puerto Rico | 3.2% |
| Colorado | 2.7% |
| Other | 40.5% |

---

#### 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**.

#### Tax-Exempt Bond Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RTECX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $75 | 1.51% |

---

# Key Fund Statistics
* Net Assets (thousands)$6,571,927

* Total Number of Portfolio Holdings 3,311

* Total Advisory Fees Paid (thousands) $9,476

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7fcfc925a74ae4f7b1e5618d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Long-Term Fixed Income Investments | 99.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](ibcab984a86c42e65ed39f99f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Texas | 10.5% |
| New York | 9.2% |
| Illinois | 9.0% |
| California | 6.9% |
| Florida | 6.3% |
| Alabama | 4.8% |
| Pennsylvania | 3.5% |
| Georgia | 3.4% |
| Puerto Rico | 3.2% |
| Colorado | 2.7% |
| Other | 40.5% |

---

#### 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**.

#### Tax-Exempt Bond Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RBCUX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $20 | 0.41% |

---

# Key Fund Statistics
* Net Assets (thousands)$6,571,927

* Total Number of Portfolio Holdings 3,311

* Total Advisory Fees Paid (thousands) $9,476

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7fcfc925a74ae4f7b1e5618d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Long-Term Fixed Income Investments | 99.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](ibcab984a86c42e65ed39f99f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Texas | 10.5% |
| New York | 9.2% |
| Illinois | 9.0% |
| California | 6.9% |
| Florida | 6.3% |
| Alabama | 4.8% |
| Pennsylvania | 3.5% |
| Georgia | 3.4% |
| Puerto Rico | 3.2% |
| Colorado | 2.7% |
| Other | 40.5% |

---

#### 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**.

#### Tax-Exempt Bond Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RLVSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $25 | 0.51% |

---

# Key Fund Statistics
* Net Assets (thousands)$6,571,927

* Total Number of Portfolio Holdings 3,311

* Total Advisory Fees Paid (thousands) $9,476

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7fcfc925a74ae4f7b1e5618d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Long-Term Fixed Income Investments | 99.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](ibcab984a86c42e65ed39f99f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Texas | 10.5% |
| New York | 9.2% |
| Illinois | 9.0% |
| California | 6.9% |
| Florida | 6.3% |
| Alabama | 4.8% |
| Pennsylvania | 3.5% |
| Georgia | 3.4% |
| Puerto Rico | 3.2% |
| Colorado | 2.7% |
| Other | 40.5% |

---

#### 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**.

#### Global Infrastructure Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGIAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $67 | 1.26% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,439

* Total Number of Portfolio Holdings 148

* Total Advisory Fees Paid (thousands) $1,690

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i896239b9df181dfb15e69db8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib0b0c9b5587307cb76a581ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 45.4% |
| Australia | 6.9% |
| Canada | 6.8% |
| Mexico | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| United Kingdom | 4.8% |
| Italy | 2.2% |
| China | 1.8% |
| Germany | 1.6% |
| Other Common Stocks | 7.8% |
| Other | 5.1% |

---

#### 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**.

#### Global Infrastructure Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGCIX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $107 | 2.01% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,439

* Total Number of Portfolio Holdings 148

* Total Advisory Fees Paid (thousands) $1,690

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i896239b9df181dfb15e69db8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib0b0c9b5587307cb76a581ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 45.4% |
| Australia | 6.9% |
| Canada | 6.8% |
| Mexico | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| United Kingdom | 4.8% |
| Italy | 2.2% |
| China | 1.8% |
| Germany | 1.6% |
| Other Common Stocks | 7.8% |
| Other | 5.1% |

---

#### 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**.

#### Global Infrastructure Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGFTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $48 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,439

* Total Number of Portfolio Holdings 148

* Total Advisory Fees Paid (thousands) $1,690

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i896239b9df181dfb15e69db8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib0b0c9b5587307cb76a581ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 45.4% |
| Australia | 6.9% |
| Canada | 6.8% |
| Mexico | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| United Kingdom | 4.8% |
| Italy | 2.2% |
| China | 1.8% |
| Germany | 1.6% |
| Other Common Stocks | 7.8% |
| Other | 5.1% |

---

#### 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**.

#### Global Infrastructure Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGISX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $54 | 1.01% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,439

* Total Number of Portfolio Holdings 148

* Total Advisory Fees Paid (thousands) $1,690

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i896239b9df181dfb15e69db8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib0b0c9b5587307cb76a581ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 45.4% |
| Australia | 6.9% |
| Canada | 6.8% |
| Mexico | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| United Kingdom | 4.8% |
| Italy | 2.2% |
| China | 1.8% |
| Germany | 1.6% |
| Other Common Stocks | 7.8% |
| Other | 5.1% |

---

#### 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**.

#### Global Infrastructure Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGIYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $44 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$617,439

* Total Number of Portfolio Holdings 148

* Total Advisory Fees Paid (thousands) $1,690

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i896239b9df181dfb15e69db8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.8% |
| Short-Term Investments | 4.3% |
| Common Stocks | 94.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib0b0c9b5587307cb76a581ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 45.4% |
| Australia | 6.9% |
| Canada | 6.8% |
| Mexico | 6.1% |
| France | 5.9% |
| Spain | 5.6% |
| United Kingdom | 4.8% |
| Italy | 2.2% |
| China | 1.8% |
| Germany | 1.6% |
| Other Common Stocks | 7.8% |
| Other | 5.1% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RREAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $70 | 1.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RRSCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $109 | 2.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RETTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $52 | 0.99% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RRSRX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class R6 | $48 | 0.92% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RRESX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $57 | 1.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Global Real Estate Securities Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RREYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $47 | 0.89% |

---

# Key Fund Statistics
* Net Assets (thousands)$413,481

* Total Number of Portfolio Holdings 162

* Total Advisory Fees Paid (thousands) $1,415

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1b097ded3da8b33e6b120168.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.5% |
| Common Stocks | 97.1% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibab90d58c4f1c8397bef6b02.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 61.8% |
| Japan | 8.8% |
| Australia | 5.9% |
| Singapore | 3.6% |
| Hong Kong | 3.4% |
| United Kingdom | 3.1% |
| France | 2.5% |
| Germany | 1.9% |
| Switzerland | 1.4% |
| Canada | 1.3% |
| Other Common Stocks | 3.4% |
| Other | 2.9% |

---

#### 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**.

#### Multi-Strategy Income Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMYAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $53 | 1.03% |

---

# Key Fund Statistics
* Net Assets (thousands)$296,099

* Total Number of Portfolio Holdings 1,343

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate50%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c23b0dc742b76d1746e8365.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 1.5% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 35.2% |
| Common Stocks | 54.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0335b43c246084f3fbc22ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.1% |
| Technology | 10.7% |
| Producer Durables | 7.4% |
| Materials and Processing | 5.2% |
| Consumer Discretionary | 5.1% |
| Health Care | 4.4% |
| Consumer Staples | 2.3% |
| Utilities | 2.1% |
| Energy | 1.9% |
| Other | 45.8% |

---

#### 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**.

#### Multi-Strategy Income Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMYCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $91 | 1.78% |

---

# Key Fund Statistics
* Net Assets (thousands)$296,099

* Total Number of Portfolio Holdings 1,343

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate50%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c23b0dc742b76d1746e8365.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 1.5% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 35.2% |
| Common Stocks | 54.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0335b43c246084f3fbc22ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.1% |
| Technology | 10.7% |
| Producer Durables | 7.4% |
| Materials and Processing | 5.2% |
| Consumer Discretionary | 5.1% |
| Health Care | 4.4% |
| Consumer Staples | 2.3% |
| Utilities | 2.1% |
| Energy | 1.9% |
| Other | 45.8% |

---

#### 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**.

#### Multi-Strategy Income Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RGYTX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $35 | 0.68% |

---

# Key Fund Statistics
* Net Assets (thousands)$296,099

* Total Number of Portfolio Holdings 1,343

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate50%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c23b0dc742b76d1746e8365.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 1.5% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 35.2% |
| Common Stocks | 54.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0335b43c246084f3fbc22ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.1% |
| Technology | 10.7% |
| Producer Durables | 7.4% |
| Materials and Processing | 5.2% |
| Consumer Discretionary | 5.1% |
| Health Care | 4.4% |
| Consumer Staples | 2.3% |
| Utilities | 2.1% |
| Energy | 1.9% |
| Other | 45.8% |

---

#### 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**.

#### Multi-Strategy Income Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMYSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $40 | 0.78% |

---

# Key Fund Statistics
* Net Assets (thousands)$296,099

* Total Number of Portfolio Holdings 1,343

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate50%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c23b0dc742b76d1746e8365.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 1.5% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 35.2% |
| Common Stocks | 54.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0335b43c246084f3fbc22ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.1% |
| Technology | 10.7% |
| Producer Durables | 7.4% |
| Materials and Processing | 5.2% |
| Consumer Discretionary | 5.1% |
| Health Care | 4.4% |
| Consumer Staples | 2.3% |
| Utilities | 2.1% |
| Energy | 1.9% |
| Other | 45.8% |

---

#### 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**.

#### Multi-Strategy Income Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMYYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $30 | 0.58% |

---

# Key Fund Statistics
* Net Assets (thousands)$296,099

* Total Number of Portfolio Holdings 1,343

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate50%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0c23b0dc742b76d1746e8365.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 1.5% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 35.2% |
| Common Stocks | 54.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0335b43c246084f3fbc22ad2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.1% |
| Technology | 10.7% |
| Producer Durables | 7.4% |
| Materials and Processing | 5.2% |
| Consumer Discretionary | 5.1% |
| Health Care | 4.4% |
| Consumer Staples | 2.3% |
| Utilities | 2.1% |
| Energy | 1.9% |
| Other | 45.8% |

---

#### 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**.

#### Multi-Asset Strategy Fund

#### Class A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RAZAX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class A | $60 | 1.16% |

---

# Key Fund Statistics
* Net Assets (thousands)$601,014

* Total Number of Portfolio Holdings 1,246

* Total Advisory Fees Paid (thousands) $1,570

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5ed98517b41c71422f78386c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.0% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 6.4% |
| Long-Term Fixed Income Investments | 24.2% |
| Common Stocks | 66.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ef6e33db6489f71f28f417b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 15.9% |
| Financial Services | 14.9% |
| Producer Durables | 8.5% |
| Consumer Discretionary | 7.5% |
| Health Care | 5.3% |
| Materials and Processing | 5.3% |
| Utilities | 3.4% |
| Energy | 2.8% |
| Consumer Staples | 2.4% |
| Other | 34.0% |

---

#### 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**.

#### Multi-Asset Strategy Fund

#### Class C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RAZCX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class C | $98 | 1.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$601,014

* Total Number of Portfolio Holdings 1,246

* Total Advisory Fees Paid (thousands) $1,570

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5ed98517b41c71422f78386c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.0% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 6.4% |
| Long-Term Fixed Income Investments | 24.2% |
| Common Stocks | 66.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ef6e33db6489f71f28f417b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 15.9% |
| Financial Services | 14.9% |
| Producer Durables | 8.5% |
| Consumer Discretionary | 7.5% |
| Health Care | 5.3% |
| Materials and Processing | 5.3% |
| Utilities | 3.4% |
| Energy | 2.8% |
| Consumer Staples | 2.4% |
| Other | 34.0% |

---

#### 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**.

#### Multi-Asset Strategy Fund

#### Class M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMATX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class M | $42 | 0.81% |

---

# Key Fund Statistics
* Net Assets (thousands)$601,014

* Total Number of Portfolio Holdings 1,246

* Total Advisory Fees Paid (thousands) $1,570

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5ed98517b41c71422f78386c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.0% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 6.4% |
| Long-Term Fixed Income Investments | 24.2% |
| Common Stocks | 66.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ef6e33db6489f71f28f417b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 15.9% |
| Financial Services | 14.9% |
| Producer Durables | 8.5% |
| Consumer Discretionary | 7.5% |
| Health Care | 5.3% |
| Materials and Processing | 5.3% |
| Utilities | 3.4% |
| Energy | 2.8% |
| Consumer Staples | 2.4% |
| Other | 34.0% |

---

#### 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**.

#### Multi-Asset Strategy Fund

#### Class S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMGSX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class S | $47 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$601,014

* Total Number of Portfolio Holdings 1,246

* Total Advisory Fees Paid (thousands) $1,570

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5ed98517b41c71422f78386c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.0% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 6.4% |
| Long-Term Fixed Income Investments | 24.2% |
| Common Stocks | 66.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ef6e33db6489f71f28f417b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 15.9% |
| Financial Services | 14.9% |
| Producer Durables | 8.5% |
| Consumer Discretionary | 7.5% |
| Health Care | 5.3% |
| Materials and Processing | 5.3% |
| Utilities | 3.4% |
| Energy | 2.8% |
| Consumer Staples | 2.4% |
| Other | 34.0% |

---

#### 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**.

#### Multi-Asset Strategy Fund

#### Class Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i2b92df733d4b625150d6867f.jpg)

#### RMGYX
![Image](ic00470e510d0486792468d81.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026
![Image](i30c9ffa83aa6cc7e883f195e.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2025 to April 30, 2026. 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of $10,000 Investment** | **Costs Paid as % of $10,000 Investment** |
| Class Y | $37 | 0.71% |

---

# Key Fund Statistics
* Net Assets (thousands)$601,014

* Total Number of Portfolio Holdings 1,246

* Total Advisory Fees Paid (thousands) $1,570

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5ed98517b41c71422f78386c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.0% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 6.4% |
| Long-Term Fixed Income Investments | 24.2% |
| Common Stocks | 66.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ef6e33db6489f71f28f417b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 15.9% |
| Financial Services | 14.9% |
| Producer Durables | 8.5% |
| Consumer Discretionary | 7.5% |
| Health Care | 5.3% |
| Materials and Processing | 5.3% |
| Utilities | 3.4% |
| Energy | 2.8% |
| Consumer Staples | 2.4% |
| Other | 34.0% |

---

#### 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**.

**Item 2. Code of Ethics.** 

Annual Report Only

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

Annual Report Only

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

Annual Report Only

**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.**

2026

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

LifePoints®

Funds

April

30,

2026

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R5,

S

Aggressive

Strategy

Fund

A,

C,

R1,

R5,

S

Equity

Aggressive

Strategy

Fund

A,

C,

R1,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

twenty-nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

(Form

N-CSR

Item

7)

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

Moderate

Strategy

Fund

(Form

N-CSR

Item

7)

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

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

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

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

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

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

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

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

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

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

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

Adviser

and

Service

Providers

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

Russell

Investment

Company

LifePoints®

Funds

Semi-annual

Financial

Statements

and

Other

Information

April

30,

2026

(Unaudited)

Table

of

Contents

Russell

Investment

Company

-

LifePoints®

Funds.

Copyright©

Russell

Investments

2026. 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.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Current

to

the

most

recent

month-end

performance

for

Russell

Investment

Company

mutual

funds

is

available

by

visiting

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

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

33,811

1,114

Domestic

Equities

-

10.5%

Multifactor

U.S.

Equity

Fund

Class

Y

339,001

4,712

U.S.

Small

Cap

Equity

Fund

Class

Y

38,272

1,109

5,821

Fixed

Income

-

75.5%

Investment

Grade

Bond

Fund

Class

Y

517,143

9,386

Long

Duration

Bond

Fund

Class

Y

494,595

3,863

Opportunistic

Credit

Fund

Class

Y

636,968

5,522

Short

Duration

Bond

Fund

Class

Y

249,412

4,694

Strategic

Bond

Fund

Class

Y

2,037,901

18,219

41,684

International

Equities

-

4.0%

Emerging

Markets

Fund

Class

Y

45,167

1,105

Multifactor

International

Equity

Fund

Class

Y

81,118

1,106

2,211

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

419,021

4,425

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$52,151)

55,255

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$52,151)

55,255

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(10) #### Net

#### Assets

#### -

#### 100.0%
55,245

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

52,151

Investments,

at

fair

value(>)

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

55,255

Receivables:

Fund

shares

sold

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

From

affiliates

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

Prepaid

expenses

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

Total

assets

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

55,510

#### Liabilities
Payables:

Investments

purchased

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Total

liabilities

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

#### Net

#### Assets

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

55,245

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(2,188)

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

57,372

#### Net

#### Assets

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

55,245

(>)

Investments

in

affiliated

funds

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

$

55,255

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

9.17 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

9.73 Class

A

—

Net

assets

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

$

28,219,269

Class

A

—

Shares

outstanding

($.01

par

value)

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

3,078,104

Net

asset

value

per

share:

Class

C

(#)

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

$

8.86 Class

C

—

Net

assets

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

$

20,628,953

Class

C

—

Shares

outstanding

($.01

par

value)

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

2,327,920

Net

asset

value

per

share:

Class

R1

(#)

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

$

9.33 Class

R1

—

Net

assets

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

$

454,170

Class

R1

—

Shares

outstanding

($.01

par

value)

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

48,680

Net

asset

value

per

share:

Class

R5

(#)

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

$

9.27 Class

R5

—

Net

assets

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

$

1,806,875

Class

R5

—

Shares

outstanding

($.01

par

value)

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

194,871

Net

asset

value

per

share:

Class

S

(#)

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

$

9.31 Class

S

—

Net

assets

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

$

4,135,781

Class

S

—

Shares

outstanding

($.01

par

value)

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

444,026

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

1,533

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Distribution

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

R1

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

—

\*

Transfer

agent

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Shareholder

servicing

fees

-

Class

R5

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

Expense

reductions

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

(130) Net

expenses

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

Net

investment

income

(loss)

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

1,303

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

Capital

gain

distributions

from

affiliated

funds

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

1,293

Net

realized

gain

(loss)

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

1,450

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(1,449)

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,449)

Net

realized

and

unrealized

gain

(loss)

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

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

1,304

\*

Less

than

$500

.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,303

$

2,553

Net

realized

gain

(loss)

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

1,450

1,361

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,449)

608

Net

increase

(decrease)

in

net

assets

from

operations

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

1,304

4,522

#### Distributions
To

shareholders

Class

A

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

(599) (1,312)

Class

C

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

(371) (881) Class

R1

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

(10) (19) Class

R5

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

(37) (111) Class

S

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

(97) (233) Net

decrease

in

net

assets

from

distributions

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

(1,114)

(2,556)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(4,555)

(14,316)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(4,365)

(12,350)

#### Net

#### Assets
Beginning

of

period

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

59,610

71,960

End

of

period

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

$

55,245

$

59,610

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

\*\*\*

Less

than

$500.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

1,934

Proceeds

from

reinvestment

of

distributions

595

1,305

Payments

for

shares

redeemed

(296) (2,713)

(1,043)

(9,195)

Net

increase

(decrease)

(193) (1,774)

(677) (5,956)

Class

C

Proceeds

from

shares

sold

1,152

2,195

Proceeds

from

reinvestment

of

distributions

881

Payments

for

shares

redeemed

(326) (2,888)

(1,069)

(9,175)

Net

increase

(decrease)

(154) (1,365)

(711) (6,099)

Class

R1

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(7) (63) (14) (120) Net

increase

(decrease)

(2) (19) 14

Class

R4(1)

Proceeds

from

shares

sold

—

—

—

\*\*

—

\*\*\*

Payments

for

shares

redeemed

—

—

(5) (48) Net

increase

(decrease)

—

—

(5) (48) Class

R5

Proceeds

from

shares

sold

1,822

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(99) (915) (291) (2,626)

Net

increase

(decrease)

(68) (632) (77) (693) Class

S

Proceeds

from

shares

sold

1,129

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(132) (1,231)

(335) (3,012)

Net

increase

(decrease)

(81) (765) (184) (1,650)

Total

increase

(decrease)

(498) $

(4,555)

(1,640)

$

(14,316)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 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 8.83 7.96 8.00 10.32 9.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.22

.38

.27

.19

.28

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

—

.30

.87

(.04)

(1.88)

.72

$

Total

from

Investment

Operations

.22

.68

1.14 .15

(1.60)

.87

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.19)

(.37)

(.27)

(.19)

(.26)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

—

(.01)

—

$

Total

Distributions

(.19)

(.37)

(.27)

(.19)

(.72)

(.20)

$

Net

Asset

Value,

End

of

Period

9.17 9.14 8.83 7.96 8.00 10.32 %

Total

Return

(±)(ǿ)

2.43 7.90 14.37 1.86 (16.58)

9.05 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 28,219

29,892

34,866

33,933

36,149

50,481

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.00 .95

.93

.91

.86

.84

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.54

.54

.52

.49

.49

.49

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.86 4.24 3.11 2.33 3.14 1.50 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.84 8.56 7.73 7.78 10.07 9.47 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.17

.29

.20

.13

.22

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.01

.30

.84

(.04)

(1.85)

.70

$

Total

from

Investment

Operations

.18

.59

1.04 .09

(1.63)

.78

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.31)

(.21)

(.14)

(.20)

(.14)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

—

(.01)

—

$

Total

Distributions

(.16)

(.31)

(.21)

(.14)

(.66)

(.18)

$

Net

Asset

Value,

End

of

Period

8.86 8.84 8.56 7.73 7.78 10.07 %

Total

Return

(ǿ)

2.01 7.07 13.52 1.09 (17.21)

8.25 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 20,629

21,939

27,330

32,126

39,763

61,402

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.75 1.70 1.68 1.66 1.61 1.59 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

1.29 1.29 1.27 1.24 1.24 1.24 %

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.97 3.40 2.39 1.65 2.48 .78

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.30 8.97 8.08 8.12 10.45 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.24

.38

.31

.23

.40

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.01)

.34

.87

(.05)

(1.99)

.69

$

Total

from

Investment

Operations

.23

.72

1.18 .18

(1.59)

.90

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.39)

(.29)

(.22)

(.27)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

—

(.02)

—

$

Total

Distributions

(.20)

(.39)

(.29)

(.22)

(.74)

(.20)

$

Net

Asset

Value,

End

of

Period

9.33 9.30 8.97 8.08 8.12 10.45 %

Total

Return

(ǿ)

2.56 8.30 14.72 2.13 (16.26)

9.36 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 454

1,994

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.75

.70

.68

.66

.60

.59

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.22

.22

.20

.17

.17

.17

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

5.22 4.25 3.48 2.76 4.21 2.05 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R5

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.24 8.92 8.04 8.08 10.42 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.22

.36

.26

.20

.28

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.01)

.31

.87

(.06)

(1.92)

.72

$

Total

from

Investment

Operations

.21

.67

1.13 .14

(1.64)

.86

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.35)

(.25)

(.18)

(.24)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

—

(.01)

—

$

Total

Distributions

(.18)

(.35)

(.25)

(.18)

(.70)

(.19)

$

Net

Asset

Value,

End

of

Period

9.27 9.24 8.92 8.04 8.08 10.42 %

Total

Return

(ǿ)

2.29 7.72 14.16 1.65 (16.73)

8.90 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,807

2,430

3,030

3,206

4,231

6,087

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.24 1.20 1.18 1.16 1.11 1.09 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

.72

.72

.70

.67

.67

.67

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.87 3.97 2.93 2.33 3.10 1.38 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.28 8.96 8.07 8.11 10.44 9.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.24

.41

.29

.23

.32

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.01)

.29

.88

(.06)

(1.92)

.71

$

Total

from

Investment

Operations

.23

.70

1.17 .17

(1.60)

.89

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.38)

(.28)

(.21)

(.27)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.45)

(.04)

$

Return

of

Capital

—

—

—

—

(.01)

—

$

Total

Distributions

(.20)

(.38)

(.28)

(.21)

(.73)

(.20)

$

Net

Asset

Value,

End

of

Period

9.31 9.28 8.96 8.07 8.11 10.44 %

Total

Return

(ǿ)

2.49 8.07 14.61 2.00 (16.36)

9.21 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,136

4,877

6,361

6,509

10,320

20,922

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.74

.70

.68

.66

.61

.59

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.35

.35

.33

.30

.30

.30

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

5.15 4.59 3.34 2.73 3.53 1.77 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

1,934

Distribution

fees

18,852

Shareholder

servicing

fees

4,591

Transfer

agent

fees

5,551

Trustees'

fees

$

31,352

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

1,191

$

$

$

(20) $

$

1,114

$

$

—

Multifactor

U.S.

Equity

Fund

5,074

1,329

745

(964) 4,712

1,220

U.S.

Small

Cap

Equity

Fund

1,192

1,109

Investment

Grade

Bond

Fund

10,148

924

(272) 9,386

—

Long

Duration

Bond

Fund

4,178

(60) (62) 3,863

—

Opportunistic

Credit

Fund

5,969

627

(6) (61) 5,522

—

Short

Duration

Bond

Fund

5,074

(93) 4,694

—

Strategic

Bond

Fund

19,698

807

1,789

(115) (382) 18,219

586

—

Emerging

Markets

Fund

1,194

1,105

—

Multifactor

International

Equity

Fund

1,194

1,106

—

Multi-Strategy

Income

Fund

4,775

648

4,425

—

$

59,687

$

3,576

$

6,716

$

$

(1,449)

$

55,255

$

1,533

$

1,293

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

53,705,934

$

1,839,253

$

(290,327)

$

1,548,926

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

74,802

2,465

Domestic

Equities

-

12.4%

Multifactor

U.S.

Equity

Fund

Class

Y

897,785

12,479

U.S.

Small

Cap

Equity

Fund

Class

Y

86,550

2,507

14,986

Fixed

Income

-

53.2%

Investment

Grade

Bond

Fund

Class

Y

1,152,908

20,925

Long

Duration

Bond

Fund

Class

Y

759,196

5,929

Opportunistic

Credit

Fund

Class

Y

905,970

7,855

Short

Duration

Bond

Fund

Class

Y

223,065

4,198

Strategic

Bond

Fund

Class

Y

2,874,038

25,694

64,601

International

Equities

-

24.4%

Emerging

Markets

Fund

Class

Y

177,256

4,336

Global

Equity

Fund

Class

Y

1,632,725

19,168

Multifactor

International

Equity

Fund

Class

Y

444,291

6,060

29,564

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

922,845

9,745

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$109,140)

121,361

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$109,140)

121,361

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(6) #### Net

#### Assets

#### -

#### 100.0%
121,355

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

109,140

Investments,

at

fair

value(>)

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

121,361

Receivables:

Investments

sold

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

Fund

shares

sold

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

From

affiliates

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

Prepaid

expenses

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

Total

assets

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

121,448

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Total

liabilities

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

#### Net

#### Assets

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

121,355

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

15,179

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

106,059

#### Net

#### Assets

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

121,355

(>)

Investments

in

affiliated

funds

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

$

121,361

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

10.47 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

11.11 Class

A

—

Net

assets

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

$

67,775,322

Class

A

—

Shares

outstanding

($.01

par

value)

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

6,472,343

Net

asset

value

per

share:

Class

C

(#)

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

$

9.96 Class

C

—

Net

assets

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

$

31,307,224

Class

C

—

Shares

outstanding

($.01

par

value)

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

3,144,002

Net

asset

value

per

share:

Class

R1

(#)

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

$

10.66 Class

R1

—

Net

assets

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

$

1,820,264

Class

R1

—

Shares

outstanding

($.01

par

value)

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

170,705

Net

asset

value

per

share:

Class

R5

(#)

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

$

10.48 Class

R5

—

Net

assets

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

$

4,477,564

Class

R5

—

Shares

outstanding

($.01

par

value)

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

427,403

Net

asset

value

per

share:

Class

S

(#)

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

$

10.62 Class

S

—

Net

assets

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

$

15,974,468

Class

S

—

Shares

outstanding

($.01

par

value)

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

1,504,677

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

3,069

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Distribution

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

R1

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

Transfer

agent

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Shareholder

servicing

fees

-

Class

R5

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

606

Expense

reductions

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

(192) Net

expenses

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

Net

investment

income

(loss)

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

2,655

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

Capital

gain

distributions

from

affiliated

funds

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

4,275

Net

realized

gain

(loss)

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

4,772

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(2,439)

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,439)

Net

realized

and

unrealized

gain

(loss)

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

2,333

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

4,988

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

2,655

$

4,221

Net

realized

gain

(loss)

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

4,772

7,503

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,439)

897

Net

increase

(decrease)

in

net

assets

from

operations

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

4,988

12,621

#### Distributions
To

shareholders

Class

A

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

(1,291)

(2,351)

Class

C

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

(523) (1,052)

Class

R1

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

(35) (63) Class

R5

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

(80) (139) Class

S

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

(323) (622) Net

decrease

in

net

assets

from

distributions

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

(2,252)

(4,227)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(7,055)

(14,306)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(4,319)

(5,912)

#### Net

#### Assets
Beginning

of

period

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

125,674

131,586

End

of

period

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

$

121,355

$

125,674

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

(1) &nbsp;&nbsp;&nbsp;&nbsp;For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*&nbsp;&nbsp;&nbsp;&nbsp;

Less

than

500

shares.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

796

$

2,825

Proceeds

from

reinvestment

of

distributions

1,285

2,342

Payments

for

shares

redeemed

(474) (4,899)

(993) (9,657)

Net

increase

(decrease)

(271) (2,818)

(459) (4,490)

Class

C

Proceeds

from

shares

sold

553

845

Proceeds

from

reinvestment

of

distributions

523

1,052

Payments

for

shares

redeemed

(375) (3,684)

(1,065)

(9,828)

Net

increase

(decrease)

(265) (2,608)

(859) (7,931)

Class

R1

Proceeds

from

shares

sold

731

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(25) (258) (21) (212) Net

increase

(decrease)

(15) (155) 59

581

Class

R4(1)

Proceeds

from

shares

sold

—

—

—

\*\*

Payments

for

shares

redeemed

—

—

(25) (245) Net

increase

(decrease)

—

—

(25) (242) Class

R5

Proceeds

from

shares

sold

1,338

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(28) (290) (120) (1,162)

Net

increase

(decrease)

(8) (87) 32

Class

S

Proceeds

from

shares

sold

539

1,292

Proceeds

from

reinvestment

of

distributions

623

Payments

for

shares

redeemed

(215) (2,249)

(451) (4,454)

Net

increase

(decrease)

(132) (1,387)

(258) (2,539)

Total

increase

(decrease)

(691) $

(7,055)

(1,510)

$

(14,306)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.24 9.57 8.27 8.32 11.11 9.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.24

.35

.24

.23

.37

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.66

1.30 .05

(2.09)

1.46 $

Total

from

Investment

Operations

.43

1.01 1.54 .28

(1.72)

1.64 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.34)

(.24)

(.22)

(.37)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.11)

(.70)

—

$

Total

Distributions

(.20)

(.34)

(.24)

(.33)

(1.07)

(.12)

$

Net

Asset

Value,

End

of

Period

10.47 10.24 9.57 8.27 8.32 11.11 %

Total

Return

(±)(ǿ)

4.24 10.83 18.69 3.33 (17.00)

17.18 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 67,775

69,059

68,913

65,753

72,796

100,956

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.83

.82

.82

.83

.81

.80

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.50

.50

.50

.49

.49

.49

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.60 3.55 2.56 2.69 3.87 1.70 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.75 9.13 7.91 7.99 10.73 9.32 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.17

.25

.16

.16

.28

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

.20

.65

1.24 .04

(1.99)

1.41 $

Total

from

Investment

Operations

.37

.90

1.40 .20

(1.71)

1.51 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.28)

(.18)

(.17)

(.33)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.11)

(.70)

—

$

Total

Distributions

(.16)

(.28)

(.18)

(.28)

(1.03)

(.10)

$

Net

Asset

Value,

End

of

Period

9.96 9.75 9.13 7.91 7.99 10.73 %

Total

Return

(ǿ)

3.86 10.08 17.75 2.52 (17.59)

16.26 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 31,307

33,227

38,976

42,428

50,723

74,867

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.58 1.57 1.57 1.58 1.56 1.55 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

1.25 1.25 1.25 1.24 1.24 1.24 %

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.53 2.74 1.83 1.98 3.06 .94

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.43 9.73 8.40 8.45 11.25 9.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.25

.36

.27

.26

.39

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.70

1.32 .04

(2.10)

1.45 $

Total

from

Investment

Operations

.44

1.06 1.59 .30

(1.71)

1.67 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.21)

(.36)

(.26)

(.24)

(.39)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.11)

(.70)

—

$

Total

Distributions

(.21)

(.36)

(.26)

(.35)

(1.09)

(.12)

$

Net

Asset

Value,

End

of

Period

10.66 10.43 9.73 8.40 8.45 11.25 %

Total

Return

(ǿ)

4.30 11.19 19.01 3.51 (16.70)

17.37 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,820

1,935

1,233

1,355

1,425

1,851

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.58

.56

.58

.58

.56

.54

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.25

.25

.25

.24

.24

.24

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.88 3.60 2.89 2.96 4.12 2.04 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R5

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.25 9.58 8.28 8.34 11.13 9.63 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.22

.32

.21

.23

.36

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.20

.67

1.31 .02

(2.09)

1.46 $

Total

from

Investment

Operations

.42

.99

1.52 .25

(1.73)

1.61 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.19)

(.32)

(.22)

(.20)

(.36)

(.11)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.11)

(.70)

—

$

Total

Distributions

(.19)

(.32)

(.22)

(.31)

(1.06)

(.11)

$

Net

Asset

Value,

End

of

Period

10.48 10.25 9.58 8.28 8.34 11.13 %

Total

Return

(ǿ)

4.11 10.58 18.40 2.98 (17.13)

16.82 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,479

4,465

3,870

3,619

5,117

7,431

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.08 1.07 1.07 1.08 1.06 1.05 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

.75

.75

.75

.74

.74

.74

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.34 3.29 2.29 2.69 3.76 1.41 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.38 9.69 8.37 8.42 11.22 9.68 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.26

.38

.26

.25

.41

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

.19

.67

1.31 .04

(2.12)

1.44 $

Total

from

Investment

Operations

.45

1.05 1.57 .29

(1.71)

1.66 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.21)

(.36)

(.25)

(.23)

(.39)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

(.11)

(.70)

—

$

Total

Distributions

(.21)

(.36)

(.25)

(.34)

(1.09)

(.12)

$

Net

Asset

Value,

End

of

Period

10.62 10.38 9.69 8.37 8.42 11.22 %

Total

Return

(ǿ)

4.37 11.06 18.87 3.44 (16.81)

17.28 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,974

16,988

18,358

18,760

20,928

35,516

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.58

.57

.57

.58

.56

.55

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.33

.33

.33

.32

.32

.32

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.91 3.86 2.76 2.88 4.30 2.07 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

4,211

Distribution

fees

33,961

Shareholder

servicing

fees

7,335

Transfer

agent

fees

12,950

Trustees'

fees

544

$

59,001

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

2,461

$

$

$

(22) $

$

2,465

$

$

—

Multifactor

U.S.

Equity

Fund

12,620

3,149

966

(2,392)

12,479

3,035

U.S.

Small

Cap

Equity

Fund

2,501

2,507

Investment

Grade

Bond

Fund

22,014

705

1,222

(581) 20,925

682

—

Long

Duration

Bond

Fund

6,270

(37) (153) 5,929

—

Opportunistic

Credit

Fund

8,199

530

(5) (87) 7,855

—

Short

Duration

Bond

Fund

4,410

—

(61) 4,198

—

Strategic

Bond

Fund

27,045

839

1,493

(111) (586) 25,694

811

—

Emerging

Markets

Fund

4,418

825

546

4,336

—

Global

Equity

Fund

19,512

1,579

1,904

(311) 19,168

1,085

Multifactor

International

Equity

Fund

6,281

928

6,060

—

Multi-Strategy

Income

Fund

10,054

912

9,745

—

$

125,785

$

7,543

$

10,025

$

$

(2,439)

$

121,361

$

3,069

$

4,275

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

110,619,495

$

13,833,928

$

(3,092,389)

$

10,741,539

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

4.0%

Global

Infrastructure

Fund

Class

Y

1,083,727

12,040

Global

Real

Estate

Securities

Fund

Class

Y

376,322

12,400

24,440

Domestic

Equities

-

15.5%

Multifactor

U.S.

Equity

Fund

Class

Y

4,774,384

66,364

U.S.

Small

Cap

Equity

Fund

Class

Y

437,983

12,684

U.S.

Strategic

Equity

Fund

Class

Y

899,487

15,813

94,861

Fixed

Income

-

31.9%

Investment

Grade

Bond

Fund

Class

Y

5,691,003

103,292

Long

Duration

Bond

Fund

Class

Y

3,380,529

26,402

Opportunistic

Credit

Fund

Class

Y

2,753,033

23,869

Strategic

Bond

Fund

Class

Y

4,622,513

41,325

194,888

International

Equities

-

40.8%

Emerging

Markets

Fund

Class

Y

1,291,293

31,585

Global

Equity

Fund

Class

Y

15,474,921

181,675

Multifactor

International

Equity

Fund

Class

Y

2,685,604

36,632

249,892

Multi-Asset

-

7.9%

Multi-Strategy

Income

Fund

Class

Y

4,583,647

48,403

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$501,745)

612,484

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$501,745)

612,484

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(314) #### Net

#### Assets

#### -

#### 100.0%
612,170

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

501,745

Investments,

at

fair

value(>)

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

612,484

Receivables:

Investments

sold

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

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

612,849

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

679

#### Net

#### Assets

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

612,170

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

142,517

Shares

of

beneficial

interest

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

521

Additional

paid-in

capital

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

469,132

#### Net

#### Assets

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

612,170

(>)

Investments

in

affiliated

funds

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

$

612,484

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

11.91 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

12.64 Class

A

—

Net

assets

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

$

325,906,876

Class

A

—

Shares

outstanding

($.01

par

value)

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

27,363,907

Net

asset

value

per

share:

Class

C

(#)

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

$

11.21 Class

C

—

Net

assets

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

$

167,984,034

Class

C

—

Shares

outstanding

($.01

par

value)

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

14,985,784

Net

asset

value

per

share:

Class

R1

(#)

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

$

12.23 Class

R1

—

Net

assets

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

$

12,575,178

Class

R1

—

Shares

outstanding

($.01

par

value)

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

1,027,980

Net

asset

value

per

share:

Class

R5

(#)

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

$

11.89 Class

R5

—

Net

assets

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

$

15,101,139

Class

R5

—

Shares

outstanding

($.01

par

value)

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

1,270,544

Net

asset

value

per

share:

Class

S

(#)

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

$

12.21 Class

S

—

Net

assets

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

$

90,602,870

Class

S

—

Shares

outstanding

($.01

par

value)

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

7,422,200

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

,

#### Expenses
Advisory

fees

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

514

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

626

Distribution

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

R1

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

Transfer

agent

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Shareholder

servicing

fees

-

Class

R5

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

2,667

Expense

reductions

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

(504) Net

expenses

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

2,163

Net

investment

income

(loss)

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

12,088

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

3,682

Capital

gain

distributions

from

affiliated

funds

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

28,58

Net

realized

gain

(loss)

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

32,264

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(9,171)

Net

change

in

unrealized

appreciation

(depreciation)

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

(9,171)

Net

realized

and

unrealized

gain

(loss)

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

23,09

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

35,18

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

12,088

$

16,885

Net

realized

gain

(loss)

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

32,26

56,356

Net

change

in

unrealized

appreciation

(depreciation)

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

(9,171)

3,481

Net

increase

(decrease)

in

net

assets

from

operations

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

35,18

76,722

#### Distributions
To

shareholders

Class

A

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

(16,641)

(9,121)

Class

C

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

(8,959)

(4,404)

Class

R1

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

(61

6)

(345) Class

R5

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

(848) (445) Class

S

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

(4,558)

(2,596)

Net

decrease

in

net

assets

from

distributions

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

(31,62

2)

(16,911)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(9,301)

(84,012)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(5,742)

(24,201)

#### Net

#### Assets
Beginning

of

period

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

617,912

642,113

End

of

period

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

$

612,170

$

617,912

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

3,726

1,100

$

12,045

Proceeds

from

reinvestment

of

distributions

1,447

16,548

806

9,068

Payments

for

shares

redeemed

(1,998)

(23,394)

(5,227)

(57,608)

Net

increase

(decrease)

(233) (3,120)

(3,321)

(36,495)

Class

C

Proceeds

from

shares

sold

2,845

519

5,405

Proceeds

from

reinvestment

of

distributions

829

8,935

4,392

Payments

for

shares

redeemed

(1,425)

(15,734)

(4,250)

(44,588)

Net

increase

(decrease)

(339) (3,954)

(3,318)

(34,791)

Class

R1

Proceeds

from

shares

sold

3,368

Proceeds

from

reinvestment

of

distributions

616

Payments

for

shares

redeemed

(50) (608) (207) (2,341)

Net

increase

(decrease)

1,372

Class

R4(1)

Proceeds

from

shares

sold

—

—

Payments

for

shares

redeemed

—

—

(173)

(1,914)

Net

increase

(decrease)

—

—

(171)

(1,895)

Class

R5

Proceeds

from

shares

sold

548

1,490

Proceeds

from

reinvestment

of

distributions

848

Payments

for

shares

redeemed

(279) (3,250)

(414) (4,547)

Net

increase

(decrease)

(158) (1,854)

(240) (2,612)

Class

S

Proceeds

from

shares

sold

4,875

1,003

11,389

Proceeds

from

reinvestment

of

distributions

4,546

2,589

Payments

for

shares

redeemed

(852) (10,184)

(2,072)

(23,569)

Net

increase

(decrease)

(58) (763) (844) (9,591)

Total

increase

(decrease)

(754) $

(9,301)

(7,773)

$

(84,012)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.84 10.72 8.89 8.81 12.40 9.93 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.25

.33

.20

.17

.38

.25

$

Net

Realized

and

Unrealized

Gain

(Loss)

.44

1.11 1.83 .29

(2.25)

2.45 $

Total

from

Investment

Operations

.69

1.44 2.03 .46

(1.87)

2.70 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.32)

(.20)

(.16)

(.40)

(.23)

$

Distributions

from

Net

Realized

Gain

(.51)

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.62)

(.32)

(.20)

(.38)

(1.72)

(.23)

$

Net

Asset

Value,

End

of

Period

11.91 11.84 10.72 8.89 8.81 12.40 %

Total

Return

(±)(ǿ)

6.04 13.65 22.84 5.21 (17.35)

27.33 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 325,907

326,715

331,560

312,806

340,785

469,854

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.71

.70

.71

.73

.74

.73

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.53

.55

.53

.47

.47

.47

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.29 2.98 1.94 1.80 3.71 2.09 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.20 10.19 8.48 8.44 11.97 9.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.17

.21

.11

.09

.29

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

.44

1.08 1.75 .29

(2.16)

2.39 $

Total

from

Investment

Operations

.61

1.29 1.86 .38

(1.87)

2.53 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.28)

(.15)

(.12)

(.34)

(.15)

$

Distributions

from

Net

Realized

Gain

(.51)

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.60)

(.28)

(.15)

(.34)

(1.66)

(.15)

$

Net

Asset

Value,

End

of

Period

11.21 11.20 10.19 8.48 8.44 11.97 %

Total

Return

(ǿ)

5.66 12.78 21.95 4.44 (18.03)

26.49 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 167,984

171,631

190,014

195,869

230,023

345,256

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.46 1.45 1.46 1.48 1.49 1.48 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

1.28 1.30 1.28 1.22 1.22 1.22 %

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.02 1.98 1.18 1.06 3.02 1.20 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.14 10.98 9.09 8.99 12.62 10.10 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.28

.37

.22

.20

.41

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

.4

1.13 1.88 .29

(2.30)

2.47 $

Total

from

Investment

Operations

.7

1.50 2.10 .49

(1.89)

2.77 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.34)

(.21)

(.17)

(.42)

(.25)

$

Distributions

from

Net

Realized

Gain

(.51)

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.62)

(.34)

(.21)

(.39)

(1.74)

(.25)

$

Net

Asset

Value,

End

of

Period

12.23 12.14 10.98 9.09 8.99 12.62 %

Total

Return

(ǿ)

6.11 13.84 23.15 5.47 (17.21)

27.59 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,575

12,064

9,584

8,129

8,608

12,249

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.46

.45

.46

.48

.49

.48

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.32

.34

.32

.26

.26

.26

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.66 3.27 2.11 2.07 3.98 2.49 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R5

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.82 10.72 8.90 8.82 12.42 9.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.24

.31

.17

.16

.37

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

.44

1.09 1.83 .28

(2.28)

2.46 $

Total

from

Investment

Operations

.68

1.40 2.00 .44

(1.91)

2.67 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10)

(.30)

(.18)

(.14)

(.37)

(.20)

$

Distributions

from

Net

Realized

Gain

(.51)

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.61)

(.30)

(.18)

(.36)

(1.69)

(.20)

$

Net

Asset

Value,

End

of

Period

11.89 11.82 10.72 8.90 8.82 12.42 %

Total

Return

(ǿ)

5.96 13.26 22.47 4.97 (17.64)

26.93 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,101

16,893

17,894

14,598

21,682

32,161

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.96

.95

.96

.98

.99

.98

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.82

.84

.82

.76

.76

.76

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.12 2.76 1.65 1.70 3.68 1.79 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.11 10.96 9.08 8.98 12.61 10.09 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.28

.37

.22

.19

.43

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

.44

1.11 1.87 .30

(2.32)

2.48 $

Total

from

Investment

Operations

.72

1.48 2.09 .49

(1.89)

2.77 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.33)

(.21)

(.17)

(.42)

(.25)

$

Distributions

from

Net

Realized

Gain

(.51)

—

—

(.22)

(1.32)

—

$

Total

Distributions

(.62)

(.33)

(.21)

(.39)

(1.74)

(.25)

$

Net

Asset

Value,

End

of

Period

12.21 12.11 10.96 9.08 8.98 12.61 %

Total

Return

(ǿ)

6.19 13.72 23.02 5.44 (17.27)

27.56 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 90,603

90,609

91,226

85,628

95,302

157,073

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.46

.45

.46

.48

.49

.48

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.38

.40

.38

.32

.32

.32

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.66 3.25 2.09 1.98 4.18 2.38 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

,

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

29,745

Administrative

fees

21,065

Distribution

fees

171,240

Shareholder

servicing

fees

37,134

Transfer

agent

fees

57,775

Trustees'

fees

2,536

$

319,495

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,171

$

870

$

1,850

$

$

568

$

12,040

$

$

Global

Real

Estate

Securities

Fund

12,070

965

676

12,400

—

Multifactor

U.S.

Equity

Fund

65,490

16,500

3,488

(12,376)

66,364

528

15,83

U.S.

Small

Cap

Equity

Fund

12,28

976

1,626

890

12,684

783

U.S.

Strategic

Equity

Fund

15,55

1,677

606

(865) 15,813

1,444

Investment

Grade

Bond

Fund

107,709

3,897

5,495

(2,845)

103,292

3,345

—

Long

Duration

Bond

Fund

27,598

770

1,118

(852) 26,402

570

—

Opportunistic

Credit

Fund

24,759

877

1,484

(18) (265) 23,869

809

—

Strategic

Bond

Fund

43,086

1,507

2,150

(70) (1,048)

41,325

1,295

—

Emerging

Markets

Fund

31,181

700

4,803

4,015

31,585

651

—

Global

Equity

Fund

180,137

14,499

12,701

1,612

(1,872)

181,67

4,264

10,110

Multifactor

International

Equity

Fund

37,027

874

4,594

3,019

36,632

—

Multi-Strategy

Income

Fund

49,259

1,041

3,861

1,784

48,403

1,021

—

$

618,326

$

44,388

$

44,741

$

3,682

$

(9,17

1)

$

612,48

$

14,25

$

28,582

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

509,250,463

$

106,668,386

$

(3,434,665)

$

103,233,721

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.0%

Global

Infrastructure

Fund

Class

Y

1,084,742

12,051

Global

Real

Estate

Securities

Fund

Class

Y

565,332

18,628

30,679

Domestic

Equities

-

26.4%

Multifactor

U.S.

Equity

Fund

Class

Y

5,645,241

78,469

U.S.

Small

Cap

Equity

Fund

Class

Y

650,881

18,850

U.S.

Strategic

Equity

Fund

Class

Y

3,749,171

65,910

163,229

Fixed

Income

-

13.9%

Long

Duration

Bond

Fund

Class

Y

4,501,130

35,154

Opportunistic

Credit

Fund

Class

Y

2,405,592

20,856

Strategic

Bond

Fund

Class

Y

3,297,443

29,479

85,489

International

Equities

-

46.8%

Emerging

Markets

Fund

Class

Y

1,668,546

40,813

Global

Equity

Fund

Class

Y

15,428,855

181,135

Multifactor

International

Equity

Fund

Class

Y

4,935,275

67,317

289,265

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

3,958,063

49,555

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$481,072)

618,217

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$481,072)

618,217

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(325) #### Net

#### Assets

#### -

#### 100.0%
617,892

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

481,072

Investments,

at

fair

value(>)

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

618,217

Receivables:

Investments

sold

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

956

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

619,221

#### Liabilities
Payables:

Fund

shares

redeemed

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

986

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

1,329

#### Net

#### Assets

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

617,892

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

177,265

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

440,171

#### Net

#### Assets

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

617,892

(>)

Investments

in

affiliated

funds

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

$

618,217

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

13.80 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

14.64 Class

A

—

Net

assets

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

$

358,452,612

Class

A

—

Shares

outstanding

($.01

par

value)

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

25,978,887

Net

asset

value

per

share:

Class

C

(#)

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

$

12.53 Class

C

—

Net

assets

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

$

142,401,176

Class

C

—

Shares

outstanding

($.01

par

value)

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

11,364,140

Net

asset

value

per

share:

Class

R1

(#)

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

$

14.28 Class

R1

—

Net

assets

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

$

5,432,325

Class

R1

—

Shares

outstanding

($.01

par

value)

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

380,289

Net

asset

value

per

share:

Class

R5

(#)

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

$

13.76 Class

R5

—

Net

assets

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

$

9,946,075

Class

R5

—

Shares

outstanding

($.01

par

value)

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

722,686

Net

asset

value

per

share:

Class

S

(#)

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

$

14.25 Class

S

—

Net

assets

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

$

101,659,399

Class

S

—

Shares

outstanding

($.01

par

value)

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

7,135,836

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

11,973

#### Expenses
Advisory

fees

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

515

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

530

Distribution

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

R1

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

Transfer

agent

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Shareholder

servicing

fees

-

Class

R5

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

2,565

Expense

reductions

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

(398) Net

expenses

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

2,167

Net

investment

income

(loss)

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

9,806

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

4,222

Capital

gain

distributions

from

affiliated

funds

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

37,380

Net

realized

gain

(loss)

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

41,602

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(6,724)

Net

change

in

unrealized

appreciation

(depreciation)

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

(6,724)

Net

realized

and

unrealized

gain

(loss)

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

34,878

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

44,684

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

9,806

$

12,788

Net

realized

gain

(loss)

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

41,602

54,431

Net

change

in

unrealized

appreciation

(depreciation)

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

(6,724)

22,039

Net

increase

(decrease)

in

net

assets

from

operations

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

44,684

89,258

#### Distributions
To

shareholders

Class

A

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

(32,797)

(11,974)

Class

C

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

(14,467)

(4,949)

Class

R1

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

(490) (172) Class

R5

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

(1,080)

(399) Class

S

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

(9,351)

(3,439)

Net

decrease

in

net

assets

from

distributions

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

(58,185)

(20,933)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

14,156

(61,997)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
655

6,328

#### Net

#### Assets
Beginning

of

period

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

617,237

610,909

End

of

period

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

$

617,892

$

617,237

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

4,166

838

$

10,886

Proceeds

from

reinvestment

of

distributions

2,499

32,606

923

11,907

Payments

for

shares

redeemed

(1,737)

(23,523)

(4,350)

(56,367)

Net

increase

(decrease)

1,071

13,249

(2,589)

(33,574)

Class

C

Proceeds

from

shares

sold

937

2,313

Proceeds

from

reinvestment

of

distributions

1,216

14,434

4,944

Payments

for

shares

redeemed

(1,141)

(14,029)

(2,550)

(30,604)

Net

increase

(decrease)

1,342

(1,939)

(23,347)

Class

R1

Proceeds

from

shares

sold

1,523

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(46)

(643)

(68)

(901)

Net

increase

(decrease)

794

Class

R4(1)

Proceeds

from

shares

sold

—

—

—\*\*

Payments

for

shares

redeemed

—

—

(20)

(264)

Net

increase

(decrease)

—

—

(20)

(260)

Class

R5

Proceeds

from

shares

sold

796

Proceeds

from

reinvestment

of

distributions

1,080

Payments

for

shares

redeemed

(202)

(2,691)

(314)

(4,076)

Net

increase

(decrease)

(100)

(1,350)

(222)

(2,881)

Class

S

Proceeds

from

shares

sold

5,433

769

10,295

Proceeds

from

reinvestment

of

distributions

694

9,342

3,429

Payments

for

shares

redeemed

(1,001)

(13,897)

(1,226)

(16,453)

Net

increase

(decrease)

878

(199)

(2,729)

Total

increase

(decrease)

1,209

$

14,156

(4,909)

$

(61,997)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.13 12.60 10.11 9.90 14.22 10.62 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.24

.31

.19

.15

.45

.26

$

Net

Realized

and

Unrealized

Gain

(Loss)

.76

1.68 2.49 .52

(2.57)

3.51 $

Total

from

Investment

Operations

1.00 1.99 2.68 .67

(2.12)

3.77 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.08)

(.29)

(.19)

(.13)

(.48)

(.16)

$

Distributions

from

Net

Realized

Gain

(1.25)

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

—

(.02)

—

—

$

Total

Distributions

(1.33)

(.46)

(.19)

(.46)

(2.20)

(.17)

$

Net

Asset

Value,

End

of

Period

13.80 14.13 12.60 10.11 9.90 14.22 %

Total

Return

(±)(ǿ)

7.70 16.19 26.58 6.85 (17.53)

35.55 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 358,453

352,032

346,436

304,194

308,433

421,040

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.71

.71

.72

.74

.74

.74

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.58

.58

.57

.55

.55

.57

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.55 2.38 1.59 1.45 3.98 1.97 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.98 11.64 9.39 9.26 13.48 10.09 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.11

.13

.09

.07

.33

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

.75

1.62 2.30 .49

(2.40)

3.38 $

Total

from

Investment

Operations

.86

1.75 2.39 .56

(2.07)

3.50 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.06)

(.24)

(.14)

(.11)

(.43)

(.10)

$

Distributions

from

Net

Realized

Gain

(1.25)

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

—

(.01)

—

—

$

Total

Distributions

(1.31)

(.41)

(.14)

(.43)

(2.15)

(.11)

$

Net

Asset

Value,

End

of

Period

12.53 12.98 11.64 9.39 9.26 13.48 %

Total

Return

(ǿ)

7.27 15.39 25.49 6.14 (18.22)

34.70 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 142,401

145,559

153,149

151,867

173,038

247,152

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.46 1.46 1.47 1.49 1.49 1.49 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

1.33 1.33 1.32 1.30 1.30 1.32 %

Net

Investment

Income

(‡)(Ƃ)(ǿ)

1.74 1.12 .81

.69

3.11 .94

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.57 12.96 10.39 10.14 14.51 10.82 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.29

.36

.23

.23

.49

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

.76

1.73 2.56 .49

(2.63)

3.57 $

Total

from

Investment

Operations

1.05 2.09 2.79 .72

(2.14)

3.89 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.31)

(.22)

(.14)

(.51)

(.19)

$

Distributions

from

Net

Realized

Gain

(1.25)

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

—

(.02)

—

—

$

Total

Distributions

(1.34)

(.48)

(.22)

(.47)

(2.23)

(.20)

$

Net

Asset

Value,

End

of

Period

14.28 14.57 12.96 10.39 10.14 14.51 %

Total

Return

(ǿ)

7.82 16.56 26.86 7.21 (17.29)

35.98 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 5,432

5,481

4,098

3,220

4,899

6,672

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.46

.46

.47

.49

.49

.49

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.28

.28

.27

.25

.25

.27

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.18 2.6 4

1.87 2.15 4.24 2.39 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R5

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.10 12.59 10.11 9.91 14.24 10.63 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.23

.29

.17

.15

.47

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

.75

1.67 2.49 .50

(2.62)

3.53 $

Total

from

Investment

Operations

.98

1.96 2.66 .65

(2.15)

3.76 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.07)

(.28)

(.18)

(.13)

(.46)

(.14)

$

Distributions

from

Net

Realized

Gain

(1.25)

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

—

(.01)

—

—

$

Total

Distributions

(1.32)

(.45)

(.18)

(.45)

(2.18)

(.15)

$

Net

Asset

Value,

End

of

Period

13.76 14.10 12.59 10.11 9.91 14.24 %

Total

Return

(ǿ)

7.56 15.91 26.32 6.63 (17.71)

35.44 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 9,946

11,606

13,156

12,777

19,144

29,994

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.96

.96

.97

.99

.99

.99

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.78

.78

.77

.75

.75

.77

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.49 2.24 1.39 1.42 4.14 1.73 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.54 12.94 10.37 10.13 14.50 10.81 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.29

.37

.27

.19

.51

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

.76

1.71 2.51 .52

(2.65)

3.57 $

Total

from

Investment

Operations

1.05 2.08 2.78 .71

(2.14)

3.88 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.31)

(.21)

(.14)

(.51)

(.18)

$

Distributions

from

Net

Realized

Gain

(1.25)

(.17)

—

(.31)

(1.72)

(.01)

$

Return

of

Capital

—

—

—

(.02)

—

—

$

Total

Distributions

(1.34)

(.48)

(.21)

(.47)

(2.23)

(.19)

$

Net

Asset

Value,

End

of

Period

14.25 14.54 12.94 10.37 10.13 14.50 %

Total

Return

(ǿ)

7.83 16.47 26.88 7.10 (17.34)

35.98 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 101,660

102,559

93,820

115,355

121,694

168,847

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.46

.46

.47

.49

.49

.49

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.33

.33

.32

.30

.30

.32

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.19 2.76 2.21 1.77 4.38 2.31 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

19,949

Administrative

fees

21,195

Distribution

fees

160,264

Shareholder

servicing

fees

30,717

Transfer

agent

fees

99,126

Trustees'

fees

1,989

$

333,240

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,071

$

864

$

1,730

$

$

619

$

12,051

$

$

Global

Real

Estate

Securities

Fund

18,055

1,371

1,482

18,628

—

Multifactor

U.S.

Equity

Fund

77,899

19,592

4,540

599

(15,081)

78,469

629

18,880

U.S.

Small

Cap

Equity

Fund

18,348

1,419

2,484

1,341

18,850

1,172

U.S.

Strategic

Equity

Fund

65,276

6,888

2,815

(3,701)

65,910

665

6,073

Long

Duration

Bond

Fund

36,563

836

1,113

(9)

(1,123)

35,154

759

—

Opportunistic

Credit

Fund

21,516

722

1,135

(15)

(232)

20,856

707

—

Strategic

Bond

Fund

30,548

962

1,233

(34)

(764)

29,479

925

—

Emerging

Markets

Fund

40,559

855

6,413

633

5,179

40,813

843

—

Global

Equity

Fund

179,832

14,413

12,799

1,409

(1,720)

181,135

4,262

10,106

Multifactor

International

Equity

Fund

67,576

1,536

7,816

5,555

67,317

1,475

—

Multi-Asset

Strategy

Fund

49,351

1,475

3,292

1,721

49,555

733

742

$

617,594

$

49,866

$

46,741

$

4,222

$

(6,724)

$

618,217

$

11,973

$

37,380

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

488,566,900

$

134,558,062

$

(4,908,053)

$

129,650,009

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.0%
Alternative

-

5.4%

Global

Infrastructure

Fund

Class

Y

562,146

6,245

Global

Real

Estate

Securities

Fund

Class

Y

341,599

11,256

17,501

Domestic

Equities

-

32.5%

Multifactor

U.S.

Equity

Fund

Class

Y

3,543,657

49,257

U.S.

Small

Cap

Equity

Fund

Class

Y

397,838

11,521

U.S.

Strategic

Equity

Fund

Class

Y

2,522,121

44,339

105,117

Fixed

Income

-

5.7%

Long

Duration

Bond

Fund

Class

Y

1,555,161

12,146

Opportunistic

Credit

Fund

Class

Y

712,263

6,175

18,321

International

Equities

-

49.5%

Emerging

Markets

Fund

Class

Y

1,007,271

24,638

Global

Equity

Fund

Class

Y

8,040,501

94,396

Multifactor

International

Equity

Fund

Class

Y

3,019,448

41,185

160,219

Multi-Asset

-

6.9%

Multi-Asset

Strategy

Fund

Class

Y

1,791,542

22,430

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$255,173)

323,588

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$255,173)

323,588

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(150) #### Net

#### Assets

#### -

#### 100.0%
323,438

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

255,173

Investments,

at

fair

value(>)

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

323,588

Receivables:

Investments

sold

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

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

323,924

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

323,438

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

92,845

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

230,402

#### Net

#### Assets

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

323,438

(>)

Investments

in

affiliated

funds

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

$

323,588

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

17.82 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

18.91 Class

A

—

Net

assets

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

$

136,128,813

Class

A

—

Shares

outstanding

($.01

par

value)

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

7,641,208

Net

asset

value

per

share:

Class

C

(#)

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

$

14.58 Class

C

—

Net

assets

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

$

85,942,360

Class

C

—

Shares

outstanding

($.01

par

value)

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

5,894,555

Net

asset

value

per

share:

Class

R1

(#)

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

$

18.21 Class

R1

—

Net

assets

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

$

3,981,179

Class

R1

—

Shares

outstanding

($.01

par

value)

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

218,652

Net

asset

value

per

share:

Class

R5

(#)

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

$

16.87 Class

R5

—

Net

assets

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

$

4,017,432

Class

R5

—

Shares

outstanding

($.01

par

value)

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

238,170

Net

asset

value

per

share:

Class

S

(#)

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

$

18.11 Class

S

—

Net

assets

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

$

93,368,275

Class

S

—

Shares

outstanding

($.01

par

value)

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

5,156,466

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividend

distributions

from

affiliated

funds

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

$

5,837

#### Expenses
Advisory

fees

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

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

Distribution

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

A

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

Transfer

agent

fees

-

Class

C

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

Transfer

agent

fees

-

Class

R1

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

Transfer

agent

fees

-

Class

R5

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

Transfer

agent

fees

-

Class

S

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Shareholder

servicing

fees

-

Class

R5

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

Trustees'

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

1,361

Expense

reductions

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

(251) Net

expenses

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

1,110

Net

investment

income

(loss)

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

4,727

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

1,577

Capital

gain

distributions

from

affiliated

funds

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

22,399

Net

realized

gain

(loss)

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

23,976

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(3,148)

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,148)

Net

realized

and

unrealized

gain

(loss)

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

20,828

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

25,555

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

4,727

$

6,150

Net

realized

gain

(loss)

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

23,976

30,333

Net

change

in

unrealized

appreciation

(depreciation)

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

(3,148)

12,666

Net

increase

(decrease)

in

net

assets

from

operations

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

25,555

49,149

#### Distributions
To

shareholders

Class

A

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

(10,773)

(2,512)

Class

C

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

(8,258)

(1,632)

Class

R1

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

(304) (76) Class

R5

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

(386) (86) Class

S

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

(7,658)

(1,857)

Net

decrease

in

net

assets

from

distributions

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

(27,379)

(6,163)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

3,562

(30,346)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,738

12,640

#### Net

#### Assets
Beginning

of

period

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

321,700

309,060

End

of

period

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

$

323,438

$

321,700

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,944

$

3,700

Proceeds

from

reinvestment

of

distributions

637

10,665

2,487

Payments

for

shares

redeemed

(526) (9,115)

(3,113)

(49,461)

Net

increase

(decrease)

3,494

(2,735)

(43,274)

Class

C

Proceeds

from

shares

sold

1,362

2,347

Proceeds

from

reinvestment

of

distributions

598

8,209

1,622

Payments

for

shares

redeemed

(612) (8,726)

(1,132)

(15,504)

Net

increase

(decrease)

845

(842) (11,535)

Class

R1

Proceeds

from

shares

sold

1,196

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(11) (190) (36) (605) Net

increase

(decrease)

667

Class

R4(1)

Proceeds

from

shares

sold

—

—

—\*\*

Payments

for

shares

redeemed

—

—

(43) (677) Net

increase

(decrease)

—

—

(43) (675) Class

R5

Proceeds

from

shares

sold

661

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(70) (1,158)

(68) (1,035)

Net

increase

(decrease)

(37) (627) (20) (288) Class

S

Proceeds

from

shares

sold

2,022

2,326

37,296

Proceeds

from

reinvestment

of

distributions

7,644

1,854

Payments

for

shares

redeemed

(579) (10,048)

(865) (14,391)

Net

increase

(decrease)

(14) (382) 1,571

24,759

Total

increase

(decrease)

$

3,562

(2,028)

$

(30,346)

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification

of

R4

Shares

as

Class

R1

Shares).

\*\*

Less

than

500

shares.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.89 15.54 12.23 11.90 15.88 11.52 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.32

.47

.20

.19

.59

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.08 2.21 3.29 .69

(3.18)

4.23 $

Total

from

Investment

Operations

1.40 2.68 3.49 .88

(2.59)

4.50 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.33)

(.18)

(.16)

(.56)

(.14)

$

Distributions

from

Net

Realized

Gain

(1.38)

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

—

(.01)

—

—

$

Total

Distributions

(1.47)

(.33)

(.18)

(.55)

(1.39)

(.14)

$

Net

Asset

Value,

End

of

Period

17.82 17.89 15.54 12.23 11.90 15.88 %

Total

Return

(±)(ǿ)

8.44 17.43 28.55 7.53 (17.79)

39.19 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 136,129

132,677

157,804

131,965

123,791

161,572

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.74

.74

.75

.77

.77

.77

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.58

.58

.57

.54

.55

.57

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.75 2.91 1.36 1.48 4.34 1.85 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.93 13.07 10.34 10.17 13.81 10.07 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.03

.05

.06

.07

.37

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.07 2.08 2.79 .60

(2.68)

3.80 $

Total

from

Investment

Operations

1.10 2.13 2.85 .67

(2.31)

3.82 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.07)

(.27)

(.12)

(.11)

(.50)

(.08)

$

Distributions

from

Net

Realized

Gain

(1.38)

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

—

(.01)

—

—

$

Total

Distributions

(1.45)

(.27)

(.12)

(.50)

(1.33)

(.08)

$

Net

Asset

Value,

End

of

Period

14.58 14.93 13.07 10.34 10.17 13.81 %

Total

Return

(ǿ)

8.05 16.48 27.62 6.74 (18.39)

38.02 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 85,942

86,780

86,957

80,364

90,793

125,995

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

1.49 1.49 1.50 1.52 1.52 1.52 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

1.33 1.33 1.32 1.29 1.30 1.32 %

Net

Investment

Income

(‡)(Ƃ)(ǿ)

.36

.40

.48

.62

3.15 .14

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### R1

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.23 15.82 12.43 12.06 16.08 11.66 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.38

.48

.25

.24

.66

.38

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.09 2.29 3.35 .71

(3.25)

4.21 $

Total

from

Investment

Operations

1.47 2.77 3.60 .95

(2.59)

4.59 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.36)

(.21)

(.18)

(.60)

(.17)

$

Distributions

from

Net

Realized

Gain

(1.38)

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

—

(.02)

—

—

$

Total

Distributions

(1.49)

(.36)

(.21)

(.58)

(1.43)

(.17)

$

Net

Asset

Value,

End

of

Period

18.21 18.23 15.82 12.43 12.06 16.08 %

Total

Return

(ǿ)

8.64 17.72 28.99 7.99 (17.57)

39.55 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,981

3,734

2,593

2,142

2,629

3,145

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.49

.49

.50

.52

.52

.52

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.25

.25

.24

.21

.22

.24

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.28 2.86 1.71 1.90 4.80 2.56 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R5

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.02 14.81 11.68 11.38 15.26 11.08 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.25

.31

.18

.17

.49

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.07 2.21 3.11 .67

(3.00)

4.11 $

Total

from

Investment

Operations

1.32 2.52 3.29 .84

(2.51)

4.30 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.31)

(.16)

(.15)

(.54)

(.12)

$

Distributions

from

Net

Realized

Gain

(1.38)

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

—

(.01)

—

—

$

Total

Distributions

(1.47)

(.31)

(.16)

(.54)

(1.37)

(.12)

$

Net

Asset

Value,

End

of

Period

16.87 17.02 14.81 11.68 11.38 15.26 %

Total

Return

(ǿ)

8.34 17.21 28.25 7.48 (17.98)

38.94 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,018

4,692

4,388

4,425

6,567

7,713

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.99

.99

1.00 1.02 1.02 1.02 %

Expenses,

Net

(Ƃ)(ɯ)(Π)

.75

.75

.74

.71

.72

.74

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

3.05 2.02 1.26 1.38 3.78 1.37 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.14 15.74 12.38 12.02 16.02 11.62 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(‡)(Ƃ)(ƥ)

.38

.35

.24

.23

.68

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.07 2.40 3.32 .70

(3.26)

4.25 $

Total

from

Investment

Operations

1.45 2.75 3.56 .93

(2.58)

4.57 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10)

(.35)

(.20)

(.17)

(.59)

(.17)

$

Distributions

from

Net

Realized

Gain

(1.38)

—

—

(.38)

(.83)

—

$

Return

of

Capital

—

—

—

(.02)

—

—

$

Total

Distributions

(1.48)

(.35)

(.20)

(.57)

(1.42)

(.17)

$

Net

Asset

Value,

End

of

Period

18.11 18.14 15.74 12.38 12.02 16.02 %

Total

Return

(ǿ)

8.60 17.67 28.80 7.88 (17.57)

39.45 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 93,368

93,817

56,671

47,682

52,542

78,256

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)(Π)

.49

.49

.50

.52

.52

.52

%

Expenses,

Net

(Ƃ)(ɯ)(Π)

.33

.33

.32

.29

.30

.32

%

Net

Investment

Income

(‡)(Ƃ)(ǿ)

4.33 2.13 1.61 1.80 4.96 2.17 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

2,326

Administrative

fees

11,009

Distribution

fees

79,733

Shareholder

servicing

fees

18,011

Transfer

agent

fees

51,309

Trustees'

fees

940

$

163,328

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

6,303

$

500

$

1,001

$

$

$

6,245

$

$

Global

Real

Estate

Securities

Fund

10,972

969

(72)

1,071

11,256

—

Multifactor

U.S.

Equity

Fund

48,616

12,276

2,571

(9,079)

49,257

11,798

U.S.

Small

Cap

Equity

Fund

11,185

876

1,487

831

11,521

715

U.S.

Strategic

Equity

Fund

43,685

4,596

1,633

(2,463)

44,339

4,067

Long

Duration

Bond

Fund

12,707

580

(2)

(389)

12,146

—

Opportunistic

Credit

Fund

6,413

(2)

(71)

6,175

—

Emerging

Markets

Fund

24,312

569

3,707

3,132

24,638

507

—

Global

Equity

Fund

93,658

7,500

6,563

538

(737)

94,396

2,223

5,272

Multifactor

International

Equity

Fund

41,579

929

5,019

3,394

41,185

913

—

Multi-Asset

Strategy

Fund

22,477

693

1,656

829

22,430

$

321,907

$

28,858

$

25,606

$

1,577

$

(3,148)

$

323,588

$

5,837

$

22,399

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

258,047,426

$

65,678,216

$

(137,574)

$

65,540,642

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Highlights

(ƣ)

For

the

period

ended

April

30,

2026

(Unaudited).

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(Ƃ)

Reflects

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(±)

Total

return

for

Class

A

does

not

reflect

a

front-end

sales

charge.

If

sales

charges

were

included,

the

total

return

would

be

lower.

(ǿ)

The

ratios

or

returns

for

periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(Π)

The

calculation

includes

only

those

expenses

charged

directly

to

the

Fund

and

does

not

include

expenses

charged

to

the

Underlying

Funds

in

which

the

Fund

invests.

(Ɵ)

Less

than

$.01

per

share.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

twenty-nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

items

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

April

30,

2026. Each

of

the

Funds

listed

in

the

table

below

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

"Underlying

Funds").

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

at

russellinvestments.com.

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

as

of

April

30,

2026. The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multifactor

U.S.

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

Global

Equity

and

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond

and

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM's

allocation

decisions

are

generally

based

on

RIM's

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

a

Fund's

target

strategic

asset

allocation

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM's

capital

markets

research.

A

Fund's

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

A

Fund's

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

\*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP"),

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies

including,

but

not

limited

to,

Accounting

Standards

Codification

946. #### Asset

#### Allocation\*

#### Conservative

#### Strategy

#### Fund

#### Moderate

#### Strategy

#### Fund

#### Balanced

#### Strategy

#### Fund

#### Aggressive

#### Strategy

#### Fund

#### Equity

#### Aggressive

#### Strategy

#### Fund
Equity

14.5%

36%

55%

72.5%

81.5%

Fixed

Income

75.5%

54%

33%

14.5%

6%

Multi-Asset

8%

8%

8%

8%

7%

Alternative#

2%

2%

4%

5%

5.5%

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

("ASU")

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

defines

an

operating

segment

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses

and

has

operating

results

that

are

regularly

reviewed

by

its

chief

operating

decision

maker

("CODM")

to

assess

performance

and

make

resource

allocation

decisions.

Russell

Investments'

Executive

Committee

is

the

CODM.

Each

Fund

is

a

single

reporting

segment

since

the

CODM

evaluates

each

Fund

holistically.

The

CODM

uses

total

returns,

Fund

expense

information,

and

share

transactions

data

consistent

with

that

which

is

presented

in

the

Funds'

financial

statements

to

assess

the

single

segment

performance

and

make

decisions.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

this

"Significant

Accounting

Policies"

note.

Segment

assets

and

significant

expenses

are

reflected

in

each

Fund's

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses.

The

amendments

require

additional

disclosures

regarding

the

nature

and

composition

of

certain

income

statement

expense

captions,

including

disclosures

related

to

selling

expenses.

The

ASU

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026,

and

interim

reporting

periods

beginning

after

December

15,

2027. Early

adoption

is

permitted.

Management

is

currently

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

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:

investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

will

be

valued

based

upon

the

NAV

per

share

of

such

investments

without

further

adjustment

as

a

practical

expedient.

As

of

April

30,

2026,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Each

Fund

is

a

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

to

be

distributed

to

each

Fund's

shareholders

without

regard

to

the

income

and

capital

gains

(or

losses)

of

the

other

Funds.

Each

Fund

intends

to

qualify

or

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

and

intends

to

distribute

all

of

its

taxable

income

and

capital

gains.

Therefore,

no

federal

income

tax

provision

is

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

in

income

taxes

which

requires

management

to

determine

whether

a

tax

position

of

the

Funds

is

more

likely

than

not

to

be

sustained

upon

examination,

including

resolution

of

any

related

appeals

or

litigation

processes,

based

on

the

technical

merits

of

the

position.

For

tax

positions

meeting

the

more

likely

than

not

threshold,

the

tax

amount

recognized

in

the

financial

statements

is

reduced

by

the

largest

benefit

that

has

a

greater

than

50%

likelihood

of

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

no

accruals

need

to

be

made

in

the

financial

statements

due

to

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds'

liability

for

income

taxes

based

on

analyses

of

tax

laws

and

regulations,

as

well

as

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

a

U.S.

tax

return.

As

of

April

30,

2026,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2022,

through

October

31,

2024,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

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

may

primarily

relate

to

investments

in

the

Underlying

Funds

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

Expenses

included

in

the

accompanying

financial

statements

reflect

the

expenses

of

each

Fund

and

do

not

include

those

expenses

incurred

by

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

of

the

Underlying

Funds

at

different

times,

the

amount

of

the

Underlying

Funds'

fees

and

expenses

incurred

indirectly

by

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds'

adviser,

or

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

the

Funds'

administrator

and

transfer

agent.

Whenever

an

expense

can

be

attributed

to

a

particular

Fund,

the

expense

is

charged

to

that

Fund.

Common

expenses

are

allocated

among

the

Funds

based

primarily

upon

their

relative

net

assets.

Class

Allocation

Each

of

the

Funds

presented

herein

may

offer

certain

of

the

following

classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R1,

Class

R5

and

Class

S. All

share

classes

have

identical

voting,

dividend,

liquidation

and

other

rights,

preferences,

powers,

restrictions,

limitations,

qualifications

and

the

same

terms

and

conditions.

The

separate

classes

of

shares

differ

principally

in

the

applicable

sales

charges,

transfer

agent

fees,

distribution

fees

and

shareholder

servicing

fees.

Shareholders

of

each

class

bear

certain

expenses

that

pertain

to

that

particular

class.

Realized

and

unrealized

gains

(losses),

investment

income,

and

expenses

with

the

exception

of

class

level

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Guarantees

Under

the

Investment

Company's

organizational

documents,

its

officers

and

Trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Investment

Company.

Additionally,

in

the

normal

course

of

business,

the

Funds

may

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

of

loss

to

be

remote.

Market,

Credit

and

Counterparty

Risk

In

the

normal

course

of

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk).

Similar

to

credit

risk,

the

Underlying

Funds

may

also

be

exposed

to

counterparty

risk

or

risk

that

an

institution

or

other

entity

with

which

the

Underlying

Funds

have

unsettled

or

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

of

the

relevant

assets

recorded

in

the

Underlying

Funds'

financial

statements

(the

"Assets").

The

Assets

consist

principally

of

cash

due

from

counterparties

and

investments.

The

extent

of

the

Underlying

Funds'

exposure

to

market,

credit

and

counterparty

risks

with

respect

to

the

Assets

approximates

their

carrying

value

as

recorded

in

the

Underlying

Funds'

Statements

of

Assets

and

Liabilities.

Global

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

to

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

As

a

result,

issuers

of

securities

held

by

an

Underlying

Fund

may

experience

significant

declines

in

the

value

of

their

assets

and

even

cease

operations.

This

could

occur

whether

or

not

the

Underlying

Fund

invests

in

securities

of

issuers

located

in

or

with

significant

exposure

to

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

3. #### Investment

#### Transactions
Underlying

Funds

During

the

period

ended

April

30,

2026,

purchases

and

sales

of

Underlying

Funds

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.

RIFUS

is

the

Funds'

administrator

and

transfer

agent.

RIFUS,

in

its

capacity

as

the

Funds'

administrator,

provides

or

oversees

the

provision

of

all

administrative

services

for

the

Funds.

RIFUS,

in

its

capacity

as

the

Funds'

transfer

agent

and

dividend

disbursing

agent,

is

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

to

the

Funds.

RIFUS

is

a

wholly-owned

subsidiary

of

RIM.

RIM

is

an

indirect,

wholly-owned

subsidiary

of

Russell

Investments

Group,

Ltd.

An

affiliated

company

is

a

company

in

which

a

Fund

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Fund

controls,

is

controlled

by

or

is

under

common

control

with.

See

each

Fund's

Related

Party

Transactions,

Fees

and

Expenses

for

disclosure

of

transactions

with

affiliated

companies.

Each

Fund

pays

an

annual

advisory

fee

of

0.17%

to

RIM.

In

addition,

each

Fund

pays

an

annual

administrative

fee

of

up

to

0.0425%

to

RIFUS

based

upon

the

average

daily

net

assets

of

the

Fund

payable

on

a

monthly

basis.

Administrative

fees

are

assessed

on

total

Fund

net

assets

based

on

a

tiered

fee

schedule.

The

following

table

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

April

30,

2026:

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

April

30,

2026. With

respect

to

such

waivers,

direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

services

fees,

infrequent

and/

or

unusual

expenses

(including

litigation

expenses)

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

In

addition,

each

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Conservative

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2026,

RIM

contractually

agreed,

until

February

28,

2027,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2026,

RIM

contractually

agreed,

until

February

28,

2027,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

#### Funds

#### Purchases

#### Sales
Conservative

Strategy

Fund

$

3,575,912

$

6,716,001

Moderate

Strategy

Fund

7,542,949

10,02

,921

Balanced

Strategy

Fund

44,387,764

44,741,273

Aggressive

Strategy

Fund

49,865,501

46,740,508

Equity

Aggressive

Strategy

Fund

28,857,558

25,605,500

#### Funds

#### Advisory

#### Administrative
Conservative

Strategy

Fund

$

48,620

$

12,155

Moderate

Strategy

Fund

103,561

25,890

Balanced

Strategy

Fund

514,403

128,601

Aggressive

Strategy

Fund

515,076

128,769

Equity

Aggressive

Strategy

Fund

267,196

66,799

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.07%

of

its

advisory

fee.

Effective

March

1,

2026,

RIM

contractually

agreed,

until

February

28,

2027,

to

waive

0.07%

of

its

advisory

fee.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.13%

of

its

advisory

fee.

Effective

March

1,

2026,

RIM

contractually

agreed,

until

February

28,

2027,

to

waive

0.13%

of

its

advisory

fee.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2026,

RIM

contractually

agreed,

until

February

28,

2027,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

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

April

30,

2026

were

as

follows:

RIFUS

has

contractually

agreed

to

waive,

through

February

28,

2027,

a

portion

of

its

transfer

agency

fees

for

certain

classes

of

certain

Funds

as

set

forth

below:

As

of

April

30,

2026,

RIM

and

RIFUS

waived

and

reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

#### Funds

#### Amount
Conservative

Strategy

Fund

$

57,200

Moderate

Strategy

Fund

121,836

Balanced

Strategy

Fund

605,180

Aggressive

Strategy

Fund

605,972

Equity

Aggressive

Strategy

Fund

314,348

#### Funds/Classes

#### Waivers
Conservative

Strategy

Fund

–

Class

A

&

C

0.08%

Conservative

Strategy

Fund

–

Class

R1

&

R5

0.15%

Conservative

Strategy

Fund

–

Class

S

0.02%

Moderate

Strategy

Fund

–

Class

A,

C,

R1

&

R5

0.08%

Balanced

Strategy

Fund

–

Class

A

&

C

0.10%

Balanced

Strategy

Fund

–

Class

R1

&

R5

0.06%

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.05%

Equity

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.08%

#### Funds

#### RIM

#### Waiver

#### RIM

#### Reimbursement

#### RIFUS

#### Waiver

#### Total
Conservative

Strategy

Fund

$

48,620

$

58,733

$

22,322

$

129,675

Moderate

Strategy

Fund

103,561

46,075

42,222

191,858

Balanced

Strategy

Fund

251,940

—

252,380

504,320

Aggressive

Strategy

Fund

,

882

—

4,098

,

980

Equity

Aggressive

Strategy

Fund

247,551

—

3,239

250,790

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

The

Investment

Company

has

distribution

plans

pursuant

to

Rule

12b-1

(the

"Plans")

under

the

Investment

Company

Act.

Under

the

Plans,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor

or

any

selling

agents,

as

defined

in

the

Plans,

for

sales

support

services

provided,

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A,

Class

C

and

Class

R5

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

A

and

Class

R5

Shares

and

0.75%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

Shares

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

shareholder

services

plans

under

which

the

Funds

may

make

payments

to

the

Distributor

or

any

servicing

agent

for

any

activities

or

expenses

primarily

intended

to

assist,

support

or

service

the

servicing

agents'

clients

who

beneficially

own

Class

C

and

Class

R5

Shares

of

the

Funds.

The

shareholder

servicing

payments

will

not

exceed

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

and

Class

R5

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

("CDSC")

and

asset-based

sales

charges

on

Class

A,

Class

C

and

Class

R5

Shares

of

the

Funds

may

not

exceed

7.25%,

6.25%

and

6.25%,

respectively,

of

total

gross

sales,

subject

to

certain

exclusions.

Pursuant

to

the

rules

of

the

Financial

Industry

Regulatory

Authority,

Inc.

("FINRA"),

these

limitations

are

imposed

at

the

class

level

on

each

class

of

shares

of

each

Fund

rather

than

on

a

per

shareholder

basis.

Therefore,

long-term

shareholders

of

Class

A,

Class

C

or

Class

R5

Shares

may

pay

more

than

the

economic

equivalent

of

the

maximum

sales

charges

permitted

by

FINRA.

Aggregate

initial

sales

charges

and

CDSC

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment,

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

The

Distributor

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

Class

A

Shares

for

the

period

ended

April

30,

2026:

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

April

30,

2026,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,222,333.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

April

30,

2026

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

April

30,

2026,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains

in

each

succeeding

period.

#### Funds

#### CDSC

#### Retained

#### by

#### Distributor

#### Aggregate

#### Front-End

#### Sales

#### Charges

#### Front-End

#### Sales

#### Charges

#### Retained

#### by

#### Distributor
Conservative

Strategy

Fund

$

—

$

$

Moderate

Strategy

Fund

—

5,137

968

Balanced

Strategy

Fund

31,803

5,440

Aggressive

Strategy

Fund

56,965

10,004

Equity

Aggressive

Strategy

Fund

—

20,816

3,772

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Conservative

Strategy

Fund

$

22,612

$

5,292,829

$

5,315,441

Moderate

Strategy

Fund

—

699,779

699,779

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

6. #### Significant

#### Shareholders
Shareholders

with

significant

record

ownership

may

include

omnibus

accounts,

financial

intermediaries,

or

affiliated

entities.

Shareholder

concentration

may

subject

the

Funds

to

additional

risks,

including

the

potential

for

large

redemptions.

As

of

April

30,

2026,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

10,

2027,

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

April

30,

2026. 8. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Funds

#### #

#### of

#### Shareholders

#### %
Conservative

Strategy

Fund

68.4 Moderate

Strategy

Fund

59.2 Balanced

Strategy

Fund

69.6 Aggressive

Strategy

Fund

61.4 Equity

Aggressive

Strategy

Fund

63.3 #### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Adviser

#### and

#### Service

#### Providers

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Adviser

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Ross

Erickson,

Treasurer,

Chief

Accounting

Officer

and

Chief

Financial

Officer

Kate

El-Hillow,

Chief

Investment

Officer

Mary

Beth

Albaneze,

Secretary

and

Chief

Legal

Officer

#### Adviser
Russell

Investment

Management,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries

Union

Street

18th

Floor

Seattle,

WA

98101

(800) 787-7354

#### Legal

#### Counsel
Dechert

LLP

One

International

Place,

40th

Floor

Oliver

Street

Boston,

MA

02110

#### Distributor
Russell

Investments

Financial

Services,

LLC

Union

Street

18th

Floor

Seattle,

WA

98101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

WA

98101

This

report

is

prepared

from

the

books

and

records

of

the

Funds

and

is

submitted

for

the

general

information

of

shareholders

and

is

not

authorized

for

distribution

to

prospective

investors

unless

accompanied

or

preceded

by

an

effective

Prospectus.

Nothing

herein

contained

is

to

be

considered

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

Russell

Investment

Company.

Such

offering

is

made

only

by

Prospectus,

which

includes

details

as

to

offering

price

and

other

material

information.

Russell

Investment

Company

Union

Street

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com

2026

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Company

April

30,

2026

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

Equity

Fund

(formerly,

Sustainable

Aware

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

A,

C,

M,

S,

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

twenty-nine

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

twenty-four

of

these

Funds.

Page

Multifactor

U.S.

Equity

Fund

(Form

N-CSR

Item

7)

Equity

Income

Fund

(Form

N-CSR

Item

7)

Sustainable

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

Item

7)

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)

521

Global

Infrastructure

Fund

(Form

N-CSR

Item

7)

603

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

619

Multi-Strategy

Income

Fund

(Form

N-CSR

Item

7)

634

Multi-Asset

Strategy

Fund

(Form

N-CSR

Item

7)

674

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

706

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

708

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

709

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

740

Basis

for

Approval

of

Investment

Advisory

Agreements

(Form

N-CSR

Item

11)

741

Adviser,

Money

Managers

and

Service

Providers

743

Russell

Investment

Company

Semi-annual

Financial

Statements

and

Other

Information

April

30,

2026

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright©

Russell

Investments

2026. 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.

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.

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.8%
Consumer

Discretionary

-

12.1%

Amazon.com,

Inc.(Æ)

37,382

9,908

Amer

Sports,

Inc.(Æ)

1,432

API

Group

Corp.(Æ)

2,920

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

Best

Buy

Co.,

Inc.

2,328

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

1,116

BorgWarner,

Inc.

1,372

Boyd

Gaming

Corp.

1,366

Burlington

Stores,

Inc.(Æ)

CarMax,

Inc.(Æ)

1,077

Carnival

Corp.

8,731

Carvana

Co.(Æ)

Charter

Communications,

Inc.

Class

A(Æ)

612

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

3,514

Comcast

Corp.

Class

A

26,290

711

Costco

Wholesale

Corp.

1,333

1,352

Coupang,

Inc.(Æ)

9,339

Crocs,

Inc.(Æ)

572

Curtiss-Wright

Corp.

Darden

Restaurants,

Inc.

Deckers

Outdoor

Corp.(Æ)

1,611

Dick's

Sporting

Goods,

Inc.

511

Dollar

General

Corp.

2,753

Dollar

Tree,

Inc.(Æ)

821

Domino's

Pizza,

Inc.

DR

Horton,

Inc.

1,636

eBay,

Inc.

2,483

Expedia

Group,

Inc.

1,218

FactSet

Research

Systems,

Inc.

Ferguson

Enterprises,

Inc.

Five

Below,

Inc.(Æ)

675

Flutter

Entertainment

PLC(Æ)

Ford

Motor

Co.

31,906

Fox

Corp.

Class

A

3,341

Gap,

Inc.

(The)

4,379

Garmin,

Ltd.

787

Gen

Digital,

Inc.

2,061

General

Motors

Co.

8,489

653

Genuine

Parts

Co.

569

Hasbro,

Inc.

Hilton

Worldwide

Holdings,

Inc.

894

Home

Depot,

Inc.

(The)

2,011

661

Hubbell,

Inc.

Class

B

507

Las

Vegas

Sands

Corp.

2,329

Lear

Corp.

508

Lennar

Corp.

Class

A

2,333

Lithia

Motors,

Inc.

Class

A

Live

Nation

Entertainment,

Inc.(Æ)

Lowe's

Cos.,

Inc.

602

Lululemon

Athletica,

Inc.(Æ)

Macy's,

Inc.

4,591

Marriott

International,

Inc.

Class

A

606

Mattel,

Inc.(Æ)

2,275

McDonald's

Corp.

765

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MGM

Resorts

International(Æ)

1,835

Netflix,

Inc.

Class

B(Æ)

12,857

1,204

New

York

Times

Co.

(The)

Class

A

2,208

News

Corp.

Class

A

3,798

Nexstar

Media

Group,

Inc.

Class

A

NIKE,

Inc.

Class

B

2,680

nVent

Electric

PLC

1,418

NVR,

Inc.(Æ)

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

656

Omnicom

Group,

Inc.

2,757

On

Holding

AG

Class

A(Æ)

1,676

O'Reilly

Automotive,

Inc.(Æ)

1,931

PulteGroup,

Inc.

2,322

QXO,

Inc.(Æ)

2,549

Ralph

Lauren

Corp.

Class

A

RB

Global,

Inc.

1,676

Restaurant

Brands

International,

Inc.

1,149

Rivian

Automotive,

Inc.

Class

A(Æ)

2,613

Rocket

Lab

Corp.(Æ)

2,121

Ross

Stores,

Inc.

2,114

Royal

Caribbean

Cruises,

Ltd.

Sensata

Technologies

Holding

PLC

1,690

Service

Corp.

International

879

SharkNinja,

Inc.(Æ)

Sirius

Xm

Holdings,

Inc.

2,231

Somnigroup

International,

Inc.

1,075

Starbucks

Corp.

821

Tapestry,

Inc.

1,188

Target

Corp.

3,670

Tesla,

Inc.(Æ)

9,877

3,769

Texas

Roadhouse,

Inc.

Class

A

555

Thor

Industries,

Inc.

TJX

Cos.,

Inc.

(The)

5,220

818

Toll

Brothers,

Inc.

654

Tractor

Supply

Co.

3,229

Travel

+

Leisure

Co.

626

Ulta

Beauty,

Inc.(Æ)

Viking

Holdings,

Ltd.(Æ)

1,659

Walmart,

Inc.

15,286

2,017

Walt

Disney

Co.

(The)

7,349

762

Warner

Bros.

Discovery,

Inc.(Æ)

6,765

Wayfair,

Inc.

Class

A(Æ)

929

Williams-Sonoma,

Inc.

721

YETI

Holdings,

Inc.(Æ)

605

Yum!

Brands,

Inc.

1,355

34,174

Consumer

Staples

-

2.6%

Albertsons

Cos.,

Inc.

Class

A

4,069

Altria

Group,

Inc.

3,890

Archer-Daniels-Midland

Co.

3,788

Brown-Forman

Corp.

Class

B

1,961

Bunge

Global

SA

1,501

Campbell's

Co.

(The)

2,489

Casey's

General

Stores,

Inc.

Celsius

Holdings,

Inc.(Æ)

2,413

Church

&

Dwight

Co.,

Inc.

1,685

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Clorox

Co.

(The)

819

Coca-Cola

Co.

(The)

8,936

704

Coca-Cola

Consolidated,

Inc.

589

Colgate-Palmolive

Co.

1,473

Conagra

Brands,

Inc.

5,400

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,013

General

Mills,

Inc.

4,887

Hershey

Co.

(The)

1,382

Hormel

Foods

Corp.

3,167

Ingredion,

Inc.

886

JM

Smucker

Co.

(The)

1,051

Kenvue,

Inc.

11,680

Keurig

Dr

Pepper,

Inc.

10,104

Kimberly-Clark

Corp.

1,606

Kraft

Heinz

Co.

(The)

7,231

Kroger

Co.

(The)

3,313

McCormick

&

Co.,

Inc.

926

Molson

Coors

Beverage

Co.

Class

B

728

Mondelez

International,

Inc.

Class

A

2,950

Monster

Beverage

Corp.(Æ)

6,617

510

PepsiCo,

Inc.

3,112

Performance

Food

Group

Co.(Æ)

526

Philip

Morris

International,

Inc.

1,995

Post

Holdings,

Inc.(Æ)

Procter

&

Gamble

Co.

(The)

6,403

942

Sprouts

Farmers

Market,

Inc.(Æ)

1,306

Sysco

Corp.

853

Tyson

Foods,

Inc.

Class

A

2,124

US

Foods

Holding

Corp.(Æ)

1,529

7,492

Energy

-

4.0%

Antero

Resources

Corp.(Æ)

2,139

Baker

Hughes

Co.

3,524

Chevron

Corp.

8,144

1,574

Coterra

Energy,

Inc.

7,273

Devon

Energy

Corp.

5,891

Diamondback

Energy,

Inc.

1,499

Eaton

Corp.

PLC

798

EOG

Resources,

Inc.

4,035

567

EQT

Corp.

5,189

Exxon

Mobil

Corp.

19,073

2,944

First

Solar,

Inc.(Æ)

Halliburton

Co.

7,041

HF

Sinclair

Corp.

2,382

Kinder

Morgan,

Inc.

3,685

Marathon

Petroleum

Corp.

1,572

Matador

Resources

Co.

1,417

NOV,

Inc.

3,971

Occidental

Petroleum

Corp.

2,855

ONEOK,

Inc.

4,218

Phillips

2,934

526

Range

Resources

Corp.

3,242

SLB,

Ltd.

6,293

Targa

Resources

Corp.

TechnipFMC

PLC

4,871

Texas

Pacific

Land

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Valero

Energy

Corp.

2,677

676

Viper

Energy,

Inc.

Class

A

1,635

Weatherford

International

PLC

1,080

Williams

Cos.,

Inc.

(The)

2,265

11,358

Financial

Services

-

14.6%

Affiliated

Managers

Group,

Inc.

Affirm

Holdings,

Inc.(Æ)

1,950

Aflac,

Inc.

4,968

565

AGNC

Investment

Corp.(ö)

5,781

Allstate

Corp.

(The)

2,166

Ally

Financial,

Inc.

3,128

American

Express

Co.

1,717

555

American

Financial

Group,

Inc.

822

American

Homes

Rent

Class

A(ö)

1,549

American

International

Group,

Inc.

3,832

American

Tower

Corp.(ö)

834

Ameriprise

Financial,

Inc.

Annaly

Capital

Management,

Inc.(ö)

2,653

Aon

PLC

Class

A

Apollo

Global

Management,

Inc.

816

Arch

Capital

Group,

Ltd.(Æ)

3,931

Ares

Management

Corp.

Class

A

Arthur

J

Gallagher

&

Co.

648

Assurant,

Inc.

698

Assured

Guaranty,

Ltd.

571

AvalonBay

Communities,

Inc.(ö)

Axis

Capital

Holdings,

Ltd.

635

Bank

of

America

Corp.

31,589

1,689

Bank

of

New

York

Mellon

Corp.

(The)

4,804

645

Berkshire

Hathaway,

Inc.

Class

B(Æ)

7,112

3,368

BlackRock,

Inc.

Blackstone,

Inc.

Class

A

Brookfield

Asset

Management,

Ltd.

Class

A

1,432

Brown

&

Brown,

Inc.

1,799

Capital

One

Financial

Corp.

2,917

558

Cboe

Global

Markets,

Inc.

1,211

CBRE

Group,

Inc.

Class

A(Æ)

1,416

Charles

Schwab

Corp.

(The)

5,597

513

Chubb,

Ltd.

2,489

814

Cincinnati

Financial

Corp.

1,924

Citigroup,

Inc.

8,888

1,137

Citizens

Financial

Group,

Inc.

4,312

CME

Group,

Inc.

Class

A

520

Columbia

Banking

System,

Inc.

2,401

Commerce

Bancshares,

Inc.

1,051

CoStar

Group,

Inc.(Æ)

781

CubeSmart(ö)

1,353

Cullen/Frost

Bankers,

Inc.

769

East

West

Bancorp,

Inc.

1,899

EastGroup

Properties,

Inc.(ö)

Equinix,

Inc.(ö)

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,172

Equity

Residential(ö)

1,094

Essex

Property

Trust,

Inc.(ö)

Evercore,

Inc.

Class

A

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Everest

Group,

Ltd.

Extra

Space

Storage,

Inc.(ö)

534

Fidelity

National

Financial,

Inc.

2,936

Fifth

Third

Bancorp

6,795

First

American

Financial

Corp.

657

First

Citizens

BancShares,

Inc.

Class

A

First

Horizon

Corp.

3,670

First

Industrial

Realty

Trust,

Inc.(ö)

1,114

FNB

Corp.

3,415

Gaming

and

Leisure

Properties,

Inc.(ö)

2,668

Global

Payments,

Inc.

598

Globe

Life,

Inc.

1,583

Goldman

Sachs

Group,

Inc.

(The)

1,243

1,148

Hanover

Insurance

Group,

Inc.

(The)

594

Hartford

Insurance

Group,

Inc.

(The)

2,856

Host

Hotels

&

Resorts,

Inc.(ö)

7,721

Houlihan

Lokey,

Inc.

Class

A

Huntington

Bancshares,

Inc.

11,571

Interactive

Brokers

Group,

Inc.

Class

A

2,310

Intercontinental

Exchange,

Inc.

980

Invesco,

Ltd.

3,140

Invitation

Homes,

Inc.(ö)

1,913

Iron

Mountain,

Inc.(ö)

552

Janus

Henderson

Group

PLC

1,110

Jefferies

Financial

Group,

Inc.

675

Jones

Lang

LaSalle,

Inc.(Æ)

644

JPMorgan

Chase

&

Co.

10,544

3,303

KeyCorp

9,678

Kinsale

Capital

Group,

Inc.

KKR

&

Co.,

Inc.

Class

A

842

Lamar

Advertising

Co.

Class

A(ö)

Lazard,

Inc.

1,128

Lincoln

National

Corp.

1,511

Loews

Corp.

1,906

LPL

Financial

Holdings,

Inc.

808

M&T

Bank

Corp.

1,337

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

715

Mastercard,

Inc.

Class

A

3,109

1,564

MetLife,

Inc.

2,894

MGIC

Investment

Corp.

2,781

Mid-America

Apartment

Communities,

Inc.

(ö)

Moody's

Corp.

Morgan

Stanley

3,249

619

Morningstar,

Inc.

Nasdaq,

Inc.

3,059

NET

Lease

Office

Properties(ö)

—

NNN

REIT,

Inc.(ö)

776

Northern

Trust

Corp.

1,484

NU

Holdings,

Ltd.

Class

A(Æ)

24,903

Old

Republic

International

Corp.

2,417

Omega

Healthcare

Investors,

Inc.(ö)

2,345

OneMain

Holdings,

Inc.

1,648

Pinnacle

Financial

Partners,

Inc.

779

PNC

Financial

Services

Group,

Inc.

(The)

2,687

599

Popular,

Inc.

846

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Primerica,

Inc.

Principal

Financial

Group,

Inc.

970

Progressive

Corp.

(The)

3,408

686

Prologis,

Inc.(ö)

2,447

Prosperity

Bancshares,

Inc.

766

Prudential

Financial,

Inc.

2,373

Public

Storage(ö)

Raymond

James

Financial,

Inc.

1,422

Rayonier,

Inc.(ö)

2,245

Realty

Income

Corp.(ö)

2,207

Regency

Centers

Corp.(ö)

812

Regions

Financial

Corp.

8,122

Reinsurance

Group

of

America,

Inc.

Class

A

628

RenaissanceRe

Holdings,

Ltd.

650

Rexford

Industrial

Realty,

Inc.(ö)

1,480

RLI

Corp.

628

Robinhood

Markets,

Inc.

Class

A(Æ)

2,971

Rocket

Cos.,

Inc.

Class

A(Æ)

7,281

S&P

Global,

Inc.

629

SBA

Communications

Corp.(ö)

SEI

Investments

Co.

888

Simon

Property

Group,

Inc.(ö)

1,292

SoFi

Technologies,

Inc.(Æ)

7,869

SouthState

Bank

Corp.

560

STAG

Industrial,

Inc.(ö)

1,944

Starwood

Property

Trust,

Inc.(ö)

2,656

State

Street

Corp.

3,076

Stifel

Financial

Corp.

2,158

Synchrony

Financial

2,720

T

Rowe

Price

Group,

Inc.

1,523

Tradeweb

Markets,

Inc.

Class

A

757

Travelers

Cos.,

Inc.

(The)

2,011

614

Truist

Financial

Corp.

7,697

Unum

Group

1,046

US

Bancorp

10,566

599

Ventas,

Inc.(ö)

1,559

VICI

Properties,

Inc.(ö)

8,488

Visa,

Inc.

Class

A

5,664

1,868

W.R.

Berkley

Corp.

4,130

Webster

Financial

Corp.

1,110

Wells

Fargo

&

Co.

14,715

1,210

Welltower,

Inc.(ö)

1,779

Western

Alliance

Bancorp

722

Western

Union

Co.

(The)

6,292

White

Mountains

Insurance

Group,

Ltd.

Willis

Towers

Watson

PLC

Wintrust

Financial

Corp.

614

WP

Carey,

Inc.(ö)

973

XP,

Inc.

Class

A

4,937

41,196

Health

Care

-

9.1%

Abbott

Laboratories

4,406

AbbVie,

Inc.

5,892

1,245

Agilent

Technologies,

Inc.

1,395

Align

Technology,

Inc.(Æ)

Alnylam

Pharmaceuticals,

Inc.(Æ)

645

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Amgen,

Inc.

1,831

634

Becton

Dickinson

&

Co.

Biogen,

Inc.(Æ)

1,783

BioMarin

Pharmaceutical,

Inc.(Æ)

2,388

Boston

Scientific

Corp.(Æ)

5,660

Bristol-Myers

Squibb

Co.

10,594

642

Cardinal

Health,

Inc.

1,551

Cencora,

Inc.

Class

A

854

Centene

Corp.(Æ)

4,788

Charles

River

Laboratories

International,

Inc.(Æ)

Chemed

Corp.

Cigna

Group

(The)

1,562

Cooper

Cos,

Inc.

(The)(Æ)

727

CVS

Health

Corp.

10,722

893

Danaher

Corp.

792

DaVita,

Inc.(Æ)

Dexcom,

Inc.(Æ)

2,594

Edwards

Lifesciences

Corp.(Æ)

4,394

Elanco

Animal

Health,

Inc.(Æ)

2,660

Elevance

Health,

Inc.

1,500

565

Eli

Lilly

&

Co.

2,803

2,620

Encompass

Health

Corp.

1,388

Envista

Holdings

Corp.(Æ)

1,867

Exelixis,

Inc.(Æ)

2,319

Gilead

Sciences,

Inc.

5,948

778

Globus

Medical,

Inc.

Class

A(Æ)

1,548

Halozyme

Therapeutics,

Inc.(Æ)

1,006

HCA

Healthcare,

Inc.

846

Henry

Schein,

Inc.(Æ)

1,872

Humana,

Inc.

745

IDEXX

Laboratories,

Inc.(Æ)

565

Illumina,

Inc.(Æ)

1,369

Incyte

Corp.(Æ)

2,122

Insmed,

Inc.(Æ)

Insulet

Corp.(Æ)

Intuitive

Surgical,

Inc.(Æ)

1,235

565

Ionis

Pharmaceuticals,

Inc.(Æ)

803

IQVIA

Holdings,

Inc.(Æ)

Jazz

Pharmaceuticals

PLC(Æ)

Johnson

&

Johnson

9,301

2,138

Labcorp

Holdings,

Inc.

635

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

3,705

Merck

&

Co.,

Inc.

9,477

1,035

Molina

Healthcare,

Inc.(Æ)

Natera,

Inc.(Æ)

813

Neurocrine

Biosciences,

Inc.(Æ)

1,246

Penumbra,

Inc.(Æ)

Pfizer,

Inc.

36,188

966

Quest

Diagnostics,

Inc.

1,577

Regeneron

Pharmaceuticals,

Inc.

1,010

714

ResMed,

Inc.

1,055

Roivant

Sciences,

Ltd.(Æ)

2,003

Royalty

Pharma

PLC

Class

A

2,939

Solventum

Corp.(Æ)

804

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
STERIS

PLC

1,112

Stryker

Corp.

959

Tenet

Healthcare

Corp.(Æ)

1,082

Thermo

Fisher

Scientific,

Inc.

885

United

Therapeutics

Corp.(Æ)

649

UnitedHealth

Group,

Inc.

4,005

1,484

Universal

Health

Services,

Inc.

Class

B

1,130

Veeva

Systems,

Inc.

Class

A(Æ)

830

Vertex

Pharmaceuticals,

Inc.(Æ)

972

Viatris,

Inc.

13,624

Waters

Corp.(Æ)

642

West

Pharmaceutical

Services,

Inc.

586

Zimmer

Biomet

Holdings,

Inc.

1,068

Zoetis,

Inc.

Class

A

1,531

25,743

Materials

and

Processing

-

3.2%

AAON,

Inc.

Acuity,

Inc.

Advanced

Drainage

Systems,

Inc.

750

Air

Products

and

Chemicals,

Inc.

Albemarle

Corp.

580

Alcoa

Corp.

3,313

Amcor

PLC

1,699

Anglogold

Ashanti

PLC

3,558

AptarGroup,

Inc.

565

Armstrong

World

Industries,

Inc.

573

ATI,

Inc.(Æ)

1,072

Axalta

Coating

Systems,

Ltd.(Æ)

1,917

Ball

Corp.

1,794

Builders

FirstSource,

Inc.(Æ)

1,485

Carpenter

Technology

Corp.

Carrier

Global

Corp.

2,182

Celanese

Corp.

Class

A

922

CF

Industries

Holdings,

Inc.

1,794

Copart,

Inc.(Æ)

4,000

CRH

PLC

736

Crown

Holdings,

Inc.

1,574

Darling

Ingredients,

Inc.(Æ)

1,112

DuPont

de

Nemours,

Inc.

2,605

Eastman

Chemical

Co.

673

Ecolab,

Inc.

989

Fastenal

Co.

6,424

Fortune

Brands

Innovations,

Inc.

1,024

Freeport-McMoRan,

Inc.

3,734

General

Electric

Co.

1,438

Graphic

Packaging

Holding

Co.

3,975

ITT,

Inc.

1,280

Johnson

Controls

International

PLC

1,423

Lennox

International,

Inc.

Linde

PLC

516

LKQ

Corp.

2,493

LyondellBasell

Industries

NV

Class

A

1,742

Martin

Marietta

Materials,

Inc.

Masco

Corp.

757

MDU

Resources

Group,

Inc.

2,731

Mohawk

Industries,

Inc.(Æ)

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mosaic

Co.

(The)

2,119

NewMarket

Corp.

Newmont

Corp.

3,994

Nucor

Corp.

2,124

Owens

Corning

678

Packaging

Corp.

of

America

Pool

Corp.

PPG

Industries,

Inc.

1,963

Reliance,

Inc.

759

Royal

Gold,

Inc.

RPM

International,

Inc.

754

Sherwin-Williams

Co.

(The)

Silgan

Holdings,

Inc.

1,129

Simpson

Manufacturing

Co.,

Inc.

SiteOne

Landscape

Supply,

Inc.(Æ)

Smurfit

WestRock

PLC

3,716

Solstice

Advanced

Materials

Inc.

Sonoco

Products

Co.

960

Southern

Copper

Corp.

876

Steel

Dynamics,

Inc.

1,515

Timken

Co.

(The)

696

Trane

Technologies

PLC

903

Valmont

Industries,

Inc.

Vulcan

Materials

Co.

Watsco,

Inc.

9,055

Producer

Durables

-

7.7%

3M

Co.

1,680

AECOM

526

AGCO

Corp.

Allison

Transmission

Holdings,

Inc.

Class

A

American

Airlines

Group,

Inc.(Æ)

7,130

AMETEK,

Inc.

1,085

Amphenol

Corp.

Class

A

5,725

843

AO

Smith

Corp.

1,104

Applied

Industrial

Technologies,

Inc.

Aptiv

PLC(Æ)

2,423

Automatic

Data

Processing,

Inc.

548

Avery

Dennison

Corp.

Boeing

Co.

(The)(Æ)

Booz

Allen

Hamilton

Holding

Corp.

Class

A

936

BWX

Technologies,

Inc.

1,105

Carlisle

Cos.,

Inc.

Caterpillar,

Inc.

694

618

CH

Robinson

Worldwide,

Inc.

1,252

Cintas

Corp.

1,575

CNH

Industrial

NV

5,564

Comfort

Systems

USA,

Inc.

648

Corpay,

Inc.(Æ)

Crane

Co.

586

CSX

Corp.

3,150

Cummins,

Inc.

863

579

Deere

&

Co.

Delta

Air

Lines,

Inc.

7,441

506

Donaldson

Co.,

Inc.

1,842

Dover

Corp.

1,224

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
EMCOR

Group,

Inc.

Emerson

Electric

Co.

1,055

Equifax,

Inc.

Everus

Construction

Group,

Inc.(Æ)

504

ExlService

Holdings,

Inc.(Æ)

2,308

Expeditors

International

of

Washington,

Inc.

1,876

FedEx

Corp.

2,264

913

Flowserve

Corp.

1,089

Fortive

Corp.

2,023

FTAI

Aviation,

Ltd.

FTI

Consulting,

Inc.(Æ)

GE

Vernova,

Inc.

822

891

General

Dynamics

Corp.

854

Gentex

Corp.

3,393

Graco,

Inc.

1,191

HEICO

Corp.

HEICO

Corp.

Class

A

Honeywell

International,

Inc.

813

Howmet

Aerospace,

Inc.

1,796

Huntington

Ingalls

Industries,

Inc.

IDEX

Corp.

Illinois

Tool

Works,

Inc.

Ingersoll

Rand,

Inc.

903

Jacobs

Solutions,

Inc.

JB

Hunt

Transport

Services,

Inc.

695

Keysight

Technologies,

Inc.(Æ)

1,209

Kirby

Corp.(Æ)

531

Knight-Swift

Transportation

Holdings,

Inc.

1,301

L3Harris

Technologies,

Inc.

758

Lamb

Weston

Holdings,

Inc.

1,063

Landstar

System,

Inc.

Lincoln

Electric

Holdings,

Inc.

Littelfuse,

Inc.

MarketAxess

Holdings,

Inc.

MasTec,

Inc.(Æ)

Mettler-Toledo

International,

Inc.(Æ)

Middleby

Corp.

(The)(Æ)

649

MSA

Safety,

Inc.

MSC

Industrial

Direct

Co.,

Inc.

Class

A

760

Mueller

Industries,

Inc.

1,238

Murphy

USA,

Inc.

Nordson

Corp.

678

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

Old

Dominion

Freight

Line,

Inc.

829

Oshkosh

Corp.

562

Otis

Worldwide

Corp.

989

PACCAR,

Inc.

1,879

Parker-Hannifin

Corp.

Paychex,

Inc.

1,612

Pentair

PLC

1,093

Quanta

Services,

Inc.

Ralliant

Corp.

2,235

RBC

Bearings,

Inc.(Æ)

Regal

Rexnord

Corp.

593

Republic

Services,

Inc.

Class

A

Rockwell

Automation,

Inc.

660

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Rollins,

Inc.

3,878

Ryder

System,

Inc.

Saia,

Inc.(Æ)

Snap-on,

Inc.

1,007

Southwest

Airlines

Co.

5,534

Stanley

Black

&

Decker,

Inc.

985

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.

1,163

Toast,

Inc.

Class

A(Æ)

3,287

Toro

Co.

(The)

958

Trade

Desk,

Inc.

(The)

Class

A(Æ)

1,669

TransDigm

Group,

Inc.

Trimble,

Inc.(Æ)

2,323

Union

Pacific

Corp.

742

United

Airlines

Holdings,

Inc.(Æ)

3,555

United

Parcel

Service,

Inc.

Class

B

4,876

531

United

Rentals,

Inc.

Veralto

Corp.

1,480

Verisk

Analytics,

Inc.

Class

A

722

Versigent

PLC(Æ)

807

Vertiv

Holdings

Co.

Class

A

1,904

625

Vontier

Corp.

1,794

W.W.

Grainger,

Inc.

Waste

Management,

Inc.

663

WESCO

International,

Inc.

524

Westinghouse

Air

Brake

Technologies

Corp.

802

Woodward,

Inc.

XPO,

Inc.(Æ)

502

Xylem,

Inc.

1,760

Zebra

Technologies

Corp.

Class

A(Æ)

602

21,673

Technology

-

40.9%

Accenture

PLC

Class

A

2,687

Adobe,

Inc.(Æ)

1,327

Advanced

Micro

Devices,

Inc.(Æ)

3,619

1,283

Airbnb,

Inc.

Class

A(Æ)

1,771

Akamai

Technologies,

Inc.(Æ)

2,184

Allegion

PLC

793

Alphabet,

Inc.

Class

A

28,561

10,990

Alphabet,

Inc.

Class

C

15,413

5,887

Amdocs,

Ltd.

2,526

Amentum

Holdings,

Inc.(Æ)

2,302

Amkor

Technology,

Inc.

1,057

Analog

Devices,

Inc.

826

Apple,

Inc.

60,493

16,415

Applied

Materials,

Inc.

2,198

867

AppLovin

Corp.

Class

A(Æ)

687

Arista

Networks,

Inc.(Æ)

4,442

767

Arrow

Electronics,

Inc.(Æ)

1,118

AST

SpaceMobile,

Inc.(Æ)

565

Astera

Labs,

Inc.(Æ)

1,075

Atlassian

Corp.

Class

A(Æ)

844

Autodesk,

Inc.(Æ)

1,800

Avnet,

Inc.

1,741

Bio-Techne

Corp.

1,097

Block,

Inc.

Class

A(Æ)

2,982

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Booking

Holdings,

Inc.

775

Broadcom,

Inc.

17,623

7,356

Broadridge

Financial

Solutions,

Inc.

630

CACI

International,

Inc.

Class

A(Æ)

Cadence

Design

Systems,

Inc.(Æ)

1,355

CDW

Corp.

2,030

Ciena

Corp.(Æ)

1,365

720

Cirrus

Logic,

Inc.(Æ)

933

Cisco

Systems,

Inc.

20,898

1,912

Cloudflare,

Inc.

Class

A(Æ)

1,406

Cognex

Corp.

664

Cognizant

Technology

Solutions

Corp.

Class

A

10,045

531

Coherent

Corp.(Æ)

934

Corning,

Inc.

2,648

Corteva,

Inc.

1,161

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,064

Datadog,

Inc.

Class

A(Æ)

1,298

Dell

Technologies,

Inc.

Class

C

4,473

935

DocuSign,

Inc.(Æ)

1,242

Dolby

Laboratories,

Inc.

Class

A

1,569

DoorDash,

Inc.

Class

A(Æ)

1,494

Dropbox,

Inc.

Class

A(Æ)

1,886

Dynatrace,

Inc.(Æ)

2,320

Elastic

NV(Æ)

654

Electronic

Arts,

Inc.

1,657

EPAM

Systems,

Inc.(Æ)

563

Everpure,

Inc.

Class

A(Æ)

2,257

F5,

Inc.(Æ)

717

Fair

Isaac

Corp.(Æ)

Fiserv,

Inc.(Æ)

1,439

Flex,

Ltd.(Æ)

2,726

Fortinet,

Inc.(Æ)

3,341

Genpact,

Ltd.

3,560

GoDaddy,

Inc.

Class

A(Æ)

611

Hewlett

Packard

Enterprise

Co.

17,020

HP,

Inc.

9,955

HubSpot,

Inc.(Æ)

Intel

Corp.(Æ)

13,137

1,241

International

Business

Machines

Corp.

2,546

588

Intuit,

Inc.

1,183

Jabil,

Inc.

Jack

Henry

&

Associates,

Inc.

1,082

KLA

Corp.

739

Lam

Research

Corp.

4,152

1,071

Lattice

Semiconductor

Corp.(Æ)

979

Leidos

Holdings,

Inc.

975

Lumentum

Holdings,

Inc.(Æ)

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.

1,954

Match

Group,

Inc.

1,117

Meta

Platforms,

Inc.

Class

A

8,132

4,976

Micron

Technology,

Inc.

4,746

2,454

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Microsoft

Corp.

31,450

12,825

Millicom

International

Cellular

SA

1,460

MKS,

Inc.

514

MongoDB,

Inc.(Æ)

545

Monolithic

Power

Systems,

Inc.

659

Motorola

Solutions,

Inc.

841

MSCI,

Inc.

Class

A

NetApp,

Inc.

873

NVIDIA

Corp.

96,513

19,261

Okta,

Inc.(Æ)

1,494

ON

Semiconductor

Corp.(Æ)

2,243

Onto

Innovation,

Inc.(Æ)

Oracle

Corp.

4,904

791

Palantir

Technologies,

Inc.

Class

A(Æ)

7,204

1,002

Palo

Alto

Networks,

Inc.(Æ)

2,166

PayPal

Holdings,

Inc.

3,519

Pegasystems,

Inc.

1,332

Pinterest,

Inc.

Class

A(Æ)

3,778

PTC,

Inc.(Æ)

677

Qorvo,

Inc.(Æ)

1,480

QUALCOMM,

Inc.

4,283

769

Reddit,

Inc.

Class

A(Æ)

1,046

Roku,

Inc.(Æ)

1,306

Roper

Technologies,

Inc.

717

Rubrik,

Inc.

Class

A(Æ)

771

Salesforce,

Inc.

2,805

Samsara,

Inc.

Class

A(Æ)

1,548

Sandisk

Corp.(Æ)

667

731

ServiceNow,

Inc.(Æ)

3,617

Skyworks

Solutions,

Inc.

1,841

Snowflake,

Inc.

Class

A(Æ)

857

Spotify

Technology

SA(Æ)

621

SS&C

Technologies

Holdings,

Inc.

2,525

Strategy,

Inc.

Class

A(Æ)

586

Super

Micro

Computer,

Inc.(Æ)

6,216

Synopsys,

Inc.(Æ)

Take-Two

Interactive

Software,

Inc.(Æ)

817

TD

SYNNEX

Corp.

1,613

Teradyne,

Inc.

1,267

Texas

Instruments,

Inc.

1,214

Twilio,

Inc.

Class

A(Æ)

1,230

Tyler

Technologies,

Inc.(Æ)

Uber

Technologies,

Inc.(Æ)

6,951

519

UiPath,

Inc.

Class

A(Æ)

4,238

VeriSign,

Inc.

616

Western

Digital

Corp.

1,866

811

Workday,

Inc.

Class

A(Æ)

1,285

Zoom

Communications,

Inc.

Class

A(Æ)

4,977

Zscaler,

Inc.(Æ)

971

115,430

Utilities

-

3.6%

AES

Corp.

(The)

4,471

Alliant

Energy

Corp.

989

American

Electric

Power

Co.,

Inc.

954

American

Water

Works

Co.,

Inc.

530

APA

Corp.

2,585

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AT&T,

Inc.

46,520

1,216

Atmos

Energy

Corp.

1,075

CenterPoint

Energy,

Inc.

3,599

Cheniere

Energy,

Inc.

600

Chord

Energy

Corp.

638

CMS

Energy

Corp.

1,012

ConocoPhillips

8,103

1,019

Consolidated

Edison,

Inc.

3,876

Constellation

Energy

Corp.

Dominion

Energy,

Inc.

2,862

DT

Midstream,

Inc.

533

DTE

Energy

Co.

604

Duke

Energy

Corp.

1,820

Edison

International

3,634

Entergy

Corp.

1,598

Essential

Utilities,

Inc.

1,123

Eversource

Energy

3,299

Exelon

Corp.

10,727

Expand

Energy

Corp.

2,612

FirstEnergy

Corp.

2,726

National

Fuel

Gas

Co.

1,113

NextEra

Energy,

Inc.

2,772

NRG

Energy,

Inc.

991

Ovintiv,

Inc.

2,062

Permian

Resources

Corp.

Class

A

5,311

PG&E

Corp.

18,835

Pinnacle

West

Capital

Corp.

797

Public

Service

Enterprise

Group,

Inc.

Sempra

2,448

Southern

Co.

(The)

1,504

T-Mobile

US,

Inc.

3,417

668

UGI

Corp.

2,112

Verizon

Communications,

Inc.

30,180

1,450

Vistra

Corp.

WEC

Energy

Group,

Inc.

712

Xcel

Energy,

Inc.

1,290

10,132

#### Total

#### Common

#### Stocks
(cost

$106,027)

276,253

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
ABIOMED,

Inc.(Æ)(Š)

Rights

505

—

TPG,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

1,607

—

Walgreens

Boots

Alliance,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

7,568

#### Total

#### Warrants

#### and

#### Rights
(cost

$5)

#### Short-Term

#### Investments

#### -

#### 2.2%
U.S.

Cash

Management

Fund(@)

6,196,877

(∞)

6,196

#### Total

#### Short-Term

#### Investments
(cost

$6,196)

6,196

#### Total

#### Investments

#### -

#### 100.0%
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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $(identified

cost

$112,228)

282,453

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(36) #### Net

#### Assets

#### -

#### 100.0%
282,417

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

5,071

06/26

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

$

34,174

$

—

$

—

$

—

$

34,174

Consumer

Staples

7,492

—

—

—

7,492

Energy

11,358

—

—

—

11,358

Financial

Services

41,196

—

—

—

41,196

Health

Care

25,743

—

—

—

25,743

Materials

and

Processing

9,055

—

—

—

9,055

Producer

Durables

21,673

—

—

—

21,673

Technology

115,430

—

—

—

115,430

Utilities

10,132

—

—

—

10,132

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

6,196

6,196

Total

Investments

276,253

—

6,196

282,453

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

April

30,

2026,

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

April

30,

2026,

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(5) 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

112,228

Investments,

at

fair

value(>)

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

282,453

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Prepaid

expenses

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

Total

assets

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

283,005

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

588

#### Net

#### Assets

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

282,417

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

185,070

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

97,144

#### Net

#### Assets

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

282,417

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

6,196

(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

(#)

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

$

13.72 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

14.56 Class

A

—

Net

assets

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

$

10,470,878

Class

A

—

Shares

outstanding

($.01

par

value)

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

762,955

Net

asset

value

per

share:

Class

C

(#)

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

$

13.98 Class

C

—

Net

assets

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

$

4,987,145

Class

C

—

Shares

outstanding

($.01

par

value)

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

356,827

Net

asset

value

per

share:

Class

M

(#)

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

$

13.92 Class

M

—

Net

assets

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

$

2,242,763

Class

M

—

Shares

outstanding

($.01

par

value)

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

161,091

Net

asset

value

per

share:

Class

R6

(#)

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

$

13.91 Class

R6

—

Net

assets

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

$

575,429

Class

R6

—

Shares

outstanding

($.01

par

value)

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

41,356

Net

asset

value

per

share:

Class

S

(#)

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

$

13.89 Class

S

—

Net

assets

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

$

27,195,730

Class

S

—

Shares

outstanding

($.01

par

value)

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

1,957,632

Net

asset

value

per

share:

Class

Y

(#)

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

$

13.90 Class

Y

—

Net

assets

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

$

236,944,792

Class

Y

—

Shares

outstanding

($.01

par

value)

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

17,050,977

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

1,706

Dividend

distributions

from

affiliated

funds

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

Interest

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

Total

investment

income

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

1,877

#### Expenses
Advisory

fees

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

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

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

733

Expense

reductions

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

(1) Net

expenses

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

732

Net

investment

income

(loss)

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

1,145

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

17,197

Futures

contracts

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

Net

realized

gain

(loss)

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

17,208

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(434) Futures

contracts

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

(5) Net

change

in

unrealized

appreciation

(depreciation)

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

(439) Net

realized

and

unrealized

gain

(loss)

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

16,769

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

17,914

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,145

$

4,08

Net

realized

gain

(loss)

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

17,208

117,69

Net

change

in

unrealized

appreciation

(depreciation)

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

(439) (56,41

9)

Net

increase

(decrease)

in

net

assets

from

operations

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

17,914

65,35

#### Distributions
To

shareholders

Class

A

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

(2,601)

(2,35

4)

Class

C

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

(1,164)

(1,01

8)

Class

M

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

(455) (36

5)

Class

R6

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

(136) (112) Class

S

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

(7,371)

(13,709)

Class

Y

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

(60,870)

(83,185)

Net

decrease

in

net

assets

from

distributions

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

(72,597)

(100,74

3)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

47,721

(96,362)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(6,962)

(131,750)

#### Net

#### Assets
Beginning

of

period

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

289,379

421,129

End

of

period

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

$

282,417

$

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

\*\*

Less

than

500

shares.

\*\*\*

Less

than

$500.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

1,828

Proceeds

from

reinvestment

of

distributions

2,601

2,354

Payments

for

shares

redeemed

(81) (1,156)

(149) (2,353)

Net

increase

(decrease)

1,935

1,829

Class

C

Proceeds

from

shares

sold

910

1,361

Proceeds

from

reinvestment

of

distributions

1,157

1,011

Payments

for

shares

redeemed

(59) (842) (11

1)

(1,769)

Net

increase

(decrease)

1,225

603

Class

M

Proceeds

from

shares

sold

948

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(21) (280) (33) (530) Net

increase

(decrease)

1,123

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

1,998

3,666

Proceeds

from

reinvestment

of

distributions

570

7,371

895

13,709

Payments

for

shares

redeemed

(405) (5,703)

(2,418)

(37,448)

Net

increase

(decrease)

3,666

(1,295)

(20,073)

Class

Y

Proceeds

from

shares

sold

1,051

15,044

Proceeds

from

reinvestment

of

distributions

4,706

60,801

5,427

83,110

Payments

for

shares

redeemed

(1,558)

(21,641)

(10,550)

(177,023)

Net

increase

(decrease)

3,183

39,631

(4,072)

(78,869)

Total

increase

(decrease)

3,817

$

47,721

(5,19

3)

$

(96,362)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.37 19.26 14.78 14.41 17.74 12.83 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.03

.

.11

.14

.13

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

.76

2.8 0

5.02 .97

(2.35)

5.21 $

Total

from

Investment

Operations

.79

2.91 5.13 1.11 (2.22)

5.32 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.05)

(.21)

(.08)

(.13)

(.15)

(.13)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.44)

(4.80)

(.65)

(.74)

(1.11)

(.41)

$

Net

Asset

Value,

End

of

Period

13.72 17.37 19.26 14.78 14.41 17.74 %

Total

Return

(±)(ǿ)

6.42 18.90 35.50 8.12 (13.28)

42.16 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 10,471

10,487

9,297

7,896

8,515

10,672

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.93

.8

.88

.87

.86

.86

%

Expenses,

Net

(Ƃ)(ɯ)

.93

.8

.86

.80

.80

.81

%

Net

Investment

Income

(Ƃ)(ɯ)

.44

.

.64

.92

.84

.68

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.62 19.49 15.00 14.62 17.95 12.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.02)

(.0

1)

(.02)

.02

.01

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78

2.8 4

5.08 1.00 (2.38)

5.27 $

Total

from

Investment

Operations

.76

2.83 5.06 1.02 (2.37)

5.26 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.01)

(.1

1)

—

(.03)

—

(.02)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.40)

(4.

70)

(.57)

(.64)

(.96)

(.30)

$

Net

Asset

Value,

End

of

Period

13.98 17.6 2

19.49 15.00 14.62 17.95 %

Total

Return

(ǿ)

6.12 17.99 34.44 7.34 (13.94)

41.06 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,987

4,640

4,323

3,407

2,609

2,922

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.68 1.6 4

1.63 1.62 1.62 1.61 %

Expenses,

Net

(Ƃ)(ɯ)

1.68 1.6 4

1.61 1.55 1.55 1.56 %

Net

Investment

Income

(Ƃ)(ɯ)

(.32)

(.

07)

(.11)

.15

.09

(.08)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.55 19.42 14.91 14.52 17.86 12.91 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.1

.20

.20

.20

.17

$

Net

Realized

and

Unrealized

Gain

(Loss)

.77

2.8 3

5.04 1.00 (2.38)

5.24 $

Total

from

Investment

Operations

.83

3.0 1

5.24 1.20 (2.18)

5.41 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.07)

(.2

9)

(.16)

(.20)

(.20)

(.18)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.46)

(4.8

8)

(.73)

(.81)

(1.16)

(.46)

$

Net

Asset

Value,

End

of

Period

13.92 17.55 19.42 14.91 14.52 17.86 %

Total

Return

(ǿ)

6.68 19.37 35.94 8.64 (12.96)

42.64 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,243

1,446

1,518

13,360

11,640

22,361

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.68

.6

.63

.62

.62

.61

%

Expenses,

Net

(Ƃ)(ɯ)

.53

.4

.44

.40

.40

.41

%

Net

Investment

Income

(Ƃ)(ɯ)

.83

.

1.17 1.31 1.25 1.07 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.54 19.42 14.91 14.52 17.86 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.1

.19

.20

.20

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78

2.8 2

5.05 1.00 (2.37)

5.25 $

Total

from

Investment

Operations

.84

3.0 0

5.24 1.20 (2.17)

5.43 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.08)

(.29)

(.16)

(.20)

(.21)

(.19)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.47)

(4.88)

(.73)

(.81)

(1.17)

(.47)

$

Net

Asset

Value,

End

of

Period

13.91 17.5 4

19.42 14.91 14.52 17.86 %

Total

Return

(ǿ)

6.69 19.34 36.00 8.67 (12.94)

42.78 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 575

535

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.53

.4

.48

.47

.47

.46

%

Expenses,

Net

(Ƃ)(ɯ)

.51

.4

.44

.38

.38

.39

%

Net

Investment

Income

(Ƃ)(ɯ)

.86

.

1.05 1.36 1.26 1.09 %

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.52 19.40 14.89 14.51 17.84 12.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05

.1

.16

.18

.17

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

.77

2.8 2

5.05 .98

(2.36)

5.24 $

Total

from

Investment

Operations

.82

2.97 5.21 1.16 (2.19)

5.39 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.06)

(.26)

(.13)

(.17)

(.18)

(.16)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.45)

(4.85)

(.70)

(.78)

(1.14)

(.44)

$

Net

Asset

Value,

End

of

Period

13.89 17.52 19.40 14.89 14.51 17.84 %

Total

Return

(ǿ)

6.61 19.13 35.81 8.41 (13.05)

42.49 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 27,196

29,200

57,442

69,450

71,665

126,658

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.68

.6

.63

.62

.61

.61

%

Expenses,

Net

(Ƃ)(ɯ)

.68

.6

.61

.55

.55

.56

%

Net

Investment

Income

(Ƃ)(ɯ)

.70

.

.91

1.17 1.08 .93

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

17.53 19.40 14.90 14.51 17.85 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.1

.20

.21

.20

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78

2.8 3

5.04 .99

(2.37)

5.24 $

Total

from

Investment

Operations

.84

3.0 2

5.24 1.20 (2.17)

5.42 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.08)

(.

30)

(.17)

(.20)

(.21)

(.19)

$

Distributions

from

Net

Realized

Gain

(4.39)

(4.59)

(.57)

(.61)

(.96)

(.28)

$

Total

Distributions

(4.47)

(4.8

9)

(.74)

(.81)

(1.17)

(.47)

$

Net

Asset

Value,

End

of

Period

13.90 17.53 19.40 14.90 14.51 17.85 %

Total

Return

(ǿ)

6.74 19.46 35.98 8.70 (12.93)

42.74 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 236,945

243,071

348,109

433,021

463,734

634,212

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.48

.4

.43

.42

.42

.41

%

Expenses,

Net

(Ƃ)(ɯ)

.48

.4

.41

.35

.35

.36

%

Net

Investment

Income

(Ƃ)(ɯ)

.89

1. 14

1.11 1.37 1.28 1.11 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

67,623

Administrative

fees

10,585

Distribution

fees

5,063

Shareholder

servicing

fees

1,002

Transfer

agent

fees

7,720

Trustees'

fees

3,644

$

95,637

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

14,187

$

22,974

$

30,965

$

—

$

—

$

6,196

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

114,611,597

$

171,626,307

$

(3,565,005)

$

168,061,302

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.6%
Consumer

Discretionary

-

9.4%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

6,232

532

Amazon.com,

Inc.(Æ)

4,536

1,202

API

Group

Corp.(Æ)

3,449

Best

Buy

Co.,

Inc.

2,584

Carnival

Corp.

4,297

Comcast

Corp.

Class

A

73,471

1,987

Curtiss-Wright

Corp.

Diageo

PLC

-

ADR

8,319

671

Dillard's,

Inc.

Class

A

Dollar

General

Corp.

7,594

880

eBay,

Inc.

3,978

Ferguson

Enterprises,

Inc.

622

Five

Below,

Inc.(Æ)

Ford

Motor

Co.

30,560

Gap,

Inc.

(The)

5,407

Garmin,

Ltd.

1,422

General

Motors

Co.

9,827

756

Hubbell,

Inc.

Class

B

Macy's,

Inc.

6,565

McDonald's

Corp.

738

NIKE,

Inc.

Class

B

5,796

nVent

Electric

PLC

1,386

Ralph

Lauren

Corp.

Class

A

RB

Global,

Inc.

1,386

Ross

Stores,

Inc.

1,758

RTX

Corp.

1,205

Target

Corp.

1,941

TJX

Cos.,

Inc.

(The)

2,907

Versant

Media

Group,

Inc.

9,488

VF

Corp.

8,298

Walmart,

Inc.

7,931

1,046

Walt

Disney

Co.

(The)

3,851

Warner

Music

Group

Corp.

Class

A

20,661

584

Whirlpool

Corp.

5,467

Williams-Sonoma,

Inc.

943

14,041

Consumer

Staples

-

7.3%

Altria

Group,

Inc.

4,294

Archer-Daniels-Midland

Co.

6,114

Casey's

General

Stores,

Inc.

Clorox

Co.

(The)

4,826

Coca-Cola

Co.

(The)

4,569

Coca-Cola

Europacific

Partners

PLC

8,188

774

Conagra

Brands,

Inc.

20,386

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

7,169

550

Flowers

Foods,

Inc.

9,431

Hershey

Co.

(The)

920

Kimberly-Clark

Corp.

8,953

881

Kroger

Co.

(The)

21,298

1,450

PepsiCo,

Inc.

1,481

Philip

Morris

International,

Inc.

8,151

1,346

Pilgrim's

Pride

Corp.

2,582

Procter

&

Gamble

Co.

(The)

10,342

1,521

Tyson

Foods,

Inc.

Class

A

10,594

679

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Unilever

PLC

-

ADR

17,845

1,053

10,821

Energy

-

7.8%

BP

PLC

-

ADR

14,016

664

Canadian

Natural

Resources,

Ltd.

15,604

744

Chevron

Corp.

10,542

2,038

Coterra

Energy,

Inc.

3,126

Devon

Energy

Corp.

6,146

Eaton

Corp.

PLC

596

Enbridge,

Inc.

18,267

1,012

EOG

Resources,

Inc.

1,528

EQT

Corp.

2,930

Exxon

Mobil

Corp.

10,615

1,638

Magna

International,

Inc.

Class

A

7,295

Phillips

6,242

1,118

Plains

GP

Holdings,

LP

Class

A

62,780

1,535

Shell

PLC

-

ADR

7,929

719

SLB,

Ltd.

6,854

TechnipFMC

PLC

1,094

Valero

Energy

Corp.

707

11,661

Financial

Services

-

23.7%

AerCap

Holdings

NV

4,700

668

Aflac,

Inc.

1,097

AGNC

Investment

Corp.(ö)

17,637

Alexandria

Real

Estate

Equities,

Inc.(ö)

3,202

Allstate

Corp.

(The)

2,582

561

American

Financial

Group,

Inc.

928

Annaly

Capital

Management,

Inc.(ö)

32,291

739

Bank

of

America

Corp.

31,368

1,677

Bank

of

Nova

Scotia

(The)

11,357

884

Berkshire

Hathaway,

Inc.

Class

B(Æ)

5,712

2,705

Blackrock,

Inc.

Capital

One

Financial

Corp.

3,517

673

Cboe

Global

Markets,

Inc.

961

Charles

Schwab

Corp.

(The)

12,238

1,121

Chubb,

Ltd.

4,151

1,357

Cincinnati

Financial

Corp.

1,429

Citigroup,

Inc.

13,798

1,766

Citizens

Financial

Group,

Inc.

3,310

CME

Group,

Inc.

Class

A

1,372

CNA

Financial

Corp.

1,945

Crown

Castle,

Inc.(ö)

1,515

Everest

Group,

Ltd.

1,979

706

Fifth

Third

Bancorp

6,520

First

American

Financial

Corp.

11,607

814

First

Horizon

Corp.

6,944

Franklin

Resources,

Inc.

5,342

Gaming

and

Leisure

Properties,

Inc.(ö)

3,696

Global

Payments,

Inc.

18,411

1,325

Goldman

Sachs

Group,

Inc.

(The)

Hartford

Insurance

Group,

Inc.

(The)

1,489

Healthcare

Realty

Trust,

Inc.(ö)

7,619

Healthpeak

Properties,

Inc.(ö)

48,661

787

Highwoods

Properties,

Inc.(ö)

3,968

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Host

Hotels

&

Resorts,

Inc.(ö)

37,201

786

Howard

Hughes

Holdings,

Inc.(Æ)

4,008

Huntington

Bancshares,

Inc.

13,165

Janus

Henderson

Group

PLC

2,460

JPMorgan

Chase

&

Co.

9,024

2,827

KeyCorp

8,221

M&T

Bank

Corp.

3,928

859

Mid-America

Apartment

Communities,

Inc.

(ö)

6,775

875

Morgan

Stanley

1,417

NNN

REIT,

Inc.(ö)

2,798

Northern

Trust

Corp.

6,069

1,010

Old

Republic

International

Corp.

3,911

Omega

Healthcare

Investors,

Inc.(ö)

2,566

PNC

Financial

Services

Group,

Inc.

(The)

720

Principal

Financial

Group,

Inc.

1,445

Progressive

Corp.

(The)

1,765

Prologis,

Inc.(ö)

7,812

1,109

Public

Storage(ö)

4,515

1,366

Rayonier,

Inc.(ö)

6,603

Realty

Income

Corp.(ö)

3,378

Regions

Financial

Corp.

5,140

Rithm

Capital

Corp.(ö)

13,734

Simon

Property

Group,

Inc.(ö)

884

Starwood

Property

Trust,

Inc.(ö)

7,784

Sun

Communities,

Inc.(ö)

972

T

Rowe

Price

Group,

Inc.

1,980

TFS

Financial

Corp.

6,210

Travelers

Cos.,

Inc.

(The)

754

Truist

Financial

Corp.

6,524

US

Bancorp

4,381

Wells

Fargo

&

Co.

18,478

1,519

Welltower,

Inc.(ö)

1,075

Western

Union

Co.

(The)

6,862

Willis

Towers

Watson

PLC

2,332

597

WP

Carey,

Inc.(ö)

2,094

35,316

Health

Care

-

12.4%

Abbott

Laboratories

1,438

Amgen,

Inc.

967

BioMarin

Pharmaceutical,

Inc.(Æ)

7,335

Bristol-Myers

Squibb

Co.

5,603

CVS

Health

Corp.

19,839

1,652

GE

HealthCare

Technologies,

Inc.

12,123

738

Genmab

A/S

-

ADR(Æ)

12,547

Gilead

Sciences,

Inc.

3,912

512

GSK

PLC

-

ADR

10,354

542

Humana,

Inc.

6,462

1,528

Icon

PLC(Æ)

5,876

695

Johnson

&

Johnson

7,216

1,659

Medtronic

PLC

20,519

1,661

Merck

&

Co.,

Inc.

19,623

2,142

Pfizer,

Inc.

29,993

801

QIAGEN

NV

3,542

ResMed,

Inc.

893

Royalty

Pharma

PLC

Class

A

10,285

515

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sanofi

SA

-

ADR

36,149

1,684

STERIS

PLC

Stryker

Corp.

516

UnitedHealth

Group,

Inc.

3,279

1,215

Viatris,

Inc.

33,830

505

Zoetis,

Inc.

Class

A

4,773

549

18,490

Materials

and

Processing

-

5.4%

Air

Products

and

Chemicals,

Inc.

4,588

1,377

Amcor

PLC

4,007

Amrize,

Ltd.

7,479

Anglogold

Ashanti

PLC

4,638

Carpenter

Technology

Corp.

Celanese

Corp.

Class

A

8,368

567

DuPont

de

Nemours,

Inc.

24,739

1,130

Ecolab,

Inc.

714

FMC

Corp.

7,060

International

Flavors

&

Fragrances,

Inc.

8,717

612

International

Paper

Co.

4,942

ITT,

Inc.

965

Johnson

Controls

International

PLC

5,556

811

LyondellBasell

Industries

NV

Class

A

2,409

Newmont

Corp.

5,638

626

O-I

Glass,

Inc.(Æ)

16,703

Royal

Gold,

Inc.

665

Smurfit

WestRock

PLC

11,638

Southern

Copper

Corp.

671

Watsco,

Inc.

8,102

Producer

Durables

-

8.2%

3M

Co.

1,568

BWX

Technologies,

Inc.

Caterpillar,

Inc.

695

619

CH

Robinson

Worldwide,

Inc.

1,374

CNH

Industrial

NV

40,102

Cummins,

Inc.

657

Delta

Air

Lines,

Inc.

13,540

921

EMCOR

Group,

Inc.

Emerson

Electric

Co.

1,543

Equifax,

Inc.

639

Expeditors

International

of

Washington,

Inc.

972

FedEx

Corp.

906

Fortive

Corp.

13,500

807

General

Dynamics

Corp.

3,764

1,296

JB

Hunt

Transport

Services,

Inc.

607

Keysight

Technologies,

Inc.(Æ)

850

L3Harris

Technologies,

Inc.

1,821

584

Lincoln

Electric

Holdings,

Inc.

545

Middleby

Corp.

(The)(Æ)

2,689

MSC

Industrial

Direct

Co.,

Inc.

Class

A

1,333

Mueller

Industries,

Inc.

943

Parker-Hannifin

Corp.

Paychex,

Inc.

1,928

Quanta

Services,

Inc.

Regal

Rexnord

Corp.

2,030

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Robert

Half,

Inc.

3,904

Rockwell

Automation,

Inc.

1,041

Ryder

System,

Inc.

574

Snap-on,

Inc.

Southwest

Airlines

Co.

5,356

Stanley

Black

&

Decker,

Inc.

2,511

TransDigm

Group,

Inc.

United

Airlines

Holdings,

Inc.(Æ)

1,572

United

Parcel

Service,

Inc.

Class

B

3,663

United

Rentals,

Inc.

Vontier

Corp.

12,003

Woodward,

Inc.

Xylem,

Inc.

1,263

12,219

Technology

-

14.1%

Accenture

PLC

Class

A

3,740

668

Adobe,

Inc.(Æ)

2,805

690

Advanced

Micro

Devices,

Inc.(Æ)

1,171

Alphabet,

Inc.

Class

A

10,698

4,117

Alphabet,

Inc.

Class

C

2,696

1,030

Analog

Devices,

Inc.

1,455

585

Applied

Materials,

Inc.

1,588

626

Ciena

Corp.(Æ)

979

516

Cisco

Systems,

Inc.

10,762

985

Cognex

Corp.

1,461

Corning,

Inc.

1,611

Electronic

Arts,

Inc.

1,071

Fidelity

National

Information

Services,

Inc.

13,028

606

GoDaddy,

Inc.

Class

A(Æ)

5,371

Hewlett

Packard

Enterprise

Co.

32,956

948

Intel

Corp.(Æ)

5,172

International

Business

Machines

Corp.

2,073

Lumentum

Holdings,

Inc.(Æ)

Meta

Platforms,

Inc.

Class

A

Microchip

Technology,

Inc.

14,093

1,309

Micron

Technology,

Inc.

2,752

1,423

Millicom

International

Cellular

SA

1,787

MongoDB,

Inc.(Æ)

NetApp,

Inc.

929

ON

Semiconductor

Corp.(Æ)

5,729

578

Oracle

Corp.

2,720

QUALCOMM,

Inc.

1,003

Salesforce,

Inc.

7,419

1,310

Sandisk

Corp.(Æ)

Skyworks

Solutions,

Inc.

1,440

Teradyne,

Inc.

1,388

Texas

Instruments,

Inc.

1,664

Western

Digital

Corp.

1,147

20,996

Utilities

-

8.3%

AES

Corp.

(The)

10,313

American

Water

Works

Co.,

Inc.

6,078

781

AT&T,

Inc.

61,188

1,599

ConocoPhillips

6,612

832

Dominion

Energy,

Inc.

5,348

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Edison

International

12,770

887

Entergy

Corp.

10,779

1,271

Eversource

Energy

11,120

786

Expand

Energy

Corp.

1,572

FirstEnergy

Corp.

6,458

NextEra

Energy,

Inc.

2,327

NRG

Energy,

Inc.

2,285

Permian

Resources

Corp.

Class

A

6,859

Pinnacle

West

Capital

Corp.

14,059

1,458

Sempra

6,627

630

Verizon

Communications,

Inc.

7,330

Xcel

Energy,

Inc.

25,265

2,096

12,385

#### Total

#### Common

#### Stocks
(cost

$98,372)

144,031

#### 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

#### -

#### 3.3%
U.S.

Cash

Management

Fund(@)

4,968,014

(∞)

4,967

#### Total

#### Short-Term

#### Investments
(cost

$4,967)

4,967

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$103,355)

149,014

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%

#### Net

#### Assets

#### -

#### 100.0%
149,204

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

5,071

06/26

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

$

14,041

$

—

$

—

$

—

$

14,041

Consumer

Staples

10,821

—

—

—

10,821

Energy

11,661

—

—

—

11,661

Financial

Services

35,316

—

—

—

35,316

Health

Care

18,490

—

—

—

18,490

Materials

and

Processing

8,102

—

—

—

8,102

Producer

Durables

12,219

—

—

—

12,219

Technology

20,996

—

—

—

20,996

Utilities

12,385

—

—

—

12,385

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

4,967

4,967

Total

Investments

144,031

—

4,967

149,014

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

103,355

Investments,

at

fair

value(>)

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

149,014

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

Fund

shares

sold

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

Variation

margin

on

futures

contracts

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

Prepaid

expenses

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

Total

assets

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

149,958

#### Liabilities
Payables:

Due

to

broker(a)

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

Investments

purchased

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

754

#### Net

#### Assets

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

149,204

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

58,092

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

91,051

#### Net

#### Assets

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

149,204

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

4,967

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

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

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

24.96 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

26.48 Class

A

—

Net

assets

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

$

14,773,141

Class

A

—

Shares

outstanding

($.01

par

value)

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

591,858

Net

asset

value

per

share:

Class

C

(#)

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

$

23.06 Class

C

—

Net

assets

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

$

14,940,890

Class

C

—

Shares

outstanding

($.01

par

value)

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

647,827

Net

asset

value

per

share:

Class

S

(#)

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

$

24.70 Class

S

—

Net

assets

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

$

104,374,955

Class

S

—

Shares

outstanding

($.01

par

value)

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

4,225,355

Net

asset

value

per

share:

Class

Y

(#)

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

$

24.60 Class

Y

—

Net

assets

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

$

15,114,945

Class

Y

—

Shares

outstanding

($.01

par

value)

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

614,309

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

1,836

Dividend

distributions

from

affiliated

funds

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

Interest

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

Total

investment

income

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

1,949

#### Expenses
Advisory

fees

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

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

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

Miscellaneous

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

Expenses

before

reductions

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

793

Expense

reductions

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

(95) Net

expenses

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

698

Net

investment

income

(loss)

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

1,251

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

14,169

Futures

contracts

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

Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

14,178

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

1,514

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

Net

change

in

unrealized

appreciation

(depreciation)

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

1,781

Net

realized

and

unrealized

gain

(loss)

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

15,959

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

17,210

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,251

$

3,041

Net

realized

gain

(loss)

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

14,178

17,989

Net

change

in

unrealized

appreciation

(depreciation)

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

1,781

(7,679)

Net

increase

(decrease)

in

net

assets

from

operations

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

17,210

13,351

#### Distributions
To

shareholders

Class

A

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

(1,878)

(2,300)

Class

C

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

(1,819)

(2,305)

Class

S

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

(12,563)

(18,285)

Class

Y

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

(1,794)

(1,842)

Net

decrease

in

net

assets

from

distributions

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

(18,054)

(24,732)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(11,216)

(15,378)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(12,060)

(26,759)

#### Net

#### Assets
Beginning

of

period

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

161,264

188,023

End

of

period

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

$

149,204

$

161,264

#### 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

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

1,893

Proceeds

from

reinvestment

of

distributions

1,873

2,292

Payments

for

shares

redeemed

(161) (3,939)

(145) (3,531)

Net

increase

(decrease)

(65) (1,709)

654

Class

C

Proceeds

from

shares

sold

505

Proceeds

from

reinvestment

of

distributions

1,815

2,301

Payments

for

shares

redeemed

(110) (2,508)

(161) (3,633)

Net

increase

(decrease)

(12) (428) (33) (827) Class

S

Proceeds

from

shares

sold

2,359

6,239

Proceeds

from

reinvestment

of

distributions

544

12,346

781

17,929

Payments

for

shares

redeemed

(1,013)

(24,721)

(1,708)

(40,827)

Net

increase

(decrease)

(370) (10,016)

(668) (16,659)

Class

Y

Proceeds

from

shares

sold

—

—

Proceeds

from

reinvestment

of

distributions

1,793

1,842

Payments

for

shares

redeemed

(35) (856) (26) (628) Net

increase

(decrease)

937

1,454

Total

increase

(decrease)

(403) $

(11,216)

(608) $

(15,378)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

25.24 26.85 23.79 27.74 33.38 23.86 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19

.40

.41

.38

.30

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.63 1.49 5.69 .28

(2.62)

10.11 $

Total

from

Investment

Operations

2.82 1.89 6.10 .66

(2.32)

10.33 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.26)

(.51)

(.32)

(.36)

(.28)

(.24)

$

Distributions

from

Net

Realized

Gain

(2.84)

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.10)

(3.50)

(3.04)

(4.61)

(3.32)

(.81)

$

Net

Asset

Value,

End

of

Period

24.96 25.24 26.85 23.79 27.74 33.38 %

Total

Return

(±)(ǿ)

12.29 8.39 27.35 2.47 (7.76)

44.01 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 14,773

16,574

16,872

15,970

19,714

23,189

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.22 1.19 1.20 1.19 1.17 1.16 %

Expenses,

Net

(Ƃ)(ɯ)

1.12 1.12 1.13 1.14 1.12 1.11 %

Net

Investment

Income

(Ƃ)(ɯ)

1.54 1.63 1.63 1.50 .99

.71

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

23.55 25.29 22.57 26.55 32.11 23.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.09

.20

.21

.18

.07

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.44 1.39 5.37 .27

(2.51)

9.75 $

Total

from

Investment

Operations

2.53 1.59 5.58 .45

(2.44)

9.74 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.34)

(.14)

(.18)

(.08)

(.06)

$

Distributions

from

Net

Realized

Gain

(2.84)

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.02)

(3.33)

(2.86)

(4

.43)

(3.12)

(.63)

$

Net

Asset

Value,

End

of

Period

23.06 23.55 25.29 22.57 26.55 32.11 %

Total

Return

(ǿ)

11.85 7.59 26.41 1.70 (8.49)

42.96 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 14,941

15,549

17,533

16,485

19,593

23,097

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.97 1.94 1.95 1.94 1.92 1.91 %

Expenses,

Net

(Ƃ)(ɯ)

1.87 1.87 1

.88

1.89 1.87 1.86 %

Net

Investment

Income

(Ƃ)(ɯ)

.78

.89

.88

.74

.24

(.04)

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

25.01 26.64 23.62 27.59 33.23 23.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22

.47

.48

.45

.38

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.61 1.47 5.65 .26

(2.61)

10.08 $

Total

from

Investment

Operations

2.83 1.94 6.13 .71

(2.23)

10.38 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.58)

(.39)

(.43)

(.37)

(.33)

$

Distributions

from

Net

Realized

Gain

(2.84)

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.14)

(3.57)

(3.11)

(4.68)

(3.41)

(.90)

$

Net

Asset

Value,

End

of

Period

24.70 25.01 26.64 23.62 27.59 33.23 %

Total

Return

(ǿ)

12.46 8.70 27.75 2.72 (7.51)

44.45 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 104,375

114,928

140,204

129,070

171,669

187,082

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.97

.94

.95

.94

.92

.91

%

Expenses,

Net

(Ƃ)(ɯ)

.83

.83

.84

.85

.83

.82

%

Net

Investment

Income

(Ƃ)(ɯ)

1.82 1.93 1.92 1.79 1.28 1.00 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

24.93 26.56 23.56 27.53 33.17 23.71 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.23

.50

.52

.49

.42

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.60 1.48 5.63 .26

(2.60)

10.06 $

Total

from

Investment

Operations

2.83 1.98 6.15 .75

(2.18)

10.41 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.62)

(.43)

(.47)

(.42)

(.38)

$

Distributions

from

Net

Realized

Gain

(2.84)

(2.99)

(2.72)

(4.25)

(3.04)

(.57)

$

Total

Distributions

(3.16)

(3.61)

(3.15)

(4

.72)

(3.46)

(.95)

$

Net

Asset

Value,

End

of

Period

24.60 24.93 26.56 23.56 27.53 33.17 %

Total

Return

(ǿ)

12.52 8.91 27.92 2.89 (7.38)

44.67 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,115

14,213

13,414

11,148

17,636

20,411

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.78

.75

.75

.74

.72

.71

%

Expenses,

Net

(Ƃ)(ɯ)

.67

.67

.68

.69

.67

.66

%

Net

Investment

Income

(Ƃ)(ɯ)

1.97 2.07 2.07 1.97 1.44 1.17 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

52,491

Administrative

fees

5,640

Distribution

fees

12,018

Shareholder

servicing

fees

3,003

Transfer

agent

fees

18,315

Trustees'

fees

1,086

$

92,553

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

6,385

$

26,268

$

27,685

$

—

$

(1) $

4,967

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

105,432,551

$

48,778,522

$

(4,762,498)

$

44,016,024

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.2%
Consumer

Discretionary

-

10.0%

ABB,

Ltd.

2,926

Accor

SA

4,688

Aisin

Corp.

4,600

Alibaba

Group

Holding,

Ltd.

32,000

526

Amazon.com,

Inc.(Æ)

6,609

1,752

Bridgestone

Corp.

3,400

Cie

Financiere

Richemont

SA

Class

A

Cie

Generale

des

Etablissements

Michelin

SCA

65,040

2,361

Comcast

Corp.

Class

A

10,775

Costco

Wholesale

Corp.

Curtiss-Wright

Corp.

Daiwa

House

Industry

Co.,

Ltd.

6,800

Deckers

Outdoor

Corp.(Æ)

1,156

Dollar

General

Corp.

7,647

886

eBay,

Inc.

23,166

2,397

Ferguson

Enterprises,

Inc.

4,337

1,161

Ferrari

NV

Fox

Corp.

Class

A

764

General

Motors

Co.

2,147

Hermes

International

SCA

Home

Depot,

Inc.

(The)

3,628

1,193

Hubbell,

Inc.

Class

B

3,511

1,784

Hyundai

Mobis

Co.,

Ltd.

Industria

de

Diseno

Textil

SA

22,787

1,365

Lear

Corp.

6,282

799

Lowe's

Cos.,

Inc.

5,775

1,379

Marriott

International,

Inc.

Class

A

3,187

1,153

Mercedes-Benz

Group

AG

3,407

Netflix,

Inc.

Class

B(Æ)

4,581

Newell

Brands,

Inc.

37,368

PVH

Corp.

5,453

Rolls-Royce

Holdings

PLC

9,349

Ross

Stores,

Inc.

Royal

Caribbean

Cruises,

Ltd.

Sekisui

House,

Ltd.

48,300

1,052

Sumitomo

Electric

Industries,

Ltd.

900

Sunonwealth

Electric

Machine

Industry

Co.,

Ltd.

19,000

Tapestry,

Inc.

610

Target

Corp.

1,120

Tencent

Holdings,

Ltd.

2,900

Tesla,

Inc.(Æ)

1,998

762

TJX

Cos.,

Inc.

(The)

17,105

2,681

Toyota

Motor

Corp.

3,800

Walmart,

Inc.

2,812

Walt

Disney

Co.

(The)

4,239

26,466

Consumer

Staples

-

4.1%

Ambev

SA

246,082

721

Coca-Cola

Co.

(The)

1,452

Colgate-Palmolive

Co.

6,171

527

Compass

Group

PLC

49,959

1,413

George

Weston,

Ltd.

1,781

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
J

Sainsbury

PLC

195,136

873

Kirin

Holdings

Co.,

Ltd.

10,900

Loblaw

Cos.,

Ltd.

6,174

L'Oreal

SA

2,787

1,195

PepsiCo,

Inc.

5,920

938

Procter

&

Gamble

Co.

(The)

8,998

1,323

Reckitt

Benckiser

Group

PLC

12,801

814

Suntory

Beverage

&

Food,

Ltd.

15,900

Tyson

Foods,

Inc.

Class

A

17,836

1,143

Unilever

PLC

10,378

608

WH

Group,

Ltd.(Þ)

75,500

10,806

Energy

-

1.7%

Delta

Electronics,

Inc.

5,000

Eaton

Corp.

PLC

658

First

Solar,

Inc.(Æ)

3,623

731

NOV,

Inc.

39,692

812

ORLEN

SA

2,803

Schneider

Electric

SE

4,197

1,326

TotalEnergies

SE

1,296

Vestas

Wind

Systems

A/S

27,502

846

4,569

Financial

Services

-

16.4%

AIA

Group,

Ltd.

150,200

1,654

Akbank

TAS

37,679

Allstate

Corp.

(The)

1,572

Alpha

Bank

SA

17,096

American

Express

Co.

688

American

Tower

Corp.(ö)

Ameriprise

Financial,

Inc.

678

Amundi

SA(Þ)

5,891

570

Aon

PLC

Class

A

Banco

Bilbao

Vizcaya

Argentaria

SA

7,118

Banco

Santander

SA

35,061

Bank

Mandiri

Persero

Tbk

PT

248,300

Bank

of

America

Corp.

13,115

701

Bank

of

Ireland

Group

PLC

40,671

807

Bank

of

New

York

Mellon

Corp.

(The)

5,537

744

Bank

of

Nova

Scotia

(The)

818

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,119,600

Barclays

PLC

93,240

545

BNP

Paribas

SA

4,482

Brambles,

Ltd.

26,885

Canadian

Imperial

Bank

of

Commerce

841

Capital

One

Financial

Corp.

4,461

853

CBRE

Group,

Inc.

Class

A(Æ)

1,637

China

Overseas

Land

&

Investment,

Ltd.

488,000

833

Chubb,

Ltd.

Citigroup,

Inc.

6,467

828

Corebridge

Financial,

Inc.

42,677

1,175

Credit

Agricole

SA

35,005

680

DBS

Group

Holdings,

Ltd.

25,500

1,176

Emaar

Development

PJSC

29,385

Global

Payments,

Inc.

11,344

816

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,500

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Host

Hotels

&

Resorts,

Inc.(ö)

8,391

HSBC

Holdings

PLC

79,669

1,460

Huaxia

Bank

Co.,

Ltd.

Class

A

183,700

ING

Groep

NV

74,355

2,157

Intesa

Sanpaolo

SpA

22,993

Investor

AB

Class

B

1,946

Julius

Baer

Group,

Ltd.

9,853

815

KB

Financial

Group,

Inc.

1,672

KBC

Group

NV

8,365

1,116

Krung

Thai

Bank

PCL

-

NVDR

187,700

Kyoto

Financial

Group,

Inc.

3,600

Legal

&

General

Group

PLC

13,351

Lloyds

Banking

Group

PLC

57,971

London

Stock

Exchange

Group

PLC

589

M&T

Bank

Corp.

6,338

1,386

Manulife

Financial

Corp.

14,213

559

Mastercard,

Inc.

Class

A

6,035

3,035

MetLife,

Inc.

12,390

992

Mitsubishi

UFJ

Financial

Group,

Inc.

51,900

941

Mizuho

Financial

Group,

Inc.

1,700

Moody's

Corp.

1,402

648

Morgan

Stanley

1,541

Nasdaq,

Inc.

1,552

National

Australia

Bank,

Ltd.

2,434

NatWest

Group

PLC

39,354

Northern

Trust

Corp.

7,624

1,268

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

129,000

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

17,500

Progressive

Corp.

(The)

4,034

812

Prologis,

Inc.(ö)

8,659

1,230

Prudential

PLC

4,936

Reinsurance

Group

of

America,

Inc.

Class

A

RELX

PLC

36,038

1,316

RenaissanceRe

Holdings,

Ltd.

708

S&P

Global,

Inc.

Shinhan

Financial

Group

Co.,

Ltd.

6,628

Singapore

Exchange,

Ltd.

5,600

Societe

Generale

SA

2,284

Standard

Life

PLC

7,283

State

Bank

of

India

-

GDR(Þ)

2,024

Sumitomo

Mitsui

Financial

Group,

Inc.

2,300

Swire

Properties,

Ltd.

35,000

T&D

Holdings,

Inc.

2,900

Tradeweb

Markets,

Inc.

Class

A

1,408

Turkiye

Vakiflar

Bankasi

TAO

Class

D(Æ)

80,359

UBS

Group

AG

23,196

1,034

UniCredit

SpA

2,648

United

Overseas

Bank,

Ltd.

1,900

US

Bancorp

1,869

Visa,

Inc.

Class

A

9,305

3,069

Wells

Fargo

&

Co.

8,229

677

Weyerhaeuser

Co.(ö)

49,972

1,225

Zurich

Insurance

Group

AG

43,492

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Health

Care

-

12.3%

AbbVie,

Inc.

540

Amgen,

Inc.

AstraZeneca

PLC

11,371

2,162

Baxter

International,

Inc.

74,238

1,305

Boston

Scientific

Corp.(Æ)

23,223

1,338

Bristol-Myers

Squibb

Co.

29,080

1,762

Cardinal

Health,

Inc.

1,662

Cencora

,

Inc.

Class

A

Cigna

Group

(The)

1,263

CVS

Health

Corp.

17,547

1,461

Danaher

Corp.

12,737

2,279

DaVita,

Inc.(Æ)

840

DSM-

Firmenich

AG

14,116

1,055

Edwards

Lifesciences

Corp.(Æ)

36,104

3,015

Eli

Lilly

&

Co.

3,172

2,965

EssilorLuxottica

SA

5,316

1,134

Fresenius

Medical

Care

AG

22,658

1,027

Gilead

Sciences,

Inc.

2,688

GSK

PLC

-

ADR

9,908

518

Humana,

Inc.

5,557

1,314

Incyte

Corp.(Æ)

1,243

Intuitive

Surgical,

Inc.(Æ)

2,939

1,345

Ipsen

SA

740

Johnson

&

Johnson

2,893

665

McKesson

Corp.

Merck

&

Co.,

Inc.

14,751

1,611

Novartis

AG

3,616

537

Quest

Diagnostics,

Inc.

574

Regeneron

Pharmaceuticals,

Inc.

Roche

Holding

AG

2,495

1,022

Sanofi

SA

11,460

1,071

Sino

Biopharmaceutical,

Ltd.

90,000

Stryker

Corp.

Takeda

Pharmaceutical

Co.,

Ltd.

2,100

Thermo

Fisher

Scientific,

Inc.

3,650

1,748

UCB

SA

Universal

Health

Services,

Inc.

Class

B

3,664

617

Vertex

Pharmaceuticals,

Inc.(Æ)

Zoetis,

Inc.

Class

A

715

32,566

Materials

and

Processing

-

6.3%

Advanced

Drainage

Systems,

Inc.

3,964

592

Agnico

Eagle

Mines,

Ltd.

781

Air

Liquide

SA

Class

A

9,275

1,997

Anglogold

Ashanti

PLC

658

Asahi

Kasei

Corp.

30,300

Ball

Corp.

17,567

1,073

BASF

SE

24,783

1,593

Cemex

SAB

de

CV

-

ADR

5,843

Coeur

Mining,

Inc.

6,612

CRH

PLC

1,590

Daikin

Industries,

Ltd.

9,500

1,354

D'Ieteren

Group

602

Dow,

Inc.

11,777

Ecolab,

Inc.

7,372

1,921

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Evolution

Mining,

Ltd.

6,831

Fortescue,

Ltd.

9,022

General

Electric

Co.

628

Gold

Fields,

Ltd.

-

ADR

2,847

Kinross

Gold

Corp.

6,462

Lixil

Corp.

9,500

LKQ

Corp.

24,459

772

PPG

Industries,

Inc.

9,625

1,044

Press

Metal

Aluminium

Holdings

Berhad

44,700

Rexel

SA

Class

H

23,625

996

Smurfit

WestRock

PLC

15,161

576

Sumitomo

Chemical

Co.,

Ltd.

51,000

Symrise

AG

12,120

1,071

Teijin,

Ltd.

7,000

Trane

Technologies

PLC

1,666

821

Wheaton

Precious

Metals

Corp.

1,776

16,641

Producer

Durables

-

9.9%

Adyen

NV(Æ)(Þ)

1,397

1,581

AECOM

2,081

AGCO

Corp.

10,201

1,235

Airbus

SE

AMETEK,

Inc.

1,583

AMN

Healthcare

Services,

Inc.(Æ)

4,957

Amphenol

Corp.

Class

A

7,798

1,148

Automatic

Data

Processing,

Inc.

7,197

1,525

Balfour

Beatty

PLC

7,210

Canadian

Pacific

Kansas

City,

Ltd.

12,436

1,081

Canon,

Inc.

6,100

Caterpillar,

Inc.

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

2,400

Cummins,

Inc.

788

529

Daimler

Truck

Holding

AG

29,041

1,465

Deere

&

Co.

1,405

829

DSV

A/S

easyJet

PLC

23,776

Ebara

Corp.

2,200

Emerson

Electric

Co.

966

Eva

Airways

Corp.

63,000

GE

Vernova

,

Inc.

GEA

Group

AG

2,592

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd.

Hitachi,

Ltd.

33,300

1,047

Honeywell

International,

Inc.

Howmet

Aerospace,

Inc.

International

Consolidated

Airlines

Group

SA

15,526

International

Container

Terminal

Services,

Inc.

6,460

JD

Logistics,

Inc.(Æ)(Þ)

56,800

Keysight

Technologies,

Inc.(Æ)

589

Kubota

Corp.

4,100

Leonardo

SpA

1,085

Magna

International,

Inc.

Class

A

25,000

1,591

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mitsubishi

Electric

Corp.

4,300

Mitsubishi

Heavy

Industries,

Ltd.

2,400

Mueller

Industries,

Inc.

1,477

Nexi

SpA

(Þ)

17,369

NGK

Corp.

5,800

Parker-Hannifin

Corp.

Publicis

Groupe

SA

9,255

866

Qantas

Airways,

Ltd.

14,662

Quanta

Services,

Inc.

Randstad

NV

15,246

Recruit

Holdings

Co.,

Ltd.

30,000

1,400

Safran

SA

Siemens

Energy

AG

Veralto

Corp.

10,430

920

Vertiv

Holdings

Co.

Class

A

6,201

2,037

Vinci

SA

Waste

Management,

Inc.

8,712

2,026

Watts

Water

Technologies,

Inc.

Class

A

2,799

840

Xylem,

Inc.

11,749

1,388

ZTO

Express

Cayman,

Inc.

3,050

26,112

Technology

-

29.8%

Accenture

PLC

Class

A

10,281

1,837

Accton

Technology

Corp.

2,000

Adobe,

Inc.(Æ)

1,295

Advanced

Micro

Devices,

Inc.(Æ)

908

Advantest

Corp.

1,100

Airbnb,

Inc.

Class

A(Æ)

1,100

Alphabet,

Inc.

Class

A

877

Alphabet,

Inc.

Class

C

7,982

3,049

Amdocs,

Ltd.

16,218

1,049

Analog

Devices,

Inc.

833

Apple,

Inc.

25,119

6,816

Applied

Materials,

Inc.

1,057

Arista

Networks,

Inc.(Æ)

10,587

1,828

ASE

Technology

Holding

Co.,

Ltd.

17,000

ASM

International

NV

ASML

Holding

NV

2,388

3,447

ASML

Holding

NV

Class

G

668

Assa

Abloy

AB

Class

B

8,947

Autodesk,

Inc.(Æ)

1,216

Avnet,

Inc.

7,163

591

Booking

Holdings,

Inc.

1,575

Broadcom,

Inc.

9,569

3,994

Broadridge

Financial

Solutions,

Inc.

1,507

Cadence

Design

Systems,

Inc.(Æ)

4,064

1,339

Cisco

Systems,

Inc.

6,145

562

Cognizant

Technology

Solutions

Corp.

Class

A

23,592

1,248

Corning,

Inc.

612

Fidelity

National

Information

Services,

Inc.

Flex,

Ltd.(Æ)

2,542

Genpact,

Ltd.

8,896

Infosys,

Ltd.

-

ADR

10,583

Intel

Corp.(Æ)

2,113

Intuit,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
KLA

Corp.

655

Lam

Research

Corp.

1,342

LG

Electronics,

Inc.

Class

H

2,674

Lite-On

Technology

Corp.

15,000

MediaTek,

Inc.

2,000

Meta

Platforms,

Inc.

Class

A

1,715

1,049

Micron

Technology,

Inc.

1,185

613

Microsoft

Corp.

24,191

9,865

Monolithic

Power

Systems,

Inc.

MSCI,

Inc.

Class

A

507

NetApp,

Inc.

2,829

Nokia

Oyj

-

ADR

100,691

1,300

Nomura

Research

Institute,

Ltd.

27,300

735

NVIDIA

Corp.

49,353

9,849

Oracle

Corp.

1,611

Palantir

Technologies,

Inc.

Class

A(Æ)

580

Palo

Alto

Networks,

Inc.(Æ)

9,463

1,697

QUALCOMM,

Inc.

672

Salesforce,

Inc.

4,859

858

Samsung

Electro-Mechanics

Co.,

Ltd.

Samsung

Electronics

Co.,

Ltd.

4,286

650

SAP

SE

6,425

1,100

Seagate

Technology

Holdings

PLC

Shopify,

Inc.

Class

A(Æ)

16,598

2,011

SK

Hynix,

Inc.

Skyworks

Solutions,

Inc.

18,014

1,264

Sony

Group

Corp.

6,600

SS&C

Technologies

Holdings,

Inc.

13,371

927

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

66,000

4,481

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

8,267

3,274

TDK

Corp.

58,800

1,097

TE

Connectivity

PLC

1,082

Telefonaktiebolaget

LM

Ericsson

Class

B

12,502

Texas

Instruments,

Inc.

6,575

1,848

Tokyo

Electron,

Ltd.

Turk

Telekomunikasyon

AS(Æ)

46,881

Uber

Technologies,

Inc.(Æ)

1,575

United

Microelectronics

Corp.

85,000

Vodafone

Group

PLC

92,604

Western

Digital

Corp.

606

Zoom

Communications,

Inc.

Class

A(Æ)

814

79,051

Utilities

-

3.7%

American

Water

Works

Co.,

Inc.

5,038

647

Cia

De

Sanena

Do

Parana(Æ)

8,008

EDP

SA

147,647

805

Enel

SpA

85,484

997

Eversource

Energy

3,129

Exelon

Corp.

4,635

Gaztransport

Et

Technigaz

SA

789

Iberdrola

SA

109,971

2,578

National

Grid

PLC

60,110

1,075

NextEra

Energy,

Inc.

24,334

2,382

NTT,

Inc.

516,900

504

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Orsted

A/S

Class

A(Æ)(Þ)

3,082

Telecom

Italia

SpA

(Æ)

106,242

T-Mobile

US,

Inc.

9,916

#### Total

#### Common

#### Stocks
(cost

$199,259)

249,619

#### Preferred

#### Stocks

#### -

#### 0.4%
Energy

-

0.1%

Petroleo

Brasileiro

SA

-

Petrobras

7.708%

(Ÿ)

33,245

Technology

-

0.3%

Samsung

Electronics

Co.,

Ltd.

0.956%

(Ÿ)

6,078

662

#### Total

#### Preferred

#### Stocks
(cost

$845)

992

#### Short-Term

#### Investments

#### -

#### 4.3%
U.S.

Cash

Management

Fund(@)

11,435,647

(∞)

11,433

#### Total

#### Short-Term

#### Investments
(cost

$11,434)

11,433

#### Total

#### Investments

#### -

#### 98.9%
(identified

cost

$211,538)

262,044

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.1%
2,950

#### Net

#### Assets

#### -

#### 100.0%
264,994

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $1.0%

Adyen

NV

03/25/26

EUR

1,397

1,048.63

1,465

1,581

Amundi

SA

03/25/26

EUR

5,891

85.07 501

570

JD

Logistics,

Inc.

03/25/26

HKD

56,800

1.77 101

Nexi

SpA

03/25/26

EUR

17,369

3.54 61

Orsted

A/S

03/25/26

DKK

3,082

22.46 69

State

Bank

of

India

03/25/26

2,024

112.98 229

WH

Group,

Ltd.

03/25/26

HKD

75,500

1.29 97

2,753

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

Emerging

Markets

Index

Futures

USD

18,221

06/26

1,814

S&P

500

E-Mini

Index

Futures

USD

2,535

06/26

S&P/TSX

Index

Futures

CAD

2,778

06/26

SPI

Index

Futures

AUD

4,551

06/26

TOPIX

Index

Futures

JPY

486,720

06/26

Short

Positions

EURO

STOXX

Index

Futures

EUR

10,862

06/26

(522) FTSE

Index

Futures

GBP

1,661

06/26

(38) Hang

Seng

Index

Futures

HKD

5,125

05/26

MSCI

Singapore

Index

Futures

SGD

838

05/26

(1) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,505

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

4,127

JPY

650,000

06/17/26

Bank

of

America

EUR

6,750

USD

7,979

06/17/26

Standard

Chartered

GBP

1,900

USD

2,540

06/17/26

(45) State

Street

USD

3,844

JPY

607,800

06/17/26

Toronto

Dominion

Bank

USD

1,891

CAD

2,600

06/17/26

Westpac

USD

3,060

AUD

4,400

06/17/26

Westpac

EUR

9,400

USD

10,918

06/17/26

(137) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

19,257

$

7,209

$

—

$

—

$

26,466

Consumer

Staples

5,180

5,626

—

—

10,806

Energy

1,828

2,741

—

—

4,569

Financial

Services

22,759

20,733

—

—

43,492

Health

Care

24,174

8,392

—

—

32,566

Materials

and

Processing

8,011

8,630

—

—

16,641

Producer

Durables

16,921

9,191

—

—

26,112

Technology

64,413

14,638

—

—

79,051

Utilities

3,598

6,318

—

—

9,916

Preferred

Stocks

662

—

—

992

Short-Term

Investments

—

—

—

11,433

11,433

Total

Investments

166,471

84,140

—

11,433

262,044

Other

Financial

Instruments

Assets

Futures

Contracts

2,066

—

—

—

2,066

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(561) —

—

—

(561) Foreign

Currency

Exchange

Contracts

—

(18

2)

—

—

(18

2)

Total

Other

Financial

Instruments

\*

$

1,505

$

$

—

$

—

$

1,588

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

2,066

—

Total

$

2,066

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

561

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

561

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

948

$

—

Foreign

currency

exchange

contracts

—

(391) Total

$

948

$

(391) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,347

$

—

Foreign

currency

exchange

contracts

—

Total

$

1,347

$

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

$

—

$

—

$

State

Street

—

—

Toronto

Dominion

Bank

—

—

Westpac

—

—

Total

$

$

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

^&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
Standard

Chartered

$

$

—

$

—

$

Westpac

—

Total

$

$

$

—

$

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

211,538

Investments,

at

fair

value(>)

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

262,044

Cash

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

Foreign

currency

holdings(^)

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

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

1,703

Fund

shares

sold

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

From

broker(a)

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

1,279

Variation

margin

on

futures

contracts

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

1,506

Prepaid

expenses

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

Total

assets

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

267,421

#### Liabilities
Payables:

Investments

purchased

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

1,873

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

2,427

#### Net

#### Assets

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

264,994

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

66,862

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

198,07

#### Net

#### Assets

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

264,994

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

11,433

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

1,279

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

43.82 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

46.49 Class

A

—

Net

assets

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

$

15,824,352

Class

A

—

Shares

outstanding

($.01

par

value)

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

361,107

Net

asset

value

per

share:

Class

C

(#)

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

$

40.62 Class

C

—

Net

assets

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

$

15,583,077

Class

C

—

Shares

outstanding

($.01

par

value)

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

383,611

Net

asset

value

per

share:

Class

S

(#)

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

$

44.21 Class

S

—

Net

assets

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

$

222,268,212

Class

S

—

Shares

outstanding

($.01

par

value)

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

5,027,849

Net

asset

value

per

share:

Class

Y

(#)

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

$

44.05 Class

Y

—

Net

assets

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

$

11,318,667

Class

Y

—

Shares

outstanding

($.01

par

value)

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

256,965

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

1,515

Dividend

distributions

from

affiliated

funds

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

Interest

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

Total

investment

income

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

1,698

#### Expenses
Advisory

fees

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

532

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

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

1,106

Expense

reductions

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

(106) Net

expenses

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

1,000

Net

investment

income

(loss)

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

698

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

16,971

Futures

contracts

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

948

Foreign

currency

exchange

contracts

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

(391) Foreign

currency-related

transactions

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

Net

realized

gain

(loss)

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

17,790

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(10,114)

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

1,347

Foreign

currency

exchange

contracts

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

Securities

sold

short

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

1,283

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,399)

Net

realized

and

unrealized

gain

(loss)

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

10,391

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

11,089

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

698

$

994

Net

realized

gain

(loss)

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

17,790

21,367

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,39

9)

(2,861)

Net

increase

(decrease)

in

net

assets

from

operations

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

11,0

19,500

#### Distributions
To

shareholders

Class

A

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

(2,080)

(2,401)

Class

C

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

(2,15

0)

(2,619)

Class

S

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

(13,429)

(16,313)

Class

Y

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

(1,28

8)

(1,289)

Net

decrease

in

net

assets

from

distributions

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

(18,94

7)

(22,622)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

110,82

(16,732)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
102,964

(19,854)

#### Net

#### Assets
Beginning

of

period

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

162,030

181,884

End

of

period

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

$

264,994

$

162,030

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

930

Proceeds

from

reinvestment

of

distributions

2,04

2,358

Payments

for

shares

redeemed

(60) (2,606)

(97) (4,438)

Net

increase

(decrease)

(6) (3

10)

(23) (1,150)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

2,146

2,615

Payments

for

shares

redeemed

(64) (2,578)

(120) (5,125)

Net

increase

(decrease)

(8) (387) (53) (2,331)

Class

S

Proceeds

from

shares

sold

2,876

119,328

1,547

Proceeds

from

reinvestment

of

distributions

13,025

15,738

Payments

for

shares

redeemed

(518) (22,297)

(685) (31,536)

Net

increase

(decrease)

2,664

110,056

(295) (14,251)

Class

Y

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

1,288

1,289

Payments

for

shares

redeemed

(1) (75) (11) (527) Net

increase

(decrease)

1,463

1,000

Total

increase

(decrease)

2,685

$

110,82

(347) $

(16,732)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

48.54 49.36 40.66 43.52 59.98 51.21 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.10

.20

.13

.16

.11

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

.94

5.23 11.51 1.83 (4.92)

16.63 $

Total

from

Investment

Operations

1.04 5.43 11.64 1.99 (4.81)

16.74 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.41)

(.09)

(.15)

(.09)

(.33)

$

Distributions

from

Net

Realized

Gain

(5.60)

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(5.76)

(6.25)

(2.94)

(4.85)

(11.65)

(7.97)

$

Net

Asset

Value,

End

of

Period

43.82 48.54 49.36 40.66 43.52 59.98 %

Total

Return

(±)(ǿ)

2.59 12.39 29.62 5.09 (10.28)

35.97 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,824

17,834

19,252

16,229

18,283

24,380

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.3 1

1.35 1.49 1.45 1.37 1.33 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.2 3

1.27 1.39 1.36 1.29 1.28 %

Net

Investment

Income

(Ƃ)(ɯ)

.47

.45

.29

.38

.24

.21

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

45.48 46.68 38.80 41.89 58.42 50.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.06)

(.13)

(.20)

(.15)

(.24)

(.29)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.87

4.90 10.94 1.76 (4.73)

16.27 $

Total

from

Investment

Operations

.81

4.77 10.74 1.61 (4.97)

15.98 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.07)

(.13)

(.01)

—

—

(.19)

$

Distributions

from

Net

Realized

Gain

(5.60)

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(5.67)

(5.97)

(2.86)

(4.70)

(11.56)

(7.83)

$

Net

Asset

Value,

End

of

Period

40.62 45.48 46.68 38.80 41.89 58.42 %

Total

Return

(ǿ)

2.21 11.53 28.67 4.28 (10.94)

34.97 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,583

17,809

20,744

18,994

22,260

31,130

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2. 0

2.10 2.24 2.20 2.12 2.08 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.9 8

2.02 2.14 2.11 2.04 2.03 %

Net

Investment

Income

(Ƃ)(ɯ)

(.28)

(.30)

(.46)

(.37)

(.52)

(.54)

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

48.89 49.67 40.82 43.66 60.11 51.29 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.18

.34

.27

.28

.25

.28

$

Net

Realized

and

Unrealized

Gain

(Loss)

.94

5.26 11.56 1.83 (4.93)

16.65 $

Total

from

Investment

Operations

1.12 5.60 11.83 2.11 (4.68)

16.93 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.54)

(.13)

(.25)

(.21)

(.47)

$

Distributions

from

Net

Realized

Gain

(5.60)

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(5.80)

(6.38)

(2.98)

(4.95)

(11.77)

(8.11)

$

Net

Asset

Value,

End

of

Period

44.21 48.89 49.67 40.82 43.66 60.11 %

Total

Return

(ǿ)

2.75 12.70 30.01 5.37 (10.00)

36.37 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 222,268

115,553

132,043

124,288

165,484

225,751

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.0 5

1.10 1.24 1.20 1.12 1.08 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

.9

.98

1.10 1.07 1.00 .99

%

Net

Investment

Income

(Ƃ)(ɯ)

.84

.74

.58

.67

.53

.50

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

48.72 49.52 40.66 43.51 59.95 51.18 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.20

.41

.34

.35

.33

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

.95

5.25 11.51 1.82 (4.92)

16.60 $

Total

from

Investment

Operations

1.15 5.66 11.85 2.17 (4.59)

16.97 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.62)

(.14)

(.32)

(.29)

(.56)

$

Distributions

from

Net

Realized

Gain

(5.60)

(5.84)

(2.85)

(4.70)

(11.56)

(7.64)

$

Total

Distributions

(5.82)

(6.46)

(2.99)

(5.02)

(11.85)

(8.20)

$

Net

Asset

Value,

End

of

Period

44.05 48.72 49.52 40.66 43.51 59.95 %

Total

Return

(ǿ)

2.83 12.88 30.22 5.54 (9.86)

36.57 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 11,319

10,834

9,845

8,285

8,066

11,331

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.8

.89

1.04 1.01 .92

.88

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.78

.82

.94

.92

.84

.83

%

Net

Investment

Income

(Ƃ)(ɯ)

.93

.89

.74

.83

.69

.66

%

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Sustainable

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Equity

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

105,443

Administrative

fees

10,040

Distribution

fees

12,576

Shareholder

servicing

fees

3,119

Transfer

agent

fees

33,862

Trustees'

fees

$

165,452

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

8,336

$

159,754

$

156,656

$

—

$

(1)

$

11,433

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

213,820,474

$

52,493,519

$

(2,764,758)

$

49,728,761

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 102.1%
Consumer

Discretionary

-

13.4%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

51,796

4,421

Amazon.com,

Inc.(Æ)(Û)

420,434

111,440

Atkore,

Inc.

17,500

1,368

Autoliv,

Inc.(Ð)

6,602

765

AutoZone,

Inc.(Æ)(Û)

2,506

9,282

Axon

Enterprise,

Inc.(Æ)

3,516

1,413

Best

Buy

Co.,

Inc.(Ð)

28,844

1,745

Brunswick

Corp.(Ð)

6,582

523

Callaway

Golf

Co.(Æ)

130,171

1,992

Carnival

Corp.

78,877

2,091

Carvana

Co.(Æ)(Ð)

4,920

1,947

Cava

Group,

Inc.(Æ)

52,658

4,919

Charter

Communications,

Inc.

Class

A(Æ)

4,845

800

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

229,430

7,798

Comcast

Corp.

Class

A

450,238

12,174

Costco

Wholesale

Corp.

17,583

17,839

Dana,

Inc.(Û)

28,759

1,048

Deckers

Outdoor

Corp.(Æ)(Ð)(Û)

53,593

5,477

Diageo

PLC

-

ADR

60,960

4,916

Dollar

General

Corp.

65,943

7,642

Domino's

Pizza,

Inc.(Ð)

11,930

4,049

DraftKings,

Inc.

Class

A(Æ)(Ð)

156,371

3,647

Expedia

Group,

Inc.

6,413

1,593

Ford

Motor

Co.

184,508

2,229

General

Motors

Co.(Û)

233,120

17,925

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

167,788

1,188

Harley-Davidson,

Inc.(Ð)

41,395

989

Hilton

Worldwide

Holdings,

Inc.

7,576

2,455

Home

Depot,

Inc.

(The)

16,777

5,516

Las

Vegas

Sands

Corp.

108,240

5,911

Lear

Corp.(Û)

48,673

6,188

Lennar

Corp.

Class

A

17,317

1,564

Lowe's

Cos.,

Inc.

50,493

12,057

Lululemon

Athletica,

Inc.(Æ)(Ð)(Û)

26,554

3,657

Marriott

International,

Inc.

Class

A

15,233

5,510

McDonald's

Corp.

38,752

11,377

Netflix,

Inc.

Class

B(Æ)

81,285

7,609

NIKE,

Inc.

Class

B

30,833

1,368

O'Reilly

Automotive,

Inc.(Æ)

97,609

9,702

Polaris,

Inc.(Ð)

53,383

3,538

RH(Æ)(Ð)

10,708

1,413

Royal

Caribbean

Cruises,

Ltd.

10,933

2,884

RTX

Corp.

15,464

2,723

Target

Corp.(Û)

76,287

9,898

Tesla,

Inc.(Æ)

59,750

22,802

TJX

Cos.,

Inc.

(The)

21,859

3,426

Versant

Media

Group,

Inc.

84,532

3,397

Viking

Holdings,

Ltd.(Æ)

35,272

2,889

Walmart,

Inc.

137,243

18,106

Walt

Disney

Co.

(The)

129,187

13,403

Warner

Music

Group

Corp.

Class

A(Ð)

81,674

2,309

Wayfair,

Inc.

Class

A(Æ)

31,319

2,002

Whirlpool

Corp.

31,107

1,744

Williams-Sonoma,

Inc.(Ð)

16,580

3,004

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yum!

Brands,

Inc.

13,410

2,141

399,813

Consumer

Staples

-

3.2%

Altria

Group,

Inc.

44,355

3,222

Archer-Daniels-Midland

Co.(Ð)

156,458

11,662

Casey's

General

Stores,

Inc.

3,959

3,255

Coca-Cola

Co.

(The)

48,361

3,809

Conagra

Brands,

Inc.

162,812

2,336

Estee

Lauder

Cos.,

Inc.

(The)

Class

A(Ð)

77,384

5,936

Kenvue

,

Inc.

64,769

1,135

Kimberly-Clark

Corp.

77,177

7,596

Kroger

Co.

(The)

206,477

14,055

Marzetti

Co.

(The)(Ð)

1,089

Mondelez

International,

Inc.

Class

A

47,797

2,937

Monster

Beverage

Corp.(Æ)

138,882

10,704

PepsiCo,

Inc.

26,159

4,146

Philip

Morris

International,

Inc.

29,013

4,789

Procter

&

Gamble

Co.

(The)

35,765

5,261

Smithfield

Foods,

Inc.

55,325

1,454

Sysco

Corp.(Û)

69,573

5,198

Tyson

Foods,

Inc.

Class

A

100,745

6,455

United

Natural

Foods,

Inc.(Æ)

14,908

746

94,838

Energy

-

3.7%

Baker

Hughes

Co.

110,508

7,699

BP

PLC

-

ADR

121,210

5,743

Canadian

Natural

Resources,

Ltd.

134,542

6,416

Chevron

Corp.

25,155

4,863

Devon

Energy

Corp.

109,408

5,620

Eaton

Corp.

PLC

23,423

10,142

EOG

Resources,

Inc.

51,440

7,231

Exxon

Mobil

Corp.

87,932

13,571

First

Solar,

Inc.(Æ)

27,453

5,542

ONEOK,

Inc.

23,778

2,198

Phillips

57,369

10,278

Shell

PLC

-

ADR

64,735

5,870

SLB,

Ltd.

109,228

6,213

SolarEdge

Technologies,

Inc.(Æ)

12,835

550

Valero

Energy

Corp.(Ð)(Û)

57,856

14,613

Williams

Cos.,

Inc.

(The)

50,764

3,874

110,423

Financial

Services

-

14.1%

AerCap

Holdings

NV

38,855

5,526

Aflac,

Inc.

30,228

3,436

Allstate

Corp.

(The)

27,203

5,910

Ally

Financial,

Inc.

204,015

9,056

American

Express

Co.

39,842

12,871

American

International

Group,

Inc.

22,443

1,679

American

Tower

Corp.(ö)

8,995

1,643

Ameriprise

Financial,

Inc.

3,470

1,647

Annaly

Capital

Management,

Inc.(ö)

189,117

4,331

Aon

PLC

Class

A

5,496

1,713

Arthur

J

Gallagher

&

Co.

27,481

5,672

Bank

of

America

Corp.

308,487

16,492

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

of

New

York

Mellon

Corp.

(The)(Û)

94,197

12,657

Berkshire

Hathaway,

Inc.

Class

B(Æ)

32,938

15,599

BlackRock,

Inc.

3,285

3,500

Blackstone,

Inc.

Class

A

58,390

7,333

Bread

Financial

Holdings,

Inc.

49,544

4,200

Brown

&

Brown,

Inc.

16,934

1,019

Camden

Property

Trust(Ð)(ö)

58,632

6,158

Capital

One

Financial

Corp.

43,908

8,400

Carlyle

Group,

Inc.

(The)

155,421

7,782

Charles

Schwab

Corp.

(The)

30,436

2,789

Chubb,

Ltd.

7,108

2,324

Citigroup,

Inc.

138,081

17,672

CME

Group,

Inc.

Class

A

9,393

2,703

CNA

Financial

Corp.(Û)

5,458

Corebridge

Financial,

Inc.(Ð)

228,942

6,305

Cullen/Frost

Bankers,

Inc.(Ð)(Û)

22,409

3,248

Essex

Property

Trust,

Inc.(Ð)(ö)

17,073

4,494

Evercore,

Inc.

Class

A

17,300

5,558

Federated

Hermes,

Inc.

Class

B(Ð)

15,003

871

First

American

Financial

Corp.(Ð)(Û)

49,328

3,459

First

Industrial

Realty

Trust,

Inc.(ö)(Û)

1,386

Global

Payments,

Inc.

156,617

11,270

Globe

Life,

Inc.(Ð)(Û)

37,878

5,845

Goldman

Sachs

Group,

Inc.

(The)

6,267

5,789

Hanover

Insurance

Group,

Inc.

(The)

16,906

3,173

Healthpeak

Properties,

Inc.(ö)

327,049

5,288

Host

Hotels

&

Resorts,

Inc.(ö)

258,701

5,466

Howard

Hughes

Holdings,

Inc.(Æ)

32,067

1,997

Interactive

Brokers

Group,

Inc.

Class

A

115,247

9,162

Intercontinental

Exchange,

Inc.

10,079

1,593

JPMorgan

Chase

&

Co.

49,895

15,629

Kemper

Corp.(Ð)

53,179

1,792

KKR

&

Co.,

Inc.

Class

A

15,508

1,618

M&T

Bank

Corp.

31,954

6,986

Marsh

&

McLennan

Cos.,

Inc.

12,725

2,134

Mastercard,

Inc.

Class

A

75,097

37,768

Mercury

General

Corp.(Û)

5,447

530

MetLife,

Inc.

24,003

1,923

Millrose

Properties,

Inc.

Class

A(ö)(Û)

60,590

1,858

Moody's

Corp.

4,107

1,897

Morgan

Stanley

69,666

13,278

Neptune

Insurance

Holdings

Inc.

Class

A(Æ)(Û)

8,502

NU

Holdings,

Ltd.

Class

A(Æ)

445,672

6,453

Piper

Sandler

Cos.

4,090

Popular,

Inc.

36,284

5,455

Progressive

Corp.

(The)

28,325

5,701

Prologis,

Inc.(ö)

41,115

5,839

Public

Storage(ö)

4,488

1,357

Realty

Income

Corp.(ö)

33,843

2,174

Reinsurance

Group

of

America,

Inc.

Class

A(Ð)(Û)

27,139

5,739

Robinhood

Markets,

Inc.

Class

A(Æ)

18,666

1,361

S&P

Global,

Inc.

5,229

2,255

Selective

Insurance

Group,

Inc.

18,676

1,568

Stifel

Financial

Corp.

75,369

5,940

StoneX

Group,

Inc.(Æ)(Ð)

21,863

2,318

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Synchrony

Financial

103,569

7,892

Travelers

Cos.,

Inc.

(The)

7,789

2,377

Truist

Financial

Corp.

47,201

2,431

Unum

Group(Û)

512

US

Bancorp

32,219

1,826

VICI

Properties,

Inc.(ö)

59,693

1,743

Visa,

Inc.

Class

A

30,565

10,082

Wells

Fargo

&

Co.

225,100

18,510

Welltower,

Inc.(ö)

13,483

2,930

Willis

Towers

Watson

PLC

20,168

5,167

421,122

Health

Care

-

9.9%

10X

Genomics,

Inc.

Class

A(Æ)

37,849

835

Abbott

Laboratories

39,669

3,602

AbbVie,

Inc.

56,328

11,903

Agilent

Technologies,

Inc.

78,686

9,092

Align

Technology,

Inc.(Æ)(Ð)

37,566

6,612

Alnylam

Pharmaceuticals,

Inc.(Æ)

15,109

4,676

Amgen,

Inc.

8,451

2,926

Becton

Dickinson

&

Co.

11,110

1,656

BioMarin

Pharmaceutical,

Inc.(Æ)

62,311

3,359

Boston

Scientific

Corp.(Æ)

50,110

2,887

Bristol-Myers

Squibb

Co.

44,991

2,726

Cardinal

Health,

Inc.

12,415

2,395

Cencora

,

Inc.

Class

A

6,803

2,095

Centene

Corp.(Æ)

150,927

8,103

Cigna

Group

(The)

9,842

2,860

Corcept

Therapeutics,

Inc.(Æ)(Ð)

33,236

1,546

CVS

Health

Corp.

176,337

14,687

Dexcom,

Inc.(Æ)

22,183

1,321

Edwards

Lifesciences

Corp.(Æ)

144,136

12,035

Elevance

Health,

Inc.

8,544

3,216

Eli

Lilly

&

Co.

20,497

19,156

Exelixis

,

Inc.(Æ)(Ð)

58,331

2,593

GE

HealthCare

Technologies,

Inc.(Ð)

108,523

6,603

Genmab

A/S

-

ADR(Æ)

104,293

2,766

Gilead

Sciences,

Inc.

33,642

4,402

GSK

PLC

-

ADR

86,192

4,509

HCA

Healthcare,

Inc.

5,899

2,563

Humana,

Inc.

22,919

5,419

Icon

PLC(Æ)

50,837

6,016

IDEXX

Laboratories,

Inc.(Æ)

15,559

8,725

Incyte

Corp.(Æ)(Ð)

17,367

1,655

Intuitive

Surgical,

Inc.(Æ)

7,605

3,480

Johnson

&

Johnson

62,565

14,381

Lantheus

Holdings,

Inc.(Æ)(Ð)

13,714

1,160

McKesson

Corp.

2,849

2,322

Medtronic

PLC

134,701

10,907

Merck

&

Co.,

Inc.

54,506

5,951

Molina

Healthcare,

Inc.(Æ)(Ð)

17,295

3,366

Natera

,

Inc.(Æ)

22,993

4,740

Neurocrine

Biosciences,

Inc.(Æ)

6,524

859

Omnicell,

Inc.(Æ)

17,212

713

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

52,881

976

Pfizer,

Inc.

241,882

6,458

Quest

Diagnostics,

Inc.

10,950

2,126

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Regeneron

Pharmaceuticals,

Inc.(Û)

17,317

12,244

ResMed,

Inc.

7,613

1,628

Royalty

Pharma

PLC

Class

A

87,036

4,360

Sanofi

SA

-

ADR

98,807

4,602

Stryker

Corp.

21,858

6,888

Thermo

Fisher

Scientific,

Inc.

3,812

1,826

Ultragenyx

Pharmaceutical,

Inc.(Æ)

76,435

1,887

UnitedHealth

Group,

Inc.

39,766

14,733

Veeva

Systems,

Inc.

Class

A(Æ)

18,232

2,844

Vertex

Pharmaceuticals,

Inc.(Æ)

13,781

5,890

Viatris

,

Inc.

286,883

4,286

West

Pharmaceutical

Services,

Inc.

35,988

10,710

Zoetis,

Inc.

Class

A

40,604

4,668

296,944

Materials

and

Processing

-

3.9%

Acuity,

Inc.

765

Air

Products

and

Chemicals,

Inc.

6,852

2,056

Albemarle

Corp.(Ð)

32,687

6,429

Amrize

,

Ltd.

63,620

3,421

Boise

Cascade

Co.

22,189

1,759

Carrier

Global

Corp.

24,611

1,653

Celanese

Corp.

Class

A

69,706

4,723

Commercial

Metals

Co.

49,707

3,428

Copart,

Inc.(Æ)

164,019

5,431

Crown

Holdings,

Inc.(Û)

65,241

6,414

Ecolab,

Inc.

10,485

2,732

Fastenal

Co.

47,361

2,128

FMC

Corp.(Ð)

84,915

1,306

Freeport-McMoRan,

Inc.

43,362

2,505

General

Electric

Co.

12,476

3,617

James

Hardie

Industries

PLC(Æ)(Ð)

188,905

3,965

Johnson

Controls

International

PLC

18,463

2,696

Linde

PLC

20,285

10,166

Martin

Marietta

Materials,

Inc.

10,126

6,269

Masco

Corp.

85,652

6,151

Newmont

Corp.

39,846

4,426

O-I

Glass,

Inc.(Æ)

133,226

1,214

Qnity

Electronics,

Inc.

24,176

3,401

Rogers

Corp.(Æ)

1,215

Smurfit

WestRock

PLC

96,899

3,720

Solstice

Advanced

Materials

Inc.

45,560

3,734

Trane

Technologies

PLC

17,206

8,475

Trex

Co.,

Inc.(Æ)

69,633

2,730

Vulcan

Materials

Co.

14,403

4,346

Watsco

,

Inc.(Ð)

7,574

3,316

Westlake

Corp.(Ð)

24,133

2,782

115,380

Producer

Durables

-

7.9%

3M

Co.

10,091

1,479

Amphenol

Corp.

Class

A

100,645

14,822

Argan,

Inc.

9,848

6,598

Automatic

Data

Processing,

Inc.

6,017

1,275

Boeing

Co.

(The)(Æ)

9,224

2,113

Caterpillar,

Inc.

7,958

7,084

CH

Robinson

Worldwide,

Inc.

35,969

6,540

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cintas

Corp.

9,477

1,656

CNH

Industrial

NV

327,517

3,508

Comfort

Systems

USA,

Inc.

2,627

4,834

CSX

Corp.

59,711

2,713

Deere

&

Co.

9,266

5,466

Delta

Air

Lines,

Inc.

110,675

7,525

EMCOR

Group,

Inc.(Û)

11,358

10,128

FedEx

Corp.

12,035

4,854

Fluor

Corp.(Æ)

29,569

1,578

FTI

Consulting,

Inc.(Æ)(Û)

18,026

3,232

Gartner,

Inc.(Æ)

4,513

670

GE

Vernova

,

Inc.

8,494

9,203

Graco,

Inc.

40,551

3,255

Honeywell

International,

Inc.

11,101

2,379

Howmet

Aerospace,

Inc.

19,607

4,765

Huntington

Ingalls

Industries,

Inc.

4,220

1,537

Illinois

Tool

Works,

Inc.

7,772

2,005

Itron

,

Inc.(Æ)

21,412

1,794

JB

Hunt

Transport

Services,

Inc.(Û)

21,318

5,362

Keysight

Technologies,

Inc.(Æ)

13,493

4,721

Landstar

System,

Inc.

31,049

5,715

Lockheed

Martin

Corp.(Ð)(Û)

8,600

4,455

Magna

International,

Inc.

Class

A

61,375

3,908

Middleby

Corp.

(The)(Æ)

21,465

3,013

Mueller

Industries,

Inc.

18,918

2,562

Norfolk

Southern

Corp.

7,619

2,406

Northrop

Grumman

Corp.

11,799

6,837

Old

Dominion

Freight

Line,

Inc.

7,790

1,655

Otis

Worldwide

Corp.(Ð)(Û)

38,680

3,012

PACCAR,

Inc.

26,206

3,113

Parker-Hannifin

Corp.

3,651

3,320

Paychex,

Inc.

20,885

1,935

Powell

Industries,

Inc.(Ð)

8,410

2,332

Primoris

Services

Corp.

6,556

1,188

Quanta

Services,

Inc.

5,365

3,904

Ralliant

Corp.(Ð)

73,277

3,330

Regal

Rexnord

Corp.

17,120

3,681

Republic

Services,

Inc.

Class

A

11,688

2,445

Rockwell

Automation,

Inc.

7,734

3,163

Ryder

System,

Inc.(Ð)(Û)

18,499

4,694

Saia,

Inc.(Æ)(Ð)(Û)

9,352

4,197

Schneider

National,

Inc.

Class

B(Ð)

57,825

1,798

Scotts

Miracle-Gro

Co.

(The)

Class

A(Ð)

48,664

3,051

Southwest

Airlines

Co.(Ð)(Û)

3,751

Teledyne

Technologies,

Inc.(Æ)

3,768

2,434

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

121,004

2,854

TransDigm

Group,

Inc.

1,351

1,567

TransUnion

64,890

4,607

TriNet

Group,

Inc.(Û)

17,687

810

Tutor

Perini

Corp.

12,463

1,158

U-Haul

Holding

Co.(Æ)

12,243

629

Union

Pacific

Corp.

9,797

2,640

United

Airlines

Holdings,

Inc.(Æ)

22,402

2,016

United

Parcel

Service,

Inc.

Class

B

19,471

2,118

United

Rentals,

Inc.

4,139

3,973

Verisk

Analytics,

Inc.

Class

A

23,594

4,353

Vontier

Corp.

101,887

3,656

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Waste

Management,

Inc.(Ð)

14,130

3,286

Werner

Enterprises,

Inc.

45,350

1,672

Westinghouse

Air

Brake

Technologies

Corp.

9,304

2,511

237,236

Technology

-

42.5%

Accenture

PLC

Class

A

32,915

5,882

Adobe,

Inc.(Æ)

55,782

13,728

Advanced

Micro

Devices,

Inc.(Æ)

38,214

13,547

Airbnb,

Inc.

Class

A(Æ)

13,725

1,926

Alphabet,

Inc.

Class

A

314,512

121,024

Alphabet,

Inc.

Class

C(Û)

171,075

65,340

Appfolio

,

Inc.

Class

A(Æ)(Ð)

13,995

2,338

Apple,

Inc.(Ð)(Û)

605,058

164,183

Applied

Materials,

Inc.

23,797

9,388

Arista

Networks,

Inc.(Æ)

31,293

5,405

ASML

Holding

NV

Class

G

2,058

2,961

Atlassian

Corp.

Class

A(Æ)(Ð)

45,987

3,154

Autodesk,

Inc.(Æ)

6,615

1,568

Booking

Holdings,

Inc.(Û)

76,695

12,912

Broadcom,

Inc.(Ð)

217,623

90,842

Broadridge

Financial

Solutions,

Inc.

7,825

1,205

Cadence

Design

Systems,

Inc.(Æ)

14,753

4,862

Cargurus

,

Inc.(Æ)

28,424

1,036

Cirrus

Logic,

Inc.(Æ)(Ð)

30,585

4,988

Cisco

Systems,

Inc.

84,085

7,694

Clear

Secure,

Inc.

Class

A

51,337

2,741

Cognizant

Technology

Solutions

Corp.

Class

A

42,405

2,243

CommVault

Systems,

Inc.(Æ)(Ð)

26,160

2,587

Corteva,

Inc.

26,467

2,144

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

16,280

7,257

Datadog,

Inc.

Class

A(Æ)

15,132

2,000

DocuSign,

Inc.(Æ)(Ð)

66,767

3,071

DoorDash

,

Inc.

Class

A(Æ)

24,263

4,092

Dropbox,

Inc.

Class

A(Æ)(Ð)

248,035

6,025

Etsy,

Inc.(Æ)

5,437

Everpure

,

Inc.

Class

A(Æ)(Ð)

42,290

3,022

Fiserv,

Inc.(Æ)

19,305

1,209

Fortinet,

Inc.(Æ)(Ð)

108,336

9,134

GoDaddy,

Inc.

Class

A(Æ)

44,647

3,875

Hewlett

Packard

Enterprise

Co.

76,661

2,206

Ingram

Micro

Holding

Corp.(Ð)

52,158

1,605

Insight

Enterprises,

Inc.(Æ)(Ð)

9,596

700

Intel

Corp.(Æ)

87,827

8,298

International

Business

Machines

Corp.

15,491

3,578

Intuit,

Inc.

36,445

14,159

Jabil,

Inc.

20,721

6,993

KBR,

Inc.(Ð)(Û)

48,057

1,802

KLA

Corp.

5,422

9,490

Kulicke

&

Soffa

Industries,

Inc.

39,388

3,368

Lam

Research

Corp.(Ð)

49,544

12,775

Manhattan

Associates,

Inc.(Æ)

31,952

4,406

Maplebear

,

Inc.(Æ)(Ð)

106,481

4,509

Match

Group,

Inc.(Ð)

155,369

5,814

Meta

Platforms,

Inc.

Class

A(Û)

97,965

59,946

Micron

Technology,

Inc.

50,581

26,158

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Microsoft

Corp.

301,734

123,041

Monolithic

Power

Systems,

Inc.

3,559

5,746

Motorola

Solutions,

Inc.

8,706

3,822

nLight

,

Inc.(Æ)

7,043

Nutanix,

Inc.

Class

A(Æ)

80,688

3,299

NVIDIA

Corp.

1,056,334

210,813

NXP

Semiconductors

NV

28,098

8,249

ON

Semiconductor

Corp.(Æ)

85,931

8,663

Onto

Innovation,

Inc.(Æ)

10,888

3,213

Oracle

Corp.

26,397

4,260

Palantir

Technologies,

Inc.

Class

A(Æ)

52,409

7,291

Palo

Alto

Networks,

Inc.(Æ)

23,329

4,183

PayPal

Holdings,

Inc.

25,874

1,297

Pegasystems,

Inc.

73,890

2,701

QUALCOMM,

Inc.

34,888

6,265

ROBLOX

Corp.

Class

A(Æ)(Ð)

81,092

4,481

Roku,

Inc.(Æ)

66,059

7,700

Roper

Technologies,

Inc.

3,519

1,249

Salesforce,

Inc.

66,216

11,689

Seagate

Technology

Holdings

PLC

11,275

7,595

SentinelOne

,

Inc.

Class

A(Æ)

139,397

1,974

ServiceNow,

Inc.(Æ)(Ð)

170,467

15,054

Snap,

Inc.

Class

A(Æ)(Ð)

298,729

1,813

Snowflake,

Inc.

Class

A(Æ)

33,304

4,545

Spotify

Technology

SA(Æ)(Ð)

9,086

4,057

Super

Micro

Computer,

Inc.(Æ)

42,672

1,169

Synopsys,

Inc.(Æ)(Ð)

19,738

9,526

TD

SYNNEX

Corp.

1,986

TE

Connectivity

PLC

12,453

2,636

Teradyne,

Inc.

16,420

5,640

Texas

Instruments,

Inc.(Ð)

68,156

19,157

Tyler

Technologies,

Inc.(Æ)

3,117

1,063

Uber

Technologies,

Inc.(Æ)

42,094

3,141

Varonis

Systems,

Inc.(Æ)

122,027

3,209

VeriSign,

Inc.

32,183

8,646

Western

Digital

Corp.

24,956

10,844

Workday,

Inc.

Class

A(Æ)

7,531

922

1,269,438

Utilities

-

3.5%

American

Electric

Power

Co.,

Inc.

20,164

2,765

AT&T,

Inc.

602,467

15,742

ConocoPhillips(Û)

116,994

14,716

Consolidated

Edison,

Inc.

19,745

2,201

Duke

Energy

Corp.

17,089

2,214

Edison

International

79,677

5,537

Entergy

Corp.

55,329

6,524

Eversource

Energy

68,176

4,820

Exelon

Corp.

67,464

3,103

FirstEnergy

Corp.

53,685

2,551

NextEra

Energy,

Inc.

95,769

9,374

NRG

Energy,

Inc.

19,298

3,002

Sempra

81,502

7,752

Southern

Co.

(The)

62,558

6,049

T-Mobile

US,

Inc.

14,786

2,891

Verizon

Communications,

Inc.

92,959

4,465

WEC

Energy

Group,

Inc.

18,286

2,157

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Xcel

Energy,

Inc.

100,823

8,363

104,226

#### Total

#### Common

#### Stocks
(cost

$1,754,103)

3,049,420

#### Short-Term

#### Investments

#### -

#### 2.3%
U.S.

Cash

Management

Fund(@)

69,495,932

(∞)

69,482

#### Total

#### Short-Term

#### Investments
(cost

$69,478)

69,482

#### Total

#### Investments

#### -

#### 104.4%
(identified

cost

$1,823,581)

3,118,902

#### Securities

#### Sold

#### Short

#### -

#### (5.8)%
Consumer

Discretionary

-

(0.5)%

Advanced

Energy

Industries,

Inc.

(7,886)

(3,028)

Axon

Enterprise,

Inc.(Æ)

(6,530)

(2,623)

Dutch

Bros,

Inc.

Class

A(Æ)

(52,618)

(3,026)

Hilton

Grand

Vacations,

Inc.(Æ)

(62,973)

(2,958)

Joby

Aviation,

Inc.(Æ)

(180,946)

(1,663)

Lithia

Motors,

Inc.

Class

A

(1,210)

(351) (13,649)

Consumer

Staples

-

(0.3)%

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

(32,368)

(2,512)

Flowers

Foods,

Inc.

(101,900)

(923) Philip

Morris

International,

Inc.

(17,791)

(2,937)

Primo

Brands

Corp.

Class

A

(42,857)

(873) Turning

Point

Brands,

Inc.

(21,086)

(1,701)

(8,946)

Energy

-

(0.5)%

Centrus

Energy

Corp.

Class

A(Æ)

(4,892)

(1,032)

Core

Natural

Resources,

Inc.

(23,567)

(2,115)

DNOW,

Inc.(Æ)

(17,550)

(237) Plug

Power,

Inc.(Æ)

(393,539)

(1,232)

Solaris

Energy

Infrastructure,

Inc.

Class

A

(23,271)

(1,718)

Texas

Pacific

Land

Corp.

(7,410)

(3,288)

Uranium

Energy

Corp.(Æ)

(174,918)

(2,604)

Viper

Energy,

Inc.

Class

A

(63,726)

(3,147)

(15,373)

Financial

Services

-

(0.8)%

Acadia

Realty

Trust(ö)

(40,471)

(875) AGNC

Investment

Corp.(ö)

(268,303)

(2,957)

Annaly

Capital

Management,

Inc.(ö)

(18,509)

(424) Applied

Digital

Corp.(Æ)

(18,240)

(625) Atlantic

Union

Bankshares

Corp.

(78,167)

(2,943)

Brown

&

Brown,

Inc.

(44,487)

(2,676)

Cipher

Digital,

Inc.(Æ)

(22,578)

(400) HA

Sustainable

Infrastructure

Capital,

Inc.

(45,564)

(1,911)

LPL

Financial

Holdings,

Inc.

(27) (9) MARA

Holdings,

Inc.(Æ)

(19,531)

(234) Old

National

Bancorp

(34,557)

(828) Pinnacle

Financial

Partners,

Inc.

(29,954)

(2,964)

Rocket

Cos.,

Inc.

Class

A(Æ)

(191,704)

(2,803)

Shift4

Payments,

Inc.

Class

A(Æ)

(20,589)

(912) T

Rowe

Price

Group,

Inc.

(24,585)

(2,529)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UWM

Holdings

Corp.

(314,835)

(1,114)

WisdomTree,

Inc.

(39,750)

(676) (24,880)

Health

Care

-

(0.9)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(132,793)

(3,439)

Arrowhead

Pharmaceuticals,

Inc.(Æ)

(32,559)

(2,392)

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

(72,259)

(1,038)

Certara,

Inc.(Æ)

(125,346)

(768) CG

Oncology,

Inc.(Æ)

(36,849)

(2,459)

Crinetics

Pharmaceuticals,

Inc.(Æ)

(17,269)

(670) Globus

Medical,

Inc.

Class

A(Æ)

(31,685)

(2,857)

Immunovant

,

Inc.(Æ)

(6,551)

(178) Kymera

Therapeutics,

Inc.(Æ)

(21,589)

(1,750)

Protagonist

Therapeutics,

Inc.(Æ)

(19,388)

(1,919)

RadNet

,

Inc.(Æ)

(50,589)

(2,861)

Revolution

Medicines,

Inc.(Æ)

(25,527)

(3,679)

Vaxcyte

,

Inc.(Æ)

(36,994)

(2,118)

(26,128)

Materials

and

Processing

-

(0.6)%

Element

Solutions,

Inc.

(48,530)

(2,067)

Greif,

Inc.

Class

A

(20,610)

(1,345)

Hawkins,

Inc.

(4,327)

(724) International

Paper

Co.

(65,588)

(1,995)

Ivanhoe

Electric,

Inc.(Æ)

(130,753)

(1,678)

Knife

River

Corp.(Æ)

(16,597)

(1,536)

Modine

Manufacturing

Co.(Æ)

(10,050)

(2,559)

Perimeter

Solutions,

Inc.(Æ)

(11,820)

(358) Quaker

Chemical

Corp.

(11,956)

(1,625)

Royal

Gold,

Inc.

(11,379)

(2,656)

Sensient

Technologies

Corp.

(8,320)

(945) (17,488)

Producer

Durables

-

(1.1)%

AeroVironment,

Inc.(Æ)

(11,379)

(2,219)

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(9,191)

(729) Construction

Partners,

Inc.

Class

A(Æ)

(25,014)

(3,093)

CoreCivic

,

Inc.(Æ)

(25,575)

(523) Dorman

Products,

Inc.(Æ)

(11,969)

(1,347)

GEO

Group,

Inc.

(The)(Æ)

(109,468)

(2,026)

Ingersoll

Rand,

Inc.

(13,768)

(1,100)

JBT

Marel

Corp.

(22,075)

(2,607)

Mercury

Systems,

Inc.(Æ)

(32,508)

(2,565)

Mirion

Technologies,

Inc.(Æ)

(139,148)

(2,748)

NuScale

Power

Corp.(Æ)

(135,019)

(1,682)

OSI

Systems,

Inc.(Æ)

(12,108)

(3,474)

Standex

International

Corp.

(4,136)

(1,129)

Teledyne

Technologies,

Inc.(Æ)

(4,228)

(2,731)

TransUnion

(30,496)

(2,165)

Willscot

Holdings

Corp.

(152,294)

(3,448)

(33,586)

Technology

-

(0.9)%

Advanced

Micro

Devices,

Inc.(Æ)

(3,549)

(1,258)

Bentley

Systems,

Inc.

Class

B

(89,597)

(2,923)

Coherent

Corp.(Æ)

(12,054)

(3,854)

Concentrix

Corp.

(22,495)

(536) 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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Corning,

Inc.

(2,114)

(347) Crane

NXT

Co.

(7,201)

(322) D-Wave

Quantum,

Inc.(Æ)

(5,150)

(104) IonQ

,

Inc.(Æ)

(5,738)

(259) Oracle

Corp.

(18,537)

(2,992)

Photronics

,

Inc.(Æ)

(61,785)

(3,057)

Planet

Labs

PBC(Æ)

(75,483)

(2,791)

Samsara,

Inc.

Class

A(Æ)

(60,561)

(1,740)

Sanmina

Corp.(Æ)

(17,552)

(3,823)

TTM

Technologies,

Inc.(Æ)

(27,023)

(4,275)

(28,281)

Utilities

-

(0.2)%

Alliant

Energy

Corp.

(27,900)

(2,049)

Northern

Oil

&

Gas,

Inc.

(48,812)

(1,326)

Otter

Tail

Corp.

(10,979)

(980) Sable

Offshore

Corp.(Æ)

(21,853)

(313) (4,668)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$151,005)

(172,999)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.4%
41,600

#### Net

#### Assets

#### -

#### 100.0%
2,987,503

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

47,171

06/26

3,447

S&P

500

E-Mini

Index

Futures

USD

46,722

06/26

2,192

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5,639

#### 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

$

399,813

$

—

$

—

$

—

$

399,813

Consumer

Staples

94,838

—

—

—

94,838

Energy

110,423

—

—

—

110,423

Financial

Services

421,122

—

—

—

421,122

Health

Care

296,944

—

—

—

296,944

Materials

and

Processing

115,380

—

—

—

115,380

Producer

Durables

237,236

—

—

—

237,236

Technology

1,269,438

—

—

—

1,269,438

Utilities

104,226

—

—

—

104,226

Short-Term

Investments

—

—

—

69,482

69,482

Total

Investments

3,049,420

—

—

69,482

3,118,902

Securities

Sold

Short

\*

(172,999)

—

—

—

(172,999)

Other

Financial

Instruments

Assets

Futures

Contracts

5,639

—

—

—

5,639

Total

Other

Financial

Instruments

\*\*

$

5,639

$

—

$

—

$

—

$

5,639

\*

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

April

30,

2026,

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

April

30,

2026,

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

5,639

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,432

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,871

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

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

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

172,999

$

—

$

172,999

Total

Financial

and

Derivative

Liabilities

172,999

—

172,999

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

172,999

$

—

$

172,999

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

172,999

$

—

$

172,999

$

—

Total

$

172,999

$

—

$

172,999

$

—

^

Collateral

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

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

1,823,581

Investments,

at

fair

value(>)

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

3,118,902

Receivables:

Dividends

and

interest

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

1,134

Dividends

from

affiliated

funds

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

Investments

sold

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

46,810

Fund

shares

sold

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

39,168

Variation

margin

on

futures

contracts

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

5,639

Prepaid

expenses

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

Total

assets

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

3,211,888

#### Liabilities
Payables:

Due

to

custodian

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

Due

to

broker(a)

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

Investments

purchased

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

9,414

Fund

shares

redeemed

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

39,741

Accrued

fees

to

affiliates

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

1,605

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

172,999

Total

liabilities

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

224,385

#### Net

#### Assets

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

2,987,503

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

1,449,02

Shares

of

beneficial

interest

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

1,697

Additional

paid-in

capital

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

1,536,78

#### Net

#### Assets

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

2,987,503

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

69,482

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

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

$

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

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

$

151,005

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

17.54 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

18.61 Class

A

—

Net

assets

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

$

28,576,781

Class

A

—

Shares

outstanding

($.01

par

value)

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

1,628,934

Net

asset

value

per

share:

Class

C

(#)

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

$

17.00 Class

C

—

Net

assets

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

$

7,032,668

Class

C

—

Shares

outstanding

($.01

par

value)

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

413,609

Net

asset

value

per

share:

Class

M

(#)

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

$

17.58 Class

M

—

Net

assets

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

$

527,499,406

Class

M

—

Shares

outstanding

($.01

par

value)

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

30,011,576

Net

asset

value

per

share:

Class

S

(#)

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

$

17.61 Class

S

—

Net

assets

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

$

2,222,270,761

Class

S

—

Shares

outstanding

($.01

par

value)

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

126,185,539

Net

asset

value

per

share:

Class

Y

(#)

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

$

17.58 Class

Y

—

Net

assets

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

$

202,123,036

Class

Y

—

Shares

outstanding

($.01

par

value)

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

11,499,230

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

18,243

Dividend

distributions

from

affiliated

funds

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

1,591

Interest

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

Total

investment

income

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

19,938

#### Expenses
Advisory

fees

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

8,038

Administrative

fees

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

685

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

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

2,162

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

738

Interest

expense

paid

on

securities

sold

short

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

531

Miscellaneous

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

Expenses

before

reductions

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

13,399

Expense

reductions

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

(1,741)

Net

expenses

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

11,658

Net

investment

income

(loss)

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

8,280

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

234,732

Investments

in

affiliated

funds

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

Futures

contracts

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

1,432

Securities

sold

short

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

(21,735)

Foreign

currency-related

transactions

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

(3) Net

realized

gain

(loss)

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

214,429

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(99,259)

Investments

in

affiliated

funds

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

Futures

contracts

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

3,871

Securities

sold

short

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

7,112

Net

change

in

unrealized

appreciation

(depreciation)

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

(88,275)

Net

realized

and

unrealized

gain

(loss)

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

126,154

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

134,434

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

8,280

$

21,583

Net

realized

gain

(loss)

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

214,429

326,052

Net

change

in

unrealized

appreciation

(depreciation)

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

(88,275)

162,053

Net

increase

(decrease)

in

net

assets

from

operations

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

134,434

509,688

#### Distributions
To

shareholders

Class

A

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

(2,886)

(2,320)

Class

C

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

(721) (643) Class

M

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

(53,963)

(59,964)

Class

S

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

(226,360)

(250,995)

Class

Y

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

(20,424)

(16,216)

Net

decrease

in

net

assets

from

distributions

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

(304,354)

(330,138)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(167,135)

(96,315)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(337,055)

83,235

#### Net

#### Assets
Beginning

of

period

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

3,324,558

3,241,323

End

of

period

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

$

2,987,503

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,400

525

$

8,873

Proceeds

from

reinvestment

of

distributions

2,885

2,319

Payments

for

shares

redeemed

(22

2)

(3,857)

(33

8)

(5,651)

Net

increase

(decrease)

1,428

5,541

Class

C

Proceeds

from

shares

sold

712

Proceeds

from

reinvestment

of

distributions

721

643

Payments

for

shares

redeemed

(26) (429) (76) (1,274)

Net

increase

(decrease)

548

Class

M

Proceeds

from

shares

sold

2,997

52,776

6,118

103,439

Proceeds

from

reinvestment

of

distributions

3,265

53,961

3,644

59,938

Payments

for

shares

redeemed

(10,070)

(179,581)

(11,734)

(205,727)

Net

increase

(decrease)

(3,808)

(72,844)

(1,972)

(42,350)

Class

S

Proceeds

from

shares

sold

5,900

101,652

14,881

260,962

Proceeds

from

reinvestment

of

distributions

13,648

226,149

15,218

250,662

Payments

for

shares

redeemed

(24,850)

(441,09

1)

(34,706)

(595,936)

Net

increase

(decrease)

(5,302)

(113,29

0)

(4,607)

(84,312)

Class

Y

Proceeds

from

shares

sold

1,653

2,676

41,688

Proceeds

from

reinvestment

of

distributions

1,236

20,424

985

16,21

Payments

for

shares

redeemed

(288) (5,054)

(1,922)

(33,179)

Net

increase

(decrease)

1,039

17,023

1,739

24,72

Total

increase

(decrease)

(7,94

4)

$

(167,13

5)

(4,50

7)

$

(96,31

5)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.66 17.75 13.68 13.31 17.88 12.88 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.02

.0

.07

.09

.06

.02

$

Net

Realized

and

Unrealized

Gain

(Loss)

.79

2.6 3

4.58 1.12 (3.31)

5.02 $

Total

from

Investment

Operations

.81

2.70 4.65 1.21 (3.25)

5.04 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.06)

(.10)

(.07)

(.09)

(.06)

(.04)

$

Distributions

from

Net

Realized

Gain

(1.87)

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.93)

(1.79)

(.58)

(.84)

(1.32)

(.04)

$

Net

Asset

Value,

End

of

Period

17.54 18.66 17.75 13.68 13.31 17.88 %

Total

Return

(±)(ǿ)

4.96 16.65 34.67 9.67 (19.47)

39.21 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 28,577

28,669

21,457

14,309

11,144

12,928

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.18 1.1 8

1.24 1.39 1.26 1.25 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.08 1.0 8

1.10 1.12 1.00 .99

%

Net

Investment

Income

(Ƃ)(ɯ)

.29

.

.43

.63

.41

.15

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.18 17.36 13.44 13.11 17.68 12.80 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.04)

(.06)

(.05)

(.01)

(.05)

(.10)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.75

2.58 4.49 1.09 (3.26)

4.99 $

Total

from

Investment

Operations

.71

2.52 4.44 1.08 (3.31)

4.89 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.02)

(.01)

(.01)

—

—

(.01)

$

Distributions

from

Net

Realized

Gain

(1.87)

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.89)

(1.70)

(.52)

(.75)

(1.26)

(.01)

$

Net

Asset

Value,

End

of

Period

17.00 18.18 17.36 13.44 13.11 17.68 %

Total

Return

(ǿ)

4.52 15.84 33.69 8.80 (20.06)

38.18 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 7,033

6,89

6,499

4,938

5,302

7,142

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.93 1.9 3

2.00 2.14 2.01 2.00 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.83 1.8 3

1.85 1.87 1.75 1.74 %

Net

Investment

Income

(Ƃ)(ɯ)

(.46)

(.3

5)

(.31)

(.10)

(.34)

(.60)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.69 17.77 13.69 13.32 17.90 12.88 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.13

.13

.14

.11

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78

2.6 4

4.58 1.12 (3.31)

5.04 $

Total

from

Investment

Operations

.84

2.7 7

4.71 1.26 (3.20)

5.12 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.08)

(.16)

(.12)

(.14)

(.12)

(.10)

$

Distributions

from

Net

Realized

Gain

(1.87)

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.95)

(1.85)

(.63)

(.89)

(1.38)

(.10)

$

Net

Asset

Value,

End

of

Period

17.58 18. 69

17.77 13.69 13.32 17.90 %

Total

Return

(ǿ)

5.15 17.09 35.16 10.03 (19.20)

39.83 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 527,499

632,053

636,086

509,184

525,351

704,072

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.93

.9

1.00 1.14 1.01 .99

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.73

.7

.75

.77

.65

.64

%

Net

Investment

Income

(Ƃ)(ɯ)

.65

.7

.79

1.00 .76

.50

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.72 17.80 13.71 13.34 17.92 12.90 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.0

.11

.11

.12

.10

.07

$

Net

Realized

and

Unrealized

Gain

(Loss)

.78

2.65 4.59 1.12 (3.32)

5.03 $

Total

from

Investment

Operations

.8

2.76 4.70 1.24 (3.22)

5.10 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.07)

(.1

5)

(.10)

(.12)

(.10)

(.08)

$

Distributions

from

Net

Realized

Gain

(1.87)

(1.69)

(.51)

(.75)

(1.26)

—

$

Total

Distributions

(1.94)

(1.8

4)

(.61)

(.87)

(1.36)

(.08)

$

Net

Asset

Value,

End

of

Period

17.6 1

18.7 2

17.80 13.71 13.34 17.92 %

Total

Return

(ǿ)

5.08 16.94 35.05 9.90 (19.27)

39.62 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,222,271

2,461,437

2,422,271

2,171,846

2,526,335

3,565,540

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.93

.9

1.00 1.14 1.01 .99

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.83

.8

.85

.87

.75

.74

%

Net

Investment

Income

(Ƃ)(ɯ)

.55

.6

.70

.90

.66

.40

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ƶ)

#### Per-Share

#### Data
–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.69 17.77 13.69 14.52 Income

(loss)

from

investment

operations:

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.14

.14

.01

$

Net

Realized

and

Unrealized

Gain

(Loss)

.79

2.65 4.58 (.81)

$

Total

from

Investment

Operations

.85

2.79 4.72 (.80)

Less

distributions:

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.1

8)

(.13)

(.03)

$

Distributions

from

Net

Realized

Gain

(1.87)

(1.69)

(.51)

—

$

Total

Distributions

(1.96)

(1.8

7)

(.64)

(.03)

$

Net

Asset

Value,

End

of

Period

17.58 18. 69

17.77 13.69 %

Total

Return

(ǿ)

5.19 17.18 35.26 (5.50)

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

$

Net

Assets,

End

of

Period

(000) 202,123

195,503

155,010

137,246

Ratio

to

average

net

assets:

–

–

–

–

%

Expenses,

Gross

(ɯ)

.74

.7

.80

.94

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.65

.6

.67

.69

%

Net

Investment

Income

(Ƃ)(ɯ)

.71

.8

.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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,111,512

Administrative

fees

110,914

Distribution

fees

9,850

Shareholder

servicing

fees

1,396

Transfer

agent

fees

355,844

Trustees'

fees

15,883

$

1,605,399

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

62,425

$

266,006

$

258,953

$

$

$

69,482

$

1,591

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,711,632,854

$

1,349,427,733

$

(109,518,753)

$

1,239,908,980

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 99.1%
Consumer

Discretionary

-

9.9%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

3,654

Academy

Sports

&

Outdoors,

Inc.

22,928

1,257

Advance

Auto

Parts,

Inc.

8,319

Advanced

Energy

Industries,

Inc.

2,762

1,060

AerSale

Corp.(Æ)

75,884

510

American

Outdoor

Brands,

Inc.(Æ)

2,728

American

Public

Education,

Inc.(Æ)

12,145

706

Asbury

Automotive

Group,

Inc.(Æ)

1,838

Atkore,

Inc.(Ð)

7,826

612

Bed

Bath

&

Beyond,

Inc.(Æ)

12,182

Bloomin'

Brands,

Inc.

34,148

BlueLinx

Holdings,

Inc.(Æ)

1,733

Boot

Barn

Holdings,

Inc.(Æ)

9,446

1,619

Boyd

Gaming

Corp.

11,144

969

Brightstar

Lottery

PLC

47,689

626

Brilliant

Earth

Group,

Inc.

Class

A

153,091

Brinker

International,

Inc.(Æ)

4,044

616

Brunswick

Corp.

35,121

2,790

Buckle,

Inc.

(The)

7,421

Cadre

Holdings,

Inc.

81,876

2,428

Callaway

Golf

Co.(Æ)

27,975

Carter's,

Inc.

2,853

Cava

Group,

Inc.(Æ)

10,563

987

Cavco

Industries,

Inc.(Æ)

760

Century

Communities,

Inc.

8,873

Chegg,

Inc.(Æ)

12,839

Citi

Trends,

Inc.(Æ)

1,743

Clarus

Corp.

276,258

720

Columbia

Sportswear

Co.

20,225

1,232

Cooper-Standard

Holdings,

Inc.(Æ)

3,577

Covista,

Inc.(Æ)

1,089

Dana,

Inc.

26,711

974

Deckers

Outdoor

Corp.(Æ)(Û)

1,126

Designer

Brands,

Inc.

Class

A(Ð)

5,478

Dillard's,

Inc.

Class

A(Ð)

651

Domino's

Pizza,

Inc.(Ð)

Douglas

Dynamics,

Inc.

34,741

1,603

DraftKings,

Inc.

Class

A(Æ)(Û)

3,110

Driven

Brands

Holdings,

Inc.(Æ)(Ð)

13,595

Enovix

Corp.(Æ)(Ð)

11,572

Entravision

Communications

Corp.

Class

A

258,899

976

Ethan

Allen

Interiors,

Inc.

12,740

EW

Scripps

Co.

(The)

Class

A(Æ)

67,848

FIGS,

Inc.

Class

A(Æ)

74,779

1,119

First

Watch

Restaurant

Group,

Inc.(Æ)

85,860

1,126

FirstCash

Holdings,

Inc.

6,540

1,427

Five

Below,

Inc.(Æ)(Û)

10,994

2,591

Flexsteel

Industries,

Inc.

500

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

(Ð)

4,843

Forestar

Group,

Inc.(Æ)

4,087

Funko,

Inc.

Class

A(Æ)(Ð)

18,433

Gap,

Inc.

(The)

35,170

865

Genesco,

Inc.(Æ)

3,711

Genius

Sports,

Ltd.(Æ)(Ð)

46,588

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

50,516

GoPro,

Inc.

Class

A(Æ)

36,978

Gray

Media,

Inc.

58,051

Green

Brick

Partners,

Inc.(Æ)

30,673

2,069

Group

Automotive,

Inc.

1,138

Harley-Davidson,

Inc.(Ð)

22,144

529

Haverty

Furniture

Cos.,

Inc.

61,978

1,372

HealthStream,

Inc.

2,006

IAC,

Inc.(Æ)

25,120

1,119

Intuitive

Machines,

Inc.(Æ)

36,394

923

JAKKS

Pacific,

Inc.

1,505

Johnson

Outdoors,

Inc.

Class

A

20,381

1,073

Karman

Holdings

Inc.(Æ)

15,268

1,038

Kohl's

Corp.(Ð)

9,665

Kura

Sushi

USA,

Inc.

Class

A(Æ)

23,712

1,306

Lands'

End,

Inc.(Æ)

2,815

Lear

Corp.

11,064

1,407

Legacy

Education,

Inc.(Æ)

42,730

Leonardo

DRS,

Inc.(Ð)

9,667

Life

Time

Group

Holdings,

Inc.(Æ)

23,570

632

Lindblad

Expeditions

Holdings,

Inc.(Æ)

49,509

917

Madison

Square

Garden

Entertainment

Corp.(Æ)(Ð)(Û)

5,110

Malibu

Boats,

Inc.

Class

A(Æ)

4,560

Marine

Products

Corp.

169,759

1,344

Marriott

Vacations

Worldwide

Corp.

33,910

2,442

MasterCraft

Boat

Holdings,

Inc.(Æ)

3,646

Mattel,

Inc.(Æ)

39,434

595

Matthews

International

Corp.

Class

A

28,943

826

MNTN,

Inc.

Class

A(Æ)(Ð)

3,350

Monro,

Inc.

98,022

1,721

Motorcar

Parts

of

America,

Inc.(Æ)

22,903

Movado

Group,

Inc.(Ð)

67,188

1,830

M-Tron

Industries,

Inc.(Æ)

4,803

Newell

Brands,

Inc.

598,637

2,442

Nu

Skin

Enterprises,

Inc.

Class

A

34,662

Oxford

Industries,

Inc.

46,743

2,002

Patrick

Industries,

Inc.

6,653

619

Peloton

Interactive,

Inc.

Class

A(Æ)(Ð)

72,854

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

28,604

Polaris,

Inc.

9,487

629

QuinStreet,

Inc.(Æ)

21,565

Reservoir

Media,

Inc.(Æ)

149,268

1,502

RH(Æ)(Ð)

2,743

Rocky

Brands,

Inc.

45,710

1,676

Rush

Street

Interactive,

Inc.(Æ)(Û)

82,671

2,323

Sally

Beauty

Holdings,

Inc.(Æ)

44,484

631

Scholastic

Corp.

6,594

Shake

Shack,

Inc.

Class

A(Æ)

4,139

SharkNinja,

Inc.(Æ)(Ð)

25,456

2,941

Shoe

Carnival,

Inc.(Ð)

10,357

Signet

Jewelers,

Ltd.

6,847

610

SKYX

Platforms

Corp.(Æ)

148,234

Sonic

Automotive,

Inc.

Class

A(Ð)

7,305

575

Sphere

Entertainment

Co.(Æ)(Ð)

4,106

585

Starz

Entertainment

Corp.(Æ)

46,085

845

Steven

Madden,

Ltd.

16,372

615

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Stitch

Fix,

Inc.

Class

A(Æ)

41,500

Strata

Critical

Medical,

Inc.(Æ)

163,492

821

Stride,

Inc.(Æ)

3,685

Sturm

Ruger

&

Co.,

Inc.

44,004

1,909

Superior

Group

of

Cos.,

Inc.

2,334

Texas

Roadhouse,

Inc.

Class

A

8,685

1,398

Thor

Industries,

Inc.

17,209

1,360

Upbound

Group,

Inc.

Class

A

21,325

Urban

Outfitters,

Inc.(Æ)

9,531

670

VF

Corp.

73,513

1,392

Visteon

Corp.

3,978

Wabash

National

Corp.

16,936

Wayfair,

Inc.

Class

A(Æ)(Ð)

13,419

858

Wingstop,

Inc.

4,428

726

Winmark

Corp.

1,091

Winnebago

Industries,

Inc.

81,010

2,642

Wolverine

World

Wide,

Inc.(Ð)

14,404

Wyndham

Hotels

&

Resorts,

Inc.

19,491

1,586

Zillow

Group,

Inc.

Class

A(Æ)(Û)

25,375

1,132

Zumiez,

Inc.(Æ)

5,419

94,812

Consumer

Staples

-

2.2%

Andersons,

Inc.

(The)

17,436

1,369

Arko

Corp.

13,022

Cal-Maine

Foods,

Inc.

8,603

665

Celsius

Holdings,

Inc.(Æ)

25,736

864

Dole

PLC

12,046

Fresh

Del

Monte

Produce,

Inc.

8,279

Helen

of

Troy,

Ltd.(Æ)(Ð)

10,214

Herbalife,

Ltd.(Æ)(Ð)(Û)

8,132

HF

Foods

Group,

Inc.(Æ)

182,187

Ingles

Markets,

Inc.

Class

A

4,052

Interparfums,

Inc.

10,151

926

National

Vision

Holdings,

Inc.(Æ)

57,885

1,344

Nature's

Sunshine

Products,

Inc.(Æ)

2,706

Olaplex

Holdings,

Inc.(Æ)

172,087

Post

Holdings,

Inc.(Æ)

5,020

526

Primo

Brands

Corp.

Class

A

69,107

1,408

Quanex

Building

Products

Corp.

218,489

4,357

SkinHealth

Systems,

Inc.(Æ)

27,769

Smithfield

Foods,

Inc.(Û)

18,297

United

Natural

Foods,

Inc.(Æ)

20,317

1,016

Universal

Corp.

6,092

USANA

Health

Sciences,

Inc.(Æ)

1,920

Vita

Coco

Co.,

Inc.

(The)(Æ)(Ð)(Û)

34,956

2,307

Vital

Farms,

Inc.(Æ)(Ð)

25,962

Warby

Parker,

Inc.

Class

A(Æ)

100,422

2,221

Yesway,

Inc.

Class

A(Æ)

28,690

738

21,095

Energy

-

5.2%

Amplify

Energy

Corp.(Æ)

10,949

Antero

Resources

Corp.(Æ)(Û)

44,451

1,745

ARKO

Petroleum

Corp.

69,306

1,295

Atlas

Energy

Solutions,

Inc.

39,464

686

DNOW,

Inc.(Æ)

65,632

885

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Expro

Group

Holdings

NV(Æ)

24,354

Forum

Energy

Technologies,

Inc.(Æ)

3,278

Green

Plains,

Inc.(Æ)

19,372

Hallador

Energy

Co.(Æ)

16,332

HF

Sinclair

Corp.

17,318

1,164

Kodiak

Gas

Services,

Inc.

26,688

1,810

Liberty

Energy,

Inc.

Class

A

31,544

1,066

Mammoth

Energy

Services,

Inc.(Æ)

108,413

Matrix

Service

Co.(Æ)

105,036

1,420

National

Energy

Services

Reunited

Corp.

(Æ)

80,122

1,998

Natural

Gas

Services

Group,

Inc.

38,186

1,554

Noble

Corp.

PLC

24,146

1,232

NOV,

Inc.(Ð)

25,669

525

NPK

International,

Inc.(Æ)

243,215

3,977

Oceaneering

International,

Inc.(Æ)

66,010

2,478

Oil

States

International,

Inc.(Æ)

60,298

692

Ormat

Technologies,

Inc.

21,065

2,420

Patterson-UTI

Energy,

Inc.

141,718

1,732

PBF

Energy,

Inc.

Class

A

12,077

524

PrimeEnergy

Resources

Corp.(Æ)(Ð)

549

Ranger

Energy

Services,

Inc.

Class

A(Ð)

2,488

RPC,

Inc.

61,761

Select

Water

Solutions,

Inc.

Class

A

389,307

6,513

SM

Energy

Co.

11,056

SolarEdge

Technologies,

Inc.(Æ)

2,202

Solaris

Energy

Infrastructure,

Inc.

Class

A

60,094

4,437

SunCoke

Energy,

Inc.

13,881

Sunrun,

Inc.(Æ)

33,096

TETRA

Technologies,

Inc.(Æ)

260,414

2,479

United

States

Antimony

Corp.(Æ)

76,277

916

Warrior

Met

Coal,

Inc.

12,152

1,092

WaterBridge

Infrastructure

LLC

Class

A

90,770

2,736

World

Kinect

Corp.

18,359

49,097

Financial

Services

-

20.4%

1st

Source

Corp.

5,521

Acadian

Asset

Management,

Inc.

5,432

Adamas

Trust,

Inc.(ö)

49,394

Alexander's,

Inc.(Ð)(ö)

Alexandria

Real

Estate

Equities,

Inc.(ö)

2,237

Ally

Financial,

Inc.

37,163

1,650

American

Assets

Trust,

Inc.(Ð)(ö)

1,727

American

Homes

Rent

Class

A(Ð)(ö)(Û)

3,089

American

Integrity

Insurance

Group,

Inc.

79,074

1,550

Ameris

Bancorp

7,854

670

Apartment

Investment

and

Management

Co.

Class

A(ö)

51,215

Arbor

Realty

Trust,

Inc.(ö)

49,326

Artisan

Partners

Asset

Management,

Inc.

Class

A

2,765

Avidia

Bancorp,

Inc.

6,358

Axos

Financial,

Inc.(Æ)

11,122

1,073

Banc

of

California,

Inc.

32,740

613

Bancorp,

Inc.

(The)(Æ)

11,036

660

Bank

of

Hawaii

Corp.

22,933

1,823

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

16,649

923

Bank

OZK

14,824

714

BankUnited,

Inc.

23,141

1,076

Banner

Corp.

25,582

1,712

BGC

Group,

Inc.

Class

A

141,259

1,586

Blackstone

Mortgage

Trust,

Inc.

Class

A(ö)

45,480

864

BOK

Financial

Corp.(Ð)(Û)

2,123

Bowhead

Specialty

Holdings,

Inc.(Æ)

53,171

1,264

Bread

Financial

Holdings,

Inc.

24,082

2,042

Brixmor

Property

Group,

Inc.(ö)

40,024

1,204

Broadstone

Net

Lease,

Inc.(ö)

90,028

1,783

Business

First

Bancshares,

Inc.

90,403

2,475

Camden

Property

Trust(ö)(Û)

12,784

1,343

Capital

Bancorp,

Inc.

48,312

1,521

Capital

City

Bank

Group,

Inc.(Ð)

28,154

1,300

Cathay

General

Bancorp

11,820

662

CBL

&

Associates

Properties,

Inc.(ö)

7,991

Centerspace(ö)

16,537

1,129

Central

Pacific

Financial

Corp.

33,115

1,102

Chatham

Lodging

Trust(ö)

6,258

City

Holding

Co.

3,255

CNO

Financial

Group,

Inc.

39,739

1,766

Coastal

Financial

Corp.(Æ)

19,053

1,441

Community

Financial

System,

Inc.

20,951

1,327

Community

Healthcare

Trust,

Inc.(ö)

121,721

2,096

Compass

Diversified

Holdings(Æ)

111,214

1,313

Compass,

Inc.

Class

A(Æ)(Ð)

86,232

653

COPT

Defense

Properties(ö)

19,728

617

Core

Scientific

Inc.(Æ)

9,532

Corebridge

Financial,

Inc.(Ð)(Û)

39,194

1,079

CTO

Realty

Growth,

Inc.(ö)

54,607

1,106

Cullen/Frost

Bankers,

Inc.(Ð)(Û)

16,786

2,433

Dave,

Inc.(Æ)

7,522

2,046

DiamondRock

Hospitality

Co.(ö)

67,624

690

Dime

Community

Bancshares,

Inc.

37,644

1,351

Diversified

Healthcare

Trust(ö)

46,131

Eastern

Bankshares,

Inc.

29,386

594

Employers

Holdings,

Inc.

1,006

Enact

Holdings,

Inc.

10,378

Encore

Capital

Group,

Inc.(Æ)(Ð)

16,544

1,369

Enova

International,

Inc.(Æ)

7,156

1,212

Enterprise

Financial

Services

Corp.

30,094

1,740

Esquire

Financial

Holdings,

Inc.

10,217

1,074

eXp

World

Holdings,

Inc.(Ð)

27,881

EZCORP,

Inc.

Class

A(Æ)

9,106

FB

Financial

Corp.

23,764

1,285

Federal

Agricultural

Mortgage

Corp.

Class

C

5,879

1,022

Fidelis

Insurance

Holdings,

Ltd.

15,833

Finance

of

America

Cos.,

Inc.

Class

A(Æ)

(Ð)

1,287

Financial

Institutions,

Inc.

11,707

First

American

Financial

Corp.

15,145

1,062

First

BanCorp

72,654

2,152

First

Busey

Corp.

24,689

647

First

Financial

Bankshares,

Inc.

3,230

First

Internet

Bancorp

2,427

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
First

Interstate

BancSystem,

Inc.

Class

A

11,971

First

Merchants

Corp.

10,528

First

Mid

Bancshares,

Inc.

35,493

1,494

Five

Star

Bancorp

37,881

1,532

Flagstar

Bank

NA

24,132

Fulton

Financial

Corp.

61,840

1,335

Genworth

Financial,

Inc.

Class

A(Æ)

69,777

613

German

American

Bancorp,

Inc.

73,005

3,144

Getty

Realty

Corp.(ö)

35,829

1,187

Glacier

Bancorp,

Inc.

53,619

2,630

Grid

Dynamics

Holdings,

Inc.(Æ)(Ð)

17,171

Hamilton

Insurance

Group,

Ltd.

Class

B

33,447

1,096

Hamilton

Lane,

Inc.

Class

A

12,698

1,168

Hancock

Whitney

Corp.

9,704

655

Hanover

Insurance

Group,

Inc.

(The)

3,246

609

HCI

Group,

Inc.

2,169

Heritage

Financial

Corp.

54,334

1,495

Heritage

Insurance

Holdings,

Inc.(Æ)

3,747

Hilltop

Holdings,

Inc.

5,851

Hippo

Holdings,

Inc.(Æ)(Ð)

4,543

Home

BancShares,

Inc.

14,605

HomeTrust

Bancshares,

Inc.

10,592

Horace

Mann

Educators

Corp.

3,156

Horizon

Bancorp,

Inc.

130,841

2,368

Howard

Hughes

Holdings,

Inc.(Æ)

Independence

Realty

Trust,

Inc.(ö)

26,352

Independent

Bank

Corp.

48,471

2,666

International

Bancshares

Corp.

9,009

646

InvenTrust

Properties

Corp.(ö)

47,023

1,510

Jackson

Financial,

Inc.

Class

A

9,826

1,138

James

River

Group

Holdings,

Inc.

10,203

John

Wiley

&

Sons,

Inc.

Class

A

8,881

Jones

Lang

LaSalle,

Inc.(Æ)

3,914

1,245

Kemper

Corp.(Ð)

11,026

Kennedy-Wilson

Holdings,

Inc.

29,900

Kestrel

Group,

Ltd.(Æ)

21,764

Kingstone

Cos.,

Inc.

15,980

Kite

Realty

Group

Trust(ö)

35,054

917

Lazard,

Inc.

37,383

1,813

Legacy

Housing

Corp.(Æ)

48,274

1,050

LendingClub

Corp.(Æ)

42,276

722

LendingTree,

Inc.(Æ)

4,894

Live

Oak

Bancshares,

Inc.

11,401

LiveRamp

Holdings,

Inc.(Æ)

25,205

737

Lument

Finance

Trust,

Inc.(ö)

237,023

Macerich

Co.

(The)(ö)

31,987

695

Marcus

&

Millichap,

Inc.

90,206

2,507

Marex

Group

PLC

23,795

1,269

MBIA,

Inc.(Æ)

144,794

846

McGrath

RentCorp

6,159

681

Mercury

General

Corp.

11,823

1,150

Metropolitan

Bank

Holding

Corp.

33,463

2,956

Mid

Penn

Bancorp,

Inc.

45,877

1,513

Midland

States

Bancorp,

Inc.

4,813

Millrose

Properties,

Inc.

Class

A(ö)

5,521

Moelis

&

Co.

Class

A

5,779

National

Bank

Holdings

Corp.

Class

A

77,870

3,325

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nelnet,

Inc.

Class

A

874

NerdWallet,

Inc.

Class

A(Æ)

11,383

NETSTREIT

Corp.(ö)

148,070

3,046

Newmark

Group,

Inc.

Class

A

28,403

NexPoint

Residential

Trust,

Inc.(ö)

6,973

NMI

Holdings,

Inc.

Class

A(Æ)

14,829

574

NNN

REIT,

Inc.(ö)

15,894

696

Northeast

Bank

15,823

1,968

Northpointe

Bancshares,

Inc.

95,693

1,706

Northwest

Bancshares,

Inc.

20,025

OceanFirst

Financial

Corp.

39,497

753

Octave

Specialty

Group,

Inc.(Æ)

19,897

OFG

Bancorp

11,610

534

Outfront

Media,

Inc.(ö)

37,181

1,147

Pagseguro

Digital,

Ltd.

Class

A

49,190

Paysign,

Inc.(Æ)

18,962

Peapack-Gladstone

Financial

Corp.

49,148

2,052

PennyMac

Financial

Services,

Inc.

4,642

Perella

Weinberg

Partners(Ð)

171,502

3,900

Phillips

Edison

&

Co.,

Inc.(ö)

3,717

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)(ö)

17,212

Piper

Sandler

Cos.

5,793

505

Popular,

Inc.

15,246

2,292

PRA

Group,

Inc.(Æ)

7,881

Preferred

Bank

4,538

Primerica,

Inc.

2,630

740

Prosperity

Bancshares,

Inc.

13,847

964

Provident

Financial

Services,

Inc.

12,255

Radian

Group,

Inc.

12,997

Rayonier,

Inc.(ö)

125,531

2,663

Real

Brokerage,

Inc.

(The)(Æ)(Ð)

233,901

Regional

Management

Corp.(Ð)

938

Reinsurance

Group

of

America,

Inc.

Class

A(Û)

5,005

1,058

Renasant

Corp.

32,051

1,279

Ridgepost

Capital,

Inc.

Class

A

264,263

2,096

Riot

Platforms,

Inc.(Æ)

30,975

534

RMR

Group,

Inc.

(The)

Class

A

15,865

Ryman

Hospitality

Properties,

Inc.(ö)

4,730

S&T

Bancorp,

Inc.

9,191

Seacoast

Banking

Corp.

of

Florida

52,723

1,659

Selective

Insurance

Group,

Inc.

5,120

ServisFirst

Bancshares,

Inc.

1,706

SiriusPoint,

Ltd.(Æ)

40,977

959

SL

Green

Realty

Corp.(ö)

9,896

Slide

Insurance

Holdings,

Inc.(Æ)(Ð)

49,908

931

SmartFinancial,

Inc.

43,275

1,815

South

Plains

Financial,

Inc.

41,247

1,694

SouthState

Bank

Corp.

11,453

1,119

Stewart

Information

Services

Corp.

9,955

697

Stifel

Financial

Corp.(Û)

4,527

Stock

Yards

Bancorp,

Inc.

35,405

2,561

StoneX

Group,

Inc.(Æ)(Ð)

18,479

1,959

Stratus

Properties,

Inc.(Æ)

28,951

876

TeraWulf,

Inc.(Æ)

111,567

2,424

Texas

Capital

Bancshares,

Inc.

6,438

648

Third

Coast

Bancshares,

Inc.(Æ)

1,063

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tiptree,

Inc.

Class

A

41,510

716

Towne

Bank

67,678

2,407

Transcontinental

Realty

Investors,

Inc.(Æ)

4,937

TriCo

Bancshares

25,733

1,294

Triumph

Financial,

Inc.(Æ)

51,772

3,504

TWFG,

Inc.(Æ)(Ð)

1,760

UL

Solutions,

Inc.

Class

A

22,711

2,055

UMB

Financial

Corp.

5,365

677

UMH

Properties,

Inc.(ö)

125,877

1,957

United

Community

Banks,

Inc.

13,740

United

Fire

Group,

Inc.

11,538

Universal

Insurance

Holdings,

Inc.

5,171

Univest

Financial

Corp.

7,216

Unum

Group(Û)

17,270

1,388

Upstart

Holdings,

Inc.(Æ)

1,143

Valley

National

Bancorp

52,647

714

Vestis

Corp.(Æ)(Ð)

5,730

Walker

&

Dunlop,

Inc.

17,146

863

WesBanco,

Inc.

65,944

2,267

WisdomTree,

Inc.

51,798

881

World

Acceptance

Corp.(Æ)

864

Xenia

Hotels

&

Resorts,

Inc.(ö)

3,091

Zions

Bancorp

NA(Ð)(Û)

19,239

1,220

194,793

Health

Care

-

15.7%

10X

Genomics,

Inc.

Class

A(Æ)

49,643

1,095

Abivax

SA

-

ADR(Æ)

11,892

1,396

Aclaris

Therapeutics,

Inc.(Æ)

112,005

Adaptive

Biotechnologies

Corp.(Æ)(Ð)

3,027

ADC

Therapeutics

SA(Æ)

72,294

ADMA

Biologics,

Inc.(Æ)

217,501

2,229

agilon

health,

Inc.(Æ)

4,304

Agios

Pharmaceuticals,

Inc.(Æ)(Ð)

9,533

Akebia

Therapeutics,

Inc.(Æ)(Ð)

55,056

Aldeyra

Therapeutics,

Inc.(Æ)

20,469

Alector,

Inc.(Æ)

17,404

Align

Technology,

Inc.(Æ)(Ð)

1,690

Alignment

Healthcare,

Inc.(Æ)

Alkermes

PLC(Æ)

12,259

Allogene

Therapeutics,

Inc.(Æ)

46,472

Alumis,

Inc.(Æ)

25,105

620

Amylyx

Pharmaceuticals,

Inc.(Æ)

17,046

AnaptysBio,

Inc.

3,894

AngioDynamics,

Inc.(Æ)

12,935

ANI

Pharmaceuticals,

Inc.(Æ)

39,842

3,165

Annexon,

Inc.(Æ)

127,169

746

Apogee

Therapeutics,

Inc.(Æ)

10,765

892

Aquestive

Therapeutics,

Inc.(Æ)

77,500

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

10,462

Arcus

Biosciences,

Inc.(Æ)

19,071

Ardent

Health,

Inc.(Æ)

8,002

Arrowhead

Pharmaceuticals,

Inc.(Æ)

30,521

2,243

Arvinas,

Inc.(Æ)(Ð)

40,496

Ascendis

Pharma

A/S(Æ)

6,060

1,390

Astrana

Health,

Inc.(Æ)(Ð)

1,080

Atrium

Therapeutics

,Inc.(Æ)

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aurinia

Pharmaceuticals,

Inc.(Æ)(Ð)

25,134

Avanos

Medical,

Inc.(Æ)

27,806

685

Aveanna

Healthcare

Holdings,

Inc.(Æ)(Ð)

121,660

796

Axogen,

Inc.(Æ)

14,552

629

Axsome

Therapeutics,

Inc.(Æ)

5,329

1,107

Azenta,

Inc.(Æ)

21,985

540

Beam

Therapeutics,

Inc.(Æ)(Ð)

29,957

909

Benitec

Biopharma,

Inc.(Æ)

39,521

Beta

Bionics,

Inc.(Æ)

6,458

BioAge

Labs,

Inc.(Æ)

19,718

BioCryst

Pharmaceuticals,

Inc.(Æ)

49,207

BioLife

Solutions,

Inc.(Æ)

90,656

1,911

Bio-Rad

Laboratories,

Inc.

Class

A(Æ)

1,982

555

BridgeBio

Pharma,

Inc.(Æ)

60,990

4,337

BrightSpring

Health

Services,

Inc.(Æ)

5,284

CareDx,

Inc.(Æ)

126,259

2,627

Caribou

Biosciences,

Inc.(Æ)

15,964

Caris

Life

Sciences,

Inc.(Æ)

6,051

Carlsmed,

Inc.(Æ)

50,314

Celcuity,

Inc.(Æ)

16,035

1,946

Cerus

Corp.(Æ)

142,480

CG

Oncology,

Inc.(Æ)

25,094

1,675

Charles

River

Laboratories

International,

Inc.(Æ)

3,328

556

Cogent

Biosciences,

Inc.(Æ)

77,659

2,779

CONMED

Corp.

8,114

Corcept

Therapeutics,

Inc.(Æ)(Ð)

14,951

696

Crinetics

Pharmaceuticals,

Inc.(Æ)

9,933

CRISPR

Therapeutics

AG(Æ)

4,880

Cytek

Biosciences,

Inc.(Æ)

279,175

1,273

Cytokinetics,

Inc.(Æ)

32,263

2,064

DBV

Technologies

SA

-

ADR(Æ)

22,707

Definitive

Healthcare

Corp.(Æ)

14,076

Definium

Therapeutics,

Inc.(Æ)

16,516

Design

Therapeutics,

Inc.(Æ)(Ð)

6,723

Dianthus

Therapeutics,

Inc.(Æ)

25,071

2,201

Edgewise

Therapeutics,

Inc.(Æ)

8,325

Editas

Medicine,

Inc.(Æ)

27,728

Enanta

Pharmaceuticals,

Inc.(Æ)

20,999

Enhabit,

Inc.(Æ)

38,747

532

Enliven

Therapeutics,

Inc.(Æ)

6,157

Ensign

Group,

Inc.

(The)

3,367

629

Entrada

Therapeutics,

Inc.(Æ)(Ð)

3,675

Erasca,

Inc.(Æ)

35,949

Exelixis,

Inc.(Æ)

38,315

1,703

EyePoint,

Inc.(Æ)

22,338

First

Tracks

Biotherapeutics,

Inc.(Æ)

3,894

Forte

Biosciences,

Inc.(Æ)

16,639

Fortrea

Holdings,

Inc.(Æ)(Ð)

19,541

Fulcrum

Therapeutics,

Inc.(Æ)

26,761

Fulgent

Genetics,

Inc.(Æ)(Ð)

25,794

GeneDx

Holdings

Corp.(Æ)(Ð)

2,994

Ginkgo

Bioworks

Holdings,

Inc.(Æ)(Ð)

7,294

Glaukos

Corp.(Æ)

3,762

540

GoodRx

Holdings,

Inc.

Class

A(Æ)(Ð)

21,709

Gossamer

Bio,

Inc.(Æ)

36,513

GRAIL,

Inc.(Æ)(Ð)

1,095

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Guardant

Health,

Inc.(Æ)

31,096

2,708

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

46,834

1,738

Halozyme

Therapeutics,

Inc.(Æ)

23,854

1,519

HealthEquity,

Inc.(Æ)

22,701

1,862

Hinge

Health,

Inc.

Class

A(Æ)

1,505

Icon

PLC(Æ)

6,127

725

IDEAYA

Biosciences,

Inc.(Æ)

17,725

516

Innoviva,

Inc.(Æ)

102,214

2,350

Inogen,

Inc.(Æ)

6,235

Insmed,

Inc.(Æ)

6,316

861

Inspire

Medical

Systems,

Inc.(Æ)(Ð)

Integer

Holdings

Corp.(Æ)

3,729

Intellia

Therapeutics,

Inc.(Æ)(Ð)

19,118

Inventiva

SACA

-

ADR(Æ)

35,424

iRadimed

Corp.

34,251

2,858

IRhythm

Holdings,

Inc.(Æ)

4,595

594

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

33,768

Jade

Biosciences,

Inc.(Æ)

26,050

636

Joint

Corp.

(The)(Æ)

109,209

969

Kailera

Therapeutics,

Inc.(Æ)

10,837

Keros

Therapeutics,

Inc.(Æ)

14,690

KORU

Medical

Systems,

Inc.(Æ)

75,979

Krystal

Biotech,

Inc.(Æ)

6,492

1,703

Kura

Oncology,

Inc.(Æ)

11,552

Kymera

Therapeutics,

Inc.(Æ)

8,177

663

Lantheus

Holdings,

Inc.(Æ)(Ð)

11,934

1,010

LB

Pharmaceuticals,

Inc.(Æ)

15,854

503

LeMaitre

Vascular,

Inc.

28,454

3,123

LENZ

Therapeutics,

Inc.(Æ)

3,150

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

32,017

7,346

Lucid

Diagnostics,

Inc.(Æ)

636,580

681

Madrigal

Pharmaceuticals,

Inc.(Æ)

6,446

3,335

MannKind

Corp.(Æ)(Ð)

17,385

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

26,905

Maze

Therapeutics,

Inc.(Æ)(Ð)

5,239

Medpace

Holdings,

Inc.(Æ)

1,384

579

MeiraGTx

Holdings

PLC(Æ)

5,009

Merit

Medical

Systems,

Inc.(Æ)

12,704

866

Mineralys

Therapeutics,

Inc.(Æ)

34,054

908

Mirum

Pharmaceuticals,

Inc.(Æ)

20,688

2,013

Molina

Healthcare,

Inc.(Æ)(Û)

750

Monopar

Therapeutics,

Inc.(Æ)

4,906

Myriad

Genetics,

Inc.(Æ)

40,951

Natera,

Inc.(Æ)

3,794

782

National

HealthCare

Corp.

5,178

897

Nektar

Therapeutics(Æ)

20,950

1,782

Neurocrine

Biosciences,

Inc.(Æ)(Û)

11,047

1,455

NeuroPace,

Inc.(Æ)

38,894

656

Newamsterdam

Pharma

Co.

NV(Æ)

14,805

Novavax,

Inc.(Æ)(Ð)

9,271

Novocure,

Ltd.(Æ)

25,013

Nurix

Therapeutics,

Inc.(Æ)

23,374

Nuvalent,

Inc.

Class

A(Æ)

16,896

1,694

Nuvation

Bio,

Inc.(Æ)

40,339

Ocular

Therapeutix,

Inc.(Æ)(Ð)

33,232

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Omada

Health,

Inc.(Æ)

6,651

Omnicell,

Inc.(Æ)(Ð)

8,188

Option

Care

Health,

Inc.(Æ)

66,227

1,346

OraSure

Technologies,

Inc.(Æ)(Ð)

10,548

Orthofix

Medical,

Inc.(Æ)

65,616

772

Oruka

Therapeutics,

Inc.(Æ)

11,212

767

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

39,576

731

Pacific

Biosciences

of

California,

Inc.(Æ)

157,947

Palvella

Therapeutics,

Inc.(Æ)

3,078

Park

Dental

Partners,

Inc.(Æ)

30,767

541

Pediatrix

Medical

Group,

Inc.(Æ)

37,696

849

Pennant

Group,

Inc.

(The)(Æ)

80,515

2,522

Personalis,

Inc.(Æ)

34,640

Phathom

Pharmaceuticals,

Inc.(Æ)

28,031

Phibro

Animal

Health

Corp.

Class

A

83,511

4,441

Phreesia,

Inc.(Æ)

20,079

Praxis

Precision

Medicines,

Inc.(Æ)

3,525

1,124

Prestige

Consumer

Healthcare,

Inc.(Æ)

5,418

Prime

Medicine,

Inc.(Æ)

21,993

Protagonist

Therapeutics,

Inc.(Æ)

15,056

1,490

Prothena

Corp.

PLC(Æ)

22,298

PTC

Therapeutics,

Inc.(Æ)

54,366

3,537

Rapport

Therapeutics,

Inc.(Æ)

10,391

REGENXBIO,

Inc.(Æ)

34,806

Relay

Therapeutics,

Inc.(Æ)

27,194

Revolution

Medicines,

Inc.(Æ)

6,158

888

Rezolute,

Inc.(Æ)(Ð)

14,788

Rhythm

Pharmaceuticals,

Inc.(Æ)

15,931

1,296

Rigel

Pharmaceuticals,

Inc.(Æ)

13,724

Rocket

Pharmaceuticals,

Inc.(Æ)

8,500

Roivant

Sciences,

Ltd.(Æ)

10,859

RxSight,

Inc.(Æ)

52,634

Sana

Biotechnology,

Inc.(Æ)(Ð)

32,159

Scholar

Rock

Holding

Corp.(Æ)

11,624

542

Select

Medical

Holdings

Corp.

38,501

632

Septerna,

Inc.(Æ)(Ð)

1,486

SIGA

Technologies,

Inc.

8,571

Sionna

Therapeutics,

Inc.(Æ)

8,456

Spyre

Therapeutics,

Inc.(Æ)

15,757

1,173

STAAR

Surgical

Co.(Æ)(Ð)

7,186

Stevanato

Group

SpA

60,296

1,025

Supernus

Pharmaceuticals,

Inc.(Æ)

12,749

612

Tandem

Diabetes

Care,

Inc.(Æ)

29,805

582

Tarsus

Pharmaceuticals,

Inc.(Æ)

17,682

1,125

Teleflex,

Inc.

2,973

TG

Therapeutics,

Inc.(Æ)

20,898

706

Travere

Therapeutics,

Inc.(Æ)(Ð)

46,581

1,962

Trevi

Therapeutics,

Inc.(Æ)

21,555

Twist

Bioscience

Corp.(Æ)

9,968

583

Tyra

Biosciences,

Inc.(Æ)(Ð)

14,318

UFP

Technologies,

Inc.(Æ)

10,131

1,941

Ultragenyx

Pharmaceutical,

Inc.(Æ)(Ð)

24,057

594

UroGen

Pharma,

Ltd.(Æ)

12,450

Vanda

Pharmaceuticals,

Inc.(Æ)

20,904

Varex

Imaging

Corp.(Æ)

11,615

Vera

Therapeutics,

Inc.(Æ)

5,699

Vir

Biotechnology,

Inc.(Æ)(Ð)

16,565

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Viridian

Therapeutics,

Inc.(Æ)(Ð)

16,544

Xenon

Pharmaceuticals,

Inc.(Æ)

17,633

988

Xeris

Biopharma

Holdings,

Inc.(Æ)(Ð)

64,721

Zymeworks,

Inc.(Æ)(Ð)

8,931

149,719

Materials

and

Processing

-

8.8%

AAON,

Inc.

13,430

1,253

Acuity,

Inc.

4,374

1,267

AdvanSix,

Inc.

76,346

1,883

Albemarle

Corp.

9,255

1,820

Alcoa

Corp.

6,891

Algoma

Steel

Group,

Inc.

191,881

896

American

Vanguard

Corp.(Æ)

55,675

Ardagh

Metal

Packaging

SA

36,927

Ashland,

Inc.

19,375

1,032

Aspen

Aerogels,

Inc.(Æ)(Ð)

30,550

Avient

Corp.

41,478

1,538

Belden,

Inc.

7,227

813

Boise

Cascade

Co.

6,194

BrightView

Holdings,

Inc.

90,510

1,077

Builders

FirstSource,

Inc.(Æ)(Ð)

1,190

Caledonia

Mining

Corp.

PLC

4,738

Capstone

Copper

Corp.(Æ)

106,876

891

Carpenter

Technology

Corp.

2,187

937

Celanese

Corp.

Class

A(Ð)

31,862

2,159

Century

Aluminum

Co.(Æ)

9,818

584

Clearwater

Paper

Corp.(Æ)

5,625

Codexis,

Inc.(Æ)

20,650

Commercial

Metals

Co.

41,404

2,855

Constellium

SE(Æ)

45,086

1,410

Contango

Silver

&

Gold

Inc.(Æ)

28,809

661

Core

&

Main,

Inc.

Class

A(Æ)

10,490

528

Crown

Holdings,

Inc.

14,683

1,444

Darling

Ingredients,

Inc.(Æ)(Û)

25,133

1,614

Fabrinet(Æ)

4,449

3,041

Ferroglobe

PLC(Ð)

269,575

1,251

FMC

Corp.

27,391

Global

Industrial

Co.

1,604

Gold.com,

Inc.

6,045

Greif,

Inc.

Class

A

23,881

1,558

H.B.

Fuller

Co.

22,875

1,384

Hudson

Technologies,

Inc.(Æ)

40,970

Huntsman

Corp.(Ð)

125,052

1,797

Ingevity

Corp.(Æ)

8,809

671

Innospec,

Inc.

30,233

2,306

Installed

Building

Products,

Inc.

1,144

Insteel

Industries,

Inc.

32,667

855

James

Hardie

Industries

PLC(Æ)(Ð)

38,745

813

JELD-WEN

Holding,

Inc.(Æ)(Ð)

30,449

Karat

Packaging,

Inc.

93,680

2,688

Knife

River

Corp.(Æ)

4,881

Koppers

Holdings,

Inc.

36,620

1,495

Kronos

Worldwide,

Inc.

158,763

1,181

Legence

Corp.

Class

A(Æ)(Ð)

7,946

691

Louisiana-Pacific

Corp.

26,068

1,882

LSI

Industries,

Inc.

11,195

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Magnera

Corp.(Æ)

12,755

Masco

Corp.

4,189

Mativ

Holdings,

Inc.

160,674

1,491

Metallus,

Inc.(Æ)

96,739

1,861

Modine

Manufacturing

Co.(Æ)

9,990

2,544

Myers

Industries,

Inc.

106,390

2,193

NWPX

Infrastructure,

Inc.(Æ)

6,847

673

O-I

Glass,

Inc.(Æ)

21,591

Orion

SA

52,848

Pool

Corp.

5,253

1,121

Quaker

Chemical

Corp.

8,276

1,125

Ranpak

Holdings

Corp.(Æ)

172,746

879

Rayonier

Advanced

Materials,

Inc.(Æ)

52,225

Reliance,

Inc.(Ð)

3,885

1,408

Resideo

Technologies,

Inc.(Æ)

26,076

1,079

Rush

Enterprises,

Inc.

Class

A

8,324

616

ScanSource,

Inc.(Æ)

3,336

Simpson

Manufacturing

Co.,

Inc.

7,926

1,512

Solstice

Advanced

Materials

Inc.

910

Sonoco

Products

Co.

9,191

SPX

Technologies,

Inc.(Æ)

4,724

1,034

Stepan

Co.

82,501

4,128

Taseko

Mines,

Ltd.(Æ)

83,208

596

thyssenkrupp

AG

97,036

1,149

Timken

Co.

(The)

23,922

2,653

Trex

Co.,

Inc.(Æ)

23,755

931

Unifi,

Inc.(Æ)

1,491

US

Gold

Corp.(Æ)

41,632

684

Vox

Royalty

Corp.

119,253

613

Watsco,

Inc.(Ð)

3,995

1,749

Worthington

Enterprises,

Inc.

6,981

Worthington

Steel,

Inc.

46,475

1,786

84,456

Producer

Durables

-

19.8%

908

Devices,

Inc.(Æ)

50,671

ABM

Industries,

Inc.

34,977

1,427

ACCO

Brands

Corp.

73,585

ADT,

Inc.

133,685

1,007

Alamo

Group,

Inc.

2,770

Albany

International

Corp.

Class

A

37,693

2,188

Allegiant

Travel

Co.

Class

A(Æ)

3,400

Allient,

Inc.

11,148

849

American

Superconductor

Corp.(Æ)

50,694

2,714

AMN

Healthcare

Services,

Inc.(Æ)

65,794

1,347

Amprius

Technologies,

Inc.(Æ)

81,636

1,719

ArcBest

Corp.(Ð)

22,000

2,807

Arcosa,

Inc.

6,322

800

Ardmore

Shipping

Corp.

104,385

1,850

Argan,

Inc.

8,670

5,809

Arhaus,

Inc.

12,498

Ascent

Industries

Co.(Æ)

41,376

603

Astronics

Corp.(Æ)

2,917

Babcock

&

Wilcox

Enterprises(Æ)

9,741

Barrett

Business

Services,

Inc.

6,923

Bloom

Energy

Corp.

Class

A(Æ)

9,540

2,703

Bowman

Consulting

Group,

Ltd.(Æ)

58,505

1,846

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brink's

Co.

(The)

5,428

579

BWX

Technologies,

Inc.

4,893

1,059

Cactus,

Inc.

Class

A

24,720

1,377

Cardinal

Infrastructure

Group,

Inc.

Class

A(Æ)

27,056

1,435

Casella

Waste

Systems,

Inc.

Class

A(Æ)

17,498

1,387

CECO

Environmental

Corp.(Æ)

23,448

1,738

Champion

Homes,

Inc.(Æ)

15,934

1,215

Copa

Holdings

SA

Class

A

2,909

Covenant

Logistics

Group,

Inc.

Class

A

109,257

3,809

Cross

Country

Healthcare,

Inc.(Æ)

141,888

1,436

Custom

Truck

One

Source,

Inc.(Æ)

105,414

1,038

Deluxe

Corp.

116,051

3,615

DHT

Holdings,

Inc.

35,802

662

Dorian

LPG,

Ltd.

16,306

629

Ducommun,

Inc.(Æ)

5,244

744

Dycom

Industries,

Inc.(Æ)

2,499

1,035

EMCOR

Group,

Inc.(Û)

2,837

2,530

Energy

Recovery,

Inc.(Æ)

24,861

Energy

Services

of

America

Corp.

7,244

ESCO

Technologies,

Inc.

2,641

856

Federal

Signal

Corp.

15,107

1,860

Flowserve

Corp.

15,290

1,126

Fluor

Corp.(Æ)(Ð)

35,680

1,904

Fox

Factory

Holding

Corp.(Æ)

14,288

Franklin

Covey

Co.(Æ)(Ð)

3,041

Franklin

Electric

Co.,

Inc.

10,633

1,065

Frontier

Group

Holdings,

Inc.(Æ)

321,808

1,168

FTAI

Aviation,

Ltd.

846

FTI

Consulting,

Inc.(Æ)(Û)

5,247

941

GATX

Corp.

762

Gorman-Rupp

Co.

(The)

4,688

Graco,

Inc.

8,905

715

Greenbrier

Cos.,

Inc.

(The)

46,684

2,293

GXO

Logistics,

Inc.(Æ)

22,046

1,260

Helios

Technologies,

Inc.

10,028

686

Herc

Holdings,

Inc.

Class

W

4,550

578

Hillman

Solutions

Corp.(Æ)

76,773

626

HNI

Corp.

8,315

Holley,

Inc.(Æ)

377,269

1,245

Hub

Group,

Inc.

Class

A

61,241

2,684

Huntington

Ingalls

Industries,

Inc.

4,125

1,503

Hyster-Yale,

Inc.(Ð)

31,550

1,245

I3

Verticals,

Inc.

Class

A(Æ)

122,985

2,773

ICF

International,

Inc.

3,605

Insperity,

Inc.

14,957

532

Itron,

Inc.(Æ)

5,658

JetBlue

Airways

Corp.(Æ)

136,800

637

Kelly

Services,

Inc.

Class

A

9,364

Kennametal,

Inc.

67,794

2,624

Kforce,

Inc.

99,057

4,478

Knight-Swift

Transportation

Holdings,

Inc.

27,187

1,764

Korn

Ferry

22,450

1,492

Lamb

Weston

Holdings,

Inc.(Û)

25,053

1,091

Landstar

System,

Inc.(Û)

4,700

865

Latham

Group,

Inc.(Æ)

10,262

Liquidity

Services,

Inc.(Æ)

26,241

936

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Littelfuse,

Inc.

3,232

1,306

Mama's

Creations,

Inc.(Æ)

102,839

1,459

Manitowoc

Co.,

Inc.

(The)(Æ)

82,286

1,118

ManpowerGroup,

Inc.

17,142

519

MarketAxess

Holdings,

Inc.

4,497

707

Marten

Transport,

Ltd.

346,885

5,231

Matson,

Inc.

3,483

608

Maximus,

Inc.

14,274

937

Mercury

Systems,

Inc.(Æ)

11,823

933

Mesa

Laboratories,

Inc.(Ð)

38,314

3,831

Methode

Electronics,

Inc.

7,678

Microvast

Holdings,

Inc.(Æ)

113,770

Miller

Industries,

Inc.

24,233

1,163

MillerKnoll,

Inc.

249,000

4,004

MSC

Industrial

Direct

Co.,

Inc.

Class

A

20,989

2,147

Mueller

Industries,

Inc.

4,607

624

MYR

Group,

Inc.(Æ)

5,754

2,329

Nextpower,

Inc.

Class

A(Æ)

7,613

907

Nexxen

International,

Ltd.(Æ)

34,970

Nordic

American

Tankers,

Ltd.

Onterris,

Inc.(Æ)

30,243

637

Orion

Group

Holdings,

Inc.(Æ)

37,455

510

Pangaea

Logistics

Solutions,

Ltd.

12,183

Park

Aerospace

Corp.

16,839

570

Paylocity

Holding

Corp.(Æ)

9,437

996

Payoneer

Global,

Inc.(Æ)(Ð)

47,540

Paysafe,

Ltd.(Æ)

7,021

Perma-Pipe

International

Holdings,

Inc.(Æ)

6,279

Phinia,

Inc.

9,777

705

Pitney

Bowes,

Inc.

60,740

939

Powell

Industries,

Inc.(Ð)

5,862

1,625

Primoris

Services

Corp.

6,834

1,238

Priority

Technology

Holdings,

Inc.(Æ)

65,112

Proficient

Auto

Logistics,

Inc.(Æ)

167,246

1,229

PROG

Holdings,

Inc.

14,220

510

Public

Policy

Holding

Co,

Inc.

71,370

1,001

Radiant

Logistics,

Inc.(Æ)

194,333

1,634

Ralliant

Corp.

6,210

Regal

Rexnord

Corp.

6,785

1,459

Resources

Connection,

Inc.

7,027

Robert

Half,

Inc.

61,940

1,648

RXO,

Inc.(Æ)

62,424

1,247

Ryder

System,

Inc.(Ð)(Û)

5,723

1,452

Ryerson

Holding

Corp.

2,360

Saia,

Inc.(Æ)(Û)

9,516

4,271

Schneider

National,

Inc.

Class

B(Ð)(Û)

76,007

2,363

Scorpio

Tankers,

Inc.

15,506

1,261

Scotts

Miracle-Gro

Co.

(The)

Class

A(Ð)

39,193

2,457

Sight

Sciences,

Inc.(Æ)

71,739

SkyWest,

Inc.(Æ)

6,761

555

Sleep

Number

Corp.(Æ)

9,803

Star

Bulk

Carriers

Corp.

46,433

1,167

Sterling

Infrastructure,

Inc.(Æ)

8,393

4,328

StoneCo,

Ltd.

Class

A

46,273

508

Stoneridge,

Inc.(Æ)

137,398

962

Strattec

Security

Corp.(Æ)

1,295

TAT

Technologies,

Ltd.(Æ)

14,576

535

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Teekay

Tankers,

Ltd.

Class

A

17,734

1,393

Tennant

Co.

27,048

2,246

Terex

Corp.

19,801

1,232

Thermon

Group

Holdings,

Inc.(Æ)

20,153

1,219

Tidewater,

Inc.(Æ)

8,611

769

Titan

International,

Inc.(Æ)

9,507

Titan

Machinery,

Inc.(Æ)

72,402

1,514

TopBuild

Corp.(Æ)

3,290

1,457

Toro

Co.

(The)

12,668

1,206

Trade

Desk,

Inc.

(The)

Class

A(Æ)(Ð)

3,029

TriNet

Group,

Inc.

10,731

TrueBlue,

Inc.(Æ)

247,605

1,359

Tutor

Perini

Corp.

17,221

1,600

UFP

Industries,

Inc.

25,434

2,276

U-Haul

Holding

Co.(Æ)

5,208

UniFirst

Corp.

1,951

V2X,

Inc.(Æ)

20,275

1,375

Werner

Enterprises,

Inc.

183,502

6,766

Willdan

Group,

Inc.(Æ)

13,394

1,018

Willscot

Holdings

Corp.

22,009

Xerox

Holdings

Corp.

112,658

ZipRecruiter,

Inc.

Class

A(Æ)

25,575

189,411

Technology

-

14.6%

3D

Systems

Corp.(Æ)

34,939

8x8,

Inc.(Æ)

272,912

524

A10

Networks,

Inc.

49,334

1,316

ACI

Worldwide,

Inc.(Æ)

15,729

680

ACM

Research,

Inc.

Class

A(Æ)(Ð)(Û)

21,349

1,104

ADTRAN

Holdings,

Inc.(Æ)(Ð)

2,650

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

9,760

Ambarella,

Inc.(Æ)

15,110

1,040

Amplitude,

Inc.

Class

A(Æ)

29,050

Angi,

Inc.(Æ)(Ð)

16,150

Appfolio,

Inc.

Class

A(Æ)

2,911

Appian

Corp.

Class

A(Æ)

32,085

667

Arteris,

Inc.(Æ)

10,141

Asana,

Inc.

Class

A(Æ)

35,906

Atlassian

Corp.

Class

A(Æ)

1,118

Aviat

Networks,

Inc.(Æ)

15,183

Axcelis

Technologies,

Inc.(Æ)

1,063

Backblaze,

Inc.

Class

A(Æ)

21,472

Bandwidth,

Inc.

Class

A(Æ)(Û)

2,377

Benchmark

Electronics,

Inc.

12,435

1,020

BigBear.ai

Holdings,

Inc.(Æ)

13,019

BK

Technologies

Corp.(Æ)

5,385

519

Blend

Labs,

Inc.

Class

A(Æ)(Ð)

36,200

Box,

Inc.

Class

A(Æ)

17,862

Bumble,

Inc.

Class

A(Æ)(Ð)

42,761

C3.ai,

Inc.

Class

A(Æ)(Ð)

24,195

Calix,

Inc.(Æ)

14,684

640

Cargurus,

Inc.(Æ)(Û)

18,264

666

Cars.com,

Inc.(Æ)

23,245

Chime

Financial,

Inc.

Class

A(Æ)

61,600

1,347

Ciena

Corp.(Æ)

3,469

1,830

Cirrus

Logic,

Inc.(Æ)(Ð)(Û)

10,066

1,642

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Clear

Secure,

Inc.

Class

A

21,672

1,157

Climb

Global

Solutions,

Inc.(Ð)

9,529

Commerce.com,

Inc.(Æ)

23,479

CommVault

Systems,

Inc.(Æ)

11,683

1,155

Conduent,

Inc.(Æ)

20,119

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

61,416

1,589

Crane

NXT

Co.

23,371

1,044

Credo

Technology

Group

Holding,

Ltd.(Æ)

6,176

1,075

Cricut,

Inc.

Class

A(Ð)

10,159

CS

Disco,

Inc.(Æ)

81,407

CSG

Systems

International,

Inc.

5,560

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

30,949

2,984

Diodes,

Inc.(Æ)

21,205

2,272

DocuSign,

Inc.(Æ)

1,399

Domo,

Inc.

Class

B(Æ)(Ð)

13,991

Dropbox,

Inc.

Class

A(Æ)(Ð)

41,962

1,019

D-Wave

Quantum,

Inc.(Æ)

39,602

803

eGain

Corp.(Æ)

4,271

ePlus,

Inc.

7,795

660

Etsy,

Inc.(Æ)

20,145

1,296

Everpure,

Inc.

Class

A(Æ)(Ð)

25,250

1,804

EverQuote,

Inc.

Class

A(Æ)

19,673

Evolent

Health,

Inc.

Class

A(Æ)

30,798

FormFactor,

Inc.(Æ)

16,843

2,289

Frequency

Electronics,

Inc.(Æ)

10,693

536

GCI

Liberty,

Inc.

Class

C(Æ)

45,788

1,568

Graham

Corp.(Æ)

14,986

1,427

Grindr,

Inc.(Æ)

11,827

Harmonic,

Inc.(Æ)

27,592

Ichor

Holdings,

Ltd.(Æ)

24,836

1,638

IDT

Corp.

Class

B(Û)

3,869

Ingram

Micro

Holding

Corp.(Ð)

12,299

Inseego

Corp.(Æ)

49,090

895

Insight

Enterprises,

Inc.(Æ)(Ð)

6,134

IonQ,

Inc.(Æ)

28,217

1,273

Ituran

Location

and

Control,

Ltd.

9,082

523

Kaltura,

Inc.(Æ)

462,682

634

KBR,

Inc.

8,874

Kimball

Electronics,

Inc.(Æ)

15,675

Kopin

Corp.(Æ)

409,433

1,826

Kulicke

&

Soffa

Industries,

Inc.

8,893

760

Lantronix,

Inc.(Æ)

6,500

LightPath

Technologies,

Inc.

Class

A(Æ)

93,938

1,203

Lumentum

Holdings,

Inc.(Æ)

3,715

3,352

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

7,552

2,127

Manhattan

Associates,

Inc.(Æ)

7,265

1,002

Maplebear,

Inc.(Æ)(Ð)

34,217

1,449

Marqeta,

Inc.

Class

A(Æ)

163,282

709

Match

Group,

Inc.(Ð)(Û)

42,955

1,607

MediaAlpha,

Inc.

Class

A(Æ)

9,895

Millicom

International

Cellular

SA

15,100

1,282

Napco

Security

Technologies,

Inc.

61,712

2,885

nCino,

Inc.(Æ)

118,288

2,068

NCR

Voyix

Corp.(Æ)

77,171

532

NETGEAR,

Inc.(Æ)

8,511

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Netskope,

Inc.

Class

A(Æ)

28,924

Nextdoor

Holdings,

Inc.(Æ)(Ð)

32,948

nLight,

Inc.(Æ)

20,218

1,412

Nutanix,

Inc.

Class

A(Æ)

36,680

1,500

Nutex

Health,

Inc.(Æ)

2,398

NVE

Corp.

33,928

2,809

Ondas,

Inc.(Æ)

15,868

OneSpan,

Inc.

193,866

2,245

Onto

Innovation,

Inc.(Æ)(Ð)(Û)

11,210

3,308

Ooma,

Inc.(Æ)

38,882

635

PagerDuty,

Inc.(Æ)

33,139

PAR

Technology

Corp.(Æ)

23,435

PC

Connection,

Inc.

PDF

Solutions,

Inc.(Æ)

130,336

5,585

Pegasystems,

Inc.

110,144

4,026

Pinterest,

Inc.

Class

A(Æ)(Ð)

6,999

Planet

Labs

PBC(Æ)

76,890

2,843

Playtika

Holding

Corp.

52,646

Plexus

Corp.(Æ)

3,010

754

Porch

Group,

Inc.(Æ)

61,197

589

Power

Integrations,

Inc.

4,115

Preformed

Line

Products

Co.

5,268

1,750

PubMatic,

Inc.

Class

A(Æ)

10,736

Qualys,

Inc.(Æ)

3,234

Quantum

Computing,

Inc.(Æ)

9,713

Radcom,

Ltd.(Æ)

56,226

897

Rambus,

Inc.(Æ)

21,813

2,511

Rapid7,

Inc.(Æ)

23,942

Red

Violet,

Inc.(Æ)

15,884

595

Ribbon

Communications,

Inc.(Æ)

13,382

Roku,

Inc.(Æ)(Û)

13,886

1,619

Sandisk

Corp.(Æ)(Û)

2,119

2,324

Satellogic

Inc.

Class

A(Æ)

17,599

Semtech

Corp.(Æ)

12,696

1,334

SentinelOne,

Inc.

Class

A(Æ)(Ð)

62,968

892

Silicon

Laboratories,

Inc.(Æ)

2,870

625

Silicon

Motion

Technology

Corp.

-

ADR

14,553

3,184

SiTime

Corp.(Æ)

6,111

3,435

Snap,

Inc.

Class

A(Æ)(Ð)

15,475

Sonos,

Inc.(Æ)

43,403

644

SPS

Commerce,

Inc.(Æ)

3,465

TD

SYNNEX

Corp.

9,428

2,151

Telos

Corp.(Æ)

9,934

Tenable

Holdings,

Inc.(Æ)

21,694

Teradata

Corp.(Æ)

62,125

1,637

Thryv

Holdings,

Inc.(Æ)(Ð)

12,900

Tower

Semiconductor,

Ltd.(Æ)

3,103

686

TTEC

Holdings,

Inc.(Æ)

39,534

TTM

Technologies,

Inc.(Æ)

2,488

Tucows,

Inc.

Class

A(Æ)

45,221

711

Ultra

Clean

Holdings,

Inc.(Æ)

39,045

3,051

Unisys

Corp.(Æ)

20,247

Upland

Software,

Inc.(Æ)

83,276

Varonis

Systems,

Inc.(Æ)

26,756

704

Veeco

Instruments,

Inc.(Æ)

26,661

1,329

Viavi

Solutions,

Inc.

Class

W(Æ)

40,474

2,121

Vishay

Intertechnology,

Inc.

111,267

3,223

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vistance

Networks,

Inc.

57,193

732

VTEX

Class

A(Æ)

425,664

1,601

Weave

Communications,

Inc.(Æ)

18,299

Workiva,

Inc.(Æ)

29,853

1,597

Xperi,

Inc.(Æ)(Ð)

9,291

Yelp,

Inc.

Class

A(Æ)(Ð)

7,522

Zeta

Global

Holdings

Corp.

Class

A(Æ)

39,587

729

139,814

Utilities

-

2.5%

Artesian

Resources

Corp.

Class

A

26,328

824

ATN

International,

Inc.

BKV

Corp.(Æ)(Ð)

57,712

1,820

Black

Hills

Corp.

12,799

964

California

Resources

Corp.

7,198

Chesapeake

Utilities

Corp.

4,190

528

CNX

Resources

Corp.(Æ)

14,642

570

Cogent

Communications

Holdings,

Inc.(Ð)

12,650

Comstock

Resources,

Inc.(Æ)(Ð)

2,492

Consolidated

Water

Co.,

Ltd.(Û)

3,477

Excelerate

Energy,

Inc.

Class

A(Ð)

92,322

3,222

Genie

Energy,

Ltd.

Class

B

1,723

Golar

LNG,

Ltd.

15,664

861

Granite

Ridge

Resources,

Inc.

23,644

Gulfport

Energy

Corp.(Æ)

3,273

630

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

68,789

1,121

MGE

Energy,

Inc.

10,902

875

New

Jersey

Resources

Corp.

7,557

Northern

Oil

&

Gas,

Inc.

56,314

1,529

Oklo,

Inc.(Æ)

4,546

ONE

Gas,

Inc.

9,569

854

Permian

Resources

Corp.

Class

A

46,128

997

Portland

General

Electric

Co.

18,270

949

RGC

Resources,

Inc.

46,619

1,060

Riley

Exploration

Permian,

Inc.

11,023

Southwest

Gas

Holdings,

Inc.

4,693

Spire,

Inc.

17,242

1,572

Tamboran

Resources

Corp.(Æ)

18,063

652

Telephone

and

Data

Systems,

Inc.

9,850

Unitil

Corp.

25,559

1,341

23,513

#### Total

#### Common

#### Stocks
(cost

$761,715)

946,710

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Akero

Therapeutics,

Inc.(Æ)

Rights

1,939

Inhibrx,

Inc.(Æ)

Rights

21,895

Resolute

Forest

Products,

Inc.(Æ)

Rights

33,567

Xerox

Holdings

Corp.(Æ)

2028

Warrants

31,119

#### Total

#### Warrants

#### and

#### Rights
(cost

$63)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 4.3%
U.S.

Cash

Management

Fund(@)

41,490,305

(∞)

41,482

#### Total

#### Short-Term

#### Investments
(cost

$41,481)

41,482

#### Total

#### Investments

#### -

#### 103.4%
(identified

cost

$803,259)

988,261

#### Securities

#### Sold

#### Short

#### -

#### (3.8)%
Consumer

Discretionary

-

(0.2)%

Bally's

Corp.(Æ)

(1,043)

(14) Dave

&

Buster's

Entertainment,

Inc.(Æ)

(6,937)

(78) Dutch

Bros,

Inc.

Class

A(Æ)

(8,580)

(494) Joby

Aviation,

Inc.(Æ)

(57,132)

(525) LGI

Homes,

Inc.(Æ)

(3,527)

(173) Optimum

Communications,

Inc.

Class

A(Æ)

(71,133)

(112) Strata

Critical

Medical,

Inc.(Æ)

(28,934)

(145) TechTarget

Inc.(Æ)

(1,300)

(8) Unusual

Machines,

Inc.(Æ)

(1,663)

(24) Ziff

Davis,

Inc.(Æ)

(9,268)

(424) (1,997)

Consumer

Staples

-

(0.2)%

Cadiz,

Inc.(Æ)

(13,744)

(60) Celsius

Holdings,

Inc.(Æ)

(7,151)

(240) Energizer

Holdings,

Inc.

(21,450)

(420) Grocery

Outlet

Holding

Corp.(Æ)

(28,211)

(223) Lifevantage

Corp.

(1,158)

(6) Post

Holdings,

Inc.(Æ)

(5,664)

(593) Quanex

Building

Products

Corp.

(7,322)

(146) Westrock

Coffee

Co.(Æ)

(14,213)

(84) (1,772)

Energy

-

(0.5)%

American

Resources

Corp.(Æ)

(18,037)

(42) ASP

Isotopes,

Inc.(Æ)

(7,995)

(42) Centrus

Energy

Corp.

Class

A(Æ)

(2,100)

(443) Core

Laboratories,

Inc.

(10,839)

(159) Core

Natural

Resources,

Inc.

(6,686)

(600) DNOW,

Inc.(Æ)

(42,537)

(574) Flotek

Industries,

Inc.(Æ)

(4,917)

(83) Hallador

Energy

Co.(Æ)

(6,443)

(100) Innovex

International,

Inc.(Æ)

(9,118)

(253) NextNRG,

Inc.(Æ)

(13,208)

(5) Plug

Power,

Inc.(Æ)

(233,600)

(731) Ramaco

Resources,

Inc.

Class

A(Æ)

(10,635)

(158) Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(34,996)

(278) Solaris

Energy

Infrastructure,

Inc.

Class

A

(8,532)

(630) Uranium

Energy

Corp.(Æ)

(35,854)

(534) Viper

Energy,

Inc.

Class

A

(12,644)

(624) (5,256)

Financial

Services

-

(0.6)%

AGNC

Investment

Corp.(ö)

(53,617)

(591) Agree

Realty

Corp.(ö)

(1,287)

(99) Arbor

Realty

Trust,

Inc.(ö)

(28,366)

(224) Atlantic

Union

Bankshares

Corp.

(14,978)

(564) Burke

&

Herbert

Financial

Services

Corp.

(1,638)

(105) Cipher

Digital,

Inc.(Æ)

(3,575)

(63) 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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dynex

Capital,

Inc.(ö)

(36,623)

(499) Erie

Indemnity

Co.

Class

A

(658) (144) Flagstar

Bank

NA

(7,524)

(105) Forum

Markets

Inc.(Æ)

(6,000)

(33) FTAI

Infrastructure,

Inc.

(40,536)

(249) Glacier

Bancorp,

Inc.

(5,334)

(262) HA

Sustainable

Infrastructure

Capital,

Inc.

(14,388)

(604) Hudson

Pacific

Properties,

Inc.(Æ)(ö)

(26,376)

(243) Lakeland

Financial

Corp.

(1,919)

(116) NETSTREIT

Corp.(ö)

(3,433)

(71) Old

National

Bancorp

(8,172)

(196) OppFi,

Inc.(Æ)

(5,941)

(56) Pinnacle

Financial

Partners,

Inc.

(5,981)

(592) Rithm

Property

Trust,

Inc.(ö)

(226) (3) Rocket

Cos.,

Inc.

Class

A(Æ)

(9,461)

(138) Spire

Global,

Inc.(Æ)

(6,278)

(112) Sunrise

Realty

Trust,

Inc.(ö)

(1,722)

(13) TIC

Solutions,

Inc.(Æ)

(69,270)

(633) UWM

Holdings

Corp.

(77,346)

(274) (5,989)

Health

Care

-

(0.6)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(8,866)

(79) Abeona

Therapeutics,

Inc.(Æ)

(26,853)

(147) Acadia

Healthcare

Co.,

Inc.(Æ)

(27,643)

(716) Achieve

Life

Sciences,

Inc.(Æ)

(9,874)

(43) Aclaris

Therapeutics,

Inc.(Æ)

(24,428)

(106) Adicet

Bio,

Inc.(Æ)

(3,394)

(26) ArriVent

Biopharma,

Inc.(Æ)

(4,885)

(152) aTyr

Pharma,

Inc.(Æ)

(18,047)

(15) Benitec

Biopharma,

Inc.(Æ)

(2,860)

(34) CG

Oncology,

Inc.(Æ)

(1,897)

(127) Community

Health

Systems,

Inc.(Æ)

(42,360)

(120) Contineum

Therapeutics,

Inc.

Class

A(Æ)

(3,521)

(45) Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(4,762)

(47) CorMedix,

Inc.(Æ)

(13,800)

(105) Corvus

Pharmaceuticals,

Inc.(Æ)

(2,798)

(43) ETON

Pharmaceuticals,

Inc.(Æ)

(9,945)

(240) Evommune,

Inc.(Æ)

(2,607)

(62) Forte

Biosciences,

Inc.(Æ)

(2,138)

(57) Immunovant,

Inc.(Æ)

(58) (2) Inhibikase

Therapeutics,

Inc.(Æ)

(8,500)

(16) Invivyd,

Inc.(Æ)

(11,908)

(17) Joint

Corp.

(The)(Æ)

(1,207)

(11) Lifecore

Biomedical,

Inc.(Æ)

(5,077)

(26) MapLight

Therapeutics,

Inc.(Æ)

(2,761)

(88) Nakamoto,

Inc.(Æ)

(47,143)

(8) Oruka

Therapeutics,

Inc.(Æ)

(6,699)

(458) Palisade

Bio,

Inc.(Æ)

(27,923)

(56) Perspective

Therapeutics,

Inc.(Æ)

(18,041)

(70) Precigen,

Inc.(Æ)

(43,590)

(181) PROCEPT

BioRobotics

Corp.(Æ)

(9,834)

(236) Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

(4,807)

(202) RadNet,

Inc.(Æ)

(9,856)

(557) Rapport

Therapeutics,

Inc.(Æ)

(6,225)

(206) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Revolution

Medicines,

Inc.(Æ)

(5,633)

(812) Stereotaxis,

Inc.(Æ)

(1,900)

(4) Surgery

Partners,

Inc.(Æ)

(16,477)

(231) Tenax

Therapeutics,

Inc.(Æ)

(6,553)

(86) Vaxcyte,

Inc.(Æ)

(11,364)

(650) (6,081)

Materials

and

Processing

-

(0.2)%

Airjoule

Technologies

Corp.(Æ)

(10,219)

(31) Dakota

Gold

Corp.(Æ)

(12,926)

(70) Greif,

Inc.

Class

A

(4,307)

(281) Hawkins,

Inc.

(129) (22) Ivanhoe

Electric,

Inc.(Æ)

(22,088)

(283) Quaker

Chemical

Corp.

(1,274)

(173) Royal

Gold,

Inc.

(2,194)

(512) Sensient

Technologies

Corp.

(1,692)

(192) US

Gold

Corp.(Æ)

(3,750)

(62) (1,626)

Producer

Durables

-

(0.9)%

908

Devices,

Inc.(Æ)

(2,181)

(15) AeroVironment,

Inc.(Æ)

(2,919)

(569) Bridger

Aerospace

Group

Holdings,

Inc.(Æ)

(12,684)

(26) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(5,474)

(434) CBIZ,

Inc.(Æ)

(19,942)

(608) Construction

Partners,

Inc.

Class

A(Æ)

(5,099)

(631) CoreCivic,

Inc.(Æ)

(10,499)

(215) Dorman

Products,

Inc.(Æ)

(1,018)

(115) Element

Solutions,

Inc.

(7,424)

(316) First

Advantage

Corp.(Æ)

(30,429)

(388) GEO

Group,

Inc.

(The)(Æ)

(23,505)

(435) I3

Verticals,

Inc.

Class

A(Æ)

(5,492)

(124) indie

Semiconductor,

Inc.

Class

A(Æ)

(94,677)

(427) JBT

Marel

Corp.

(4,998)

(590) Kadant,

Inc.

(1,328)

(389) Limbach

Holdings,

Inc.(Æ)

(1,704)

(170) Mirion

Technologies,

Inc.(Æ)

(23,549)

(465) NET

Power,

Inc.(Æ)

(34,496)

(66) NuScale

Power

Corp.(Æ)

(30,214)

(376) Red

Cat

Holdings,

Inc.(Æ)

(3,280)

(38) Sabre

Corp.(Æ)

(121,947)

(223) Standex

International

Corp.

(1,375)

(375) Uniti

Group,

Inc.(Æ)

(50,679)

(600) Willscot

Holdings

Corp.

(30,454)

(690) (8,285)

Technology

-

(0.4)%

Bentley

Systems,

Inc.

Class

B

(9,720)

(317) BlackSky

Technology,

Inc.(Æ)

(7,911)

(281) Coherent

Corp.(Æ)

(1,275)

(408) Digimarc

Corp.(Æ)

(5,100)

(37) Exodus

Movement,

Inc.

Class

A(Æ)

(1,300)

(10) Immersion

Corp.

(12,386)

(76) Impinj,

Inc.(Æ)

(2,305)

(334) KULR

Technology

Group,

Inc.(Æ)

(16,764)

(43) NCR

Voyix

Corp.(Æ)

(22,291)

(154) NextNav,

Inc.(Æ)

(19,117)

(354) 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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PAR

Technology

Corp.(Æ)

(8,473)

(114) Powerfleet,

Inc.(Æ)

(40,638)

(131) Sanmina

Corp.(Æ)

(4,165)

(907) Serve

Robotics

Inc.(Æ)

(4,292)

(40) TTM

Technologies,

Inc.(Æ)

(4,457)

(705) Velo3D

Inc.(Æ)

(1,813)

(25) Vuzix

Corp.(Æ)

(17,200)

(50) (3,986)

Utilities

-

(0.2)%

Gogo,

Inc.(Æ)

(34,241)

(143) Kosmos

Energy,

Ltd.(Æ)

(138,861)

(428) NextDecade

Corp.(Æ)

(30,862)

(242) Otter

Tail

Corp.

(5,004)

(446) Prairie

Operating

Co.(Æ)

(34,019)

(41) Sable

Offshore

Corp.(Æ)

(2,537)

(36) Shenandoah

Telecommunications

Co.

(7,823)

(123) (1,459)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$33,630)

(36,451)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
3,876

#### Net

#### Assets

#### -

#### 100.0%
955,686

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

43,661

06/26

2,593

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,593

#### 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

$

94,812

$

—

$

—

$

—

$

94,812

Consumer

Staples

21,095

—

—

—

21,095

Energy

49,097

—

—

—

49,097

Financial

Services

194,793

—

—

—

194,793

Health

Care

149,719

—

—

—

149,719

Materials

and

Processing

84,456

—

—

—

84,456

Producer

Durables

189,411

—

—

—

189,411

Technology

139,814

—

—

—

139,814

Utilities

23,513

—

—

—

23,513

Warrants

and

Rights

—

—

Short-Term

Investments

—

—

—

41,482

41,482

Total

Investments

946,716

—

41,482

988,261

Securities

Sold

Short

\*

(36,451)

—

—

—

(36,451)

Other

Financial

Instruments

Assets

Futures

Contracts

2,593

—

—

—

2,593

Total

Other

Financial

Instruments

\*\*

$

2,593

$

—

$

—

$

—

$

2,593

\*

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

April

30,

2026,

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

April

30,

2026,

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

2,593

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

4,172

$

—

Foreign

currency

exchange

contracts

—

Total

$

4,172

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,955

$

—

\*

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.

Amounts

in

thousands

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

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

36,451

$

—

$

36,451

Total

Financial

and

Derivative

Liabilities

36,451

—

36,451

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

36,451

$

—

$

36,451

#### 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

$

36,451

$

—

$

36,451

$

—

Total

$

36,451

$

—

$

36,451

$

—

^

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

803,259

Investments,

at

fair

value(>)

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

988,261

Foreign

currency

holdings(^)

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

684

Fund

shares

sold

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

From

broker(a)

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

1,648

Variation

margin

on

futures

contracts

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

2,594

Prepaid

expenses

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

Total

assets

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

994,065

#### Liabilities
Payables:

Due

to

custodian

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

Investments

purchased

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

Fund

shares

redeemed

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

735

Accrued

fees

to

affiliates

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

689

Other

accrued

expenses

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

Securities

sold

short,

at

fair

value(‡)

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

36,451

Total

liabilities

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

38,379

#### Net

#### Assets

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

955,686

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

199,086

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

756,270

#### Net

#### Assets

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

955,686

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

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

$

41,482

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

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

$

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

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

$

1,648

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

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

$

33,630

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

28.22 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

29.94 Class

A

—

Net

assets

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

$

15,188,739

Class

A

—

Shares

outstanding

($.01

par

value)

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

538,271

Net

asset

value

per

share:

Class

C

(#)

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

$

23.30 Class

C

—

Net

assets

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

$

5,935,934

Class

C

—

Shares

outstanding

($.01

par

value)

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

254,791

Net

asset

value

per

share:

Class

M

(#)

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

$

28.91 Class

M

—

Net

assets

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

$

85,317,517

Class

M

—

Shares

outstanding

($.01

par

value)

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

2,951,049

Net

asset

value

per

share:

Class

R6

(#)

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

$

28.98 Class

R6

—

Net

assets

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

$

829,334

Class

R6

—

Shares

outstanding

($.01

par

value)

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

28,621

Net

asset

value

per

share:

Class

S

(#)

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

$

28.98 Class

S

—

Net

assets

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

$

782,462,752

Class

S

—

Shares

outstanding

($.01

par

value)

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

26,997,796

Net

asset

value

per

share:

Class

Y

(#)

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

$

28.96 Class

Y

—

Net

assets

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

$

65,951,646

Class

Y

—

Shares

outstanding

($.01

par

value)

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

2,277,294

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

6,411

Dividend

distributions

from

affiliated

funds

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

773

Interest

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

Total

investment

income

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

7,243

#### Expenses
Advisory

fees

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

2,726

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

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

614

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

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

4,210

Expense

reductions

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

(180) Net

expenses

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

4,030

Net

investment

income

(loss)

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

3,213

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

29,465

Investments

in

affiliated

funds

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

(2) Futures

contracts

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

4,172

Foreign

currency

exchange

contracts

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

Securities

sold

short

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

(2,505)

Foreign

currency-related

transactions

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

(1) Net

realized

gain

(loss)

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

31,130

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

91,864

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

1,955

Securities

sold

short

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

(401) Net

change

in

unrealized

appreciation

(depreciation)

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

93,417

Net

realized

and

unrealized

gain

(loss)

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

124,547

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

127,760

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

3,213

$

4,805

Net

realized

gain

(loss)

................................................................................................................

31,130

57,744

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

93,417

(17,613)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

127,760

44,936

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,057)

(1,670)

Class

C

.....................................................................................................................................

(454)

(800)

Class

M

....................................................................................................................................

(6,042)

(10,947)

Class

R6

...................................................................................................................................

(61)

(377)

Class

S

......................................................................................................................................

(30,595)

(59,612)

Class

Y

.....................................................................................................................................

(4,821)

(9,703)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(43,030)

(83,109)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

244,522

(194,588)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
329,252

(232,761)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

626,434

859,195

End

of

period

......................................................................................................................................

$

955,686

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

1,747

Proceeds

from

reinvestment

of

distributions

1,054

1,667

Payments

for

shares

redeemed

(56)

(1,475)

(130)

(3,236)

Net

increase

(decrease)

(3)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

799

Payments

for

shares

redeemed

(40)

(862)

(56)

(1,187)

Net

increase

(decrease)

(7)

(176)

(9)

(192)

Class

M

Proceeds

from

shares

sold

10,360

1,078

27,329

Proceeds

from

reinvestment

of

distributions

6,042

10,936

Payments

for

shares

redeemed

(1,176)

(30,909)

(1,806)

(48,231)

Net

increase

(decrease)

(561)

(14,507)

(297)

(9,966)

Class

R6

Proceeds

from

shares

sold

9,846

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(13)

(344)

(411)

(10,640)

Net

increase

(decrease)

(6)

(159)

(21)

(417)

Class

S

Proceeds

from

shares

sold

13,628

355,767

2,424

63,713

Proceeds

from

reinvestment

of

distributions

1,181

30,452

2,333

59,339

Payments

for

shares

redeemed

(4,665)

(125,202)

(10,511)

(288,617)

Net

increase

(decrease)

10,144

261,017

(5,754)

(165,565)

Class

Y

Proceeds

from

shares

sold

3,978

Proceeds

from

reinvestment

of

distributions

4,821

9,703

Payments

for

shares

redeemed

(254)

(6,934)

(1,277)

(32,307)

Net

increase

(decrease)

(49)

(1,650)

(714)

(18,626)

Total

increase

(decrease)

9,523

$

244,522

(6,787)

$

(194,588)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.02 27.76 22.04 25.20 38.76 24.25 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.07

.10

.10

.11

.01

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.13 1.35 6.20 (2.12)

(4.34)

14.65 $

Total

from

Investment

Operations

4.20 1.45 6.30 (2.01)

(4.33)

14.60 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.24)

(.37)

(.06)

(.06)

—

(.09)

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(2.00)

(3.19)

(.58)

(1.15)

(9.23)

(.09)

$

Net

Asset

Value,

End

of

Period

28.22 26.02 27.76 22.04 25.20 38.76 %

Total

Return

(±)(ǿ)

17.10 5.76 28.81 (8.23)

(13.71)

60.30 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,189

13,943

14,646

12,342

15,358

19,963

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.34 1.36 1.37 1.38 1.34 1.35 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.34 1.36 1.37 1.38 1.34 1.35 %

Net

Investment

Income

(Ƃ)(ɯ)

.55

.41

.38

.46

.05

(.15)

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.75 23.69 18.96 21.96 35.21 22.12 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.02)

(.07)

(.08)

(.06)

(.17)

(.29)

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.42 1.14 5.33 (1.85)

(3.85)

13.38 $

Total

from

Investment

Operations

3.40 1.07 5.25 (1.91)

(4.02)

13.09 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.09)

(.19)

—

—

—

—

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(1.85)

(3.01)

(.52)

(1.09)

(9.23)

—

$

Net

Asset

Value,

End

of

Period

23.30 21.75 23.69 18.96 21.96 35.21 %

Total

Return

(ǿ)

16.64 5.02 27.87 (8.98)

(14.35)

59.18 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 5,936

5,697

6,415

6,462

8,052

11,220

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.09 2.11 2.12 2.13 2.09 2.10 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

2.09 2.11 2.12 2.13 2.09 2.10 %

Net

Investment

Income

(Ƃ)(ɯ)

(.20)

(.34)

(.36)

(.29)

(.70)

(.89)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.66 28.37 22.51 25.72 39.32 24.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.21

.21

.21

.12

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.22 1.38 6.33 (2.17)

(4.42)

14.84 $

Total

from

Investment

Operations

4.35 1.59 6.54 (1.96)

(4.30)

14.93 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.48)

(.16)

(.16)

(.07)

(.19)

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(2.10)

(3.30)

(.68)

(1.25)

(9.30)

(.19)

$

Net

Asset

Value,

End

of

Period

28.91 26.66 28.37 22.51 25.72 39.32 %

Total

Return

(ǿ)

17.31 6.19 29.32 (7.88)

(13.38)

60.95 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 85,317

93,641

108,075

86,971

139,979

167,700

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.09 1.11 1.12 1.13 1.09 1.10 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

.95

.97

.98

.99

.95

.96

%

Net

Investment

Income

(Ƃ)(ɯ)

.95

.82

.77

.83

.44

.24

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.71 28.42 22.55 25.77 39.38 24.60 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.12

—

(Ɵ)

.22

.14

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.24 1.48 6.56 (2.18)

(4.43)

14.85 $

Total

from

Investment

Operations

4.37 1.60 6.56 (1.96)

(4.29)

14.95 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.34)

(.49)

(.17)

(.17)

(.09)

(.17)

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(2.10)

(3.31)

(.69)

(1.26)

(9.32)

(.17)

$

Net

Asset

Value,

End

of

Period

28.98 26.71 28.42 22.55 25.77 39.38 %

Total

Return

(ǿ)

17.33 6.24 29.36 (7.86)

(13.35)

60.96 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 829

920

1,586

532

912

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.94

.96

.97

.98

.94

.95

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.92

.94

.95

.96

.92

.93

%

Net

Investment

Income

(Ƃ)(ɯ)

.98

.45

.77

.89

.48

.27

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.71 28.40 22.53 25.74 39.33 24.59 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.18

.18

.19

.09

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.23 1.39 6.35 (2.19)

(4.42)

14.85 $

Total

from

Investment

Operations

4.34 1.57 6.53 (2.00)

(4.33)

14.90 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.31)

(.44)

(.14)

(.12)

(.03)

(.16)

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(2.07)

(3.26)

(.66)

(1.21)

(9.26)

(.16)

$

Net

Asset

Value,

End

of

Period

28.98 26.71 28.40 22.53 25.74 39.33 %

Total

Return

(ǿ)

17.22 6.10 29.21 (8.00)

(13.46)

60.76 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 782,463

450,078

642,064

571,387

809,051

1,147,967

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.09 1.11 1.12 1.13 1.09 1.10 %

Expenses,

Net

(Ƃ)(ɯ)(∆)

1.05 1.07 1.08 1.09 1.05 1.06 %

Net

Investment

Income

(Ƃ)(ɯ)

.81

.70

.67

.75

.34

.15

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

26.71 28.42 22.55 25.77 39.38 24.61 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.22

.22

.22

.14

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.24 1.39 6.35 (2.17)

(4.43)

14.85 $

Total

from

Investment

Operations

4.37 1.61 6.57 (1.95)

(4.29)

14.97 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.36)

(.50)

(.18)

(.18)

(.09)

(.20)

$

Distributions

from

Net

Realized

Gain

(1.76)

(2.82)

(.52)

(1.09)

(9.23)

—

$

Total

Distributions

(2.12)

(3.32)

(.70)

(1.27)

(9.32)

(.20)

$

Net

Asset

Value,

End

of

Period

28.96 26.71 28.42 22.55 25.77 39.38 %

Total

Return

(ǿ)

17.35 6.25 29.38 (7.83)

(13.33)

61.06 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 65,952

62,155

86,409

79,925

94,100

166,076

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.89

.91

.92

.93

.89

.90

%

Expenses,

Net

(Ƃ)(ɯ)(∆)

.89

.91

.92

.93

.89

.90

%

Net

Investment

Income

(Ƃ)(ɯ)

1.00 .87

.83

.90

.49

.33

%

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

535,272

Administrative

fees

35,862

Distribution

fees

6,575

Shareholder

servicing

fees

1,200

Transfer

agent

fees

108,017

Trustees'

fees

1,758

$

688,684

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

23,862

$

455,902

$

438,279

$

(2)

$

(1)

$

41,482

$

773

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

796,798,065

$

192,446,288

$

(34,841,012)

$

157,605,276

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.6%
Australia

-

5.4%

ANZ

Group

Holdings,

Ltd.

14,420

APA

Group

14,235

Aristocrat

Leisure,

Ltd.

3,859

ASX,

Ltd.

4,101

BHP

Group,

Ltd.

29,255

1,158

Brambles,

Ltd.

19,734

CAR

Group,

Ltd.

4,591

Cochlear,

Ltd.

769

Coles

Group,

Ltd.

16,993

Commonwealth

Bank

of

Australia

6,634

832

CSL,

Ltd.

794

Evolution

Mining,

Ltd.

29,107

Fortescue,

Ltd.

17,405

Goodman

Group(ö)

6,124

Insurance

Australia

Group,

Ltd.

37,013

Lynas

Rare

Earths,

Ltd.(Æ)

11,706

Medibank

Pvt,

Ltd.

57,079

National

Australia

Bank,

Ltd.

19,089

550

Northern

Star

Resources,

Ltd.

16,824

Origin

Energy,

Ltd.

10,498

Pro

Medicus

,

Ltd.

1,056

QBE

Insurance

Group,

Ltd.

24,746

REA

Group,

Ltd.

616

Rio

Tinto

PLC

11,774

1,176

Rio

Tinto,

Ltd.

3,136

Santos,

Ltd.

25,644

Sigma

Healthcare,

Ltd.

41,654

Sonic

Healthcare,

Ltd.

6,141

Stockland(ö)

20,666

Suncorp

Group,

Ltd.

12,836

Telstra

Group,

Ltd.

50,728

Wesfarmers,

Ltd.

6,719

Westpac

Banking

Corp.

14,570

WiseTech

Global,

Ltd.

2,321

Woodside

Energy

Group,

Ltd.

12,461

Woolworths

Group,

Ltd.

6,643

9,852

Austria

-

0.3%

Erste

Group

Bank

AG

3,189

OMV

AG

2,032

Raiffeisen

Bank

International

AG

2,011

611

Belgium

-

0.7%

Ageas

SA

1,686

Anheuser-Busch

InBev

SA

4,430

KBC

Group

NV

3,156

UCB

SA

1,561

1,309

Brazil

-

0.3%

Wheaton

Precious

Metals

Corp.

2,156

Yara

International

ASA

4,233

519

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

3,919

Canada

-

11.1%

Agnico

Eagle

Mines,

Ltd.

3,263

614

Alamos

Gold,

Inc.

Class

A

2,640

Alimentation

Couche-Tard,

Inc.

5,046

ARC

Resources,

Ltd.

9,414

AtkinsRealis

Group,

Inc.

2,326

Bank

of

Montreal

7,751

1,180

Bank

of

Nova

Scotia

(The)

8,849

688

Barrick

Mining

Corp.

8,946

Bombardier,

Inc.

Class

B(Æ)

879

Brookfield

Asset

Management,

Ltd.

Class

A

5,904

Cameco

Corp.

4,999

615

Canadian

Imperial

Bank

of

Commerce

6,465

721

Canadian

National

Railway

Co.

2,281

Canadian

Natural

Resources,

Ltd.

9,313

Canadian

Pacific

Kansas

City,

Ltd.

2,245

Canadian

Tire

Corp.,

Ltd.

Class

A

750

CCL

Industries,

Inc.

Class

B

2,713

Celestica,

Inc.(Æ)

1,072

Cenovus

Energy,

Inc.

28,871

845

CGI,

Inc.

4,847

Constellation

Software,

Inc.

Descartes

System

Group,

Inc.

(The)(Æ)

1,226

Dollarama,

Inc.

1,450

Emera,

Inc.

4,466

Empire

Co.,

Ltd.

Class

A

2,736

Enbridge,

Inc.

7,680

Fairfax

Financial

Holdings,

Ltd.

Fortis,

Inc.

1,675

Franco-Nevada

Corp.

Class

T

982

George

Weston,

Ltd.

1,454

Gildan

Activewear,

Inc.

Class

A

1,378

Great-West

Lifeco

,

Inc.

6,300

iA

Financial

Corp.,

Inc.

2,632

IGM

Financial,

Inc.

1,879

Imperial

Oil,

Ltd.

3,890

521

Intact

Financial

Corp.

1,253

Kinross

Gold

Corp.

14,107

Loblaw

Cos.,

Ltd.

5,315

Lundin

Gold,

Inc.

1,612

Magna

International,

Inc.

Class

A

3,936

Manulife

Financial

Corp.

9,152

Metro,

Inc.

Class

A

1,617

National

Bank

of

Canada

1,756

Nutrien

,

Ltd.

7,166

545

Open

Text

Corp.

6,917

Pan

American

Silver

Corp.

3,963

Pembina

Pipeline

Corp.

2,802

Power

Corp.

of

Canada

7,271

Rogers

Communications,

Inc.

Class

B

5,547

Royal

Bank

of

Canada

8,796

1,582

Saputo,

Inc.

4,382

Shopify,

Inc.

Class

A(Æ)

6,708

814

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Stantec,

Inc.

1,207

Sun

Life

Financial,

Inc.

6,061

Suncor

Energy,

Inc.

10,867

745

TC

Energy

Corp.

1,569

TFI

International,

Inc.

1,417

Thomson

Reuters

Corp.

1,201

TMX

Group,

Ltd.

2,214

Toromont

Industries,

Ltd.

1,062

Tourmaline

Oil

Corp.

3,982

Whitecap

Resources,

Inc.

18,349

20,239

Chile

-

0.2%

Antofagasta

PLC

7,949

China

-

0.6%

BOC

Hong

Kong

Holdings,

Ltd.

56,000

Prosus

NV(Æ)

5,983

SITC

International

Holdings

Co.,

Ltd.

27,000

Wilmar

International,

Ltd.

34,200

Yangzijiang

Shipbuilding

Holdings,

Ltd.

65,400

1,045

Denmark

-

0.9%

Coloplast

A/S

Class

B

1,425

Danske

Bank

A/S

3,897

DSV

A/S

Genmab

A/S(Æ)

993

Novo

Nordisk

A/S

Class

B

13,653

575

Novonesis

Novozymes

B

Class

B

2,701

Pandora

A/S

791

ROCKWOOL

A/S

Class

B

2,928

Tryg

A/S

2,309

Vestas

Wind

Systems

A/S

3,323

1,681

Finland

-

1.2%

Elisa

Oyj

2,117

Kone

Oyj

Class

B

3,051

Metso

Oyj

6,348

Neste

Oyj

4,334

Nordea

Bank

Abp

21,704

Orion

Oyj

Class

B

1,809

Sampo

Oyj

Class

A

46,618

UPM-

Kymmene

Oyj

4,475

Wartsila

Oyj

Abp

Class

B

9,494

2,128

France

-

6.7%

Air

Liquide

SA

Class

A

2,474

533

Airbus

SE

2,937

609

AXA

SA

8,110

bioMerieux

874

BNP

Paribas

SA

4,238

Bouygues

SA

4,827

Bureau

Veritas

SA

4,529

Capgemini

SE

2,466

Carrefour

SA

12,728

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cie

de

Saint-Gobain

SA

3,229

Cie

Generale

des

Etablissements

Michelin

SCA

18,900

686

Covivio

SA(ö)

1,632

Credit

Agricole

SA

11,498

Danone

SA

3,017

Dassault

Systemes

SE

3,409

Eiffage

SA

1,431

Engie

SA

17,313

572

EssilorLuxottica

SA

937

FDJ

UNITED

3,911

Hermes

International

SCA

Ipsen

SA

532

Kering

SA

Klepierre

SA(ö)

3,674

Legrand

SA

1,511

L'Oreal

SA

982

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,175

623

Orange

SA

17,132

Pernod

Ricard

SA

3,910

Publicis

Groupe

SA

3,963

Rexel

SA

Class

H

3,542

Safran

SA

1,436

Societe

Generale

SA

5,713

Sodexo

SA

1,309

Thales

SA

TotalEnergies

SE

13,929

1,297

Unibail

-

Rodamco

-Westfield(ö)

1,123

Veolia

Environnement

SA

5,262

Vinci

SA

4,327

655

12,261

Germany

-

7.0%

adidas

AG

630

Allianz

SE

2,916

1,333

Bayer

AG

11,983

535

Bayerische

Motoren

Werke

AG

3,441

Beiersdorf

AG

1,051

Brenntag

SE

2,704

Commerzbank

AG

7,846

Daimler

Truck

Holding

AG

6,137

Deutsche

Bank

AG

12,430

Deutsche

Boerse

AG

838

Deutsche

Lufthansa

AG

18,264

Deutsche

Post

AG

9,012

532

Deutsche

Telekom

AG

24,537

794

E.ON

SE

11,346

Fresenius

Medical

Care

AG

4,118

Fresenius

SE

&

Co.

KGaA

2,957

GEA

Group

AG

3,749

Hannover

Rueck

SE

1,272

Heidelberg

Materials

AG

1,208

Hensoldt

AG

1,054

Hochtief

AG

Infineon

Technologies

AG

5,752

Knorr-

Bremse

AG

542

LEG

Immobilien

SE

1,499

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mercedes-Benz

Group

AG

5,344

Merck

KGaA

712

MTU

Aero

Engines

AG

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

878

526

Nemetschek

SE

946

Rheinmetall

AG

RWE

AG

1,572

SAP

SE

6,435

1,102

Scout24

SE(Þ)

1,097

Siemens

AG

3,343

993

Siemens

Energy

AG

3,421

726

Siemens

Healthineers

AG(Þ)

1,647

Symrise

AG

1,180

Talanx

AG

1,037

Zalando

SE(Æ)(Þ)

3,626

12,690

Hong

Kong

-

2.3%

AIA

Group,

Ltd.

26,737

CK

Asset

Holdings,

Ltd.

41,330

CK

Infrastructure

Holdings,

Ltd.

12,001

Futu

Holdings,

Ltd.

-

ADR

1,754

HKT

Trust

&

HKT,

Ltd.

67,075

Hong

Kong

&

China

Gas

Co.,

Ltd.

91,000

Hong

Kong

Exchanges

&

Clearing,

Ltd.

18,716

994

Melco

Resorts

&

Entertainment,

Ltd.

(Æ)(Š)

8,400

MTR

Corp.,

Ltd.

25,000

Power

Assets

Holdings,

Ltd.

18,000

Prudential

PLC

55,532

832

Sino

Land

Co.,

Ltd.

66,000

Sun

Hung

Kai

Properties,

Ltd.

16,571

Techtronic

Industries

Co.,

Ltd.

19,848

WH

Group,

Ltd.(Þ)

183,789

4,128

Indonesia

-

0.1%

Jardine

Matheson

Holdings,

Ltd.

1,900

Ireland

-

0.4%

AerCap

Holdings

NV

1,946

AIB

Group

PLC

15,478

Bank

of

Ireland

Group

PLC

7,833

Kingspan

Group

PLC

1,608

757

Israel

-

1.5%

Bank

Hapoalim

BM

20,842

560

Bank

Leumi

Le-Israel

BM

22,068

560

Check

Point

Software

Technologies,

Ltd.

(Æ)

1,190

Elbit

Systems,

Ltd.

ICL

Group,

Ltd.

20,290

Israel

Discount

Bank,

Ltd.

Class

A

24,354

Mizrahi

Tefahot

Bank,

Ltd.

3,521

Nice,

Ltd.(Æ)

798

Nova,

Ltd.(Æ)

605

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

5,904

2,783

Italy

-

3.0%

Banca

Mediolanum

SpA

5,927

Banca

Monte

dei

Paschi

di

Siena

SpA

11,834

Banco

BPM

SpA

9,495

BPER

Banca

SpA

16,837

Coca-Cola

HBC

AG(Æ)

4,487

Enel

SpA

35,038

Eni

SpA

23,130

654

FinecoBank

Banca

Fineco

SpA

3,967

Generali

9,824

Intesa

Sanpaolo

SpA

61,234

Leonardo

SpA

3,315

Moncler

SpA

1,638

Poste

Italiane

SpA

(Þ)

7,333

Prysmian

SpA

3,436

521

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,597

Ryanair

Holdings

PLC

14,115

Snam

SpA

14,278

Telecom

Italia

SpA

(Æ)

135,589

Terna

-

Rete

Elettrica

Nazionale

12,171

UniCredit

SpA

8,130

628

Unipol

Assicurazioni

SpA

4,910

5,535

Japan

-

19.3%

Advantest

Corp.

4,900

918

Aeon

Co.,

Ltd.

12,700

Aisin

Corp.

10,500

Ajinomoto

Co.,

Inc.

10,800

Asahi

Group

Holdings,

Ltd.

19,500

Asahi

Kasei

Corp.

13,600

Asics

Corp.

8,900

Astellas

Pharma,

Inc.

20,100

Bandai

Namco

Holdings,

Inc.

7,600

Bridgestone

Corp.

23,300

Canon,

Inc.

21,800

561

Capcom

Co.,

Ltd.

5,400

Central

Japan

Railway

Co.

9,800

Chiba

Bank,

Ltd.

(The)

10,800

Chubu

Electric

Power

Co.,

Inc.

11,300

Chugai

Pharmaceutical

Co.,

Ltd.

3,100

Dai

Nippon

Printing

Co.,

Ltd.

6,600

Daifuku

Co.,

Ltd.

2,400

Daiichi

Life

Group,

Inc.

21,900

Daiichi

Sankyo

Co.,

Ltd.

7,400

Daikin

Industries,

Ltd.

1,300

Daito

Trust

Construction

Co.,

Ltd.

5,500

Daiwa

House

Industry

Co.,

Ltd.

7,700

Daiwa

Securities

Group,

Inc.

23,400

Denso

Corp.

14,200

Disco

Corp.

900

East

Japan

Railway

Co.

7,200

Ebara

Corp.

3,700

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ENEOS

Holdings,

Inc.

46,800

Fast

Retailing

Co.,

Ltd.

700

Fuji

Electric

Co.,

Ltd.

2,800

FUJIFILM

Holdings

Corp.

8,000

Fujikura,

Ltd.

20,600

813

Fujitsu,

Ltd.

17,700

Hankyu

Hanshin

Holdings,

Inc.

3,400

Hitachi,

Ltd.

23,400

736

Honda

Motor

Co.,

Ltd.

20,100

Hoya

Corp.

1,300

Idemitsu

Kosan

Co.,

Ltd.

11,800

IHI

Corp.

5,400

Inpex

Corp.

13,400

Isuzu

Motors,

Ltd.

7,100

ITOCHU

Corp.

28,000

Japan

Airlines

Co.,

Ltd.

5,000

Japan

Exchange

Group,

Inc.

18,100

Japan

Post

Bank

Co.,

Ltd.

Class

A

18,200

Japan

Post

Holdings

Co.,

Ltd.

19,500

Japan

Post

Insurance

Co.,

Ltd.

Class

A

12,900

Japan

Tobacco,

Inc.

5,700

JFE

Holdings,

Inc.

8,900

Kajima

Corp.

7,100

Kansai

Electric

Power

Co.,

Inc.

(The)

7,800

Kao

Corp.

3,900

KDDI

Corp.

13,000

Keyence

Corp.

900

Kioxia

Holdings

Corp.(Æ)

2,300

572

Kirin

Holdings

Co.,

Ltd.

5,800

Komatsu,

Ltd.

5,600

Konami

Group

Corp.

1,300

Kubota

Corp.

11,300

Kyocera

Corp.

17,500

Lasertec

Corp.

500

LY

Corp.

29,500

M3,

Inc.

9,400

Makita

Corp.

2,900

Marubeni

Corp.

13,700

536

MatsukiyoCocokara

&

Co.

5,800

Mitsubishi

Chemical

Group

Corp.

18,100

Mitsubishi

Corp.

14,800

Mitsubishi

Electric

Corp.

16,400

659

Mitsubishi

Estate

Co.,

Ltd.

6,900

Mitsubishi

HC

Capital,

Inc.

12,200

Mitsubishi

Heavy

Industries,

Ltd.

13,100

Mitsubishi

UFJ

Financial

Group,

Inc.

61,500

1,115

Mitsui

&

Co.,

Ltd.

11,800

Mitsui

Fudosan

Co.,

Ltd.

22,000

Mitsui

OSK

Lines,

Ltd.

2,900

Mizuho

Financial

Group,

Inc.

11,900

516

MonotaRO

Co.,

Ltd.

5,700

MS&AD

Insurance

Group

Holdings,

Inc.

12,000

Murata

Manufacturing

Co.,

Ltd.

10,400

NEC

Corp.

9,800

Nexon

Co.,

Ltd.

3,700

Nidec

Corp.

11,000

Nintendo

Co.,

Ltd.

5,600

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nippon

Steel

Corp.

45,300

Nippon

Yusen

3,400

Nitto

Denko

Corp.

10,600

Nomura

Holdings,

Inc.

27,100

Nomura

Research

Institute,

Ltd.

2,400

NTT,

Inc.

379,650

Obayashi

Corp.

4,200

Obic

Co.,

Ltd.

3,800

Olympus

Corp.

7,100

Oriental

Land

Co.,

Ltd.

5,500

ORIX

Corp.

16,500

551

Osaka

Gas

Co.,

Ltd.

7,500

Otsuka

Corp.

2,400

Otsuka

Holdings

Co.,

Ltd.

2,400

Panasonic

Holdings

Corp.

18,800

Recruit

Holdings

Co.,

Ltd.

6,400

Resona

Holdings,

Inc.

22,100

Ryohin

Keikaku

Co.,

Ltd.

8,300

Sanrio

Co.,

Ltd.

20,100

SBI

Holdings,

Inc.

8,600

Secom

Co.,

Ltd.

3,300

Sekisui

Chemical

Co.,

Ltd.

11,300

Sekisui

House,

Ltd.

9,800

Seven

&

i

Holdings

Co.,

Ltd.

8,300

Shimadzu

Corp.

3,900

Shin-Etsu

Chemical

Co.,

Ltd.

7,400

Shionogi

&

Co.,

Ltd.

15,500

SoftBank

Corp.

115,600

SoftBank

Group

Corp.

11,300

Sompo

Holdings,

Inc.

9,900

Sony

Group

Corp.

27,600

552

Subaru

Corp.

12,192

Sumitomo

Corp.

11,600

Sumitomo

Electric

Industries,

Ltd.

4,100

Sumitomo

Metal

Mining

Co.,

Ltd.

2,400

Sumitomo

Mitsui

Financial

Group,

Inc.

13,100

Sumitomo

Mitsui

Trust

Group,

Inc.

7,800

Sumitomo

Realty

&

Development

Co.,

Ltd.

3,600

Suntory

Beverage

&

Food,

Ltd.

3,600

Suzuki

Motor

Corp.

27,800

T&D

Holdings,

Inc.

6,200

Taisei

Corp.

1,900

Takeda

Pharmaceutical

Co.,

Ltd.

4,966

Terumo

Corp.

16,000

TIS,

Inc.

4,300

Toho

Co.,

Ltd.

9,000

Tokio

Marine

Holdings,

Inc.

7,300

Tokyo

Electron,

Ltd.

1,400

Tokyo

Gas

Co.,

Ltd.

6,500

TOPPAN

Holdings,

Inc.

3,100

Toyota

Motor

Corp.

46,700

894

Toyota

Tsusho

Corp.

6,700

Trend

Micro,

Inc.

1,900

Unicharm

Corp.

16,900

West

Japan

Railway

Co.

5,500

Yamaha

Motor

Co.,

Ltd.

10,200

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yokogawa

Electric

Corp.

4,700

Yokohama

Financial

Group,

Inc.

19,700

Zensho

Holdings

Co.,

Ltd.

1,800

Zozo,

Inc.

9,100

35,264

Luxembourg

-

0.3%

ArcelorMittal

SA

9,725

555

Mexico

-

0.1%

Fresnillo

PLC

4,593

Netherlands

-

4.6%

ABN

AMRO

Bank

NV(Þ)

4,563

Adyen

NV(Æ)(Þ)

Akzo

Nobel

NV

1,266

Argenx

SE(Æ)

ASM

International

NV

ASML

Holding

NV

2,706

3,906

ASR

Nederland

NV

2,294

BE

Semiconductor

Industries

NV

Euronext

NV(Þ)

716

EXOR

NV

1,590

Heineken

Holding

NV

2,312

IMCD

NV

981

ING

Groep

NV

14,796

Koninklijke

Ahold

Delhaize

NV

10,799

508

Koninklijke

KPN

NV

25,783

Koninklijke

Philips

NV

2,836

Nebius

Group

NV

Class

A(Æ)

1,649

NN

Group

NV

4,267

QIAGEN

NV

1,237

Randstad

NV

3,014

Universal

Music

Group

NV

5,617

Wolters

Kluwer

NV

1,171

8,294

New

Zealand

-

0.1%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

4,221

Xero,

Ltd.(Æ)

1,578

Norway

-

1.0%

DNB

Bank

ASA

6,455

Equinor

ASA

Class

N

15,249

624

Gjensidige

Forsikring

ASA

6,532

Kongsberg

Gruppen

ASA

5,191

Kongsberg

Maritime

AS(Æ)

5,191

Mowi

ASA

4,024

Norsk

Hydro

ASA

27,736

Telenor

ASA

13,659

1,838

Portugal

-

0.3%

Banco

Comercial

Portugues

SA

Class

R

113,643

EDP

SA

34,256

Galp

Energia

SGPS

SA

Class

B

6,368

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Jeronimo

Martins

SGPS

SA

4,582

567

Singapore

-

1.5%

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

69,978

DBS

Group

Holdings,

Ltd.

14,036

648

Grab

Holdings,

Ltd.

Class

A(Æ)

20,533

Oversea-Chinese

Banking

Corp.,

Ltd.

22,479

Sea,

Ltd.

-

ADR(Æ)

1,515

Singapore

Airlines,

Ltd.

13,700

Singapore

Exchange,

Ltd.

22,600

Singapore

Technologies

Engineering,

Ltd.

23,400

Singapore

Telecommunications,

Ltd.

33,200

STMicroelectronics

NV

4,322

United

Overseas

Bank,

Ltd.

10,700

2,691

Spain

-

2.7%

ACS

Actividades

de

Construccion

y

Servicios

SA

1,778

Aena

SME

SA(Þ)

3,750

Amadeus

IT

Group

SA

Class

A

3,319

Banco

Bilbao

Vizcaya

Argentaria

SA

29,850

660

Banco

de

Sabadell

SA

47,193

Banco

Santander

SA

77,213

944

Bankinter

SA

6,921

CaixaBank

SA

22,246

Endesa

SA

5,308

Grifols

SA

5,563

Iberdrola

SA

26,107

612

Industria

de

Diseno

Textil

SA

4,849

Mapfre

SA

19,963

Naturgy

Energy

Group

SA

3,691

Repsol

SA

20,143

539

Telefonica

SA

36,425

4,854

Sweden

-

3.3%

AddTech

AB

Class

B

3,005

Alfa

Laval

AB

3,200

Assa

Abloy

AB

Class

B

6,445

Atlas

Copco

AB

Class

A

16,369

Atlas

Copco

AB

Class

B

6,572

Boliden

AB

8,193

Epiroc

AB

Class

A

5,970

EQT

AB

2,845

Essity

AB

Class

B

5,069

Evolution

AB(Þ)

1,432

Fastighets

AB

Balder

Class

B(Æ)

14,862

H

&

M

Hennes

&

Mauritz

AB

Class

B

8,507

Industrivarden

AB

Class

C

5,484

Indutrade

AB

2,594

Investor

AB

Class

B

9,033

Lifco

AB

Class

B

3,134

Saab

AB

Class

B

2,866

Sandvik

AB

11,800

Securitas

AB

Class

B

10,080

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Skandinaviska

Enskilda

Banken

AB

Class

A

15,170

Skanska

AB

Class

B

9,491

SKF

AB

Class

B

5,434

Svenska

Handelsbanken

AB

Class

A

12,204

Swedbank

AB

Class

A

8,201

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

2,343

Tele2

AB

Class

B

12,506

Telefonaktiebolaget

LM

Ericsson

Class

B

37,411

Telia

Co.

AB

24,398

Volvo

AB

Class

B(Æ)

2,989

5,983

Switzerland

-

3.5%

ABB,

Ltd.

12,373

1,244

Belimo

Holding

AG

Chocoladefabriken

Lindt

&

Spruengli

AG

Cie

Financiere

Richemont

SA

Class

A

1,971

EMS-

Chemie

Holding

AG

Galderma

Group

AG

1,337

Geberit

AG

Givaudan

SA

Helvetia

Baloise

Holding

AG

594

Julius

Baer

Group,

Ltd.

1,368

Kuehne

+

Nagel

International

AG

Logitech

International

SA

2,236

Lonza

Group

AG

Sandoz

Group

AG

1,970

Schindler

Holding

AG

683

SGS

SA

1,985

Sonova

Holding

AG

Straumann

Holding

AG

1,143

Swiss

Life

Holding

AG

Swiss

Prime

Site

AG

Class

A

580

Swisscom

AG

UBS

Group

AG

19,992

891

VAT

Group

AG(Þ)

Zurich

Insurance

Group

AG

761

528

6,464

United

Kingdom

-

9.5%

3i

Group

PLC

4,900

Admiral

Group

PLC

4,015

Associated

British

Foods

PLC

4,288

AstraZeneca

PLC

10,564

2,008

Autotrader

Group

PLC(Þ)

12,736

Aviva

PLC

26,979

BAE

Systems

PLC

10,739

Barclays

PLC

87,945

514

Barratt

Redrow

PLC

26,867

British

American

Tobacco

PLC

16,815

987

BT

Group

PLC

79,912

Bunzl

PLC

7,561

Centrica

PLC

49,580

CK

Hutchison

Holdings,

Ltd.

Class

B

34,258

Coca-Cola

Europacific

Partners

PLC

997

Compass

Group

PLC

15,402

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
DCC

PLC

3,129

Diageo

PLC

8,041

GSK

PLC

32,807

862

Halma

PLC

9,818

592

Hikma

Pharmaceuticals

PLC

4,941

HSBC

Holdings

PLC

111,178

2,038

Imperial

Brands

PLC

11,920

International

Consolidated

Airlines

Group

SA

24,826

Intertek

Group

PLC

1,368

J

Sainsbury

PLC

38,379

Kingfisher

PLC

45,927

Legal

&

General

Group

PLC

76,087

Lloyds

Banking

Group

PLC

376,261

509

London

Stock

Exchange

Group

PLC

1,157

M&G

PLC

21,801

National

Grid

PLC

13,409

NatWest

Group

PLC

52,742

Next

PLC

884

Pearson

PLC

15,856

Reckitt

Benckiser

Group

PLC

5,625

RELX

PLC

10,023

Rolls-Royce

Holdings

PLC

40,437

660

Sage

Group

PLC

(The)

18,346

Severn

Trent

PLC

Class

H

3,289

Smith

&

Nephew

PLC

17,688

Smiths

Group

PLC

4,585

Standard

Chartered

PLC

16,633

Tesco

PLC

52,125

Unilever

PLC

7,171

United

Utilities

Group

PLC

6,754

Vodafone

Group

PLC

291,884

Whitbread

PLC

2,713

Wise

PLC

Class

A(Æ)

10,894

17,395

United

States

-

6.5%

Aegon,

Ltd.

21,037

Alcon

AG

1,228

AP

Moller

-

Maersk

A/S

Class

B

BP

PLC

64,595

510

Buzzi

SpA

1,996

Experian

PLC

9,173

Ferrovial

SE

2,110

Haleon

PLC

28,825

Holcim

AG(Æ)

2,890

monday.com,

Ltd.(Æ)

Nestle

SA

13,246

1,344

Novartis

AG

12,957

1,926

Palo

Alto

Networks,

Inc.(Æ)

1,719

Roche

Holding

AG

4,820

1,973

Sanofi

SA

6,988

653

Schneider

Electric

SE

2,892

913

Shell

PLC

42,235

1,917

Spotify

Technology

SA(Æ)

806

Stellantis

NV(Æ)

12,219

Swiss

Re

AG

1,492

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tenaris

SA

5,531

11,934

Zambia

-

0.1%

First

Quantum

Minerals,

Ltd.(Æ)

3,956

#### Total

#### Common

#### Stocks
(cost

$109,429)

172,619

#### Preferred

#### Stocks

#### -

#### 0.4%
Germany

-

0.4%

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

5,118

Porsche

Automobil

Holding

SE

5.767%

(Ÿ)

2,310

Volkswagen

AG

7.549%

(Ÿ)

2,792

739

#### Total

#### Preferred

#### Stocks
(cost

$762)

739

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

—

Israel

-

0.0%

CyberArk(Æ)(Š)

Rights

885

#### Total

#### Warrants

#### and

#### Rights
(cost

$40)

#### Short-Term

#### Investments

#### -

#### 3.4%
United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

6,269,703

(∞)

6,268

#### Total

#### Short-Term

#### Investments
(cost

$6,268)

6,268

#### Total

#### Investments

#### -

#### 98.4%
(identified

cost

$116,499)

179,666

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.6%
2,854

#### Net

#### Assets

#### -

#### 100.0%
182,520

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $1.1%

ABN

AMRO

Bank

NV

06/06/22

EUR

4,563

17.11 78

Adyen

NV

12/20/19

EUR

1,314.03

560

Aena

SME

SA

06/16/23

EUR

3,750

16.79 63

Autotrader

Group

PLC

12/11/20

GBP

12,736

7.81 99

Euronext

NV

06/06/22

EUR

716

62.17 45

Evolution

AB

11/24/20

SEK

1,432

76.51 110

Poste

Italiane

SpA

04/06/17

EUR

7,333

11.18 82

Scout24

SE

10/21/22

EUR

1,097

68.27 75

Siemens

Healthineers

AG

04/14/20

EUR

1,647

45.78 75

VAT

Group

AG

03/11/22

CHF

367.06 97

WH

Group,

Ltd.

03/18/20

HKD

183,789

0.88 161

Zalando

SE

06/16/23

EUR

3,626

32.19 117

1,917

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

6,854

06/26

(149) S&P/TSX

Index

Futures

CAD

1,587

06/26

(8) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(157) #### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

CAD

06/17/26

Bank

of

America

USD

2,054

CAD

2,800

06/17/26

Bank

of

America

CAD

700

USD

505

06/17/26

(11) Bank

of

America

CAD

1,600

USD

1,171

06/17/26

(9) Bank

of

Montreal

USD

CAD

06/17/26

(1) BNP

Paribas

USD

CAD

06/17/26

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(7) #### 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

$

—

$

9,852

$

—

$

—

$

9,852

Austria

—

611

—

—

611

Belgium

—

1,309

—

—

1,309

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

—

—

519

Burkina

Faso

—

—

—

Canada

20,239

—

—

—

20,239

Chile

—

—

—

China

—

1,045

—

—

1,045

Denmark

—

1,681

—

—

1,681

Finland

—

2,128

—

—

2,128

France

—

12,261

—

—

12,261

Germany

—

12,690

—

—

12,690

Hong

Kong

3,841

—

4,128

Indonesia

—

—

—

Ireland

—

—

757

Israel

2,442

—

—

2,783

Italy

—

5,535

—

—

5,535

Japan

—

35,264

—

—

35,264

Luxembourg

—

555

—

—

555

Mexico

—

—

—

Netherlands

8,066

—

—

8,294

New

Zealand

—

—

—

Norway

1,804

—

—

1,838

Portugal

—

567

—

—

567

Singapore

2,484

—

—

2,691

Spain

—

4,854

—

—

4,854

Sweden

—

5,983

—

—

5,983

Switzerland

—

6,464

—

—

6,464

United

Kingdom

17,301

—

—

17,395

United

States

699

11,235

—

—

11,934

Zambia

—

—

—

Preferred

Stocks

—

739

—

—

739

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

6,268

6,268

Total

Investments

22,759

150,583

6,268

179,666

Other

Financial

Instruments

Assets

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(157) —

—

—

(157) Foreign

Currency

Exchange

Contracts

—

(21) —

—

(21) Total

Other

Financial

Instruments

\*

$

(157) $

(7) $

—

$

—

$

(164) \*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

(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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

16,940

.3

Consumer

Staples

...............................................................................

9,345

.1

Energy

................................................................................................

10,823

.9

Financial

Services

..............................................................................

51,010

.0

Health

Care

........................................................................................

14,814

.1

Materials

and

Processing

...................................................................

17,235

.4

Producer

Durables

..............................................................................

24,999

.7

Technology

.........................................................................................

17,099

.4

Utilities

...............................................................................................

10,354

.7

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

.2

Consumer

Staples

...............................................................................

.2

#### Warrants

#### and

#### Rights

#### ...................................................................

—

\*\*

#### Short-Term

#### Investments

#### .............................................................
6,268

.4

Total

Investments

...............................................................................

179,666

.4

\*\*

Less

than

.05%

of

net

assets.

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

$

$

—

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

$

654

$

—

Foreign

currency

exchange

contracts

—

Total

$

654

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(230) $

—

Foreign

currency

exchange

contracts

—

(7) Total

$

(230) $

(7) \*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

$

$

—

$

—

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

America

$

$

$

—

$

Bank

of

Montreal

—

—

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.

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

116,499

Investments,

at

fair

value(>)

........................................................................................................................................................

179,666

Foreign

currency

holdings(^)

.......................................................................................................................................................

667

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

675

Dividends

from

affiliated

funds

.......................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

1,145

From

broker(a)

.................................................................................................................................................................

642

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

182,823

#### Liabilities
Payables:

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

182,520

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

48,586

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

133,800

#### Net

#### Assets

#### ...............................................................................................................................................................
$

182,520

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

6,268

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

666

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

642

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

13.67 Class

M

—

Net

assets

..........................................................................................................................................................

$

2,203,139

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

161,219

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

13.91 Class

R6

—

Net

assets

.........................................................................................................................................................

$

101,744

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

7,315

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

13.65 Class

S

—

Net

assets

............................................................................................................................................................

$

19,080,923

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,397,370

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

13.64 Class

Y

—

Net

assets

...........................................................................................................................................................

$

161,134,494

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

11,810,494

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

2,943

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(409) Total

investment

income

.............................................................................................................................................................

2,624

#### Expenses
Advisory

fees

...................................................................................................................................................................

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

..............................................................................................................................................

725

Expense

reductions

..........................................................................................................................................................

(29) Net

expenses

................................................................................................................................................................................

696

Net

investment

income

(loss)

.......................................................................................................................................................

1,928

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

5,483

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

654

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(18) Net

realized

gain

(loss)

................................................................................................................................................................

6,169

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

14,128

Futures

contracts

..............................................................................................................................................................

(230) Foreign

currency

exchange

contracts

...............................................................................................................................

(7) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

13,947

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

20,116

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

22,044

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,928

$

3,226

Net

realized

gain

(loss)

................................................................................................................

6,169

17,695

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

13,947

6,682

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

22,044

27,603

#### Distributions
To

shareholders

Class

M

....................................................................................................................................

(37) (77) Class

R6

...................................................................................................................................

(2) (3) Class

S

......................................................................................................................................

(675) (1,577)

Class

Y

.....................................................................................................................................

(3,543)

(5,365)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(4,257)

(7,022)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(33,087)

33,943

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(15,300)

54,524

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

197,820

143,296

End

of

period

......................................................................................................................................

$

182,520

$

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

\*\*&nbsp;&nbsp;&nbsp;&nbsp;

Less

than

500

shares.

\*\*\*

Less

than

$500.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

M

Proceeds

from

shares

sold

$

514

$

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(5) (60) (49) (519) Net

increase

(decrease)

(27) (297) Class

R6

Proceeds

from

shares

sold

—

\*\*

Proceeds

from

reinvestment

of

distributions

—

\*\*

—

\*\*

Payments

for

shares

redeemed

(—)\*\*

(—)\*\*\*

(—)\*\*

(—)\*\*\*

Net

increase

(decrease)

—

\*\*

Class

S

Proceeds

from

shares

sold

3,013

Proceeds

from

reinvestment

of

distributions

675

1,577

Payments

for

shares

redeemed

(1,414)

(19,115)

(908) (10,171)

Net

increase

(decrease)

(1,326)

(17,997)

(478) (5,581)

Class

Y

Proceeds

from

shares

sold

6,437

78,320

Proceeds

from

reinvestment

of

distributions

3,543

540

5,363

Payments

for

shares

redeemed

(1,478)

(19,371)

(4,005)

(43,871)

Net

increase

(decrease)

(1,175)

(15,584)

2,972

39,812

Total

increase

(decrease)

(2,463)

$

(33,087)

2,468

$

33,943

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.51 10.72 9.09 8.23 11.11 8.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.14

.27

.24

.25

.28

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.29 2.03 1.73 .80

(2.50)

2.75 $

Total

from

Investment

Operations

1.43 2.30 1.97 1.05 (2.22)

3.04 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.27)

(.51)

(.34)

(.19)

(.66)

(.20)

$

Total

Distributions

(.27)

(.51)

(.34)

(.19)

(.66)

(.20)

$

Net

Asset

Value,

End

of

Period

13.67 12.51 10.72 9.09 8.23 11.11 %

Total

Return

(ǿ)

11.66 22.70 21.97 12.87 (21.07)

37.15 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,203

1,544

1,616

14,236

12,297

21,121

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.91

1.03 .91

.84

.83

.79

%

Expenses,

Net

(Ƃ)(ɯ)

.73

.79

.61

.49

.49

.50

%

Net

Investment

Income

(Ƃ)(ɯ)

2.18 2.41 2.35 2.70 2.96 2.72 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.73 10.91 9.24 8.36 11.27 8.40 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.14

.28

.26

.26

.29

.30

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.32 2.07 1.75 .82

(2.54)

2.77 $

Total

from

Investment

Operations

1.46 2.35 2.01 1.08 (2.25)

3.07 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.53)

(.34)

(.20)

(.66)

(.20)

$

Total

Distributions

(.28)

(.53)

(.34)

(.20)

(.66)

(.20)

$

Net

Asset

Value,

End

of

Period

13.91 12.73 10.91 9.24 8.36 11.27 %

Total

Return

(ǿ)

11.63 22.78 22.07 12.96 (21.02)

36.94 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 102

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.76

.86

.80

.69

.68

.64

%

Expenses,

Net

(Ƃ)(ɯ)

.71

.75

.65

.47

.47

.48

%

Net

Investment

Income

(Ƃ)(ɯ)

2.08 2.46 2.47 2.72 2.97 2.78 %

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.49 10.71 9.08 8.22 11.08 8.26 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.26

.24

.24

.26

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.30 2.02 1.71 .80

(2.47)

2.73 $

Total

from

Investment

Operations

1.41 2.28 1.95 1.04 (2.21)

3.00 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.25)

(.50)

(.32)

(.18)

(.65)

(.18)

$

Total

Distributions

(.25)

(.50)

(.32)

(.18)

(.65)

(.18)

$

Net

Asset

Value,

End

of

Period

13.65 12.49 10.71 9.08 8.22 11.08 %

Total

Return

(ǿ)

11.50 22.49 21.81 12.70 (21.07)

36.67 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 19,081

34,004

34,267

65,101

65,107

100,757

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.91

1.03 .96

.84

.83

.79

%

Expenses,

Net

(Ƃ)(ɯ)

.88

.94

.82

.64

.64

.65

%

Net

Investment

Income

(Ƃ)(ɯ)

1.67 2.28 2.31 2.54 2.78 2.53 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

12.49 10.72 9.09 8.23 11.10 8.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.27

.26

.25

.28

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.30 2.03 1.71 .81

(2.48)

2.77 $

Total

from

Investment

Operations

1.43 2.30 1.97 1.06 (2.20)

3.04 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.53)

(.34)

(.20)

(.67)

(.21)

$

Total

Distributions

(.28)

(.53)

(.34)

(.20)

(.67)

(.21)

$

Net

Asset

Value,

End

of

Period

13.64 12.49 10.72 9.09 8.23 11.10 %

Total

Return

(ǿ)

11.64 22.74 22.03 12.95 (20.96)

37.07 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 161,134

162,183

107,346

156,480

163,627

229,824

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.71

.83

.76

.65

.63

.60

%

Expenses,

Net

(Ƃ)(ɯ)

.68

.75

.62

.45

.44

.45

%

Net

Investment

Income

(Ƃ)(ɯ)

2.04 2.41 2.50 2.70 2.95 2.62 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

61,402

Administrative

fees

7,236

Transfer

agent

fees

4,898

$

73,536

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

6,620

$

32,156

$

32,509

$

$

—

$

6,268

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

120,664,474

$

61,459,369

$

(2,614,063)

$

58,845,306

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 93.1%
Australia

-

1.7%

APA

Group

67,180

500

BHP

Group,

Ltd.

106,836

4,229

Brambles,

Ltd.

22,244

Coles

Group,

Ltd.

88,853

1,417

Commonwealth

Bank

of

Australia

7,196

903

Evolution

Mining,

Ltd.

82,617

718

Insurance

Australia

Group,

Ltd.

254,834

1,369

Lynas

Rare

Earths,

Ltd.(Æ)

45,658

653

National

Australia

Bank,

Ltd.

39,026

1,125

Northern

Star

Resources,

Ltd.

49,788

761

Origin

Energy,

Ltd.

53,709

Pro

Medicus

,

Ltd.

2,709

QBE

Insurance

Group,

Ltd.

166,156

2,680

Rio

Tinto

PLC

19,593

1,957

Stockland(ö)

107,141

Suncorp

Group,

Ltd.

123,114

1,519

Telstra

Group,

Ltd.

560,892

2,152

Vicinity,

Ltd.(ö)

235,202

Westpac

Banking

Corp.

40,789

1,134

22,957

Austria

-

0.5%

ams

-OSRAM

AG(Æ)

28,579

Erste

Group

Bank

AG

51,833

5,791

Mondi

PLC

106,440

1,105

7,353

Belgium

-

0.4%

Ageas

SA

27,162

2,126

Elia

Group

SA(Æ)

3,385

563

Financiere

de

Tubize

SA

1,596

KBC

Group

NV

5,383

718

Proximus

SADP

45,465

UCB

SA

2,846

768

4,891

Brazil

-

1.3%

Ambev

SA

1,448,965

4,246

Banco

Bradesco

SA

-

ADR

740,068

2,871

Banco

do

Brasil

SA

400,110

1,795

Lojas

Renner

SA

344,310

946

MercadoLibre

,

Inc.(Æ)

1,175

2,106

Natura

Cosmeticos

SA(Æ)

556,667

1,145

Suzano

SA

57,227

507

Telefonica

Brasil

SA

189,982

1,506

Ultrapar

Participacoes

SA

170,834

1,033

Vale

SA

81,883

1,342

Wheaton

Precious

Metals

Corp.

6,029

762

18,259

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

9,018

543

Canada

-

4.8%

Agnico

Eagle

Mines,

Ltd.

4,484

843

Alamos

Gold,

Inc.

Class

A

15,200

606

AtkinsRealis

Group,

Inc.

7,473

516

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

of

Montreal

14,714

2,241

Bank

of

Nova

Scotia

(The)

17,562

1,366

Barrick

Mining

Corp.

47,240

1,856

Bombardier,

Inc.

Class

B(Æ)

3,937

837

Cameco

Corp.

10,915

1,342

Cameco

Corp.

Class

A

14,367

1,768

Canadian

Imperial

Bank

of

Commerce

21,762

2,428

Canadian

National

Railway

Co.

30,741

3,453

Canadian

Natural

Resources,

Ltd.

26,214

1,251

Celestica,

Inc.(Æ)

3,196

1,312

Cenovus

Energy,

Inc.

41,140

1,204

Dollarama,

Inc.

14,507

1,854

Emera,

Inc.

18,772

1,002

Enbridge,

Inc.

5,063

Fairfax

Financial

Holdings,

Ltd.

Franco-Nevada

Corp.

Class

T

3,901

900

Great-West

Lifeco

,

Inc.

40,935

2,187

Hydro

One,

Ltd.(Þ)

37,475

1,610

iA

Financial

Corp.,

Inc.

13,095

1,685

Imperial

Oil,

Ltd.

6,127

821

Kinross

Gold

Corp.

19,692

597

Magna

International,

Inc.

Class

A

83,657

5,324

Manulife

Financial

Corp.

85,594

3,366

Nutrien

,

Ltd.

24,781

1,883

Open

Text

Corp.

12,170

Pan

American

Silver

Corp.

12,722

666

Power

Corp.

of

Canada

17,571

980

Royal

Bank

of

Canada

41,046

7,382

Saputo,

Inc.

14,543

Shopify,

Inc.

Class

A(Æ)

36,556

4,431

Stantec,

Inc.

20,341

1,858

Sun

Life

Financial,

Inc.

48,526

3,496

Suncor

Energy,

Inc.

24,541

1,682

Tourmaline

Oil

Corp.

40,928

1,983

66,071

Chile

-

0.1%

Antofagasta

PLC

17,758

873

Lundin

Mining

Corp.

22,396

575

1,448

China

-

3.3%

Alibaba

Group

Holding,

Ltd.

656,700

10,791

Alibaba

Group

Holding,

Ltd.

-

ADR

16,424

2,166

Baidu,

Inc.

Class

A(Æ)

106,350

1,676

BOC

Hong

Kong

Holdings,

Ltd.

167,500

962

China

Mengniu

Dairy

Co.,

Ltd.

639,000

1,417

China

Merchants

Bank

Co.,

Ltd.

Class

H

328,500

1,983

China

Overseas

Land

&

Investment,

Ltd.

1,060,500

1,810

Haier

Smart

Home

Co.,

Ltd.

Class

H

615,200

1,734

JD.com,

Inc.

Class

A

92,400

1,395

Laopu

Gold

Co.,

Ltd.

Class

H

21,486

1,529

Prosus

NV(Æ)

19,677

951

Tencent

Holdings,

Ltd.

215,788

13,102

Trip.com

Group,

Ltd.

-

ADR(Æ)

95,685

5,187

Yangzijiang

Shipbuilding

Holdings,

Ltd.

156,700

535

45,238

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Denmark

-

1.1%

Danske

Bank

A/S

104,569

5,372

DSV

A/S

10,626

2,599

Genmab

A/S(Æ)

2,563

678

Novo

Nordisk

A/S

Class

B

161,123

6,785

15,434

Finland

-

0.9%

Elisa

Oyj

14,422

700

Neste

Oyj

19,200

662

Nokia

Oyj

748,668

9,404

Nordea

Bank

Abp

30,647

575

Orion

Oyj

Class

B

4,940

Sampo

Oyj

Class

A

39,224

Wartsila

Oyj

Abp

Class

B

22,633

950

13,098

France

-

8.6%

Accor

SA

81,729

4,063

Airbus

SE

59,041

12,241

Amundi

SA(Þ)

43,924

4,253

Arkema

SA

66,204

4,824

AXA

SA

43,111

2,077

BNP

Paribas

SA

46,432

4,887

Bureau

Veritas

SA

33,780

1,036

Carrefour

SA

100,452

2,000

Cie

de

Saint-Gobain

SA

18,225

1,665

Cie

Generale

des

Etablissements

Michelin

SCA

166,900

6,058

Credit

Agricole

SA

146,110

2,836

Danone

SA

41,720

3,272

Engie

SA

131,774

4,351

EssilorLuxottica

SA

11,526

2,458

Hermes

International

SCA

1,145

2,194

Kering

SA

2,113

575

Legrand

SA

5,636

1,009

L'Oreal

SA

4,416

1,894

LVMH

Moet

Hennessy

Louis

Vuitton

SE

15,003

7,961

Orange

SA

199,541

4,169

Publicis

Groupe

SA

78,337

7,330

Renault

SA

44,906

1,582

Rexel

SA

Class

H

126,264

5,324

Safran

SA

11,681

3,725

Sartorius

Stedim

Biotech

21,660

4,012

Societe

Generale

SA

70,153

5,618

Sodexo

SA

12,033

612

Teleperformance

SE

62,467

4,233

Thales

SA

1,895

520

TotalEnergies

SE

63,416

5,905

Unibail

-

Rodamco

-Westfield(ö)

5,479

668

Valeo

SE

63,697

803

Vallourec

SA

190,413

5,735

119,890

Germany

-

7.4%

Allianz

SE

5,844

2,672

Aumovio

SE(Æ)

15,746

682

BASF

SE

156,794

10,075

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bayer

AG

110,358

4,928

Beiersdorf

AG

13,280

1,100

Brenntag

SE

12,575

915

Commerzbank

AG

14,509

601

Continental

AG

57,454

4,334

CTS

Eventim

AG

&

Co.

KGaA

85,909

5,665

Daimler

Truck

Holding

AG

171,558

8,657

Deutsche

Bank

AG

22,431

699

Deutsche

Boerse

AG

20,408

6,268

Deutsche

Lufthansa

AG

42,651

Deutsche

Telekom

AG

6,500

E.ON

SE

38,937

863

Evonik

Industries

AG

256,180

5,316

Fresenius

Medical

Care

AG

69,200

3,138

Fresenius

SE

&

Co.

KGaA

50,243

2,436

GEA

Group

AG

21,429

1,469

Hannover

Rueck

SE

6,850

2,070

Hensoldt

AG

5,034

Hochtief

AG

1,094

588

Infineon

Technologies

AG

59,463

3,996

Mercedes-Benz

Group

AG

12,342

719

MTU

Aero

Engines

AG

15,056

5,179

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

6,106

3,659

Rheinmetall

AG

2,285

3,639

RWE

AG

8,100

589

SAP

SE

51,905

8,887

Siemens

AG

7,204

2,140

Siemens

Energy

AG

11,680

2,477

Symrise

AG

75,661

6,688

Wacker

Chemie

AG

7,513

826

Zalando

SE(Æ)(Þ)

39,342

970

103,277

Greece

-

0.6%

Eurobank

SA

1,840,284

8,056

Hong

Kong

-

1.7%

AIA

Group,

Ltd.

713,775

7,861

ASMPT,

Ltd.

63,000

1,328

CK

Asset

Holdings,

Ltd.

299,157

1,879

Futu

Holdings,

Ltd.

-

ADR

3,279

507

Hong

Kong

Exchanges

&

Clearing,

Ltd.

18,300

972

Power

Assets

Holdings,

Ltd.

143,500

1,187

Prudential

PLC

488,661

7,321

Sino

Land

Co.,

Ltd.

600,000

964

Sun

Hung

Kai

Properties,

Ltd.

34,000

596

WH

Group,

Ltd.(Þ)

350,500

Yue

Yuen

Industrial

Holdings,

Ltd.

334,500

626

23,671

India

-

0.6%

HDFC

Bank,

Ltd.

-

ADR

246,879

6,273

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

55,030

2,342

8,615

Indonesia

-

0.4%

Bank

Central

Asia

Tbk

PT

11,307,300

3,841

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

Negara

Indonesia

Persero

Tbk

PT

4,563,100

987

Bank

Rakyat

Indonesia

Persero

Tbk

PT

5,571,900

968

5,796

Ireland

-

1.1%

Accenture

PLC

Class

A

19,881

3,553

AerCap

Holdings

NV

4,491

639

AIB

Group

PLC

286,634

3,263

Bank

of

Ireland

Group

PLC

426,425

8,457

15,912

Israel

-

0.4%

Bank

Hapoalim

BM

22,743

611

Bank

Leumi

Le-Israel

BM

38,738

982

Elbit

Systems,

Ltd.

1,015

845

Israel

Discount

Bank,

Ltd.

Class

A

32,035

Mizrahi

Tefahot

Bank,

Ltd.

4,496

Nova,

Ltd.(Æ)

1,325

659

Phoenix

Financial,

Ltd.

9,489

572

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

32,947

1,155

5,537

Italy

-

3.5%

Banca

Mediolanum

SpA

20,385

Banco

BPM

SpA

20,539

BPER

Banca

SpA

172,263

2,541

Coca-Cola

HBC

AG(Æ)

16,185

942

Davide

Campari-Milano

NV

710,713

5,263

Enel

SpA

326,222

3,806

Eni

SpA

143,062

4,043

FinecoBank

Banca

Fineco

SpA

468,834

11,625

Generali

9,020

Intesa

Sanpaolo

SpA

87,670

596

Leonardo

SpA

12,505

779

Poste

Italiane

SpA

(Þ)

12,224

Prysmian

SpA

7,142

1,082

Recordati

Industria

Chimica

e

Farmaceutica

SpA

11,220

654

Ryanair

Holdings

PLC

11,729

Ryanair

Holdings

PLC

-

ADR

41,753

2,282

Saipem

SpA

1,236,694

6,685

Telecom

Italia

SpA

(Æ)

710,656

560

UniCredit

SpA

73,203

5,657

Unipol

Assicurazioni

SpA

18,368

48,783

Japan

-

16.6%

Advantest

Corp.

37,000

6,931

Aeon

Co.,

Ltd.

45,100

Aisin

Corp.

22,500

Ajinomoto

Co.,

Inc.

26,888

873

Alfresa

Holdings

Corp.

35,000

531

Amada

Co.,

Ltd.

38,200

645

ARCHION

Corp.(Æ)

99,200

Astellas

Pharma,

Inc.

233,100

3,343

Bandai

Namco

Holdings,

Inc.

22,400

520

Bridgestone

Corp.

212,900

4,460

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Canon,

Inc.

94,400

2,430

Central

Japan

Railway

Co.

22,800

547

Chiba

Bank,

Ltd.

(The)

165,200

2,314

Chubu

Electric

Power

Co.,

Inc.

27,800

Chugai

Pharmaceutical

Co.,

Ltd.

45,000

2,365

Daifuku

Co.,

Ltd.

16,100

703

Daiichi

Life

Group,

Inc.

62,100

574

Daikin

Industries,

Ltd.

44,100

6,284

Daiwa

Securities

Group,

Inc.

48,000

Denso

Corp.

191,900

2,306

Dentsu

Group,

Inc.

60,300

1,148

Disco

Corp.

1,800

867

East

Japan

Railway

Co.

17,700

Ebara

Corp.

19,400

680

Eisai

Co.,

Ltd.

38,210

1,148

ENEOS

Holdings,

Inc.

86,000

728

Fuji

Electric

Co.,

Ltd.

6,300

533

FUJIFILM

Holdings

Corp.

127,200

2,357

Fujikura,

Ltd.

94,900

3,744

Fujitsu,

Ltd.

29,000

589

Fukuoka

Financial

Group,

Inc.

57,300

2,362

Hakuhodo

DY

Holdings,

Inc.

69,800

Hitachi,

Ltd.

127,800

4,019

Honda

Motor

Co.,

Ltd.

214,074

1,730

Horiba,

Ltd.

4,900

685

Hoya

Corp.

33,700

6,309

IHI

Corp.

21,800

Iida

Group

Holdings

Co.,

Ltd.

56,000

791

Inpex

Corp.

28,900

754

Isuzu

Motors,

Ltd.

9,800

ITOCHU

Corp.

251,500

3,136

Japan

Airlines

Co.,

Ltd.

59,600

936

Japan

Exchange

Group,

Inc.

89,000

1,065

Japan

Post

Bank

Co.,

Ltd.

Class

A

31,900

553

Japan

Post

Insurance

Co.,

Ltd.

Class

A

251,700

2,469

Japan

Tobacco,

Inc.

89,200

3,349

JGC

Holdings

Corp.

64,800

997

JX

Advanced

Metals

Corp.

35,300

1,095

Kajima

Corp.

12,500

Kao

Corp.

52,900

1,970

Keyence

Corp.

18,900

8,657

Kioxia

Holdings

Corp.(Æ)

5,800

1,443

Koito

Manufacturing

Co.,

Ltd.

80,900

1,314

Komatsu,

Ltd.

30,300

1,281

Kubota

Corp.

384,700

6,322

Kuraray

Co.,

Ltd.

43,500

Kyocera

Corp.

182,200

3,180

M3,

Inc.

31,700

Marubeni

Corp.

24,000

939

MINEBEA

MITSUMI,

Inc.

218,400

4,392

Mitsubishi

Corp.

28,700

927

Mitsubishi

Electric

Corp.

27,700

1,112

Mitsubishi

Estate

Co.,

Ltd.

66,900

1,907

Mitsubishi

Gas

Chemical

Co.,

Inc.

30,100

855

Mitsubishi

Heavy

Industries,

Ltd.

41,100

1,219

Mitsubishi

UFJ

Financial

Group,

Inc.

95,722

1,735

Mitsui

&

Co.,

Ltd.

16,000

607

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mitsui

Fudosan

Co.,

Ltd.

70,300

769

Mizuho

Financial

Group,

Inc.

27,700

1,201

MS&AD

Insurance

Group

Holdings,

Inc.

108,700

2,818

Murata

Manufacturing

Co.,

Ltd.

91,900

3,059

NEC

Corp.

23,900

638

Nexon

Co.,

Ltd.

16,800

Nikon

Corp.

47,000

519

Nintendo

Co.,

Ltd.

48,200

2,345

Nippon

Television

Holdings,

Inc.

22,700

Nissan

Motor

Co.,

Ltd.(Æ)

327,300

749

Nitto

Denko

Corp.

131,300

2,534

Nomura

Holdings,

Inc.

78,700

631

Obayashi

Corp.

30,700

723

Olympus

Corp.

342,900

3,386

ORIX

Corp.

24,100

805

Osaka

Gas

Co.,

Ltd.

17,100

622

Otsuka

Corp.

20,800

Otsuka

Holdings

Co.,

Ltd.

7,000

513

Persol

Holdings

Co.,

Ltd.

559,500

839

Resona

Holdings,

Inc.

745,900

9,312

Rinnai

Corp.

31,500

717

Rohm

Co.,

Ltd.

93,700

2,060

Sanrio

Co.,

Ltd.

44,000

SBI

Holdings,

Inc.

21,100

Sega

Sammy

Holdings,

Inc.

45,200

659

Seibu

Holdings,

Inc.

13,000

Sekisui

Chemical

Co.,

Ltd.

30,800

Shimano,

Inc.

6,800

713

Shin-Etsu

Chemical

Co.,

Ltd.

209,300

9,753

Shionogi

&

Co.,

Ltd.

85,900

1,752

SMC

Corp.

4,900

2,404

SoftBank

Group

Corp.

133,900

4,536

Sompo

Holdings,

Inc.

86,100

3,201

Sony

Group

Corp.

67,450

1,349

Stanley

Electric

Co.,

Ltd.

37,323

728

Subaru

Corp.

118,588

1,765

Sumitomo

Corp.

13,300

500

Sumitomo

Electric

Industries,

Ltd.

17,200

1,134

Sumitomo

Heavy

Industries,

Ltd.

22,200

756

Sumitomo

Metal

Mining

Co.,

Ltd.

11,600

708

Sumitomo

Mitsui

Financial

Group,

Inc.

48,900

1,722

Sumitomo

Mitsui

Trust

Group,

Inc.

78,900

2,629

Sumitomo

Realty

&

Development

Co.,

Ltd.

18,700

583

Suntory

Beverage

&

Food,

Ltd.

188,600

5,429

Suzuki

Motor

Corp.

38,000

Sysmex

Corp.

90,100

793

T&D

Holdings,

Inc.

134,500

3,275

Taiheiyo

Cement

Corp.

17,000

Taisei

Corp.

7,400

808

Takeda

Pharmaceutical

Co.,

Ltd.

109,200

3,632

TDK

Corp.

263,800

4,922

THK

Co.,

Ltd.

21,100

799

Toho

Co.,

Ltd.

35,600

Tokio

Marine

Holdings,

Inc.

84,800

3,844

Tokyo

Electron,

Ltd.

26,468

7,852

Tokyo

Gas

Co.,

Ltd.

13,600

581

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Toray

Industries,

Inc.

146,300

1,049

Toyota

Motor

Corp.

70,700

1,353

Toyota

Tsusho

Corp.

18,200

717

Trend

Micro,

Inc.

15,900

550

Tsuruha

Holdings,

Inc.

57,600

755

Yamato

Holdings

Co.,

Ltd.

71,784

810

Yokogawa

Electric

Corp.

12,700

Yokohama

Financial

Group,

Inc.

50,900

230,241

Luxembourg

-

0.2%

ArcelorMittal

SA

39,297

2,242

RTL

Group

SA

11,186

2,672

Macao

-

0.2%

Galaxy

Entertainment

Group,

Ltd.

771,883

3,290

Mexico

-

0.3%

America

Movil

SAB

de

CV

-

ADR

96,172

2,558

Fresnillo

PLC

30,023

1,342

3,900

Netherlands

-

4.2%

ABN

AMRO

Bank

NV(Þ)

99,176

3,475

Adyen

NV(Æ)(Þ)

1,640

1,856

Argenx

SE(Æ)

4,138

3,238

ASML

Holding

NV

9,582

13,833

Euronext

NV(Þ)

8,652

1,453

Heineken

NV

26,310

2,037

ING

Groep

NV

348,603

10,111

Koninklijke

Philips

NV

202,920

5,353

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

150,400

2,197

Nebius

Group

NV

Class

A(Æ)

7,722

1,067

NN

Group

NV

35,235

3,086

Randstad

NV

102,192

3,040

Universal

Music

Group

NV

254,685

5,333

VEON,

Ltd.

-

ADR(Æ)

7,343

Wolters

Kluwer

NV

26,083

2,041

58,485

New

Zealand

-

0.1%

Contact

Energy,

Ltd.

75,598

Meridian

Energy,

Ltd.

123,145

840

Nigeria

-

0.1%

Airtel

Africa

PLC(Þ)

280,897

1,363

Norway

-

0.9%

DNB

Bank

ASA

95,168

2,881

Equinor

ASA

Class

N

172,301

7,055

Gjensidige

Forsikring

ASA

21,635

607

Orkla

ASA

73,424

906

Telenor

ASA

26,172

11,880

Portugal

-

0.2%

Banco

Comercial

Portugues

SA

Class

R

1,228,017

1,311

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
EDP

SA

140,751

767

Galp

Energia

SGPS

SA

Class

B

20,313

2,554

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

607,370

—

LUKOIL

PJSC(Æ)(Š)

10,952

—

Sberbank

of

Russia

PJSC(Æ)(Š)

415,116

—

—

Singapore

-

2.0%

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

241,800

DBS

Group

Holdings,

Ltd.

101,780

4,695

Grab

Holdings,

Ltd.

Class

A(Æ)

1,601,522

6,118

Keppel

REIT(ö)

5,833

Keppel,

Ltd.

52,500

Oversea-Chinese

Banking

Corp.,

Ltd.

338,260

5,845

Sea,

Ltd.

-

ADR(Æ)

60,444

5,131

Singapore

Exchange,

Ltd.

48,500

832

Singapore

Technologies

Engineering,

Ltd.

84,700

719

Singapore

Telecommunications,

Ltd.

867,400

3,137

27,380

South

Africa

-

0.4%

Anglo

American

PLC

29,169

1,435

MTN

Group,

Ltd.

195,432

2,455

Old

Mutual,

Ltd.

1,396,016

1,138

5,028

South

Korea

-

1.7%

Coway

Co.,

Ltd.

5,633

Hankook

Tire

&

Technology

Co.,

Ltd.

13,202

530

Hyundai

Mobis

Co.,

Ltd.

4,333

1,256

KB

Financial

Group,

Inc.

17,878

1,940

KT

Corp.

-

ADR

78,430

1,681

LG

Electronics,

Inc.

Class

H

5,528

532

LG

H&H

Co.,

Ltd.

2,345

Shinhan

Financial

Group

Co.,

Ltd.

75,401

5,089

SK

Hynix,

Inc.

9,998

8,798

SK

Telecom

Co.,

Ltd.

42,004

2,717

23,275

Spain

-

1.1%

Acciona

SA

1,992

580

ACS

Actividades

de

Construccion

y

Servicios

SA

8,145

1,175

Amadeus

IT

Group

SA

Class

A

10,015

576

Banco

Bilbao

Vizcaya

Argentaria

SA

61,314

1,356

Banco

de

Sabadell

SA

125,416

Banco

Santander

SA

302,949

3,705

Bankinter

SA

25,609

CaixaBank

SA

64,080

817

Endesa

SA

14,436

648

Iberdrola

SA

50,710

1,189

Industria

de

Diseno

Textil

SA

51,668

3,096

Mapfre

SA

84,220

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Repsol

SA

33,459

895

15,363

Sweden

-

1.3%

Assa

Abloy

AB

Class

B

37,263

1,426

Atlas

Copco

AB

Class

A

117,872

2,280

Atlas

Copco

AB

Class

B

177,320

3,004

Boliden

AB

12,820

675

Essity

AB

Class

B

68,486

1,816

H

&

M

Hennes

&

Mauritz

AB

Class

B

22,262

Holmen

AB

Class

B

6,828

Saab

AB

Class

B

11,351

690

Sandvik

AB

20,754

871

Skandinaviska

Enskilda

Banken

AB

Class

A

28,402

559

Skanska

AB

Class

B

15,698

SKF

AB

Class

B

82,809

2,068

Svenska

Cellulosa

AB

SCA

Class

B

57,207

652

Swedbank

AB

Class

A

9,931

Tele2

AB

Class

B

16,637

Telefonaktiebolaget

LM

Ericsson

Class

B

186,699

2,210

Telia

Co.

AB

110,889

580

18,577

Switzerland

-

3.8%

ABB,

Ltd.

18,564

1,866

Adecco

Group

AG

33,037

763

BKW

AG

1,298

Chocoladefabriken

Lindt

&

Spruengli

AG

902

Cie

Financiere

Richemont

SA

Class

A

4,542

867

Galderma

Group

AG

20,762

4,355

Helvetia

Baloise

Holding

AG

2,860

786

Julius

Baer

Group,

Ltd.

56,404

4,668

Logitech

International

SA

6,156

605

Lonza

Group

AG

11,994

7,368

Partners

Group

Holding

AG

1,388

1,509

Sandoz

Group

AG

10,894

874

Schindler

Holding

AG

4,626

1,621

SGS

SA

17,270

1,874

Swatch

Group

AG

(The)

Class

B

7,288

1,686

Swiss

Life

Holding

AG

UBS

Group

AG

439,736

19,592

Zurich

Insurance

Group

AG

4,571

3,168

53,208

Taiwan

-

3.1%

Delta

Electronics,

Inc.

59,000

4,074

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

310,000

21,045

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

46,816

18,542

43,661

Thailand

-

0.3%

Bangkok

Bank

PCL

-

NVDR

387,600

1,942

Kasikornbank

PCL

-

NVDR

470,100

2,805

4,747

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Turkey

-

0.0%

Coca-Cola

Icecek

AS

119,436

United

Kingdom

-

11.3%

3i

Group

PLC

137,362

4,784

Admiral

Group

PLC

10,016

AstraZeneca

PLC

39,287

7,469

Aviva

PLC

385,202

3,288

BAE

Systems

PLC

12,684

Barclays

PLC

392,924

2,295

Barratt

Redrow

PLC

215,220

741

British

American

Tobacco

PLC

122,382

7,187

British

Land

Co.

PLC

(The)(ö)

196,051

1,042

BT

Group

PLC

844,776

2,489

Burberry

Group

PLC(Æ)

68,994

1,091

Centrica

PLC

228,621

670

CK

Hutchison

Holdings,

Ltd.

Class

B

257,131

2,158

Compass

Group

PLC

267,076

7,554

DCC

PLC

22,954

1,737

Diageo

PLC

82,348

1,655

Diploma

PLC

53,542

5,068

easyJet

PLC

292,819

1,421

GSK

PLC

611,453

16,068

Halma

PLC

14,527

876

Hikma

Pharmaceuticals

PLC

46,368

884

HSBC

Holdings

PLC

566,828

10,389

ICG

PLC

81,396

2,028

Imperial

Brands

PLC

23,088

879

International

Consolidated

Airlines

Group

SA

73,767

Intertek

Group

PLC

116,029

7,538

J

Sainsbury

PLC

1,290,261

5,771

Kingfisher

PLC

321,786

1,265

Land

Securities

Group

PLC(ö)

140,472

1,139

Lloyds

Banking

Group

PLC

619,622

839

M&G

PLC

112,043

NatWest

Group

PLC

99,563

788

Pearson

PLC

65,904

970

Reckitt

Benckiser

Group

PLC

247,168

15,725

RELX

PLC

153,316

5,600

Rolls-Royce

Holdings

PLC

339,028

5,530

Schroders

PLC

68,254

539

Smith

&

Nephew

PLC

36,302

561

Standard

Chartered

PLC

304,101

7,729

Tate

&

Lyle

PLC

114,538

573

Tesco

PLC

347,129

2,276

Unilever

PLC

58,245

3,404

Unite

Group

PLC

(The)(ö)

113,246

718

United

Utilities

Group

PLC

111,874

2,222

Verisure

PLC(Æ)

462,935

5,746

Vodafone

Group

PLC

587,628

940

Wise

PLC

Class

A(Æ)

187,298

2,679

WPP

PLC

205,637

744

156,722

United

States

-

6.9%

Aegon,

Ltd.

51,137

BP

PLC

633,080

4,997

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Experian

PLC

157,793

5,761

Ferrovial

SE

10,045

690

Haleon

PLC

1,503,527

6,936

Holcim

AG(Æ)

31,254

2,913

Linde

PLC

10,747

5,386

Medtronic

PLC

29,618

2,398

Nestle

SA

53,638

5,441

Novartis

AG

49,797

7,401

Palo

Alto

Networks,

Inc.(Æ)

4,605

826

Roche

Holding

AG

21,938

8,982

Sanofi

SA

131,001

12,238

Schneider

Electric

SE

41,360

13,062

Shell

PLC

328,944

14,913

Spotify

Technology

SA(Æ)

5,323

2,377

Swiss

Re

AG

5,648

907

95,650

Zambia

-

0.0%

First

Quantum

Minerals,

Ltd.(Æ)

17,355

#### Total

#### Common

#### Stocks
(cost

$1,086,363)

1,294,289

#### Preferred

#### Stocks

#### -

#### 0.6%
Germany

-

0.5%

Dr

Ing

hc

F

Porsche

AG

4.821%

(Ÿ)

45,316

2,194

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

34,883

2,541

Volkswagen

AG

7.549%

(Ÿ)

19,975

2,021

6,756

South

Korea

-

0.1%

Samsung

Electronics

Co.,

Ltd.

0.956%

(Ÿ)

15,244

1,662

#### Total

#### Preferred

#### Stocks
(cost

$9,132)

8,418

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

—

Israel

-

0.0%

CyberArk(Æ)

Rights

2,093

#### Total

#### Warrants

#### and

#### Rights
(cost

$94)

#### Short-Term

#### Investments

#### -

#### 3.9%
United

States

-

3.9%

U.S.

Cash

Management

Fund(@)

54,028,478

(∞)

54,018

#### Total

#### Short-Term

#### Investments
(cost

$54,016)

54,018

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 97.6%
(identified

cost

$1,149,605)

1,356,819

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.4%
33,587

#### Net

#### Assets

#### -

#### 100.0%
1,390,406

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $1.5%

ABN

AMRO

Bank

NV

10/03/19

EUR

99,176

20.79 2,062

3,475

Adyen

NV

04/19/22

EUR

1,640

1,677.26

2,751

1,856

Airtel

Africa

PLC

01/16/26

GBP

280,897

4.84 1,361

1,363

Amundi

SA

02/28/19

EUR

43,924

71.38 3,135

4,253

Dr

Ing

hc

F

Porsche

AG

03/20/26

EUR

45,316

41.94 1,900

2,194

Euronext

NV

12/05/25

EUR

8,652

154.27 1,335

1,453

Hydro

One,

Ltd.

12/04/25

CAD

37,475

39.60 1,484

1,610

Larsen

&

Toubro,

Ltd.

02/23/24

55,030

42.10 2,317

2,342

Poste

Italiane

SpA

01/30/26

EUR

12,224

26.38 322

WH

Group,

Ltd.

06/26/19

HKD

350,500

1.01 356

Zalando

SE

03/02/26

EUR

39,342

23.73 933

970

20,271

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

9,747

05/26

(181) DAX

Index

Futures

EUR

9,145

06/26

EURO

STOXX

Index

Futures

EUR

5,840

06/26

FTSE/MIB

Index

Futures

EUR

3,575

06/26

IBEX

Index

Futures

EUR

3,913

05/26

(75) OMXS30

Index

Futures

SEK

26,908

05/26

(57) S&P

500

E-Mini

Index

Futures

USD

7,968

06/26

537

S&P/TSX

Index

Futures

CAD

102,782

06/26

3,241

SPI

Index

Futures

AUD

42,907

06/26

TOPIX

Index

Futures

JPY

4,118,400

06/26

1,033

Short

Positions

FTSE

Index

Futures

GBP

15,775

06/26

Hang

Seng

Index

Futures

HKD

81,997

05/26

MSCI

Emerging

Markets

Index

Futures

998

USD

81,547

06/26

(7,567)

MSCI

Singapore

Index

Futures

SGD

10,943

05/26

(7) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(2,277)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

1,252

CAD

1,700

05/01/26

—

Bank

of

America

AUD

USD

06/17/26

(2) Bank

of

America

CHF

6,800

USD

8,711

06/17/26

(32) Bank

of

America

JPY

1,250,000

USD

7,959

06/17/26

(53) Bank

of

America

NZD

960

USD

570

06/17/26

Bank

of

Montreal

USD

1,377

CHF

1,062

06/17/26

(12) Bank

of

Montreal

USD

1,528

DKK

9,800

06/17/26

Bank

of

Montreal

USD

SGD

06/17/26

(1) Bank

of

Montreal

HKD

2,290

USD

06/17/26

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

Montreal

NOK

55,940

USD

5,796

06/17/26

(239) BNP

Paribas

USD

7,729

AUD

10,795

06/17/26

BNP

Paribas

USD

14,795

CAD

20,031

06/17/26

(20) BNP

Paribas

USD

14,741

JPY

2,320,953

06/17/26

BNP

Paribas

USD

3,192

SEK

29,257

06/17/26

(16) BNP

Paribas

EUR

3,186

USD

3,705

06/17/26

(42) BNP

Paribas

GBP

2,385

USD

3,199

06/17/26

(46) HSBC

USD

7,735

AUD

10,795

06/17/26

HSBC

USD

14,815

CAD

20,031

06/17/26

(39) HSBC

USD

14,750

JPY

2,320,953

06/17/26

HSBC

USD

3,198

SEK

29,257

06/17/26

(22) HSBC

EUR

3,186

USD

3,708

06/17/26

(38) HSBC

GBP

2,385

USD

3,202

06/17/26

(43) JPMorgan

Chase

USD

7,720

AUD

10,795

06/17/26

JPMorgan

Chase

USD

14,800

CAD

20,031

06/17/26

(24) JPMorgan

Chase

USD

14,736

JPY

2,320,953

06/17/26

JPMorgan

Chase

USD

3,192

SEK

29,257

06/17/26

(16) JPMorgan

Chase

EUR

3,186

USD

3,704

06/17/26

(42) JPMorgan

Chase

GBP

2,385

USD

3,199

06/17/26

(46) Morgan

Stanley

USD

7,712

AUD

10,795

06/17/26

Morgan

Stanley

USD

1,778

CAD

2,450

06/17/26

Morgan

Stanley

USD

14,801

CAD

20,031

06/17/26

(26) Morgan

Stanley

USD

GBP

06/17/26

Morgan

Stanley

USD

14,758

JPY

2,320,953

06/17/26

Morgan

Stanley

USD

3,197

SEK

29,257

06/17/26

(21) Morgan

Stanley

EUR

2,190

USD

2,567

06/17/26

(9) Morgan

Stanley

EUR

3,186

USD

3,707

06/17/26

(39) Morgan

Stanley

GBP

2,385

USD

3,199

06/17/26

(47) Morgan

Stanley

SEK

1,460

USD

06/17/26

(1) Standard

Chartered

USD

7,715

AUD

10,795

06/17/26

Standard

Chartered

USD

14,805

CAD

20,031

06/17/26

(29) Standard

Chartered

USD

14,751

JPY

2,320,953

06/17/26

Standard

Chartered

USD

3,195

SEK

29,257

06/17/26

(19) Standard

Chartered

EUR

3,186

USD

3,707

06/17/26

(40) Standard

Chartered

GBP

2,385

USD

3,197

06/17/26

(48) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(98) #### 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

$

—

$

22,957

$

—

$

—

$

22,957

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Austria

—

7,353

—

—

7,353

Belgium

—

4,891

—

—

4,891

Brazil

18,259

—

—

—

18,259

Burkina

Faso

—

543

—

—

543

Canada

66,071

—

—

—

66,071

Chile

575

873

—

—

1,448

China

7,353

37,885

—

—

45,238

Denmark

—

15,434

—

—

15,434

Finland

—

13,098

—

—

13,098

France

—

119,890

—

—

119,890

Germany

—

103,277

—

—

103,277

Greece

—

8,056

—

—

8,056

Hong

Kong

507

23,164

—

—

23,671

India

6,273

2,342

—

—

8,615

Indonesia

—

5,796

—

—

5,796

Ireland

4,192

11,720

—

—

15,912

Israel

1,155

4,382

—

—

5,537

Italy

2,282

46,501

—

—

48,783

Japan

—

230,241

—

—

230,241

Luxembourg

—

2,672

—

—

2,672

Macao

—

3,290

—

—

3,290

Mexico

2,558

1,342

—

—

3,900

Netherlands

1,433

57,052

—

—

58,485

New

Zealand

—

840

—

—

840

Nigeria

—

1,363

—

—

1,363

Norway

—

11,880

—

—

11,880

Portugal

—

2,554

—

—

2,554

Russia

—

—

—

—

—

Singapore

11,248

16,132

—

—

27,380

South

Africa

—

5,028

—

—

5,028

South

Korea

1,681

21,594

—

—

23,275

Spain

—

15,363

—

—

15,363

Sweden

—

18,577

—

—

18,577

Switzerland

—

53,208

—

—

53,208

Taiwan

18,542

25,119

—

—

43,661

Thailand

—

4,747

—

—

4,747

Turkey

—

—

—

United

Kingdom

—

156,722

—

—

156,722

United

States

10,986

84,664

—

—

95,650

Zambia

—

—

—

Preferred

Stocks

—

8,418

—

—

8,418

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

54,018

54,018

Total

Investments

153,540

1,149,167

54,018

1,356,819

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Other

Financial

Instruments

Assets

Futures

Contracts

5,610

—

—

—

5,610

Foreign

Currency

Exchange

Contracts

—

914

—

—

914

Liabilities

Futures

Contracts

(7,887)

—

—

—

(7,887)

Foreign

Currency

Exchange

Contracts

—

(1,012)

—

—

(1,012)

Total

Other

Financial

Instruments

\*

$

(2,277)

$

(98) $

—

$

—

$

(2,375)

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

164,516

.8

Consumer

Staples

...............................................................................

85,740

.2

Energy

................................................................................................

74,020

.3

Financial

Services

..............................................................................

357,773

.7

Health

Care

........................................................................................

122,696

.8

Materials

and

Processing

...................................................................

116,288

.4

Producer

Durables

..............................................................................

166,384

.0

Technology

.........................................................................................

161,630

.6

Utilities

...............................................................................................

45,242

.3

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

4,216

.3

Consumer

Staples

...............................................................................

2,541

.2

Technology

.........................................................................................

1,661

.1

#### Warrants

#### and

#### Rights

#### ...................................................................

—

\*\*

#### Short-Term

#### Investments

#### .............................................................
54,018

.9

Total

Investments

...............................................................................

1,356,819

.6

\*\*

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

—

$

914

Variation

margin

on

futures

contracts\*

5,610

—

Total

$

5,610

$

914

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

7,887

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

1,012

Total

$

7,887

$

1,012

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

4,064

$

—

Foreign

currency

exchange

contracts

—

(1,984)

Total

$

4,064

$

(1,984)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(2,775)

$

—

Foreign

currency

exchange

contracts

—

3,278

Total

$

(2,775)

$

3,278

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

914

$

—

$

914

Total

Financial

and

Derivative

Assets

914

—

914

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

914

$

—

$

914

#### 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

$

$

$

—

$

—

Bank

of

Montreal

—

—

BNP

Paribas

—

HSBC

—

JPMorgan

Chase

—

Morgan

Stanley

—

Standard

Chartered

—

Total

$

914

$

691

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

^&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

$

1,012

$

—

$

1,012

Total

Financial

and

Derivative

Liabilities

1,012

—

1,012

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,012

$

—

$

1,012

#### 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

Montreal

—

BNP

Paribas

—

—

HSBC

—

—

JPMorgan

Chase

—

—

Morgan

Stanley

—

—

Standard

Chartered

—

—

Total

$

1,012

$

691

$

—

$

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,149,605

Investments,

at

fair

value(>)

........................................................................................................................................................

1,356,819

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

7,237

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

914

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,071

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

6,101

From

broker(a)

.................................................................................................................................................................

20,603

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,397,594

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

2,281

Fund

shares

redeemed

......................................................................................................................................................

578

Accrued

fees

to

affiliates

..................................................................................................................................................

971

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

2,270

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,012

Total

liabilities

...........................................................................................................................................................

7,188

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,390,406

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

272,927

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

1,117,210

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,390,406

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

54,018

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

7,216

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

20,603

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

51.39 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

54.53 Class

A

—

Net

assets

...........................................................................................................................................................

$

23,011,301

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

447,792

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

51.60 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,223,502

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

120,6

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

51.61 Class

M

—

Net

assets

..........................................................................................................................................................

$

214,872,995

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

4,163,661

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

51.62 Class

S

—

Net

assets

............................................................................................................................................................

$

1,095,475,179

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

21,220,802

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

51.70 Class

Y

—

Net

assets

...........................................................................................................................................................

$

50,822,819

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

982,999

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

17,159

Dividend

distributions

from

affiliated

funds

....................................................................................................................

1,017

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(1,909)

Total

investment

income

.............................................................................................................................................................

16,354

#### Expenses
Advisory

fees

...................................................................................................................................................................

4,288

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

............................................................................................................................................

938

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,433

Expense

reductions

..........................................................................................................................................................

(457) Net

expenses

................................................................................................................................................................................

5,976

Net

investment

income

(loss)

.......................................................................................................................................................

10,378

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

65,092

Investments

in

affiliated

funds

.........................................................................................................................................

(13) Futures

contracts

..............................................................................................................................................................

4,064

Foreign

currency

exchange

contracts

...............................................................................................................................

(1,984)

Foreign

currency-related

transactions

..............................................................................................................................

(223) Net

realized

gain

(loss)

................................................................................................................................................................

66,936

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

15,349

Futures

contracts

..............................................................................................................................................................

(2,775)

Foreign

currency

exchange

contracts

...............................................................................................................................

3,278

Foreign

currency-related

transactions

..............................................................................................................................

525

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

16,377

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

83,313

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

93,691

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

10,378

$

20,583

Net

realized

gain

(loss)

................................................................................................................

66,936

68,339

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

16,377

111,317

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

93,691

200,239

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,479)

(554) Class

C

.....................................................................................................................................

(376) (132) Class

M

....................................................................................................................................

(14,330)

(6,370)

Class

S

......................................................................................................................................

(53,910)

(25,324)

Class

Y

.....................................................................................................................................

(3,388)

(1,480)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(73,483)

(33,860)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

257,910

(95,555)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
278,118

70,824

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,112,288

1,041,464

End

of

period

......................................................................................................................................

$

1,390,406

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,126

$

2,784

Proceeds

from

reinvestment

of

distributions

1,471

553

Payments

for

shares

redeemed

(39) (1,970)

(62) (2,839)

Net

increase

(decrease)

627

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(17) (839) (21) (993) Net

increase

(decrease)

(7) (393) (14) (651) Class

M

Proceeds

from

shares

sold

541

27,386

757

34,285

Proceeds

from

reinvestment

of

distributions

14,330

6,368

Payments

for

shares

redeemed

(883) (44,448)

(1,391)

(63,075)

Net

increase

(decrease)

(46) (2,732)

(479) (22,422)

Class

S

Proceeds

from

shares

sold

6,976

351,697

2,042

92,263

Proceeds

from

reinvestment

of

distributions

1,105

53,540

611

25,142

Payments

for

shares

redeemed

(2,923)

(147,333)

(4,044)

(185,270)

Net

increase

(decrease)

5,158

257,904

(1,391)

(67,865)

Class

Y

Proceeds

from

shares

sold

1,136

Proceeds

from

reinvestment

of

distributions

3,388

1,480

Payments

for

shares

redeemed

(24) (1,242)

(166) (7,731)

Net

increase

(decrease)

2,504

(107) (5,115)

Total

increase

(decrease)

5,172

$

257,910

(1,979)

$

(95,555)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

50.83 43.63 36.79 33.13 44.41 32.08 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.33

.75

.73

.66

.67

.67

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.64 7.75 6.90 3.53 (10.63)

11.99 $

Total

from

Investment

Operations

3.97 8.50 7.63 4.19 (9.96)

12.66 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.33)

(1.30)

(.79)

—

(1.05)

(.33)

$

Distributions

from

Net

Realized

Gain

(3.08)

—

—

(.53)

(.27)

—

$

Total

Distributions

(3.41)

(1.30)

(.79)

(.53)

(1.32)

(.33)

$

Net

Asset

Value,

End

of

Period

51.39 50.83 43.63 36.79 33.13 44.41 %

Total

Return

(±)(ǿ)

8.23 20.20 20.90 12.68 (23.02)

39.61 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 23,011

22,060

18,390

16,197

16,547

23,364

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.30 1.28 1.28 1.26 1.26 1.25 %

Expenses,

Net

(Ƃ)(ɯ)

1.28 1.26 1.26 1.22 1.22 1.22 %

Net

Investment

Income

(Ƃ)(ɯ)

1.30 1.62 1.73 1.70 1.75 1.60 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

50.88 43.62 36.76 33.35 44.66 32.24 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.40

.41

.38

.38

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.67 7.80 6.91 3.56 (10.71)

12.09 $

Total

from

Investment

Operations

3.80 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

(3.08)

—

—

(.53)

(.27)

—

$

Total

Distributions

(3.08)

(.94)

(.46)

(.53)

(.98)

(.02)

$

Net

Asset

Value,

End

of

Period

51.60 50.88 43.62 36.76 33.35 44.66 %

Total

Return

(ǿ)

7.81 19.31 19.99 11.84 (23.58)

38.59 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,224

6,521

6,208

5,865

6,326

9,663

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.05 2.03 2.03 2.01 2.01 2.00 %

Expenses,

Net

(Ƃ)(ɯ)

2.03 2.01 2.01 1.97 1.97 1.97 %

Net

Investment

Income

(Ƃ)(ɯ)

.52

.87

.97

.97

.98

.83

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

51.12 43.88 36.99 33.18 44.49 32.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.42

.93

.89

.81

.82

.87

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.67 7.78 6.95 3.53 (10.63)

11.96 $

Total

from

Investment

Operations

4.09 8.71 7.84 4.34 (9.81)

12.83 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(1.47)

(.95)

—

(1.23)

(.47)

$

Distributions

from

Net

Realized

Gain

(3.08)

—

—

(.53)

(.27)

—

$

Total

Distributions

(3.60)

(1.47)

(.95)

(.53)

(1.50)

(.47)

$

Net

Asset

Value,

End

of

Period

51.61 51.12 43.88 36.99 33.18 44.49 %

Total

Return

(ǿ)

8.44 20.67 21.38 13.12 (22.71)

40.15 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 214,873

215,169

205,711

173,150

268,131

364,171

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.05 1.03 1.03 1.01 1.01 1.00 %

Expenses,

Net

(Ƃ)(ɯ)

.89

.87

.87

.83

.83

.83

%

Net

Investment

Income

(Ƃ)(ɯ)

1.68 2.02 2.10 2.10 2.15 2.06 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

51.11 43.86 36.97 33.20 44.51 32.14 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.43

.88

.85

.77

.79

.78

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.63 7.80 6.93 3.53 (10.64)

12.02 $

Total

from

Investment

Operations

4.06 8.68 7.78 4.30 (9.85)

12.80 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.47)

(1.43)

(.89)

—

(1.19)

(.43)

$

Distributions

from

Net

Realized

Gain

(3.08)

—

—

(.53)

(.27)

—

$

Total

Distributions

(3.55)

(1.43)

(.89)

(.53)

(1.46)

(.43)

$

Net

Asset

Value,

End

of

Period

51.62 51.11 43.86 36.97 33.20 44.51 %

Total

Return

(ǿ)

8.37 20.57 21.24 12.99 (22.78)

40.02 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,095,475

820,897

765,590

828,666

1,131,900

1,578,103

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.05 1.03 1.03 1.01 1.01 1.00 %

Expenses,

Net

(Ƃ)(ɯ)

.99

.97

.97

.93

.93

.93

%

Net

Investment

Income

(Ƃ)(ɯ)

1.71 1.91 2.00 1.98 2.05 1.85 %

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

51.22 43.96 37.06 33.23 44.56 32.17 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.44

.97

.93

.84

.85

.86

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.67 7.79 6.94 3.52 (10.66)

12.02 $

Total

from

Investment

Operations

4.11 8.76 7.87 4.36 (9.81)

12.88 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.55)

(1.50)

(.97)

—

(1.25)

(.49)

$

Distributions

from

Net

Realized

Gain

(3.08)

—

—

(.53)

(.27)

—

$

Total

Distributions

(3.63)

(1.50)

(.97)

(.53)

(1.52)

(.49)

$

Net

Asset

Value,

End

of

Period

51.70 51.22 43.96 37.06 33.23 44.56 %

Total

Return

(ǿ)

8.47 20.75 21.45 13.16 (22.68)

40.26 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 50,823

47,641

45,565

37,239

36,313

61,501

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.85

.83

.83

.81

.81

.80

%

Expenses,

Net

(Ƃ)(ɯ)

.83

.81

.81

.77

.77

.77

%

Net

Investment

Income

(Ƃ)(ɯ)

1.75 2.10 2.17 2.17 2.22 2.05 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

was

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

753,81

Administrative

fees

51,991

Distribution

fees

8,464

Shareholder

servicing

fees

1,287

Transfer

agent

fees

154,554

Trustees'

fees

1,155

$

971,26

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

32,865

$

588,331

$

567,165

$

(13)

$

—

$

54,018

$

1,017

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,162,003,353

$

277,634,276

$

(85,193,615)

$

192,440,661

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 91.3%
Australia

-

0.1%

BHP

Group,

Ltd.

77,649

3,074

Telstra

Group,

Ltd.

299,641

1,149

4,223

Austria

-

0.3%

ams-OSRAM

AG(Æ)

66,006

1,055

Erste

Group

Bank

AG

53,877

6,019

Mondi

PLC

270,961

2,815

9,889

Belgium

-

0.2%

Ageas

SA

74,717

5,848

Proximus

SADP

149,411

1,146

6,994

Brazil

-

0.9%

Ambev

SA

1,782,509

5,223

B3

SA

-

Brasil

Bolsa

Balcao

280,625

1,022

Banco

Bradesco

SA

-

ADR

1,883,701

7,309

Lojas

Renner

SA

872,994

2,398

MercadoLibre,

Inc.(Æ)

4,584

8,217

Natura

Cosmeticos

SA(Æ)

1,410,936

2,903

Telefonica

Brasil

SA

471,156

3,735

Ultrapar

Participacoes

SA

448,511

2,712

33,519

Canada

-

1.2%

Air

Canada

Class

B(Æ)

73,324

1,007

Alimentation

Couche-Tard,

Inc.

51,856

3,068

Barrick

Mining

Corp.

221,076

8,686

Canadian

National

Railway

Co.

28,578

3,210

CCL

Industries,

Inc.

Class

B

42,141

2,661

Imperial

Oil,

Ltd.

13,550

1,815

Intact

Financial

Corp.

2,844

548

Manulife

Financial

Corp.

74,381

2,925

Metro,

Inc.

Class

A

11,683

783

Nutrien,

Ltd.

59,797

4,545

Pan

American

Silver

Corp.

29,624

1,550

Royal

Bank

of

Canada

34,026

6,120

Saputo,

Inc.

13,226

Shopify,

Inc.

Class

A(Æ)

32,333

3,917

Stantec,

Inc.

29,487

2,693

Sun

Life

Financial,

Inc.

6,691

Tourmaline

Oil

Corp.

13,197

639

45,049

China

-

1.7%

Alibaba

Group

Holding,

Ltd.

699,900

11,501

Alibaba

Group

Holding,

Ltd.

-

ADR

28,568

3,767

Baidu,

Inc.

Class

A(Æ)

323,300

5,094

China

Mengniu

Dairy

Co.,

Ltd.

1,834,000

4,067

JD.com,

Inc.

Class

A

264,750

3,998

Kuaishou

Technology(Þ)

298,700

1,657

PDD

Holdings,

Inc.

-

ADR(Æ)

53,080

5,301

Tencent

Holdings,

Ltd.

285,500

17,334

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Trip.com

Group,

Ltd.

-

ADR(Æ)

226,151

12,260

64,979

Denmark

-

0.4%

Demant

A/S(Æ)

37,888

1,200

DSV

A/S

13,915

3,404

Novo

Nordisk

A/S

Class

B

269,684

11,356

15,960

Finland

-

0.2%

Elisa

Oyj

6,423

Nokia

Oyj

548,907

6,895

7,206

France

-

3.8%

Accor

SA

89,101

4,430

Airbus

SE

114,467

23,732

Arkema

SA

45,158

3,291

AXA

SA

118,607

5,713

BNP

Paribas

SA

163,237

17,180

Bureau

Veritas

SA

27,895

855

Carrefour

SA

279,162

5,558

Cie

de

Saint-Gobain

SA

50,222

4,588

Danone

SA

44,927

3,523

Engie

SA

295,742

9,766

EssilorLuxottica

SA

20,322

4,333

Hermes

International

SCA

1,418

2,717

Legrand

SA

24,255

4,344

LVMH

Moet

Hennessy

Louis

Vuitton

SE

15,385

8,164

Orange

SA

509,806

10,652

Renault

SA

127,451

4,491

Societe

Generale

SA

179,139

14,344

Sodexo

SA

30,539

1,554

TotalEnergies

SE

159,716

14,872

Valeo

SE

161,633

2,038

146,145

Germany

-

2.2%

Aumovio

SE(Æ)

47,464

2,055

BASF

SE

119,516

7,680

Beiersdorf

AG

29,700

2,459

Brenntag

SE

38,870

2,830

Continental

AG

36,395

2,745

Daimler

Truck

Holding

AG

120,472

6,079

Evonik

Industries

AG

210,415

4,366

Fresenius

SE

&

Co.

KGaA

105,330

5,106

GEA

Group

AG

3,818

Infineon

Technologies

AG

87,682

5,893

Mercedes-Benz

Group

AG

31,451

1,833

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

6,655

3,988

Rheinmetall

AG

2,360

3,759

Siemens

AG

27,919

8,292

Siemens

Healthineers

AG(Þ)

187,559

7,686

Symrise

AG

182,134

16,100

Wacker

Chemie

AG

18,412

2,024

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zalando

SE(Æ)(Þ)

107,283

2,646

85,803

Hong

Kong

-

1.0%

AIA

Group,

Ltd.

1,470,748

16,199

ASMPT,

Ltd.

173,100

3,649

CK

Asset

Holdings,

Ltd.

698,500

4,387

Power

Assets

Holdings,

Ltd.

118,000

976

Prudential

PLC

632,419

9,475

Yue

Yuen

Industrial

Holdings,

Ltd.

1,071,500

2,003

36,689

India

-

0.3%

HDFC

Bank,

Ltd.

-

ADR

460,774

11,708

Indonesia

-

0.1%

Bank

Negara

Indonesia

Persero

Tbk

PT

13,536,900

2,927

Ireland

-

0.8%

Accenture

PLC

Class

A

90,998

16,262

AIB

Group

PLC

643,727

7,330

Bank

of

Ireland

Group

PLC

375,706

7,451

31,043

Italy

-

0.8%

BPER

Banca

SpA

396,246

5,846

Eni

SpA

291,341

8,233

FinecoBank

Banca

Fineco

SpA

73,109

1,813

Recordati

Industria

Chimica

e

Farmaceutica

SpA

4,903

Ryanair

Holdings

PLC

-

ADR

61,293

3,350

UniCredit

SpA

166,672

12,880

32,408

Japan

-

5.3%

Advantest

Corp.

30,200

5,657

Alfresa

Holdings

Corp.

97,400

1,479

Amada

Co.,

Ltd.

116,600

1,968

ARCHION

Corp.(Æ)

269,200

523

Astellas

Pharma,

Inc.

125,400

1,799

Bridgestone

Corp.

72,400

1,517

Canon,

Inc.

129,200

3,326

Chiba

Bank,

Ltd.

(The)

463,400

6,491

Daiichi

Life

Group,

Inc.

165,700

1,532

Denso

Corp.

70,500

847

Dentsu

Group,

Inc.

153,200

2,917

Eisai

Co.,

Ltd.

97,200

2,920

FUJIFILM

Holdings

Corp.

172,300

3,192

Hakuhodo

DY

Holdings,

Inc.

156,600

1,050

Hitachi,

Ltd.

188,900

5,940

Honda

Motor

Co.,

Ltd.

596,131

4,818

Horiba,

Ltd.

10,700

1,496

Hoya

Corp.

69,900

13,086

Isuzu

Motors,

Ltd.

26,800

Japan

Airlines

Co.,

Ltd.

186,300

2,926

Japan

Post

Insurance

Co.,

Ltd.

Class

A

502,200

4,925

JGC

Holdings

Corp.

164,500

2,531

Kao

Corp.

33,600

1,251

Keyence

Corp.

30,500

13,970

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Koito

Manufacturing

Co.,

Ltd.

241,900

3,930

Kubota

Corp.

400,100

6,575

Kuraray

Co.,

Ltd.

125,300

1,317

Kyocera

Corp.

234,100

4,086

Mitsubishi

Estate

Co.,

Ltd.

157,200

4,482

Mitsubishi

Gas

Chemical

Co.,

Inc.

75,800

2,152

MS&AD

Insurance

Group

Holdings,

Inc.

12,900

Nikon

Corp.

119,400

1,320

Nintendo

Co.,

Ltd.

50,000

2,432

Nippon

Television

Holdings,

Inc.

38,600

736

Nissan

Motor

Co.,

Ltd.(Æ)

947,400

2,168

Otsuka

Corp.

113,100

2,115

Persol

Holdings

Co.,

Ltd.

1,420,500

2,129

Resona

Holdings,

Inc.

605,500

7,560

Rinnai

Corp.

79,900

1,819

Rohm

Co.,

Ltd.

247,500

5,440

Sega

Sammy

Holdings,

Inc.

114,700

1,673

Shin-Etsu

Chemical

Co.,

Ltd.

351,700

16,389

Shionogi

&

Co.,

Ltd.

60,700

1,238

Sompo

Holdings,

Inc.

16,500

613

Stanley

Electric

Co.,

Ltd.

94,229

1,839

Subaru

Corp.

166,385

2,476

Sumitomo

Heavy

Industries,

Ltd.

56,400

1,920

Sumitomo

Mitsui

Financial

Group,

Inc.

270,500

9,525

Sumitomo

Mitsui

Trust

Group,

Inc.

221,500

7,379

Sysmex

Corp.

281,500

2,478

T&D

Holdings,

Inc.

350,100

8,524

Taiheiyo

Cement

Corp.

39,600

909

Takeda

Pharmaceutical

Co.,

Ltd.

110,500

3,675

THK

Co.,

Ltd.

54,100

2,048

Tokio

Marine

Holdings,

Inc.

82,400

3,736

Trend

Micro,

Inc.

47,200

1,633

Tsuruha

Holdings,

Inc.

162,600

2,132

Yamato

Holdings

Co.,

Ltd.

182,300

2,058

205,371

Luxembourg

-

0.0%

RTL

Group

SA

26,834

1,032

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

283,461

7,540

Netherlands

-

2.2%

ABN

AMRO

Bank

NV(Þ)

261,785

9,173

Adyen

NV(Æ)(Þ)

3,017

3,414

Argenx

SE(Æ)

4,754

3,720

ASML

Holding

NV

4,922

7,105

Heineken

Holding

NV

9,538

679

Heineken

NV

155,515

12,041

ING

Groep

NV

782,948

22,709

Koninklijke

Philips

NV

267,190

7,049

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

23,315

NN

Group

NV

93,354

8,177

Randstad

NV

74,173

2,206

Universal

Music

Group

NV

428,039

8,963

VEON,

Ltd.

-

ADR(Æ)

18,054

898

86,475

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Norway

-

0.0%

Orkla

ASA

62,566

772

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

—

Sberbank

of

Russia

PJSC(Æ)(Š)

303,624

—

—

Singapore

-

0.4%

DBS

Group

Holdings,

Ltd.

117,424

5,417

Grab

Holdings,

Ltd.

Class

A(Æ)

737,302

2,816

Oversea-Chinese

Banking

Corp.,

Ltd.

119,300

2,061

Singapore

Telecommunications,

Ltd.

515,000

1,863

United

Overseas

Bank,

Ltd.

154,101

4,400

16,557

South

Africa

-

0.4%

Anglo

American

PLC

84,690

4,165

MTN

Group,

Ltd.

489,577

6,151

Old

Mutual,

Ltd.

3,964,489

3,233

13,549

South

Korea

-

2.0%

Coway

Co.,

Ltd.

16,248

947

Hankook

Tire

&

Technology

Co.,

Ltd.

31,729

1,274

Hyundai

Mobis

Co.,

Ltd.

11,266

3,265

KB

Financial

Group,

Inc.

49,613

5,385

KT

Corp.

-

ADR

219,471

4,703

LG

Electronics,

Inc.

Class

H

11,473

1,105

LG

H&H

Co.,

Ltd.

6,091

1,049

Samsung

Electronics

Co.,

Ltd.

230,439

34,961

Shinhan

Financial

Group

Co.,

Ltd.

185,727

12,535

SK

Hynix,

Inc.

5,604

4,931

SK

Telecom

Co.,

Ltd.

113,034

7,312

77,467

Spain

-

0.1%

Industria

de

Diseno

Textil

SA

51,455

3,083

Sweden

-

0.3%

Atlas

Copco

AB

Class

B

59,756

1,012

Essity

AB

Class

B

37,110

984

SKF

AB

Class

B

208,658

5,211

Telefonaktiebolaget

LM

Ericsson

Class

B

447,766

5,300

12,507

Switzerland

-

1.1%

Adecco

Group

AG

83,750

1,936

Galderma

Group

AG

18,589

3,899

SGS

SA

12,778

1,386

Sonova

Holding

AG

3,883

850

Swatch

Group

AG

(The)

Class

B

20,468

4,734

TE

Connectivity

PLC

6,631

1,404

UBS

Group

AG

509,383

22,695

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zurich

Insurance

Group

AG

6,660

4,616

41,520

Taiwan

-

3.0%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

277,000

18,805

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

238,934

94,632

113,437

Thailand

-

0.3%

Bangkok

Bank

PCL

-

NVDR

540,200

2,706

Kasikornbank

PCL

-

NVDR

1,267,800

7,565

10,271

Turkey

-

0.0%

Coca-Cola

Icecek

AS

178,901

United

Kingdom

-

5.6%

3i

Group

PLC

28,559

995

AstraZeneca

PLC

68,998

13,001

BAE

Systems

PLC

87,532

2,434

Barratt

Redrow

PLC

651,744

2,242

British

American

Tobacco

PLC

276,163

16,217

British

Land

Co.

PLC

(The)(ö)

497,599

2,645

BT

Group

PLC

2,276,239

6,705

Burberry

Group

PLC(Æ)

175,011

2,767

CK

Hutchison

Holdings,

Ltd.

Class

B

565,000

4,742

Compass

Group

PLC

325,776

9,215

DCC

PLC

67,458

5,104

Diageo

PLC

205,829

4,138

easyJet

PLC

908,460

4,409

GSK

PLC

831,977

21,863

Hikma

Pharmaceuticals

PLC

118,047

2,250

HSBC

Holdings

PLC

523,027

9,586

International

Consolidated

Airlines

Group

SA

57,904

Intertek

Group

PLC

8,270

537

J

Sainsbury

PLC

448,108

2,004

Kingfisher

PLC

933,390

3,669

Land

Securities

Group

PLC(ö)

356,396

2,890

Lloyds

Banking

Group

PLC

8,376,104

11,338

NatWest

Group

PLC

1,254,644

9,934

Pearson

PLC

30,877

Reckitt

Benckiser

Group

PLC

353,027

22,460

RELX

PLC

298,032

10,886

Rolls-Royce

Holdings

PLC

284,280

4,637

Standard

Chartered

PLC

588,352

14,953

Tate

&

Lyle

PLC

386,421

1,932

Unilever

PLC

317,446

18,555

Unite

Group

PLC

(The)(ö)

283,771

1,799

WPP

PLC

625,705

2,265

216,924

United

States

-

56.4%

Abbott

Laboratories

32,926

2,989

AbbVie,

Inc.

31,117

6,576

Adobe,

Inc.(Æ)

19,630

4,831

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Advanced

Micro

Devices,

Inc.(Æ)

37,954

13,454

Agilent

Technologies,

Inc.

6,458

746

Airbnb,

Inc.

Class

A(Æ)

156,902

22,023

Albemarle

Corp.

23,332

4,589

Allstate

Corp.

(The)

22,577

4,905

Alphabet,

Inc.

Class

A

98,594

37,939

Alphabet,

Inc.

Class

C

345,217

131,852

Amazon.com,

Inc.(Æ)

443,147

117,461

American

Express

Co.

10,113

3,267

American

Financial

Group,

Inc.

10,283

1,370

American

Tower

Corp.(ö)

16,293

2,977

Ameriprise

Financial,

Inc.

8,416

3,996

Amphenol

Corp.

Class

A

10,622

1,564

Amrize,

Ltd.

33,627

1,808

Analog

Devices,

Inc.

25,015

10,063

Antero

Resources

Corp.(Æ)

63,055

2,476

API

Group

Corp.(Æ)

91,864

4,200

Apollo

Global

Management,

Inc.

4,188

539

Apple,

Inc.

398,393

108,104

Applied

Materials,

Inc.

78,808

31,089

Arch

Capital

Group,

Ltd.(Æ)

10,179

962

Arista

Networks,

Inc.(Æ)

43,173

7,456

Autodesk,

Inc.(Æ)

8,786

2,082

Automatic

Data

Processing,

Inc.

24,113

5,111

Axon

Enterprise,

Inc.(Æ)

9,604

3,858

Baker

Hughes

Co.

238,065

16,586

Ball

Corp.

36,950

2,257

Bank

of

America

Corp.

374,844

20,039

Berkshire

Hathaway,

Inc.

Class

B(Æ)

13,821

6,546

Best

Buy

Co.,

Inc.

48,924

2,959

BlackRock,

Inc.

6,601

7,034

Blackstone,

Inc.

Class

A

73,253

9,199

Boeing

Co.

(The)(Æ)

19,440

4,452

Booking

Holdings,

Inc.

71,381

12,018

Boston

Scientific

Corp.(Æ)

18,026

1,038

BP

PLC

1,478,170

11,668

Bristol-Myers

Squibb

Co.

90,803

5,502

Broadcom,

Inc.

161,501

67,415

Brown

&

Brown,

Inc.

8,799

529

Builders

FirstSource,

Inc.(Æ)

1,850

Capital

One

Financial

Corp.

83,638

16,000

Cardinal

Health,

Inc.

6,896

1,330

Carlisle

Cos.,

Inc.

1,656

588

CF

Industries

Holdings,

Inc.

2,569

CH

Robinson

Worldwide,

Inc.

4,391

798

Charles

Schwab

Corp.

(The)

230,518

21,125

Chevron

Corp.

41,236

7,971

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

336,013

11,421

Church

&

Dwight

Co.,

Inc.

40,435

3,925

Cigna

Group

(The)

66,164

19,226

Cincinnati

Financial

Corp.

15,564

2,546

Cintas

Corp.

27,053

4,726

Cisco

Systems,

Inc.

121,766

11,142

Citigroup,

Inc.

37,630

4,816

Cloudflare,

Inc.

Class

A(Æ)

14,211

2,913

CME

Group,

Inc.

Class

A

100,977

29,063

Coca-Cola

Co.

(The)

28,701

2,260

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Coca-Cola

Consolidated,

Inc.

10,217

2,095

Cognizant

Technology

Solutions

Corp.

Class

A

74,769

3,955

Colgate-Palmolive

Co.

48,125

4,108

Comfort

Systems

USA,

Inc.

1,604

2,952

ConocoPhillips

14,129

1,777

Copart,

Inc.(Æ)

13,656

Corning,

Inc.

76,051

12,491

Costco

Wholesale

Corp.

10,283

10,432

Coterra

Energy,

Inc.

16,195

582

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

532

Cummins,

Inc.

7,339

4,925

Darden

Restaurants,

Inc.

19,508

3,913

Datadog,

Inc.

Class

A(Æ)

14,379

1,901

Deckers

Outdoor

Corp.(Æ)

24,163

2,469

Delta

Air

Lines,

Inc.

153,379

10,428

Devon

Energy

Corp.

16,779

862

Dexcom,

Inc.(Æ)

192,171

11,444

Diamondback

Energy,

Inc.

3,867

795

DocuSign,

Inc.(Æ)

52,184

2,400

Dollar

General

Corp.

39,193

4,542

DoorDash,

Inc.

Class

A(Æ)

26,326

4,440

Dow,

Inc.

8,987

DraftKings,

Inc.

Class

A(Æ)

21,858

510

Dynatrace,

Inc.(Æ)

113,153

4,097

EchoStar

Corp.

Class

A(Æ)

24,012

2,957

Ecolab,

Inc.

1,739

Edison

International

4,276

Edwards

Lifesciences

Corp.(Æ)

41,549

3,469

Electronic

Arts,

Inc.

2,775

562

Elevance

Health,

Inc.

32,305

12,160

Eli

Lilly

&

Co.

22,638

21,157

EMCOR

Group,

Inc.

7,277

6,489

EOG

Resources,

Inc.

6,655

935

EQT

Corp.

22,798

1,370

Equifax,

Inc.

60,171

10,466

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

43,930

2,780

Erie

Indemnity

Co.

Class

A

4,411

966

Expand

Energy

Corp.

2,384

Expedia

Group,

Inc.

707

Expeditors

International

of

Washington,

Inc.

2,045

Exxon

Mobil

Corp.

103,413

15,960

F5,

Inc.(Æ)

2,045

662

Fastenal

Co.

29,133

1,309

FedEx

Corp.

16,651

6,716

Fortinet,

Inc.(Æ)

7,793

657

Fox

Corp.

Class

A

27,098

1,720

Fox

Corp.

Class

B

77,423

4,415

Garmin,

Ltd.

2,949

741

GE

Vernova,

Inc.

5,003

5,421

General

Dynamics

Corp.

58,429

20,117

General

Electric

Co.

19,364

5,614

General

Motors

Co.

62,175

4,781

Gilead

Sciences,

Inc.

71,276

9,326

Goldman

Sachs

Group,

Inc.

(The)

5,705

5,270

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Graco,

Inc.

35,299

2,833

Haleon

PLC

3,539,790

16,330

Hartford

Insurance

Group,

Inc.

(The)

25,638

3,508

HCA

Healthcare,

Inc.

46,269

20,102

Hershey

Co.

(The)

24,395

4,531

Holcim

AG(Æ)

24,977

2,328

Home

Depot,

Inc.

(The)

15,439

5,076

Hormel

Foods

Corp.

103,677

2,226

Howmet

Aerospace,

Inc.

3,332

810

Hubbell,

Inc.

Class

B

10,090

5,127

HubSpot,

Inc.(Æ)

1,161

IDEX

Corp.

16,421

3,577

IDEXX

Laboratories,

Inc.(Æ)

5,968

3,347

Illumina,

Inc.(Æ)

5,772

732

Insulet

Corp.(Æ)

13,069

2,250

Intercontinental

Exchange,

Inc.

41,692

6,591

Intuit,

Inc.

32,616

12,671

Intuitive

Surgical,

Inc.(Æ)

13,637

6,240

Jack

Henry

&

Associates,

Inc.

10,287

1,582

Johnson

&

Johnson

69,332

15,936

JPMorgan

Chase

&

Co.

69,553

21,786

Keysight

Technologies,

Inc.(Æ)

4,979

1,742

Kroger

Co.

(The)

13,296

905

Lam

Research

Corp.

19,276

4,971

Las

Vegas

Sands

Corp.

83,735

4,573

Linde

PLC

26,630

13,345

Lockheed

Martin

Corp.

6,881

3,564

LPL

Financial

Holdings,

Inc.

2,155

720

Lululemon

Athletica,

Inc.(Æ)

2,462

Lumentum

Holdings,

Inc.(Æ)

618

558

Marsh

&

McLennan

Cos.,

Inc.

35,697

5,987

MasTec,

Inc.(Æ)

10,683

4,210

Mastercard,

Inc.

Class

A

70,172

35,291

McDonald's

Corp.

23,456

6,886

Medtronic

PLC

23,248

1,882

Merck

&

Co.,

Inc.

107,859

11,776

Meta

Platforms,

Inc.

Class

A

110,065

67,350

MetLife,

Inc.

35,050

2,808

Micron

Technology,

Inc.

30,278

15,659

Microsoft

Corp.

220,515

89,922

Monolithic

Power

Systems,

Inc.

1,597

2,578

Monster

Beverage

Corp.(Æ)

79,219

6,105

Morgan

Stanley

22,904

4,365

Nasdaq,

Inc.

41,294

3,795

Nestle

SA

98,936

10,035

NetApp,

Inc.

38,500

4,265

Netflix,

Inc.

Class

B(Æ)

67,555

6,324

Newmont

Corp.

22,355

2,483

Nextpower,

Inc.

Class

A(Æ)

4,119

NIKE,

Inc.

Class

B

12,946

574

Nordson

Corp.

12,011

3,465

Northern

Trust

Corp.

4,776

794

Northrop

Grumman

Corp.

21,113

12,235

Novartis

AG

83,608

12,426

NVIDIA

Corp.

680,057

135,719

NVR,

Inc.(Æ)

613

Old

Dominion

Freight

Line,

Inc.

6,383

1,356

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ON

Semiconductor

Corp.(Æ)

10,176

1,026

Oracle

Corp.

20,916

3,376

Otis

Worldwide

Corp.

10,409

811

Packaging

Corp.

of

America

11,956

2,552

Palantir

Technologies,

Inc.

Class

A(Æ)

70,348

9,786

Palo

Alto

Networks,

Inc.(Æ)

3,928

704

Parker-Hannifin

Corp.

5,566

5,062

Paychex,

Inc.

6,968

645

PayPal

Holdings,

Inc.

44,622

2,237

PepsiCo,

Inc.

57,104

9,050

Pfizer,

Inc.

15,616

PG&E

Corp.

177,044

2,942

Philip

Morris

International,

Inc.

34,929

5,766

Pinterest,

Inc.

Class

A(Æ)

13,804

Principal

Financial

Group,

Inc.

24,493

2,472

Procter

&

Gamble

Co.

(The)

100,285

14,751

Progressive

Corp.

(The)

52,870

10,642

PulteGroup,

Inc.

5,628

689

QUALCOMM,

Inc.

22,199

3,986

Regeneron

Pharmaceuticals,

Inc.

738

522

Reliance,

Inc.

12,810

4,644

ResMed,

Inc.

5,021

1,074

ROBLOX

Corp.

Class

A(Æ)

46,176

2,552

Roche

Holding

AG

50,632

20,730

Rockwell

Automation,

Inc.

2,767

1,131

Roivant

Sciences,

Ltd.(Æ)

77,465

2,210

Ross

Stores,

Inc.

25,633

5,839

RPM

International,

Inc.

1,517

RTX

Corp.

49,645

8,741

Salesforce,

Inc.

58,269

10,286

Sanofi

SA

181,128

16,921

Schneider

Electric

SE

78,336

24,740

Seagate

Technology

Holdings

PLC

44,005

29,644

ServiceNow,

Inc.(Æ)

7,932

700

Shell

PLC

373,616

16,960

Snap-on,

Inc.

1,751

671

Snowflake,

Inc.

Class

A(Æ)

15,744

2,149

Solstice

Advanced

Materials

Inc.

50,420

4,132

Spotify

Technology

SA(Æ)

6,743

3,011

Starbucks

Corp.

37,625

3,963

STERIS

PLC

3,127

678

Stifel

Financial

Corp.

29,694

2,340

Synopsys,

Inc.(Æ)

2,145

1,035

Take-Two

Interactive

Software,

Inc.(Æ)

19,586

4,187

Target

Corp.

5,231

679

Teradyne,

Inc.

14,396

4,945

Tesla,

Inc.(Æ)

21,506

8,207

Texas

Instruments,

Inc.

6,780

1,906

Texas

Pacific

Land

Corp.

798

TJX

Cos.,

Inc.

(The)

72,298

11,333

Tractor

Supply

Co.

4,050

Trane

Technologies

PLC

2,634

1,297

TransDigm

Group,

Inc.

10,402

12,066

Travelers

Cos.,

Inc.

(The)

20,069

6,124

Tyson

Foods,

Inc.

Class

A

38,766

2,484

Uber

Technologies,

Inc.(Æ)

195,275

14,569

Ulta

Beauty,

Inc.(Æ)

11,812

6,349

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Union

Pacific

Corp.

29,156

7,857

United

Airlines

Holdings,

Inc.(Æ)

88,514

7,966

United

Parcel

Service,

Inc.

Class

B

6,028

656

United

Rentals,

Inc.

1,260

1,209

United

Therapeutics

Corp.(Æ)

1,126

643

UnitedHealth

Group,

Inc.

75,249

27,878

Valero

Energy

Corp.

5,811

1,468

Veeva

Systems,

Inc.

Class

A(Æ)

3,084

VeriSign,

Inc.

13,773

3,700

Verisk

Analytics,

Inc.

Class

A

3,189

588

Vertex

Pharmaceuticals,

Inc.(Æ)

23,128

9,884

Vertiv

Holdings

Co.

Class

A

20,490

6,731

VICI

Properties,

Inc.(ö)

75,532

2,206

Viking

Holdings,

Ltd.(Æ)

91,642

7,506

Visa,

Inc.

Class

A

42,367

13,974

W.R.

Berkley

Corp.

41,589

2,779

W.W.

Grainger,

Inc.

878

1,020

Walmart,

Inc.

35,903

4,737

Waste

Management,

Inc.

73,304

17,047

Waters

Corp.(Æ)

1,619

501

Watsco,

Inc.

570

Wells

Fargo

&

Co.

4,081

Welltower,

Inc.(ö)

58,794

12,778

Williams-Sonoma,

Inc.

23,390

4,238

Woodward,

Inc.

8,918

3,237

Workday,

Inc.

Class

A(Æ)

3,921

Xylem,

Inc.

31,621

3,736

Zoetis,

Inc.

Class

A

4,872

560

Zoom

Communications,

Inc.

Class

A(Æ)

7,685

747

2,165,306

#### Total

#### Common

#### Stocks
(cost

$2,697,621)

3,506,651

#### Preferred

#### Stocks

#### -

#### 0.3%
Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

61,625

4,488

Volkswagen

AG

7.549%

(Ÿ)

55,033

5,569

10,057

#### Total

#### Preferred

#### Stocks
(cost

$11,005)

10,057

#### Short-Term

#### Investments

#### -

#### 5.1%
United

States

-

5.1%

U.S.

Cash

Management

Fund(@)

194,608,618

(∞)

194,570

#### Total

#### Short-Term

#### Investments
(cost

$194,567)

194,570

#### Total

#### Investments

#### -

#### 96.7%
(identified

cost

$2,903,193)

3,711,278

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 3.3%
128,013

#### Net

#### Assets

#### -

#### 100.0%
3,839,291

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

261,785

20.99 5,496

9,173

Adyen

NV

03/20/26

EUR

3,017

1,013.87

3,059

3,414

Kuaishou

Technology

11/01/24

HKD

298,700

5.84 1,743

1,657

Siemens

Healthineers

AG

09/25/25

EUR

187,559

49.19 9,227

7,686

Zalando

SE

02/20/26

EUR

107,283

23.97 2,571

2,646

24,576

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

55,314

06/26

5,328

S&P

500

E-Mini

Index

Futures

1,391

USD

503,803

06/26

34,879

S&P/TSX

Index

Futures

CAD

79,765

06/26

2,682

SPI

Index

Futures

AUD

43,773

06/26

Short

Positions

CAC40

Euro

Index

Futures

EUR

28,839

05/26

682

DAX

Index

Futures

EUR

25,606

06/26

(1,018)

EURO

STOXX

Index

Futures

EUR

16,994

06/26

(563) FTSE

Index

Futures

1,016

GBP

105,446

06/26

FTSE/MIB

Index

Futures

EUR

9,773

06/26

(793) Hang

Seng

Index

Futures

HKD

44,842

05/26

IBEX

Index

Futures

EUR

11,204

05/26

MSCI

Emerging

Markets

Index

Futures

2,036

USD

166,362

06/26

(15,727)

MSCI

Singapore

Index

Futures

SGD

6,663

05/26

(4) OMXS30

Index

Futures

SEK

78,278

05/26

TOPIX

Index

Futures

JPY

2,171,520

06/26

(755) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

25,578

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

NZD

06/17/26

(1) Bank

of

America

CHF

12,000

USD

15,302

06/17/26

(127) Bank

of

America

EUR

13,500

USD

15,840

06/17/26

(35) Bank

of

America

GBP

25,700

USD

34,556

06/17/26

(412) Bank

of

Montreal

USD

7,099

CAD

9,606

06/17/26

(13) Bank

of

Montreal

DKK

27,019

USD

4,213

06/17/26

(41) Bank

of

Montreal

HKD

2,830

USD

06/17/26

Bank

of

Montreal

NOK

29,929

USD

3,101

06/17/26

(128) Bank

of

Montreal

SEK

5,778

USD

631

06/17/26

Bank

of

Montreal

SGD

USD

06/17/26

—

BNP

Paribas

USD

9,394

AUD

13,120

06/17/26

BNP

Paribas

USD

14,720

JPY

2,317,548

06/17/26

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
BNP

Paribas

CHF

9,271

USD

12,021

06/17/26

BNP

Paribas

EUR

24,607

USD

28,615

06/17/26

(322) BNP

Paribas

GBP

15,637

USD

20,973

06/17/26

(304) HSBC

USD

9,402

AUD

13,120

06/17/26

HSBC

USD

14,728

JPY

2,317,548

06/17/26

HSBC

CHF

9,271

USD

12,029

06/17/26

HSBC

EUR

24,607

USD

28,644

06/17/26

(294) HSBC

GBP

15,637

USD

20,995

06/17/26

(282) JPMorgan

Chase

USD

9,382

AUD

13,120

06/17/26

JPMorgan

Chase

USD

14,714

JPY

2,317,548

06/17/26

JPMorgan

Chase

CHF

9,271

USD

12,014

06/17/26

JPMorgan

Chase

EUR

24,607

USD

28,613

06/17/26

(325) JPMorgan

Chase

GBP

15,637

USD

20,972

06/17/26

(304) Morgan

Stanley

USD

9,373

AUD

13,120

06/17/26

Morgan

Stanley

USD

1,154

CAD

1,590

06/17/26

Morgan

Stanley

USD

2,368

EUR

2,020

06/17/26

Morgan

Stanley

USD

14,736

JPY

2,317,548

06/17/26

Morgan

Stanley

USD

SEK

1,410

06/17/26

Morgan

Stanley

AUD

600

USD

06/17/26

(8) Morgan

Stanley

CHF

9,271

USD

12,015

06/17/26

Morgan

Stanley

EUR

24,607

USD

28,636

06/17/26

(302) Morgan

Stanley

GBP

15,637

USD

20,970

06/17/26

(306) Morgan

Stanley

JPY

52,900

USD

06/17/26

(5) Standard

Chartered

USD

9,377

AUD

13,120

06/17/26

Standard

Chartered

USD

6,684

GBP

5,000

06/17/26

Standard

Chartered

USD

14,730

JPY

2,317,548

06/17/26

Standard

Chartered

CHF

9,271

USD

12,015

06/17/26

Standard

Chartered

EUR

24,607

USD

28,631

06/17/26

(306) Standard

Chartered

GBP

15,637

USD

20,960

06/17/26

(317) State

Street

USD

10,388

JPY

1,642,500

06/17/26

State

Street

CAD

9,400

USD

6,775

06/17/26

(159) State

Street

EUR

25,100

USD

28,881

06/17/26

(636) State

Street

GBP

6,300

USD

8,313

06/17/26

(259) State

Street

JPY

2,267,800

USD

14,307

06/17/26

(229) State

Street

SEK

21,300

USD

2,240

06/17/26

(72) Toronto

Dominion

Bank

USD

6,763

CAD

9,300

06/17/26

Westpac

USD

25,669

EUR

22,100

06/17/26

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(3,080)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Total

#### Return

#### Swap

#### Contracts
Amounts

in

thousands

#### Underlying

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Terms

#### Termination

#### Date

#### Premiums

#### Paid
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
ABB,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

657

657

Accor

SA

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 05/11/27

—

Aegon,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/20/27

—

AGEAS

SA/NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Akamai

Technologies,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

ALS

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 05/17/27

—

(27) (27) Anheuser-Busch

InBev

SA/NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

AP

Moller

-

Maersk

A/S

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/07/27

—

(46) (46) Apple,

Inc.

JPMorgan

Chase

USD

—

OBFR

+

0.300%

(1) 03/01/27

—

Aristocrat

Leisure,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 04/13/27

—

Asahi

Group

Holdings,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

(6) (6) ASML

Holding

NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/02/27

—

905

905

Atlas

Copco

AB

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/14/27

—

Axon

Enterprise,

Inc.

JPMorgan

Chase

USD

—

OBFR

-

0.200%

(1) 04/19/27

—

Bank

Leumi

Le-Israel

BM

JPMorgan

Chase

USD

OBFR

+

0.800%

(1) 03/02/27

—

Bank

of

Montreal

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

Barclays

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Barrick

Mining

Corp.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

(44) (44) Becton

Dickinson

&

Co.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/13/27

—

Belimo

Holding

AG

JPMorgan

Chase

USD

—

OBFR

-

0.350%

(1) 04/14/27

—

(71) (71) Bentley

Systems,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 05/03/27

—

Bio-Techne

Corp.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/13/27

—

(111) (111) BlueScope

Steel,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 05/24/27

—

BP

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/02/27

—

(42) (42) Brambles,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 03/02/27

—

Broadcom,

Inc.

JPMorgan

Chase

USD

—

OBFR

+

0.300%

(1) 03/10/27

—

Brookfield

Renewable

Corp.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

(46) (46) Brown

&

Brown,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

Cameco

Corp.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

Canadian

Imperial

Bank

of

Commerce

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

Canadian

Natural

Resources,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

(9) (9) Carlisle

Cos.,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(143) (143) Celsius

Holdings,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

Cie

Financiere

Richemont

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/02/27

—

Computershare,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 04/13/27

—

Continental

AG

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 04/20/27

—

(142) (142) Dai

Nippon

Printing

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 05/07/27

—

Daiichi

Sankyo

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

(67) (67) Davide

Campari-Milano

NV

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 04/20/27

—

(64) (64) Delivery

Hero

SE

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 04/14/27

—

(714) (714) Demant

A/S

JPMorgan

Chase

USD

OBFR

-

1.950%

(1) 04/14/27

—

(73) (73) Denso

Corp.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

—

—

Deutsche

Bank

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/14/27

—

Deutsche

Telekom

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/07/27

—

(512) (512) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Total

#### Return

#### Swap

#### Contracts
Amounts

in

thousands

#### Underlying

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Terms

#### Termination

#### Date

#### Premiums

#### Paid
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
DoorDash,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(223) (223) Eiffage

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Enbridge,

Inc.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

Entegris,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(294) (294) Epiroc

AB

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/07/27

—

Finning

International,

Inc.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/19/27

—

Fresenius

Medical

Care

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Fujitsu,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 05/07/27

—

(197) (197) GSK

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/02/27

—

(62) (62) Halozyme

Therapeutics,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 05/14/27

—

Imperial

Brands

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

(236) (236) Inpost

SA

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 04/14/27

—

(61) (61) Jack

Henry

&

Associates,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/13/27

—

Joby

Aviation,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.390%

(1) 04/13/27

—

(85) (85) Kajima

Corp.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/14/27

—

Kingfisher

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/11/27

—

Kinross

Gold

Corp.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/06/27

—

Koninklijke

Ahold

Delhaize

NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 06/01/27

—

(24) (24) Kratos

Defense

&

Security

Solutions,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

Labcorp

Holdings,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

LEG

Immobilien

SE

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Leonardo

SpA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

(44) (44) Littelfuse,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(238) (238) Logitech

International

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/07/27

—

Lowe's

Cos.,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(7) (7) Marks

&

Spencer

Group

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 06/01/27

—

McCormick

&

Co.,

Inc./MD

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 05/10/27

—

Microsoft

Corp.

JPMorgan

Chase

USD

—

OBFR

+

0.300%

(1) 03/05/27

—

Mitsubishi

Electric

Corp.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/07/27

—

783

783

Mitsui

Fudosan

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

Monolithic

Power

Systems,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(827) (827) NatWest

Group

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/14/27

—

Niterra

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 05/07/27

—

(194) (194) NN

Group

NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Nokia

Oyj

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

1,181

1,181

Nordea

Bank

Abp

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

NVIDIA

Corp.

JPMorgan

Chase

USD

—

OBFR

+

0.300%

(1) 03/01/27

—

Obic

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/20/27

—

ONEOK,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(32) (32) ORIX

Corp.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

Owens

Corning

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(259) (259) PLS

Group,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.350%

(1) 04/20/27

—

Porsche

Automobil

Holding

SE

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Procore

Technologies,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/13/27

—

Raiffeisen

Bank

International

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Total

#### Return

#### Swap

#### Contracts
Amounts

in

thousands

#### Underlying

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Terms

#### Termination

#### Date

#### Premiums

#### Paid
(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
RELX

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/14/27

—

Rivian

Automotive,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/13/27

—

(101) (101) Roche

Holding

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Rocket

Lab

Corp.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(265) (265) Rolls-Royce

Holdings

PLC

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 05/17/27

—

(21) (21) Royal

Bank

of

Canada

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 03/01/27

—

Saipem

SpA

JPMorgan

Chase

USD

OBFR

-

3.500%

(1) 05/04/27

—

(297) (297) Santos,

Ltd.

JPMorgan

Chase

USD

613

OBFR

+

0.350%

(1) 04/07/27

—

Shopify,

Inc.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Siemens

Energy

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

691

691

Singapore

Technologies

Engineering,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.500%

(1) 05/11/27

—

(69) (69) SITC

International

Holdings

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.400%

(1) 04/08/27

—

(9) (9) Societe

Generale

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Sodexo

SA

JPMorgan

Chase

USD

OBFR

-

0.300%

(1) 05/24/27

—

(8) (8) SoftBank

Corp.

JPMorgan

Chase

USD

2,045

OBFR

+

0.250%

(1) 03/02/27

—

Somnigroup

International,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 05/10/27

—

(10) (10) Sony

Group

Corp.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 03/11/27

—

(5) (5) Starbucks

Corp.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(261) (261) Subsea

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/07/27

—

Sumitomo

Metal

Mining

Co.,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/07/27

—

Sumitomo

Mitsui

Financial

Group,

Inc.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 03/08/27

—

Temenos

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Thales

SA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

(121) (121) Tokio

Marine

Holdings,

Inc.

JPMorgan

Chase

USD

OBFR

+

0.250%

(1) 04/13/27

—

TopBuild

Corp.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

(233) (233) Toromont

Industries,

Ltd.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 05/03/27

—

Toronto-Dominion

Bank

(The)

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/12/27

—

Traton

SE

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/14/27

—

Tyler

Technologies,

Inc.

JPMorgan

Chase

USD

OBFR

-

0.200%

(1) 04/19/27

—

Unipol

Assicurazioni

SpA

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

Volkswagen

AG

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/13/27

—

WH

Group

Ltd.

JPMorgan

Chase

USD

659

OBFR

+

0.400%

(1) 04/20/27

—

(55) (55) Wheaton

Precious

Metals

Corp.

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 05/21/27

—

(79) (79) Wolters

Kluwer

NV

JPMorgan

Chase

USD

OBFR

+

0.300%

(1) 04/20/27

—

Total

Open

Total

Return

Swap

Contracts

(å)

—

7,297

7,297

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

—

$

4,223

$

—

$

—

$

4,223

Austria

—

9,889

—

—

9,889

Belgium

—

6,994

—

—

6,994

Brazil

33,519

—

—

—

33,519

Canada

45,049

—

—

—

45,049

China

21,329

43,650

—

—

64,979

Denmark

—

15,960

—

—

15,960

Finland

—

7,206

—

—

7,206

France

—

146,145

—

—

146,145

Germany

—

85,803

—

—

85,803

Hong

Kong

—

36,689

—

—

36,689

India

11,708

—

—

—

11,708

Indonesia

—

2,927

—

—

2,927

Ireland

16,262

14,781

—

—

31,043

Italy

3,350

29,058

—

—

32,408

Japan

—

205,371

—

—

205,371

Luxembourg

—

1,032

—

—

1,032

Mexico

7,540

—

—

—

7,540

Netherlands

898

85,577

—

—

86,475

Norway

—

772

—

—

772

Russia

—

—

—

—

—

Singapore

2,816

13,741

—

—

16,557

South

Africa

—

13,549

—

—

13,549

South

Korea

4,703

72,764

—

—

77,467

Spain

—

3,083

—

—

3,083

Sweden

—

12,507

—

—

12,507

Switzerland

1,404

40,116

—

—

41,520

Taiwan

94,632

18,805

—

—

113,437

Thailand

—

10,271

—

—

10,271

Turkey

—

—

—

United

Kingdom

7,970

208,954

—

—

216,924

United

States

2,033,169

132,137

—

—

2,165,306

Preferred

Stocks

—

10,057

—

—

10,057

Short-Term

Investments

—

—

—

194,570

194,570

Total

Investments

2,284,349

1,232,359

—

194,570

3,711,278

Other

Financial

Instruments

Assets

Futures

Contracts

44,438

—

—

—

44,438

Foreign

Currency

Exchange

Contracts

—

2,107

—

—

2,107

Total

Return

Swap

Contracts

—

13,731

—

—

13,731

Liabilities

Futures

Contracts

(18,860)

—

—

—

(18,860)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

—

(5,187)

—

—

(5,187)

Total

Return

Swap

Contracts

—

(6,434)

—

—

(6,434)

Total

Other

Financial

Instruments

\*

$

25,578

$

4,217

$

—

$

—

$

29,795

\*

Futures

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

434,878

.3

Consumer

Staples

...............................................................................

187,777

.9

Energy

................................................................................................

136,101

.5

Financial

Services

..............................................................................

675,428

.6

Health

Care

........................................................................................

351,532

.2

Materials

and

Processing

...................................................................

147,750

.9

Producer

Durables

..............................................................................

311,303

.1

Technology

.........................................................................................

1,214,667

.6

Utilities

...............................................................................................

47,215

.2

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

5,569

.2

Consumer

Staples

...............................................................................

4,488

.1

#### Short-Term

#### Investments

#### .............................................................
194,570

.1

Total

Investments

...............................................................................

3,711,278

.7

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

—

$

2,107

Variation

margin

on

futures

contracts\*

44,438

—

Total

return

swap

contracts,

at

fair

value

13,731

—

Total

$

58,169

$

2,107

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

18,860

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

5,187

Total

return

swap

contracts,

at

fair

value

6,434

—

Total

$

25,294

$

5,187

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(24,336)

$

—

Total

return

swap

contracts

(3,642)

—

Foreign

currency

exchange

contracts

—

840

Total

$

(27,978)

$

840

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

24,429

$

—

Total

return

swap

contracts

7,297

—

Foreign

currency

exchange

contracts

—

(5,861)

Total

$

31,726

$

(5,861)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

2,107

$

—

$

2,107

Total

Return

Swap

Contracts

Total

return

swap

contracts,

at

fair

value

13,731

—

13,731

Total

Financial

and

Derivative

Assets

15,838

—

15,838

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

15,838

$

—

$

15,838

#### 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

Montreal

$

$

$

—

$

—

BNP

Paribas

—

—

HSBC

—

—

JPMorgan

Chase

14,020

6,723

—

7,297

Morgan

Stanley

—

—

Standard

Chartered

—

—

State

Street

—

—

Toronto

Dominion

Bank

—

—

Westpac

—

—

Total

$

15,838

$

8,124

$

—

$

7,714

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

5,187

$

—

$

5,187

Total

Return

Swap

Contracts

Total

return

swap

contracts,

at

fair

value

6,434

—

6,434

Total

Financial

and

Derivative

Liabilities

11,621

—

11,621

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

11,621

$

—

$

11,621

#### 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

$

576

$

—

$

—

$

576

Bank

of

Montreal

—

BNP

Paribas

626

—

HSBC

575

—

JPMorgan

Chase

7,063

6,723

—

Morgan

Stanley

621

—

Standard

Chartered

623

—

State

Street

1,354

—

1,215

Total

$

11,621

$

8,124

$

$

3,157

^&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.

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,903,193

Investments,

at

fair

value(>)

........................................................................................................................................................

3,711,278

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

9,390

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

2,107

Receivables:

Dividends

and

interest

......................................................................................................................................................

7,656

Dividends

from

affiliated

funds

.......................................................................................................................................

572

Investments

sold

...............................................................................................................................................................

832

Fund

shares

sold

...............................................................................................................................................................

1,526

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

4,044

From

broker(a)(b)

............................................................................................................................................................

79,667

Variation

margin

on

futures

contracts

..............................................................................................................................

25,593

Prepaid

expenses

..........................................................................................................................................................................

Total

return

swap

contracts,

at

fair

value(∞)

................................................................................................................................

13,731

Total

assets

...............................................................................................................................................................

3,856,591

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

634

Fund

shares

redeemed

......................................................................................................................................................

2,306

Accrued

fees

to

affiliates

..................................................................................................................................................

2,739

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

5,187

Total

return

swap

contracts,

at

fair

value(∞)

................................................................................................................................

6,434

Total

liabilities

...........................................................................................................................................................

17,300

#### Net

#### Assets

#### ...............................................................................................................................................................
$

3,839,291

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

857,700

Shares

of

beneficial

interest

.........................................................................................................................................................

3,256

Additional

paid-in

capital

............................................................................................................................................................

2,978,335

#### Net

#### Assets

#### ...............................................................................................................................................................
$

3,839,291

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

194,570

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

9,283

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

44,247

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Swaps

....................................................................................................................................

$

35,420

(∞)&nbsp;&nbsp;&nbsp;&nbsp;Total

return

swap

contracts

-

premium

paid

(received)

$

—

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

11.62 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

12.33 Class

A

—

Net

assets

...........................................................................................................................................................

$

19,197,871

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,652,286

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

11.35 Class

C

—

Net

assets

...........................................................................................................................................................

$

3,096,552

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

272,916

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

11.81 Class

M

—

Net

assets

..........................................................................................................................................................

$

465,777,917

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

39,437,500

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

11.80 Class

S

—

Net

assets

............................................................................................................................................................

$

2,643,098,472

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

223,946,597

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

11.74 Class

Y

—

Net

assets

...........................................................................................................................................................

$

708,120,373

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

60,328,720

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

28,937

Dividend

distributions

from

affiliated

funds

....................................................................................................................

3,540

Interest

..............................................................................................................................................................................

(66) Less

foreign

taxes

withheld

.............................................................................................................................................

(1,966)

Total

investment

income

.............................................................................................................................................................

30,445

#### Expenses
Advisory

fees

...................................................................................................................................................................

10,729

Administrative

fees

..........................................................................................................................................................

722

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

............................................................................................................................................

1,934

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

14,479

Expense

reductions

..........................................................................................................................................................

(520) Net

expenses

................................................................................................................................................................................

13,959

Net

investment

income

(loss)

.......................................................................................................................................................

16,486

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

60,752

Investments

in

affiliated

funds

.........................................................................................................................................

(15) Futures

contracts

..............................................................................................................................................................

(24,336)

Foreign

currency

exchange

contracts

...............................................................................................................................

840

Total

return

swap

contracts

..............................................................................................................................................

(3,642)

Foreign

currency-related

transactions

..............................................................................................................................

(1,210)

Net

realized

gain

(loss)

................................................................................................................................................................

32,389

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

199,028

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

24,429

Foreign

currency

exchange

contracts

...............................................................................................................................

(5,861)

Total

return

swap

contracts

..............................................................................................................................................

7,297

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

225,050

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

257,439

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

273,925

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

16,486

$

25,617

Net

realized

gain

(loss)

................................................................................................................

32,389

172,600

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

225,050

147,521

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

273,925

345,738

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,217)

(871)

Class

C

.....................................................................................................................................

(217)

(172)

Class

M

....................................................................................................................................

(35,807)

(19,815)

Class

S

......................................................................................................................................

(95,545)

(68,288)

Class

Y

.....................................................................................................................................

(55,650)

(48,869)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(188,436)

(138,015)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

1,835,133

(186,494)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
1,920,622

21,229

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,918,669

1,897,440

End

of

period

......................................................................................................................................

$

3,839,291

$

1,918,669

#### 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

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

A

Proceeds

from

shares

sold

$

4,039

$

3,520

Proceeds

from

reinvestment

of

distributions

1,216

871

Payments

for

shares

redeemed

(155)

(1,775)

(220)

(2,359)

Net

increase

(decrease)

3,480

2,032

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(21)

(231)

(49)

(507)

Net

increase

(decrease)

(14)

(165)

Class

M

Proceeds

from

shares

sold

15,436

178,968

4,709

49,640

Proceeds

from

reinvestment

of

distributions

3,261

35,807

1,983

19,813

Payments

for

shares

redeemed

(4,000)

(45,734)

(12,733)

(136,825)

Net

increase

(decrease)

14,697

169,041

(6,041)

(67,372)

Class

S

Proceeds

from

shares

sold

160,016

1,801,098

23,539

253,876

Proceeds

from

reinvestment

of

distributions

8,677

95,278

6,823

68,099

Payments

for

shares

redeemed

(21,634)

(248,222)

(34,209)

(365,526)

Net

increase

(decrease)

147,059

1,648,154

(3,847)

(43,551)

Class

Y

Proceeds

from

shares

sold

5,455

1,313

12,432

Proceeds

from

reinvestment

of

distributions

5,101

55,650

4,926

48,869

Payments

for

shares

redeemed

(4,094)

(46,782)

(13,108)

(138,739)

Net

increase

(decrease)

1,495

14,323

(6,869)

(77,438)

Total

increase

(decrease)

163,579

$

1,835,133

(16,568)

$

(186,494)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.67 10.49 8.16 7.44 9.69 8.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.04

.10

.11

.09

.09

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

.83

1.80 2.32 .76

(1.71)

3.18 $

Total

from

Investment

Operations

.87

1.90 2.43 .85

(1.62)

3.23 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.08)

(.09)

(.10)

(.13)

(.08)

(.07)

$

Distributions

from

Net

Realized

Gain

(.84)

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.92)

(.72)

(.10)

(.13)

(.63)

(2.43)

$

Net

Asset

Value,

End

of

Period

11.62 11.67 10.49 8.16 7.44 9.69 %

Total

Return

(±)(ǿ)

8.00 19.35 29.90 11.52 (17.81)

41.83 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 19,198

15,604

11,887

8,061

6,399

9,215

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.24 1.26 1.32 1.49 1.50 1.50 %

Expenses,

Net

(Ƃ)(ɯ)

1.22 1.23 1.23 1.24 1.24 1.27 %

Net

Investment

Income

(Ƃ)(ɯ)

.72

.99

1.12 1.14 1.13 .57

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.38 10.23 7.95 7.25 9.45 8.72 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(—)

(Ɵ)

.02

.04

.03

.03

(.02)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.81

1.76 2.26 .73

(1.67)

3.11 $

Total

from

Investment

Operations

.81

1.78 2.30 .76

(1.64)

3.09 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

—

—

(.02)

(.06)

(.01)

—

$

Distributions

from

Net

Realized

Gain

(.84)

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.84)

(.63)

(.02)

(.06)

(.56)

(2.36)

$

Net

Asset

Value,

End

of

Period

11.35 11.38 10.23 7.95 7.25 9.45 %

Total

Return

(ǿ)

7.60 18.51 28.97 10.57 (18.38)

40.73 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,097

2,960

2,801

2,534

3,062

4,098

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.99 2.01 2.08 2.24 2.25 2.25 %

Expenses,

Net

(Ƃ)(ɯ)

1.97 1.98 1.98 1.99 1.99 2.02 %

Net

Investment

Income

(Ƃ)(ɯ)

(.07)

.23

.37

.39

.37

(.19)

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.87 10.65 8.28 7.55 9.82 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.14

.15

.13

.12

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.84

1.83 2.34 .76

(1.72)

3.21 $

Total

from

Investment

Operations

.90

1.97 2.49 .89

(1.60)

3.29 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.12)

(.12)

(.12)

(.16)

(.12)

(.10)

$

Distributions

from

Net

Realized

Gain

(.84)

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.96)

(.75)

(.12)

(.16)

(.67)

(2.46)

$

Net

Asset

Value,

End

of

Period

11.81 11.87 10.65 8.28 7.55 9.82 %

Total

Return

(ǿ)

8.17 19.80 30.35 11.96 (17.49)

42.21 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 465,778

293,708

327,731

230,720

17,613

7,717

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.99

1.01 1.07 1.24 1.26 1.25 %

Expenses,

Net

(Ƃ)(ɯ)

.87

.88

.88

.89

.89

.92

%

Net

Investment

Income

(Ƃ)(ɯ)

1.05 1.34 1.46 1.53 1.48 .90

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.86 10.64 8.28 7.56 9.83 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.13

.14

.12

.12

.07

$

Net

Realized

and

Unrealized

Gain

(Loss)

.83

1.83 2.34 .76

(1.73)

3.22 $

Total

from

Investment

Operations

.89

1.96 2.48 .88

(1.61)

3.29 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.11)

(.12)

(.16)

(.11)

(.09)

$

Distributions

from

Net

Realized

Gain

(.84)

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.95)

(.74)

(.12)

(.16)

(.66)

(2.45)

$

Net

Asset

Value,

End

of

Period

11.80 11.86 10.64 8.28 7.56 9.83 %

Total

Return

(ǿ)

8.07 19.74 30.16 11.75 (17.55)

42.12 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,643,098

911,715

858,898

528,001

99,740

117,789

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.99

1.01 1.07 1.24 1.25 1.25 %

Expenses,

Net

(Ƃ)(ɯ)

.97

.98

.98

.99

.99

1.02 %

Net

Investment

Income

(Ƃ)(ɯ)

1.07 1.26 1.37 1.42 1.37 .81

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

11.81 10.59 8.24 7.51 9.77 8.96 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.15

.15

.13

.13

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

.83

1.83 2.33 .76

(1.71)

3.18 $

Total

from

Investment

Operations

.89

1.98 2.48 .89

(1.58)

3.28 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.12)

(.13)

(.13)

(.16)

(.13)

(.11)

$

Distributions

from

Net

Realized

Gain

(.84)

(.63)

—

—

(.55)

(2.36)

$

Total

Distributions

(.96)

(.76)

(.13)

(.16)

(.68)

(2.47)

$

Net

Asset

Value,

End

of

Period

11.74 11.81 10.59 8.24 7.51 9.77 %

Total

Return

(ǿ)

8.20 20.05 30.35 12.04 (17.39)

42.30 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 708,120

694,682

696,123

651,936

890,697

1,202,793

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.79

.82

.88

1.04 1.05 1.04 %

Expenses,

Net

(Ƃ)(ɯ)

.77

.78

.78

.79

.79

.82

%

Net

Investment

Income

(Ƃ)(ɯ)

1.12 1.42 1.55 1.61 1.57 1.10 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

2,113,879

Administrative

fees

145,797

Distribution

fees

5,533

Shareholder

servicing

fees

618

Transfer

agent

fees

473,583

$

2,739,410

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

44,170

$

2,966,379

$

2,815,967

$

(15) $

$

194,570

$

3,540

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,930,675,977

$

911,531,031

$

(108,430,642)

$

803,100,389

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.5%
Argentina

-

0.2%

YPF

SA

-

ADR(Æ)

45,119

2,037

Austria

-

0.2%

Erste

Group

Bank

AG

15,768

1,762

Raiffeisen

Bank

International

AG

5,179

2,047

Brazil

-

6.2%

Allos

SA

163,567

1,012

Ambev

SA

1,515,161

4,440

Axia

Energia

135,277

1,695

B3

SA

-

Brasil

Bolsa

Balcao

1,341,554

4,885

Banco

Bradesco

SA

133,207

Banco

BTG

Pactual

SA(Æ)

190,523

2,283

Banco

do

Brasil

SA

826,200

3,706

BB

Seguridade

Participacoes

SA

11,143

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

438,381

2,935

Cosan

SA

1,469,929

1,496

Cyrela

Brazil

Realty

SA

109,456

519

Embraer

SA

254,326

3,957

Embraer

SA

-

ADR

28,364

1,778

Equatorial

SA

118,888

1,016

Hypera

SA

370,697

1,687

Itau

Unibanco

Holding

SA

-

ADR

376,493

3,276

Localiza

Rent

a

Car

SA

317,889

2,947

Lojas

Renner

SA

981,014

2,694

Magazine

Luiza

SA

660,219

1,097

MercadoLibre

,

Inc.(Æ)

2,350

4,213

Natura

Cosmeticos

SA(Æ)

656,625

1,351

NU

Holdings,

Ltd.

Class

A(Æ)

448,729

6,498

Petroleo

Brasileiro

SA

-

Petrobras

121,140

1,339

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

155,701

3,430

PRIO

SA(Æ)

142,646

1,913

Raia

Drogasil

SA

338,682

1,501

Rede

D'Or

Sao

Luiz

SA(Þ)

32,263

Rumo

SA

211,094

671

Telefonica

Brasil

SA

99,580

789

TIM

SA

34,717

TOTVS

SA

75,592

Vale

SA

268,317

4,399

Vale

SA

Class

B

-

ADR

161,759

2,646

Vibra

Energia

SA

106,093

713

WEG

SA

256,008

2,319

XP,

Inc.

Class

A

107,463

2,059

76,707

Canada

-

0.5%

Barrick

Mining

Corp.

69,681

2,741

Capstone

Mining

Corp.(Æ)

123,214

1,027

Parex

Resources,

Inc.

103,332

2,177

5,945

Chile

-

0.1%

Antofagasta

PLC

17,515

861

Banco

de

Chile

412,636

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Latam

Airlines

Group

SA

27,405,614

652

1,590

China

-

21.7%

AAC

Technologies

Holdings,

Inc.

43,500

Advanced

Micro-Fabrication

Equipment

Inc.

China

Class

A

56,732

3,157

Agricultural

Bank

of

China,

Ltd.

Class

A

142,600

Agricultural

Bank

of

China,

Ltd.

Class

H

1,751,000

1,364

Airtac

International

Group

4,000

Alibaba

Group

Holding,

Ltd.

1,269,637

20,863

Aluminum

Corp.

of

China,

Ltd.

Class

A

2,109,200

3,620

Aluminum

Corp.

of

China,

Ltd.

Class

H

1,138,000

1,664

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

25,000

Anta

Sports

Products,

Ltd.

279,000

2,911

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

31,420

1,201

AVICOPTER

PLC

Class

A

48,400

Baidu,

Inc.

Class

A(Æ)

472,900

7,451

Bank

of

China,

Ltd.

Class

H

4,097,000

2,656

Bank

of

Communications

Co.,

Ltd.

Class

H

116,000

Bank

of

Shanghai

Co.,

Ltd.

Class

A

150,800

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

900,600

1,975

Bilibili

,

Inc.

Class

Z(Æ)

50,040

1,099

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

1,448,800

1,419

BYD

Co.,

Ltd.

Class

H

215,300

2,851

CanSino

Biologics,

Inc.

Class

H(Æ)(Þ)

29,600

CGN

Power

Co.,

Ltd.

Class

H(Þ)

214,000

China

CITIC

Bank

Corp.,

Ltd.

Class

H

923,679

969

China

Construction

Bank

Corp.

Class

H

5,664,712

6,377

China

CSSC

Holdings,

Ltd.

Class

A

95,044

584

China

Forestry

Holdings

Co.,

Ltd.(Æ)(Š)

871,100

—

China

Galaxy

Securities

Co.,

Ltd.

Class

H

673,500

716

China

Hongqiao

Group,

Ltd.

242,500

1,021

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

956,800

2,488

China

Life

Insurance

Co.,

Ltd.

Class

H

423,000

1,567

China

Mengniu

Dairy

Co.,

Ltd.

2,552,000

5,659

China

Merchants

Bank

Co.,

Ltd.

Class

A

31,100

China

Merchants

Bank

Co.,

Ltd.

Class

H

909,352

5,489

China

Minsheng

Banking

Corp.,

Ltd.

Class

H

194,500

China

Overseas

Land

&

Investment,

Ltd.

2,262,500

3,862

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

224,500

1,240

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

247,200

1,080

China

Petroleum

&

Chemical

Corp.

Class

H

1,878,000

1,108

China

Resources

Land,

Ltd.

666,500

2,789

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

49,800

China

Tower

Corp.,

Ltd.

Class

H(Þ)

527,800

747

China

Yangtze

Power

Co.,

Ltd.

Class

A

51,893

Chongqing

Rural

Commercial

Bank

Co.,

Ltd.

Class

A

257,300

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chongqing

Rural

Commercial

Bank

Co.,

Ltd.

Class

H

240,000

CITIC

Securities

Co.,

Ltd.

Class

A

315,400

1,263

CITIC

Securities

Co.,

Ltd.

Class

H

123,500

CITIC,

Ltd.

504,000

838

CMOC

Group,

Ltd.

Class

H

429,000

981

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

119,480

7,662

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

42,029

3,287

COSCO

SHIPPING

Holdings

Co.,

Ltd.

Class

H

244,500

CSPC

Pharmaceutical

Group,

Ltd.

1,225,000

1,317

DiDi

Global,

Inc.

-

ADR(Æ)

367,656

1,338

Dongyue

Group,

Ltd.

355,000

588

Eastroc

Beverage

Group

Co,

Ltd.

Class

H(Æ)

10,600

ENN

Energy

Holdings,

Ltd.

84,900

663

Fujian

Star-net

Communication

Co.,

Ltd.

Class

A

177,600

695

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

97,297

842

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

H(Þ)

21,600

Geely

Automobile

Holdings,

Ltd.

198,000

582

GF

Securities

Co.,

Ltd.

Class

H

47,200

Giant

Network

Group

Co.,

Ltd.

Class

A

58,700

Great

Wall

Motor

Co.,

Ltd.

Class

H

968,000

1,438

Guoquan

Food

(Shanghai)

Co.,

Ltd.

Class

H

721,600

Guosen

Securities

Co.,

Ltd.

Class

A

250,300

Guotai

Haitong

Securities

Co.,

Ltd.

Class

H(Þ)

157,600

Guoyuan

Securities

Co.,

Ltd.

Class

A

60,485

H

World

Group,

Ltd.

544,600

2,802

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,779,200

5,016

Han's

Laser

Technology

Industry

Group

Co.,

Ltd.

Class

A

20,000

Hansoh

Pharmaceutical

Group

Co.,

Ltd.

(Þ)

352,000

1,674

Harbin

Electric

Co.,

Ltd.

Class

H

104,000

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

307,058

1,113

Huatai

Securities

Co.,

Ltd.

Class

H(Þ)

190,400

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

A

110,400

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

4,091,401

3,686

Industrial

Bank

Co.,

Ltd.

Class

A

34,600

Innovent

Biologics,

Inc.(Æ)(Þ)

277,500

3,211

iQIYI

,

Inc.

-

ADR(Æ)

602,358

711

JD

Health

International,

Inc.(Æ)(Þ)

25,300

JD.com,

Inc.

Class

A

211,726

3,197

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

70,300

1,090

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

52,292

Jiangxi

Copper

Co.,

Ltd.

Class

H

150,000

712

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kanzhun

,

Ltd.

-

ADR

31,914

KE

Holdings,

Inc.

-

ADR

79,241

1,357

Kunlun

Energy

Co.,

Ltd.

70,000

Kweichow

Moutai

Co.,

Ltd.

Class

A

763

Laopu

Gold

Co.,

Ltd.

Class

H

11,905

847

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

28,297

939

Lenovo

Group,

Ltd.

570,701

858

Li

Ning

Co.,

Ltd.

1,417,500

3,686

Longfor

Group

Holdings,

Ltd.(Þ)

1,088,500

1,126

Luxshare

Precision

Industry

Co.,

Ltd.

Class

A

69,200

685

Meituan

Class

B(Æ)(Þ)

100,728

1,080

Midea

Group

Co.,

Ltd.

Class

H

10,400

Montage

Technology

Co.,

Ltd.

Class

A

16,590

NAURA

Technology

Group

Co.,

Ltd.

Class

A

19,800

1,559

NetEase,

Inc.

47,100

1,096

NetEase,

Inc.

-

ADR

13,607

1,599

New

China

Life

Insurance

Co.,

Ltd.

Class

H

73,300

New

Oriental

Education

&

Technology

Group,

Inc.

117,600

642

New

Oriental

Education

&

Technology

Group,

Inc.

-

ADR(Æ)

3,454

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

23,600

PDD

Holdings,

Inc.

-

ADR(Æ)

27,371

2,734

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

911,169

623

PetroChina

Co.,

Ltd.

Class

H

984,000

1,509

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

830,545

1,499

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

79,100

695

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

1,054,000

8,570

Piotech

,

Inc.

Class

A

17,248

1,139

Pop

Mart

International

Group,

Ltd.(Þ)

42,000

851

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

172,000

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

265,400

1,534

RemeGen

Co.,

Ltd.

Class

H(Æ)(Þ)

29,000

Sany

Heavy

Industry

Co.,

Ltd.

Class

H(Æ)

288,000

803

Shandong

Weigao

Group

Medical

Polymer

Co.,

Ltd.

Class

H

2,196,800

972

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

53,100

Shanjin

International

Gold

Co.,

Ltd.

Class

A

67,900

Shengyi

Technology

Co.,Ltd

.

Class

A

100,600

1,142

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

H(Þ)

375,200

Shenzhou

International

Group

Holdings,

Ltd.

414,300

2,493

Sieyuan

Electric

Co.,

Ltd.

Class

A

62,100

1,792

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sino

Biopharmaceutical,

Ltd.

2,694,000

1,878

Sinopec

Engineering

Group

Co.,

Ltd.

Class

H

94,000

Sinopharm

Group

Co.,

Ltd.

Class

H

27,200

Sunny

Optical

Technology

Group

Co.,

Ltd.

327,600

2,687

SY

Holdings

Group,

Ltd.(Þ)

181,500

Tencent

Holdings,

Ltd.

513,313

31,166

Tianqi

Lithium

Corp.

Class

A(Æ)

102,394

1,202

Tingyi

Cayman

Islands

Holding

Corp.

46,000

Trip.com

Group,

Ltd.(Æ)

20,750

1,119

Tsingtao

Brewery

Co.,

Ltd.

Class

H

16,000

Up

Fintech

Holding,

Ltd.

-

ADR(Æ)

18,209

Vipshop

Holdings,

Ltd.

-

ADR

32,473

Weichai

Power

Co.,

Ltd.

Class

H

1,403,000

7,035

Wilmar

International,

Ltd.

832,500

2,367

Wuliangye

Yibin

Co.,

Ltd.

Class

A

4,679

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

293,500

5,134

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

216,000

909

Wuxi

Lead

Intelligent

Equipment

Co,

Ltd.

Class

H(Æ)

123,477

944

Xiaomi

Corp.

Class

B(Æ)(Þ)

531,200

1,986

Xinyi

Glass

Holdings,

Ltd.

1,320,000

1,632

Yadea

Group

Holdings,

Ltd.(Þ)

284,000

Yangtze

Optical

Fibre

&

Cable

Joint

Stock

Ltd.

Co.

Class

H(Þ)

18,500

Yum

China

Holdings,

Inc.

31,450

1,533

Yunnan

Chihong

Zinc&Germanium

Co.,

Ltd.

Class

A

179,700

Zhaojin

Mining

Industry

Co.,

Ltd.

Class

H

319,500

1,162

Zhejiang

China

Commodities

City

Group

Co.,

Ltd.

Class

A

568,200

1,108

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

Class

H(Æ)(Þ)

116,339

705

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

287,073

552

Zhongji

Innolight

Co.,

Ltd.

Class

A

13,800

1,747

Zhongsheng

Group

Holdings,

Ltd.

1,025,000

932

Zijin

Mining

Group

Co.,

Ltd.

Class

A

319,574

1,571

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,454,000

6,680

ZTO

Express

Cayman,

Inc.

128,750

3,264

ZTO

Express

Cayman,

Inc.

-

ADR

115,051

2,944

267,351

Czech

Republic

-

0.0%

CEZ

AS

1,648

Germany

-

0.1%

Siemens

Energy

AG

5,952

1,262

Greece

-

0.4%

Alpha

Bank

SA

570,579

2,302

Hellenic

Telecommunications

Organization

SA

4,823

JUMBO

SA

3,379

National

Bank

of

Greece

SA

98,462

1,567

Piraeus

Bank

SA(Æ)

47,188

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Public

Power

Corp.

SA

6,638

4,656

Guatemala

-

0.1%

Millicom

International

Cellular

SA

14,454

1,227

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

466,400

5,137

ASMPT,

Ltd.

134,300

2,831

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

—

Hong

Kong

Exchanges

&

Clearing,

Ltd.

30,300

1,610

Insilico

Medicine

Cayman

TopCo

(Æ)

111,500

904

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Techtronic

Industries

Co.,

Ltd.

44,500

648

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

2,338,500

2,866

Zijin

Gold

International

Co.,

Ltd.(Æ)

75,594

1,464

15,528

Hungary

-

0.6%

MOL

Hungarian

Oil

&

Gas

PLC

46,912

626

OTP

Bank

Nyrt

.

50,034

6,724

Richter

Gedeon

Nyrt

2,051

7,437

India

-

8.7%

Adani

Ports

&

Special

Economic

Zone,

Ltd.

108,295

1,911

Amber

Enterprises

India,

Ltd.(Æ)

17,373

1,475

Apollo

Hospitals

Enterprise,

Ltd.

21,997

1,774

Asian

Paints,

Ltd.

4,069

Axis

Bank,

Ltd.

242,213

3,263

Bajaj

Auto,

Ltd.

6,524

691

Bajaj

Finance,

Ltd.

304,254

3,029

Bank

of

Baroda

64,549

Bharat

Electronics,

Ltd.

1,332,191

6,077

Bharat

Petroleum

Corp.,

Ltd.

278,726

894

Bharti

Airtel,

Ltd.

505,629

10,082

Britannia

Industries,

Ltd.

2,527

BSE,

Ltd.

60,590

2,350

Cipla,

Ltd.

11,154

Colgate-Palmolive

India,

Ltd.

1,221

Cummins

India,

Ltd.

10,996

615

Dabur

India,

Ltd.

Class

A

9,402

Divi's

Laboratories,

Ltd.

1,369

Dr

Reddy's

Laboratories,

Ltd.

55,961

782

Eicher

Motors,

Ltd.

16,430

1,240

Eternal,

Ltd.(Æ)

407,837

1,070

GAIL

India,

Ltd.

35,122

GE

Vernova

T&D

India,

Ltd.

27,866

1,325

GMR

Airports,

Ltd.(Æ)

875,048

895

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Grasim

Industries,

Ltd.

3,051

Havells

India,

Ltd.

9,120

HCL

Technologies,

Ltd.

16,687

HDFC

Asset

Management

Co.,

Ltd.(Þ)

29,148

841

HDFC

Bank,

Ltd.

960,717

7,865

HDFC

Bank,

Ltd.

-

ADR

117,405

2,983

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

209,195

1,300

Hero

MotoCorp,

Ltd.

25,885

1,403

Hindalco

Industries,

Ltd.

106,302

1,174

Hindustan

Aeronautics,

Ltd.(Þ)

18,685

860

Hindustan

Petroleum

Corp.,

Ltd.

148,145

590

Hindustan

Unilever,

Ltd.

7,803

Hindustan

Zinc,

Ltd.

191,153

1,210

Hitachi

Energy

India,

Ltd.

4,831

1,717

ICICI

Bank,

Ltd.

144,686

1,936

ICICI

Bank,

Ltd.

-

ADR

74,407

1,979

Indian

Hotels

Co.,

Ltd.

(The)

13,431

Indian

Oil

Corp.,

Ltd.

653,711

986

Indus

Towers,

Ltd.(Æ)

115,305

501

IndusInd

Bank,

Ltd.(Æ)

54,214

527

Infosys,

Ltd.

82,694

1,032

JSW

Infrastructure,

Ltd.

302,350

873

Kwality

Wall's

India,

Ltd.(Æ)

36,990

Lupin,

Ltd.

66,517

1,619

Mahindra

&

Mahindra,

Ltd.

96,025

3,159

Malco

Energy,

Ltd.(Æ)(Š)

107,631

Marico,

Ltd.

60,774

Maruti

Suzuki

India,

Ltd.

1,384

MRF,

Ltd.

MTAR

Technologies,

Ltd.(Æ)(Þ)

19,583

1,342

Multi

Commodity

Exchange

of

India,

Ltd.

54,591

1,720

Muthoot

Finance,

Ltd.

4,285

National

Aluminium

Co.,

Ltd.

114,042

Nestle

India,

Ltd.

9,354

Oil

&

Natural

Gas

Corp.,

Ltd.

257,417

812

Petronet

LNG,

Ltd.

501,442

1,474

Phoenix

Mills,

Ltd.

(The)

100,389

1,880

Pidilite

Industries,

Ltd.

8,987

Power

Finance

Corp.,

Ltd.

139,719

664

Power

Grid

Corp.

of

India,

Ltd.

37,930

REC,

Ltd.

298,673

1,123

Reliance

Industries,

Ltd.

147,198

2,229

Shriram

Finance,

Ltd.

167,615

1,675

Siemens

Energy

India,

Ltd.

39,121

1,358

Siemens,

Ltd.(Æ)

2,284

State

Bank

of

India

151,636

1,718

Sun

Pharmaceutical

Industries,

Ltd.

142,524

2,722

Talwandi

Sabo

Power,

Ltd.(Æ)(Š)

107,631

Tata

Consumer

Products,

Ltd.

6,245

Tata

Motors

Passenger

Vehicles,

Ltd.

388,327

1,410

Tata

Steel,

Ltd.

540,548

1,214

Titan

Co.,

Ltd.

56,675

2,636

Torrent

Pharmaceuticals,

Ltd.

3,155

TVS

Motor

Co.,

Ltd.

88,501

3,281

UltraTech

Cement,

Ltd.

1,054

UPL,

Ltd.

683,017

4,636

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vedanta

Aluminium

Metal,

Ltd.(Æ)(Š)

107,631

Vedanta

Iron

and

Steel,

Ltd.(Æ)(Š)

107,631

Vedanta,

Ltd.

107,631

Wipro,

Ltd.

261,590

555

107,120

Indonesia

-

0.8%

Aneka

Tambang

Tbk

PT

1,530,320

Astra

International

Tbk

PT

6,665,321

2,305

Bank

Central

Asia

Tbk

PT

3,889,700

1,321

Bank

Mandiri

Persero

Tbk

PT

9,113,700

2,322

Bank

Rakyat

Indonesia

Persero

Tbk

PT

10,629,854

1,847

Telkom

Indonesia

Persero

Tbk

PT

14,440,382

2,380

10,505

Kazakhstan

-

0.5%

Kaspi.KZ

JSC

21,120

1,821

Kaspi.KZ

JSC

-

ADR

51,988

4,463

6,284

Kuwait

-

0.1%

Kuwait

Finance

House

KSCP

351,561

904

Kuwait

International

Bank

KSCP

182,548

Mobile

Telecommunications

Co.

KSCP

56,868

1,171

Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

844,000

3,597

Malaysia

-

0.2%

CIMB

Group

Holdings

Berhad

49,000

Malayan

Banking

Berhad

391,100

1,095

Petronas

Gas

Berhad

23,200

Press

Metal

Aluminium

Holdings

Berhad

50,700

Public

Bank

Berhad

1,099,100

1,301

2,705

Mexico

-

1.6%

America

Movil

SAB

de

CV

2,507,388

3,331

America

Movil

SAB

de

CV

-

ADR

43,338

1,153

Arca

Continental

SAB

de

CV

6,481

Fibra

Uno

Administracion

SA

de

CV(ö)

38,348

Fresnillo

PLC

66,310

2,963

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

466,334

5,064

Industrias

Penoles

SAB

de

CV(Æ)

10,878

548

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

773,653

1,749

Southern

Copper

Corp.

11,588

1,990

Ternium

SA

-

ADR

17,564

772

Wal-Mart

de

Mexico

SAB

de

CV

541,496

1,707

19,421

Netherlands

-

0.3%

ASML

Holding

NV

1,217

1,757

ASML

Holding

NV

Class

G

1,134

1,632

3,389

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Peru

-

0.5%

Credicorp

,

Ltd.

18,108

5,870

Philippines

-

0.3%

Ayala

Land,

Inc.

3,466,700

853

BDO

Unibank,

Inc.

680,950

1,273

International

Container

Terminal

Services,

Inc.

105,030

1,222

SM

Investments

Corp.

7,500

3,422

Poland

-

1.0%

Allegro.eu

SA(Æ)(Þ)

43,701

Bank

Polska

Kasa

Opieki

SA

7,582

Dino

Polska

SA(Æ)(Þ)

193,746

1,716

KGHM

Polska

Miedz

SA

20,477

1,717

ORLEN

SA

103,985

3,822

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

89,911

2,351

Powszechny

Zaklad

Ubezpieczen

SA

84,422

1,484

11,923

Qatar

-

0.1%

Qatar

Gas

Transport

Co.,

Ltd.

79,003

Qatar

National

Bank

QPSC

213,437

1,020

1,113

Romania

-

0.0%

NEPI

Rockcastle

NV

9,033

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(Æ)(Š)

375,001

—

—

Saudi

Arabia

-

1.6%

Al

Babtain

Power

&

Telecommunication

Co.

9,878

Al

Rajhi

Bank

283,840

5,199

Alinma

Bank

128,221

833

Almarai

Co.

JSC

5,360

Banque

Saudi

Fransi

121,544

626

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

1,671

Etihad

Etisalat

Co.

104,015

1,804

Rasan

Information

Technology

Co.(Æ)

2,745

Riyad

Bank

157,781

874

Riyadh

Cables

Group

Co.

6,601

SABIC

Agri-Nutrients

Co.

19,853

772

Saudi

Arabian

Mining

Co.(Æ)

98,292

1,728

Saudi

Arabian

Oil

Co.(Þ)

459,732

3,400

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Saudi

Awwal

Bank

53,230

Saudi

National

Bank

(The)

316,793

3,320

Saudi

Telecom

Co.

20,778

19,961

Singapore

-

0.3%

DBS

Group

Holdings,

Ltd.

5,500

Grab

Holdings,

Ltd.

Class

A(Æ)

177,013

676

Sea,

Ltd.

-

ADR(Æ)

29,382

2,494

3,424

South

Africa

-

2.3%

Absa

Group,

Ltd.

229,668

3,211

Anglogold

Ashanti

PLC

90,965

8,525

Bid

Corp.,

Ltd.

3,403

Bidvest

Group,

Ltd.

98,066

1,372

FirstRand,

Ltd.

141,420

749

Gold

Fields,

Ltd.

99,497

4,246

Gold

Fields,

Ltd.

-

ADR

53,283

2,264

Harmony

Gold

Mining

Co.,

Ltd.

-

ADR

30,687

Impala

Platinum

Holdings,

Ltd.

8,584

MTN

Group,

Ltd.

221,184

2,779

Naspers,

Ltd.

Class

N

36,738

1,989

Nedbank

Group,

Ltd.

3,772

Sanlam,

Ltd.

16,425

Sibanye

Stillwater,

Ltd.

466,734

1,389

Standard

Bank

Group,

Ltd.

49,709

956

Vodacom

Group,

Ltd.

75,484

640

28,952

South

Korea

-

19.4%

Amorepacific

Corp.

20,690

1,898

APR

Corp.

10,720

3,080

Celltrion

,

Inc.(Æ)

2,075

Cosmax

,

Inc.

5,968

852

Coupang,

Inc.(Æ)

104,682

2,092

Coway

Co.,

Ltd.

1,577

DB

Insurance

Co.,

Ltd.

6,346

722

Hana

Financial

Group,

Inc.

59,743

5,179

Hankook

Tire

&

Technology

Co.,

Ltd.

54,781

2,200

Hanwha

Aerospace

Co.,

Ltd.

3,126

2,982

HD

Hyundai

Co.,Ltd

.

12,429

2,617

HD

Hyundai

Electric

Co.,

Ltd.

8,807

7,481

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

11,717

5,466

HD

Hyundai

Marine

Solution

Co.,

Ltd.

915

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd.

10,764

3,387

Hyosung

Heavy

Industries

Corp.

620

Hyundai

Engineering

&

Construction

Co.,

Ltd.

12,778

1,401

Hyundai

Glovis

Co.,

Ltd.

4,897

759

Hyundai

Marine

&

Fire

Insurance

Co.,

Ltd.(Æ)

58,505

1,209

Hyundai

Mobis

Co.,

Ltd.

7,587

2,199

Hyundai

Motor

Co.

19,097

6,950

Hyundai

Rotem

Co.,

Ltd.

2,160

Industrial

Bank

of

Korea

8,164

Kakao

Corp.

4,955

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
KB

Financial

Group,

Inc.

77,446

8,406

Kia

Corp.

33,372

3,454

Korea

Electric

Power

Corp.

150,971

4,487

KT

Corp.

-

ADR

89,440

1,917

KT&G

Corp.

10,015

1,205

LG

Corp.

Class

H

7,458

LG

Electronics,

Inc.

Class

H

38,785

3,735

NH

Investment

&

Securities

Co.,Ltd

.

15,700

POSCO

Holdings,

Inc.

5,449

1,700

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

665

665

Samsung

C&T

Corp.

7,796

1,578

Samsung

Electro-Mechanics

Co.,

Ltd.

16,942

9,617

Samsung

Electronics

Co.,

Ltd.

452,810

68,697

Samsung

Episholdings

Co.,

Ltd.(Æ)

1,296

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

3,165

986

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

168,878

3,730

Samsung

Life

Insurance

Co.,

Ltd.

3,657

618

Samsung

SDS

Co.,

Ltd.

1,194

Samsung

Securities

Co.,

Ltd.

20,015

1,467

Shinhan

Financial

Group

Co.,

Ltd.

83,247

5,618

SK

Hynix,

Inc.

65,620

57,743

SK

Square

Co.,

Ltd.(Æ)

8,120

4,731

SK

Telecom

Co.,

Ltd.

9,612

622

SK,

Inc.

3,371

973

Sung

Kwang

Bend

Co.,

Ltd.

24,835

780

Woori

Financial

Group,

Inc.

98,624

2,222

238,735

Taiwan

-

20.4%

Accton

Technology

Corp.

160,000

11,553

ASE

Technology

Holding

Co.,

Ltd.

172,000

2,722

Asia

Cement

Corp.

22,000

Asia

Vital

Components

Co.,

Ltd.

27,000

2,473

ASPEED

Technology,

Inc.

14,000

7,347

Asustek

Computer,

Inc.

54,155

998

Bizlink

Holding,

Inc.

107,022

9,584

Catcher

Technology

Co.,

Ltd.

8,000

Cathay

Financial

Holding

Co.,

Ltd.

448,000

1,105

Chailease

Holding

Co.,

Ltd.

686,000

2,520

Chunghwa

Telecom

Co.,

Ltd.

31,000

Compal

Electronics,

Inc.

2,155,000

1,996

CTBC

Financial

Holding

Co.,

Ltd.

779,000

1,301

Delta

Electronics,

Inc.

381,169

26,317

E.Sun

Financial

Holding

Co.,

Ltd.

775,146

783

Elite

Material

Co.,

Ltd.

40,000

5,887

eMemory

Technology,

Inc.

16,000

2,050

Evergreen

Marine

Corp.

Taiwan,

Ltd.

192,000

1,229

First

Financial

Holding

Co.,

Ltd.

897,952

823

Fubon

Financial

Holding

Co.,

Ltd.

360,593

1,028

Globalwafers

Co.,

Ltd.

185,000

3,413

Hiwin

Technologies

Corp.

296,000

2,957

Hon

Hai

Precision

Industry

Co.,

Ltd.

980,000

6,968

Hon

Precision,

Inc.

12,000

1,946

KGI

Financial

Holding

Co.,

Ltd.

2,300,040

1,589

Largan

Precision

Co.,

Ltd.

33,000

2,684

Lite-On

Technology

Corp.

80,107

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MediaTek,

Inc.

171,000

14,535

Mega

Financial

Holding

Co.,

Ltd.

82,238

Pegatron

Corp.

1,233,000

3,231

Quanta

Computer,

Inc.

116,000

1,156

SinoPac

Financial

Holdings

Co.,

Ltd.

1,327,227

1,311

Sunonwealth

Electric

Machine

Industry

Co.,

Ltd.

36,300

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

1,734,000

117,719

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

13,839

5,481

TS

Financial

Holding

Co.,

Ltd.

1,363,000

1,036

Uni-President

Enterprises

Corp.

21,000

United

Microelectronics

Corp.

759,707

1,956

United

Microelectronics

Corp.

-

ADR

21,040

Winbond

Electronics

Corp.

154,000

Wistron

Corp.

201,000

874

WPG

Holdings,

Ltd.

26,000

Yageo

Corp.

93,000

964

Yuanta

Financial

Holding

Co.,

Ltd.

872,792

1,458

250,758

Thailand

-

1.8%

Advanced

Info

Service

PCL

-

NVDR

251,800

2,635

Bangkok

Bank

PCL

-

NVDR

409,300

2,050

Charoen

Pokphand

Foods

PCL

-

NVDR

902,600

536

CP

ALL

PCL

-

NVDR

1,331,300

1,785

Delta

Electronics

Thailand

PCL

-

NVDR

102,100

999

Indorama

Ventures

PCL

-

NVDR

1,502,600

1,192

Kasikornbank

PCL

-

NVDR

271,400

1,619

Kiatnakin

Phatra

Bank

PCL

-

NVDR

45,400

PTT

Exploration

&

Production

PCL

-

NVDR

133,500

629

PTT

Oil

&

Retail

Business

PCL

-

NVDR

3,205,700

1,213

PTT

PCL

-

NVDR

4,133,000

4,483

SCB

X

PCL

-

NVDR

473,700

1,907

Siam

Cement

PCL

(The)

-

NVDR

222,300

1,646

Srisawad

Corp.

PCL

-

NVDR

2,264,850

1,633

22,437

Turkey

-

0.6%

Akbank

TAS

1,080,136

1,756

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

265,989

2,476

BIM

Birlesik

Magazalar

AS

31,390

516

Migros

Ticaret

AS

54,165

771

Turk

Telekomunikasyon

AS(Æ)

111,307

Turkcell

Iletisim

Hizmetleri

AS

353,466

879

Turkiye

Garanti

Bankasi

AS

289,796

861

Turkiye

Petrol

Rafinerileri

AS

85,880

517

7,929

United

Arab

Emirates

-

1.0%

Abu

Dhabi

Commercial

Bank

PJSC

176,150

667

Adnoc

Gas

PLC

1,896,607

1,741

Aldar

Properties

PJSC

412,190

872

Dubai

Islamic

Bank

PJSC

27,981

Emaar

Development

PJSC

44,374

Emaar

Properties

PJSC

1,566,504

5,069

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Emirates

NBD

Bank

PJSC

79,366

632

First

Abu

Dhabi

Bank

PJSC

537,325

2,581

Parkin

Co.

PJSC

208,408

Salik

Co.

PJSC

248,682

12,471

United

Kingdom

-

0.2%

HSBC

Holdings

PLC

39,829

730

Investec

PLC

171,301

1,469

2,199

United

States

-

0.8%

BeOne

Medicines,

Ltd.

-

ADR(Æ)

5,706

1,685

BeOne

Medicines,

Ltd.

Class

A(Æ)

22,637

786

Broadcom,

Inc.

4,474

1,868

Cognizant

Technology

Solutions

Corp.

Class

A

36,275

1,919

Freeport-McMoRan,

Inc.

28,623

1,654

JBS

NV

Class

A

35,790

575

NVIDIA

Corp.

9,172

1,830

10,317

Vietnam

-

0.3%

FPT

Corp.

267,550

766

Vietnam

Dairy

Products

JSC

1,478,100

3,435

4,201

#### Total

#### Common

#### Stocks
(cost

$741,834)

1,163,862

#### Preferred

#### Stocks

#### -

#### 1.9%
Brazil

-

1.1%

Banco

Bradesco

SA

8.526%

(Ÿ)

826,884

3,226

Cia

Energetica

de

Minas

Gerais

9.767%

(Ÿ)

1,239,525

3,139

Itau

Unibanco

Holding

SA

8.606%

(Ÿ)

327,124

2,853

Localiza

Rent

a

Car

SA

1.268%

(Ÿ)

9,787

Petroleo

Brasileiro

SA

-

Petrobras

7.708%

(Ÿ)

468,714

4,646

13,951

India

-

0.0%

TVS

Motor

Co.,

Ltd.

6.000%

due

09/01/26

(Æ)

104,180

Russia

-

0.0%

Sberbank

of

Russia

PJSC

0.000%

(Æ)(Š)

348,120

—

Surgutneftegas

PAO

0.000%

(Æ)(Š)

2,472,400

—

—

South

Korea

-

0.8%

Hyundai

Motor

Co.

4.032%

(Ÿ)

3,483

592

Samsung

Electronics

Co.,

Ltd.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.956%

(Ÿ)

84,693

9,231

9,823

#### Total

#### Preferred

#### Stocks
(cost

$16,752)

23,785

#### Short-Term

#### Investments

#### -

#### 2.8%
United

States

-

2.8%

U.S.

Cash

Management

Fund(@)

33,745,636

(∞)

33,739

#### Total

#### Short-Term

#### Investments
(cost

$33,739)

33,739

#### Total

#### Investments

#### -

#### 99.2%
(identified

cost

$792,325)

1,221,386

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.8%
9,777

#### Net

#### Assets

#### -

#### 100.0%
1,231,163

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $3.1%

Allegro.eu

SA

02/19/25

PLN

43,701

8.06 352

Budweiser

Brewing

Co.

APAC,

Ltd.

03/26/25

HKD

1,448,800

1.11 1,611

1,419

CanSino

Biologics,

Inc.

12/22/25

HKD

29,600

4.76 141

CGN

Power

Co.,

Ltd.

05/29/24

HKD

214,000

0.39 83

China

International

Capital

Corp.,

Ltd.

03/09/23

HKD

956,800

2.36 2,257

2,488

China

Tower

Corp.,

Ltd.

06/30/21

HKD

527,800

1.41 745

747

Dino

Polska

SA

06/24/19

PLN

193,746

5.98 1,158

1,716

Fuyao

Glass

Industry

Group

Co.,

Ltd.

12/13/23

HKD

21,600

4.68 101

Guotai

Haitong

Securities

Co.,

Ltd.

12/22/25

HKD

157,600

1.96 308

Hansoh

Pharmaceutical

Group

Co.,

Ltd.

09/10/25

HKD

352,000

4.85 1,709

1,674

HDFC

Asset

Management

Co.,

Ltd.

07/31/24

INR

29,148

26.06 760

841

HDFC

Life

Insurance

Co.,

Ltd.

09/20/23

INR

209,195

7.88 1,649

1,300

Hindustan

Aeronautics,

Ltd.

04/13/22

INR

18,685

11.22 210

860

Huatai

Securities

Co.,

Ltd.

03/12/25

HKD

190,400

2.07 395

Innovent

Biologics,

Inc.

07/23/25

HKD

277,500

11.26 3,126

3,211

JD

Health

International,

Inc.

12/22/25

HKD

25,300

7.65 193

Longfor

Group

Holdings,

Ltd.

04/30/25

HKD

1,088,500

1.32 1,433

1,126

Meituan

07/24/24

HKD

100,728

12.63 1,272

1,080

MTAR

Technologies,

Ltd.

03/25/26

INR

19,583

50.37 986

1,342

Nongfu

Spring

Co.,

Ltd.

02/27/24

HKD

23,600

5.70 134

Pop

Mart

International

Group,

Ltd.

08/28/24

HKD

42,000

5.91 248

851

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

32,263

6.08 196

RemeGen

Co.,

Ltd.

04/08/26

HKD

29,000

14.16 411

Samsung

Biologics

Co.,

Ltd.

03/03/20

KRW

665

613.06 408

665

Saudi

Arabian

Oil

Co.

11/27/24

SAR

459,732

7.04 3,236

3,400

Shenwan

Hongyuan

Group

Co.,

Ltd.

12/22/25

HKD

375,200

0.40 151

SY

Holdings

Group,

Ltd.

07/16/25

HKD

181,500

1.65 299

WH

Group,

Ltd.

01/31/24

HKD

2,338,500

0.72 1,684

2,866

WuXi

AppTec

Co.,

Ltd.

12/18/24

HKD

293,500

10.17 2,985

5,134

WuXi

Biologics

(Cayman),

Inc.

06/13/25

HKD

216,000

3.64 787

909

Xiaomi

Corp.

09/13/23

HKD

531,200

1.75 932

1,986

Yadea

Group

Holdings,

Ltd.

09/25/25

HKD

284,000

1.63 462

Yangtze

Optical

Fibre

&

Cable

Joint

Stock

Ltd.

Co.

04/29/26

HKD

18,500

29.64 548

Zhejiang

Leapmotor

Technology

Co.,

Ltd.

05/28/25

HKD

116,339

6.59 767

705

37,997

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

10,719

05/26

(43) MSCI

Emerging

Markets

Index

Futures

610

USD

49,843

06/26

4,963

Short

Positions

MSCI

Korea

Index

Futures

USD

20,436

06/26

(3,120)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,800

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

2,214

HKD

17,353

05/04/26

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

10,932

INR

1,015,000

06/17/26

(293) Bank

of

America

AED

1,700

USD

05/01/26

—

Bank

of

America

HKD

9,256

USD

1,181

05/04/26

(1) Bank

of

America

SGD

623

USD

05/04/26

(2) State

Street

USD

BRL

1,461

05/04/26

State

Street

USD

KRW

548,260

05/04/26

State

Street

USD

835

KRW

1,238,271

05/04/26

(1) State

Street

TWD

6,669

USD

05/04/26

—

State

Street

TWD

10,565

USD

05/04/26

—

State

Street

TWD

17,441

USD

551

05/04/26

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(292) #### 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

$

2,037

$

—

$

—

$

—

$

2,037

Austria

—

2,047

—

—

2,047

Brazil

76,707

—

—

—

76,707

Canada

5,945

—

—

—

5,945

Chile

729

861

—

—

1,590

China

13,933

253,418

—

—

267,351

Czech

Republic

—

—

—

Germany

—

1,262

—

—

1,262

Greece

—

4,656

—

—

4,656

Guatemala

1,227

—

—

—

1,227

Hong

Kong

—

15,460

—

15,528

Hungary

—

7,437

—

—

7,437

India

4,962

101,610

548

—

107,120

Indonesia

—

10,505

—

—

10,505

Kazakhstan

4,463

1,821

—

—

6,284

Kuwait

—

1,171

—

—

1,171

Macao

—

3,597

—

—

3,597

Malaysia

—

2,705

—

—

2,705

Mexico

16,458

2,963

—

—

19,421

Netherlands

1,632

1,757

—

—

3,389

Peru

5,870

—

—

—

5,870

Philippines

—

3,422

—

—

3,422

Poland

—

11,923

—

—

11,923

Qatar

—

1,113

—

—

1,113

Romania

—

—

—

Russia

—

—

—

—

—

Saudi

Arabia

—

19,961

—

—

19,961

Singapore

3,170

—

—

3,424

South

Africa

11,168

17,784

—

—

28,952

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

4,009

234,726

—

—

238,735

Taiwan

5,756

245,002

—

—

250,758

Thailand

—

22,437

—

—

22,437

Turkey

—

7,929

—

—

7,929

United

Arab

Emirates

—

12,471

—

—

12,471

United

Kingdom

—

2,199

—

—

2,199

United

States

9,531

786

—

—

10,317

Vietnam

—

4,201

—

—

4,201

Preferred

Stocks

13,962

9,823

—

—

23,785

Short-Term

Investments

—

—

—

33,739

33,739

Total

Investments

181,559

1,005,472

616

33,739

1,221,386

Other

Financial

Instruments

Assets

Futures

Contracts

4,963

—

—

—

4,963

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(3,163)

—

—

—

(3,163)

Foreign

Currency

Exchange

Contracts

(3) (294) —

—

(297) Total

Other

Financial

Instruments

\*

$

1,802

$

(294) $

—

$

—

$

1,508

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

168,317

13.7 Consumer

Staples

...............................................................................

41,504

3.4 Energy

................................................................................................

63,027

5.1 Financial

Services

..............................................................................

246,282

20.0 Health

Care

........................................................................................

30,281

2.4 Materials

and

Processing

...................................................................

84,781

6.9 Producer

Durables

..............................................................................

94,219

7.6 Technology

.........................................................................................

393,742

32.0 See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Utilities

...............................................................................................

41,709

3.4 #### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

603

—

\*\*

Energy

................................................................................................

4,646

0.4 Financial

Services

..............................................................................

6,079

0.5 Producer

Durables

..............................................................................

—

\*\*

Technology

.........................................................................................

9,231

0.7 Utilities

...............................................................................................

3,139

0.3 #### Short-Term

#### Investments

#### .............................................................
33,739

2.8 Total

Investments

...............................................................................

1,221,386

99.2 \*\*

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

4,963

—

Total

$

4,963

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

3,163

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

3,163

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,296

$

—

Foreign

currency

exchange

contracts

—

(1,014)

Total

$

2,296

$

(1,014)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,366

$

—

Foreign

currency

exchange

contracts

—

(210) Total

$

1,366

$

(210) \*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

(5) —

(5) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

(3) —

(3) 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

$

$

—

$

—

$

Total

$

$

—

$

—

$

^&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

&nbsp;&nbsp;&nbsp;&nbsp;&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

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

792,325

Investments,

at

fair

value(>)

........................................................................................................................................................

1,221,386

Foreign

currency

holdings(^)

.......................................................................................................................................................

6,571

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,085

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

7,455

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

4,665

Variation

margin

on

futures

contracts

..............................................................................................................................

1,802

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,244,557

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

8,973

Fund

shares

redeemed

......................................................................................................................................................

1,013

Accrued

fees

to

affiliates

..................................................................................................................................................

1,022

Other

accrued

expenses

....................................................................................................................................................

Deferred

capital

gains

tax

liability

...................................................................................................................................

1,977

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

13,394

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,231,163

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

447,330

Shares

of

beneficial

interest

.........................................................................................................................................................

504

Additional

paid-in

capital

............................................................................................................................................................

783,329

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,231,163

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

33,739

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

8,258

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

4,665

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

24.24 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

25.72 Class

A

—

Net

assets

...........................................................................................................................................................

$

12,153,763

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

501,365

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

22.06 Class

C

—

Net

assets

...........................................................................................................................................................

$

3,313,275

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

150,196

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

24.39 Class

M

—

Net

assets

..........................................................................................................................................................

$

138,495,125

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

5,677,389

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

24.50 Class

R6

—

Net

assets

.........................................................................................................................................................

$

2,609,041

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

106,511

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

24.45 Class

S

—

Net

assets

............................................................................................................................................................

$

921,584,905

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

37,694,365

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

24.46 Class

Y

—

Net

assets

...........................................................................................................................................................

$

153,007,327

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

6,254,487

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

10,581

Dividend

distributions

from

affiliated

funds

....................................................................................................................

711

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(1,295)

Total

investment

income

.............................................................................................................................................................

10,047

#### Expenses
Advisory

fees

...................................................................................................................................................................

5,006

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

............................................................................................................................................

792

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,748

Expense

reductions

..........................................................................................................................................................

(671) Net

expenses

................................................................................................................................................................................

6,077

Net

investment

income

(loss)

.......................................................................................................................................................

3,970

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$748)

.................................................................................................

49,912

Investments

in

affiliated

funds

.........................................................................................................................................

(22) Futures

contracts

..............................................................................................................................................................

2,296

Foreign

currency

exchange

contracts

...............................................................................................................................

(1,014)

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

51,228

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

$1,809)

......................................................

148,284

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

1,366

Foreign

currency

exchange

contracts

...............................................................................................................................

(210) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

149,501

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

200,729

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

204,699

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

3,970

$

11,811

Net

realized

gain

(loss)

................................................................................................................

51,228

46,407

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

149,501

139,81

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

204,699

198,03

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(182) (191) Class

C

.....................................................................................................................................

(37) (49) Class

M

....................................................................................................................................

(2,546)

(2,669)

Class

R6

...................................................................................................................................

(47) (99) Class

S

......................................................................................................................................

(10,127)

(12,834)

Class

Y

.....................................................................................................................................

(3,074)

(2,86

6)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(16,013)

(18,70

8)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

211,156

(114,602)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
399,842

64,72

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

831,321

766,595

End

of

period

......................................................................................................................................

$

1,231,163

$

831,3

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

\*\*

Less

than

500

shares

.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

746

$

1,456

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(43) (951) (110) (1,927)

Net

increase

(decrease)

(—)

\*\*

(24) (13) (281) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(17) (342) (46) (719) Net

increase

(decrease)

(13) (267) (36) (566) Class

M

Proceeds

from

shares

sold

760

16,390

1,917

32,512

Proceeds

from

reinvestment

of

distributions

2,542

2,669

Payments

for

shares

redeemed

(1,119)

(24,431)

(3,366)

(57,790)

Net

increase

(decrease)

(233) (5,499)

(1,281)

(22,609)

Class

R6

Proceeds

from

shares

sold

664

10,759

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(6) (125) (677) (11,137)

Net

increase

(decrease)

(7) (279) Class

S

Proceeds

from

shares

sold

19,190

394,853

3,572

61,466

Proceeds

from

reinvestment

of

distributions

10,045

798

12,735

Payments

for

shares

redeemed

(7,574)

(172,234)

(9,887)

(174,837)

Net

increase

(decrease)

12,112

232,664

(5,517)

(100,636)

Class

Y

Proceeds

from

shares

sold

946

1,837

34,735

Proceeds

from

reinvestment

of

distributions

3,074

2,865

Payments

for

shares

redeemed

(873) (19,789)

(1,540)

(27,831)

Net

increase

(decrease)

(677) (15,769)

9,769

Total

increase

(decrease)

11,192

$

211,156

(6,378)

$

(114,602)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.02 16.68 13.86 12.84 21.81 18.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05

.23

.24

.33

.41

.27

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.54 4.48 2.91 .96

(6.79)

3.49 $

Total

from

Investment

Operations

3.59 4.71 3.15 1.29 (6.38)

3.76 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.37)

(.37)

(.33)

(.27)

(.61)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.37)

(.37)

(.33)

(.27)

(2.59)

(.08)

$

Net

Asset

Value,

End

of

Period

24.24 21.02 16.68 13.86 12.84 21.81 %

Total

Return

(±)(ǿ)

17.43 28.97 23.07 9.97 (32.86)

20.76 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,154

10,545

8,577

7,346

7,583

13,526

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.52 1.54 1.63 1.79 1.77 1.74 %

Expenses,

Net

(Ƃ)(ɯ)

1.40 1.42 1.44 1.45 1.44 1.42 %

Net

Investment

Income

(Ƃ)(ɯ)

.46

1.30 1.54 2.23 2.41 1.22 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.10 15.18 12.63 11.72 20.10 16.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.03)

.08

.11

.20

.25

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.23 4.09 2.66 .87

(6.20)

3.24 $

Total

from

Investment

Operations

3.20 4.17 2.77 1.07 (5.95)

3.33 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.24)

(.25)

(.22)

(.16)

(.45)

—

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.24)

(.25)

(.22)

(.16)

(2.43)

—

$

Net

Asset

Value,

End

of

Period

22.06 19.10 15.18 12.63 11.72 20.10 %

Total

Return

(ǿ)

16.98 28.00 22.16 9.09 (33.33)

19.86 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,313

3,12

3,036

3,046

3,368

6,121

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.27 2.29 2.38 2.54 2.52 2.49 %

Expenses,

Net

(Ƃ)(ɯ)

2.15 2.17 2.19 2.20 2.19 2.17 %

Net

Investment

Income

(Ƃ)(ɯ)

(.30)

.50

.77

1.51 1.63 .45

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.19 16.80 13.97 12.95 21.98 18.27 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.09

.29

.30

.38

.47

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.54 4.53 2.92 .97

(6.83)

3.51 $

Total

from

Investment

Operations

3.63 4.82 3.22 1.35 (6.36)

3.86 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.43)

(.39)

(.33)

(.69)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.43)

(.43)

(.39)

(.33)

(2.67)

(.15)

$

Net

Asset

Value,

End

of

Period

24.39 21.19 16.80 13.97 12.95 21.98 %

Total

Return

(ǿ)

17.57 29.51 23.40 10.36 (32.59)

21.16 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 138,495

125,218

120,831

97,617

107,266

157,235

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.27 1.29 1.38 1.54 1.52 1.49 %

Expenses,

Net

(Ƃ)(ɯ)

1.05 1.07 1.09 1.10 1.09 1.07 %

Net

Investment

Income

(Ƃ)(ɯ)

.80

1.64 1.87 2.57 2.79 1.56 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.27 16.88 14.03 13.01 22.05 18.33 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.09

.22

.30

.43

.48

.14

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.58 4.61 2.94 .93

(6.85)

3.73 $

Total

from

Investment

Operations

3.67 4.83 3.24 1.36 (6.37)

3.87 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.44)

(.44)

(.39)

(.34)

(.69)

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.44)

(.44)

(.39)

(.34)

(2.67)

(.15)

$

Net

Asset

Value,

End

of

Period

24.50 21.27 16.88 14.03 13.01 22.05 %

Total

Return

(ǿ)

17.69 29.47 23.51 10.39 (32.54)

21.18 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,609

2,213

1,882

1,414

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.12 1.14 1.23 1.38 1.37 1.35 %

Expenses,

Net

(Ƃ)(ɯ)

1.00 1.02 1.04 1.04 1.04 1.03 %

Net

Investment

Income

(Ƃ)(ɯ)

.86

1.30 1.92 2.86 2.83 .64

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.22 16.83 13.99 12.96 21.99 18.28 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.08

.27

.28

.37

.45

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.56 4.53 2.93 .97

(6.83)

3.53 $

Total

from

Investment

Operations

3.64 4.80 3.21 1.34 (6.38)

3.84 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.41)

(.41)

(.37)

(.31)

(.67)

(.13)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.41)

(.41)

(.37)

(.31)

(2.65)

(.13)

$

Net

Asset

Value,

End

of

Period

24.45 21.22 16.83 13.99 12.96 21.99 %

Total

Return

(ǿ)

17.57 29.33 23.28 10.29 (32.67)

21.01 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 921,585

542,910

523,461

548,280

640,012

1,006,019

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.27 1.29 1.38 1.54 1.52 1.49 %

Expenses,

Net

(Ƃ)(ɯ)

1.15 1.17 1.19 1.20 1.19 1.17 %

Net

Investment

Income

(Ƃ)(ɯ)

.70

1.53 1.77 2.47 2.69 1.41 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.25 16.86 14.01 12.99 22.04 18.32 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.10

.30

.31

.39

.48

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.56 4.53 2.94 .97

(6.84)

3.65 $

Total

from

Investment

Operations

3.66 4.83 3.25 1.36 (6.36)

3.88 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.45)

(.44)

(.40)

(.34)

(.71)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.98)

—

$

Total

Distributions

(.45)

(.44)

(.40)

(.34)

(2.69)

(.16)

$

Net

Asset

Value,

End

of

Period

24.46 21.25 16.86 14.01 12.99 22.04 %

Total

Return

(ǿ)

17.66 29.52 23.57 10.44 (32.54)

21.23 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 153,007

147,310

108,808

100,451

65,124

96,275

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.07 1.09 1.18 1.34 1.33 1.29 %

Expenses,

Net

(Ƃ)(ɯ)

.97

.99

1.01 1.02 1.01 .99

%

Net

Investment

Income

(Ƃ)(ɯ)

.87

1.70 1.95 2.63 2.84 1.04 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

824,135

Administrative

fees

46,568

Distribution

fees

4,374

Shareholder

servicing

fees

665

Transfer

agent

fees

146,008

$

1,021,750

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

14,521

$

752,773

$

733,532

$

(22)

$

(1)

$

33,739

$

711

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

814,197,966

$

474,961,889

$

(65,973,259)

$

408,988,630

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 98.6%
Consumer

Discretionary

-

13.7%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

225,609

19,256

Amazon.com,

Inc.(Æ)

1,737,139

460,446

Autoliv,

Inc.

32,888

3,813

AutoZone,

Inc.(Æ)

3,781

14,005

Best

Buy

Co.,

Inc.

63,283

3,828

Capri

Holdings,

Ltd.(Æ)

255,643

4,988

Carvana

Co.(Æ)

9,960

3,942

Cava

Group,

Inc.(Æ)

213,903

19,981

Charter

Communications,

Inc.

Class

A(Æ)

8,945

1,477

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

577,714

19,636

Comcast

Corp.

Class

A

1,097,012

29,663

Costco

Wholesale

Corp.

119,777

121,517

Coupang,

Inc.(Æ)

117,667

2,351

Deckers

Outdoor

Corp.(Æ)

39,059

3,992

Diageo

PLC

-

ADR

120,034

9,681

Dollar

General

Corp.

266,478

30,879

Dollar

Tree,

Inc.(Æ)

182,184

17,692

DR

Horton,

Inc.

169,618

26,097

DraftKings,

Inc.

Class

A(Æ)

158,214

3,690

eBay,

Inc.

104,434

10,807

Expedia

Group,

Inc.

5,900

1,465

Ford

Motor

Co.

577,448

6,976

Fox

Corp.

Class

A

190,145

12,072

Garmin,

Ltd.

46,864

11,769

General

Motors

Co.

599,981

46,133

Grand

Canyon

Education,

Inc.(Æ)

17,657

2,985

Hilton

Worldwide

Holdings,

Inc.

58,633

19,001

Home

Depot,

Inc.

(The)

75,922

24,963

Las

Vegas

Sands

Corp.

47,451

2,591

Lennar

Corp.

Class

A

89,287

8,063

Lennar

Corp.

Class

B

Leonardo

DRS,

Inc.

108,480

4,408

Liberty

Live

Holdings,

Inc.

Class

A(Æ)

21,159

1,930

Live

Nation

Entertainment,

Inc.(Æ)

112,112

17,707

Lowe's

Cos.,

Inc.

185,439

44,281

Lululemon

Athletica,

Inc.(Æ)

24,541

3,379

Marriott

International,

Inc.

Class

A

7,893

2,855

McDonald's

Corp.

5,663

1,663

MGM

Resorts

International(Æ)

221,974

8,644

Netflix,

Inc.

Class

B(Æ)

733,420

68,655

New

York

Times

Co.

(The)

Class

A

69,057

5,458

News

Corp.

Class

A

251,088

6,609

nVent

Electric

PLC

6,066

867

NVR,

Inc.(Æ)

875

5,526

O'Reilly

Automotive,

Inc.(Æ)

596,025

59,245

Polaris,

Inc.

110,327

7,311

PulteGroup,

Inc.

240,752

29,458

Ross

Stores,

Inc.

30,823

7,021

Royal

Caribbean

Cruises,

Ltd.

10,518

2,774

RTX

Corp.

228,015

40,147

Starbucks

Corp.

245,107

25,817

Tapestry,

Inc.

78,600

11,400

Target

Corp.

119,240

15,471

Tesla,

Inc.(Æ)

296,346

113,095

TJX

Cos.,

Inc.

(The)

206,593

32,383

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Travel

+

Leisure

Co.

52,623

3,403

Ulta

Beauty,

Inc.(Æ)

22,507

12,097

Versant

Media

Group,

Inc.

369,399

14,846

Walmart,

Inc.

526,143

69,414

Walt

Disney

Co.

(The)

185,578

19,254

Warner

Bros

Discovery,

Inc.(Æ)

108,314

2,930

Wyndham

Hotels

&

Resorts,

Inc.

59,865

4,872

Yum

China

Holdings,

Inc.

29,534

1,431

Yum!

Brands,

Inc.

284,366

45,399

1,633,514

Consumer

Staples

-

3.1%

Ambev

SA

-

ADR

3,573,200

10,434

Archer-Daniels-Midland

Co.

368,863

27,495

Church

&

Dwight

Co.,

Inc.

14,788

1,435

Clorox

Co.

(The)

91,589

8,833

Coca-Cola

Co.

(The)

102,679

8,087

Coca-Cola

Europacific

Partners

PLC

72,498

6,856

Colgate-Palmolive

Co.

79,641

6,798

Constellation

Brands,

Inc.

Class

A

18,440

2,887

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

245,643

18,843

Haleon

PLC

-

ADR

958,773

8,859

Hershey

Co.

(The)

12,749

2,368

Ingredion,

Inc.

138,487

15,475

Kenvue,

Inc.

107,506

1,885

Keurig

Dr

Pepper,

Inc.

14,941

Kimberly-Clark

Corp.

231,964

22,832

Kroger

Co.

(The)

975,852

66,426

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

3,016

Molson

Coors

Beverage

Co.

Class

B

173,119

7,399

Mondelez

International,

Inc.

Class

A

349,771

21,490

Monster

Beverage

Corp.(Æ)

399,796

30,812

PepsiCo,

Inc.

131,961

20,915

Philip

Morris

International,

Inc.

112,197

18,520

Procter

&

Gamble

Co.

(The)

165,500

24,343

Smithfield

Foods,

Inc.

43,035

1,131

Sprouts

Farmers

Market,

Inc.(Æ)

65,024

5,322

Sysco

Corp.

51,834

3,873

Tyson

Foods,

Inc.

Class

A

319,129

20,447

Unilever

PLC

-

ADR

13,408

791

365,040

Energy

-

3.2%

Baker

Hughes

Co.

191,902

13,370

BP

PLC

-

ADR

91,575

4,339

Canadian

Natural

Resources,

Ltd.

278,164

13,266

Chevron

Corp.

225,302

43,553

Devon

Energy

Corp.

80,316

4,126

Diamondback

Energy,

Inc.

114,378

23,520

Eaton

Corp.

PLC

105,586

45,720

EOG

Resources,

Inc.

104,447

14,682

EQT

Corp.

44,879

2,696

Exxon

Mobil

Corp.

661,848

102,143

Halliburton

Co.

245,512

10,385

Marathon

Petroleum

Corp.

64,204

15,941

Phillips

103,255

18,498

Shell

PLC

-

ADR

363,675

32,974

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SLB,

Ltd.

43,952

2,500

Valero

Energy

Corp.

128,835

32,541

380,254

Financial

Services

-

13.7%

AerCap

Holdings

NV

366,426

52,109

Aflac,

Inc.

25,549

2,904

Alexandria

Real

Estate

Equities,

Inc.(ö)

173,619

7,033

Allstate

Corp.

(The)

132,623

28,814

American

Express

Co.

170,417

55,053

American

Tower

Corp.(ö)

86,616

15,826

Ameriprise

Financial,

Inc.

5,878

2,791

Annaly

Capital

Management,

Inc.(ö)

256,908

5,883

Aon

PLC

Class

A

59,307

18,483

Apollo

Global

Management,

Inc.

159,449

20,524

Arthur

J

Gallagher

&

Co.

27,370

5,649

Assurant,

Inc.

5,910

1,396

Assured

Guaranty,

Ltd.

599

AvalonBay

Communities,

Inc.(ö)

5,000

915

Bank

of

America

Corp.

820,165

43,846

Bank

of

New

York

Mellon

Corp.

(The)

138,223

18,573

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

87,702

Blackstone,

Inc.

Class

A

35,999

4,521

Capital

One

Financial

Corp.

183,447

35,093

Carlyle

Group,

Inc.

(The)

641,736

32,132

Charles

Schwab

Corp.

(The)

216,282

19,820

Chubb,

Ltd.

142,769

46,685

Cincinnati

Financial

Corp.

26,369

4,314

Citigroup,

Inc.

555,573

71,102

Citizens

Financial

Group,

Inc.

462,301

30,073

CME

Group,

Inc.

Class

A

14,101

4,059

East

West

Bancorp,

Inc.

28,223

3,569

Equinix,

Inc.(ö)

35,357

38,286

Evercore,

Inc.

Class

A

14,201

4,563

Everest

Group,

Ltd.

900

Fifth

Third

Bancorp

223,451

11,342

First

Citizens

BancShares,

Inc.

Class

A

1,845

3,660

Global

Payments,

Inc.

534,746

38,480

Globe

Life,

Inc.

116,150

17,922

Goldman

Sachs

Group,

Inc.

(The)

12,071

11,151

Hartford

Insurance

Group,

Inc.

(The)

63,811

8,730

Healthpeak

Properties,

Inc.(ö)

581,684

9,406

Host

Hotels

&

Resorts,

Inc.(ö)

478,642

10,114

Howard

Hughes

Holdings,

Inc.(Æ)

60,714

3,781

Huntington

Bancshares,

Inc.

831,115

13,929

Interactive

Brokers

Group,

Inc.

Class

A

158,412

12,594

Intercontinental

Exchange,

Inc.

163,857

25,904

Janus

Henderson

Group

PLC

119,188

6,151

JPMorgan

Chase

&

Co.

357,953

112,122

Kimco

Realty

Corp.(ö)

434,379

10,269

Markel

Group,

Inc.(Æ)

9,476

16,796

Mastercard,

Inc.

Class

A

227,897

114,614

MetLife,

Inc.

171,966

13,774

Millrose

Properties,

Inc.

Class

A(ö)

301,507

9,247

Moody's

Corp.

58,542

27,038

Morgan

Stanley

198,001

37,737

Northern

Trust

Corp.

96,451

16,044

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PNC

Financial

Services

Group,

Inc.

(The)

22,409

4,997

Progressive

Corp.

(The)

228,146

45,921

Prologis,

Inc.(ö)

21,459

3,048

Prudential

Financial,

Inc.

67,246

6,597

Public

Storage(ö)

20,445

6,184

Raymond

James

Financial,

Inc.

47,063

7,451

Regions

Financial

Corp.

755,927

21,582

Reinsurance

Group

of

America,

Inc.

Class

A

57,212

12,098

S&P

Global,

Inc.

136,568

58,892

Simon

Property

Group,

Inc.(ö)

State

Street

Corp.

42,925

6,561

Stifel

Financial

Corp.

142,889

11,261

StoneX

Group,

Inc.(Æ)

22,274

2,362

Synchrony

Financial

264,937

20,188

Travelers

Cos.,

Inc.

(The)

26,691

8,144

Truist

Financial

Corp.

8,224

US

Bancorp

11,100

629

Visa,

Inc.

Class

A

289,631

95,532

Voya

Financial,

Inc.

21,215

1,739

W.R.

Berkley

Corp.

98,367

6,574

Webster

Financial

Corp.

19,386

1,403

Wells

Fargo

&

Co.

1,048,463

86,215

Welltower,

Inc.(ö)

58,700

12,758

Willis

Towers

Watson

PLC

62,325

15,968

1,629,421

Health

Care

-

8.7%

10X

Genomics,

Inc.

Class

A(Æ)

305,338

6,733

Abbott

Laboratories

254,958

23,148

AbbVie,

Inc.

205,697

43,468

Agilent

Technologies,

Inc.

210,212

24,290

Align

Technology,

Inc.(Æ)

40,258

7,086

Amgen,

Inc.

53,187

18,416

AstraZeneca

PLC

34,106

6,390

Becton

Dickinson

&

Co.

1,334

Biogen,

Inc.(Æ)

10,200

1,931

BioMarin

Pharmaceutical,

Inc.(Æ)

227,255

12,251

Boston

Scientific

Corp.(Æ)

371,420

21,397

Bristol-Myers

Squibb

Co.

71,167

4,312

Centene

Corp.(Æ)

449,091

24,112

Cigna

Group

(The)

74,733

21,716

CVS

Health

Corp.

529,774

44,125

Danaher

Corp.

208,019

37,225

Edwards

Lifesciences

Corp.(Æ)

293,094

24,473

Elevance

Health,

Inc.

58,028

21,843

Eli

Lilly

&

Co.

60,108

56,177

Exelixis,

Inc.(Æ)

203,432

9,045

GE

HealthCare

Technologies,

Inc.

129,661

7,889

Genmab

A/S

-

ADR(Æ)

342,344

9,079

Gilead

Sciences,

Inc.

58,798

7,693

GSK

PLC

-

ADR

450,872

23,585

HCA

Healthcare,

Inc.

17,182

7,465

Henry

Schein,

Inc.(Æ)

92,338

6,887

Humana,

Inc.

82,873

19,594

Icon

PLC(Æ)

119,004

14,082

IDEXX

Laboratories,

Inc.(Æ)

52,668

29,536

Incyte

Corp.(Æ)

101,123

9,634

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Intuitive

Surgical,

Inc.(Æ)

107,538

49,210

Johnson

&

Johnson

284,416

65,373

Koninklijke

Philips

NV

314,931

8,295

Labcorp

Holdings,

Inc.

10,723

2,754

McKesson

Corp.

54,558

44,476

Medtronic

PLC

193,149

15,639

Merck

&

Co.,

Inc.

124,130

13,552

Moderna,

Inc.(Æ)

233,009

10,704

Molina

Healthcare,

Inc.(Æ)

28,004

5,450

Neurocrine

Biosciences,

Inc.(Æ)

25,428

3,348

Novo

Nordisk

A/S

-

ADR

131,101

5,535

Pfizer,

Inc.

137,510

3,671

Regeneron

Pharmaceuticals,

Inc.

71,613

50,635

ResMed,

Inc.

11,906

2,546

Royalty

Pharma

PLC

Class

A

314,363

15,746

Sanofi

SA

-

ADR

45,081

2,100

Stryker

Corp.

30,069

9,476

Thermo

Fisher

Scientific,

Inc.

34,905

16,718

UnitedHealth

Group,

Inc.

223,439

82,780

Universal

Health

Services,

Inc.

Class

B

24,354

4,098

Veeva

Systems,

Inc.

Class

A(Æ)

67,269

10,492

Vertex

Pharmaceuticals,

Inc.(Æ)

51,106

21,842

Viatris,

Inc.

768,147

11,476

Waters

Corp.(Æ)

24,757

7,656

West

Pharmaceutical

Services,

Inc.

70,581

21,004

Zoetis,

Inc.

Class

A

123,576

14,208

1,042,565

Materials

and

Processing

-

3.5%

Air

Products

and

Chemicals,

Inc.

1,928

578

Albemarle

Corp.

36,059

7,093

Amrize,

Ltd.

40,681

2,188

Ball

Corp.

163,735

10,001

Carrier

Global

Corp.

231,724

15,565

Celanese

Corp.

Class

A

866,271

58,699

CF

Industries

Holdings,

Inc.

7,466

927

Commercial

Metals

Co.

133,378

9,198

Copart,

Inc.(Æ)

311,539

10,315

Crown

Holdings,

Inc.

20,524

2,018

Darling

Ingredients,

Inc.(Æ)

38,120

2,448

DuPont

de

Nemours,

Inc.

273,418

12,484

Ecolab,

Inc.

98,808

25,749

Fastenal

Co.

46,174

2,075

FMC

Corp.

83,129

1,279

General

Electric

Co.

31,968

9,268

Huntsman

Corp.

584,684

8,402

Ingevity

Corp.(Æ)

4,417

Johnson

Controls

International

PLC

20,895

3,051

Linde

PLC

127,662

63,977

Martin

Marietta

Materials,

Inc.

21,549

13,340

Masco

Corp.

135,004

9,696

Mohawk

Industries,

Inc.(Æ)

50,385

5,319

NewMarket

Corp.

3,892

2,629

Newmont

Corp.

49,580

5,508

Nucor

Corp.

8,039

1,811

O-I

Glass,

Inc.(Æ)

264,647

2,411

Owens

Corning

10,445

1,288

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Packaging

Corp.

of

America

39,823

8,500

PPG

Industries,

Inc.

4,923

534

Qnity

Electronics,

Inc.

136,709

19,229

Reliance,

Inc.

6,664

2,416

Rio

Tinto

PLC

-

ADR

37,916

3,810

Royal

Gold,

Inc.

14,458

3,374

Sherwin-Williams

Co.

(The)

25,042

8,054

Smurfit

WestRock

PLC

257,917

9,901

Solstice

Advanced

Materials

Inc.

30,929

2,535

Southern

Copper

Corp.

651

Steel

Dynamics,

Inc.

34,119

7,802

Trane

Technologies

PLC

101,010

49,751

Watsco,

Inc.

6,285

2,752

Westlake

Corp.

60,107

6,929

413,353

Producer

Durables

-

6.9%

Alaska

Air

Group,

Inc.(Æ)

46,980

1,837

Amphenol

Corp.

Class

A

275,408

40,559

Argan,

Inc.

8,290

5,554

Automatic

Data

Processing,

Inc.

76,295

16,170

Canadian

Pacific

Kansas

City,

Ltd.

164,809

14,332

CH

Robinson

Worldwide,

Inc.

91,696

16,671

CNH

Industrial

NV

147,580

1,581

Comfort

Systems

USA,

Inc.

8,751

16,104

Corpay,

Inc.(Æ)

57,456

17,609

CSX

Corp.

485,288

22,047

Cummins,

Inc.

23,669

15,882

Deere

&

Co.

58,675

34,611

Delta

Air

Lines,

Inc.

607,382

41,296

Dover

Corp.

26,181

5,928

EMCOR

Group,

Inc.

10,235

9,126

Esab

Corp.

29,041

2,854

Expeditors

International

of

Washington,

Inc.

28,604

4,230

FedEx

Corp.

125,584

50,649

Fortive

Corp.

2,085

FTI

Consulting,

Inc.(Æ)

55,563

9,962

GE

Vernova,

Inc.

7,992

8,659

General

Dynamics

Corp.

60,624

20,873

Honeywell

International,

Inc.

123,717

26,516

Howmet

Aerospace,

Inc.

94,087

22,867

Huntington

Ingalls

Industries,

Inc.

29,213

10,642

Illinois

Tool

Works,

Inc.

1,831

Ingersoll

Rand,

Inc.

185,713

14,831

JB

Hunt

Transport

Services,

Inc.

38,898

9,784

Kirby

Corp.(Æ)

8,376

1,261

L3Harris

Technologies,

Inc.

11,295

3,621

Landstar

System,

Inc.

52,670

9,695

Lockheed

Martin

Corp.

36,188

18,744

Magna

International,

Inc.

Class

A

113,257

7,211

Mettler-Toledo

International,

Inc.(Æ)

16,183

20,659

Middleby

Corp.

(The)(Æ)

34,098

4,786

Mueller

Industries,

Inc.

32,812

4,444

Norfolk

Southern

Corp.

42,340

13,372

Northrop

Grumman

Corp.

16,361

9,481

Old

Dominion

Freight

Line,

Inc.

49,950

10,611

Otis

Worldwide

Corp.

183,325

14,277

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PACCAR,

Inc.

60,253

7,158

Parker-Hannifin

Corp.

9,867

8,973

Pentair

PLC

147,694

11,920

Phinia,

Inc.

8,939

645

Ralliant

Corp.

695

Regal

Rexnord

Corp.

93,398

20,083

Rollins,

Inc.

52,084

2,903

Scotts

Miracle-Gro

Co.

(The)

Class

A

20,513

1,286

Textron,

Inc.

261,296

25,074

TopBuild

Corp.(Æ)

3,805

1,685

Trade

Desk,

Inc.

(The)

Class

A(Æ)

287,368

6,779

TransDigm

Group,

Inc.

1,819

2,110

TransUnion

311,214

22,096

Union

Pacific

Corp.

57,200

15,414

United

Airlines

Holdings,

Inc.(Æ)

233,018

20,972

United

Rentals,

Inc.

24,900

23,900

Veralto

Corp.

69,339

6,116

Verisk

Analytics,

Inc.

Class

A

14,080

2,598

Vontier

Corp.

741,366

26,600

Waste

Management,

Inc.

38,008

8,839

Westinghouse

Air

Brake

Technologies

Corp.

185,232

49,992

825,108

Technology

-

42.2%

Accenture

PLC

Class

A

109,759

19,615

Adobe,

Inc.(Æ)

256,690

63,171

Advanced

Micro

Devices,

Inc.(Æ)

223,010

79,055

Allegion

PLC

17,438

2,397

Alphabet,

Inc.

Class

A

677,149

260,567

Alphabet,

Inc.

Class

C

1,241,347

474,120

Analog

Devices,

Inc.

83,183

33,461

Apple,

Inc.

2,635,749

715,210

Applied

Materials,

Inc.

171,585

67,689

Arista

Networks,

Inc.(Æ)

57,233

9,885

ASML

Holding

NV

1,204

1,733

Atlassian

Corp.

Class

A(Æ)

81,313

5,577

Autodesk,

Inc.(Æ)

105,904

25,099

Booking

Holdings,

Inc.

323,539

54,471

Broadcom,

Inc.

724,483

302,421

CACI

International,

Inc.

Class

A(Æ)

4,386

2,279

Cadence

Design

Systems,

Inc.(Æ)

14,826

4,886

Cisco

Systems,

Inc.

601,086

54,999

Cognizant

Technology

Solutions

Corp.

Class

A

60,920

3,223

Corteva,

Inc.

230,444

18,668

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

56,298

25,095

Datadog,

Inc.

Class

A(Æ)

102,996

13,615

Dell

Technologies,

Inc.

Class

C

66,959

13,991

DocuSign,

Inc.(Æ)

123,603

5,685

DoorDash,

Inc.

Class

A(Æ)

28,738

4,847

Dropbox,

Inc.

Class

A(Æ)

484,047

11,757

EchoStar

Corp.

Class

A(Æ)

81,367

10,020

Electronic

Arts,

Inc.

51,566

10,435

F5,

Inc.(Æ)

12,816

4,151

Fidelity

National

Information

Services,

Inc.

2,700

Fortinet,

Inc.(Æ)

225,889

19,045

GoDaddy,

Inc.

Class

A(Æ)

199,522

17,317

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
HP,

Inc.

96,623

2,016

International

Business

Machines

Corp.

8,601

1,987

Intuit,

Inc.

111,134

43,176

Jabil,

Inc.

69,502

23,456

KLA

Corp.

5,800

10,152

Lam

Research

Corp.

475,442

122,597

Manhattan

Associates,

Inc.(Æ)

54,004

7,447

Maplebear,

Inc.(Æ)

248,842

10,538

Match

Group,

Inc.

269,334

10,078

Meta

Platforms,

Inc.

Class

A

380,320

232,722

Micron

Technology,

Inc.

391,042

202,231

Microsoft

Corp.

1,307,164

533,035

Motorola

Solutions,

Inc.

72,772

31,949

Nutanix,

Inc.

Class

A(Æ)

108,840

4,450

NVIDIA

Corp.

4,584,227

914,874

NXP

Semiconductors

NV

52,598

15,442

ON

Semiconductor

Corp.(Æ)

573,859

57,851

Oracle

Corp.

186,678

30,128

Palantir

Technologies,

Inc.

Class

A(Æ)

102,678

14,284

Palo

Alto

Networks,

Inc.(Æ)

125,768

22,553

Pinterest,

Inc.

Class

A(Æ)

227,301

4,469

Qorvo,

Inc.(Æ)

84,430

7,955

QUALCOMM,

Inc.

183,959

33,035

Roku,

Inc.(Æ)

30,266

3,528

Salesforce,

Inc.

216,168

38,160

SAP

SE

-

ADR

53,046

8,991

Seagate

Technology

Holdings

PLC

74,313

50,060

SentinelOne,

Inc.

Class

A(Æ)

260,967

3,695

ServiceNow,

Inc.(Æ)

540,523

47,734

Snap,

Inc.

Class

A(Æ)

1,033,828

6,275

Snowflake,

Inc.

Class

A(Æ)

53,085

7,245

Synopsys,

Inc.(Æ)

70,752

34,145

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

149,120

59,060

Take-Two

Interactive

Software,

Inc.(Æ)

35,530

7,595

TD

SYNNEX

Corp.

41,727

9,521

TE

Connectivity

PLC

47,108

9,971

Texas

Instruments,

Inc.

79,192

22,259

Uber

Technologies,

Inc.(Æ)

29,022

2,165

VeriSign,

Inc.

102,381

27,506

Workday,

Inc.

Class

A(Æ)

98,173

12,016

Zoom

Communications,

Inc.

Class

A(Æ)

44,486

4,322

5,025,283

Utilities

-

3.6%

American

Electric

Power

Co.,

Inc.

24,778

3,397

AT&T,

Inc.

1,322,472

34,556

CenterPoint

Energy,

Inc.

401,392

17,521

Cheniere

Energy,

Inc.

73,004

20,072

CMS

Energy

Corp.

37,178

2,853

ConocoPhillips

420,040

52,833

Consolidated

Edison,

Inc.

89,657

9,996

Constellation

Energy

Corp.

24,576

7,692

DT

Midstream,

Inc.

31,773

4,702

DTE

Energy

Co.

6,566

996

Duke

Energy

Corp.

80,474

10,425

Edison

International

335,146

23,289

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Entergy

Corp.

241,450

28,469

Eversource

Energy

192,315

13,597

Exelon

Corp.

347,748

15,993

FirstEnergy

Corp.

283,393

13,467

NextEra

Energy,

Inc.

211,957

20,746

NiSource,

Inc.

38,538

1,861

NRG

Energy,

Inc.

390,323

60,727

PG&E

Corp.

529,059

8,793

Public

Service

Enterprise

Group,

Inc.

14,344

1,171

Sempra

97,052

9,232

Southern

Co.

(The)

22,125

2,140

T-Mobile

US,

Inc.

109,803

21,467

Verizon

Communications,

Inc.

51,038

2,451

Xcel

Energy,

Inc.

476,083

39,491

427,937

#### Total

#### Common

#### Stocks
(cost

$4,744,038)

11,742,475

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
ABIOMED,

Inc.(Æ)(Š)

Rights

9,546

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$10)

—

#### Short-Term

#### Investments

#### -

#### 1.3%
U.S.

Cash

Management

Fund(@)

160,263,057

(∞)

160,231

#### Total

#### Short-Term

#### Investments
(cost

$160,219)

160,231

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$4,904,267)

11,902,706

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%
12,900

#### Net

#### Assets

#### -

#### 100.0%
11,915,606

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

121,333

06/26

8,749

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

8,749

#### 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

$

1,633,514

$

—

$

—

$

—

$

1,633,514

Consumer

Staples

365,040

—

—

—

365,040

Energy

380,254

—

—

—

380,254

Financial

Services

1,629,421

—

—

—

1,629,421

Health

Care

1,042,565

—

—

—

1,042,565

Materials

and

Processing

413,353

—

—

—

413,353

Producer

Durables

825,108

—

—

—

825,108

Technology

5,025,283

—

—

—

5,025,283

Utilities

427,937

—

—

—

427,937

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

—

—

160,231

160,231

Total

Investments

11,742,475

—

—

160,231

11,902,706

Other

Financial

Instruments

Assets

Futures

Contracts

8,749

—

—

—

8,749

Total

Other

Financial

Instruments

\*

$

8,749

$

—

$

—

$

—

$

8,749

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Mananged

U.S.

Large

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Mananged

#### U.S.

#### Large

#### Cap

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

8,749

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(647) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

4,457

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

4,904,267

Investments,

at

fair

value(>)

........................................................................................................................................................

11,902,706

Receivables:

Dividends

and

interest

......................................................................................................................................................

3,64

Dividends

from

affiliated

funds

.......................................................................................................................................

621

Investments

sold

...............................................................................................................................................................

3,315

Fund

shares

sold

...............................................................................................................................................................

14,668

From

broker(a)

.................................................................................................................................................................

609

Variation

margin

on

futures

contracts

..............................................................................................................................

8,749

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

11,934,37

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

6,559

Fund

shares

redeemed

......................................................................................................................................................

3,664

Accrued

fees

to

affiliates

..................................................................................................................................................

8,020

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

18,77

#### Net

#### Assets

#### ...............................................................................................................................................................
$

11,915,606

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

6,863,900

Shares

of

beneficial

interest

.........................................................................................................................................................

1,192

Additional

paid-in

capital

............................................................................................................................................................

5,050,514

#### Net

#### Assets

#### ...............................................................................................................................................................
$

11,915,606

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

160,231

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

609

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

98.73 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

104.75 Class

A

—

Net

assets

...........................................................................................................................................................

$

189,766,395

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,922,137

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

90.61 Class

C

—

Net

assets

...........................................................................................................................................................

$

52,936,077

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

584,232

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

100.00 Class

M

—

Net

assets

..........................................................................................................................................................

$

3,605,558,542

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

36,053,806

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

100.05 Class

S

—

Net

assets

............................................................................................................................................................

$

8,067,344,512

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

80,632,977

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

61,11

Dividend

distributions

from

affiliated

funds

....................................................................................................................

3,675

Interest

..............................................................................................................................................................................

Total

investment

income

.............................................................................................................................................................

64,9

#### Expenses
Advisory

fees

...................................................................................................................................................................

34,997

Administrative

fees

..........................................................................................................................................................

2,633

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

..........................................................................................................................................

3,300

Transfer

agent

fees

-

Class

S

............................................................................................................................................

7,645

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

50,576

Expense

reductions

..........................................................................................................................................................

(1,650)

Net

expenses

................................................................................................................................................................................

48,926

Net

investment

income

(loss)

.......................................................................................................................................................

16,03

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(33,007)

Investments

in

affiliated

funds

.........................................................................................................................................

(6) Futures

contracts

..............................................................................................................................................................

(647) Foreign

currency-related

transactions

..............................................................................................................................

(1) Net

realized

gain

(loss)

................................................................................................................................................................

(33,66

1)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

521,933

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

4,457

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

526,391

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

492,73

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

508,764

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

16,034

$

38,081

Net

realized

gain

(loss)

................................................................................................................

(33,661)

104,657

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

526,391

1,429,202

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

508,764

1,571,940

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(419)

(409)

Class

M

....................................................................................................................................

(18,455)

(13,913)

Class

S

......................................................................................................................................

(33,782)

(33,699)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(52,656)

(48,021)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

284,831

294,041

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
740,939

1,817,960

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

11,174,667

9,356,707

End

of

period

......................................................................................................................................

$

11,915,606

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

9,313

$

17,775

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(61)

(5,791)

(204)

(17,154)

Net

increase

(decrease)

3,939

1,029

Class

C

Proceeds

from

shares

sold

4,319

6,214

Payments

for

shares

redeemed

(47)

(4,087)

(127)

(9,977)

Net

increase

(decrease)

(48)

(3,763)

Class

M

Proceeds

from

shares

sold

7,634

728,213

6,130

527,997

Proceeds

from

reinvestment

of

distributions

18,362

13,836

Payments

for

shares

redeemed

(2,277)

(217,947)

(9,131)

(791,638)

Net

increase

(decrease)

5,551

528,628

(2,837)

(249,805)

Class

S

Proceeds

from

shares

sold

5,711

547,663

17,498

1,513,792

Proceeds

from

reinvestment

of

distributions

33,511

33,448

Payments

for

shares

redeemed

(8,687)

(829,142)

(11,588)

(1,000,660)

Net

increase

(decrease)

(2,621)

(247,968)

6,307

546,580

Total

increase

(decrease)

2,974

$

284,831

3,431

$

294,041

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

94.86 81.87 61.59 56.20 68.42 49.07 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.01

.10

.21

.27

.13

(.03)

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.08 13.1 1

20.30 5.31 (12.35)

19.54 $

Total

from

Investment

Operations

4.09 13.2 1

20.51 5.58 (12.22)

19.51 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.22)

(.23)

(.19)

—

(.16)

$

Total

Distributions

(.22)

(.22)

(.23)

(.19)

—

(.16)

$

Net

Asset

Value,

End

of

Period

98.73 94.8 6

81.87 61.59 56.20 68.42 %

Total

Return

(±)(ǿ)

4.33 16.17 33.38 9.97 (17.86)

39.83 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 189,766

178,415

153,247

98,852

87,448

100,109

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.15 1.15 1.16 1.17 1.18 1.18 %

Expenses,

Net

(Ƃ)(ɯ)

1.15 1.15 1.16 1.17 1.17 1.17 %

Net

Investment

Income

(Ƃ)(ɯ)

.02

.11

.28

.44

.21

(.05)

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

87.18 75.61 57.11 52.33 64.19 46.25 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.32)

(.

50)

(.32)

(.17)

(.31)

(.46)

$

Net

Realized

and

Unrealized

Gain

(Loss)

3.75 12.07 18.82 4.95 (11.55)

18.40 $

Total

from

Investment

Operations

3.43 11.5 7

18.50 4.78 (11.86)

17.94 $

Net

Asset

Value,

End

of

Period

90.61 87.1 8

75.61 57.11 52.33 64.19 %

Total

Return

(ǿ)

3.9 3

15. 30

32.37 9.15 (18.48)

38.79 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 52,936

50,671

47,560

37,520

36,410

43,968

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.90 1.90 1.91 1.92 1.93 1.93 %

Expenses,

Net

(Ƃ)(ɯ)

1.90 1.90 1.91 1.92 1.92 1.92 %

Net

Investment

Income

(Ƃ)(ɯ)

(.73)

(.63)

(.46)

(.31)

(.54)

(.80)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

96.23 83.02 62.41 56.96 69.27 49.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.41

.48

.48

.35

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.13 13.28 20.57 5.37 (12.49)

19.77 $

Total

from

Investment

Operations

4.30 13.69 21.05 5.85 (12.14)

19.95 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.53)

(.48)

(.44)

(.40)

(.17)

(.33)

$

Total

Distributions

(.53)

(.48)

(.44)

(.40)

(.17)

(.33)

$

Net

Asset

Value,

End

of

Period

100.00 96.23 83.02 62.41 56.96 69.27 %

Total

Return

(ǿ)

4.50 16.57 33.86 10.35 (17.57)

40.33 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,605,559

2,935,29

2,767,751

1,898,077

1,506,693

1,518,925

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.90

.90

.91

.92

.93

.93

%

Expenses,

Net

(Ƃ)(ɯ)

.80

.80

.81

.82

.82

.82

%

Net

Investment

Income

(Ƃ)(ɯ)

.36

.4

.63

.78

.56

.29

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

96.21 83.02 62.42 56.96 69.27 49.65 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.31

.41

.43

.29

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.14 13.2 9

20.57 5.37 (12.50)

19.76 $

Total

from

Investment

Operations

4.27 13. 60

20.98 5.80 (12.21)

19.88 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.41)

(.38)

(.34)

(.10)

(.26)

$

Total

Distributions

(.43)

(.41)

(.38)

(.34)

(.10)

(.26)

$

Net

Asset

Value,

End

of

Period

100.05 96.2 1

83.02 62.42 56.96 69.27 %

Total

Return

(ǿ)

4.46 16.45 33.70 10.26 (17.65)

40.18 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,067,345

8,010,284

6,388,149

4,839,752

4,115,348

4,617,227

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.90

.90

.91

.92

.93

.93

%

Expenses,

Net

(Ƃ)(ɯ)

.90

.90

.91

.92

.92

.92

%

Net

Investment

Income

(Ƃ)(ɯ)

.27

.36

.54

.69

.46

.20

%

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

5,893,879

Administrative

fees

441,723

Distribution

fees

69,156

Shareholder

servicing

fees

10,525

Transfer

agent

fees

1,598,921

Trustees'

fees

5,952

$

8,020,156

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

184,834

$

396,992

$

421,590

$

(6) $

$

160,231

$

3,675

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

4,909,988,472

$

7,025,265,163

$

(23,798,499)

$

7,001,466,664

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.2%
Consumer

Discretionary

-

12.3%

Academy

Sports

&

Outdoors,

Inc.

113,848

6,243

Advance

Auto

Parts,

Inc.

107,877

6,420

AerSale

Corp.(Æ)

75,103

505

AMC

Global

Media,

Inc.

Class

A(Æ)

264,981

2,250

American

Eagle

Outfitters,

Inc.

86,471

1,506

API

Group

Corp.(Æ)

211,233

9,658

Archer

Aviation,

Inc.

Class

A(Æ)

144,584

830

Atkore,

Inc.

11,750

918

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

49,247

2,433

Atmus

Filtration

Technologies,

Inc.

67,889

4,304

Bath

&

Body

Works,

Inc.

196,727

3,824

Beazer

Homes

USA,

Inc.(Æ)

91,267

1,970

Bel

Fuse,

Inc.

Class

B

32,441

8,949

BJ's

Restaurants,

Inc.(Æ)

11,885

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

952

Boot

Barn

Holdings,

Inc.(Æ)

25,777

4,419

BorgWarner,

Inc.

55,659

3,171

Boyd

Gaming

Corp.

15,720

1,367

Brightstar

Lottery

PLC

373,154

4,900

Brinker

International,

Inc.(Æ)

19,584

2,981

Brunswick

Corp.

99,300

7,889

Caesars

Entertainment,

Inc.(Æ)

155,709

4,329

Caleres,

Inc.

34,500

Capri

Holdings,

Ltd.(Æ)

22,242

Carter's,

Inc.

8,753

Carvana

Co.(Æ)

8,000

3,166

Cavco

Industries,

Inc.(Æ)

5,602

2,840

Century

Communities,

Inc.

21,302

1,193

Cheesecake

Factory,

Inc.

(The)

22,697

1,427

Churchill

Downs,

Inc.

11,140

1,125

Crocs,

Inc.(Æ)

3,988

Curtiss-Wright

Corp.

2,419

1,742

Dana,

Inc.

9,122

Dave

&

Buster's

Entertainment,

Inc.(Æ)

26,610

Deckers

Outdoor

Corp.(Æ)

18,406

1,881

Dick's

Sporting

Goods,

Inc.

29,536

6,702

Domino's

Pizza,

Inc.

7,114

2,415

Douglas

Dynamics,

Inc.

32,370

1,493

DraftKings,

Inc.

Class

A(Æ)

54,678

1,275

Ethan

Allen

Interiors,

Inc.

16,761

EW

Scripps

Co.

(The)

Class

A(Æ)

156,385

749

FactSet

Research

Systems,

Inc.

3,388

771

First

Watch

Restaurant

Group,

Inc.(Æ)

93,332

1,225

FirstCash

Holdings,

Inc.

9,286

2,026

Five

Below,

Inc.(Æ)

23,040

5,430

Forestar

Group,

Inc.(Æ)

29,884

845

Gap,

Inc.

(The)

12,444

Genesco,

Inc.(Æ)

39,330

1,396

Gentherm

,

Inc.(Æ)

38,134

1,148

G-III

Apparel

Group,

Ltd.

102,119

3,185

Grand

Canyon

Education,

Inc.(Æ)

15,870

2,683

Gray

Media,

Inc.

641,894

3,620

Green

Brick

Partners,

Inc.(Æ)

28,092

1,895

Group

Automotive,

Inc.

2,622

936

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hamilton

Beach

Brands

Holding

Co.

Class

A

29,728

619

Harley-Davidson,

Inc.

19,170

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

665

Hovnanian

Enterprises,

Inc.

Class

A(Æ)

5,874

660

Joby

Aviation,

Inc.(Æ)

146,529

1,347

Johnson

Outdoors,

Inc.

Class

A

47,408

2,495

Karman

Holdings

Inc.(Æ)

13,339

907

KB

Home

5,820

Kontoor

Brands,

Inc.

45,799

3,360

Kura

Sushi

USA,

Inc.

Class

A(Æ)

15,144

834

Leonardo

DRS,

Inc.

42,457

1,725

Liberty

Broadband

Corp.

Class

C(Æ)

25,331

975

Life

Time

Group

Holdings,

Inc.(Æ)

53,970

1,447

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

2,016

Lionsgate

Studios

Corp.(Æ)

44,035

548

Lithia

Motors,

Inc.

Class

A

16,816

4,879

M/I

Homes,

Inc.(Æ)

4,245

558

Macy's,

Inc.

48,609

950

Madison

Square

Garden

Entertainment

Corp.(Æ)

9,896

662

Magnite

,

Inc.(Æ)

19,166

Marriott

Vacations

Worldwide

Corp.

41,295

2,974

Mattel,

Inc.(Æ)

105,989

1,598

Meritage

Homes

Corp.

11,254

758

Monro,

Inc.

78,539

1,379

Newell

Brands,

Inc.

1,053,720

4,299

News

Corp.

Class

A

78,742

2,072

Nexstar

Media

Group,

Inc.

Class

A

26,169

5,447

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

17,686

nVent

Electric

PLC

34,460

4,924

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

3,356

Omnicom

Group,

Inc.

4,879

OneWater

Marine,

Inc.

Class

A(Æ)

98,524

925

Patrick

Industries,

Inc.

11,787

1,096

Penn

Entertainment,

Inc.(Æ)

190,282

3,322

Perdoceo

Education

Corp.

17,501

594

PriceSmart

,

Inc.

3,284

515

PulteGroup,

Inc.

8,808

1,078

PVH

Corp.

26,694

2,441

QXO,

Inc.(Æ)

101,173

2,031

RB

Global,

Inc.

8,866

925

Revolve

Group,

Inc.(Æ)

12,423

Rocket

Lab

Corp.(Æ)

55,285

4,562

Rocky

Brands,

Inc.

8,173

Service

Corp.

International

12,051

976

Shoe

Carnival,

Inc.

40,693

754

Signet

Jewelers,

Ltd.

27,306

2,431

Sirius

Xm

Holdings,

Inc.

1,755

Sphere

Entertainment

Co.(Æ)

11,209

1,597

Sportradar

Group

AG

Class

A(Æ)

31,092

Starz

Entertainment

Corp.(Æ)

140,639

2,579

Taylor

Morrison

Home

Corp.

Class

A(Æ)

26,382

1,602

Texas

Roadhouse,

Inc.

Class

A

9,894

1,593

Thor

Industries,

Inc.

11,468

906

Toll

Brothers,

Inc.

10,396

1,478

Transcat

,

Inc.(Æ)

5,568

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Travel

+

Leisure

Co.

35,817

2,316

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,570

United

Parks

&

Resorts,

Inc.(Æ)

41,211

1,453

Urban

Outfitters,

Inc.(Æ)

43,349

3,049

Valvoline,

Inc.(Æ)

46,246

1,537

Versant

Media

Group,

Inc.

132,617

5,330

VF

Corp.

180,098

3,409

Vicor

Corp.(Æ)

2,294

618

Victoria's

Secret

&

Co.(Æ)

56,924

2,950

Wabash

National

Corp.

27,235

Wayfair,

Inc.

Class

A(Æ)

10,677

683

Weyco

Group,

Inc.

7,024

Wingstop

,

Inc.

13,047

2,140

Wolverine

World

Wide,

Inc.

76,678

1,305

Wyndham

Hotels

&

Resorts,

Inc.

28,431

2,314

YETI

Holdings,

Inc.(Æ)

80,234

3,166

Ziff

Davis,

Inc.(Æ)

32,717

1,497

Zillow

Group,

Inc.

Class

C(Æ)

14,497

644

254,858

Consumer

Staples

-

3.7%

Alico

,

Inc.

4,993

Aramark

66,621

3,044

Arko

Corp.

112,201

741

BellRing

Brands,

Inc.(Æ)

29,329

522

Calavo

Growers,

Inc.

8,799

Casey's

General

Stores,

Inc.

17,092

14,052

Celsius

Holdings,

Inc.(Æ)

35,998

1,208

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

55,255

4,288

Clorox

Co.

(The)

16,818

1,622

elf

Beauty,

Inc.(Æ)

15,874

1,015

Herbalife,

Ltd.(Æ)

137,864

2,289

Ingredion,

Inc.

16,720

1,868

Interparfums

,

Inc.

38,414

3,504

J&J

Snack

Foods

Corp.

67,103

5,922

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

870,849

1,969

Limoneira

Co.

10,604

Marzetti

Co.

(The)

4,134

539

McCormick

&

Co.,

Inc.

24,388

1,240

MGP

Ingredients,

Inc.

5,280

Mission

Produce,

Inc.(Æ)

7,758

Nomad

Foods,

Ltd.

608,488

5,914

Olaplex

Holdings,

Inc.(Æ)

1,139,835

2,314

Performance

Food

Group

Co.(Æ)

16,935

1,534

Pilgrim's

Pride

Corp.

57,405

1,900

Post

Holdings,

Inc.(Æ)

5,407

566

Primo

Brands

Corp.

Class

A

135,428

2,760

Smithfield

Foods,

Inc.

100,380

2,638

Spectrum

Brands

Holdings,

Inc.

29,004

2,396

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

1,357

United

Natural

Foods,

Inc.(Æ)

64,087

3,206

US

Foods

Holding

Corp.(Æ)

27,044

2,528

Vita

Coco

Co.,

Inc.

(The)(Æ)

47,311

3,122

Warby

Parker,

Inc.

Class

A(Æ)

34,457

762

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Weis

Markets,

Inc.

9,522

668

76,292

Energy

-

4.1%

Alpha

Metallurgical

Resources,

Inc.(Æ)

4,962

925

Antero

Resources

Corp.(Æ)

91,396

3,588

Centrus

Energy

Corp.

Class

A(Æ)

14,433

3,045

Core

Laboratories,

Inc.

122,799

1,799

Core

Natural

Resources,

Inc.

7,881

707

Coterra

Energy,

Inc.

—

Delek

US

Holdings,

Inc.

18,526

863

DNOW,

Inc.(Æ)

167,410

2,258

Enphase

Energy,

Inc.(Æ)

25,413

838

Expro

Group

Holdings

NV(Æ)

33,240

605

First

Solar,

Inc.(Æ)

3,225

651

Helix

Energy

Solutions

Group,

Inc.(Æ)

319,081

3,302

HF

Sinclair

Corp.

48,975

3,292

Innovex

International,

Inc.(Æ)

19,199

533

Kodiak

Gas

Services,

Inc.

50,976

3,456

Liberty

Energy,

Inc.

Class

A

80,925

2,734

Mammoth

Energy

Services,

Inc.(Æ)

54,843

Matador

Resources

Co.

47,077

2,987

National

Energy

Services

Reunited

Corp.

(Æ)

27,751

692

Natural

Gas

Services

Group,

Inc.

23,760

967

NPK

International,

Inc.(Æ)

345,781

5,654

Oil

States

International,

Inc.(Æ)

127,995

1,469

Par

Pacific

Holdings,

Inc.(Æ)

56,998

3,743

Pason

Systems,

Inc.

381,545

3,924

Patterson-UTI

Energy,

Inc.

265,590

3,246

ProPetro

Holding

Corp.(Æ)

59,363

1,017

Seadrill,

Ltd.(Æ)

28,146

1,399

Select

Water

Solutions,

Inc.

Class

A

335,978

5,621

SM

Energy

Co.

15,506

Solaris

Energy

Infrastructure,

Inc.

Class

A

55,034

4,064

TechnipFMC

PLC

13,379

1,011

Transocean,

Ltd.(Æ)

868,370

5,922

Valaris

,

Ltd.(Æ)

18,800

1,917

Viper

Energy,

Inc.

Class

A

101,996

5,037

Weatherford

International

PLC

70,496

7,779

85,683

Financial

Services

-

18.8%

Affiliated

Managers

Group,

Inc.

11,012

3,245

Agree

Realty

Corp.(ö)

6,921

534

Alpine

Income

Property

Trust,

Inc.(ö)

34,296

645

Ameris

Bancorp

36,938

3,149

AMERISAFE,

Inc.

55,005

1,667

Apple

Hospitality

REIT,

Inc.(ö)

129,783

1,748

Associated

Banc-Corp.

20,340

573

Assurant,

Inc.

5,539

1,309

Assured

Guaranty,

Ltd.

81,432

6,669

Atlanticus

Holdings

Corp.(Æ)

5,249

Axis

Capital

Holdings,

Ltd.

30,294

3,042

Axos

Financial,

Inc.(Æ)

11,131

1,073

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

13,527

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Banc

of

California,

Inc.

130,316

2,441

Bancorp,

Inc.

(The)(Æ)

29,842

1,785

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

795

Bank

OZK

51,941

2,502

BankUnited,

Inc.

65,135

3,028

Banner

Corp.

16,392

1,097

BGC

Group,

Inc.

Class

A

296,615

3,331

Braemar

Hotels

&

Resorts,

Inc.(ö)

20,133

Bridgewater

Bancshares,

Inc.(Æ)

171,412

3,108

Brighthouse

Financial,

Inc.(Æ)

37,206

2,316

Burke

&

Herbert

Financial

Services

Corp.

26,049

1,675

Cannae

Holdings,

Inc.

2,908

Carter

Bankshares

,

Inc.

102,318

2,619

CBL

&

Associates

Properties,

Inc.(ö)

29,725

1,338

Circle

Internet

Group,

Inc.(Æ)

5,643

513

CNO

Financial

Group,

Inc.

65,539

2,913

Cohen

&

Steers,

Inc.

13,642

959

Columbia

Banking

System,

Inc.

30,339

898

Community

Financial

System,

Inc.

28,319

1,794

Compass,

Inc.

Class

A(Æ)

79,747

604

Consumer

Portfolio

Services,

Inc.(Æ)

3,021

CoStar

Group,

Inc.(Æ)

22,772

788

CTO

Realty

Growth,

Inc.(ö)

38,171

773

Cushman

&

Wakefield,

Ltd.(Æ)

222,544

3,125

Customers

Bancorp,

Inc.(Æ)

76,169

5,809

Dave,

Inc.(Æ)

1,654

DiamondRock

Hospitality

Co.(ö)

313,948

3,202

Dime

Community

Bancshares,

Inc.

56,911

2,043

Distribution

Solutions

Group,

Inc.(Æ)

14,392

Diversified

Healthcare

Trust(ö)

787,184

5,935

Encore

Capital

Group,

Inc.(Æ)

16,613

1,375

Enova

International,

Inc.(Æ)

30,176

5,112

EPR

Properties(ö)

21,427

1,196

Equity

Bancshares,

Inc.

Class

A

49,936

2,264

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

16,843

1,066

Esquire

Financial

Holdings,

Inc.

693

Essential

Properties

Realty

Trust,

Inc.(ö)

21,221

667

Everest

Group,

Ltd.

2,566

915

EZCORP,

Inc.

Class

A(Æ)

64,535

2,115

F&G

Annuities

&

Life,

Inc.

58,831

1,685

FB

Financial

Corp.

37,841

2,046

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,493

Fidelis

Insurance

Holdings,

Ltd.

138,933

2,936

First

BanCorp

106,817

2,594

First

Bank

93,879

1,393

First

Commonwealth

Financial

Corp.

59,331

1,092

First

Financial

Bankshares

,

Inc.

11,559

First

Horizon

Corp.

98,309

2,454

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

3,372

First

Internet

Bancorp

8,925

FirstService

Corp.

9,543

1,277

FNB

Corp.

90,478

1,615

Gaming

and

Leisure

Properties,

Inc.(ö)

47,461

2,300

GCM

Grosvenor,

Inc.

Class

A

87,725

958

Genworth

Financial,

Inc.

Class

A(Æ)

133,983

1,178

German

American

Bancorp,

Inc.

70,607

3,041

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Glacier

Bancorp,

Inc.

137,949

6,766

Globe

Life,

Inc.

7,789

1,202

Goosehead

Insurance,

Inc.

Class

A(Æ)

10,049

Grid

Dynamics

Holdings,

Inc.(Æ)

282,348

1,607

HA

Sustainable

Infrastructure

Capital,

Inc.

17,278

725

Hamilton

Insurance

Group,

Ltd.

Class

B

33,254

1,090

Hamilton

Lane,

Inc.

Class

A

26,009

2,393

Hanover

Insurance

Group,

Inc.

(The)

23,918

4,489

HBT

Financial,

Inc.

13,312

Heritage

Insurance

Holdings,

Inc.(Æ)

14,855

Hingham

Institution

for

Savings

(The)

9,968

2,833

Home

BancShares

,

Inc.

204,411

5,493

Horace

Mann

Educators

Corp.

60,714

2,759

Host

Hotels

&

Resorts,

Inc.(ö)

21,421

Houlihan

Lokey,

Inc.

Class

A

46,738

7,233

Howard

Hughes

Holdings,

Inc.(Æ)

40,210

2,504

Huntington

Bancshares,

Inc.

141,329

2,369

Independence

Realty

Trust,

Inc.(ö)

61,288

1,000

Independent

Bank

Corp.

56,790

4,429

Industrial

Logistics

Properties

Trust(ö)

300,450

2,232

International

General

Insurance

Holdings,

Ltd.

301,956

7,612

InvenTrust

Properties

Corp.(ö)

50,472

1,621

Jackson

Financial,

Inc.

Class

A

62,653

7,253

John

Wiley

&

Sons,

Inc.

Class

A

44,483

1,821

Jones

Lang

LaSalle,

Inc.(Æ)

14,647

4,660

Kimco

Realty

Corp.(ö)

83,091

1,964

Kinsale

Capital

Group,

Inc.

872

Lamar

Advertising

Co.

Class

A(ö)

5,068

699

Lazard,

Inc.

16,933

821

LendingClub

Corp.(Æ)

121,664

2,077

Live

Oak

Bancshares,

Inc.

24,107

906

Macerich

Co.

(The)(ö)

20,510

Marex

Group

PLC

102,519

5,469

Merchants

Bancorp

54,751

2,548

Metropolitan

Bank

Holding

Corp.

45,485

4,019

MGIC

Investment

Corp.

87,321

2,312

Mid-America

Apartment

Communities,

Inc.

(ö)

2,685

Millrose

Properties,

Inc.

Class

A(ö)

56,907

1,745

National

Bank

Holdings

Corp.

Class

A

72,233

3,084

NETSTREIT

Corp.(ö)

24,195

Newmark

Group,

Inc.

Class

A

311,588

5,023

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

2,220

NNN

REIT,

Inc.(ö)

40,945

1,793

Northrim

BanCorp

,

Inc.

60,716

1,489

OceanFirst

Financial

Corp.

38,060

726

OFG

Bancorp

134,940

6,202

Old

Second

Bancorp,

Inc.

106,577

2,197

OneMain

Holdings,

Inc.

5,743

Onity

Group,

Inc.(Æ)

4,551

Oportun

Financial

Corp.(Æ)

30,767

Origin

Bancorp,

Inc.

80,621

3,775

Pathward

Financial,

Inc.

24,076

2,091

Patriot

National

Bancorp,

Inc.(Æ)

347,148

Peapack-Gladstone

Financial

Corp.

18,179

759

Pebblebrook

Hotel

Trust(ö)

51,415

722

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Perella

Weinberg

Partners

95,814

2,179

Phillips

Edison

&

Co.,

Inc.(ö)

14,682

590

Pinnacle

Financial

Partners,

Inc.

17,668

1,748

Popular,

Inc.

38,925

5,852

Postal

Realty

Trust,

Inc.

Class

A(ö)

29,957

655

PRA

Group,

Inc.(Æ)

45,129

983

Primerica,

Inc.

8,016

2,255

Prosperity

Bancshares,

Inc.

35,667

2,484

Radian

Group,

Inc.

51,019

1,828

Raymond

James

Financial,

Inc.

29,861

4,728

Rayonier,

Inc.(ö)

753,531

15,982

RE/MAX

Holdings,

Inc.

Class

A(Æ)

507,444

5,430

Real

Brokerage,

Inc.

(The)(Æ)

211,056

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

2,045

Remitly

Global,

Inc.(Æ)

91,071

1,994

RenaissanceRe

Holdings,

Ltd.

7,843

2,408

Renasant

Corp.

24,218

966

Resolute

Holdings

Management,

Inc.(Æ)

9,280

1,263

Rocket

Cos.,

Inc.

Class

A(Æ)

34,423

503

Ryman

Hospitality

Properties,

Inc.(ö)

31,325

3,292

Safehold,

Inc.(ö)

136,534

2,187

Seacoast

Banking

Corp.

of

Florida

180,281

5,673

Selective

Insurance

Group,

Inc.

41,173

3,456

Simmons

First

National

Corp.

Class

A

39,362

837

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

46,273

2,103

Slide

Insurance

Holdings,

Inc.(Æ)

19,962

SLM

Corp.

90,806

2,096

SoFi

Technologies,

Inc.(Æ)

114,283

1,840

Southern

First

Bancshares,

Inc.(Æ)

52,615

2,962

Southern

Missouri

Bancorp,

Inc.

31,039

2,118

SouthState

Bank

Corp.

42,421

4,143

St.

Joe

Co.

(The)

28,774

1,858

Starwood

Property

Trust,

Inc.(ö)

66,209

1,216

Stewart

Information

Services

Corp.

26,394

1,847

Stock

Yards

Bancorp,

Inc.

29,505

2,134

Sun

Communities,

Inc.(ö)

3,203

Tel

Aviv

Stock

Exchange,

Ltd.

173,483

8,751

TeraWulf

,

Inc.(Æ)

60,186

1,308

Terreno

Realty

Corp.(ö)

2,016

Texas

Capital

Bancshares,

Inc.

28,980

2,918

TIC

Solutions,

Inc.(Æ)

25,311

Towne

Bank

109,873

3,907

Tradeweb

Markets,

Inc.

Class

A

18,095

2,049

Transcontinental

Realty

Investors,

Inc.(Æ)

5,110

Triumph

Financial,

Inc.(Æ)

6,648

UMB

Financial

Corp.

9,870

1,245

United

Community

Banks,

Inc.

20,570

686

Unum

Group

45,634

3,668

Virtus

Investment

Partners,

Inc.

1,898

Vornado

Realty

Trust(ö)

45,471

1,359

Voya

Financial,

Inc.

66,637

5,462

Walker

&

Dunlop,

Inc.

64,664

3,256

Webster

Financial

Corp.

50,085

3,624

Western

Alliance

Bancorp

15,686

1,279

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
White

Mountains

Insurance

Group,

Ltd.

565

1,261

389,861

Health

Care

-

12.1%

Abivax

SA

-

ADR(Æ)

22,964

2,695

Acadia

Healthcare

Co.,

Inc.(Æ)

37,620

974

AdaptHealth

Corp.(Æ)

157,253

2,062

Addus

HomeCare

Corp.(Æ)

34,795

3,371

Align

Technology,

Inc.(Æ)

11,931

2,100

Alphatec

Holdings,

Inc.(Æ)

141,835

1,384

Alumis

,

Inc.(Æ)

42,362

1,046

Amneal

Pharmaceuticals,

Inc.(Æ)

161,781

2,082

Annexon

,

Inc.(Æ)

202,222

1,187

Apogee

Therapeutics,

Inc.(Æ)

16,461

1,364

Arcus

Biosciences,

Inc.(Æ)

5,248

Arcutis

Biotherapeutics,

Inc.(Æ)

13,686

Arrowhead

Pharmaceuticals,

Inc.(Æ)

39,068

2,871

Artivion

,

Inc.(Æ)

29,351

1,052

Ascendis

Pharma

A/S(Æ)

18,611

4,269

Avantor,

Inc.(Æ)

249,475

2,021

Axsome

Therapeutics,

Inc.(Æ)

2,975

618

Beam

Therapeutics,

Inc.(Æ)

38,831

1,178

Billiontoone

,

Inc.

Class

A(Æ)

7,721

579

Biohaven

,

Ltd.(Æ)

7,390

BioLife

Solutions,

Inc.(Æ)

31,290

660

Bio-Techne

Corp.

73,832

4,084

BridgeBio

Pharma,

Inc.(Æ)

97,397

6,926

Brookdale

Senior

Living,

Inc.

Class

A(Æ)

27,681

Catalyst

Pharmaceuticals,

Inc.(Æ)

66,188

1,862

Celcuity

,

Inc.(Æ)

33,884

4,112

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

38,812

1,530

CG

Oncology,

Inc.(Æ)

56,927

3,799

Charles

River

Laboratories

International,

Inc.(Æ)

7,982

1,333

Chemed

Corp.

4,610

1,959

Cogent

Biosciences,

Inc.(Æ)

104,940

3,756

Concentra

Group

Holdings

Parent,

Inc.

127,930

2,875

Cooper

Cos,

Inc.

(The)(Æ)

8,232

518

CorVel

Corp.(Æ)

35,961

2,066

Crinetics

Pharmaceuticals,

Inc.(Æ)

31,731

1,231

CRISPR

Therapeutics

AG(Æ)

5,637

Cytokinetics,

Inc.(Æ)

37,581

2,404

DaVita,

Inc.(Æ)

10,612

1,646

DBV

Technologies

SA

-

ADR(Æ)

45,089

947

Definium

Therapeutics,

Inc.(Æ)

39,441

863

Dexcom,

Inc.(Æ)

5,433

Dianthus

Therapeutics,

Inc.(Æ)

40,792

3,582

Doximity,

Inc.

Class

A(Æ)

16,601

Elanco

Animal

Health,

Inc.(Æ)

183,258

4,099

Emergent

BioSolutions,

Inc.(Æ)

98,263

809

Encompass

Health

Corp.

51,986

5,199

Enovis

Corp.(Æ)

128,637

3,015

Ensign

Group,

Inc.

(The)

29,828

5,569

Envista

Holdings

Corp.(Æ)

83,210

2,158

Evolus

,

Inc.(Æ)

60,884

Forte

Biosciences,

Inc.(Æ)

29,137

777

Greenwich

LifeSciences

,

Inc.(Æ)

17,833

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Guardant

Health,

Inc.(Æ)

21,591

1,880

Haemonetics

Corp.(Æ)

20,950

1,259

Halozyme

Therapeutics,

Inc.(Æ)

30,665

1,952

Harrow,

Inc.(Æ)

24,947

1,011

HealthEquity,

Inc.(Æ)

26,986

2,214

Henry

Schein,

Inc.(Æ)

17,100

1,275

Icon

PLC(Æ)

18,707

2,214

IDEAYA

Biosciences,

Inc.(Æ)

28,614

833

Inhibrx

Biosciences,

Inc.(Æ)

15,439

1,995

Insmed

,

Inc.(Æ)

45,822

6,247

Inventiva

SACA

-

ADR(Æ)

67,802

Jade

Biosciences,

Inc.(Æ)

37,540

916

Jazz

Pharmaceuticals

PLC(Æ)

551

KalVista

Pharmaceuticals,

Inc.(Æ)

52,939

1,411

Krystal

Biotech,

Inc.(Æ)

2,452

643

Kymera

Therapeutics,

Inc.(Æ)

13,023

1,056

LeMaitre

Vascular,

Inc.

52,245

5,734

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

8,313

1,907

Liquidia

Corp.(Æ)

67,960

2,665

Madrigal

Pharmaceuticals,

Inc.(Æ)

15,446

7,992

Maze

Therapeutics,

Inc.(Æ)

5,748

Medpace

Holdings,

Inc.(Æ)

9,373

3,924

MeiraGTx

Holdings

PLC(Æ)

79,392

732

Mineralys

Therapeutics,

Inc.(Æ)

54,612

1,455

Mirum

Pharmaceuticals,

Inc.(Æ)

72,269

7,032

Natera

,

Inc.(Æ)

6,330

1,305

Nektar

Therapeutics(Æ)

34,239

2,912

Neurocrine

Biosciences,

Inc.(Æ)

9,627

1,268

NeuroPace

,

Inc.(Æ)

37,056

625

Newamsterdam

Pharma

Co.

NV(Æ)

23,575

673

Nuvalent

,

Inc.

Class

A(Æ)

26,657

2,673

Omnicell,

Inc.(Æ)

8,346

Option

Care

Health,

Inc.(Æ)

49,063

997

ORIC

Pharmaceuticals,

Inc.(Æ)

71,032

702

Oruka

Therapeutics,

Inc.(Æ)

17,743

1,214

Pacira

BioSciences

,

Inc.(Æ)

57,348

1,462

PACS

Group,

Inc.(Æ)

131,487

4,411

Pediatrix

Medical

Group,

Inc.(Æ)

72,527

1,633

Pennant

Group,

Inc.

(The)(Æ)

88,711

2,778

Praxis

Precision

Medicines,

Inc.(Æ)

8,123

2,590

Prestige

Consumer

Healthcare,

Inc.(Æ)

14,535

819

PTC

Therapeutics,

Inc.(Æ)

43,915

2,857

Puma

Biotechnology,

Inc.(Æ)

248,058

1,863

Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

62,518

2,631

Quest

Diagnostics,

Inc.

7,338

1,425

RadNet

,

Inc.(Æ)

27,023

1,528

Repligen

Corp.(Æ)

12,123

1,434

Revolution

Medicines,

Inc.(Æ)

27,226

3,924

Rhythm

Pharmaceuticals,

Inc.(Æ)

35,474

2,886

Rigel

Pharmaceuticals,

Inc.(Æ)

29,934

865

Roivant

Sciences,

Ltd.(Æ)

11,823

Scholar

Rock

Holding

Corp.(Æ)

5,539

Sionna

Therapeutics,

Inc.(Æ)

14,503

561

Smith

&

Nephew

PLC

-

ADR

89,775

2,777

Soleno

Therapeutics,

Inc.(Æ)

11,240

594

STERIS

PLC

18,634

4,041

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

707

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Talkspace

,

Inc.(Æ)

197,778

1,026

Tarsus

Pharmaceuticals,

Inc.(Æ)

35,276

2,244

Tenet

Healthcare

Corp.(Æ)

21,704

3,844

Terns

Pharmaceuticals,

Inc.(Æ)

79,729

4,220

TG

Therapeutics,

Inc.(Æ)

53,328

1,801

TransMedics

Group,

Inc.(Æ)

4,071

Travere

Therapeutics,

Inc.(Æ)

36,595

1,541

Twist

Bioscience

Corp.(Æ)

24,065

1,407

Tyra

Biosciences,

Inc.(Æ)

15,376

534

uniQure

NV(Æ)

10,656

United

Therapeutics

Corp.(Æ)

6,528

3,730

Universal

Health

Services,

Inc.

Class

B

12,406

2,088

UroGen

Pharma,

Ltd.(Æ)

9,452

US

Physical

Therapy,

Inc.

23,784

1,694

Varex

Imaging

Corp.(Æ)

22,097

Vaxcyte

,

Inc.(Æ)

3,885

Veeva

Systems,

Inc.

Class

A(Æ)

Vera

Therapeutics,

Inc.(Æ)

29,535

1,052

Veracyte

,

Inc.(Æ)

38,560

1,269

Vericel

Corp.(Æ)

79,266

2,753

Viking

Therapeutics,

Inc.(Æ)

21,452

669

Viridian

Therapeutics,

Inc.(Æ)

41,827

564

Waystar

Holding

Corp.(Æ)

15,492

West

Pharmaceutical

Services,

Inc.

9,822

2,923

Xenon

Pharmaceuticals,

Inc.(Æ)

30,848

1,729

250,142

Materials

and

Processing

-

10.6%

AAON,

Inc.

16,344

1,525

Acuity,

Inc.

2,856

828

Advanced

Drainage

Systems,

Inc.

15,000

2,239

AdvanSix

,

Inc.

25,838

637

Alcoa

Corp.

33,253

2,121

Amrize

,

Ltd.

59,190

3,183

Apogee

Enterprises,

Inc.

49,533

1,803

AptarGroup,

Inc.

5,929

733

Ashland,

Inc.

4,413

Avient

Corp.

93,345

3,461

Axalta

Coating

Systems,

Ltd.(Æ)

50,647

1,440

Balchem

Corp.

20,807

3,363

Ball

Corp.

115,441

7,051

Belden,

Inc.

5,651

636

Builders

FirstSource

,

Inc.(Æ)

11,474

907

Cameco

Corp.

Class

A

21,570

2,654

Carpenter

Technology

Corp.

6,401

2,741

Celanese

Corp.

Class

A

57,356

3,886

Chemours

Co.

(The)

107,345

2,893

Cleveland-Cliffs,

Inc.(Æ)

123,931

1,264

Commercial

Metals

Co.

77,975

5,377

Constellium

SE(Æ)

107,161

3,352

Core

&

Main,

Inc.

Class

A(Æ)

3,764

Crown

Holdings,

Inc.

5,723

563

Darling

Ingredients,

Inc.(Æ)

12,608

810

DuPont

de

Nemours,

Inc.

24,250

1,107

Eagle

Materials,

Inc.

17,343

3,644

Element

Solutions,

Inc.

210,929

8,983

Fabrinet(Æ)

5,341

3,650

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fortune

Brands

Innovations,

Inc.

21,417

868

Greif,

Inc.

Class

A

61,183

3,992

H.B.

Fuller

Co.

42,923

2,598

Healthcare

Services

Group,

Inc.(Æ)

376,718

8,066

Ingevity

Corp.(Æ)

105,085

8,006

Innospec,

Inc.

4,161

Installed

Building

Products,

Inc.

6,798

1,962

Insteel

Industries,

Inc.

33,466

876

Intrepid

Potash,

Inc.(Æ)

21,124

836

ITT,

Inc.

39,309

8,425

Knife

River

Corp.(Æ)

25,914

2,398

Koppers

Holdings,

Inc.

14,523

593

Legence

Corp.

Class

A(Æ)

46,287

4,025

Lennox

International,

Inc.

3,222

1,723

LKQ

Corp.

122,198

3,859

Magnera

Corp.(Æ)

204,084

2,037

Masterbrand,

Inc.(Æ)

124,144

1,115

MDU

Resources

Group,

Inc.

206,611

4,655

Metallus

,

Inc.(Æ)

22,790

Minerals

Technologies,

Inc.

16,922

1,217

Modine

Manufacturing

Co.(Æ)

50,425

12,840

Mohawk

Industries,

Inc.(Æ)

12,972

1,369

Olin

Corp.

39,740

1,132

OPENLANE,

Inc.(Æ)

46,088

1,449

Owens

Corning

10,132

1,250

Packaging

Corp.

of

America

4,726

1,009

Pool

Corp.

24,336

5,191

Qnity

Electronics,

Inc.

16,774

2,359

Quaker

Chemical

Corp.

32,841

4,463

Reliance,

Inc.

4,978

1,805

Resideo

Technologies,

Inc.(Æ)

54,070

2,237

Rogers

Corp.(Æ)

3,305

Royal

Gold,

Inc.

8,784

2,050

RPM

International,

Inc.

6,601

673

Rush

Enterprises,

Inc.

Class

A

70,983

5,255

ScanSource,

Inc.(Æ)

13,149

541

Silgan

Holdings,

Inc.

130,449

5,290

SiteOne

Landscape

Supply,

Inc.(Æ)

3,598

SmartRent

,

Inc.(Æ)

426,714

580

Solstice

Advanced

Materials

Inc.

69,475

5,693

SPX

Technologies,

Inc.(Æ)

34,868

7,633

SSR

Mining,

Inc.(Æ)

59,008

1,700

Steel

Dynamics,

Inc.

7,194

1,645

Stepan

Co.

48,112

2,407

Timken

Co.

(The)

69,399

7,696

Titan

America

SA

45,776

755

Trex

Co.,

Inc.(Æ)

8,408

UFP

Industries,

Inc.

88,789

7,946

Valmont

Industries,

Inc.

2,427

1,233

Vox

Royalty

Corp.

122,252

628

Watsco

,

Inc.

4,901

2,146

Worthington

Enterprises,

Inc.

9,630

523

Worthington

Steel,

Inc.

9,630

220,383

Producer

Durables

-

18.8%

ABM

Industries,

Inc.

4,061

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aebi

Schmidt

Holding

AG

201,822

2,345

AECOM

25,754

2,166

Alamo

Group,

Inc.

5,697

988

Alarm.com

Holdings,

Inc.(Æ)

26,493

1,177

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

1,845

Alta

Equipment

Group,

Inc.

49,965

Andersen

Group,

Inc.

Class

A(Æ)

163,998

5,802

Applied

Industrial

Technologies,

Inc.

4,001

1,223

Aptiv

PLC(Æ)

16,490

994

ArcBest

Corp.

31,963

4,078

Arcosa

,

Inc.

35,026

4,430

Aurora

Innovation,

Inc.(Æ)

201,816

1,187

Avery

Dennison

Corp.

4,784

784

Badger

Meter,

Inc.

12,047

1,457

Barrett

Business

Services,

Inc.

168,058

5,299

Bloom

Energy

Corp.

Class

A(Æ)

38,680

10,960

Boeing

Co.

(The)(Æ)

Booz

Allen

Hamilton

Holding

Corp.

Class

A

12,500

972

BWX

Technologies,

Inc.

33,050

7,152

Cactus,

Inc.

Class

A

65,225

3,634

Carlisle

Cos.,

Inc.

4,205

1,494

Casella

Waste

Systems,

Inc.

Class

A(Æ)

11,783

934

Chart

Industries,

Inc.(Æ)

9,336

1,941

Comfort

Systems

USA,

Inc.

7,277

13,392

Construction

Partners,

Inc.

Class

A(Æ)

58,193

7,196

Costamare

Bulkers

Holdings,

Ltd.(Æ)

79,001

1,365

Crane

Co.

15,572

2,768

Deluxe

Corp.

116,748

3,637

Dorian

LPG,

Ltd.

21,165

816

Dorman

Products,

Inc.(Æ)

17,788

2,001

Dycom

Industries,

Inc.(Æ)

11,879

4,919

Eastman

Kodak

Co.(Æ)

51,944

692

Embraer

SA

-

ADR

36,940

2,316

EnerSys

44,604

9,512

Enpro

,

Inc.

10,599

3,090

Esab

Corp.

43,467

4,272

ESCO

Technologies,

Inc.

24,586

7,965

Euronet

Worldwide,

Inc.(Æ)

10,811

783

Everforth

,

Inc.(Æ)

38,448

811

Everus

Construction

Group,

Inc.(Æ)

34,140

5,033

ExlService

Holdings,

Inc.(Æ)

47,475

1,514

Flowserve

Corp.

81,016

5,966

Fluor

Corp.(Æ)

37,800

2,017

Fortive

Corp.

27,832

1,664

Forward

Air

Corp.(Æ)

18,160

Franklin

Electric

Co.,

Inc.

24,410

2,446

FreightCar

America,

Inc.(Æ)

36,480

Frontdoor

,

Inc.(Æ)

33,734

2,315

FTAI

Aviation,

Ltd.

37,719

9,417

FTI

Consulting,

Inc.(Æ)

2,997

537

Gates

Industrial

Corp.

PLC(Æ)

47,161

1,208

Generac

Holdings,

Inc.(Æ)

GFL

Environmental,

Inc.

23,751

953

Gorman-Rupp

Co.

(The)

19,777

1,498

GPGI,

Inc.

Class

A

162,229

2,503

Granite

Construction,

Inc.

19,905

2,728

GXO

Logistics,

Inc.(Æ)

14,529

830

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hackett

Group,

Inc.

(The)

130,307

1,682

HEICO

Corp.

9,173

2,476

Helios

Technologies,

Inc.

56,567

3,869

Herc

Holdings,

Inc.

7,336

931

Hexcel

Corp.

8,499

798

Howmet

Aerospace,

Inc.

11,122

2,703

Hub

Group,

Inc.

Class

A

50,580

2,217

Hyster-Yale,

Inc.

44,296

1,748

IDEX

Corp.

20,333

4,430

Innovative

Solutions

and

Support,

Inc.(Æ)

49,426

1,087

Itron

,

Inc.(Æ)

16,967

1,422

Kennametal,

Inc.

32,031

1,240

Kforce

,

Inc.

74,594

3,372

Kirby

Corp.(Æ)

783

Knight-Swift

Transportation

Holdings,

Inc.

9,433

612

Kratos

Defense

&

Security

Solutions,

Inc.

(Æ)

20,542

1,295

Lamb

Weston

Holdings,

Inc.

95,110

4,142

Landstar

System,

Inc.

6,047

1,113

Limbach

Holdings,

Inc.(Æ)

10,226

1,020

Lincoln

Electric

Holdings,

Inc.

3,729

988

Littelfuse

,

Inc.

16,595

6,707

MarketAxess

Holdings,

Inc.

MasTec

,

Inc.(Æ)

17,488

6,891

Matson,

Inc.

26,716

4,660

Maximus,

Inc.

14,490

951

Mayville

Engineering

Co.,

Inc.(Æ)

94,311

2,151

Mercury

Systems,

Inc.(Æ)

16,068

1,268

Middleby

Corp.

(The)(Æ)

31,290

4,392

MillerKnoll

,

Inc.

53,331

858

Mirion

Technologies,

Inc.(Æ)

48,937

967

MSC

Industrial

Direct

Co.,

Inc.

Class

A

94,798

9,695

Murphy

USA,

Inc.

1,877

1,104

MYR

Group,

Inc.(Æ)

11,935

4,831

Nexxen

International,

Ltd.(Æ)

196,067

1,439

Nordson

Corp.

6,859

1,979

Onterris

,

Inc.(Æ)

105,362

2,218

Orion

Group

Holdings,

Inc.(Æ)

54,383

741

Paylocity

Holding

Corp.(Æ)

19,836

2,093

Pentair

PLC

13,065

1,055

Phinia

,

Inc.

67,697

4,884

PROG

Holdings,

Inc.

67,376

2,414

Public

Policy

Holding

Co,

Inc.

179,618

2,518

Quanta

Services,

Inc.

1,328

967

Ralliant

Corp.

42,753

1,943

RBC

Bearings,

Inc.(Æ)

1,938

1,161

RCM

Technologies,

Inc.(Æ)

29,379

919

Regal

Rexnord

Corp.

7,842

1,686

Robert

Half,

Inc.

159,031

4,232

RXO,

Inc.(Æ)

117,533

2,347

Ryder

System,

Inc.

13,972

3,546

Ryerson

Holding

Corp.

72,974

2,022

Saia,

Inc.(Æ)

14,253

6,397

Schneider

National,

Inc.

Class

B

134,903

4,194

Scotts

Miracle-Gro

Co.

(The)

Class

A

79,119

4,961

Snap-on,

Inc.

3,029

1,161

Stagwell

,

Inc.(Æ)

317,679

1,992

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Standex

International

Corp.

16,214

4,426

Sterling

Infrastructure,

Inc.(Æ)

14,079

7,259

Sun

Country

Airlines

Holdings,

Inc.(Æ)

5,779

Sunbelt

Rentals

Holdings,

Inc.

2,492

Teekay

Tankers,

Ltd.

Class

A

6,916

543

Terex

Corp.

16,159

1,005

Tetra

Tech,

Inc.

72,170

2,333

Textron,

Inc.

36,884

3,539

Thermon

Group

Holdings,

Inc.(Æ)

79,805

4,827

Tidewater,

Inc.(Æ)

10,522

940

TopBuild

Corp.(Æ)

6,629

2,935

Toro

Co.

(The)

22,153

2,108

TransUnion

7,119

505

Trimble,

Inc.(Æ)

49,203

3,312

UniFirst

Corp.

1,948

United

Rentals,

Inc.

2,386

2,290

V2X,

Inc.(Æ)

37,580

2,548

Versigent

PLC(Æ)

5,496

Vontier

Corp.

215,131

7,719

Watts

Water

Technologies,

Inc.

Class

A

4,528

1,359

Werner

Enterprises,

Inc.

138,823

5,118

WESCO

International,

Inc.

30,963

10,810

Westinghouse

Air

Brake

Technologies

Corp.

15,241

4,113

Willdan

Group,

Inc.(Æ)

36,277

2,757

XPO,

Inc.(Æ)

43,756

9,632

388,155

Technology

-

13.2%

A10

Networks,

Inc.

74,004

1,974

ACI

Worldwide,

Inc.(Æ)

19,516

843

ACM

Research,

Inc.

Class

A(Æ)

70,769

3,658

Advanced

Micro

Devices,

Inc.(Æ)

2,397

850

Agilysys,

Inc.(Æ)

32,102

2,056

Amentum

Holdings,

Inc.(Æ)

270,547

7,096

Appfolio

,

Inc.

Class

A(Æ)

15,654

2,616

Arista

Networks,

Inc.(Æ)

3,319

573

Arrow

Electronics,

Inc.(Æ)

3,215

604

Aviat

Networks,

Inc.(Æ)

26,238

602

Avnet,

Inc.

13,838

1,142

Axcelis

Technologies,

Inc.(Æ)

4,493

625

Bandwidth,

Inc.

Class

A(Æ)

36,653

1,349

Bentley

Systems,

Inc.

Class

B

13,315

Box,

Inc.

Class

A(Æ)

16,682

CACI

International,

Inc.

Class

A(Æ)

11,126

5,780

Calix,

Inc.(Æ)

41,181

1,794

Camtek

,

Ltd.(Æ)

26,051

5,000

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

242,565

1,271

Ciena

Corp.(Æ)

6,975

3,680

Cirrus

Logic,

Inc.(Æ)

2,705

Clear

Secure,

Inc.

Class

A

64,157

3,425

Clearfield,

Inc.(Æ)

6,112

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

52,734

1,276

Coherent

Corp.(Æ)

37,904

12,118

Concentrix

Corp.

27,492

655

Consensus

Cloud

Solutions,

Inc.(Æ)

53,378

1,381

Crane

NXT

Co.

55,546

2,482

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Credo

Technology

Group

Holding,

Ltd.(Æ)

3,867

673

Daily

Journal

Corp.(Æ)

2,897

1,532

Descartes

Systems

Group,

Inc.

(The)(Æ)

42,401

3,058

Diebold

Nixdorf,

Inc.(Æ)

27,224

2,091

DigitalOcean

Holdings,

Inc.(Æ)

60,046

5,790

Diodes,

Inc.(Æ)

22,989

2,463

Dolby

Laboratories,

Inc.

Class

A

36,010

2,310

Donnelley

Financial

Solutions,

Inc.(Æ)

51,590

2,595

DXC

Technology

Co.(Æ)

216,321

2,449

Dynatrace,

Inc.(Æ)

42,326

1,533

EchoStar

Corp.

Class

A(Æ)

1,712

EPAM

Systems,

Inc.(Æ)

16,018

1,822

Everpure

,

Inc.

Class

A(Æ)

49,016

3,502

F5,

Inc.(Æ)

2,329

754

Fair

Isaac

Corp.(Æ)

4,834

4,955

Fastly,

Inc.

Class

A(Æ)

66,730

1,685

Figure

Technology

Solutions,

Inc.

Class

A(Æ)

14,173

Five9,

Inc.(Æ)

19,496

Flex,

Ltd.(Æ)

7,151

655

Fortinet,

Inc.(Æ)

23,909

2,016

GCI

Liberty,

Inc.

Class

C(Æ)

105,953

3,629

Genpact,

Ltd.

46,885

1,629

Global-e

Online,

Ltd.(Æ)

37,371

1,172

Globant

SA(Æ)

34,145

1,408

GoDaddy,

Inc.

Class

A(Æ)

24,884

2,160

Guidewire

Software,

Inc.(Æ)

16,199

2,242

Ichor

Holdings,

Ltd.(Æ)

16,669

1,100

IDT

Corp.

Class

B

59,377

2,978

Insight

Enterprises,

Inc.(Æ)

12,643

922

IonQ

,

Inc.(Æ)

23,137

1,044

Jabil,

Inc.

8,864

2,991

Jack

Henry

&

Associates,

Inc.

10,910

1,677

KBR,

Inc.

119,131

4,466

Kimball

Electronics,

Inc.(Æ)

20,531

555

Kulicke

&

Soffa

Industries,

Inc.

114,826

9,818

Kyndryl

Holdings,

Inc.(Æ)

49,752

688

Lumentum

Holdings,

Inc.(Æ)

18,957

17,105

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

1,597

Match

Group,

Inc.

102,049

3,819

MKS,

Inc.

13,737

3,898

Monolithic

Power

Systems,

Inc.

7,910

12,770

Napco

Security

Technologies,

Inc.

4,371

NCR

Atleos

Corp.(Æ)

52,621

2,335

NetApp,

Inc.

28,337

3,139

NetScout

Systems,

Inc.(Æ)

52,249

1,761

Nice,

Ltd.

-

ADR(Æ)

9,009

919

Novanta,

Inc.(Æ)

5,524

715

ON

Semiconductor

Corp.(Æ)

9,018

909

Ouster,

Inc.(Æ)

54,945

1,481

Pegasystems,

Inc.

95,391

3,487

Photronics

,

Inc.(Æ)

34,924

1,728

Planet

Labs

PBC(Æ)

49,532

1,831

Plexus

Corp.(Æ)

29,571

7,410

Power

Integrations,

Inc.

22,386

1,628

Powerfleet

,

Inc.(Æ)

217,104

699

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Progress

Software

Corp.(Æ)

36,263

1,010

PTC,

Inc.(Æ)

1,951

Q2

Holdings,

Inc.(Æ)

24,535

1,245

Qorvo,

Inc.(Æ)

8,681

818

Qualys,

Inc.(Æ)

11,943

1,038

Rambus,

Inc.(Æ)

32,101

3,695

Red

Violet,

Inc.(Æ)

47,815

1,790

Ribbon

Communications,

Inc.(Æ)

304,035

803

Sandisk

Corp.(Æ)

19,009

20,844

Sapiens

International

Corp.

NV(Æ)(Š)

23,622

1,028

Semtech

Corp.(Æ)

28,165

2,959

Shutterstock,

Inc.

17,457

SiTime

Corp.(Æ)

4,346

2,443

SPS

Commerce,

Inc.(Æ)

22,628

1,270

Super

Micro

Computer,

Inc.(Æ)

7,627

Synaptics

,

Inc.(Æ)

20,011

1,873

TD

SYNNEX

Corp.

7,146

1,631

Teradata

Corp.(Æ)

58,555

1,543

Twilio,

Inc.

Class

A(Æ)

12,531

1,855

Tyler

Technologies,

Inc.(Æ)

7,467

2,547

Ultra

Clean

Holdings,

Inc.(Æ)

24,816

1,939

Vishay

Intertechnology

,

Inc.

144,831

4,196

Vistance

Networks,

Inc.

121,807

1,558

Workiva,

Inc.(Æ)

1,746

Zeta

Global

Holdings

Corp.

Class

A(Æ)

254,547

4,689

272,770

Utilities

-

2.6%

American

States

Water

Co.

13,375

1,007

APA

Corp.

33,816

1,377

Brookfield

Infrastructure

Corp.

Class

A

9,257

Chesapeake

Utilities

Corp.

9,745

1,229

ConocoPhillips

9,541

1,200

Crescent

Energy

Co.

Class

A

105,347

1,417

DT

Midstream,

Inc.

61,692

9,130

Expand

Energy

Corp.

22,768

2,326

Gulfport

Energy

Corp.(Æ)

15,470

2,979

IDACORP,

Inc.

18,388

2,717

Lumen

Technologies,

Inc.(Æ)

418,068

3,696

Magnolia

Oil

&

Gas

Corp.

Class

A

5,997

Northern

Oil

&

Gas,

Inc.

77,921

2,116

Northwestern

Energy

Group,

Inc.

56,300

4,073

NRG

Energy,

Inc.

9,346

1,454

Ovintiv

,

Inc.

26,435

1,627

Permian

Resources

Corp.

Class

A

76,169

1,647

RGC

Resources,

Inc.

47,133

1,071

Talen

Energy

Corp.(Æ)

8,065

3,004

Talos

Energy,

Inc.(Æ)

64,632

1,029

Telephone

and

Data

Systems,

Inc.

51,570

2,324

UGI

Corp.

64,234

2,318

Vista

Energy

SAB

de

CV

-

ADR(Æ)

10,067

748

Vistra

Corp.

27,277

4,305

53,317

#### Total

#### Common

#### Stocks
(cost

$1,026,281)

1,991,461

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Akero

Therapeutics,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

5,733

Arcellx

,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

58,151

Blueprint

Medicines

Corp.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

17,339

Chinook

Therapeutics,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

15,391

—

Inhibrx

,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Right

95,150

Nabors

Industries,

Ltd.(Æ)

2026 Warrants

3,926

OmniAb

,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

6,830

—

Rain

Oncology,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

23,153

TreeHouse

Foods,

Inc.(Æ)(Š)

&nbsp;&nbsp;&nbsp;&nbsp;Rights

85,705

#### Total

#### Warrants

#### and

#### Rights
(cost

$244)

#### Short-Term

#### Investments

#### -

#### 3.4%
U.S.

Cash

Management

Fund(@)

70,913,995

(∞)

70,900

#### Total

#### Short-Term

#### Investments
(cost

$70,896)

70,900

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$1,097,421)

2,062,607

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
8,219

#### Net

#### Assets

#### -

#### 100.0%
2,070,826

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

59,104

06/26

5,885

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5,885

#### 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

$

254,858

$

—

$

—

$

—

$

254,858

Consumer

Staples

76,292

—

—

—

76,292

Energy

85,683

—

—

—

85,683

Financial

Services

389,861

—

—

—

389,861

Health

Care

250,142

—

—

—

250,142

Materials

and

Processing

220,383

—

—

—

220,383

Producer

Durables

388,155

—

—

—

388,155

Technology

271,742

—

1,028

—

272,770

Utilities

53,317

—

—

—

53,317

Warrants

and

Rights

—

—

Short-Term

Investments

—

—

—

70,900

70,900

Total

Investments

1,990,435

—

1,272

70,900

2,062,607

Other

Financial

Instruments

Assets

Futures

Contracts

5,885

—

—

—

5,885

Total

Other

Financial

Instruments

\*

$

5,885

$

—

$

—

$

—

$

5,885

\*

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

April

30,

2026,

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

April

30,

2026,

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

5,885

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,879

$

—

Foreign

currency

exchange

contracts

—

Total

$

1,879

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

4,718

$

—

\*

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,097,421

Investments,

at

fair

value(>)

........................................................................................................................................................

2,062,607

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,850

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

2,524

Variation

margin

on

futures

contracts

..............................................................................................................................

5,886

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

2,073,429

#### Liabilities
Payables:

Due

to

broker(a)

...............................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

1,865

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

2,603

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,070,826

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

985,817

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

1,084,580

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,070,826

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

70,900

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

1,782

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

...................................................................................................................................................

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

45.79 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

48.58 Class

A

—

Net

assets

...........................................................................................................................................................

$

37,987,906

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

829,701

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

37.34 Class

C

—

Net

assets

...........................................................................................................................................................

$

14,006,527

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

375,151

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

48.56 Class

M

—

Net

assets

..........................................................................................................................................................

$

606,942,981

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

12,498,036

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

48.39 Class

S

—

Net

assets

............................................................................................................................................................

$

1,411,888,562

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,178,905

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

11,111

Dividend

distributions

from

affiliated

funds

....................................................................................................................

991

Interest

..............................................................................................................................................................................

Total

investment

income

.............................................................................................................................................................

12,168

#### Expenses
Advisory

fees

...................................................................................................................................................................

9,034

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

..........................................................................................................................................

536

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,296

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

11,884

Expense

reductions

..........................................................................................................................................................

(743) Net

expenses

................................................................................................................................................................................

11,141

Net

investment

income

(loss)

.......................................................................................................................................................

1,027

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

33,012

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

1,879

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

35,026

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

206,886

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

4,718

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

211,608

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

246,634

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

247,661

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

1,027

$

2,516

Net

realized

gain

(loss)

................................................................................................................

35,026

17,350

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

211,608

37,852

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

247,661

57,718

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(82) (165) Class

M

....................................................................................................................................

(2,948)

(3,230)

Class

S

......................................................................................................................................

(5,830)

(8,619)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(8,860)

(12,014)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

56,793

1,436

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
295,594

47,140

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,775,232

1,728,092

End

of

period

......................................................................................................................................

$

2,070,826

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,711

$

4,424

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(34) (1,477)

(146) (5,582)

Net

increase

(decrease)

(29) (993) Class

C

Proceeds

from

shares

sold

793

1,473

Payments

for

shares

redeemed

(41) (1,390)

(111) (3,467)

Net

increase

(decrease)

(18) (597) (64) (1,994)

Class

M

Proceeds

from

shares

sold

2,714

119,782

2,524

102,215

Proceeds

from

reinvestment

of

distributions

2,936

3,215

Payments

for

shares

redeemed

(783) (35,400)

(2,726)

(116,819)

Net

increase

(decrease)

1,998

87,318

(125) (11,389)

Class

S

Proceeds

from

shares

sold

2,106

94,591

6,522

270,307

Proceeds

from

reinvestment

of

distributions

5,790

8,554

Payments

for

shares

redeemed

(2,964)

(130,624)

(6,295)

(263,049)

Net

increase

(decrease)

(725) (30,243)

15,812

Total

increase

(decrease)

1,263

$

56,793

$

1,436

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

40.41 39.59 30.44 32.28 39.31 26.66 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.04)

(.05)

(.05)

.01

(.09)

(.15)

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.52 1.07 9.20 (1.85)

(6.90)

12.85 $

Total

from

Investment

Operations

5.48 1.02 9.15 (1.84)

(6.99)

12.70 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.10)

(.20)

—

—

—

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.04)

—

$

Total

Distributions

(.10)

(.20)

—

—

(.04)

(.05)

$

Net

Asset

Value,

End

of

Period

45.79 40.41 39.59 30.44 32.28 39.31 %

Total

Return

(±)(ǿ)

13.58 2.58 30.06 (5.70)

(17.79)

47.69 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 37,988

33,226

33,681

21,180

26,204

29,140

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.50 1.51 1.51 1.51 1.52 1.52 %

Expenses,

Net

(Ƃ)(ɯ)

1.48 1.49 1.49 1.48 1.48 1.48 %

Net

Investment

Income

(Ƃ)(ɯ)

(.18)

(.14)

(.13)

.03

(.25)

(.40)

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

33.00 32.39 25.09 26.80 32.88 22.42 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

(.16)

(.27)

(.26)

(.19)

(.28)

(.35)

$

Net

Realized

and

Unrealized

Gain

(Loss)

4.50 .88

7.56 (1.52)

(5.76)

10.81 $

Total

from

Investment

Operations

4.34 .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

37.34 33.00 32.39 25.09 26.80 32.88 %

Total

Return

(ǿ)

13.19 1.8 8

29.10 (6.38)

(18.38)

46.65 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 14,006

12,956

14,805

11,837

13,595

16,259

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.25 2.26 2.26 2.26 2.27 2.27 %

Expenses,

Net

(Ƃ)(ɯ)

2.20 2.21 2.21 2.20 2.20 2.20 %

Net

Investment

Income

(Ƃ)(ɯ)

(.90)

(.86)

(.84)

(.69)

(.97)

(1.13)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

42.92 42.01 32.25 34.19 41.47 28.11 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.04

.10

.10

.14

.05

(.01)

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.85 1.15 9.74 (1.96)

(7.29)

13.52 $

Total

from

Investment

Operations

5.89 1.25 9.84 (1.82)

(7.24)

13.51 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.25)

(.34)

(.08)

(.12)

—

(.15)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.04)

—

$

Total

Distributions

(.25)

(.34)

(.08)

(.12)

(.04)

(.15)

$

Net

Asset

Value,

End

of

Period

48.56 42.92 42.01 32.25 34.19 41.47 %

Total

Return

(ǿ)

13.78 3.00 30.52 (5.34)

(17.47)

48.19 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 606,943

450,701

446,411

301,992

331,061

308,276

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.25 1.26 1.26 1.26 1.27 1.27 %

Expenses,

Net

(Ƃ)(ɯ)

1.10 1.11 1.11 1.10 1.10 1.10 %

Net

Investment

Income

(Ƃ)(ɯ)

.19

.24

.25

.40

.15

(.03)

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

42.75 41.84 32.12 34.06 41.35 28.03 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.02

.06

.06

.11

.01

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

5.82 1.15 9.70 (1.96)

(7.26)

13.49 $

Total

from

Investment

Operations

5.84 1.21 9.76 (1.85)

(7.25)

13.44 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.30)

(.04)

(.09)

—

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.04)

—

$

Total

Distributions

(.20)

(.30)

(.04)

(.09)

(.04)

(.12)

$

Net

Asset

Value,

End

of

Period

48.39 42.75 41.84 32.12 34.06 41.35 %

Total

Return

(ǿ)

13.72 2.91 30.40 (5.45)

(17.54)

48.05 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,411,889

1,278,349

1,233,195

922,906

939,714

1,020,504

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.25 1.26 1.26 1.26 1.27 1.27 %

Expenses,

Net

(Ƃ)(ɯ)

1.20 1.21 1.21 1.20 1.20 1.20 %

Net

Investment

Income

(Ƃ)(ɯ)

.09

.14

.15

.30

.04

(.12)

%

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,569,62

Administrative

fees

76,69

Distribution

fees

15,841

Shareholder

servicing

fees

2,771

Transfer

agent

fees

198,279

Trustees'

fees

1,484

$

1,864,69

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

61,271

$

131,096

$

121,466

$

(2)

$

$

70,900

$

991

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,108,924,102

$

979,180,921

$

(19,613,109)

$

959,567,812

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.0%
Argentina

-

0.3%

Grupo

Financiero

Galicia

SA

-

ADR

38,733

1,601

YPF

SA

-

ADR(Æ)

281,315

12,704

14,305

Australia

-

0.8%

Aristocrat

Leisure,

Ltd.

43,905

1,513

BHP

Group,

Ltd.

14,029

555

BlueScope

Steel,

Ltd.

40,510

870

Brambles,

Ltd.

549,384

8,957

Commonwealth

Bank

of

Australia

93,336

11,706

CSL,

Ltd.

3,507

Glencore

PLC(Æ)

334,700

2,593

Goodman

Group(ö)

276,481

5,981

Medibank

Pvt,

Ltd.

519,559

1,758

Northern

Star

Resources,

Ltd.

106,919

1,634

Pro

Medicus,

Ltd.

12,062

1,188

Qantas

Airways,

Ltd.

391,162

2,384

QBE

Insurance

Group,

Ltd.

163,228

2,633

Rio

Tinto

PLC

4,261

Rio

Tinto,

Ltd.

7,211

871

Santos,

Ltd.

84,190

Wesfarmers,

Ltd.

58,902

3,113

46,983

Austria

-

0.5%

ams-OSRAM

AG(Æ)

93,905

1,501

Erste

Group

Bank

AG

234,487

26,199

Mondi

PLC

293,376

3,047

30,747

Belgium

-

0.2%

Ageas

SA

61,712

4,831

Anheuser-Busch

InBev

SA

37,682

2,848

Lotus

Bakeries

NV

787

UCB

SA

13,307

3,592

12,058

Brazil

-

3.4%

Ambev

SA

5,617,477

16,461

Axia

Energia

435,030

5,451

B3

SA

-

Brasil

Bolsa

Balcao

282,161

1,027

Banco

Bradesco

SA

-

ADR

2,143,205

8,316

Banco

BTG

Pactual

SA(Æ)

814,019

9,755

Banco

do

Brasil

SA

2,042,104

9,159

Caixa

Seguridade

Participacoes

SA

119,822

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

1,791,804

11,995

Cia

Paranaense

de

Energia

-

Copel

207,304

666

Embraer

SA

-

ADR

147,167

9,227

Hypera

SA

31,472

Itau

Unibanco

Holding

SA

-

ADR

1,031,230

8,972

Localiza

Rent

a

Car

SA

817,099

7,576

Lojas

Renner

SA

1,227,418

3,371

Magazine

Luiza

SA

2,498,066

4,152

MBRF

Global

Foods

Co.

SA

204,668

720

MercadoLibre,

Inc.(Æ)

4,273

7,660

Natura

Cosmeticos

SA(Æ)

2,272,656

4,677

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NU

Holdings,

Ltd.

Class

A(Æ)

462,924

6,703

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

1,063,605

23,431

PRIO

SA(Æ)

172,776

2,317

Rumo

SA

225,560

716

Telefonica

Brasil

SA

1,116,160

8,847

Ultrapar

Participacoes

SA

1,248,874

7,551

Vale

SA

Class

B

-

ADR

845,579

13,834

WEG

SA

1,149,675

10,415

Wheaton

Precious

Metals

Corp.

29,676

3,749

XP,

Inc.

Class

A

238,710

4,574

Yara

International

ASA

44,055

2,563

194,466

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

71,773

4,133

Canada

-

3.7%

Agnico

Eagle

Mines,

Ltd.

9,779

1,839

Alimentation

Couche-Tard,

Inc.

94,175

5,571

ARC

Resources,

Ltd.

134,430

3,189

Bank

of

Montreal

7,324

1,115

Bank

of

Nova

Scotia

(The)

12,742

991

Barrick

Mining

Corp.

432,510

17,004

Brookfield

Asset

Management,

Ltd.

Class

A

24,440

1,174

Brookfield

Corp.

15,819

714

CAE,

Inc.(Æ)

25,067

655

Cameco

Corp.

Class

A

29,875

3,676

Canadian

National

Railway

Co.

6,119

687

Canadian

Natural

Resources,

Ltd.

—

Canadian

Pacific

Kansas

City,

Ltd.

20,854

1,814

Capstone

Mining

Corp.(Æ)

239,139

1,992

CCL

Industries,

Inc.

Class

B

59,400

3,751

Cenovus

Energy,

Inc.

65,415

1,914

CGI,

Inc.

70,912

4,642

Constellation

Software,

Inc.

2,121

3,863

Dollarama,

Inc.

87,191

11,143

Empire

Co.,

Ltd.

Class

A

113,207

3,875

Enbridge,

Inc.

37,611

2,086

Fairfax

Financial

Holdings,

Ltd.

3,122

5,403

Fortis,

Inc.

20,091

1,149

Franco-Nevada

Corp.

Class

T

11,708

2,701

George

Weston,

Ltd.

32,343

2,334

Gildan

Activewear,

Inc.

Class

A

17,159

1,065

Great-West

Lifeco,

Inc.

29,092

1,554

Hydro

One,

Ltd.(Þ)

26,918

1,157

iA

Financial

Corp.,

Inc.

17,344

2,232

Imperial

Oil,

Ltd.

115,996

15,538

Intact

Financial

Corp.

28,889

5,567

Kinross

Gold

Corp.

80,989

2,454

Loblaw

Cos.,

Ltd.

212,012

9,774

Magna

International,

Inc.

Class

A

188,988

12,028

Manulife

Financial

Corp.

106,997

4,207

Metro,

Inc.

Class

A

66,947

4,488

National

Bank

of

Canada

9,586

1,447

Nutrien,

Ltd.

57,059

4,337

Open

Text

Corp.

7,239

Pembina

Pipeline

Corp.

10,204

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Quebecor,

Inc.

Class

B

45,351

1,909

Royal

Bank

of

Canada

45,502

8,184

Saputo,

Inc.

318,376

9,640

Shopify,

Inc.

Class

A(Æ)

67,575

8,185

Stantec,

Inc.

86,383

7,889

Sun

Life

Financial,

Inc.

47,252

3,405

Suncor

Energy,

Inc.

18,907

1,296

Teck

Resources,

Ltd.

Class

B

41,866

2,444

Toromont

Industries,

Ltd.

36,989

5,752

Toronto-Dominion

Bank

(The)

83,171

8,960

207,433

Chile

-

0.2%

Antofagasta

PLC

35,475

1,744

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

106,399

9,807

11,551

China

-

9.6%

Agricultural

Bank

of

China,

Ltd.

Class

A

4,751,400

4,810

Akeso,

Inc.

Class

B(Æ)(Þ)

3,000

Alibaba

Group

Holding,

Ltd.

5,172,677

85,000

Aluminum

Corp.

of

China,

Ltd.

Class

A

4,621,955

7,933

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

10,658

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

61,891

Baidu,

Inc.

-

ADR(Æ)

23,510

2,975

Baidu,

Inc.

Class

A(Æ)

491,100

7,737

Bank

of

China,

Ltd.

Class

A

1,108,900

933

Bank

of

China,

Ltd.

Class

H

1,994,000

1,292

Bilibili,

Inc.

-

ADR(Æ)

87,027

1,917

Bilibili,

Inc.

Class

Z(Æ)

101,360

2,225

BOC

Hong

Kong

Holdings,

Ltd.

891,000

5,119

BYD

Co.,

Ltd.

Class

H

1,197,000

15,849

CGN

Power

Co.,

Ltd.

Class

A

739,600

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,578,000

1,147

China

Construction

Bank

Corp.

Class

H

9,398,000

10,580

China

Energy

Engineering

Corp.,

Ltd.(Æ)

865,720

China

Galaxy

Securities

Co.,

Ltd.

Class

A

408,800

765

China

International

Capital

Corp.,

Ltd.

Class

A

192,300

967

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

2,018,800

5,250

China

Life

Insurance

Co.,

Ltd.

Class

A

732,800

3,937

China

Life

Insurance

Co.,

Ltd.

Class

H

782,000

2,896

China

Mengniu

Dairy

Co.,

Ltd.

4,689,000

10,397

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

China

Merchants

Bank

Co.,

Ltd.

Class

H

1,026,098

6,194

China

Merchants

Securities

Co.,

Ltd.

Class

A

143,450

China

Oilfield

Services,

Ltd.

Class

H

212,593

China

Overseas

Land

&

Investment,

Ltd.

1,258,500

2,148

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

183,400

1,013

China

Resources

Land,

Ltd.

1,166,617

4,882

China

Southern

Airlines

Co.,

Ltd.

Class

A(Æ)

380,000

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

159,900

1,544

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
China

Tower

Corp.,

Ltd.

Class

H(Þ)

927,200

1,312

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

144,714

9,280

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

171,200

13,390

Country

Garden

Services

Holdings

Co.,

Ltd.

3,692,751

2,943

DiDi

Global,

Inc.

-

ADR(Æ)

365,136

1,329

East

Money

Information

Co.,

Ltd.

Class

A

525,600

1,576

Eastroc

Beverage

Group

Co,

Ltd.

Class

H(Æ)

15,296

Eve

Energy

Co.,

Ltd.

Class

A

355,200

3,795

Foxconn

Industrial

Internet

Co.,

Ltd.

Class

A

23,900

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

224,800

1,939

GDS

Holdings,

Ltd.

Class

A(Æ)

212,800

1,124

Geely

Automobile

Holdings,

Ltd.

1,342,421

3,947

GF

Securities

Co.,

Ltd.

Class

A

385,300

1,199

GF

Securities

Co.,

Ltd.

Class

H

534,800

1,206

Guangzhou

Tinci

Materials

Technology

Co.,

Ltd.

Class

A

173,711

1,543

H

World

Group,

Ltd.

-

ADR

4,877

Haier

Smart

Home

Co.,

Ltd.

Class

A

268,800

848

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,188,716

3,351

Horizon

Robotics(Æ)

3,642,976

3,408

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

994,634

3,604

Huatai

Securities

Co.,

Ltd.

Class

A

702,300

1,970

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

9,921,463

8,939

Inner

Mongolia

Dian

Tou

Energy

Corp.,

Ltd.

Class

A

2,689,620

12,824

JD.com,

Inc.

-

ADR

25,444

771

JD.com,

Inc.

Class

A

259,150

3,913

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

438,145

3,473

JOYY,

Inc.

-

ADR

12,633

745

Kanzhun,

Ltd.

-

ADR

349,903

4,731

Kuaishou

Technology(Þ)

736,317

4,085

Kweichow

Moutai

Co.,

Ltd.

Class

A

2,600

528

Laopu

Gold

Co.,

Ltd.

Class

H

65,939

4,692

Lenovo

Group,

Ltd.

182,000

Li

Ning

Co.,

Ltd.

160,453

Longfor

Group

Holdings,

Ltd.(Þ)

1,251,500

1,294

Midea

Group

Co.,

Ltd.

Class

A

53,600

638

Muyuan

Foods

Co.,

Ltd.

Class

A

386,973

2,532

Muyuan

Foods

Co.,

Ltd.

Class

H(Æ)

455,700

2,415

NetEase,

Inc.

-

ADR

11,465

1,347

New

China

Life

Insurance

Co.,

Ltd.

Class

A

93,051

890

Ningbo

Tuopu

Group

Co.,Ltd.

Class

A

464,734

4,124

NIO,

Inc.

Class

A(Æ)

248,160

1,596

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

295,000

1,766

OmniVision

Integrated

Circuits

Group,

Inc.

Class

A

3,557

PDD

Holdings,

Inc.

-

ADR(Æ)

68,638

6,856

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

893,354

943

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

590,000

1,065

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

154,100

1,353

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

2,300,000

18,702

Pop

Mart

International

Group,

Ltd.(Þ)

65,200

1,322

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,305,000

840

Prosus

NV(Æ)

19,441

940

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

680,900

3,935

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

567

Sany

Heavy

Industry

Co.,

Ltd.

Class

H(Æ)

1,027,680

2,864

SF

Holding

Co.,

Ltd.

Class

H

4,945

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

79,250

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

605,900

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

641,000

871

Shenergy

Co.,

Ltd.

Class

A

225,100

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

1,136,500

791

Tencent

Holdings,

Ltd.

1,656,128

100,552

Tencent

Music

Entertainment

Group

-

ADR

46,496

Trip.com

Group,

Ltd.

-

ADR(Æ)

262,167

14,212

Tsingtao

Brewery

Co.,

Ltd.

Class

H

92,000

636

Victory

Giant

Technology

Huizhou

Co.,

Ltd.

Class

A

55,500

2,703

Vipshop

Holdings,

Ltd.

-

ADR

38,131

549

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A

247,300

3,245

Want

Want

China

Holdings,

Ltd.

339,000

Weichai

Power

Co.,

Ltd.

Class

H

2,155,041

10,806

Wilmar

International,

Ltd.

192,800

548

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

571,100

9,991

Wuxi

Lead

Intelligent

Equipment

Co,

Ltd.

Class

H(Æ)

329,000

2,515

Xiaomi

Corp.

Class

B(Æ)(Þ)

925,200

3,458

XPeng,

Inc.

Class

A(Æ)

15,600

Yum

China

Holdings,

Inc.

55,062

2,668

Zhongji

Innolight

Co.,

Ltd.

Class

A

39,400

4,988

Zijin

Mining

Group

Co.,

Ltd.

Class

H

4,586,000

21,068

ZTE

Corp.

Class

H(Æ)

106,800

ZTO

Express

Cayman,

Inc.

-

ADR

14,239

542,559

Colombia

-

0.0%

Ecopetrol

SA

-

ADR

45,891

650

Congo,

the

Democratic

Republic

of

the

-

0.0%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

99,519

806

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Czech

Republic

-

0.0%

CSG

NV(Æ)

40,681

882

Denmark

-

0.8%

Carlsberg

A/S

Class

B

2,807

Danske

Bank

A/S

299,241

15,373

DSV

A/S

31,644

7,741

Genmab

A/S(Æ)

36,379

9,629

Novo

Nordisk

A/S

Class

B

328,609

13,837

Novonesis

Novozymes

B

Class

B

9,537

585

47,545

Finland

-

0.9%

Elisa

Oyj

9,821

Kone

Oyj

Class

B

21,879

1,392

Nokia

Oyj

3,582,091

44,994

Wartsila

Oyj

Abp

Class

B

82,868

3,480

50,342

France

-

6.2%

Accor

SA

370,716

18,431

Air

Liquide

SA

Class

A

30,934

6,659

Airbus

SE

120,185

24,918

Amundi

SA(Þ)

124,438

12,050

Arkema

SA

172,438

12,565

AXA

SA

210,617

10,146

bioMerieux

23,022

1,941

BNP

Paribas

SA

84,222

8,864

Bouygues

SA

32,409

1,924

Bureau

Veritas

SA

110,379

3,385

Carrefour

SA

173,974

3,464

Cie

de

Saint-Gobain

SA

104,612

9,556

Cie

Generale

des

Etablissements

Michelin

SCA

453,379

16,456

Dassault

Aviation

SA

34,376

12,011

Dassault

Systemes

SE

75,388

1,701

Eiffage

SA

10,409

1,680

Engie

SA

407,351

13,451

EssilorLuxottica

SA

30,901

6,589

Hermes

International

SCA

3,411

6,535

Ipsen

SA

70,805

13,930

Legrand

SA

16,313

2,921

L'Oreal

SA

24,826

10,649

Louis

Hachette

Group

191,147

LVMH

Moet

Hennessy

Louis

Vuitton

SE

32,783

17,396

Orange

SA

545,184

11,391

Publicis

Groupe

SA

169,714

15,880

Renault

SA

133,977

4,721

Rexel

SA

Class

H

513,660

21,658

Safran

SA

20,736

6,612

Sartorius

Stedim

Biotech

64,140

11,880

Societe

Generale

SA

275,983

22,099

Sodexo

SA

4,262

Teleperformance

SE

135,875

9,208

Thales

SA

5,357

1,469

TotalEnergies

SE

221,974

20,669

Valeo

SE

226,226

2,853

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vinci

SA

18,756

2,838

349,088

Germany

-

5.3%

adidas

AG

1,719

Allianz

SE

10,299

4,708

Aumovio

SE(Æ)

59,285

2,567

BASF

SE

394,281

25,336

Bayer

AG

249,702

11,150

Beiersdorf

AG

63,587

5,265

Brenntag

SE

46,346

3,374

CECONOMY

AG(Æ)

98,566

Commerzbank

AG

17,994

745

Continental

AG

159,810

12,055

Covestro

AG(Æ)(Þ)

161,277

11,300

CTS

Eventim

AG

&

Co.

KGaA

144,535

9,531

Daimler

Truck

Holding

AG

490,113

24,731

Deutsche

Bank

AG

48,899

1,524

Deutsche

Boerse

AG

73,828

22,675

Deutsche

Telekom

AG

204,209

6,610

E.ON

SE

90,006

1,994

Evonik

Industries

AG

673,823

13,983

Fresenius

Medical

Care

AG

184,709

8,375

Fresenius

SE

&

Co.

KGaA

184,568

8,947

Hannover

Rueck

SE

11,665

3,526

Heidelberg

Materials

AG

55,415

12,274

Henkel

AG

&

Co.

KGaA

12,769

880

Infineon

Technologies

AG

144,204

9,691

Knorr-Bremse

AG

20,753

2,413

Mercedes-Benz

Group

AG

25,169

1,467

Merck

KGaA

14,110

1,824

MTU

Aero

Engines

AG

40,353

13,881

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

14,022

8,403

Rheinmetall

AG

10,035

15,982

SAP

SE

118,703

20,324

Siemens

AG

49,626

14,739

Symrise

AG

149,345

13,201

Wacker

Chemie

AG

17,136

1,884

Zalando

SE(Æ)(Þ)

100,991

2,491

298,628

Ghana

-

0.0%

Tullow

Oil

PLC(Æ)

3,092,278

633

Greece

-

0.7%

Alpha

Bank

SA

2,449,436

9,881

Eurobank

SA

4,414,882

19,326

Hellenic

Telecommunications

Organization

SA

33,711

721

National

Bank

of

Greece

SA

68,580

1,091

Piraeus

Bank

SA(Æ)

733,084

6,998

38,017

Hong

Kong

-

1.5%

AIA

Group,

Ltd.

1,918,887

21,134

ASMPT,

Ltd.

372,300

7,849

CK

Asset

Holdings,

Ltd.

543,000

3,410

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Damai

Entertainment

Holdings,

Ltd.(Æ)

13,890,000

1,039

Hong

Kong

Exchanges

&

Clearing,

Ltd.

185,217

9,838

Insilico

Medicine

Cayman

TopCo(Æ)

361,000

2,927

Orient

Overseas

International,

Ltd.

34,000

595

Prudential

PLC

1,562,103

23,404

Swire

Pacific,

Ltd.

Class

A

6,813

Techtronic

Industries

Co.,

Ltd.

76,000

1,107

WH

Group,

Ltd.(Þ)

3,780,826

4,634

Zijin

Gold

International

Co.,

Ltd.(Æ)

348,143

6,740

82,751

Hungary

-

0.1%

OTP

Bank

Nyrt.

58,986

7,928

India

-

3.3%

Asian

Paints,

Ltd.

3,833

Aurobindo

Pharma,

Ltd.

158,234

2,325

Axis

Bank,

Ltd.

381,616

5,141

Bajaj

Auto,

Ltd.

12,169

1,289

Bajaj

Finance,

Ltd.

97,380

970

Bajaj

Holdings

&

Investment,

Ltd.

—

Bharat

Electronics,

Ltd.

250,896

1,145

Bharat

Forge,

Ltd.

32,351

646

Bharti

Airtel,

Ltd.

741,957

14,794

Britannia

Industries,

Ltd.

13,211

800

Canara

Bank

3,530,995

5,052

Cipla,

Ltd.

210,471

2,911

Divi's

Laboratories,

Ltd.

36,150

2,484

Dr

Reddy's

Laboratories,

Ltd.

94,136

1,315

Eternal,

Ltd.(Æ)

151,648

GAIL

India,

Ltd.

1,115,762

1,931

GMR

Airports,

Ltd.(Æ)

5,659,247

5,790

Godrej

Consumer

Products,

Ltd.

41,021

HDFC

Asset

Management

Co.,

Ltd.(Þ)

30,264

873

HDFC

Bank,

Ltd.

2,017,605

16,517

Hindalco

Industries,

Ltd.

153,603

1,696

Hindustan

Aeronautics,

Ltd.(Þ)

70,625

3,250

Hyundai

Motor

India,

Ltd.

168,720

3,241

ICICI

Bank,

Ltd.

954,104

12,768

ICICI

Bank,

Ltd.

-

ADR

149,631

3,978

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

89,652

1,672

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

(Þ)

233,913

1,274

Indus

Towers,

Ltd.(Æ)

547,714

2,380

Infosys,

Ltd.

145,427

1,815

InterGlobe

Aviation,

Ltd.(Þ)

150,050

6,894

Jio

Financial

Services,

Ltd.

143,335

JSW

Energy,

Ltd.

198,280

1,181

JSW

Infrastructure,

Ltd.

1,448,923

4,183

Kotak

Mahindra

Bank,

Ltd.

361,145

1,467

Larsen

&

Toubro,

Ltd.

177,707

7,587

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

97,512

4,149

Mahindra

&

Mahindra,

Ltd.

44,725

1,471

Marico,

Ltd.

17,856

Maruti

Suzuki

India,

Ltd.

37,854

5,345

Nestle

India,

Ltd.

222,348

3,423

NTPC,

Ltd.

45,297

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Oil

&

Natural

Gas

Corp.,

Ltd.

591,620

1,867

Pidilite

Industries,

Ltd.

46,384

675

Power

Grid

Corp.

of

India,

Ltd.

1,059,782

3,577

Reliance

Industries,

Ltd.

618,121

9,361

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

4,739

SBI

Life

Insurance

Co.,

Ltd.(Þ)

293,058

5,629

Shriram

Finance,

Ltd.

711,443

7,108

Siemens

Energy

India,

Ltd.

26,374

916

Siemens,

Ltd.(Æ)

26,374

1,066

SRF,

Ltd.

Class

610

State

Bank

of

India

769,977

8,724

Sun

Pharmaceutical

Industries,

Ltd.

86,121

1,645

Tata

Motors,

Ltd.(Æ)

106,942

Tata

Steel,

Ltd.

1,923,045

4,318

Titan

Co.,

Ltd.

26,519

1,233

Torrent

Pharmaceuticals,

Ltd.

8,381

UltraTech

Cement,

Ltd.

3,794

United

Spirits,

Ltd.

161,203

2,260

Wipro,

Ltd.

257,299

545

188,412

Indonesia

-

0.4%

Bank

Central

Asia

Tbk

PT

36,508,090

12,402

Bank

Mandiri

Persero

Tbk

PT

12,753,406

3,249

Bank

Negara

Indonesia

Persero

Tbk

PT

11,122,130

2,405

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,124,880

Charoen

Pokphand

Indonesia

Tbk

PT

9,361,618

2,175

Telkom

Indonesia

Persero

Tbk

PT

10,535,800

1,736

22,162

Ireland

-

0.7%

Accenture

PLC

Class

A

56,497

10,097

AerCap

Holdings

NV

6,729

957

AIB

Group

PLC

554,378

6,312

Bank

of

Ireland

Group

PLC

1,144,089

22,689

Kingspan

Group

PLC

20,703

1,917

41,972

Israel

-

0.4%

Bank

Hapoalim

BM

121,768

3,270

Bank

Leumi

Le-Israel

BM

66,942

1,697

Check

Point

Software

Technologies,

Ltd.

(Æ)

34,319

3,860

Elbit

Systems,

Ltd.

3,216

2,676

Israel

Discount

Bank,

Ltd.

Class

A

29,972

Nice,

Ltd.(Æ)

66,476

6,756

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

51,862

1,819

20,413

Italy

-

2.9%

BPER

Banca

SpA

828,821

12,228

Davide

Campari-Milano

NV

1,756,946

13,011

Enel

SpA

1,841,460

21,485

Eni

SpA

381,970

10,795

FinecoBank

Banca

Fineco

SpA

869,052

21,548

Generali

228,914

10,250

Leonardo

SpA

30,392

1,893

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Moncler

SpA

43,358

2,614

Prysmian

SpA

16,081

2,437

Ryanair

Holdings

PLC

178,418

4,765

Ryanair

Holdings

PLC

-

ADR

177,169

9,682

Saipem

SpA

4,293,513

23,207

UniCredit

SpA

367,910

28,432

Unipol

Assicurazioni

SpA

29,092

760

163,107

Japan

-

12.2%

Advantest

Corp.

105,800

19,818

Aeon

Co.,

Ltd.

102,600

987

Ajinomoto

Co.,

Inc.

86,400

2,807

Alfresa

Holdings

Corp.

129,900

1,972

Alps

Alpine

Co.,

Ltd.

14,300

Amada

Co.,

Ltd.

329,000

5,553

Asahi

Group

Holdings,

Ltd.

103,500

1,025

Asics

Corp.

48,000

1,368

Astellas

Pharma,

Inc.

156,700

2,247

Bandai

Namco

Holdings,

Inc.

93,900

2,180

Bridgestone

Corp.

244,800

5,129

Canon,

Inc.

60,200

1,550

Central

Japan

Railway

Co.

230,400

5,532

Chiba

Bank,

Ltd.

(The)

309,000

4,328

Chugai

Pharmaceutical

Co.,

Ltd.

116,500

6,122

Daiichi

Life

Group,

Inc.

772,740

7,146

Daiichi

Sankyo

Co.,

Ltd.

16,600

Daikin

Industries,

Ltd.

110,600

15,759

Daiwa

House

Industry

Co.,

Ltd.

44,400

1,361

DeNA

Co.,

Ltd.

47,200

771

Dentsu

Group,

Inc.

155,500

2,961

Disco

Corp.

2,000

963

Eisai

Co.,

Ltd.

115,400

3,467

ENEOS

Holdings,

Inc.

187,400

1,587

Fast

Retailing

Co.,

Ltd.

6,600

3,096

FUJIFILM

Holdings

Corp.

241,263

4,470

Fujikura,

Ltd.

160,800

6,344

Fujitsu,

Ltd.

127,440

2,588

Fukuoka

Financial

Group,

Inc.

140,900

5,807

Hakuhodo

DY

Holdings,

Inc.

333,300

2,236

Hirose

Electric

Co.,

Ltd.

2,700

Hitachi,

Ltd.

310,100

9,752

Honda

Motor

Co.,

Ltd.

588,695

4,758

Horiba,

Ltd.

31,600

4,417

Hoya

Corp.

100,000

18,721

Iida

Group

Holdings

Co.,

Ltd.

138,500

1,956

Isuzu

Motors,

Ltd.

480,100

6,626

ITOCHU

Corp.

509,090

6,347

Japan

Airlines

Co.,

Ltd.

105,300

1,654

Japan

Exchange

Group,

Inc.

71,800

860

Japan

Post

Holdings

Co.,

Ltd.

301,700

3,528

Japan

Post

Insurance

Co.,

Ltd.

Class

A

525,900

5,158

Japan

Tobacco,

Inc.

47,300

1,776

JGC

Holdings

Corp.

88,800

1,366

Kajima

Corp.

90,400

3,559

KDDI

Corp.

176,600

2,908

Keyence

Corp.

44,800

20,520

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Koito

Manufacturing

Co.,

Ltd.

776,200

12,609

Komatsu,

Ltd.

304,000

12,850

Kubota

Corp.

929,500

15,276

Makita

Corp.

65,800

2,471

MatsukiyoCocokara

&

Co.

66,200

967

McDonald's

Holdings

Co.

Japan,

Ltd.

16,700

867

MINEBEA

MITSUMI,

Inc.

519,600

10,448

Mitsubishi

Corp.

39,700

1,283

Mitsubishi

Electric

Corp.

199,800

8,024

Mitsubishi

Estate

Co.,

Ltd.

407,700

11,624

Mitsubishi

Gas

Chemical

Co.,

Inc.

108,100

3,070

Mitsubishi

Heavy

Industries,

Ltd.

71,200

2,112

Mitsubishi

UFJ

Financial

Group,

Inc.

1,048,500

19,006

Mitsui

Fudosan

Co.,

Ltd.

254,600

2,785

Mizuho

Financial

Group,

Inc.

115,300

4,998

MS&AD

Insurance

Group

Holdings,

Inc.

121,800

3,157

Murata

Manufacturing

Co.,

Ltd.

532,800

17,735

NEC

Corp.

98,500

2,630

Nikon

Corp.

112,800

1,247

Nintendo

Co.,

Ltd.

109,650

5,334

Nippon

Express

Holdings,

Inc.

18,200

Nissan

Motor

Co.,

Ltd.(Æ)

344,200

788

Nitto

Denko

Corp.

479,200

9,249

Nomura

Holdings,

Inc.

520,500

4,175

Nomura

Research

Institute,

Ltd.

49,600

1,336

NTT,

Inc.

770,000

750

Obayashi

Corp.

136,800

3,222

Olympus

Corp.

951,700

9,398

Ono

Pharmaceutical

Co.,

Ltd.

92,100

1,364

Oracle

Corp.

(Japan)

40,100

2,233

Osaka

Gas

Co.,

Ltd.

383,700

13,952

Otsuka

Holdings

Co.,

Ltd.

70,800

5,187

Pan

Pacific

International

Holdings

Corp.

161,500

919

Panasonic

Holdings

Corp.

73,000

1,507

Persol

Holdings

Co.,

Ltd.

2,032,100

3,046

Recruit

Holdings

Co.,

Ltd.

37,300

1,741

Renesas

Electronics

Corp.

2,000

Resona

Holdings,

Inc.

1,937,800

24,193

Rinnai

Corp.

37,700

858

Rohm

Co.,

Ltd.

331,200

7,280

Secom

Co.,

Ltd.

362,726

13,339

Sega

Sammy

Holdings,

Inc.

128,400

1,873

Sekisui

Chemical

Co.,

Ltd.

96,600

1,467

Sekisui

House,

Ltd.

58,400

1,272

Seven

&

i

Holdings

Co.,

Ltd.

33,400

Shimadzu

Corp.

294,600

6,868

Shimizu

Corp.

118,100

2,312

Shin-Etsu

Chemical

Co.,

Ltd.

298,000

13,886

Shionogi

&

Co.,

Ltd.

665,800

13,581

Shizuoka

Financial

Group,

Inc.

28,300

502

SMC

Corp.

9,600

4,710

SoftBank

Corp.

473,400

671

SoftBank

Group

Corp.

239,400

8,109

Sompo

Holdings,

Inc.

3,603

Sony

Group

Corp.

90,900

1,817

Stanley

Electric

Co.,

Ltd.

135,900

2,652

Subaru

Corp.

166,800

2,482

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sumitomo

Electric

Industries,

Ltd.

291,000

19,191

Sumitomo

Heavy

Industries,

Ltd.

40,100

1,365

Sumitomo

Mitsui

Financial

Group,

Inc.

446,706

15,730

Sumitomo

Mitsui

Trust

Group,

Inc.

273,400

9,108

Sumitomo

Realty

&

Development

Co.,

Ltd.

63,000

1,964

Sumitomo

Rubber

Industries,

Ltd.

116,300

1,500

Suntory

Beverage

&

Food,

Ltd.

509,900

14,677

Sysmex

Corp.

180,300

1,587

T&D

Holdings,

Inc.

487,500

11,869

Taiheiyo

Cement

Corp.

63,700

1,461

Takeda

Pharmaceutical

Co.,

Ltd.

319,200

10,617

TDK

Corp.

849,700

15,853

Terumo

Corp.

98,300

1,259

THK

Co.,

Ltd.

76,500

2,896

TIS,

Inc.

99,300

2,183

Toho

Co.,

Ltd.

328,000

3,052

Tokio

Marine

Holdings,

Inc.

142,800

6,474

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Æ)

362,700

1,380

Tokyo

Electron,

Ltd.

85,600

25,393

Tokyo

Gas

Co.,

Ltd.

16,200

692

Toray

Industries,

Inc.

733,500

5,258

Toyota

Motor

Corp.

390,200

7,467

Tsuruha

Holdings,

Inc.

215,500

2,826

Unicharm

Corp.

231,364

1,351

USS

Co.,

Ltd.

46,600

504

Yamato

Holdings

Co.,

Ltd.

262,300

2,960

Yokohama

Financial

Group,

Inc.

144,500

1,381

690,235

Kazakhstan

-

0.0%

Fix

Price

Group

PLC

-

GDR(Æ)(Š)(Þ)

183,060

—

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

76,494

2,624

2,624

Luxembourg

-

0.4%

ArcelorMittal

SA

325,668

18,578

Eurofins

Scientific

SE

14,425

1,002

RTL

Group

SA

27,227

1,047

20,627

Macao

-

0.1%

Galaxy

Entertainment

Group,

Ltd.

1,964,792

8,375

Malaysia

-

0.1%

CIMB

Group

Holdings

Berhad

895,115

1,730

Gamuda

Berhad

835,400

931

Hong

Leong

Bank

Berhad

158,291

889

Hong

Leong

Financial

Group

Berhad

139,014

659

IOI

Corp.

Berhad

956,700

1,042

Press

Metal

Aluminium

Holdings

Berhad

381,300

829

Public

Bank

Berhad

209,700

6,328

Mexico

-

1.3%

America

Movil

SAB

de

CV

9,898,199

13,152

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
America

Movil

SAB

de

CV

-

ADR

425,427

11,316

Arca

Continental

SAB

de

CV

123,450

1,483

Cemex

SAB

de

CV

-

ADR

451,165

5,549

Fresnillo

PLC

525,070

23,465

Grupo

Carso

SAB

de

CV

176,166

1,339

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

529,861

5,754

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O

1,287,868

3,170

Ternium

SA

-

ADR

29,752

1,307

Wal-Mart

de

Mexico

SAB

de

CV

2,964,062

9,344

75,879

Netherlands

-

2.9%

ABN

AMRO

Bank

NV(Þ)

272,609

9,552

Adyen

NV(Æ)(Þ)

5,170

5,850

Argenx

SE(Æ)

6,920

5,414

ASML

Holding

NV

28,804

41,582

EXOR

NV

28,506

2,240

Ferrari

NV

30,618

10,560

Heineken

NV

12,715

985

ING

Groep

NV

1,103,847

32,017

Koninklijke

Ahold

Delhaize

NV

90,943

4,274

Koninklijke

Philips

NV

593,476

15,656

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

392,951

5,741

NN

Group

NV

98,261

8,607

Randstad

NV

182,149

5,418

Universal

Music

Group

NV

626,741

13,123

VEON,

Ltd.

-

ADR(Æ)

28,690

1,427

Wolters

Kluwer

NV

34,649

2,711

165,157

New

Zealand

-

0.0%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

45,941

996

Nigeria

-

0.2%

Airtel

Africa

PLC(Þ)

726,466

3,525

Guaranty

Trust

Holding

Co.

PLC

66,842,689

6,566

10,091

Norway

-

0.5%

DNB

Bank

ASA

38,350

1,161

Equinor

ASA

Class

N

553,605

22,669

Mowi

ASA

27,678

615

Norsk

Hydro

ASA

104,627

1,180

Orkla

ASA

102,691

1,267

26,892

Peru

-

0.0%

Credicorp,

Ltd.

4,057

1,315

Philippines

-

0.0%

Bank

of

the

Philippine

Islands

1,163,077

1,699

BDO

Unibank,

Inc.

264,511

2,193

Poland

-

0.3%

Dino

Polska

SA(Æ)(Þ)

76,390

677

KGHM

Polska

Miedz

SA

18,243

1,530

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Santander

Bank

Polska

SA

3,220

548

Zabka

Group

SA(Æ)

1,948,740

12,476

15,231

Portugal

-

0.0%

EDP

SA

232,497

1,267

Russia

-

0.0%

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

168,565

3,087

Saudi

Basic

Industries

Corp.

296,253

4,838

Saudi

National

Bank

(The)

72,004

754

Saudi

Telecom

Co.

68,099

791

9,470

Singapore

-

0.7%

DBS

Group

Holdings,

Ltd.

210,015

9,688

Grab

Holdings,

Ltd.

Class

A(Æ)

4,002,047

15,288

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,987

Sea,

Ltd.

-

ADR(Æ)

86,040

7,303

STMicroelectronics

NV

28,239

1,556

United

Overseas

Bank,

Ltd.

41,400

1,182

UOL

Group,

Ltd.

163,600

1,373

38,377

South

Africa

-

1.7%

Absa

Group,

Ltd.

46,039

644

Anglo

American

PLC

76,743

3,775

Anglogold

Ashanti

PLC

340,445

31,910

Capitec

Bank

Holdings,

Ltd.

32,083

8,327

Clicks

Group,

Ltd.

89,938

1,419

Discovery,

Ltd.

92,425

1,434

FirstRand,

Ltd.

664,180

3,516

Gold

Fields,

Ltd.

-

ADR

311,639

13,238

Impala

Platinum

Holdings,

Ltd.

294,624

4,098

Mr.

Price

Group,

Ltd.

97,561

916

MTN

Group,

Ltd.

1,322,776

16,619

Old

Mutual,

Ltd.

133,497

Shoprite

Holdings,

Ltd.

-

ADR

35,561

599

Standard

Bank

Group,

Ltd.

217,901

4,190

Valterra

Platinum,

Ltd.

74,747

6,092

Vodacom

Group,

Ltd.

-

ADR

187,984

1,594

98,480

South

Korea

-

5.7%

Amorepacific

Corp.

Celltrion,

Inc.(Æ)

Coway

Co.,

Ltd.

68,466

3,988

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hana

Financial

Group,

Inc.

27,267

2,364

Hankook

Tire

&

Technology

Co.,

Ltd.

37,097

1,490

HD

Hyundai

Electric

Co.,

Ltd.

12,281

10,432

Hyundai

Engineering

&

Construction

Co.,

Ltd.

55,009

6,029

Hyundai

Mobis

Co.,

Ltd.

17,517

5,077

Hyundai

Motor

Co.

4,618

1,681

KB

Financial

Group,

Inc.

234,777

25,482

Kia

Corp.

119,865

12,406

Korea

Electric

Power

Corp.

17,503

520

Krafton,

Inc.

12,133

2,173

KT

Corp.

2,504

KT

Corp.

-

ADR

297,616

6,378

KT&G

Corp.

5,455

656

LG

Electronics,

Inc.

Class

H

16,667

1,605

LG

H&H

Co.,

Ltd.

6,485

1,117

Orion

Corp.

9,195

891

POSCO

Holdings,

Inc.

3,903

1,218

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

1,573

1,573

Samsung

E&A

Co.,

Ltd.

43,793

1,585

Samsung

Electro-Mechanics

Co.,

Ltd.

6,681

3,792

Samsung

Electronics

Co.,

Ltd.

838,688

127,239

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

13,726

4,276

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

338,447

7,476

Shinhan

Financial

Group

Co.,

Ltd.

292,034

19,710

SK

Hynix,

Inc.

71,404

62,833

SK

Telecom

Co.,

Ltd.

146,171

9,455

Sung

Kwang

Bend

Co.,

Ltd.

94,461

2,965

324,591

Spain

-

0.8%

Amadeus

IT

Group

SA

Class

A

98,763

5,680

Banco

Santander

SA

159,637

1,953

CaixaBank

SA

1,570,316

20,029

Iberdrola

SA

231,967

5,437

Industria

de

Diseno

Textil

SA

239,346

14,341

47,440

Sweden

-

1.2%

Assa

Abloy

AB

Class

B

242,764

9,290

Atlas

Copco

AB

Class

A

455,556

8,812

Boliden

AB

86,534

4,559

Epiroc

AB

Class

A

221,371

6,353

Essity

AB

Class

B

29,629

785

Fastighets

AB

Balder

Class

B(Æ)

276,232

1,648

L

E

Lundbergforetagen

AB

Class

B

43,887

2,547

Lifco

AB

Class

B

45,014

1,411

Sandvik

AB

230,424

9,666

Securitas

AB

Class

B

156,948

2,628

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

954

SKF

AB

Class

B

272,311

6,800

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

47,844

2,221

Telefonaktiebolaget

LM

Ericsson

Class

B

671,085

7,943

65,617

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Switzerland

-

2.9%

ABB,

Ltd.

61,676

6,200

ABB,

Ltd.

-

ADR

45,954

4,617

Adecco

Group

AG

137,148

3,170

BKW

AG

5,265

1,053

Chocoladefabriken

Lindt

&

Spruengli

AG

595

8,928

Cie

Financiere

Richemont

SA

Class

A

12,652

2,415

Galderma

Group

AG

60,107

12,607

Geberit

AG

2,872

1,941

Givaudan

SA

1,407

Helvetia

Baloise

Holding

AG

11,405

3,135

Julius

Baer

Group,

Ltd.

145,937

12,077

Lonza

Group

AG

30,010

18,436

Partners

Group

Holding

AG

4,539

4,935

Sandoz

Group

AG

16,388

1,315

Schindler

Holding

AG

11,995

4,162

SGS

SA

24,865

2,697

Sika

AG

2,809

522

Straumann

Holding

AG

3,135

Swatch

Group

AG

(The)

Class

B

21,652

5,008

Swiss

Life

Holding

AG

818

961

Swiss

Prime

Site

AG

Class

A

9,281

1,610

Swisscom

AG

3,976

3,367

UBS

Group

AG

1,304,751

58,132

Zurich

Insurance

Group

AG

8,129

5,634

164,669

Taiwan

-

7.5%

Accton

Technology

Corp.

31,000

2,239

Alchip

Technologies,

Ltd.

20,001

2,723

ASE

Technology

Holding

Co.,

Ltd.

234,000

3,703

Cathay

Financial

Holding

Co.,

Ltd.

2,073,000

5,111

CTBC

Financial

Holding

Co.,

Ltd.

505,236

844

Delta

Electronics,

Inc.

603,000

41,632

E.Sun

Financial

Holding

Co.,

Ltd.

2,636,374

2,664

Evergreen

Marine

Corp.

Taiwan,

Ltd.

90,417

579

Far

EasTone

Telecommunications

Co.,

Ltd.

3,306,000

9,880

First

Financial

Holding

Co.,

Ltd.

561,723

515

Fortune

Electric

Co.,

Ltd.

280,000

8,107

Fubon

Financial

Holding

Co.,

Ltd.

1,103,876

3,147

Globalwafers

Co.,

Ltd.

15,246

Hon

Hai

Precision

Industry

Co.,

Ltd.

1,262,115

8,974

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,233,048

1,258

KGI

Financial

Holding

Co.,

Ltd.

5,220,059

3,607

MediaTek,

Inc.

272,241

23,141

Mega

Financial

Holding

Co.,

Ltd.

111,492

Nan

Ya

Plastics

Corp.

164,000

SinoPac

Financial

Holdings

Co.,

Ltd.

85,413

Taiwan

Business

Bank

2,304,314

1,191

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

744,881

541

Taiwan

Mobile

Co.,

Ltd.

287,000

1,011

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,435,679

233,243

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

178,603

70,738

TS

Financial

Holding

Co.,

Ltd.

882,976

671

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

Microelectronics

Corp.

333,059

857

Yuanta

Financial

Holding

Co.,

Ltd.

56,352

427,456

Thailand

-

0.4%

Advanced

Info

Service

PCL

-

NVDR

189,400

1,982

Bangkok

Bank

PCL

-

NVDR

836,000

4,187

Charoen

Pokphand

Foods

PCL

-

NVDR

1,306,500

776

Gulf

Development

PCL

-

NVDR

2,021,300

3,585

Kasikornbank

PCL

199,600

1,191

Kasikornbank

PCL

-

NVDR

1,360,600

8,119

PTT

PCL

-

NVDR

784,200

851

True

Corp.

PCL

-

NVDR

121,000

20,742

Turkey

-

0.3%

Akbank

TAS

4,426,084

7,197

BIM

Birlesik

Magazalar

AS

296,676

4,880

Coca-Cola

Icecek

AS

655,149

1,090

Turkiye

Garanti

Bankasi

AS

388,240

1,153

14,320

United

Arab

Emirates

-

0.3%

Aldar

Properties

PJSC

1,646,273

3,481

Emaar

Properties

PJSC

707,160

2,289

Emirates

NBD

Bank

PJSC

231,816

1,845

National

Bank

of

Abu

Dhabi

PJSC

2,451,603

11,775

19,390

United

Kingdom

-

7.4%

3i

Group

PLC

287,282

10,005

AstraZeneca

PLC

135,596

25,780

Aviva

PLC

361,516

3,086

Babcock

International

Group

PLC

472,642

7,064

BAE

Systems

PLC

296,242

8,239

Barclays

PLC

1,992,472

11,636

Barratt

Redrow

PLC

457,206

1,573

British

American

Tobacco

PLC

292,342

17,167

British

Land

Co.

PLC

(The)(ö)

517,968

2,753

BT

Group

PLC

2,470,673

7,278

Bunzl

PLC

21,696

715

Burberry

Group

PLC(Æ)

221,667

3,505

Centrica

PLC

483,239

1,416

CK

Hutchison

Holdings,

Ltd.

Class

B

454,461

3,814

Compass

Group

PLC

594,737

16,822

DCC

PLC

82,893

6,272

Diageo

PLC

252,980

5,085

Diploma

PLC

134,236

12,706

easyJet

PLC

1,033,155

5,014

GSK

PLC

1,134,614

29,816

Halma

PLC

19,331

1,166

Hikma

Pharmaceuticals

PLC

156,860

2,989

HSBC

Holdings

PLC

1,721,446

31,551

ICG

PLC

168,959

4,211

Intertek

Group

PLC

297,617

19,336

J

Sainsbury

PLC

3,377,588

15,107

Kingfisher

PLC

960,760

3,776

Land

Securities

Group

PLC(ö)

217,701

1,765

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
London

Stock

Exchange

Group

PLC

19,245

2,497

Marks

&

Spencer

Group

PLC

325,982

1,467

NatWest

Group

PLC

1,798,687

14,242

Next

PLC

13,758

2,426

Pearson

PLC

158,529

2,333

Reckitt

Benckiser

Group

PLC

547,488

34,831

RELX

PLC

290,396

10,609

Rolls-Royce

Holdings

PLC

418,824

6,832

Sage

Group

PLC

(The)

181,108

2,170

Smith

&

Nephew

PLC

113,185

1,749

Smiths

Group

PLC

32,733

1,142

Spirax

Group

PLC

12,289

1,211

Standard

Chartered

PLC

1,552,306

39,453

Tesco

PLC

2,675,808

17,545

Travis

Perkins

PLC

5,759

Unilever

PLC

67,618

3,952

Unite

Group

PLC

(The)(ö)

286,100

1,814

Vodafone

Group

PLC

1,072,427

1,716

Weir

Group

PLC

(The)

77,308

2,817

Wise

PLC

Class

A(Æ)

667,457

9,548

WPP

PLC

684,001

2,476

420,518

United

States

-

5.7%

Alcon

AG

21,038

1,576

Allegion

PLC

16,158

2,221

Amrize,

Ltd.

67,690

3,740

Aon

PLC

Class

A

29,357

9,149

ARM

Holdings

PLC

-

ADR(Æ)

7,632

1,605

BeOne

Medicines,

Ltd.

Class

H(Æ)

47,700

1,081

BP

PLC

1,581,338

12,482

CRH

PLC

14,570

1,725

Experian

PLC

493,539

18,020

Freeport-McMoRan,

Inc.

78,000

4,507

Haleon

PLC

4,264,660

19,674

Holcim

AG(Æ)

77,164

7,192

JBS

NV

Class

A

673,916

10,823

Las

Vegas

Sands

Corp.

12,625

690

Linde

PLC

50,661

25,388

Medtronic

PLC

87,532

7,088

Nestle

SA

184,245

18,688

Newmont

Corp.

3,657

Novartis

AG

151,344

22,493

Palo

Alto

Networks,

Inc.(Æ)

6,949

1,246

Roche

Holding

AG

65,686

26,947

Sanofi

SA

266,016

24,851

Schneider

Electric

SE

111,614

35,249

Shell

PLC

1,198,601

54,347

SLB,

Ltd.

1,937

Spotify

Technology

SA(Æ)

25,667

11,462

Sunbelt

Rentals

Holdings,

Inc.

4,730

Tenaris

SA

32,274

1,032

324,150

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.(Æ)

552,329

13,524

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Common

#### Stocks
(cost

$3,058,851)

5,393,525

#### Preferred

#### Stocks

#### -

#### 0.8%
Brazil

-

0.2%

Axia

Energia

0.000%

(Æ)

114,342

1,384

Itau

Unibanco

Holding

SA

8.606%

(Ÿ)

834,433

7,278

Localiza

Rent

a

Car

SA

1.268%

(Ÿ)(Æ)

31,426

8,942

Germany

-

0.2%

Dr

Ing

hc

F

Porsche

AG

4.821%

(Ÿ)

135,791

6,575

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

50,109

3,650

Volkswagen

AG

7.549%

(Ÿ)

40,190

4,067

14,292

South

Korea

-

0.4%

Samsung

Electronics

Co.,

Ltd.

0.956%

(Ÿ)

232,288

25,317

#### Total

#### Preferred

#### Stocks
(cost

$27,315)

48,551

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

1,754

—

Israel

-

0.0%

CyberArk(Æ)

Rights

3,158

#### Total

#### Warrants

#### and

#### Rights
(cost

$142)

#### Short-Term

#### Investments

#### -

#### 2.3%
United

States

-

2.3%

U.S.

Cash

Management

Fund(@)

128,134,502

(∞)

128,109

#### Total

#### Short-Term

#### Investments
(cost

$128,101)

128,109

#### Total

#### Investments

#### -

#### 98.1%
(identified

cost

$3,214,409)

5,570,327

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.9%
107,949

#### Net

#### Assets

#### -

#### 100.0%
5,678,276

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $2.1%

ABN

AMRO

Bank

NV

10/31/22

EUR

272,609

9.99 2,723

9,552

Adyen

NV

11/15/23

EUR

5,170

1,120.14

5,791

5,850

Airtel

Africa

PLC

01/16/26

GBP

726,466

4.89 3,553

3,525

Akeso,

Inc.

07/11/25

HKD

3,000

14.45 43

Amundi

SA

02/26/19

EUR

124,438

59.60 7,416

12,050

CGN

Power

Co.,

Ltd.

08/08/23

HKD

2,578,000

0.25 640

1,147

China

International

Capital

Corp.,

Ltd.

10/06/23

HKD

2,018,800

1.19 2,408

5,250

China

Tower

Corp.,

Ltd.

08/09/23

HKD

927,200

1.08 1,006

1,312

Covestro

AG

03/17/20

EUR

161,277

32.33 5,213

11,300

Dino

Polska

SA

10/06/23

PLN

76,390

8.13 621

677

Dr

Ing

hc

F

Porsche

AG

04/15/26

EUR

135,791

51.15 6,946

6,575

Fix

Price

Group

PLC

10/14/21

183,060

—

1,648

—

Halyk

Savings

Bank

of

Kazakhstan

JSC

12/09/25

76,494

27.19 2,080

2,624

HDFC

Asset

Management

Co.,

Ltd.

06/27/24

INR

30,264

24.15 731

873

Hindustan

Aeronautics,

Ltd.

08/08/23

INR

70,625

36.14 2,552

3,250

Hydro

One,

Ltd.

04/18/19

CAD

26,918

25.76 694

1,157

ICICI

Lombard

General

Insurance

Co.,

Ltd.

05/15/23

INR

89,652

13.61 1,220

1,672

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

233,913

5.33 1,246

1,274

InterGlobe

Aviation,

Ltd.

03/25/21

INR

150,050

23.47 3,522

6,894

Kuaishou

Technology

11/09/22

HKD

736,317

5.71 4,208

4,085

Larsen

&

Toubro,

Ltd.

06/27/24

97,512

42.90 4,183

4,149

Longfor

Group

Holdings,

Ltd.

09/13/24

HKD

1,251,500

1.05 1,311

1,294

Nongfu

Spring

Co.,

Ltd.

09/13/24

HKD

295,000

3.21 947

1,766

Pop

Mart

International

Group,

Ltd.

12/11/24

HKD

65,200

11.82 771

1,322

Postal

Savings

Bank

of

China

Co.,

Ltd.

12/18/23

HKD

1,305,000

0.47 611

840

Reliance

Industries,

Ltd.

06/03/15

78,033

9.99 779

4,739

Samsung

Biologics

Co.,

Ltd.

02/13/24

KRW

1,573

866.94 1,364

1,573

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

293,058

18.58 5,446

5,629

Shandong

Gold

Mining

Co.,

Ltd.

04/09/25

HKD

79,250

2.33 185

WH

Group,

Ltd.

10/26/15

HKD

3,780,826

0.56 2,120

4,634

WuXi

AppTec

Co.,

Ltd.

09/13/24

HKD

571,100

7.48 4,272

9,991

Xiaomi

Corp.

03/27/24

HKD

925,200

2.57 2,377

3,458

Zalando

SE

03/09/26

EUR

100,991

23.50 2,373

2,491

121,293

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

Currency

Futures

2,207

USD

158,739

06/26

1,052

Canadian

Dollar

Currency

Futures

2,789

USD

205,689

06/26

(554) Japanese

Yen

Currency

Futures

2,962

USD

237,552

06/26

2,118

New

Zealand

Dollar

Currency

Futures

USD

10,943

06/26

(46) Norwegian

Krone

Currency

Futures

USD

22,212

06/26

839

S&P/TSX

Index

Futures

907

CAD

359,934

06/26

11,846

SPI

Index

Futures

929

AUD

201,314

06/26

1,028

TOPIX

Index

Futures

JPY

15,724,800

06/26

5,654

Short

Positions

British

Pound

Currency

Futures

605

USD

51,429

06/26

(745) CAC40

Euro

Index

Futures

EUR

4,430

05/26

DAX

Index

Futures

EUR

3,658

06/26

(111) Euro

Currency

Futures

843

USD

123,921

06/26

(1,116)

EURO

STOXX

Index

Futures

EUR

2,628

06/26

(72) FTSE

Index

Futures

GBP

34,145

06/26

(63) FTSE/MIB

Index

Futures

EUR

1,430

06/26

(147) Hang

Seng

Index

Futures

HKD

125,558

05/26

IBEX

Index

Futures

EUR

1,601

05/26

Japanese

Yen

Currency

Futures

USD

10,448

06/26

MSCI

Emerging

Markets

Index

Futures

2,455

USD

200,598

06/26

(18,700)

MSCI

Singapore

Index

Futures

SGD

15,532

05/26

(10) OMXS30

Index

Futures

SEK

13,148

05/26

S&P

500

E-Mini

Index

Futures

USD

43,825

06/26

(3,265)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,876)

#### 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

$

14,305

$

—

$

—

$

—

$

14,305

Australia

—

46,983

—

—

46,983

Austria

—

30,747

—

—

30,747

Belgium

—

12,058

—

—

12,058

Brazil

191,903

2,563

—

—

194,466

Burkina

Faso

4,133

—

—

—

4,133

Canada

207,433

—

—

—

207,433

Chile

9,807

1,744

—

—

11,551

China

39,142

503,417

—

—

542,559

Colombia

650

—

—

—

650

Congo,

the

Democratic

Republic

of

the

806

—

—

—

806

Czech

Republic

—

882

—

—

882

Denmark

—

47,545

—

—

47,545

Finland

—

50,342

—

—

50,342

France

—

349,088

—

—

349,088

Germany

—

298,628

—

—

298,628

Ghana

—

633

—

—

633

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Greece

—

38,017

—

—

38,017

Hong

Kong

—

82,751

—

—

82,751

Hungary

—

7,928

—

—

7,928

India

3,979

184,433

—

—

188,412

Indonesia

—

22,162

—

—

22,162

Ireland

11,054

30,918

—

—

41,972

Israel

5,679

14,734

—

—

20,413

Italy

9,682

153,425

—

—

163,107

Japan

—

690,235

—

—

690,235

Kazakhstan

—

2,624

—

—

2,624

Luxembourg

—

20,627

—

—

20,627

Macao

—

8,375

—

—

8,375

Malaysia

—

6,328

—

—

6,328

Mexico

52,414

23,465

—

—

75,879

Netherlands

1,427

163,730

—

—

165,157

New

Zealand

—

996

—

—

996

Nigeria

—

10,091

—

—

10,091

Norway

—

26,892

—

—

26,892

Peru

1,315

—

—

—

1,315

Philippines

—

2,193

—

—

2,193

Poland

—

15,231

—

—

15,231

Portugal

—

1,267

—

—

1,267

Russia

—

—

—

—

—

Saudi

Arabia

—

9,470

—

—

9,470

Singapore

22,591

15,786

—

—

38,377

South

Africa

45,148

53,332

—

—

98,480

South

Korea

6,378

318,213

—

—

324,591

Spain

—

47,440

—

—

47,440

Sweden

—

65,617

—

—

65,617

Switzerland

4,617

160,052

—

—

164,669

Taiwan

70,738

356,718

—

—

427,456

Thailand

—

20,742

—

—

20,742

Turkey

—

14,320

—

—

14,320

United

Arab

Emirates

—

19,390

—

—

19,390

United

Kingdom

—

420,518

—

—

420,518

United

States

76,420

247,730

—

—

324,150

Zambia

13,524

—

—

—

13,524

Preferred

Stocks

8,942

39,609

—

—

48,551

Warrants

and

Rights

—

—

—

Short-Term

Investments

—

—

—

128,109

128,109

Total

Investments

802,087

4,639,989

128,109

5,570,327

Other

Financial

Instruments

Assets

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Futures

Contracts

22,953

—

—

—

22,953

Liabilities

Futures

Contracts

(24,829)

—

—

—

(24,829)

Total

Other

Financial

Instruments

\*

$

(1,876)

$

—

$

—

$

—

$

(1,876)

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

723,185

.7

Consumer

Staples

...............................................................................

325,252

.7

Energy

................................................................................................

324,948

.7

Financial

Services

..............................................................................

1,332,440

.5

Health

Care

........................................................................................

389,586

.9

Materials

and

Processing

...................................................................

584,278

.3

Producer

Durables

..............................................................................

551,339

.7

Technology

.........................................................................................

973,339

.2

Utilities

...............................................................................................

189,158

.3

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

10,643

.2

Consumer

Staples

...............................................................................

3,649

.1

Financial

Services

..............................................................................

7,278

.1

Producer

Durables

..............................................................................

—

\*\*

Technology

.........................................................................................

25,317

.4

Utilities

...............................................................................................

1,384

—

\*\*

#### Warrants

#### and

#### Rights

#### ...................................................................

—

\*\*

#### Short-Term

#### Investments

#### .............................................................
128,109

.3

Total

Investments

...............................................................................

5,570,327

.1

\*\*

Less

than

.05%

of

net

assets.

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

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts\*

$

18,854

$

4,099

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

22,368

$

2,461

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

7,235

$

(3,813)

Foreign

currency

exchange

contracts

—

(590) Total

$

7,235

$

(4,403)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(4,094)

$

14,144

Foreign

currency

exchange

contracts

—

Total

$

(4,094)

$

14,217

\*

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
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

3,214,409

Investments,

at

fair

value(>)

........................................................................................................................................................

5,570,327

Foreign

currency

holdings(^)

.......................................................................................................................................................

11,463

Receivables:

Dividends

and

interest

......................................................................................................................................................

17,792

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

7,467

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

10,285

From

broker(a)

.................................................................................................................................................................

74,523

Variation

margin

on

futures

contracts

..............................................................................................................................

1,672

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

5,694,021

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

1,416

Accrued

fees

to

affiliates

..................................................................................................................................................

4,393

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

3,498

Deferred

capital

gains

tax

liability

...................................................................................................................................

6,191

Total

liabilities

...........................................................................................................................................................

15,745

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,678,276

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

1,741,807

Shares

of

beneficial

interest

.........................................................................................................................................................

3,663

Additional

paid-in

capital

............................................................................................................................................................

3,932,806

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,678,276

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

128,109

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

11,425

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

74,523

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

15.42 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

16.36 Class

A

—

Net

assets

...........................................................................................................................................................

$

60,161,398

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

3,900,652

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

15.28 Class

C

—

Net

assets

...........................................................................................................................................................

$

8,811,747

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

576,737

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

15.50 Class

M

—

Net

assets

..........................................................................................................................................................

$

1,820,921,384

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

117,446,608

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

15.50 Class

S

—

Net

assets

............................................................................................................................................................

$

3,788,381,501

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

244,424,189

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

64,275

Dividend

distributions

from

affiliated

funds

....................................................................................................................

2,682

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(6,667)

Total

investment

income

.............................................................................................................................................................

60,771

#### Expenses
Advisory

fees

...................................................................................................................................................................

21,545

Administrative

fees

..........................................................................................................................................................

1,263

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

..........................................................................................................................................

1,684

Transfer

agent

fees

-

Class

S

............................................................................................................................................

3,610

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

642

Expenses

before

reductions

..............................................................................................................................................

29,811

Expense

reductions

..........................................................................................................................................................

(2,559)

Net

expenses

................................................................................................................................................................................

27,252

Net

investment

income

(loss)

.......................................................................................................................................................

33,519

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

($1))

..................................................................................................

9,505

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

3,422

Foreign

currency

exchange

contracts

...............................................................................................................................

(590) Foreign

currency-related

transactions

..............................................................................................................................

576

Net

realized

gain

(loss)

................................................................................................................................................................

12,921

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

$3,955)

......................................................

487,255

Futures

contracts

..............................................................................................................................................................

10,050

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

1,690

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

499,068

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

511,989

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

545,508

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

33,519

$

73,550

Net

realized

gain

(loss)

................................................................................................................

12,921

(55,718)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

499,068

915,350

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

545,508

933,182

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(1,039)

(766) Class

C

.....................................................................................................................................

(94) (71) Class

M

....................................................................................................................................

(36,216)

(21,651)

Class

S

......................................................................................................................................

(72,626)

(55,061)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(109,975)

(77,549)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

124,761

280,722

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
560,294

1,136,355

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

5,117,982

3,981,627

End

of

period

......................................................................................................................................

$

5,678,276

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,866

537

$

6,557

Proceeds

from

reinvestment

of

distributions

1,039

766

Payments

for

shares

redeemed

(179) (2,631)

(531) (6,427)

Net

increase

(decrease)

1,274

896

Class

C

Proceeds

from

shares

sold

555

1,283

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(81) (1,174)

(213) (2,618)

Net

increase

(decrease)

(36) (525) (103) (1,264)

Class

M

Proceeds

from

shares

sold

25,632

371,100

23,002

285,282

Proceeds

from

reinvestment

of

distributions

2,558

36,068

1,902

21,547

Payments

for

shares

redeemed

(10,285)

(153,279)

(30,800)

(374,749)

Net

increase

(decrease)

17,905

253,889

(5,896)

(67,920)

Class

S

Proceeds

from

shares

sold

18,596

276,282

64,241

790,266

Proceeds

from

reinvestment

of

distributions

5,145

72,548

4,855

55,013

Payments

for

shares

redeemed

(32,864)

(478,707)

(39,726)

(496,269)

Net

increase

(decrease)

(9,123)

(129,877)

29,370

349,010

Total

increase

(decrease)

8,835

$

124,761

23,445

$

280,722

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.23 11.85 10.03 9.05 12.48 9.53 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.07

.17

.17

.16

.17

.18

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.39 2.41 1.83 .94

(3.35)

2.92 $

Total

from

Investment

Operations

1.46 2.58 2.00 1.10 (3.18)

3.10 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.27)

(.20)

(.18)

(.12)

(.25)

(.15)

$

Total

Distributions

(.27)

(.20)

(.18)

(.12)

(.25)

(.15)

$

Net

Asset

Value,

End

of

Period

15.42 14.23 11.85 10.03 9.05 12.48 %

Total

Return

(±)(ǿ)

10.45 22.21 20.06 12.13 (25.93)

32.74 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 60,161

54,241

44,295

29,757

23,630

27,480

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.36 1.36 1.39 1.38 1.38 1.38 %

Expenses,

Net

(Ƃ)(ɯ)

1.29 1.29 1.32 1.29 1.29 1.29 %

Net

Investment

Income

(Ƃ)(ɯ)

.98

1.37 1.49 1.49 1.61 1.45 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.04 11.68 9.88 8.92 12.30 9.41 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.02

.07

.08

.08

.09

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.38 2.39 1.81 .93

(3.30)

2.89 $

Total

from

Investment

Operations

1.40 2.46 1.89 1.01 (3.21)

2.97 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.10)

(.09)

(.05)

(.17)

(.08)

$

Total

Distributions

(.16)

(.10)

(.09)

(.05)

(.17)

(.08)

$

Net

Asset

Value,

End

of

Period

15.28 14.04 11.68 9.88 8.92 12.30 %

Total

Return

(ǿ)

10.08 21.28 19.21 11.29 (26.45)

31.65 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,812

8,607

8,360

8,005

7,485

9,172

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.11 2.11 2.15 2.13 2.13 2.13 %

Expenses,

Net

(Ƃ)(ɯ)

2.04 2.04 2.07 2.04 2.04 2.04 %

Net

Investment

Income

(Ƃ)(ɯ)

.21

.60

.75

.74

.87

.68

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.33 11.93 10.09 9.10 12.55 9.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.10

.22

.22

.20

.21

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.39 2.41 1.83 .94

(3.37)

2.94 $

Total

from

Investment

Operations

1.49 2.63 2.05 1.14 (3.16)

3.17 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.23)

(.21)

(.15)

(.29)

(.19)

$

Total

Distributions

(.32)

(.23)

(.21)

(.15)

(.29)

(.19)

$

Net

Asset

Value,

End

of

Period

15.50 14.33 11.93 10.09 9.10 12.55 %

Total

Return

(ǿ)

10.68 22.60 20.54 12.58 (25.68)

33.29 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,820,921

1,426,069

1,257,429

877,826

728,774

776,828

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.11 1.11 1.15 1.13 1.14 1.13 %

Expenses,

Net

(Ƃ)(ɯ)

.94

.94

.97

.94

.94

.94

%

Net

Investment

Income

(Ƃ)(ɯ)

1.34 1.72 1.87 1.86 1.98 1.86 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

14.31 11.92 10.08 9.10 12.54 9.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.09

.21

.20

.19

.20

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.40 2.41 1.84 .93

(3.36)

2.94 $

Total

from

Investment

Operations

1.49 2.62 2.04 1.12 (3.16)

3.14 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.30)

(.23)

(.20)

(.14)

(.28)

(.17)

$

Total

Distributions

(.30)

(.23)

(.20)

(.14)

(.28)

(.17)

$

Net

Asset

Value,

End

of

Period

15.50 14.31 11.92 10.08 9.10 12.54 %

Total

Return

(ǿ)

10.63 22.44 20.44 12.35 (25.70)

33.04 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,788,382

3,629,065

2,671,543

2,136,757

1,781,840

2,032,628

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.11 1.11 1.15 1.13 1.13 1.13 %

Expenses,

Net

(Ƃ)(ɯ)

1.04 1.04 1.07 1.04 1.04 1.04 %

Net

Investment

Income

(Ƃ)(ɯ)

1.22 1.63 1.77 1.75 1.87 1.68 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

for

the

period

ended

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

3,389,322

Administrative

fees

214,811

Distribution

fees

17,504

Shareholder

servicing

fees

1,786

Transfer

agent

fees

769,392

$

4,392,815

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

136,089

$

379,530

$

387,518

$

$

—

$

128,109

$

2,682

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

3,277,863,409

$

2,377,973,593

$

(87,385,335)

$

2,290,588,258

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

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.6%
Argentina

-

1.3%

Corp.

America

Airports

SA(Æ)

43,080

1,075

Vista

Energy

SAB

de

CV

-

ADR(Æ)

148,282

11,020

YPF

SA

-

ADR(Æ)

152,149

6,871

18,966

Australia

-

4.7%

Atlas

Arteria,

Ltd.

2,286,668

7,908

BHP

Group,

Ltd.

258,302

10,218

Dalrymple

Bay

Infrastructure,

Ltd.

103,389

Fortescue,

Ltd.

110,003

1,578

Glencore

PLC(Æ)

1,692,784

13,113

Mineral

Resources,

Ltd.(Æ)

4,107

Paladin

Energy,

Ltd.(Æ)

149,316

1,253

Perenti

,

Ltd.

16,262

Qube

Holdings,

Ltd.

732,797

2,661

Rio

Tinto

PLC

61,409

6,135

Rio

Tinto,

Ltd.

12,512

1,512

Sandfire

Resources,

Ltd.(Æ)

45,714

556

Santos,

Ltd.

91,830

528

South32,

Ltd.

Class

B

337,987

1,003

Sunrise

Energy

Metals,

Ltd.(Æ)

44,893

Transurban

Group(Æ)

1,954,609

19,848

Woodside

Energy

Group,

Ltd.

43,864

1,050

68,388

Austria

-

0.1%

Mondi

PLC

89,234

927

OMV

AG

9,031

638

1,565

Brazil

-

1.8%

Adecoagro

SA

13,767

Axia

Energia

-

ADR

75,132

943

Axia

Energia

-

ADR(Æ)

19,747

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

-

ADR

38,004

1,278

Cia

Energetica

de

Minas

Gerais

-

ADR

225,906

569

Cia

Paranaense

de

Energia

-

Copel

-

ADR

31,980

Klabin

SA

834,084

2,944

Motiva

Infraestrutura

de

Mobilidade

SA

495,305

1,600

Petroleo

Brasileiro

SA

-

Petrobras

11,405

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

80,010

1,763

Petroreconcavo

SA

196,177

514

PRIO

SA(Æ)

119,355

1,601

Rumo

SA

398,966

1,267

Sao

Martinho

S/A(Æ)

300,426

981

Suzano

SA

249,943

2,213

Suzano

SA

-

ADR

144,902

1,285

Ultrapar

Participacoes

SA

-

ADR

69,292

Vale

SA

140,219

2,299

Vale

SA

Class

B

-

ADR

133,978

2,192

Wheaton

Precious

Metals

Corp.

16,897

2,134

Yara

International

ASA

17,391

1,012

25,980

Canada

-

4.5%

Agnico

Eagle

Mines,

Ltd.

19,847

3,732

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Algonquin

Power

&

Utilities

Corp.

462,411

2,900

AltaGas

,

Ltd.

18,171

681

Anaergia

,

Inc.(Æ)

184,272

ARC

Resources,

Ltd.

111,946

2,655

Barrick

Mining

Corp.

62,065

2,439

Baytex

Energy

Corp.

142,790

723

Canadian

Natural

Resources,

Ltd.

66,585

3,178

Capstone

Copper

Corp.(Æ)

218,105

1,818

Cenovus

Energy,

Inc.

14,308

Enbridge,

Inc.

92,658

5,139

Enerflex

,

Ltd.

56,123

1,506

Franco-Nevada

Corp.

Class

T

9,445

2,179

Imperial

Oil,

Ltd.

18,672

2,501

Logan

Energy

Corp.(Æ)

25,659

NexGen

Energy,

Ltd.(Æ)

507,609

6,375

Nutrien

,

Ltd.

75,584

5,745

Parex

Resources,

Inc.

38,300

807

Pembina

Pipeline

Corp.

48,436

2,255

Precision

Drilling

Corp.(Æ)

6,938

647

South

Bow

Corp.

Class

W

9,265

Suncor

Energy,

Inc.

23,458

1,608

Tamarack

Valley

Energy,

Ltd.

231,541

2,172

TC

Energy

Corp.

168,412

11,292

Teck

Resources,

Ltd.

Class

B

24,870

1,452

Vermilion

Energy,

Inc.

17,180

West

Fraser

Timber

Co.,

Ltd.

11,014

697

Westshore

Terminals

Investment

Corp.

12,192

Whitecap

Resources,

Inc.

188,210

2,221

66,457

Chile

-

0.8%

Antofagasta

PLC

29,173

1,435

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

105,754

9,747

11,182

China

-

1.5%

Anhui

Expressway

Co.,

Ltd.

Class

H

60,000

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

9,282,798

2,257

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

579

China

Hongqiao

Group,

Ltd.

500

China

Merchants

Port

Holdings

Co.,

Ltd.

584,264

1,162

China

Resources

Gas

Group,

Ltd.

137,500

China

Tower

Corp.,

Ltd.

Class

H(Þ)

3,322,000

4,701

COSCO

SHIPPING

Ports,

Ltd.

700,000

ENN

Energy

Holdings,

Ltd.

329,541

2,572

Goldwind

Science

&

Technology

Co.,

Ltd.

Class

H

36,200

Guangdong

Investment,

Ltd.

338,000

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.,

Ltd.

Class

A

400,400

1,893

Jiangsu

Expressway

Co.,

Ltd.

Class

H

845,153

1,148

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

238,000

Shenzhen

International

Holdings,

Ltd.

582,000

553

Western

Mining

Co.,

Ltd.

Class

A

417,901

1,839

Wilmar

International,

Ltd.

701,000

1,994

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yuexiu

Transport

Infrastructure,

Ltd.

148,000

Zhejiang

Expressway

Co.,

Ltd.

Class

H

1,092,000

1,083

Zijin

Mining

Group

Co.,

Ltd.

Class

H

184,000

845

22,300

Congo,

the

Democratic

Republic

of

the

-

0.2%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

390,160

3,160

Denmark

-

0.6%

Orsted

A/S

Class

A(Æ)(Þ)

210,891

5,652

Vestas

Wind

Systems

A/S

114,679

3,527

9,179

Faroe

Islands

-

0.2%

Bakkafrost

P/F

48,568

2,422

Finland

-

0.8%

Kemira

Oyj

20,297

Neste

Oyj

224,782

7,752

Stora

Enso

Oyj

Class

R

92,043

1,031

UPM-

Kymmene

Oyj

98,565

2,962

12,167

France

-

2.8%

Aeroports

de

Paris

SA

91,467

11,112

Eiffage

SA

4,555

735

Engie

SA

48,151

1,590

Eramet

SA

2,144

Gaztransport

Et

Technigaz

SA

1,455

Getlink

SE

707,881

15,860

Rubis

SCA

2,552

Technip

Energies

NV

20,026

947

TotalEnergies

SE

47,337

4,408

Veolia

Environnement

SA

80,354

3,399

Vinci

SA

17,153

2,595

41,253

Germany

-

0.5%

E.ON

SE

83,362

1,846

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

14,087

1,155

K+S

AG

26,874

503

RWE

AG

53,629

3,900

7,404

Ghana

-

0.6%

Kosmos

Energy,

Ltd.(Æ)

2,889,929

8,901

Hong

Kong

-

0.4%

CLP

Holdings,

Ltd.

568,000

5,450

Hutchison

Port

Holdings

Trust

Class

U

1,796,100

5,828

Hungary

-

0.0%

MOL

Hungarian

Oil

&

Gas

PLC

50,401

672

India

-

0.2%

Reliance

Industries,

Ltd.

-

GDR(Þ)

40,037

2,432

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Iraq

-

0.0%

United

Energy

Group,

Ltd.

8,250,000

513

Isle

of

Man

-

0.1%

Lifezone

Metals,

Ltd.(Æ)

180,793

991

Israel

-

0.1%

Equital

,

Ltd.(Æ)

4,594

ICL

Group,

Ltd.

80,378

Israel

Corp.,

Ltd.

886

Naphtha

Israel

Petroleum

Corp.,

Ltd.(Æ)

56,274

539

1,422

Italy

-

0.8%

Enav

SpA

(Þ)

102,704

603

Enel

SpA

220,044

2,567

Eni

SpA

49,771

1,407

Hera

SpA

1,295,738

6,117

Saipem

SpA

172,990

935

11,629

Japan

-

0.9%

Ebara

Corp.

17,100

600

Inpex

Corp.

35,000

913

Japan

Airport

Terminal

Co.,

Ltd.

225,600

7,289

Japan

Petroleum

Exploration

Co.,

Ltd.

57,900

850

JFE

Holdings,

Inc.

5,600

Kanadevia

Corp.

2,500

Mitsubishi

Materials

Corp.

20,300

667

Modec

,

Inc.

9,100

755

Nippon

Steel

Corp.

150,000

550

Nittetsu

Mining

Co.,

Ltd.

22,600

Sumitomo

Metal

Mining

Co.,

Ltd.

2,400

West

Japan

Railway

Co.

72,300

1,310

13,514

Luxembourg

-

0.2%

ArcelorMittal

SA

37,979

2,167

Mexico

-

2.6%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

15,422

1,635

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

12,760

3,214

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

763,655

19,157

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

9,459

2,893

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

249,694

7,609

Grupo

Mexico

SAB

de

CV

88,818

972

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

156,053

2,471

Southern

Copper

Corp.

1,801

38,260

Netherlands

-

0.0%

SBM

Offshore

NV

9,885

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
New

Zealand

-

0.3%

Auckland

International

Airport,

Ltd.

834,681

4,073

Norway

-

0.7%

Aker

BP

ASA

54,746

2,149

Austevoll

Seafood

ASA

128,543

1,296

BlueNord

ASA(Æ)

9,973

638

Borregaard

ASA

22,679

DNO

ASA

332,765

717

DOF

Group

ASA

50,961

758

Equinor

ASA

Class

N

57,663

2,361

Frontline

PLC

5,903

Norsk

Hydro

ASA

24,266

TGS

ASA

56,809

929

Var

Energi

ASA

190,550

974

10,684

Poland

-

0.1%

ORLEN

SA

21,816

802

Portugal

-

0.1%

Galp

Energia

SGPS

SA

Class

B

31,265

733

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

-

0.1%

SATS,

Ltd.

415,700

1,083

SIA

Engineering

Co.,

Ltd.

112,100

1,361

South

Africa

-

0.8%

African

Rainbow

Minerals,

Ltd.

10,037

Anglo

American

PLC

179,844

8,846

Gold

Fields,

Ltd.

-

ADR

38,878

1,652

Impala

Platinum

Holdings,

Ltd.

12,039

Sibanye

Stillwater,

Ltd.

82,702

Thungela

Resources,

Ltd.

7,364

Valterra

Platinum,

Ltd.

11,831

946

12,056

South

Korea

-

0.1%

CS

Wind

Corp.(Æ)

15,267

738

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
POSCO

Holdings,

Inc.

3,313

1,034

1,772

Spain

-

1.8%

Aena

SME

SA(Þ)

723,106

19,751

Iberdrola

SA

241,778

5,667

Repsol

SA

61,173

1,637

27,055

Sweden

-

0.1%

Boliden

AB

13,208

696

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,072

1,768

Switzerland

-

0.8%

Flughafen

Zurich

AG

35,354

10,041

SIG

Group

AG(Æ)

64,001

1,040

11,081

Thailand

-

0.1%

Banpu

PCL

-

NVDR

1,685,700

PTT

Exploration

&

Production

PCL

98,800

770

United

Kingdom

-

1.9%

EnQuest

PLC

980,377

Harbour

Energy

PLC

1,837,915

7,335

National

Grid

PLC

777,164

13,902

Severn

Trent

PLC

Class

H

12,978

578

SSE

PLC

18,079

651

United

Utilities

Group

PLC

263,994

5,244

27,987

United

States

-

63.8%

Acadia

Realty

Trust(ö)

1,325

Advanced

Drainage

Systems,

Inc.

14,555

2,172

Aemetis

,

Inc.(Æ)

66,933

AES

Corp.

(The)

37,935

548

AGCO

Corp.

25,640

3,103

Agree

Realty

Corp.(ö)

142,231

10,967

Albemarle

Corp.

57,145

11,240

Alexandria

Real

Estate

Equities,

Inc.(ö)

17,262

699

Alliant

Energy

Corp.

8,756

643

Amcor

PLC

16,907

643

Ameresco,

Inc.

Class

A(Æ)

115,092

3,406

American

Assets

Trust,

Inc.(ö)

4,232

American

Electric

Power

Co.,

Inc.

70,409

9,654

American

Healthcare

REIT,

Inc.(ö)

113,105

5,743

American

Homes

Rent

Class

A(ö)

93,829

2,988

Americold

Realty

Trust,

Inc.(ö)

22,578

APA

Corp.

6,596

Apple

Hospitality

REIT,

Inc.(ö)

59,202

797

Archer-Daniels-Midland

Co.

27,213

2,028

Array

Technologies,

Inc.(Æ)

693,006

5,364

Atmos

Energy

Corp.

4,584

871

AvalonBay

Communities,

Inc.(ö)

20,647

3,778

Avery

Dennison

Corp.

3,928

644

Baker

Hughes

Co.

6,537

BP

PLC

1,875,856

14,807

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brixmor

Property

Group,

Inc.(ö)

324,149

9,754

Broadstone

Net

Lease,

Inc.(ö)

32,806

650

Bunge

Global

SA

6,910

878

BXP,

Inc.(ö)

16,835

984

California

Resources

Corp.

118,669

8,100

Camden

Property

Trust(ö)

100,741

10,580

CareTrust

REIT,

Inc.(ö)

221,288

8,730

CenterPoint

Energy,

Inc.

60,047

2,621

Centerspace

(ö)

1,392

CF

Industries

Holdings,

Inc.

8,863

1,101

Cheniere

Energy,

Inc.

56,056

15,413

Chevron

Corp.

19,022

3,677

Chord

Energy

Corp.

4,937

719

Clean

Energy

Fuels

Corp.(Æ)

370,281

852

CNH

Industrial

NV

26,282

CNX

Resources

Corp.(Æ)

22,415

872

ConocoPhillips

98,312

12,366

Consolidated

Edison,

Inc.

4,472

Constellation

Energy

Corp.

26,513

8,299

COPT

Defense

Properties(ö)

42,425

1,326

Corteva,

Inc.

66,558

5,392

Coterra

Energy,

Inc.

14,399

517

Cousins

Properties,

Inc.(ö)

55,637

1,425

Crescent

Energy

Co.

Class

A

65,667

883

CSX

Corp.

52,619

2,391

CubeSmart

(ö)

48,382

1,959

Curbline

Properties

Corp.(ö)

69,938

1,930

Darling

Ingredients,

Inc.(Æ)

229,276

14,726

Deere

&

Co.

643

Diamondback

Energy,

Inc.

2,142

DiamondRock

Hospitality

Co.(ö)

27,431

Digital

Realty

Trust,

Inc.(ö)

146,374

29,412

Diversified

Healthcare

Trust(ö)

57,035

Dominion

Energy,

Inc.

93,571

6,035

Douglas

Emmett,

Inc.(ö)

27,907

DT

Midstream,

Inc.

52,115

7,713

Duke

Energy

Corp.

105,534

13,672

Easterly

Government

Properties,

Inc.(ö)

3,078

EastGroup

Properties,

Inc.(ö)

42,802

8,612

Elme

Communities(ö)

14,560

Entergy

Corp.

5,380

634

Enterprise

Products

Partners,

LP

28,820

1,115

EOG

Resources,

Inc.

8,795

1,236

EPR

Properties(ö)

10,519

587

EQT

Corp.

15,500

931

Equinix,

Inc.(ö)

51,859

56,155

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

22,439

1,420

Equity

Residential(ö)

284,301

18,588

Essential

Properties

Realty

Trust,

Inc.(ö)

149,297

4,692

Essex

Property

Trust,

Inc.(ö)

22,523

5,928

Evergy

,

Inc.

28,655

2,374

Eversource

Energy

16,925

1,197

Exelon

Corp.

57,043

2,623

Expand

Energy

Corp.

9,792

1,000

Extra

Space

Storage,

Inc.(ö)

124,084

17,785

Exxon

Mobil

Corp.

43,638

6,735

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Farmland

Partners,

Inc.(ö)

34,149

Federal

Realty

Investment

Trust(ö)

4,404

First

Industrial

Realty

Trust,

Inc.(ö)

119,119

7,387

First

Solar,

Inc.(Æ)

6,703

1,353

FirstEnergy

Corp.

24,731

1,175

Four

Corners

Property

Trust,

Inc.(ö)

6,219

Freeport-McMoRan,

Inc.

125,078

7,227

Gaming

and

Leisure

Properties,

Inc.(ö)

221,319

10,725

GFL

Environmental,

Inc.

38,094

1,528

Global

Net

Lease,

Inc.(ö)

11,227

Green

Plains,

Inc.(Æ)

311,855

5,420

Gulfport

Energy

Corp.(Æ)

8,989

1,731

Halliburton

Co.

31,579

1,336

Healthcare

Realty

Trust,

Inc.(ö)

158,153

2,957

Healthpeak

Properties,

Inc.(ö)

250,478

4,050

Helmerich

&

Payne,

Inc.

26,056

1,052

Highwoods

Properties,

Inc.(ö)

41,926

1,019

Host

Hotels

&

Resorts,

Inc.(ö)

641,991

13,565

Hyatt

Hotels

Corp.

Class

A

5,387

903

Independence

Realty

Trust,

Inc.(ö)

15,310

Ingredion,

Inc.

4,337

International

Paper

Co.

28,174

857

InvenTrust

Properties

Corp.(ö)

5,878

Invitation

Homes,

Inc.(ö)

289,610

8,332

Iron

Mountain,

Inc.(ö)

154,922

19,519

Janus

Living,

Inc.(ö)

152,924

4,013

Kilroy

Realty

Corp.(ö)

7,704

Kimco

Realty

Corp.(ö)

175,150

4,141

Kinder

Morgan,

Inc.

191,128

6,282

Kite

Realty

Group

Trust(ö)

84,027

2,198

Lamar

Advertising

Co.

Class

A(ö)

28,442

3,920

Liberty

Energy,

Inc.

Class

A

51,762

1,749

Macerich

Co.

(The)(ö)

138,600

3,012

Magnolia

Oil

&

Gas

Corp.

Class

A

55,586

1,681

Matador

Resources

Co.

8,566

543

Mid-America

Apartment

Communities,

Inc.(ö)

41,180

5,320

Mosaic

Co.

(The)

30,917

719

National

Health

Investors,

Inc.(ö)

5,771

National

Storage

Affiliates

Trust(ö)

208,598

8,878

NETSTREIT

Corp.(ö)

4,558

Newmont

Corp.

46,380

5,152

NextEra

Energy,

Inc.

184,444

18,053

Nextpower

,

Inc.

Class

A(Æ)

22,315

2,658

NiSource,

Inc.

21,022

1,015

NNN

REIT,

Inc.(ö)

2,151

Noble

Corp.

PLC

14,841

757

Norfolk

Southern

Corp.

3,128

988

Nucor

Corp.

9,005

2,029

Omega

Healthcare

Investors,

Inc.(ö)

107,926

5,069

ONEOK,

Inc.

165,229

15,277

Outfront

Media,

Inc.(ö)

111,942

3,453

Ovintiv

,

Inc.

9,708

597

Packaging

Corp.

of

America

2,804

599

Park

Hotels

&

Resorts,

Inc.(ö)

24,898

Patterson-UTI

Energy,

Inc.

36,518

Pebblebrook

Hotel

Trust(ö)

11,275

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Permian

Resources

Corp.

Class

A

20,008

PG&E

Corp.

29,678

Phillips

640

Phillips

Edison

&

Co.,

Inc.(ö)

13,007

522

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)

(ö)

167,467

1,400

Pinnacle

West

Capital

Corp.

3,966

Prologis,

Inc.(ö)

400,072

56,818

ProPetro

Holding

Corp.(Æ)

27,090

Public

Service

Enterprise

Group,

Inc.

102,741

8,390

Public

Storage(ö)

38,751

11,720

Realty

Income

Corp.(ö)

509,725

32,745

Regal

Rexnord

Corp.

3,044

655

Regency

Centers

Corp.(ö)

144,023

11,212

Reliance,

Inc.

1,301

Republic

Services,

Inc.

Class

A

9,647

2,018

REX

American

Resources

Corp.(Æ)

12,676

615

Rexford

Industrial

Realty,

Inc.(ö)

34,280

1,230

RLJ

Lodging

Trust(ö)

28,630

Ryman

Hospitality

Properties,

Inc.(ö)

12,265

1,289

Sabra

Health

Care

REIT,

Inc.(ö)

34,397

711

SBA

Communications

Corp.(ö)

12,824

2,837

Select

Water

Solutions,

Inc.

Class

A

21,426

Sempra

91,954

8,747

Shell

PLC

363,094

16,483

Simon

Property

Group,

Inc.(ö)

155,137

31,603

Sky

Harbour

Group

Corp.(Æ)

30,932

SL

Green

Realty

Corp.(ö)

110,474

4,685

SLB,

Ltd.

5,364

SM

Energy

Co.

96,209

2,985

Smurfit

WestRock

PLC

25,629

974

SolarEdge

Technologies,

Inc.(Æ)

122,081

5,232

Southern

Co.

(The)

48,743

4,713

Steel

Dynamics,

Inc.

5,006

1,145

Summit

Hotel

Properties,

Inc.(ö)

51,855

Sun

Communities,

Inc.(ö)

60,898

7,785

Sunrun,

Inc.(Æ)

430,695

5,483

Sunstone

Hotel

Investors,

Inc.(ö)

24,220

Tanger

,

Inc.(ö)

13,216

Targa

Resources

Corp.

41,661

10,835

Tenaris

SA

50,308

1,608

Terreno

Realty

Corp.(ö)

14,195

926

TXNM

Energy,

Inc.

602

UDR,

Inc.(ö)

27,499

999

UGI

Corp.

64,819

2,339

UMH

Properties,

Inc.(ö)

19,824

Union

Pacific

Corp.

3,582

965

Urban

Edge

Properties(ö)

12,597

Valero

Energy

Corp.

1,355

Valmont

Industries,

Inc.

Ventas,

Inc.(ö)

239,287

21,024

Veris

Residential,

Inc.(ö)

26,987

512

VICI

Properties,

Inc.(ö)

153,068

4,470

Vistra

Corp.

7,371

1,163

Vornado

Realty

Trust(ö)

37,219

1,112

WEC

Energy

Group,

Inc.

11,553

1,363

Welltower,

Inc.(ö)

301,596

65,549

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Weyerhaeuser

Co.(ö)

88,682

2,175

Whitestone

REIT

Class

B(ö)

29,192

553

Williams

Cos.,

Inc.

(The)

46,843

3,575

WP

Carey,

Inc.(ö)

31,278

2,281

Xcel

Energy,

Inc.

67,927

5,635

Xenia

Hotels

&

Resorts,

Inc.(ö)

19,880

Zurn

Elkay

Water

Solutions

Corp.

13,656

710

936,761

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.(Æ)

142,740

3,495

#### Total

#### Common

#### Stocks
(cost

$929,913)

1,417,573

#### Preferred

#### Stocks

#### -

#### 1.2%
Brazil

-

1.2%

Bradespar

SA

10.402%

(Ÿ)

1,500,686

6,952

Petroleo

Brasileiro

SA

-

Petrobras

7.708%

(Ÿ)

1,063,290

10,539

17,491

Russia

-

0.0%

Surgutneftegas

PAO

0.000%

(Æ)(Š)

1,385,000

—

Tatneft

PJSC

0.000%

(Æ)(Š)

281,695

—

—

#### Total

#### Preferred

#### Stocks
(cost

$12,256)

17,491

#### Short-Term

#### Investments

#### -

#### 1.9%
United

States

-

1.9%

U.S.

Cash

Management

Fund(@)

28,880,955

(∞)

28,875

#### Total

#### Short-Term

#### Investments
(cost

$28,874)

28,875

#### Total

#### Investments

#### -

#### 99.7%
(identified

cost

$971,043)

1,463,939

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.3%
3,895

#### Net

#### Assets

#### -

#### 100.0%
1,467,834

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $2.3%

Aena

SME

SA

04/22/20

EUR

723,106

17.29 12,502

19,751

CGN

Power

Co.,

Ltd.

03/07/23

HKD

1,301,000

0.24 314

579

China

Tower

Corp.,

Ltd.

03/03/25

HKD

3,322,000

1.43 4,742

4,701

Enav

SpA

09/28/22

EUR

102,704

3.71 381

603

Orsted

A/S

11/14/25

DKK

210,891

19.37 4,084

5,652

Polyus

PJSC

10/20/22

—

—

—

Reliance

Industries,

Ltd.

03/20/23

40,037

58.16 2,329

2,432

33,718

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

11,590

06/26

781

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

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

Argentina

$

18,966

$

—

$

—

$

—

$

18,966

Australia

—

68,388

—

—

68,388

Austria

—

1,565

—

—

1,565

Brazil

24,968

1,012

—

—

25,980

Canada

66,457

—

—

—

66,457

Chile

9,747

1,435

—

—

11,182

China

—

22,300

—

—

22,300

Congo,

the

Democratic

Republic

of

the

3,160

—

—

—

3,160

Denmark

—

9,179

—

—

9,179

Faroe

Islands

—

2,422

—

—

2,422

Finland

—

12,167

—

—

12,167

France

—

41,253

—

—

41,253

Germany

—

7,404

—

—

7,404

Ghana

8,901

—

—

—

8,901

Hong

Kong

—

5,828

—

—

5,828

Hungary

—

672

—

—

672

India

—

2,432

—

—

2,432

Iraq

—

513

—

—

513

Isle

of

Man

991

—

—

—

991

Israel

—

1,422

—

—

1,422

Italy

—

11,629

—

—

11,629

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Japan

—

13,514

—

—

13,514

Luxembourg

—

2,167

—

—

2,167

Mexico

38,260

—

—

—

38,260

Netherlands

—

—

—

New

Zealand

—

4,073

—

—

4,073

Norway

—

10,684

—

—

10,684

Poland

—

802

—

—

802

Portugal

—

733

—

—

733

Russia

—

—

—

—

—

Singapore

—

1,361

—

—

1,361

South

Africa

1,652

10,404

—

—

12,056

South

Korea

—

1,772

—

—

1,772

Spain

—

27,055

—

—

27,055

Sweden

—

1,768

—

—

1,768

Switzerland

—

11,081

—

—

11,081

Thailand

—

770

—

—

770

United

Kingdom

—

27,987

—

—

27,987

United

States

902,889

33,872

—

—

936,761

Zambia

3,495

—

—

—

3,495

Preferred

Stocks

17,491

—

—

—

17,491

Short-Term

Investments

—

—

—

28,875

28,875

Total

Investments

1,096,977

338,087

—

28,875

1,463,939

Other

Financial

Instruments

Assets

Futures

Contracts

781

—

—

—

781

Total

Other

Financial

Instruments

\*

$

781

$

—

$

—

$

—

$

781

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

1,986

0.1 Consumer

Staples

...............................................................................

9,296

0.6 Energy

................................................................................................

181,931

12.4 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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Financial

Services

..............................................................................

584,157

39.8 Materials

and

Processing

...................................................................

185,239

12.6 Producer

Durables

..............................................................................

165,619

11.3 Technology

.........................................................................................

5,392

0.4 Utilities

...............................................................................................

283,953

19.4 #### Preferred

#### Stocks
Energy

................................................................................................

10,539

0.7 Financial

Services

..............................................................................

6,952

0.5 #### Short-Term

#### Investments

#### .............................................................
28,875

1.9 Total

Investments

...............................................................................

1,463,939

99.7 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

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Assets

Variation

margin

on

futures

contracts

$

781

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

(155) Total

$

$

(155) 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

971,043

Investments,

at

fair

value(>)

........................................................................................................................................................

1,463,939

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,408

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,450

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

1,825

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

781

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,469,603

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

1,150

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

1,769

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,467,834

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

435,203

Shares

of

beneficial

interest

.........................................................................................................................................................

930

Additional

paid-in

capital

............................................................................................................................................................

1,031,701

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,467,834

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

28,875

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

1,404

(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

(#)

..........................................................................................................................................

$

15.72 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

16.68 Class

A

—

Net

assets

...........................................................................................................................................................

$

12,643,086

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

804,050

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

15.56 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,428,446

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

91,808

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

15.79 Class

M

—

Net

assets

..........................................................................................................................................................

$

497,945,380

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

31,539,845

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

15.78 Class

S

—

Net

assets

............................................................................................................................................................

$

955,817,440

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

60,575,216

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

19,491

Dividend

distributions

from

affiliated

funds

....................................................................................................................

516

Interest

..............................................................................................................................................................................

Total

investment

income

.............................................................................................................................................................

20,025

#### Expenses
Advisory

fees

...................................................................................................................................................................

5,494

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

............................................................................................................................................

865

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

7,519

Expense

reductions

..........................................................................................................................................................

(740) Net

expenses

................................................................................................................................................................................

6,779

Net

investment

income

(loss)

.......................................................................................................................................................

13,246

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

49,206

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(155) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

49,352

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

187,626

Futures

contracts

..............................................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

188,284

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

237,636

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

250,882

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

13,246

$

25,678

Net

realized

gain

(loss)

................................................................................................................

49,352

(8,754)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

188,284

61,689

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

250,882

78,613

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(298)

(218)

Class

C

.....................................................................................................................................

(26)

(13)

Class

M

....................................................................................................................................

(12,764)

(6,543)

Class

S

......................................................................................................................................

(24,389)

(15,838)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(37,477)

(22,612)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

56,301

93,166

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
269,706

149,167

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,198,128

1,048,961

End

of

period

......................................................................................................................................

$

1,467,834

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

778

$

2,012

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(39)

(572)

(259)

(3,227)

Net

increase

(decrease)

504

(81)

(997)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(8)

(106)

(23)

(287)

Net

increase

(decrease)

(4)

(50)

Class

M

Proceeds

from

shares

sold

7,560

106,044

6,626

83,096

Proceeds

from

reinvestment

of

distributions

963

12,728

544

6,510

Payments

for

shares

redeemed

(2,503)

(36,261)

(8,446)

(108,400)

Net

increase

(decrease)

6,020

82,511

(1,276)

(18,794)

Class

S

Proceeds

from

shares

sold

4,821

68,959

16,988

216,279

Proceeds

from

reinvestment

of

distributions

1,840

24,291

1,319

15,774

Payments

for

shares

redeemed

(8,525)

(119,992)

(9,555)

(119,046)

Net

increase

(decrease)

(1,864)

(26,742)

8,752

113,007

Total

increase

(decrease)

4,197

$

56,301

7,391

$

93,166

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.43 12.83 10.77 11.51 13.28 9.11 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.12

.26

.26

.31

.31

.17

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.55 .59

2.04 (.69)

(1.85)

4.18 $

Total

from

Investment

Operations

2.67 .85

2.30 (.38)

(1.54)

4.35 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.38)

(.25)

(.24)

(.36)

(.23)

(.18)

$

Total

Distributions

(.38)

(.25)

(.24)

(.36)

(.23)

(.18)

$

Net

Asset

Value,

End

of

Period

15.72 13.43 12.83 10.77 11.51 13.28 %

Total

Return

(±)(ǿ)

20.53 6.85 21.49 (3.51)

(11.76)

48.29 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,643

10,271

10,859

6,654

6,073

5,370

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.40 1.41 1.42 1.42 1.42 1.42 %

Expenses,

Net

(Ƃ)(ɯ)

1.32 1.32 1.33 1.33 1.33 1.33 %

Net

Investment

Income

(Ƃ)(ɯ)

1.75 2.09 2.15 2.62 2.47 1.44 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.25 12.64 10.62 11.39 13.15 9.04 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.07

.17

.17

.22

.22

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.53 .58

2.00 (.69)

(1.83)

4.16 $

Total

from

Investment

Operations

2.60 .75

2.17 (.47)

(1.61)

4.24 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.14)

(.15)

(.30)

(.15)

(.13)

$

Total

Distributions

(.29)

(.14)

(.15)

(.30)

(.15)

(.13)

$

Net

Asset

Value,

End

of

Period

15.56 13.25 12.64 10.62 11.39 13.15 %

Total

Return

(ǿ)

20.13 6.09 20.56 (4.30)

(12.40)

47.21 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,429

1,189

1,188

960

828

531

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.15 2.16 2.17 2.17 2.17 2.17 %

Expenses,

Net

(Ƃ)(ɯ)

2.07 2.07 2.08 2.08 2.08 2.08 %

Net

Investment

Income

(Ƃ)(ɯ)

1.00 1.33 1.46 1.90 1.74 .65

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.50 12.89 10.82 11.56 13.33 9.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.15

.31

.31

.35

.36

.22

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.57 .58

2.04 (.69)

(1.85)

4.20 $

Total

from

Investment

Operations

2.72 .89

2.35 (.34)

(1.49)

4.42 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.28)

(.28)

(.40)

(.28)

(.22)

$

Total

Distributions

(.43)

(.28)

(.28)

(.40)

(.28)

(.22)

$

Net

Asset

Value,

End

of

Period

15.79 13.50 12.89 10.82 11.56 13.33 %

Total

Return

(ǿ)

20.76 7.19 21.85 (3.17)

(11.42)

48.95 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 497,945

344,583

345,440

254,716

255,604

255,918

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.15 1.16 1.17 1.17 1.17 1.17 %

Expenses,

Net

(Ƃ)(ɯ)

.97

.97

.98

.98

.98

.98

%

Net

Investment

Income

(Ƃ)(ɯ)

2.10 2.44 2.52 2.97 2.84 1.79 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

13.49 12.88 10.81 11.55 13.32 9.13 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.14

.30

.30

.34

.35

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.56 .58

2.04 (.70)

(1.86)

4.19 $

Total

from

Investment

Operations

2.70 .88

2.34 (.36)

(1.51)

4.39 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.41)

(.27)

(.27)

(.38)

(.26)

(.20)

$

Total

Distributions

(.41)

(.27)

(.27)

(.38)

(.26)

(.20)

$

Net

Asset

Value,

End

of

Period

15.78 13.49 12.88 10.81 11.55 13.32 %

Total

Return

(ǿ)

20.64 7.12 21.77 (3.28)

(11.51)

48.63 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 955,817

842,085

691,474

514,565

540,826

532,442

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.15 1.16 1.17 1.17 1.17 1.17 %

Expenses,

Net

(Ƃ)(ɯ)

1.07 1.07 1.08 1.08 1.08 1.08 %

Net

Investment

Income

(Ƃ)(ɯ)

2.00 2.34 2.44 2.87 2.74 1.66 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

894,981

Administrative

fees

55,231

Distribution

fees

3,423

Shareholder

servicing

fees

Transfer

agent

fees

195,594

$

1,149,518

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

25,821

$

77,327

$

74,273

$

—

$

—

$

28,875

$

516

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

979,677,217

$

502,420,655

$

(17,378,138)

$

485,042,517

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 87.8%
Asset-Backed

Securities

-

2.1%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

656

CLI

Funding

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

832

780

Series

2021-1A

Class

A

1.640%

due

02/18/46

(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

874

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

584

527

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)

929

716

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)

Navesink

CLO,

Ltd.

Series

2026-2A

Class

CR

5.723%

due

01/15/36

(CME

Term

SOFR

Month

+

2.050%)(Ê)(Þ)

Series

2026-5A

Class

C

5.557%

due

03/31/39

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

1,000

999

Series

2026-5A

Class

D1

6.757%

due

03/31/39

(CME

Term

SOFR

Month

+

3.050%)(Ê)(Þ)

1,000

1,001

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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)

Planet

Fitness

Master

Issuer

LLC

Series

2025-1A

Class

A2I

5.274%

due

12/06/55

(Þ)

Sabal

Issuer

LLC

Series

2026-1A

Class

A1

6.000%

due

05/02/61

(Þ)

1,440

1,420

Sixth

Street

CLO,

Ltd.

Series

2026-32A

Class

C

5.613%

due

04/21/39

(CME

Term

SOFR

Month

+

1.950%)(Ê)(Þ)

1,050

1,050

SMB

Private

Education

Loan

Trust

Series

2025-A

Class

A1A

5.130%

due

04/15/54

(Þ)

1,009

1,012

SoFi

Professional

Loan

Program

LLC

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

558

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

908

SoFi

Professional

Loan

Program

Trust

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

506

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

519

514

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

573

Sunnova

Helios

II

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

739

709

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

500

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)

650

523

Sunrun

Bacchus

Issuer

LLC

Series

2025-1A

Class

A2A

6.410%

due

04/30/60

(Þ)

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

914

Zaxbys

Funding

LLC

Series

2021-1A

Class

A2

3.238%

due

07/30/51

(Þ)

714

680

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2024-1A

Class

A2I

6.594%

due

04/30/54

(Þ)

20,124

Corporate

Bonds

and

Notes

-

32.1%

Consumer

Discretionary

-

8.1%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

Adient

Global

Holdings,

Ltd.

7.500%

due

02/15/33

(Þ)

1,030

1,053

AMC

Entertainment

Holdings,

Inc.

7.500%

due

02/15/29

(Þ)

American

Axle

&

Manufacturing,

Inc.

6.375%

due

10/15/32

(Þ)

743

742

Aptiv

Swiss

Holdings,

Ltd.

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

901

921

Aramark

5.000%

due

02/01/28

(Þ)

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

654

636

BCPE

Flavor

Debt

Merger

Sub

LLC

/

BCPE

Flavor

Issuer,

Inc.

9.500%

due

07/01/32

(Þ)

960

829

Beach

Acquisition

Bidco

LLC

10.000%

due

07/15/33

(Þ)

502

552

Boyd

Gaming

Corp.

4.750%

due

12/01/27

4.750%

due

06/15/31

(Þ)

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

Carvana

Co.

9.000%

due

06/01/31

(Þ)

2,316

2,562

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.750%

due

03/01/30

(Þ)

758

719

4.250%

due

01/15/34

(Þ)

1,055

885

7.375%

due

02/01/36

(Þ)

Series

DMTN

5.000%

due

02/01/28

(Þ)

1,632

1,615

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.750%

due

02/15/28

2.250%

due

01/15/29

663

620

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

632

606

CMG

Media

Corp.

8.875%

due

06/18/29

(Þ)

999

890

Comcast

Corp.

2.887%

due

11/01/51

CSC

Holdings

LLC

11.750%

due

01/31/29

(Þ)

520

4.625%

due

12/01/30

(Þ)

Darden

Restaurants,

Inc.

4.550%

due

10/15/29

Directv

Financing

LLC

8.875%

due

02/01/30

(Þ)

707

719

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

5.875%

due

08/15/27

(Þ)

2,084

2,085

10.000%

due

02/15/31

(Þ)

596

620

Discovery

Communications

LLC

6.350%

due

06/01/40

1,241

972

Series

\*

4.125%

due

05/15/29

565

551

Discovery

Global

Holdings,

Inc.

4.279%

due

03/15/32

1,411

1,139

Series

\*

4.054%

due

03/15/29

1,124

1,094

5.050%

due

03/15/42

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

1,546

1,677

EW

Scripps

Co.

(The)

9.875%

due

08/15/30

(Þ)

530

532

Ferguson

Finance

PLC

4.500%

due

10/24/28

(Þ)

560

559

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%

due

01/15/29

(Þ)

796

775

FirstCash,

Inc.

4.625%

due

09/01/28

(Þ)

Ford

Motor

Co.

7.400%

due

11/01/46

Forestar

Group,

Inc.

6.500%

due

03/15/33

(Þ)

526

528

Fox

Corp.

4.709%

due

01/25/29

Full

House

Resorts,

Inc.

8.250%

due

02/15/28

(Þ)

546

518

Gates

Corp.

6.875%

due

07/01/29

(Þ)

Gee

Automotive

Holdings

LLC

7.250%

due

03/01/31

(Þ)

856

867

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

Genting

New

York

LLC

/

GENNY

Capital,

Inc.

7.250%

due

10/01/29

(Þ)

667

678

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.

4.875%

due

07/01/31

(Þ)

822

760

6.625%

due

01/15/32

(Þ)

HNI

Corp.

5.125%

due

01/18/29

(Þ)

1,219

1,203

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

5.250%

due

06/30/29

iHeartCommunications,

Inc.

4.750%

due

01/15/28

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.125%

due

05/01/29

(Þ)

550

550

Jacobs

Entertainment,

Inc.

6.750%

due

02/15/29

(Þ)

1,089

1,066

JB

Poindexter

&

Co.,

Inc.

8.750%

due

12/15/31

(Þ)

1,049

1,088

Kohl's

Corp.

5.125%

due

05/01/31

775

634

5.550%

due

07/17/45

580

Lamar

Media

Corp.

3.750%

due

02/15/28

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

650

627

Live

Nation

Entertainment,

Inc.

4.750%

due

10/15/27

(Þ)

3.750%

due

01/15/28

(Þ)

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

5.125%

due

01/15/42

4.300%

due

02/15/43

Marriott

International,

Inc.

5.550%

due

10/15/28

4.875%

due

05/15/29

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)

Michaels

Cos.,

Inc.(The)

8.500%

due

03/15/33

(Þ)

772

762

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

667

652

Murphy

Oil

USA,

Inc.

5.625%

due

05/01/27

3.750%

due

02/15/31

(Þ)

NCL

Corp,

Ltd.

0.875%

due

04/15/30

530

559

Neptune

Bidco

US,

Inc.

9.290%

due

04/15/29

(Þ)

526

532

9.500%

due

02/15/33

(Þ)

650

651

New

Home

Co.,

Inc.

(The)

8.500%

due

11/01/30

(Þ)

Newell

Brands,

Inc.

8.500%

due

06/01/28

(Þ)

650

679

6.375%

due

05/15/30

695

681

7.375%

due

04/01/36

1,149

1,095

7.500%

due

04/01/46

863

743

Nexstar

Media

Group,

Inc.

4.750%

due

11/01/28

(Þ)

1,320

1,300

6.500%

due

09/15/33

(Þ)

1,529

1,541

Nordstrom,

Inc.

6.950%

due

03/15/28

778

794

4.375%

due

04/01/30

4.250%

due

08/01/31

5.000%

due

01/15/44

1,008

706

Paramount

Global

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.200%

due

06/01/29

763

735

4.375%

due

03/15/43

5.850%

due

09/01/43

5.250%

due

04/01/44

996

676

4.600%

due

01/15/45

4.950%

due

05/19/50

1,813

1,140

Penn

Entertainment,

Inc.

6.750%

due

04/01/31

(Þ)

Phinia,

Inc.

6.625%

due

10/15/32

(Þ)

1,046

1,075

QXO

Building

Products,

Inc.

6.750%

due

04/30/32

(Þ)

881

899

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

2,173

1,944

8.450%

due

07/27/30

(Þ)

4.625%

due

04/06/31

(Þ)

1,170

989

Sabre

Financial

Borrower

LLC

11.125%

due

06/15/29

(Þ)

537

551

Sabre

GLBL,

Inc.

7.320%

due

08/01/26

10.750%

due

11/15/29

(Þ)

10.750%

due

03/15/30

(Þ)

11.125%

due

07/15/30

(Þ)

Sekisui

House

US,

Inc.

3.850%

due

01/15/30

Sirius

XM

Radio,

Inc.

3.875%

due

09/01/31

(Þ)

Six

Flags

Entertainment

Corp./

Canada's

Wonderland

Co./Magnum

Management

Corp.

6.500%

due

10/01/28

540

541

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Millennium

Operations

LLC

8.625%

due

01/15/32

(Þ)

Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./

Canada's

Wonderland

Co.

6.625%

due

05/01/32

(Þ)

746

759

Somnigroup

International,

Inc.

4.000%

due

04/15/29

(Þ)

3.875%

due

10/15/31

(Þ)

Staples,

Inc.

10.750%

due

09/01/29

(Þ)

753

721

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)

Suburban

Propane

Partners,

LP

/

Suburban

Energy

Finance

Corp.

5.000%

due

06/01/31

(Þ)

570

548

Taylor

Morrison

Communities,

Inc.

5.750%

due

01/15/28

(Þ)

Thor

Industries,

Inc.

4.000%

due

10/15/29

(Þ)

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

991

1,122

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Time

Warner

Cable

LLC

6.750%

due

06/15/39

Toll

Brothers

Finance

Corp.

3.800%

due

11/01/29

Travel

+

Leisure

Co.

6.000%

due

04/01/27

504

505

Tri

Pointe

Homes,

Inc.

5.700%

due

06/15/28

Under

Armour,

Inc.

3.250%

due

06/15/26

United

Airlines

Holdings,

Inc.

4.875%

due

03/01/29

614

606

Univision

Communications,

Inc.

8.875%

due

04/15/33

(Þ)

VF

Corp.

6.000%

due

10/15/33

6.450%

due

11/01/37

1,074

1,035

Viking

Cruises,

Ltd.

5.875%

due

10/15/33

(Þ)

673

674

Wayfair

LLC

7.250%

due

10/31/29

(Þ)

Whirlpool

Corp.

2.400%

due

05/15/31

1,189

960

4.700%

due

05/14/32

599

526

5.500%

due

03/01/33

554

5.750%

due

03/01/34

4.500%

due

06/01/46

4.600%

due

05/15/50

Series

MTN

5.150%

due

03/01/43

WMG

Acquisition

Corp.

3.750%

due

12/01/29

(Þ)

668

635

Wyndham

Hotels

&

Resorts,

Inc.

4.375%

due

08/15/28

(Þ)

Yum!

Brands,

Inc.

3.625%

due

03/15/31

6.875%

due

11/15/37

5.350%

due

11/01/43

78,511

Consumer

Staples

-

2.3%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.625%

due

03/31/32

(Þ)

6.250%

due

03/15/33

(Þ)

5.750%

due

03/31/34

(Þ)

738

719

Alta

Equipment

Group,

Inc.

9.000%

due

06/01/29

(Þ)

796

761

Altria

Group,

Inc.

5.800%

due

02/14/39

APi

Group

DE,

Inc.

4.125%

due

07/15/29

(Þ)

Avery

Dennison

Corp.

4.875%

due

12/06/28

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

8.000%

due

02/15/31

(Þ)

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.375%

due

04/15/34

(Þ)

Church

&

Dwight

Co.,

Inc.

3.950%

due

08/01/47

Coca-Cola

Co.

(The)

2.750%

due

06/01/60

896

511

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

506

507

Constellation

Brands,

Inc.

2.250%

due

08/01/31

692

611

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

Darling

Ingredients,

Inc.

5.250%

due

04/15/27

(Þ)

Flowers

Foods,

Inc.

2.400%

due

03/15/31

595

510

Grand

Canyon

University

5.125%

due

10/01/28

765

759

Hertz

Corp.

(The)

12.625%

due

07/15/29

(Þ)

762

720

HRB

Winddown,

Inc.

8.875%

due

03/15/25

(Š)(Þ)

970

—

Industrial

F&B

Investments

III,

Inc.

7.750%

due

02/11/33

(Þ)

JM

Smucker

Co.

(The)

6.500%

due

11/15/43

Keurig

Dr

Pepper,

Inc.

4.350%

due

05/15/28

517

515

4.597%

due

05/25/28

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

Kroger

Co.

(The)

3.950%

due

01/15/50

Mondelez

International,

Inc.

2.625%

due

09/04/50

NESCO

Holdings

II,

Inc.

5.500%

due

04/15/29

(Þ)

2,325

2,313

Performance

Food

Group,

Inc.

4.250%

due

08/01/29

(Þ)

6.125%

due

09/15/32

(Þ)

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

605

Series

USD

6.125%

due

09/30/32

1,102

1,038

Post

Holdings,

Inc.

4.625%

due

04/15/30

(Þ)

748

724

6.500%

due

03/15/36

(Þ)

Prestige

Brands,

Inc.

5.125%

due

01/15/28

(Þ)

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

4.375%

due

04/30/29

(Þ)

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

1,102

1,077

RRD

Intermediate

Holdings,

Inc.

12.000%

due

12/01/30

(Þ)

Safeway,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.250%

due

02/01/31

759

799

Service

Corp.

International

7.500%

due

04/01/27

Smithfield

Foods,

Inc.

5.200%

due

04/01/29

(Þ)

613

619

3.000%

due

10/15/30

(Þ)

Sysco

Corp.

3.150%

due

12/14/51

853

530

Turning

Point

Brands,

Inc.

7.625%

due

03/15/32

(Þ)

Tyson

Foods,

Inc.

4.350%

due

03/01/29

737

735

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

623

614

6.000%

due

12/15/29

(Þ)

629

640

Upbound

Group,

Inc.

6.375%

due

02/15/29

(Þ)

1,985

1,964

US

Foods,

Inc.

6.875%

due

09/15/28

(Þ)

4.750%

due

02/15/29

(Þ)

VM

Consolidated,

Inc.

5.500%

due

04/15/29

(Þ)

780

763

Williams

Scotsman,

Inc.

4.625%

due

08/15/28

(Þ)

6.625%

due

04/15/30

(Þ)

22,778

Energy

-

4.2%

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

5.750%

due

01/15/28

(Þ)

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

APA

Corp.

Series

.

4.750%

due

04/15/43

Boardwalk

Pipelines,

LP

4.800%

due

05/03/29

728

730

Buckeye

Partners,

LP

4.125%

due

12/01/27

1,142

1,127

6.750%

due

08/15/33

5.850%

due

11/15/43

5.600%

due

10/15/44

California

Resources

Corp.

7.000%

due

01/15/34

(Þ)

CNX

Midstream

Partners,

LP

4.750%

due

04/15/30

(Þ)

CNX

Resources

Corp.

7.250%

due

03/01/32

(Þ)

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

1,038

1,026

Crescent

Energy

Finance

LLC

7.875%

due

04/15/32

(Þ)

CVR

Energy,

Inc.

5.750%

due

02/15/28

(Þ)

DBR

Land

Holdings

LLC

6.250%

due

12/01/30

(Þ)

DCP

Midstream

Operating,

LP

5.125%

due

05/15/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Diamondback

Energy,

Inc.

5.900%

due

04/18/64

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

652

638

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

7.125%

due

10/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.829%)(Ê)

553

568

6.500%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.676%)(Ê)

589

590

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

638

636

EQT

Corp.

3.900%

due

10/01/27

7.000%

due

02/01/30

Expand

Energy

Corp.

4.750%

due

02/01/32

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

7.875%

due

05/15/32

8.000%

due

05/15/33

6.750%

due

03/15/34

Global

Marine,

Inc.

7.000%

due

06/01/28

595

600

Global

Partners,

LP

/

GLP

Finance

Corp.

7.125%

due

07/01/33

(Þ)

Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27

(Þ)

Gulfport

Energy

Operating

Corp.

6.750%

due

09/01/29

(Þ)

598

614

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

1,206

1,215

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.250%

due

11/01/28

(Þ)

1,083

1,088

6.875%

due

05/15/34

(Þ)

7.250%

due

02/15/35

(Þ)

891

908

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

692

682

Kodiak

Gas

Services

LLC

5.875%

due

04/01/31

(Þ)

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp.

6.875%

due

12/01/32

(Þ)

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

634

630

Moss

Creek

Resources

Holdings,

Inc.

8.250%

due

09/01/31

(Þ)

789

799

MPLX,

LP

4.800%

due

02/15/29

513

517

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Murphy

Oil

Corp.

5.875%

due

12/01/42

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

8.125%

due

02/15/29

(Þ)

1,059

1,098

8.375%

due

02/15/32

(Þ)

775

813

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

Occidental

Petroleum

Corp.

6.450%

due

09/15/36

Oceaneering

International,

Inc.

6.000%

due

02/01/28

654

661

ONEOK,

Inc.

4.350%

due

03/15/29

739

734

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

1,057

1,044

4.800%

due

05/15/30

(Þ)

544

530

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)

643

637

SM

Energy

Co.

6.625%

due

01/15/27

1,103

1,103

8.750%

due

07/01/31

(Þ)

1,048

1,099

9.625%

due

06/15/33

(Þ)

542

604

Summit

Midstream

Holdings

LLC

8.625%

due

10/31/29

(Þ)

SunCoke

Energy,

Inc.

4.875%

due

06/30/29

(Þ)

Sunoco,

LP

5.875%

due

07/15/27

(Þ)

1,107

1,108

5.625%

due

03/15/31

(Þ)

6.625%

due

08/15/32

(Þ)

734

750

5.875%

due

03/15/34

(Þ)

1,188

1,183

Talos

Production,

Inc.

9.375%

due

02/01/31

(Þ)

Targa

Resources

Corp.

4.350%

due

01/15/29

6.150%

due

03/01/29

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

524

523

Transocean

International,

Ltd.

7.500%

due

04/15/31

565

582

6.800%

due

03/15/38

667

648

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.

8.125%

due

06/01/28

(Þ)

1,067

1,091

9.875%

due

02/01/32

(Þ)

Venture

Global

Plaquemines

LNG

LLC

6.750%

due

01/15/36

(Þ)

823

875

WBI

Operating

LLC

6.250%

due

10/15/30

(Þ)

537

545

6.500%

due

10/15/33

(Þ)

537

543

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

6.750%

due

10/15/33

(Þ)

659

683

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

6.350%

due

01/15/29

613

638

Williams

Cos.,

Inc.

(The)

4.900%

due

03/15/29

7.750%

due

06/15/31

XTO

Energy,

Inc.

6.750%

due

08/01/37

511

41,121

Financial

Services

-

5.9%

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

629

629

Aircastle,

Ltd.

6.500%

due

07/18/28

(Þ)

American

Assets

Trust,

LP

3.375%

due

02/01/31

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

706

706

Arbor

Realty

SR,

Inc.

8.500%

due

12/15/28

(Þ)

7.875%

due

07/15/30

(Þ)

760

717

Ares

Capital

Corp.

2.875%

due

06/15/28

Aretec

Escrow

Issuer

2,

Inc.

10.000%

due

08/15/30

(Þ)

616

653

Asurion

LLC

and

Asurion

Co.-Issuer,

Inc.

8.000%

due

12/31/32

(Þ)

1,260

1,317

8.375%

due

02/01/34

(Þ)

1,093

1,079

Atlanticus

Holdings

Corp.

9.750%

due

09/01/30

(Þ)

804

796

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

7.125%

due

05/15/31

(Þ)

Barings

BDC,

Inc.

7.000%

due

02/15/29

708

720

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

BGC

Group,

Inc.

6.150%

due

04/02/30

708

725

BlackRock

TCP

Capital

Corp.

6.950%

due

05/30/29

Blackstone

Mortgage

Trust,

Inc.

7.750%

due

12/01/29

(Þ)

Blackstone

Secured

Lending

Fund

5.300%

due

06/30/30

Block

Financial

LLC

2.500%

due

07/15/28

666

631

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

Brandywine

Operating

Partnership,

LP

8.300%

due

03/15/28

1,013

1,053

4.550%

due

10/01/29

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bread

Financial

Holdings,

Inc.

8.375%

due

06/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.300%)(Ê)(Þ)

751

786

Brighthouse

Financial,

Inc.

3.850%

due

12/22/51

Brown

&

Brown,

Inc.

4.500%

due

03/15/29

Burford

Capital

Global

Finance

LLC

6.875%

due

04/15/30

(Þ)

782

726

7.500%

due

07/15/33

(Þ)

8.500%

due

01/15/34

(Þ)

Capital

One

Financial

Corp.

2.359%

due

07/29/32

(SOFR

+

1.337%)(Ê)

629

542

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

Carlyle

Secured

Lending,

Inc.

5.750%

due

02/15/31

646

626

Citigroup,

Inc.

4.542%

due

09/19/30

(SOFR

+

1.338%)(Ê)

731

728

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

630

632

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

1,161

1,113

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

627

636

CPI

CG,

Inc.

10.000%

due

07/15/29

(Þ)

Credit

Acceptance

Corp.

6.625%

due

03/15/30

(Þ)

766

763

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

646

630

Diversified

Healthcare

Trust

4.750%

due

02/15/28

640

622

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

873

945

Enact

Holdings,

Inc.

6.250%

due

05/28/29

611

631

Encore

Capital

Group,

Inc.

6.625%

due

04/15/31

(Þ)

565

574

Enova

International,

Inc.

11.250%

due

12/15/28

(Þ)

9.125%

due

08/01/29

(Þ)

737

772

EPR

Properties

4.950%

due

04/15/28

635

635

Equifax,

Inc.

5.100%

due

06/01/28

Essent

Group,

Ltd.

6.250%

due

07/01/29

597

617

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

594

606

Fifth

Third

Bancorp

8.250%

due

03/01/38

First

Citizens

Bank

&

Trust

Co.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.125%

due

03/09/28

609

624

Five

Point

Operating

Co.,

LP

8.000%

due

10/01/30

(Þ)

738

757

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

3.125%

due

10/12/28

6.875%

due

08/15/29

6.125%

due

01/15/30

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

3.750%

due

12/15/27

(Þ)

830

810

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

530

537

4.000%

due

01/15/31

Goldman

Sachs

BDC,

Inc.

5.650%

due

09/09/30

752

739

Golub

Capital

BDC,

Inc.

7.050%

due

12/05/28

Highwoods

Realty,

LP

4.200%

due

04/15/29

Howard

Hughes

Corp.

(The)

4.125%

due

02/01/29

(Þ)

4.375%

due

02/01/31

(Þ)

Hudson

Pacific

Properties,

LP

4.650%

due

04/01/29

736

659

3.250%

due

01/15/30

564

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

5.250%

due

05/15/27

866

857

9.750%

due

01/15/29

763

767

10.000%

due

11/15/29

(Þ)

1,048

1,058

9.000%

due

06/15/30

563

542

ION

Platform

Finance

US,

Inc.

7.875%

due

09/30/32

(Þ)

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(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)

827

865

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

KeyBank

National

Association

Series

BKNT

6.950%

due

02/01/28

598

620

Kilroy

Realty,

LP

4.250%

due

08/15/29

645

625

Liberty

Mutual

Group,

Inc.

7.800%

due

03/07/87

(Þ)

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

651

634

Millrose

Properties,

Inc.

6.250%

due

09/15/32

(Þ)

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

869

739

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
North

Haven

Private

Income

Fund

LLC

5.750%

due

02/01/30

630

615

Oaktree

Specialty

Lending

Corp.

7.100%

due

02/15/29

611

622

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

3.625%

due

10/01/29

550

529

Pebblebrook

Hotel,

LP

/

PEB

Finance

Corp.

6.375%

due

10/15/29

(Þ)

Piedmont

Operating

Partnership,

LP

6.875%

due

07/15/29

592

621

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

5.000%

due

10/01/29

(Þ)

991

940

8.875%

due

01/31/30

(Þ)

994

1,028

Prospect

Capital

Corp.

3.437%

due

10/15/28

860

764

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

Rithm

Capital

Corp.

8.000%

due

04/01/29

(Þ)

587

590

8.000%

due

07/15/30

(Þ)

623

623

Rocket

Cos.,

Inc.

6.125%

due

08/01/30

(Þ)

622

632

6.375%

due

08/01/33

(Þ)

613

622

Santander

Holdings

USA,

Inc.

6.565%

due

06/12/29

(SOFR

+

2.700%)(Ê)

616

638

Service

Properties

Trust

4.950%

due

02/15/27

3.950%

due

01/15/28

4.950%

due

10/01/29

901

844

4.375%

due

02/15/30

762

686

8.875%

due

06/15/32

767

787

SiriusPoint,

Ltd.

7.000%

due

04/05/29

698

731

Sixth

Street

Specialty

Lending,

Inc.

6.125%

due

03/01/29

615

623

Stonebriar

ABF

Issuer

LLC

8.125%

due

12/15/30

(Þ)

629

660

Stonex

Escrow

Issuer

LLC

6.875%

due

07/15/32

(Þ)

Synchrony

Financial

5.150%

due

03/19/29

624

625

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.360%)(Ê)

Velocity

Commercial

Capital

Loan

Trust

9.375%

due

02/15/31

(Þ)

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.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

Webster

Financial

Corp.

4.100%

due

03/25/29

751

734

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)

688

670

Zions

Bancorp

NA

3.250%

due

10/29/29

57,598

Health

Care

-

3.1%

1261229

BC,

Ltd.

10.000%

due

04/15/32

(Þ)

3,142

3,245

Acadia

Healthcare

Co.,

Inc.

5.500%

due

07/01/28

(Þ)

559

555

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

5.125%

due

03/01/30

(Þ)

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29

(Þ)

787

781

Alcon

Finance

Corp.

3.000%

due

09/23/29

(Þ)

Bausch

Health

Americas,

Inc.

8.500%

due

01/31/27

(Þ)

BellRing

Brands,

Inc.

7.000%

due

03/15/30

(Þ)

746

757

BioMarin

Pharmaceutical,

Inc.

5.500%

due

02/15/34

(Þ)

Centene

Corp.

4.250%

due

12/15/27

2.500%

due

03/01/31

1,896

1,648

CHS/Community

Health

Systems,

Inc.

6.000%

due

01/15/29

(Þ)

6.125%

due

04/01/30

(Þ)

10.875%

due

01/15/32

(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)

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

735

763

Dentsply

Sirona,

Inc.

8.375%

due

09/12/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.379%)(Ê)

623

626

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)

HCA,

Inc.

5.625%

due

09/01/28

4.125%

due

06/15/29

HealthEquity,

Inc.

4.500%

due

10/01/29

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Herbalife,

Ltd.

4.250%

due

06/15/28

899

1,137

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

4.875%

due

06/01/29

(Þ)

1,390

1,308

7.750%

due

05/01/33

(Þ)

Humana,

Inc.

8.150%

due

06/15/38

IQVIA,

Inc.

6.250%

due

02/01/29

596

619

LifePoint

Health,

Inc.

9.875%

due

08/15/30

(Þ)

989

1,049

8.375%

due

02/15/32

(Þ)

707

742

10.000%

due

06/01/32

(Þ)

1,547

1,578

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

1,326

1,307

6.500%

due

02/15/31

(Þ)

6.250%

due

01/15/33

(Þ)

1,316

1,315

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

Radiology

Partners,

Inc.

9.781%

due

02/15/30

(Þ)

1,514

1,380

8.500%

due

07/15/32

(Þ)

1,569

1,559

Revvity,

Inc.

1.900%

due

09/15/28

793

746

Team

Health

Holdings,

Inc.

8.375%

due

06/30/28

(Þ)

1,312

1,315

13.500%

due

06/30/28

(Þ)

1,098

1,154

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

Tenet

Healthcare

Corp.

6.125%

due

06/15/30

6.875%

due

11/15/31

Universal

Health

Services,

Inc.

2.650%

due

10/15/30

675

610

29,677

Materials

and

Processing

-

1.9%

Axalta

Coating

Systems

LLC

4.750%

due

06/15/27

(Þ)

Celanese

US

Holdings

LLC

7.379%

due

07/15/32

1,248

1,323

7.200%

due

11/15/33

1,634

1,770

Cleveland-Cliffs,

Inc.

6.250%

due

10/01/40

Clydesdale

Acquisition

Holdings,

Inc.

8.750%

due

04/15/30

(Þ)

1,509

1,369

6.750%

due

04/15/32

(Þ)

930

874

Dow

Chemical

Co.

(The)

6.900%

due

05/15/53

Element

Solutions,

Inc.

3.875%

due

09/01/28

(Þ)

FMC

Corp.

3.200%

due

10/01/26

555

552

6.375%

due

05/18/53

1,198

902

8.450%

due

11/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.366%)(Ê)

Graphic

Packaging

International

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

07/15/27

(Þ)

H.B.

Fuller

Co.

4.000%

due

02/15/27

636

629

Huntsman

International

LLC

4.500%

due

05/01/29

1,271

1,216

2.950%

due

06/15/31

5.700%

due

10/15/34

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

4.450%

due

09/26/28

609

608

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)

659

633

Mauser

Packaging

Solutions

Holding

Co.

9.250%

due

04/15/30

(Þ)

807

769

Novelis

Corp.

4.750%

due

01/30/30

(Þ)

794

761

6.875%

due

01/30/30

(Þ)

Owens-Brockway

Glass

Container,

Inc.

7.250%

due

05/15/31

(Þ)

7.375%

due

06/01/32

(Þ)

Park-Ohio

Industries,

Inc.

8.500%

due

08/01/30

(Þ)

Rain

Carbon,

Inc.

12.250%

due

09/01/29

(Þ)

736

776

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

1,081

1,057

Sherwin-Williams

Co.

(The)

2.950%

due

08/15/29

Silgan

Holdings,

Inc.

4.125%

due

02/01/28

Trident

TPI

Holdings,

Inc.

12.750%

due

12/31/28

(Þ)

580

582

TriMas

Corp.

4.125%

due

04/15/29

(Þ)

796

764

United

States

Steel

Corp.

6.650%

due

06/01/37

Wilsonart

LLC

11.000%

due

08/15/32

(Þ)

18,704

Producer

Durables

-

1.9%

Advanced

Drainage

Systems,

Inc.

5.375%

due

03/01/34

(Þ)

Arcosa,

Inc.

4.375%

due

04/15/29

(Þ)

ATI,

Inc.

5.875%

due

12/01/27

Avnet,

Inc.

6.250%

due

03/15/28

610

626

3.000%

due

05/15/31

500

Axon

Enterprise,

Inc.

6.125%

due

03/15/30

(Þ)

6.250%

due

03/15/33

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BWX

Technologies,

Inc.

4.125%

due

06/30/28

(Þ)

4.125%

due

04/15/29

(Þ)

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

725

Clean

Harbors,

Inc.

6.375%

due

02/01/31

(Þ)

Dycom

Industries,

Inc.

4.500%

due

04/15/29

(Þ)

Energizer

Holdings,

Inc.

6.000%

due

09/15/33

(Þ)

564

539

EnerSys

4.375%

due

12/15/27

(Þ)

Enviri

Corp.

5.750%

due

07/31/27

(Þ)

641

640

Esab

Corp.

6.250%

due

04/15/29

(Þ)

Genesee

&

Wyoming,

Inc.

6.250%

due

04/15/32

(Þ)

844

864

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

6.750%

due

01/15/31

(Þ)

559

579

Global

Infrastructure

Solutions,

Inc.

5.625%

due

06/01/29

(Þ)

822

821

Goat

Holdco

LLC

6.750%

due

02/01/32

(Þ)

1,044

1,070

Huntington

Ingalls

Industries,

Inc.

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

614

626

Masco

Corp.

1.500%

due

02/15/28

675

640

New

Enterprise

Stone

&

Lime

Co.,

Inc.

5.250%

due

07/15/28

(Þ)

638

631

Nordson

Corp.

5.600%

due

09/15/28

611

625

Norfolk

Southern

Corp.

5.100%

due

08/01/18

519

Pentair

PLC

4.500%

due

07/01/29

626

624

Quikrete

Holdings,

Inc.

6.375%

due

03/01/32

(Þ)

567

576

6.750%

due

03/01/33

(Þ)

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

639

Smyrna

Ready

Mix

Concrete

LLC

8.875%

due

11/15/31

(Þ)

917

961

TransDigm,

Inc.

6.375%

due

05/31/33

(Þ)

6.750%

due

01/31/34

(Þ)

Trimble,

Inc.

4.900%

due

06/15/28

633

635

Watco

Cos.

LLC

/

Watco

Finance

Corp.

7.125%

due

08/01/32

(Þ)

510

530

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
WESCO

Distribution,

Inc.

5.250%

due

04/15/31

(Þ)

5.500%

due

04/15/34

(Þ)

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

627

629

XPO

CNW,

Inc.

6.700%

due

05/01/34

Xylem,

Inc.

4.375%

due

11/01/46

18,468

Technology

-

1.5%

Belo

Corp.

7.750%

due

06/01/27

Booz

Allen

Hamilton,

Inc.

4.000%

due

07/01/29

(Þ)

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

662

636

Cloud

Software

Group,

Inc.

6.500%

due

03/31/29

(Þ)

8.250%

due

06/30/32

(Þ)

789

749

Conduent

Business

Services,

LLC

/

Conduent

State

&

Local

Solutions,

Inc.

6.000%

due

11/01/29

(Þ)

1,094

783

CoreWeave,

Inc.

9.250%

due

06/01/30

(Þ)

Crane

NXT

Co.

6.550%

due

11/15/36

4.200%

due

03/15/48

1,093

714

Dotdash

Meredith,

Inc.

7.625%

due

06/15/32

(Þ)

821

771

Entegris,

Inc.

4.750%

due

04/15/29

(Þ)

2,145

2,131

Fair

Isaac

Corp.

4.000%

due

06/15/28

(Þ)

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

667

628

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

3.500%

due

03/01/29

(Þ)

807

755

Gray

Media,

Inc.

4.750%

due

10/15/30

(Þ)

International

Business

Machines

Corp.

7.125%

due

12/01/96

McGraw-Hill

Education,

Inc.

5.750%

due

08/01/28

(Þ)

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

News

Corp.

3.875%

due

05/15/29

(Þ)

662

640

OAK-Eagle

Acquireco,

Inc.

7.250%

due

07/01/33

(Þ)

8.750%

due

07/01/34

(Þ)

Oracle

Corp.

2.300%

due

03/25/28

3.650%

due

03/25/41

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Parsons

Corp.

2.625%

due

03/01/29

889

873

Playtika

Holding

Corp.

4.250%

due

03/15/29

(Þ)

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

Roper

Technologies,

Inc.

2.950%

due

09/15/29

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)

557

577

Twilio,

Inc.

3.875%

due

03/15/31

UKG,

Inc.

6.875%

due

02/01/31

(Þ)

14,078

Utilities

-

3.2%

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

709

733

Alpha

Generation

LLC

6.750%

due

10/15/32

(Þ)

1,153

1,180

Ameren

Corp.

1.750%

due

03/15/28

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

9.375%

due

06/01/28

(Þ)

9.500%

due

06/01/30

(Þ)

573

611

APLD

Compute

Co.

LLC

9.250%

due

12/15/30

(Þ)

545

585

Avangrid,

Inc.

3.800%

due

06/01/29

Berkshire

Hathaway

Energy

Co.

5.150%

due

11/15/43

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

Capital

Power

US

Holdings,

Inc.

6.189%

due

06/01/35

(Þ)

697

719

CenterPoint

Energy,

Inc.

5.400%

due

06/01/29

CMS

Energy

Corp.

4.750%

due

06/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.116%)(Ê)

Connect

Holding

II

LLC

10.500%

due

04/03/31

(Þ)

Dominion

Energy,

Inc.

Series

B

7.000%

due

06/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.511%)(Ê)

596

635

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

Edison

International

5.250%

due

11/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.125%

due

06/15/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.864%)(Ê)

723

741

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.658%)(Ê)

663

683

EUSHI

Finance,

Inc.

7.625%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.136%)(Ê)

731

756

Evergy

Missouri

West,

Inc.

5.150%

due

12/15/27

(Þ)

FirstEnergy

Pennsylvania

Electric

Co.

3.250%

due

03/15/28

(Þ)

643

629

Frontier

Florida

LLC

Series

E

6.860%

due

02/01/28

587

606

Frontier

North,

Inc.

Series

G

6.730%

due

02/15/28

GCI

LLC

4.750%

due

10/15/28

(Þ)

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

626

629

Level

Financing,

Inc.

3.625%

due

01/15/29

(Þ)

7.000%

due

03/31/34

(Þ)

625

650

8.500%

due

01/15/36

(Þ)

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

Meridian

Arc

Holdco

LLC

6.250%

due

04/30/31

(Þ)

568

568

National

Fuel

Gas

Co.

2.950%

due

03/01/31

700

638

NextEra

Energy

Capital

Holdings,

Inc.

5.650%

due

05/01/79

(USD

Month

SOFR

+

3.156%)(Ê)

520

517

NiSource,

Inc.

6.950%

due

11/30/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.451%)(Ê)

715

739

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

7.000%

due

03/15/33

(Þ)

Pacific

Gas

and

Electric

Co.

3.300%

due

12/01/27

4.200%

due

03/01/29

PacifiCorp

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.319%)(Ê)

1,025

1,039

PG&E

Corp.

7.375%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.883%)(Ê)

737

757

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.850%

due

09/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.225%)(Ê)

PR

RNO

Property

Owner

LLC

6.500%

due

05/01/31

(Þ)

1,126

1,116

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

5.200%

due

04/01/29

Sempra

3.700%

due

04/01/29

5.250%

due

03/15/36

Southern

California

Edison

Co.

Series

B

3.650%

due

03/01/28

542

533

Sprint

Capital

Corp.

6.875%

due

11/15/28

594

627

8.750%

due

03/15/32

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

581

596

Talen

Energy

Supply

LLC

6.250%

due

02/01/34

(Þ)

Talen

Energy

Supply,

LLC

6.375%

due

05/01/33

1,340

1,342

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

2.250%

due

11/15/31

TXNM

Energy,

Inc.

7.000%

due

07/31/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.254%)(Ê)(Þ)

610

609

Uniti

Group,

Inc.

7.500%

due

12/01/27

571

694

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

6.500%

due

02/15/29

(Þ)

1,430

1,404

8.625%

due

06/15/32

(Þ)

Uniti

Services

LLC

7.500%

due

10/15/33

(Þ)

1,050

1,106

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

638

626

XPLR

Infrastructure

Operating

Partners,

LP

4.500%

due

09/15/27

(Þ)

968

961

8.375%

due

01/15/31

(Þ)

7.750%

due

04/15/34

(Þ)

Zayo

Group

Holdings,

Inc.

8.750%

due

03/09/30

(Þ)

656

656

13.750%

due

09/09/30

(Þ)

31,311

312,246

International

Debt

-

32.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.875%

due

01/15/28

(Þ)

5.625%

due

09/15/29

(Þ)

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

660

637

A&K

Travel

Group

Holdings,

Ltd.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.500%

due

05/15/33

(Þ)

AB

BSL

CLO,

Ltd.

Series

2024-5A

Class

C

5.775%

due

01/20/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

Series

2025-3A

Class

C2R

5.675%

due

04/20/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

600

601

Abu

Dhabi

Government

International

Bond

1.625%

due

06/02/28

(Þ)

4.250%

due

10/02/35

(Þ)

1,469

1,417

3.125%

due

09/30/49

(Þ)

1,077

720

ACREC

LLC

Series

2025-FL3

Class

A

4.971%

due

08/18/42

(CME

Term

SOFR

Month

+

1.310%)(Ê)(Þ)

500

Series

2026-FL4

Class

AS

5.261%

due

01/18/43

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

750

750

Adani

Ports

and

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.720%)(Ê)

600

622

Aeropuerto

Internacional

De

Tocumen

SA

4.000%

due

08/11/41

(Þ)

686

589

5.125%

due

08/11/61

(Þ)

African

Export-Import

Bank

(The)

3.798%

due

05/17/31

(Þ)

1,545

1,395

AGL

CLO,

Ltd.

Series

2025-16A

Class

CR

5.375%

due

01/20/35

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

500

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)

Altice

France

SA

6.500%

due

04/15/32

(Þ)

711

700

America

Movil

SAB

de

CV

3.625%

due

04/22/29

763

743

American

Money

Management

Corp.

CLO,

Ltd.

Series

2026-30A

Class

CR

5.343%

due

04/15/39

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

1,000

1,000

Angolan

Government

International

Bond

9.244%

due

01/15/31

(Þ)

1,910

2,038

9.875%

due

10/15/35

(Þ)

Apidos

CLO

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-36A

Class

CR

5.475%

due

01/20/39

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

750

752

AREIT

CRE

Trust

Series

2025-CRE10

Class

C

5.760%

due

01/17/30

(CME

Term

SOFR

Month

+

2.092%)(Ê)(Þ)

750

743

Argentine

Republic

Government

International

Bond

1.750%

due

07/09/30

(~)(Ê)

1,155

996

Series

\*

5.000%

due

07/09/35

(~)(Ê)

4,072

3,036

Avation

Group

S

Pte,

Ltd.

8.500%

due

05/15/31

(Þ)

777

727

Axia

Energia

6.500%

due

01/11/35

(Þ)

1,221

1,236

Azerbaijan

Government

International

Bond

3.500%

due

09/01/32

(Þ)

Bahrain

Government

International

Bond

7.000%

due

10/12/28

(Þ)

1,044

1,053

6.750%

due

09/20/29

(Þ)

613

615

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-4A

Class

C

5.566%

due

10/23/37

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

Series

2025-1A

Class

CR

5.525%

due

10/18/38

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

1,100

1,101

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)

1,069

1,134

Banco

Nacional

de

Mexico

SA

6.697%

due

08/07/36

1,383

1,383

Banco

Nacional

de

Panama

2.500%

due

08/11/30

(Þ)

704

633

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)

592

568

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)

8.375%

due

11/07/28

(Þ)

953

977

Bapco

Energies

Sukuk,

Ltd.

5.250%

due

04/08/29

(Þ)

Barclays

Bank

PLC

6.278%

due

12/29/49

(USD

Month

SOFR

+

1.550%)(Ê)(ƒ)

Bausch

Health

Cos.,

Inc.

4.875%

due

06/01/28

(Þ)

826

776

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $11.000%

due

09/30/28

(Þ)

6.250%

due

02/15/29

(Þ)

948

698

5.250%

due

01/30/30

(Þ)

14.000%

due

10/15/30

(Þ)

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

5.250%

due

09/10/29

(Þ)

720

733

Bell

Canada

6.875%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.390%)(Ê)

Belron

UK

Finance

PLC

5.750%

due

10/15/29

(Þ)

Benefit

Street

Partners

CLO,

Ltd.

Series

2026-49A

Class

C

5.532%

due

04/25/39

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

1,000

1,004

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

Birch

Grove

CLO,

Ltd.

Series

2021-3A

Class

CR

5.475%

due

01/19/38

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

Series

2024-9A

Class

C

5.664%

due

10/22/37

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

Series

2025-15A

Class

C

5.534%

due

01/23/39

(CME

Term

SOFR

Month

+

1.820%)(Ê)(Þ)

500

500

BlueMountain

CLO,

Ltd.

Series

2025-34A

Class

CR

5.575%

due

04/20/35

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

850

837

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)

540

510

Bolivia

Government

International

Bond

4.500%

due

03/20/28

(Þ)

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

670

738

Brant

Point

CLO,

Ltd.

Series

2025-7A

Class

C

5.667%

due

07/25/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

650

653

Series

2026-3A

Class

CR

5.480%

due

01/20/39

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

1,000

1,003

Brazilian

Government

International

Bond

6.250%

due

05/22/36

1,153

1,148

7.250%

due

01/12/56

3,405

3,425

Brookfield

Infrastructure

Finance

ULC

6.750%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.453%)(Ê)

626

632

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

5.000%

due

06/15/29

(Þ)

4.875%

due

02/15/30

(Þ)

656

615

BXMT,

Ltd.

Series

2026-FL6

Class

A

5.111%

due

08/19/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

1,250

1,250

C&W

Senior

Finance,

Ltd.

9.000%

due

01/15/33

(Þ)

850

871

Caixa

Economica

Federal

5.625%

due

05/13/30

(Þ)

548

556

Canadian

Imperial

Bank

of

Commerce

6.950%

due

01/28/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.833%)(Ê)

622

633

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Carnival

PLC

1.000%

due

10/28/29

EUR

690

744

CBB

International

Sukuk

Programme

Co.

3.950%

due

09/16/27

(Þ)

1,290

1,253

3.875%

due

05/18/29

(Þ)

1,198

1,115

CCL

Industries,

Inc.

3.050%

due

06/01/30

(Þ)

Celanese

US

Holdings

LLC

0.625%

due

09/10/28

EUR

600

652

6.337%

due

01/19/29

EUR

600

740

Celulosa

Arauco

y

Constitucion

SA

3.875%

due

11/02/27

587

579

4.200%

due

01/29/30

(Þ)

Cemex

SAB

de

CV

5.200%

due

09/17/30

(Þ)

Cenovus

Energy,

Inc.

2.650%

due

01/15/32

Central

Plaza

Development,

Ltd.

7.150%

due

03/21/28

(Þ)

866

873

6.800%

due

04/07/29

(Þ)

CEZ

AS

5.625%

due

04/03/42

(Þ)

CFAMC

III

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

CGI,

Inc.

4.950%

due

03/14/30

Chile

Government

International

Bond

2.550%

due

07/27/33

1,090

939

China

Government

International

Bond

3.625%

due

11/13/28

(Þ)

1,108

1,106

3.750%

due

11/13/30

(Þ)

643

642

CIFC

Funding,

Ltd.

Series

2014-4RA

Class

BRR

5.480%

due

01/17/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

500

500

Colombia

Government

International

Bond

6.125%

due

01/21/31

859

859

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.125%

due

04/15/31

1,334

1,163

7.750%

due

11/07/36

1,119

1,181

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.650%

due

01/24/33

(Þ)

1,855

1,970

Comision

Federal

de

Electricidad

Series

EMTN

5.000%

due

07/30/49

(Þ)

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

766

809

Consolidated

Energy

Finance

SA

5.625%

due

10/15/28

(Þ)

1,709

1,604

Constellation

Software,

Inc.

5.461%

due

02/16/34

(Þ)

625

612

Corp.

Nacional

del

Cobre

de

Chile

6.440%

due

01/26/36

(Þ)

3.150%

due

01/15/51

(Þ)

615

6.780%

due

01/13/55

(Þ)

3,201

3,418

Costa

Rica

Government

International

Bond

6.125%

due

02/19/31

(Þ)

1,167

1,209

6.550%

due

04/03/34

(Þ)

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

Danaos

Corp.

6.875%

due

10/15/32

(Þ)

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)

916

953

Dominican

Republic

Government

International

Bond

5.750%

due

03/17/34

(Þ)

4,230

4,126

6.400%

due

06/05/49

(Þ)

7.150%

due

02/24/55

(Þ)

Dryden

Senior

Loan

Fund

Series

2017-30A

Class

DR

6.514%

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

540

560

7.375%

due

09/18/43

5.875%

due

05/28/45

570

5.875%

due

11/02/51

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ecuador

Government

International

Bond

6.900%

due

07/31/30

(~)(Ê)(Þ)

8.750%

due

01/29/34

(Þ)

1,244

1,269

6.900%

due

07/31/35

(~)(Ê)(Þ)

751

694

9.250%

due

01/29/39

(Þ)

723

748

EDO

Sukuk,

Ltd.

5.662%

due

07/03/31

(Þ)

554

574

Egypt

Government

International

Bond

8.625%

due

02/04/30

(Þ)

1,397

1,475

8.500%

due

01/31/47

(Þ)

2,703

2,464

El

Puerto

de

Liverpool

SAB

de

CV

5.750%

due

02/10/38

(Þ)

El

Salvador

Government

International

Bond

9.500%

due

07/15/52

(Þ)

1,095

1,224

Elevation

CLO,

Ltd.

Series

2025-14A

Class

C2R

5.825%

due

01/20/38

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

Series

2026-19A

Class

C

5.569%

due

03/31/38

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

500

501

Emera

US

Finance,

LP

2.639%

due

06/15/31

Empresa

de

Transmision

Electrica

SA

5.125%

due

05/02/49

(Þ)

1,766

1,390

Empresa

de

Transporte

de

Pasajeros

Metro

SA

5.000%

due

01/25/47

(Þ)

568

520

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

Encore

Capital

Group,

Inc.

4.250%

due

06/01/28

(Þ)

GBP

522

Enel

Finance

International

NV

2.125%

due

07/12/28

(Þ)

673

639

Energizer

Gamma

Acquisition

BV

3.500%

due

06/30/29

(Þ)

EUR

575

647

Eskom

Holdings

SOC,

Ltd.

8.450%

due

08/10/28

(Þ)

1,393

1,467

Export-Import

Bank

of

India

3.250%

due

01/15/30

(Þ)

Fibercop

SpA

Series

2033

6.375%

due

11/15/33

(Þ)

Series

2034

6.000%

due

09/30/34

(Þ)

500

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.250%

due

01/31/41

(Þ)

1,195

1,238

First

Quantum

Minerals,

Ltd.

8.000%

due

03/01/33

(Þ)

515

7.250%

due

02/15/34

(Þ)

6.375%

due

02/15/36

(Þ)

2,932

2,881

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

719

714

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fortescue

Treasury

Pty,

Ltd.

4.500%

due

09/15/27

(Þ)

Gabon

Government

International

Bond

7.000%

due

11/24/31

(Þ)

Gaci

First

Investment

Co.

5.375%

due

10/13/22

(Þ)

2,380

2,006

Galaxy

CLO,

Ltd.

Series

2023-32A

Class

CR

5.425%

due

01/20/39

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

1,000

1,000

Series

2025-31A

Class

CR

5.673%

due

07/15/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

550

552

Garuda

Indonesia

Persero

Tbk

PT

6.500%

due

12/28/31

(Þ)

1,252

1,068

Gazprom

PJSC

Via

Gaz

Capital

SA

7.288%

due

08/16/37

(Æ)(Þ)

1,000

716

Generadora

de

Gatun

SA

6.874%

due

09/30/44

1,017

1,017

GENMAB

Finance

LLC

6.250%

due

12/15/32

(Þ)

1,372

1,407

7.250%

due

12/15/33

(Þ)

1,045

1,089

Georgian

Railway

JSC

4.000%

due

06/17/28

(Þ)

1,153

1,107

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

925

933

5.875%

due

03/15/30

(Þ)

638

643

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

5.000%

due

07/03/29

(~)(Ê)(Þ)

1,002

980

5.000%

due

07/03/35

(~)(Ê)(Þ)

Glencore

Funding

LLC

5.371%

due

04/04/29

(Þ)

goeasy,

Ltd.

9.250%

due

12/01/28

(Þ)

6.875%

due

05/15/30

(Þ)

807

683

Grifols

SA

4.750%

due

10/15/28

(Þ)

1,109

1,093

Grupo

Energia

Bogota

SA

ESP

5.750%

due

10/22/35

(Þ)

1,380

1,346

Grupo

Televisa

SAB

5.250%

due

05/24/49

GS

REFT

Issuer,

Ltd.

Series

2026-FL1

Class

B

5.670%

due

04/19/43

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

1,000

1,000

Guatemala

Government

International

Bond

4.375%

due

06/05/27

(Þ)

4.875%

due

02/13/28

(Þ)

5.250%

due

08/10/29

(Þ)

6.600%

due

06/13/36

(Þ)

662

707

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

630

640

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.375%

due

09/26/30

(Þ)

1,327

1,357

6.000%

due

09/26/35

(Þ)

1,459

1,519

6.750%

due

09/23/55

(Þ)

913

975

ICG

US

CLO,

Ltd.

Series

2026-1A

Class

BR3

5.425%

due

10/20/34

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

Imperial

Brands

Finance

PLC

6.125%

due

07/27/27

(Þ)

5.500%

due

02/01/30

(Þ)

Indonesia

Government

International

Bond

4.550%

due

01/11/28

3.550%

due

03/31/32

4.200%

due

10/15/50

4.300%

due

03/31/52

5.650%

due

01/11/53

720

704

Industrial

Subordinated

Trust

6.550%

due

04/15/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.864%)(Ê)(Þ)

Industrias

Penoles

SAB

de

CV

4.150%

due

09/12/29

(Þ)

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

656

633

Instituto

Costarricense

de

Electricidad

6.375%

due

05/15/43

(Þ)

1,236

1,213

Intesa

Sanpaolo

SpA

4.198%

due

06/01/32

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.600%)(Ê)(Þ)

675

638

Invesco

US

CLO,

Ltd.

Series

2026-1A

Class

C

5.656%

due

04/15/39

(CME

Term

SOFR

Month

+

1.975%)(Ê)(Þ)

1,950

1,959

Ithaca

Energy

North

Sea

PLC

8.125%

due

10/15/29

(Þ)

589

614

Ivory

Coast

Government

International

Bond

6.125%

due

06/15/33

(Þ)

8.075%

due

04/01/36

(Þ)

8.250%

due

01/30/37

(Þ)

624

670

6.750%

due

02/25/41

(Þ)

1,223

1,129

Jaguar

Land

Rover

Automotive

PLC

4.500%

due

10/01/27

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

1,002

1,039

5.850%

due

07/07/30

(Þ)

JSCB

Agrobank

9.250%

due

10/02/29

(Þ)

504

Kazakhstan

Government

International

Bond

4.412%

due

10/28/30

(Þ)

575

567

5.000%

due

07/01/32

(Þ)

1,191

1,203

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

07/01/37

(Þ)

Kazakhstan

Temir

Zholy

National

Co.

5.250%

due

04/29/36

(Þ)

848

829

KazMunayGas

National

Co.

JSC

5.750%

due

04/19/47

(Þ)

6.375%

due

10/24/48

(Þ)

862

871

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

1,252

1,321

8.700%

due

02/26/39

(Þ)

8.250%

due

02/28/48

(Þ)

Khazanah

Capital,

Ltd.

Series

EMTN

4.876%

due

06/01/33

(Þ)

1,376

1,388

Khazanah

Global

Sukuk

Berhad

Series

EMTN

4.687%

due

06/01/28

(Þ)

Kioxia

Holdings

Corp.

6.250%

due

07/24/30

(Þ)

6.625%

due

07/24/33

(Þ)

739

772

Kondor

Finance

PLC

7.625%

due

11/08/28

(Þ)

1,882

1,448

Korea

Expressway

Corp.

4.250%

due

05/06/31

(Þ)

637

633

Kuwait

International

Government

Bond

4.652%

due

10/09/35

(Þ)

942

919

LCM

28,

Ltd.

Series

2018-28A

Class

C

6.087%

due

10/20/30

(CME

Term

SOFR

Month

+

2.412%)(Ê)(Þ)

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

6.750%

due

10/15/27

(Þ)

Lebanon

Government

International

Bond

Series

GMTN

6.200%

due

02/26/25

(Æ)(Ø)(Þ)

6.600%

due

11/27/26

(Æ)(Ø)(Þ)

7.000%

due

03/20/28

(Æ)(Ø)(Þ)

757

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,227

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

Madison

Park

Funding,

Ltd.

Series

2018-31A

Class

CR

5.916%

due

07/23/37

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

Malaysia

Wakala

Sukuk

3.075%

due

04/28/51

(Þ)

500

Market

Street

CLO,

Ltd.

Series

2025-2A

Class

C

5.575%

due

03/20/38

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

1,400

1,401

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

588

637

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

620

592

Mazoon

Assets

Co.

SAOC

5.200%

due

11/08/27

(Þ)

1,071

1,074

5.250%

due

10/09/31

(Þ)

2,038

2,062

MDGH

GMTN

RSC,

Ltd.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

EMTN

3.400%

due

06/07/51

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

1,265

1,260

5.650%

due

12/01/44

Mexico

City

Airport

Trust

5.500%

due

07/31/47

(Þ)

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

633

637

Mexico

Government

International

Bond

4.280%

due

08/14/41

1,397

1,106

6.338%

due

05/04/53

2,712

2,559

6.750%

due

02/09/56

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL8

Class

A

5.007%

due

02/19/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

562

563

Mongolia

Government

International

Bond

6.625%

due

02/25/30

(Þ)

Montego

Bay

Airport

Revenue

Finance,

Ltd.

6.600%

due

06/15/35

(Þ)

Morocco

Government

International

Bond

6.500%

due

09/08/33

(Þ)

954

1,020

Mumtalakt

Sukuk

Holding

Co.

4.100%

due

01/21/27

(Þ)

1,210

1,197

Muthoot

Finance,

Ltd.

5.750%

due

08/04/30

(Þ)

694

687

MVM

Energetika

Zrt.

7.500%

due

06/09/28

(Þ)

6.500%

due

03/13/31

(Þ)

955

1,000

Nakilat,

Inc.

6.067%

due

12/31/33

(Þ)

Navesink

CLO,

Ltd.

Series

2026-6A

Class

C

5.557%

due

04/15/37

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

Series

2018-27A

Class

CR

5.773%

due

07/15/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

550

551

New

Flyer

Holdings,

Inc.

9.250%

due

07/01/30

(Þ)

572

617

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

1,456

1,642

8.631%

due

01/13/36

(Þ)

1,296

1,421

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

1,654

1,632

4.810%

due

09/17/30

(Þ)

1,696

1,586

Nordea

Bank

Abp

4.625%

due

09/13/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.690%)(Ê)(Þ)

634

630

Northriver

Midstream

Finance,

LP

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.750%

due

07/15/32

(Þ)

1,479

1,516

OAK-Eagle

Acquireco,

Inc.

6.250%

due

07/01/33

(Þ)

EUR

Oaktree

CLO,

Ltd.

Series

2022-3A

Class

CR

5.773%

due

10/15/37

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2024-24A

Class

CR

5.625%

due

10/20/37

(CME

Term

SOFR

Month

+

1.950%)(Ê)(Þ)

500

501

OCP

SA

6.875%

due

04/25/44

(Þ)

7.500%

due

05/02/54

(Þ)

766

821

Oleoducto

Central

SA

4.000%

due

07/14/27

(Þ)

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.

4.525%

due

04/17/33

(Þ)

1,331

1,312

OmGrid

Funding,

Ltd.

5.196%

due

05/16/27

(Þ)

Omniyat

Sukuk

1,

Ltd.

8.375%

due

05/06/28

(Þ)

630

616

Series

EMTN

7.250%

due

03/16/29

(Þ)

Ontario

Gaming

GTA,

LP

8.000%

due

08/01/30

(Þ)

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

520

532

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

OQ

SAOC

5.125%

due

05/06/28

(Þ)

Oztel

Holdings

SPC,

Ltd.

6.625%

due

04/24/28

(Þ)

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

7.950%

due

01/31/29

(Þ)

906

925

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

1,418

1,335

Palmer

Square

CLO,

Ltd.

Series

2024-2A

Class

BR

6.180%

due

04/16/37

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

1,250

1,251

Panama

Government

International

Bond

2.252%

due

09/29/32

1,913

1,617

5.662%

due

02/23/38

556

559

8.000%

due

03/01/38

798

948

4.300%

due

04/29/53

1,094

842

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

694

722

6.650%

due

03/04/55

(Þ)

625

660

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Park

Blue

CLO,

Ltd.

Series

2026-4A

Class

CR

5.462%

due

01/25/39

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

750

750

Perrigo

Finance

Unlimited

Co.

Series

EUR

5.375%

due

09/30/32

EUR

Pertamina

Hulu

Energi

PT

5.250%

due

05/21/30

(Þ)

1,657

1,672

Perusahaan

Penerbit

SBSN

Indonesia

III

4.550%

due

07/23/30

(Þ)

2,184

2,177

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

5.450%

due

02/03/36

(Þ)

6.150%

due

05/21/48

(Þ)

749

722

6.250%

due

01/25/49

(Þ)

4.000%

due

06/30/50

(Þ)

Peruvian

Government

International

Bond

5.500%

due

03/30/36

2,054

2,074

5.875%

due

08/08/54

554

539

6.200%

due

06/30/55

Petrobras

Global

Finance

BV

6.850%

due

06/05/15

1,417

1,345

Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

1,689

642

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

1,410

536

Petroleos

del

Peru

SA

4.750%

due

06/19/32

(Þ)

1,073

873

5.625%

due

06/19/47

(Þ)

1,732

1,217

Petroleos

Mexicanos

6.750%

due

09/21/47

5,009

4,218

6.625%

due

09/29/49

(Þ)

597

7.690%

due

01/23/50

1,654

1,511

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

717

733

2.480%

due

01/28/32

(Þ)

912

820

5.848%

due

04/03/55

(Þ)

3.404%

due

04/28/61

(Þ)

684

Philippine

Government

International

Bond

5.170%

due

10/13/27

1,633

1,658

1.950%

due

01/06/32

2,436

2,116

5.000%

due

01/27/36

2.650%

due

12/10/45

Poland

Government

International

Bond

Series

5Y

4.875%

due

02/12/30

1,369

1,397

Series

10Y

5.375%

due

02/12/35

999

1,018

Series

30Y

5.500%

due

03/18/54

940

875

6.125%

due

04/14/56

1,440

1,444

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

(Þ)

626

640

PRA

Group

Europe

Holding

II

SARL

6.250%

due

09/30/32

(Þ)

EUR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Precision

Drilling

Corp.

6.875%

due

01/15/29

(Þ)

761

768

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

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

3.750%

due

10/16/29

(Þ)

675

630

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

616

Rakuten

Group,

Inc.

9.750%

due

04/15/29

(Þ)

686

752

Rede

D'or

Finance

SARL

6.550%

due

04/28/36

(Þ)

804

794

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

647

638

Rogers

Communications,

Inc.

7.500%

due

08/15/38

542

616

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

637

633

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

07/04/36

(Þ)

2,186

2,059

7.500%

due

02/10/37

(Þ)

1,788

1,912

5.125%

due

06/15/48

(Þ)

508

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)

SABIC

Capital

I

BV

3.000%

due

09/14/50

(Þ)

SABIC

Capital

II

BV

4.500%

due

10/10/28

(Þ)

Sable

International

Finance,

Ltd.

7.125%

due

10/15/32

(Þ)

783

781

Santander

UK

Group

Holdings

PLC

5.625%

due

09/15/45

(Þ)

584

532

Saturn

Oil

&

Gas,

Inc.

9.625%

due

06/15/29

(Þ)

547

573

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

619

546

5.875%

due

07/17/64

(Þ)

731

686

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Saudi

Electricity

Global

Sukuk

Co.

5.500%

due

04/08/44

(Þ)

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

1,893

1,900

4.375%

due

01/12/31

(Þ)

2,778

2,736

5.000%

due

01/18/53

(Þ)

770

663

5.875%

due

01/12/56

(Þ)

2,177

2,089

Seadrill

Finance,

Ltd.

8.375%

due

08/01/30

(Þ)

591

618

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

886

850

Senegal

Government

International

Bond

6.250%

due

05/23/33

(Þ)

562

Serbia

Government

International

Bond

5.500%

due

05/06/36

(Þ)

1,680

1,637

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)

Skeena

Resources,

Ltd.

8.500%

due

04/01/31

(Þ)

Sociedad

Quimica

y

Minera

de

Chile

SA

5.625%

due

04/22/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.915%)(Ê)(Þ)

Societe

Generale

SA

4.750%

due

09/14/28

(Þ)

630

632

Sound

Point

CLO,

Ltd.

Series

2025-1A

Class

CR

5.517%

due

04/25/34

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

800

789

South

Africa

Government

International

Bond

6.125%

due

12/11/37

(Þ)

4,108

3,916

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

7.625%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.949%)(Ê)

South

Bow

USA

Infrastructure

Holdings

LLC

5.026%

due

10/01/29

Southern

Copper

Corp.

7.500%

due

07/27/35

510

Sri

Lanka

Government

International

Bond

3.600%

due

12/15/27

(~)(Ê)(Þ)

4.000%

due

04/15/28

(~)(Ê)(Þ)

3.600%

due

06/15/35

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

02/15/38

(~)(Ê)(Þ)

701

660

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

SOFR

+

1.460%)(Ê)(Þ)

612

628

State

Oil

Co.

of

the

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Suncor

Energy,

Inc.

7.000%

due

11/15/28

Superior

Plus

Corp.

4.500%

due

03/15/29

(Þ)

Suzano

Austria

GmbH

6.000%

due

01/15/29

Sword

Purchaser

LLC

7.250%

due

04/15/33

(Þ)

EUR

Symphony

CLO,

Ltd.

Series

2018-19A

Class

C

5.691%

due

04/16/31

(CME

Term

SOFR

Month

+

2.012%)(Ê)(Þ)

500

500

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)

599

624

8.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.616%)(Ê)(ƒ)(Þ)

TCW

CLO

Ltd.

Series

2025-1A

Class

CR4

5.567%

due

03/24/38

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

800

800

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

602

631

6.000%

due

09/30/34

522

537

7.200%

due

07/18/36

564

616

7.721%

due

06/04/38

1,083

1,230

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

7.000%

due

10/28/29

(Þ)

1,332

1,333

Telenet

Finance

Luxembourg

Notes

SARL

5.500%

due

03/01/28

(Þ)

800

791

TELUS

Corp.

Series

\*\*

6.625%

due

10/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.769%)(Ê)

Textainer

Marine

Containers

VII,

Ltd.

Series

2021-1A

Class

A

1.680%

due

02/20/46

(Þ)

528

Tierra

Mojada

Luxembourg

II

SARL

5.750%

due

12/01/40

(Þ)

Toronto-Dominion

Bank

(The)

5.146%

due

09/10/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)

548

551

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

Trade

and

Development

Bank

of

Mongolia

LLC

8.500%

due

12/23/27

(Þ)

TransAlta

Corp.

6.500%

due

03/15/40

TransCanada

Trust

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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)

1,174

1,224

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

733

735

Trinidad

Generation

Unlimited

7.750%

due

06/16/33

(Þ)

522

552

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)

851

849

Turkiye

Government

International

Bond

6.375%

due

05/22/31

1,249

1,238

6.300%

due

03/14/33

3,050

2,944

Series

5Y

9.875%

due

01/15/28

1,090

1,166

Turkiye

Ihracat

Kredi

Bankasi

AS

5.750%

due

07/06/26

(Þ)

Turkiye

Varlik

Fonu

Yonetimi

AS

8.250%

due

02/14/29

(Þ)

7.750%

due

09/10/35

(Þ)

955

969

Ueno

Bank

SA

6.700%

due

03/06/31

(Þ)

UGI

International

LLC

2.500%

due

12/01/29

EUR

Ukraine

Government

International

Bond

4.000%

due

02/01/32

(~)(Ê)(Þ)

,

1,891

8.056%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

1,349

685

UniCredit

SpA

5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

3.703%)(Ê)(Þ)

635

639

United

Utilities

PLC

6.875%

due

08/15/28

Uruguay

Government

International

Bond

5.750%

due

10/28/34

3,036

3,190

4.975%

due

04/20/55

5.250%

due

09/10/60

Uzauto

Motors

AJ

7.375%

due

11/19/30

(Þ)

1,319

1,348

Uzbekistan

Government

International

Bond

3.900%

due

10/19/31

(Þ)

500

6.900%

due

02/28/32

(Þ)

709

759

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)

1,414

645

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.250%

due

10/13/24

(Æ)(Ø)(Þ)

1,179

565

Venture

CLO,

Ltd.

Series

2021-33A

Class

CR

6.215%

due

07/15/31

(CME

Term

SOFR

Month

+

2.542%)(Ê)(Þ)

1,000

1,006

Verde

CLO,

Ltd.

Series

2019-1A

Class

CRR

5.673%

due

04/15/32

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

VF

Corp.

0.250%

due

02/25/28

EUR

500

547

0.625%

due

02/25/32

EUR

700

660

Series

EMTN

4.250%

due

03/07/29

EUR

600

706

Virgin

Media

Finance

PLC

5.000%

due

07/15/30

(Þ)

1,070

901

Viridien

10.000%

due

10/15/30

(Þ)

572

614

Vmed

O2

UK

Financing

I

PLC

4.250%

due

01/31/31

(Þ)

800

690

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

4.873%)(Ê)

2,771

2,886

Series

NC30

5.125%

due

06/04/81

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.073%)(Ê)

701

553

VTB

Bank

6.950%

due

10/17/22

(~)(Æ)(Ê)

(Š)(Þ)

—

9.500%

due

12/29/49

(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

650

713

Whirlpool

Finance

Luxembourg

SARL

1.100%

due

11/09/27

EUR

800

899

Woori

Bank

6.375%

due

07/24/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.277%)(Ê)(Þ)

606

628

Wrangler

Holdco

Corp.

6.625%

due

04/01/32

(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

635

636

YPF

SA

6.950%

due

07/21/27

(Þ)

8.500%

due

06/27/29

(Þ)

9.000%

due

06/30/29

(~)(Ê)(Þ)

—

—

9.500%

due

01/17/31

(Þ)

646

689

7.000%

due

09/30/33

(~)(Ê)(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/31

(~)(Ê)(Þ)

5.750%

due

06/30/33

(~)(Ê)(Þ)

317,392

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Loan

Agreements

-

0.0%

Vibrantz

Technologies,

Inc.

Term

Loan

B2

9.153%

due

04/30/30

(USD

Month

SOFR

+

5.500%)(Ê)

Vibrantz

Technologies,

Inc.

Term

Loan

C2

9.153%

due

04/30/30

(USD

Month

SOFR

+

5.500%)(Ê)

Mortgage-Backed

Securities

-

11.1%

ACRES

Commercial

Realty

2026-FL4

Issuer

LLC

Series

2026-FL4

Class

A

5.361%

due

08/18/44

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,000

1,001

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2026-FL1

Class

B

5.661%

due

09/20/43

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

1,000

1,000

ARES

Commercial

Mortgage

Trust

Series

2025-IND3

Class

A

5.155%

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

7.766%

due

12/10/41

(~)(Ê)(Þ)

700

722

BAMLL

Trust

Series

2025-ASHF

Class

C

6.655%

due

02/15/42

(CME

Term

SOFR

Month

+

3.000%)(Ê)(Þ)

500

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2018-BN11

Class

B

4.482%

due

03/15/61

(~)(Ê)

1,280

1,234

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.385%

due

02/15/54

(~)(Ê)

1,509

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3

Class

C

4.352%

due

02/15/50

(~)(Ê)

500

BAR

Issuer

LLC

Series

2026-FL1

Class

A

5.261%

due

08/20/43

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

1,250

1,252

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

2026-5C40

Class

C

5.813%

due

02/15/59

(~)(Ê)

700

697

BAY

Mortgage

Trust

Series

2025-LIVN

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.455%

due

05/15/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

Benchmark

Mortgage

Trust

Series

2025-V17

Class

C

6.089%

due

09/15/58

(~)(Ê)

500

501

Series

2025-V19

Class

C

5.751%

due

01/15/58

(~)(Ê)

500

Series

2026-V21

Class

C

6.006%

due

03/15/59

750

736

BOCA

Commercial

Mortgage

Trust

Series

2025-BOCA

Class

A

5.255%

due

12/15/42

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

500

501

BOFAS

Re-REMIC

Trust

Series

2026-FRR8

Class

D746

1.415%

due

04/27/54

(~)(Ê)(Þ)

750

640

Brean

Asset

Backed

Securities

Trust

Series

2026-RM14

Class

A1

4.250%

due

01/25/66

(Þ)

1,500

1,451

BSPDF

Issuer

LLC

Series

2026-FL3

Class

A

5.111%

due

09/18/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

1,000

1,001

BSPRT

Issuer

LLC

Series

2025-FL12

Class

A

5.054%

due

01/17/43

(CME

Term

SOFR

Month

+

1.386%)(Ê)(Þ)

1,250

1,251

BX

Commercial

Mortgage

Trust

Series

2021-21M

Class

E

5.941%

due

10/15/36

(CME

Term

SOFR

Month

+

2.285%)(Ê)(Þ)

Series

2021-BXMF

Class

C

4.961%

due

10/15/26

(CME

Term

SOFR

Month

+

1.306%)(Ê)(Þ)

Series

2021-LGCY

Class

C

4.774%

due

10/15/36

(CME

Term

SOFR

Month

+

1.118%)(Ê)(Þ)

Series

2022-LBA6

Class

E

6.355%

due

01/15/39

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

500

500

Series

2024-KING

Class

D

6.144%

due

05/15/34

(CME

Term

SOFR

Month

+

2.490%)(Ê)(Þ)

Series

2024-SLCT

Class

A

4.978%

due

01/15/42

(CME

Term

SOFR

Month

+

1.323%)(Ê)(Þ)

1,250

1,246

Series

2025-LUNR

Class

B

5.505%

due

06/15/40

(CME

Term

SOFR

Month

+

1.850%)(Ê)(Þ)

Series

2025-ROIC

Class

A

4.799%

due

03/15/30

(CME

Term

SOFR

Month

+

1.144%)(Ê)(Þ)

976

974

Series

2025-VLT6

Class

E

6.845%

due

03/15/42

(CME

Term

SOFR

Month

+

3.191%)(Ê)(Þ)

500

Series

2025-VOLT

Class

D

6.405%

due

12/15/44

(CME

Term

SOFR

Month

+

2.750%)(Ê)(Þ)

500

Series

2026-CSMO

Class

B

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.355%

due

02/15/43

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,000

1,003

BX

Trust

Series

2026-CART

Class

C

5.205%

due

02/15/36

(CME

Term

SOFR

Month

+

1.550%)(Ê)(Þ)

750

750

Series

2026-RISE

Class

E

6.470%

due

04/15/41

(CME

Term

SOFR

Month

+

2.800%)(Ê)(Þ)

500

CALI

Mortgage

Trust

Series

2024-SUN

Class

A

5.552%

due

07/15/41

(CME

Term

SOFR

Month

+

1.891%)(Ê)(Þ)

Cantor

Commercial

Real

Estate

Lending

Trust

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

616

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

9.860%

due

08/29/29

(Þ)(ž)

4,500

3,290

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.523%

due

08/15/57

(~)(Ê)

7,403

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)

Series

2025-12

Class

A9B

5.500%

due

09/25/56

(~)(Ê)(Þ)

515

511

Series

2026-2

Class

A9B

5.000%

due

12/25/56

(~)(Ê)(Þ)

1,717

1,676

Series

2026-3

Class

A9B

5.000%

due

01/25/57

(~)(Ê)(Þ)

980

955

CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

4.007%

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)

648

530

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

Citigroup

Commercial

Mortgage

Trust

Series

2020-GC46

Class

AS

2.918%

due

02/15/53

(~)(Ê)

560

507

Citigroup

Mortgage

Loan

Trust

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

COMM

Mortgage

Trust

Series

2018-COR3

Class

A3

4.228%

due

05/10/51

1,250

1,226

Series

2024-CBM

Class

D

8.190%

due

12/10/41

(~)(Ê)(Þ)

500

509

CSTL

Commercial

Mortgage

Trust

Series

2026-GATE3

Class

E

6.554%

due

02/10/43

(~)(Ê)(Þ)

500

DBC

Mortgage

Trust

Series

2025-DBC

Class

A

5.005%

due

11/15/42

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

750

750

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

820

DK

Trust

Series

2025-LXP

Class

B

5.507%

due

08/15/37

(CME

Term

SOFR

Month

+

1.843%)(Ê)(Þ)

750

750

Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

Series

2022-2

Class

A1

5.299%

due

04/25/67

(~)(Ê)(Þ)

Extended

Stay

America

Trust

Series

2025-ESH

Class

E

7.005%

due

10/15/42

(CME

Term

SOFR

Month

+

3.350%)(Ê)(Þ)

Series

2026-ESH2

Class

E

6.555%

due

02/15/43

(CME

Term

SOFR

Month

+

2.900%)(Ê)(Þ)

Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2020-R02

Class

2B1

6.760%

due

01/25/40

(SOFR

Day

Average

+

3.114%)(Ê)(Þ)

1,200

1,215

Series

2022-R01

Class

1B1

6.795%

due

12/25/41

(SOFR

Day

Average

+

3.150%)(Ê)(Þ)

700

708

Series

2023-R01

Class

1M2

7.395%

due

12/25/42

(SOFR

Day

Average

+

3.750%)(Ê)(Þ)

600

625

Series

2023-R05

Class

1B1

8.395%

due

06/25/43

(SOFR

Day

Average

+

4.750%)(Ê)(Þ)

500

531

Series

2024-R01

Class

1M2

5.445%

due

01/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

500

503

Series

2024-R03

Class

2B1

6.445%

due

03/25/44

(SOFR

Day

Average

+

2.800%)(Ê)(Þ)

1,000

1,030

Series

2024-R03

Class

2M2

5.595%

due

03/25/44

(SOFR

Day

Average

+

1.950%)(Ê)(Þ)

700

706

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

3.910%

due

03/25/48

(~)(Ê)(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2018-6RR

Class

B1

4.903%

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

6.805%

due

12/15/39

(CME

Term

SOFR

Month

+

3.150%)(Ê)(Þ)

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA5

Class

M2

5.295%

due

01/25/34

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2022-DNA6

Class

M1B

7.345%

due

09/25/42

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

Series

2024-HQA2

Class

M2

5.445%

due

08/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

500

503

Series

2025-HQA1

Class

M2

5.295%

due

02/25/45

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

700

700

FREMF

Mortgage

Trust

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

9,392

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

5.807%

due

08/19/42

(CME

Term

SOFR

Month

+

2.146%)(Ê)(Þ)

500

500

FS

Trust

Series

2026-HULA

Class

B

5.305%

due

03/15/41

(CME

Term

SOFR

Month

+

1.650%)(Ê)(Þ)

1,000

1,000

Series

2026-ORL

Class

B

5.205%

due

02/15/41

(CME

Term

SOFR

Month

+

1.550%)(Ê)(Þ)

1,000

999

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1C

Principal

Only

STRIPS

5.618%

due

07/28/27

(Þ)(ž)

837

782

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS

0.082%

due

05/27/48

(Þ)(ž)

GS

Mortgage

Securities

Trust

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.231%

due

07/10/52

(~)(Ê)(Þ)

2,722

Series

2019-PJ2

Class

B2

4.355%

due

11/25/49

(~)(Ê)(Þ)

815

774

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

761

624

Series

2021-PJ11

Class

B3

2.852%

due

04/25/52

(~)(Ê)(Þ)

Series

2023-FUN

Class

C

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.044%

due

03/15/28

(CME

Term

SOFR

Month

+

3.389%)(Ê)(Þ)

500

500

GS

Mortgage-Backed

Securities

Trust

Series

2020-PJ1

Class

B2

3.602%

due

05/25/50

(~)(Ê)(Þ)

831

736

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

680

559

Series

2021-PJ5

Class

B3

2.582%

due

10/25/51

(~)(Ê)(Þ)

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

589

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

714

585

Series

2021-PJ9

Class

A4

2.500%

due

02/26/52

(~)(Ê)(Þ)

868

711

Series

2025-PJ1

Class

A19

6.000%

due

06/25/55

(~)(Ê)(Þ)

Series

2025-PJ11

Class

A19

5.500%

due

05/25/56

(~)(Ê)(Þ)

1,033

1,024

Series

2026-PJ1

Class

A2

5.000%

due

06/25/56

(~)(Ê)(Þ)

937

916

GSAT

Trust

Series

2025-BMF

Class

D

6.155%

due

07/15/40

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

GSJP

Trust

Series

2025-BEDS

Class

A

5.155%

due

12/15/42

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

500

503

ICNQ

Mortgage

Trust

Series

2024-MF

Class

A

5.778%

due

12/10/34

(Þ)

600

615

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

5.380%

due

05/25/67

(~)(Ê)(Þ)

INTOWN

Mortgage

Trust

Series

2025-STAY

Class

C

5.905%

due

03/15/42

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

500

500

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2015-C27

Class

XA

Interest

Only

STRIPS

0.842%

due

02/15/48

(~)(Ê)

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)

652

605

Series

2018-6

Class

B1

3.902%

due

12/25/48

(~)(Ê)(Þ)

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

Series

2019-2

Class

A3

3.994%

due

08/25/49

(~)(Ê)(Þ)

Series

2019-7

Class

B2A

2.968%

due

02/25/50

(~)(Ê)(Þ)

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2019-HYB1

Class

B1

5.095%

due

10/25/49

(~)(Ê)(Þ)

583

587

Series

2020-1

Class

A15

3.500%

due

06/25/50

(~)(Ê)(Þ)

Series

2020-1

Class

A7

3.500%

due

06/25/50

(~)(Ê)(Þ)

Series

2020-5

Class

B1

3.568%

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)

Series

2023-8

Class

B3

6.122%

due

02/25/54

(~)(Ê)(Þ)

960

951

Series

2024-4

Class

A9

6.500%

due

10/25/54

(~)(Ê)(Þ)

Series

2024-INV1

Class

A5A

5.500%

due

04/25/55

(~)(Ê)(Þ)

1,000

988

Series

2025-CCM1

Class

A2

5.500%

due

06/25/55

(~)(Ê)(Þ)

681

679

Series

2026-2

Class

A3A

5.000%

due

07/25/56

(~)(Ê)(Þ)

1,926

1,886

KSL

Commercial

Mortgage

Trust

Series

2024-HT2

Class

D

6.945%

due

12/15/39

(CME

Term

SOFR

Month

+

3.290%)(Ê)(Þ)

535

535

LMNT

CRE

LLC

Series

2025-FL3

Class

A

5.207%

due

07/21/43

(CME

Term

SOFR

Month

+

1.550%)(Ê)(Þ)

500

501

LoanCore

Issuer,

Ltd.

Series

2025-CRE8

Class

C

5.809%

due

08/17/42

(CME

Term

SOFR

Month

+

2.141%)(Ê)(Þ)

500

Series

2025-CRE9

Class

A

5.111%

due

08/18/42

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

750

750

LQR

Trust

Series

2025-CALI

Class

A

5.255%

due

01/15/43

(CME

Term

SOFR

Month

+

1.600%)(Ê)

LSTR

Trust

Series

2026-HTL6

Class

A

5.155%

due

12/15/40

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

1,000

998

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.312%

due

10/25/48

(~)(Ê)(Þ)

819

789

MF1

Multifamily

Housing

Mortgage

Trust

Series

2025-FL17

Class

A

4.981%

due

02/18/40

(CME

Term

SOFR

Month

+

1.320%)(Ê)(Þ)

1,000

1,000

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-FL20

Class

A

5.111%

due

02/18/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

500

501

Series

2026-FL21

Class

A

5.011%

due

02/18/41

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

1,000

999

MF1,

LLC

Series

2026-FL22

Class

AS

1.000%

due

11/18/43

1,000

1,000

MHP

Commercial

Mortgage

Trust

Series

2022-MHIL

Class

E

6.265%

due

01/15/39

(CME

Term

SOFR

Month

+

2.611%)(Ê)(Þ)

Series

2025-MHIL2

Class

D

6.305%

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

0.943%

due

05/15/49

(~)(Ê)

3,403

Morgan

Stanley

Capital

I

Trust

Series

2016-UB11

Class

AS

2.984%

due

08/15/49

905

899

Series

2017-HR2

Class

XA

Interest

Only

STRIPS

0.990%

due

12/15/50

(~)(Ê)

2,365

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.724%

due

11/15/52

(~)(Ê)

5,099

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.382%

due

05/15/54

(~)(Ê)

1,310

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-2

Class

B1

7.100%

due

03/25/54

(~)(Ê)(Þ)

510

NXPT

Commercial

Mortgage

Trust

Series

2024-STOR

Class

E

6.927%

due

11/05/41

(~)(Ê)(Þ)

500

NYC

Commercial

Mortgage

Trust

Series

2025-28L

Class

B

5.174%

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)

Series

2026-INV1

Class

A20

5.500%

due

02/25/56

(~)(Ê)(Þ)

1,717

1,706

ONNI

Commercial

Mortgage

Trust

Series

2024-APT

Class

A

5.753%

due

07/15/39

(~)(Ê)(Þ)

1,000

1,008

ORL

Trust

Series

2024-GLKS

Class

E

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.845%

due

12/15/39

(CME

Term

SOFR

Month

+

3.190%)(Ê)(Þ)

500

502

PCY

Trust

Series

2026-FCMT

Class

A

5.153%

due

04/05/41

(~)(Ê)(Þ)

1,000

1,003

PMT

Loan

Trust

Series

2025-J3

Class

A29

5.500%

due

11/27/56

(~)(Ê)(Þ)

Series

2025-J4

Class

A3

5.000%

due

12/01/56

(~)(Ê)(Þ)

1,321

1,293

Series

2026-INV1

Class

A3

5.000%

due

01/25/57

(~)(Ê)(Þ)

974

954

Series

2026-INV2

Class

A29

5.500%

due

01/25/57

(~)(Ê)(Þ)

1,970

1,943

Series

2026-J1

Class

A19

5.500%

due

01/25/57

(~)(Ê)(Þ)

954

946

Series

2026-J2

Class

A19

5.500%

due

03/25/57

(~)(Ê)(Þ)

1,460

1,446

PRM

Trust

Series

2025-PRM5

Class

D

5.812%

due

03/10/33

(~)(Ê)(Þ)

500

Series

2025-PRM6

Class

E

6.803%

due

07/05/33

(~)(Ê)(Þ)

Series

2025-PRM7

Class

D

5.850%

due

11/10/42

(~)(Ê)(Þ)

500

PTCM

Re-REMIC

Trust

Series

2026-FRR1

Class

B169

3.601%

due

03/25/62

(~)(Ê)(Þ)

750

589

Series

2026-FRR1

Class

C162

1.999%

due

02/25/61

(~)(Ê)(Þ)

750

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

2.316%

due

11/08/49

(~)(Ê)(Þ)

1,000

981

SCG

Commercial

Mortgage

Trust

Series

2025-FLWR

Class

C

5.405%

due

08/15/42

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

650

650

SDAL

Trust

Series

2025-DAL

Class

A

6.096%

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)

668

599

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

01/25/55

(~)(Ê)(Þ)

Series

2025-10

Class

A28

6.000%

due

11/25/55

(~)(Ê)(Þ)

Series

2026-3

Class

A19

5.000%

due

03/25/56

(~)(Ê)(Þ)

1,940

1,891

Series

2026-INV1

Class

A2

4.500%

due

01/25/56

(~)(Ê)(Þ)

962

913

SG

Residential

Mortgage

Trust

Series

2026-1

Class

A1

4.782%

due

01/25/66

(~)(Ê)(Þ)

2,467

2,439

SWCH

Commercial

Mortgage

Trust

Series

2025-DATA

Class

E

6.995%

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)

681

559

Verus

Securitization

Trust

Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

821

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

5.234%

due

07/25/34

(~)(Ê)

Series

2006-AR15

Class

1A

4.349%

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

3.147%

due

12/15/59

(~)(Ê)(Þ)

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.290%

due

11/15/50

(~)(Ê)

4,577

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)

617

508

108,189

Non-US

Bonds

-

9.8%

Accor

SA

4.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.668%)(Ê)(ƒ)(Þ)

EUR

600

697

Altice

France

SA

5.375%

due

04/15/32

(Þ)

EUR

5.625%

due

07/15/32

(Þ)

EUR

693

799

Anarafe

SL

14.949%

due

12/31/26

(3

Month

EURIBOR

+

12.750%)(Þ)

EUR

Aroundtown

Finance

SARL

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.349%)(Ê)(ƒ)

EUR

1,150

1,293

Atos

SE

10.530%

due

12/18/29

(~)(Ê)(Þ)

EUR

6.080%

due

12/18/30

(~)(Ê)(Þ)

EUR

514

Banijay

Entertainment

SAS

7.000%

due

05/01/29

(Þ)

EUR

Bayer

AG

7.000%

due

09/25/83

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.896%)(Ê)(Þ)

EUR

600

763

Series

N8.5

5.375%

due

03/25/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.458%)(Ê)(Þ)

EUR

600

712

Bayer

US

Finance

II

LLC

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

900

1,043

BCP

V

Modular

Services

Finance

II

PLC

4.750%

due

11/30/28

(Þ)

EUR

500

555

6.125%

due

11/30/28

(Þ)

GBP

6.750%

due

11/30/29

(Þ)

EUR

Betclic

Everest

Group

SAS

5.125%

due

12/10/31

(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

7.400%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

CD&R

Firefly

Bidco

PLC

8.625%

due

04/30/29

(Þ)

GBP

Centrica

PLC

6.500%

due

05/21/55

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

2.512%)(Ê)(Þ)

GBP

800

1,091

Cidron

Aida

Finco

SARL

9.125%

due

10/27/31

(Þ)

GBP

500

654

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

650

716

CPI

Property

Group

SA

Series

EMTN

4.000%

due

01/22/28

(~)(Ê)(Þ)

GBP

1.750%

due

01/14/30

(Þ)

EUR

910

922

1.500%

due

01/27/31

(Þ)

EUR

720

682

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CPUK

Finance,

Ltd.

4.500%

due

08/28/27

(Þ)

GBP

500

671

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

Deutsche

EuroShop

AG

4.500%

due

10/15/30

(Þ)

EUR

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

4.375%

due

12/02/55

(EURIBOR

ICE

Swap

Rate

+

1.923%)(Ê)(Þ)

EUR

700

799

eircom

Finance

DAC

5.000%

due

04/30/31

(Þ)

EUR

Electricite

de

France

SA

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

07/22/49

(ICE

SWAP

Rate

GBP

SONIA

Year

+

3.323%)(Ê)(ƒ)(Þ)

GBP

500

668

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

1,000

1,157

7.375%

due

12/31/99

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

3.775%)(Ê)

(ƒ)(Þ)

GBP

900

1,254

Elia

Group

SA

5.850%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.506%)(Ê)(ƒ)(Þ)

EUR

600

725

Emeria

SA

3.375%

due

03/31/28

(Þ)

EUR

500

Enel

SpA

4.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.196%)(Ê)(ƒ)(Þ)

EUR

1,000

1,149

Series

..

4.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

1.821%)(Ê)(ƒ)(Þ)

EUR

Energia

Group

Roi

Financeco

DAC

6.875%

due

07/31/28

(Þ)

EUR

1,000

1,195

Entain

PLC

4.875%

due

11/30/31

(Þ)

EUR

500

586

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

670

768

Eutelsat

Communications

SACA

5.750%

due

03/15/31

(Þ)

EUR

6.250%

due

03/15/33

(Þ)

EUR

Eutelsat

SA

1.500%

due

10/13/28

(Þ)

EUR

700

783

Fiber

Bidco

SpA

6.125%

due

06/15/31

(Þ)

EUR

700

791

Fibercop

SpA

5.375%

due

04/15/31

(Þ)

EUR

5.125%

due

06/30/32

(Þ)

EUR

500

590

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Flamingo

Lux

II

SCA

5.000%

due

03/31/29

(Þ)

EUR

Forvia

SE

5.500%

due

06/15/31

(Þ)

EUR

Froneri

Lux

FinCo

SARL

4.750%

due

08/01/32

(Þ)

EUR

680

778

Galaxy

Bidco,

Ltd.

8.125%

due

12/19/29

(Þ)

GBP

Gatwick

Airport

Finance

PLC

6.000%

due

11/21/30

(Þ)

GBP

800

1,072

Grand

City

Properties

SA

Series

EMTN

1.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.184%)(Ê)(ƒ)(Þ)

EUR

500

584

Grifols

SA

7.125%

due

05/01/30

(Þ)

EUR

680

829

Guala

Closures

SpA

6.150%

due

06/29/29

(3

Month

EURIBOR

+

4.000%)(Ê)(Þ)

EUR

Heathrow

Finance

PLC

4.125%

due

09/01/29

(~)(Ê)(Þ)

GBP

6.625%

due

03/01/31

(Þ)

GBP

500

677

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

Series

.

0.625%

due

09/16/28

(Þ)

EUR

710

782

House

of

Fraser

Funding

PLC

6.040%

due

09/15/20

(Æ)(Ø)(Þ)

GBP

—

HX

Hold

Co.,

Ltd.

7.000%

due

02/12/30

(~)(Ê)

EUR

IHO

Verwaltungs

GmbH

5.625%

due

05/15/31

(Þ)

EUR

7.000%

due

11/15/31

(Þ)

EUR

iliad

SA

4.250%

due

01/09/32

(Þ)

EUR

INEOS

Finance

PLC

5.625%

due

08/15/30

(Þ)

EUR

INEOS

Quattro

Finance

PLC

6.750%

due

04/15/30

(Þ)

EUR

Intrum

Investments

and

Financing

AB

8.000%

due

09/11/27

(Þ)

EUR

Series

...

7.750%

due

09/11/27

EUR

503

579

ION

Platform

Finance

SARL

6.500%

due

09/30/30

(Þ)

EUR

6.875%

due

09/30/32

(Þ)

EUR

La

Poste

SA

5.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.679%)(Ê)(ƒ)(Þ)

EUR

LANXESS

AG

Series

EMTN

3.637%

due

09/08/27

(Þ)(ž)

EUR

500

559

1.750%

due

03/22/28

(Þ)

EUR

800

905

0.625%

due

12/01/29

(Þ)

EUR

600

625

Luna

1.5 SARL

10.500%

due

07/01/32

(Þ)

EUR

Mediobanca

Banca

di

Credito

Finanziario

SpA

Series

EMTN

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.750%

due

11/02/28

(3

Month

EURIBOR

+

1.000%)(Ê)(Þ)

EUR

500

564

3.875%

due

07/04/30

(3

Month

EURIBOR

+

1.300%)(Ê)(Þ)

EUR

700

825

METRO

AG

4.625%

due

03/07/29

(Þ)

EUR

Series

EMTN

5.250%

due

03/05/30

(Þ)

EUR

985

1,194

Mobico

Group

PLC

3.625%

due

11/20/28

(Þ)

GBP

Series

EMTN

4.875%

due

09/26/31

(Þ)

EUR

500

Mundys

SpA

Series

EMTN

1.875%

due

07/13/27

(Þ)

EUR

750

864

New

Immo

Holding

SA

Series

EMTN

3.250%

due

07/23/27

(Þ)

EUR

600

701

4.875%

due

12/08/28

(Þ)

EUR

821

6.000%

due

03/22/29

(Þ)

EUR

700

843

Nexi

SpA

Series

.

3.616%

due

02/24/28

(Þ)(ž)

EUR

NGG

Finance

PLC

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

800

921

Nidda

Healthcare

Holding

GmbH

5.375%

due

10/23/30

(Þ)

EUR

800

943

Nissan

Motor

Co.,

Ltd.

3.201%

due

09/17/28

(Þ)

EUR

850

975

Ocado

Group

PLC

6.250%

due

08/06/29

(Þ)

GBP

500

620

10.500%

due

08/08/29

(Þ)

GBP

600

825

Odido

Group

Holding

BV

5.500%

due

01/15/30

(Þ)

EUR

600

701

Orsted

A/S

1.750%

due

12/09/19

(EURIBOR

ICE

Swap

Rate

+

1.952%)(Ê)(Þ)

EUR

800

906

1.500%

due

02/18/21

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

1.860%)(Ê)(Þ)

EUR

580

585

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

Petrobras

Global

Finance

BV

5.375%

due

10/01/29

GBP

6.625%

due

01/16/34

GBP

613

Petroleos

Mexicanos

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

1,550

1,826

Series

EMTN

4.875%

due

02/21/28

(Þ)

EUR

500

594

Pinewood

Finco

PLC

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

03/27/30

(Þ)

GBP

900

1,213

PLT

VII

Finance

SARL

6.000%

due

06/15/31

(Þ)

EUR

ProGroup

AG

5.375%

due

04/15/31

(Þ)

EUR

500

590

Q-Park

Holding

I

BV

3.875%

due

09/01/31

(Þ)

EUR

Renault

SA

Series

EMTN

1.125%

due

10/04/27

(Þ)

EUR

600

684

Russian

Railways

Via

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Æ)(Ê)(Ø)

(Š)(Þ)

RUB

115,000

—

Sainsbury's

Bank

PLC

10.500%

due

03/12/33

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

7.625%)(Ê)(Þ)

GBP

Schaeffler

AG

Series

EMTN

4.500%

due

05/12/32

(Þ)

EUR

SES

SA

Series

EMTN

0.875%

due

11/04/27

(Þ)

EUR

3.500%

due

01/14/29

(Þ)

EUR

620

718

4.125%

due

06/24/30

(Þ)

EUR

4.875%

due

06/24/33

(Þ)

EUR

Series

GMTN

2.000%

due

07/02/28

(Þ)

EUR

508

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

600

614

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

600

4.625%

due

10/22/33

(Þ)

EUR

700

818

Techem

Verwaltungsgesellschaft

675

mbH

5.150%

due

07/15/32

(3

Month

EURIBOR

+

3.000%)(Ê)(Þ)

EUR

700

823

Telecom

Italia

Finance

SA

Series

EMTN

7.750%

due

01/24/33

EUR

900

1,285

Telecom

Italia

SpA

Series

EMTN

5.250%

due

03/17/55

EUR

500

604

Telefonica

Europe

BV

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

Series

.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.752%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.121%)(Ê)(ƒ)(Þ)

EUR

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.625%

due

10/15/28

(Þ)

EUR

1,000

1,115

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

2,699

2,072

TVL

Finance

PLC

10.250%

due

04/28/28

(Þ)

GBP

550

719

Unibail-Rodamco-Westfield

4.875%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.505%)(Ê)(Þ)

EUR

900

1,059

United

Group

BV

6.500%

due

10/31/31

(Þ)

EUR

500

599

6.375%

due

05/14/33

(Þ)

EUR

Var

Energi

ASA

4.950%

due

04/29/86

(EURIBOR

ICE

Swap

Rate

+

2.308%)(Ê)(Þ)

EUR

Veolia

Environnement

SA

Series

EMTN

4.322%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

1.837%)(Ê)(ƒ)(Þ)

EUR

1,100

1,257

Verallia

SA

3.500%

due

11/14/29

(Þ)

EUR

3.875%

due

11/04/32

(Þ)

EUR

600

672

4.375%

due

11/14/33

(Þ)

EUR

700

800

Verisure

Midholding

AB

5.250%

due

02/15/29

(Þ)

EUR

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC

7.500%

due

07/15/33

(Þ)

EUR

Virgin

Media

Secured

Finance

PLC

4.125%

due

08/15/30

(Þ)

GBP

700

849

Viridien

8.500%

due

10/15/30

(Þ)

EUR

Vivion

Investments

SARL

Series

EMTN

5.625%

due

06/08/30

(Þ)

EUR

700

785

Vmed

O2

UK

Financing

I

PLC

4.000%

due

01/31/29

(Þ)

GBP

4.500%

due

07/15/31

(Þ)

GBP

600

703

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

700

824

Series

EMTN

4.625%

due

09/12/55

(EURIBOR

ICE

Swap

Rate

+

2.143%)(Ê)(Þ)

EUR

500

567

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

750

834

Volkswagen

International

Finance

NV

7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.783%)(Ê)(ƒ)(Þ)

EUR

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

.

5.994%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.494%)(Ê)(ƒ)(Þ)

EUR

700

828

Worldline

SA

5.075%

due

07/30/26

(Þ)(ž)

EUR

Series

EMTN

0.875%

due

06/30/27

(Þ)

EUR

500

558

4.125%

due

09/12/28

(Þ)

EUR

800

867

5.250%

due

11/27/29

(Þ)

EUR

800

832

5.500%

due

06/10/30

(Þ)

EUR

700

720

Zegona

Finance

PLC

6.750%

due

07/15/29

(Þ)

EUR

ZF

Europe

Finance

BV

2.500%

due

10/23/27

(Þ)

EUR

800

924

3.000%

due

10/23/29

(Þ)

EUR

800

879

Series

EMTN

6.125%

due

03/13/29

(Þ)

EUR

7.000%

due

06/12/30

(Þ)

EUR

5.500%

due

02/17/32

(Þ)

EUR

95,265

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$866,232)

853,257

#### Common

#### Stocks

#### -

#### 0.6%
Consumer

Discretionary

-

0.0%

Affinion

Group,

Inc.(Æ)(Š)

8,007

—

Education

Management

Corp.(Æ)(Š)

4,460,190

—

—

Energy

-

0.0%

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

Financial

Services

-

0.0%

Bahia

De

Las

Isletas

SL

Class

A(Æ)(Š)

15,907,620

—

Travelex

Topco,

Ltd.(Æ)(Š)

11,057

—

—

Materials

and

Processing

-

0.6%

Real

Alloy(Æ)(Š)

2,893

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

2,377

5,270

#### Total

#### Common

#### Stocks
(cost

$6,026)

5,458

#### Preferred

#### Stocks

#### -

#### 0.0%
Technology

-

0.0%

Veritas

US,

Inc.

0.000%

(Æ)

2,973

#### Total

#### Preferred

#### Stocks
(cost

$47)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Travelex

International,

Ltd.(Æ)(Š)

Warrants

675

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 10.6%
Dominion

Energy,

Inc.

3.069%

due

05/04/26

(ç)(Þ)(ž)

3,000

2,999

Education

Management

LLC

Term

Loan

B

0.000%

due

11/30/23

(~)(Æ)(Ê)

(Ø)(Š)

—

Phillips

0.000%

due

05/01/26

(Æ)(ç)(Þ)

2,000

2,000

U.S.

Cash

Management

Fund(@)

98,091,183

(∞)

98,072

#### Total

#### Short-Term

#### Investments
(cost

$103,532)

103,071

#### Total

#### Investments

#### -

#### 99.0%
(identified

cost

$975,837)

961,843

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.0%
9,936

#### Net

#### Assets

#### -

#### 100.0%
971,779

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $65.5%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

09/03/24

347,000

100.00 347

1011778

BC

ULC

/

New

Red

Finance,

Inc.

04/09/26

155,000

98.38 152

1261229

BC,

Ltd.

03/25/25

3,142,000

102.43 3,218

3,245

Medical,

Inc.

12/19/25

660,000

97.45 643

637

7-Eleven,

Inc.

10/02/24

129,000

94.74 122

A&K

Travel

Group

Holdings,

Ltd.

04/29/26

408,000

100.00 408

AB

BSL

CLO,

Ltd.

11/18/24

350,000

100.00 350

AB

BSL

CLO,

Ltd.

02/04/25

600,000

100.00 600

601

Abu

Dhabi

Government

International

Bond

11/02/22

1,077,000

72.06 776

720

Abu

Dhabi

Government

International

Bond

12/22/25

1,469,000

98.54 1,448

1,417

Abu

Dhabi

Government

International

Bond

12/30/25

380,000

95.65 363

Acadia

Healthcare

Co.,

Inc.

01/26/26

559,000

99.21 555

555

Accor

SA

03/23/26

EUR

600,000

117.05 702

697

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

656,092

98.47 646

ACREC

LLC

01/10/25

500,000

99.76 499

ACREC

LLC

01/08/26

750,000

100.00 750

750

ACRES

Commercial

Realty

2026-FL4

Issuer

LLC

01/20/26

1,000,000

100.00 1,000

1,001

Adani

Ports

and

Special

Economic

Zone,

Ltd.

10/15/25

155,000

97.92 152

AdaptHealth

LLC

01/28/21

352,000

99.29 350

AdaptHealth

LLC

01/30/26

158,000

97.25 154

Adient

Global

Holdings,

Ltd.

02/11/25

1,030,000

100.47 1,035

1,053

Advanced

Drainage

Systems,

Inc.

02/12/26

213,000

100.00 213

Aeropuerto

Internacional

De

Tocumen

SA

03/11/24

686,000

74.20 509

589

Aeropuerto

Internacional

De

Tocumen

SA

02/02/26

493,000

81.04 400

African

Export-Import

Bank

(The)

07/26/22

1,545,000

88.89 1,373

1,395

AGL

CLO,

Ltd.

04/15/26

500,000

99.70 499

Agua

y

Saneamientos

Argentinos

SA

10/16/19

94,292

100.00 94

Ahlstrom

Holding

Oy

02/26/24

300,000

96.08 288

AHP

Health

Partners,

Inc.

08/16/21

787,000

98.23 773

781

Aircastle,

Ltd.

06/12/25

131,000

102.79 135

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

10/21/25

738,000

100.00 738

719

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

01/29/26

151,000

102.17 154

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

03/12/26

153,000

99.26 152

Alcon

Finance

Corp.

12/02/25

122,000

96.10 117

Alliant

Energy

Finance

LLC

03/17/25

709,000

103.89 737

733

Alpha

Generation

LLC

09/19/24

1,153,000

101.97 1,176

1,180

Alta

Equipment

Group,

Inc.

05/21/24

796,000

94.55 753

761

Altice

France

SA

10/14/25

711,443

94.82 675

700

Altice

France

SA

12/19/25

EUR

148,460

111.35 165

Altice

France

SA

03/11/26

EUR

692,815

111.09 770

799

AMC

Entertainment

Holdings,

Inc.

07/21/25

374,000

89.83 336

American

Axle

&

Manufacturing,

Inc.

10/24/25

743,000

101.07 751

742

American

Money

Management

Corp.

CLO,

Ltd.

01/29/26

1,000,000

100.00 1,000

1,000

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

01/22/25

446,000

101.27 452

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

12/19/25

573,000

106.09 608

611

Anarafe

SL

01/12/22

EUR

332,918

123.55 411

Angolan

Government

International

Bond

10/07/25

1,910,000

99.81 1,905

2,038

Angolan

Government

International

Bond

12/19/25

200,000

98.91 198

Antero

Midstream

Partners,

LP

/

Antero

Midstream

Finance

Corp.

11/05/25

286,000

100.05 286

Antero

Resources

Corp.

12/11/24

89,000

98.88 88

APi

Group

DE,

Inc.

11/05/25

161,000

97.43 157

Apidos

CLO

12/12/25

750,000

100.00 750

752

APLD

Compute

Co.

LLC

12/19/25

545,000

103.50 564

585

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

706,000

99.58 703

706

Aramark

01/28/21

182,000

101.23 184

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

03/12/26

1,000,000

100.00 1,000

1,000

Arbor

Realty

SR,

Inc.

12/19/25

760,000

94.77 720

717

Arbor

Realty

SR,

Inc.

03/17/26

479,000

98.76 473

Arcosa,

Inc.

11/05/25

145,000

98.31 143

AREIT

CRE

Trust

01/24/25

750,000

99.81 749

743

ARES

Commercial

Mortgage

Trust

04/03/25

750,000

100.00 750

750

Aretec

Escrow

Issuer

2,

Inc.

10/26/23

616,000

100.18 617

653

Arroyo

Mortgage

Trust

05/12/20

42,016

97.41 41

Asurion

LLC

and

Asurion

Co.-Issuer,

Inc.

12/10/25

1,260,000

102.21 1,288

1,317

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Asurion

LLC

and

Asurion

Co.-Issuer,

Inc.

01/23/26

1,093,000

100.16 1,095

1,079

Atlanticus

Holdings

Corp.

12/19/25

804,000

97.61 785

796

Atos

SE

01/28/25

EUR

319,982

119.96 384

Atos

SE

01/28/25

EUR

450,000

92.04 414

514

Avation

Group

S

Pte,

Ltd.

01/29/26

777,000

98.67 767

727

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance,

Inc.

01/29/26

150,000

102.43 154

Axalta

Coating

Systems

LLC

01/28/21

160,000

101.03 162

Axia

Energia

01/15/25

1,221,000

101.43 1,238

1,236

Axon

Enterprise,

Inc.

03/05/25

432,000

101.55 437

Axon

Enterprise,

Inc.

03/05/25

197,000

100.00 197

Azerbaijan

Government

International

Bond

09/21/22

350,000

90.16 316

BAHA

Trust

11/22/24

700,000

99.99 700

722

Bahrain

Government

International

Bond

03/17/25

613,000

102.15 626

615

Bahrain

Government

International

Bond

05/16/25

1,044,000

100.36 1,048

1,053

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

1,101

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

01/29/26

148,000

103.31 153

BAMLL

Trust

02/07/25

500,000

100.00 500

Banco

del

Estado

de

Chile

12/19/25

1,069,000

106.29 1,136

1,134

Banco

Nacional

de

Panama

01/23/24

704,000

82.89 584

633

Banijay

Entertainment

SAS

02/17/26

EUR

350,000

122.16 428

Bapco

Energies

BSC

Closed

06/18/20

340,000

102.31 348

Bapco

Energies

BSC

Closed

12/19/25

953,000

106.87 1,018

977

Bapco

Energies

Sukuk,

Ltd.

07/21/21

247,000

102.10 252

BAR

Issuer

LLC

03/27/26

1,250,000

100.00 1,250

1,252

Barclays

Commercial

Mortgage

Trust

11/20/24

500,000

86.86 434

Barclays

Commercial

Mortgage

Trust

12/04/24

250,000

88.71 222

Bausch

Health

Americas,

Inc.

07/02/25

251,000

98.44 247

Bausch

Health

Cos.,

Inc.

12/17/19

453,000

156.78 710

Bausch

Health

Cos.,

Inc.

11/18/20

165,000

123.18 203

Bausch

Health

Cos.,

Inc.

09/18/24

340,000

65.01 221

Bausch

Health

Cos.,

Inc.

08/27/25

826,000

92.70 766

776

Bausch

Health

Cos.,

Inc.

10/07/25

948,000

82.50 782

698

BAY

Mortgage

Trust

04/28/25

250,000

100.00 250

Bayer

AG

09/04/23

EUR

600,000

112.14 673

712

Bayer

AG

09/26/23

EUR

600,000

121.26 728

763

Bayer

US

Finance

II

LLC

12/16/22

EUR

900,000

108.49 976

1,043

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

01/29/26

720,000

102.57 738

733

BCP

V

Modular

Services

Finance

II

PLC

01/22/25

EUR

400,000

96.71 387

BCP

V

Modular

Services

Finance

II

PLC

12/19/25

EUR

500,000

111.92 560

555

BCP

V

Modular

Services

Finance

II

PLC

01/19/26

GBP

300,000

131.63 395

BCPE

Flavor

Debt

Merger

Sub

LLC

/

BCPE

Flavor

Issuer,

Inc.

10/28/25

960,000

98.28 944

829

Beach

Acquisition

Bidco

LLC

01/29/26

502,000

109.99 552

552

BellRing

Brands,

Inc.

10/10/25

746,000

102.90 768

757

Belron

UK

Finance

PLC

01/29/26

151,000

101.90 154

Benefit

Street

Partners

CLO,

Ltd.

03/06/26

1,000,000

100.00 1,000

1,004

Betclic

Everest

Group

SAS

01/20/26

EUR

400,000

118.28 473

Bimbo

Bakeries

USA,

Inc.

02/10/25

171,000

102.81 176

BioMarin

Pharmaceutical,

Inc.

01/29/26

254,000

100.00 254

Birch

Grove

CLO,

Ltd.

07/18/24

250,000

100.00 250

Birch

Grove

CLO,

Ltd.

01/23/25

300,000

100.00 300

Birch

Grove

CLO,

Ltd.

11/26/25

500,000

100.00 500

500

Blackstone

Mortgage

Trust,

Inc.

12/19/25

108,000

106.09 115

BlueMountain

CLO,

Ltd.

10/02/25

850,000

100.00 850

837

BNP

Paribas

SA

12/11/24

137,000

94.84 130

BNP

Paribas

SA

08/14/25

540,000

94.97 513

510

BOCA

Commercial

Mortgage

Trust

12/04/25

500,000

100.00 500

501

BOFAS

Re-REMIC

Trust

03/16/26

750,000

85.29 640

640

Bolivia

Government

International

Bond

04/04/23

133,340

75.31 100

Bombardier,

Inc.

06/04/25

670,000

109.58 734

738

Booz

Allen

Hamilton,

Inc.

03/17/25

225,000

95.86 216

Boyd

Gaming

Corp.

11/05/25

318,000

97.63 310

Brant

Point

CLO,

Ltd.

06/03/25

650,000

100.00 650

653

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Brant

Point

CLO,

Ltd.

02/13/26

1,000,000

100.00 1,000

1,003

Bread

Financial

Holdings,

Inc.

01/06/26

751,000

102.84 772

786

Brean

Asset

Backed

Securities

Trust

01/14/26

1,500,000

96.75 1,451

1,451

British

Telecommunications

PLC

02/26/24

GBP

300,000

137.90 414

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

11/05/25

656,000

93.63 614

615

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential

US

LLC

11/05/25

295,000

96.89 286

Brooklyn

Union

Gas

Co.

(The)

09/08/25

387,000

98.93 383

BSPDF

Issuer

LLC

02/20/26

1,000,000

100.00 1,000

1,001

BSPRT

Issuer

LLC

03/11/26

1,250,000

100.00 1,250

1,251

Burford

Capital

Global

Finance

LLC

01/29/26

782,000

98.05 767

726

Burford

Capital

Global

Finance

LLC

03/12/26

158,000

95.26 151

Burford

Capital

Global

Finance

LLC

03/17/26

168,000

90.23 152

BWX

Technologies,

Inc.

01/30/26

157,000

98.17 154

BWX

Technologies,

Inc.

01/30/26

156,000

98.75 154

BX

Commercial

Mortgage

Trust

02/23/23

175,000

96.43 169

BX

Commercial

Mortgage

Trust

01/24/24

500,000

97.96 490

500

BX

Commercial

Mortgage

Trust

05/08/24

493,503

99.79 492

BX

Commercial

Mortgage

Trust

06/06/24

380,000

98.48 374

BX

Commercial

Mortgage

Trust

02/20/25

500,000

99.76 499

BX

Commercial

Mortgage

Trust

05/30/25

389,130

100.00 389

BX

Commercial

Mortgage

Trust

11/14/25

500,000

100.00 500

BX

Commercial

Mortgage

Trust

01/23/26

157,570

100.00 158

BX

Commercial

Mortgage

Trust

02/03/26

1,250,000

100.00 1,250

1,246

BX

Commercial

Mortgage

Trust

02/05/26

1,000,000

100.00 1,000

1,003

BX

Commercial

Mortgage

Trust

02/17/26

976,016

99.94 975

974

BX

Trust

02/05/26

750,000

100.00 750

750

BX

Trust

03/24/26

500,000

100.00 500

BXMT,

Ltd.

03/11/26

1,250,000

99.97 1,250

1,250

C&W

Senior

Finance,

Ltd.

02/06/25

850,000

101.88 866

871

Caixa

Economica

Federal

01/29/26

548,000

101.72 557

556

CALI

Mortgage

Trust

07/03/24

300,000

99.77 299

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

10/23/24

EUR

150,000

107.86 162

California

Resources

Corp.

01/29/26

454,000

100.51 456

Canary

Wharf

Group

Investment

Holdings

PLC

04/23/24

GBP

350,000

119.24 417

Cantor

Commercial

Real

Estate

Lending

Trust

02/16/21

775,000

90.86 704

616

Capital

Power

US

Holdings,

Inc.

04/20/26

697,000

104.51 728

719

Carnival

Corp.

03/17/25

163,000

97.10 158

Carriage

Purchaser,

Inc.

09/23/21

744,000

99.09 737

725

Carvana

Co.

04/05/24

2,316,006

109.45 2,542

2,562

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36 2,896

3,290

Castor

SpA

02/10/22

EUR

350,000

111.86 392

CBB

International

Sukuk

Programme

Co.

07/18/24

1,290,000

98.08 1,265

1,253

CBB

International

Sukuk

Programme

Co.

02/03/26

1,198,000

95.17 1,140

1,115

CCL

Industries,

Inc.

05/08/25

190,000

92.33 175

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/17/19

758,000

98.56 747

719

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/02/21

1,055,000

93.73 1,037

885

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

01/15/26

1,632,000

99.50 1,624

1,615

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

03/12/26

151,000

100.18 151

CD&R

Firefly

Bidco

PLC

04/05/24

GBP

200,000

126.34 253

Celulosa

Arauco

y

Constitucion

SA

01/08/24

60,000

94.06 56

Cemex

SAB

de

CV

07/08/25

144,000

99.74 144

Central

Plaza

Development,

Ltd.

12/19/25

866,000

100.14 867

873

Central

Plaza

Development,

Ltd.

02/02/26

325,000

99.56 324

Centrica

PLC

01/29/26

GBP

800,000

140.87 1,127

1,091

CEZ

AS

06/15/17

383,000

108.64 416

CFAMC

III

Co.,

Ltd.

06/08/21

200,000

94.55 189

Chase

Home

Lending

Mortgage

Trust

07/29/19

98,162

100.87 99

Chase

Home

Lending

Mortgage

Trust

10/30/19

58,566

100.69 59

Chase

Home

Lending

Mortgage

Trust

10/30/19

374,821

101.43 380

Chase

Home

Lending

Mortgage

Trust

06/21/24

195,402

98.50 192

Chase

Home

Lending

Mortgage

Trust

11/06/25

514,989

99.84 514

511

Chase

Home

Lending

Mortgage

Trust

02/20/26

1,717,165

99.39 1,707

1,676

Chase

Home

Lending

Mortgage

Trust

03/09/26

979,618

98.74 967

955

China

Government

International

Bond

11/05/25

643,000

99.85 642

642

China

Government

International

Bond

12/19/25

1,108,000

100.86 1,117

1,106

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
CHNGE

Mortgage

Trust

01/21/22

260,689

99.98 261

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

04/09/26

339,000

100.00 339

CHS/Community

Health

Systems,

Inc.

05/04/21

340,000

90.10 306

CHS/Community

Health

Systems,

Inc.

04/29/22

460,000

97.59 449

CHS/Community

Health

Systems,

Inc.

12/19/25

68,000

107.53 73

Cidron

Aida

Finco

SARL

04/01/25

GBP

500,000

134.65 673

654

CIFC

Funding,

Ltd.

02/20/25

500,000

100.00 500

500

CIM

Trust

09/27/18

146,957

97.12 143

CIM

Trust

03/22/19

20,265

101.26 21

CIM

Trust

11/07/19

326,738

100.51 328

CIM

Trust

03/01/21

647,527

101.77 659

530

CIM

Trust

03/29/21

330,181

100.35 331

Citigroup

Mortgage

Loan

Trust

05/06/21

489,318

101.09 495

Citigroup

Mortgage

Loan

Trust

06/25/21

414,984

100.35 416

Citycon

Treasury

BV

09/29/25

EUR

300,000

111.63 335

Citycon

Treasury

BV

09/29/25

EUR

650,000

114.03 741

716

Citycon

Treasury

BV

09/29/25

EUR

350,000

115.88 406

Citycon

Treasury

BV

09/29/25

EUR

400,000

120.67 483

Clean

Harbors,

Inc.

01/29/26

150,000

102.36 154

CLI

Funding

LLC

03/23/21

832,095

97.47 811

780

CLI

Funding

LLC

01/22/26

461,375

93.13 430

Cloud

Software

Group,

Inc.

10/17/24

789,000

104.14 822

749

Cloud

Software

Group,

Inc.

10/17/24

339,000

99.16 336

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

1,509,000

97.22 1,467

1,369

Clydesdale

Acquisition

Holdings,

Inc.

12/19/25

930,000

99.53 926

874

CMG

Media

Corp.

10/16/24

998,865

90.16 901

890

CNX

Midstream

Partners,

LP

01/30/26

158,000

97.40 154

CNX

Resources

Corp.

01/29/26

147,000

104.65 154

Coinbase

Global,

Inc.

09/14/21

1,161,000

95.88 1,113

1,113

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

08/07/25

1,855,000

104.10 1,947

1,970

Comision

Federal

de

Electricidad

03/20/25

288,000

85.06 245

COMM

Mortgage

Trust

11/21/24

500,000

101.39 507

509

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.62 55

Commonbond

Student

Loan

Trust

06/02/20

51,052

99.99 51

Commonbond

Student

Loan

Trust

03/10/21

157,830

100.00 158

Conduent

Business

Services,

LLC

/

Conduent

State

&

Local

Solutions,

Inc.

04/09/26

1,094,000

70.65 773

783

Connect

Finco

SARL

/

Connect

US

Finco

LLC

09/11/24

766,000

104.55 801

809

Connect

Holding

II

LLC

12/19/25

107,000

94.49 101

Consolidated

Energy

Finance

SA

09/30/21

1,709,000

86.78 1,483

1,604

Constellation

Software,

Inc.

12/19/25

625,000

101.00 631

612

CoreWeave,

Inc.

01/29/26

156,000

99.03 154

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

615,000

75.59 465

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

3,201,000

106.18 3,395

3,418

Corp.

Nacional

del

Cobre

de

Chile

02/09/26

200,000

107.80 216

Costa

Rica

Government

International

Bond

09/08/25

1,167,000

103.84 1,212

1,209

Costa

Rica

Government

International

Bond

12/22/25

200,000

108.97 218

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

03/17/25

185,000

101.80 188

CPI

CG,

Inc.

12/19/25

109,000

105.46 115

CPI

Property

Group

SA

07/10/24

EUR

910,000

100.56 915

922

CPI

Property

Group

SA

11/06/24

EUR

720,000

91.34 658

682

CPI

Property

Group

SA

02/18/26

GBP

350,000

132.38 463

CPUK

Finance,

Ltd.

01/29/26

GBP

500,000

136.77 684

671

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

1,038,000

99.79 1,036

1,026

Credit

Acceptance

Corp.

12/19/25

766,000

100.37 769

763

Credit

Agricole

SA

08/14/25

145,000

102.38 148

Crescent

Energy

Finance

LLC

01/29/26

155,000

99.76 155

Crown

European

Holdings

SA

05/09/23

EUR

250,000

109.62 274

CSC

Holdings

LLC

07/16/21

243,000

66.63 162

CSC

Holdings

LLC

10/11/24

520,000

97.95 509

CSTL

Commercial

Mortgage

Trust

01/29/26

500,000

100.18 501

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/12/25

646,000

97.74 631

630

CVR

Energy,

Inc.

10/31/24

431,000

97.84 422

Danaos

Corp.

01/29/26

443,000

103.15 457

Darling

Ingredients,

Inc.

01/06/26

116,000

100.05 116

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
DBC

Mortgage

Trust

10/20/25

750,000

100.00 750

750

DBR

Land

Holdings

LLC

11/19/25

138,000

100.00 138

DBWF

Mortgage

Trust

10/25/18

1,000,000

92.64 926

820

Deutsche

EuroShop

AG

04/29/26

EUR

300,000

116.70 350

Deutsche

Telekom

International

Finance

BV

07/12/24

62,000

99.01 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

916,000

102.47 939

953

Directv

Financing

LLC

12/19/25

707,000

101.14 715

719

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

07/22/21

2,084,000

100.08 2,086

2,085

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

05/12/25

596,000

100.79 601

620

DISH

DBS

Corp.

11/10/21

453,000

96.67 438

DISH

DBS

Corp.

10/01/24

453,000

98.14 445

DK

Trust

08/12/25

750,000

99.76 748

750

Dominican

Republic

Government

International

Bond

06/05/25

202,000

92.39 187

Dominican

Republic

Government

International

Bond

06/05/25

175,000

98.56 172

Dominican

Republic

Government

International

Bond

02/10/26

4,230,000

99.30 4,204

4,126

Dominion

Energy,

Inc.

04/01/26

3,000,000

99.97 2,999

2,999

Domino's

Pizza

Master

Issuer

LLC

11/06/19

912,000

100.00 912

874

Domino's

Pizza

Master

Issuer

LLC

04/08/21

583,500

100.00 583

527

Dotdash

Meredith,

Inc.

12/19/25

821,000

92.21 757

771

Dresdner

Funding

Trust

I

03/02/22

873,000

108.77 950

945

Driven

Brands

Funding

LLC

05/30/24

256,188

87.30 224

Dryden

Senior

Loan

Fund

10/05/18

500,000

99.64 498

500

DT

Midstream,

Inc.

06/12/25

652,000

98.32 641

638

Dycom

Industries,

Inc.

01/30/26

156,000

98.61 154

Dynamo

Newco

II

GmbH

09/25/24

EUR

413,000

116.23 480

Ecuador

Government

International

Bond

08/02/23

750,612

65.07 488

694

Ecuador

Government

International

Bond

01/26/26

1,244,000

100.00 1,244

1,269

Ecuador

Government

International

Bond

01/26/26

723,000

100.00 723

748

Ecuador

Government

International

Bond

02/02/26

279,000

99.39 277

EDO

Sukuk,

Ltd.

06/26/24

554,000

100.00 554

574

EDP

SA

05/20/25

EUR

300,000

112.05 336

EDP

SA

11/24/25

EUR

700,000

117.20 820

799

Egypt

Government

International

Bond

04/15/24

2,703,000

88.96 2,405

2,464

Egypt

Government

International

Bond

10/03/25

1,397,000

107.50 1,502

1,475

eircom

Finance

DAC

04/28/25

EUR

300,000

116.44 349

El

Puerto

de

Liverpool

SAB

de

CV

02/04/26

210,000

99.75 209

El

Salvador

Government

International

Bond

07/21/25

1,095,000

110.56 1,211

1,224

Electricite

de

France

SA

11/28/22

GBP

500,000

117.31 587

668

Electricite

de

France

SA

02/28/23

EUR

1,000,000

107.62 1,076

1,157

Electricite

de

France

SA

01/10/24

EUR

200,000

96.28 193

Electricite

de

France

SA

09/10/24

GBP

900,000

139.14 1,252

1,254

Element

Solutions,

Inc.

01/30/26

157,000

97.89 154

Elevation

CLO,

Ltd.

02/07/25

300,000

100.00 300

Elevation

CLO,

Ltd.

01/23/26

500,000

100.00 500

501

ELFI

Graduate

Loan

Program

06/18/20

63,233

99.98 63

Elia

Group

SA

01/02/24

EUR

600,000

119.25 716

725

Ellington

Financial

Mortgage

Trust

11/05/19

65,832

99.97 66

Ellington

Financial

Mortgage

Trust

04/14/22

352,278

99.59 351

Embecta

Corp.

07/18/25

170,000

91.64 156

Embecta

Corp.

07/23/25

181,000

97.42 176

Emeria

SA

08/28/25

EUR

500,000

105.28 526

Empresa

de

Transmision

Electrica

SA

12/19/25

1,766,000

77.77 1,373

1,390

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

106.83 607

520

Empresa

Nacional

del

Petroleo

11/02/17

338,000

91.66 310

EMRLD

Borrower,

LP

/

Emerald

Co-Issuer,

Inc.

05/04/23

EUR

400,000

110.14 441

Encore

Capital

Group,

Inc.

12/19/25

565,000

100.86 570

574

Encore

Capital

Group,

Inc.

12/19/25

GBP

400,000

130.88 524

522

Enel

Finance

International

NV

06/12/25

673,000

95.53 643

639

Enel

SpA

01/07/25

EUR

1,000,000

114.76 1,148

1,149

Enel

SpA

04/15/26

EUR

300,000

114.81 344

Energia

Group

Roi

Financeco

DAC

07/20/23

EUR

1,000,000

118.51 1,185

1,195

Energizer

Gamma

Acquisition

BV

06/09/21

EUR

575,000

109.97 632

647

Energizer

Holdings,

Inc.

12/01/25

564,000

95.58 539

539

EnerSys

04/09/26

153,000

99.50 152

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Enova

International,

Inc.

10/10/25

272,000

105.08 286

Enova

International,

Inc.

04/09/26

737,000

104.70 772

772

Entain

PLC

01/26/26

EUR

500,000

119.91 600

586

Entegris,

Inc.

05/01/25

2,145,000

99.21 2,128

2,131

Enviri

Corp.

02/24/25

641,000

98.94 634

640

Esab

Corp.

01/29/26

150,000

102.63 154

Eskom

Holdings

SOC,

Ltd.

01/28/21

1,393,000

103.87 1,447

1,467

Esselunga

SpA

10/27/21

EUR

670,000

116.25 779

768

Eutelsat

Communications

SACA

02/25/26

EUR

230,000

118.06 272

Eutelsat

Communications

SACA

02/25/26

EUR

190,000

118.06 224

Eutelsat

SA

04/05/24

EUR

700,000

103.93 727

783

Evergy

Missouri

West,

Inc.

11/13/24

80,000

100.30 80

EW

Scripps

Co.

(The)

07/29/25

530,000

99.80 529

532

Export-Import

Bank

of

India

11/06/24

400,000

94.95 380

Extended

Stay

America

Trust

09/26/25

481,567

100.00 482

Extended

Stay

America

Trust

01/21/26

470,140

100.00 470

Fair

Isaac

Corp.

01/30/26

156,000

98.47 154

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00 700

708

Fannie

Mae

Connecticut

Avenue

Securities

Trust

03/02/22

1,200,000

92.13 1,106

1,215

Fannie

Mae

Connecticut

Avenue

Securities

Trust

05/07/24

600,000

106.17 637

625

Fannie

Mae

Connecticut

Avenue

Securities

Trust

09/10/24

500,000

107.98 540

531

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/05/25

500,000

101.19 506

503

Fannie

Mae

Connecticut

Avenue

Securities

Trust

02/05/25

700,000

101.54 711

706

Fannie

Mae

Connecticut

Avenue

Securities

Trust

07/29/25

1,000,000

103.09 1,031

1,030

Ferguson

Finance

PLC

10/02/24

560,000

100.66 564

559

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

10/10/25

796,000

96.45 768

775

Fiber

Bidco

SpA

05/09/24

EUR

700,000

112.57 788

791

Fibercop

SpA

04/23/25

200,000

95.68 191

Fibercop

SpA

04/25/25

500,000

94.93 475

Fibercop

SpA

06/18/25

EUR

500,000

119.39 597

590

Fibercop

SpA

04/01/26

EUR

140,000

115.85 162

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

12/19/25

1,194,552

104.77 1,252

1,238

First

Quantum

Minerals,

Ltd.

02/19/25

490,000

100.00 490

515

First

Quantum

Minerals,

Ltd.

12/19/25

240,000

104.64 251

First

Quantum

Minerals,

Ltd.

02/11/26

2,932,000

99.89 2,929

2,881

FirstCash,

Inc.

01/30/26

155,000

99.42 154

FirstEnergy

Pennsylvania

Electric

Co.

06/13/25

643,000

98.06 631

629

Five

Point

Operating

Co.,

LP

12/19/25

738,000

103.97 767

757

Flagstar

Mortgage

Trust

10/24/18

377,269

102.80 388

Flagstar

Mortgage

Trust

06/03/19

64,532

102.50 66

Flagstar

Mortgage

Trust

02/04/21

112,042

102.47 115

Flamingo

Lux

II

SCA

02/10/26

EUR

100,000

50.42 50

Flutter

Treasury

DAC

05/22/25

719,000

100.00 719

714

Fontainebleau

Miami

Beach

Mortgage

Trust

12/05/24

250,000

100.00 250

Forestar

Group,

Inc.

04/28/25

526,000

98.16 516

528

Fortescue

Treasury

Pty,

Ltd.

04/09/26

153,000

99.55 152

Fortrea

Holdings,

Inc.

03/05/25

267,000

96.27 257

Forvia

SE

03/24/26

EUR

350,000

115.74 405

Freddie

Mac

STACR

REMIC

Trust

03/08/23

220,707

99.49 220

Freddie

Mac

STACR

REMIC

Trust

09/26/23

200,000

104.50 209

Freddie

Mac

STACR

REMIC

Trust

02/12/25

700,000

100.00 700

700

Freddie

Mac

STACR

REMIC

Trust

05/01/25

500,000

100.00 500

503

FREMF

Mortgage

Trust

03/24/21

9,392,275

0.01 1

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.02 1

Froneri

Lux

FinCo

SARL

07/16/25

EUR

680,000

117.19 797

778

FS

Rialto

2025-FL10

Issuer

LLC

01/31/25

500,000

99.76 499

500

FS

Trust

02/11/26

1,000,000

100.00 1,000

999

FS

Trust

02/23/26

1,000,000

100.00 1,000

1,000

Full

House

Resorts,

Inc.

04/29/25

546,000

96.04 524

518

Gabon

Government

International

Bond

03/17/25

400,000

82.43 330

Gaci

First

Investment

Co.

02/02/26

2,380,000

85.46 2,034

2,006

Galaxy

Bidco,

Ltd.

12/05/24

GBP

173,000

127.52 221

Galaxy

CLO,

Ltd.

05/19/25

550,000

100.00 550

552

Galaxy

CLO,

Ltd.

02/13/26

1,000,000

100.00 1,000

1,000

GAM

Re-REMIC

Trust

04/01/21

837,000

73.33 614

782

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
GAM

Re-REMIC

Trust

01/28/22

28,546

85.38 24

Gartner,

Inc.

03/17/25

667,000

96.55 644

628

Garuda

Indonesia

Persero

Tbk

PT

12/19/25

1,251,521

90.46 1,132

1,068

Gates

Corp.

04/09/26

148,000

103.59 153

Gatwick

Airport

Finance

PLC

11/12/25

GBP

800,000

134.74 1,078

1,072

Gazprom

PJSC

Via

Gaz

Capital

SA

08/17/16

1,000,000

111.73 1,117

716

GCI

LLC

04/09/26

156,000

98.21 153

Gee

Automotive

Holdings

LLC

02/09/26

856,000

100.89 864

867

Genesee

&

Wyoming,

Inc.

12/19/25

844,000

103.02 869

864

GENMAB

Finance

LLC

11/18/25

1,372,000

101.91 1,395

1,407

GENMAB

Finance

LLC

11/18/25

1,045,000

104.70 1,087

1,089

Genting

New

York

LLC

/

GENNY

Capital,

Inc.

12/19/25

667,000

102.74 685

678

Georgian

Railway

JSC

04/07/22

1,153,000

94.93 1,095

1,107

GFL

Environmental,

Inc.

05/01/25

559,000

104.27 583

579

GFL

Environmental,

Inc.

08/14/25

146,000

97.59 142

GGAM

Finance,

Ltd.

12/27/23

925,000

100.76 932

933

GGAM

Finance,

Ltd.

01/02/25

638,000

101.66 649

643

Ghana

Government

International

Bond

10/09/24

181,125

91.01 165

Ghana

Government

International

Bond

11/20/24

1,001,875

95.57 957

980

Ghana

Government

International

Bond

12/19/25

200,000

92.17 184

Glencore

Funding

LLC

04/09/26

282,000

102.30 288

Global

Infrastructure

Solutions,

Inc.

01/10/24

822,000

94.09 773

821

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

06/09/22

830,000

96.45 801

810

Global

Partners,

LP

/

GLP

Finance

Corp.

07/18/25

70,000

100.58 70

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

01/30/26

807,000

95.65 772

755

Goat

Holdco

LLC

10/30/25

1,044,000

102.61 1,071

1,070

goeasy,

Ltd.

10/10/25

494,000

102.47 506

goeasy,

Ltd.

12/19/25

807,000

95.52 771

683

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

929,103

99.96 929

716

Grand

City

Properties

SA

03/25/25

EUR

500,000

109.78 549

584

Graphic

Packaging

International

LLC

01/30/26

154,000

99.98 154

Gray

Media,

Inc.

03/03/26

115,000

80.99 93

Gray

Oak

Pipeline

LLC

03/17/25

115,000

97.68 112

Grifols

SA

12/11/24

EUR

680,000

104.94 714

829

Grifols

SA

01/27/26

1,109,000

98.81 1,096

1,093

Grupo

Energia

Bogota

SA

ESP

12/19/25

1,380,000

98.80 1,363

1,346

GS

Mortgage

Securities

Trust

08/01/19

815,205

105.27 858

774

GS

Mortgage

Securities

Trust

12/06/21

436,418

96.72 422

GS

Mortgage

Securities

Trust

01/10/22

761,316

97.57 743

624

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.90 499

500

GS

Mortgage-Backed

Securities

Trust

03/12/21

680,272

101.25 689

559

GS

Mortgage-Backed

Securities

Trust

05/14/21

347,220

97.03 337

GS

Mortgage-Backed

Securities

Trust

06/03/21

830,811

103.50 860

736

GS

Mortgage-Backed

Securities

Trust

06/15/21

714,007

100.46 717

585

GS

Mortgage-Backed

Securities

Trust

06/15/21

800,000

100.82 807

589

GS

Mortgage-Backed

Securities

Trust

09/22/21

868,294

100.79 875

711

GS

Mortgage-Backed

Securities

Trust

01/21/25

357,247

99.26 355

GS

Mortgage-Backed

Securities

Trust

12/12/25

1,032,900

99.92 1,032

1,024

GS

Mortgage-Backed

Securities

Trust

01/14/26

936,905

99.63 933

916

GS

REFT

Issuer,

Ltd.

03/13/26

1,000,000

100.00 1,000

1,000

GSAT

Trust

06/25/25

400,000

100.00 400

GSJP

Trust

12/09/25

500,000

100.00 500

503

Guala

Closures

SpA

01/26/26

EUR

400,000

118.64 475

Guatemala

Government

International

Bond

10/24/25

403,000

100.42 405

Guatemala

Government

International

Bond

12/19/25

200,000

99.79 200

Guatemala

Government

International

Bond

01/30/26

200,000

100.87 202

Guatemala

Government

International

Bond

03/20/26

662,000

104.55 692

707

Gulfport

Energy

Operating

Corp.

01/29/26

598,000

103.12 617

614

Harvest

Midstream

I,

LP

08/05/20

1,206,000

100.89 1,217

1,215

Hazine

Mustesarligi

Varlik

Kiralama

AS

12/22/25

630,000

104.55 659

640

HealthEquity,

Inc.

01/30/26

157,000

97.81 154

Heathrow

Finance

PLC

05/14/24

GBP

500,000

131.32 657

677

Heathrow

Finance

PLC

01/29/26

GBP

200,000

131.93 264

Hertz

Corp.

(The)

05/12/25

762,000

100.49 766

720

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

08/27/25

891,000

96.12 856

908

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

12/08/25

184,000

94.46 174

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

01/29/26

1,083,000

101.06 1,094

1,088

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.

12/19/25

822,000

93.61 769

760

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower,

Inc.

01/29/26

150,000

102.30 153

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

11/22/23

1,390,000

88.84 1,235

1,308

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

04/15/26

403,000

100.00 403

HNI

Corp.

01/02/24

1,219,000

97.61 1,194

1,203

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

09/20/24

EUR

710,000

108.50 770

782

House

of

Fraser

Funding

PLC

06/13/17

GBP

400,000

103.15 413

—

Howard

Hughes

Corp.

(The)

01/30/26

162,000

95.09 154

Howard

Hughes

Corp.

(The)

04/09/26

158,000

96.43 152

HRB

Winddown,

Inc.

10/30/20

970,000

—

—

—

Hungary

Government

International

Bond

07/19/23

334,000

100.94 337

Hungary

Government

International

Bond

06/16/25

913,000

100.98 911

975

Hungary

Government

International

Bond

10/20/25

1,327,000

102.51 1,360

1,357

Hungary

Government

International

Bond

03/05/26

1,459,000

103.41 1,509

1,519

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

11/13/24

1,048,000

100.35 1,052

1,058

ICG

US

CLO,

Ltd.

02/20/26

350,000

100.00 350

ICICI

Bank,

Ltd.

03/24/25

114,000

98.54 112

ICNQ

Mortgage

Trust

11/04/24

600,000

100.85 605

615

iHeartCommunications,

Inc.

01/13/25

375,000

88.98 334

iHeartCommunications,

Inc.

12/18/25

550,326

96.38 530

550

IHO

Verwaltungs

GmbH

01/07/25

EUR

300,000

105.59 317

IHO

Verwaltungs

GmbH

04/16/26

EUR

390,000

117.82 459

iliad

SA

09/02/25

EUR

300,000

117.17 351

Imperial

Brands

Finance

PLC

12/19/25

385,000

102.28 394

Imperial

Brands

Finance

PLC

04/09/26

329,000

103.03 339

Imperial

Fund

Mortgage

Trust

04/14/22

311,855

99.98 312

Industrial

F&B

Investments

III,

Inc.

03/12/26

149,000

101.43 151

Industrial

Subordinated

Trust

01/08/26

444,000

99.80 443

Industrias

Penoles

SAB

de

CV

12/02/25

174,000

98.20 171

INEOS

Finance

PLC

02/26/26

EUR

300,000

102.86 309

INEOS

Quattro

Finance

PLC

12/19/25

EUR

300,000

93.32 280

Infraestructura

Energetica

Nova

SAPI

de

CV

06/03/22

162,000

97.28 158

InRetail

Consumer

02/07/24

656,000

97.54 640

633

Instituto

Costarricense

de

Electricidad

02/07/18

1,236,000

91.91 1,136

1,213

International

Flavors

&

Fragrances,

Inc.

08/05/24

137,000

96.28 132

Intesa

Sanpaolo

SpA

12/19/25

675,000

95.75 646

638

INTOWN

Mortgage

Trust

03/05/25

500,000

100.00 500

500

Intrum

Investments

and

Financing

AB

02/10/26

EUR

400,000

120.01 480

Invesco

US

CLO,

Ltd.

03/10/26

1,950,000

100.00 1,950

1,959

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

99.38 199

Iron

Mountain,

Inc.

05/12/21

275,000

98.95 272

ITC

Holdings

Corp.

04/16/24

626,000

100.71 630

629

Ithaca

Energy

North

Sea

PLC

01/06/26

589,000

104.47 615

614

ITT

Holdings

LLC

06/23/21

692,000

98.56 682

682

Ivory

Coast

Government

International

Bond

01/23/24

624,000

102.81 638

670

Ivory

Coast

Government

International

Bond

03/25/25

418,000

102.64 428

Ivory

Coast

Government

International

Bond

12/19/25

200,000

99.69 199

Ivory

Coast

Government

International

Bond

02/18/26

1,223,000

96.74 1,183

1,129

J.G.

Wentworth

XLII

LLC

10/02/18

371,473

99.97 371

Jacobs

Entertainment,

Inc.

09/09/25

1,089,000

98.13 1,069

1,066

Jaguar

Land

Rover

Automotive

PLC

04/09/26

154,000

99.03 152

JB

Poindexter

&

Co.,

Inc.

12/07/23

1,049,000

101.86 1,068

1,088

Jefferson

Capital

Holdings

LLC

07/28/21

763,000

99.90 762

762

Jefferson

Capital

Holdings

LLC

01/30/24

351,000

100.00 351

Jefferson

Capital

Holdings

LLC

04/29/25

827,000

103.12 853

865

JH

North

America

Holdings,

Inc.

06/03/25

377,000

101.04 381

JH

North

America

Holdings,

Inc.

06/03/25

375,000

101.18 379

Jordan

Government

International

Bond

04/04/23

1,002,000

101.24 1,027

1,039

Jordan

Government

International

Bond

12/19/25

200,000

101.05 202

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

652,257

91.18 595

605

JPMorgan

Mortgage

Trust

01/18/19

20,177

99.92 20

JPMorgan

Mortgage

Trust

03/22/19

13,400

100.96 14

JPMorgan

Mortgage

Trust

01/24/20

270,498

103.75 281

JPMorgan

Mortgage

Trust

01/28/20

42,419

101.51 43

JPMorgan

Mortgage

Trust

01/30/20

325,464

100.94 329

JPMorgan

Mortgage

Trust

06/02/20

120,466

101.77 123

JPMorgan

Mortgage

Trust

07/15/20

583,394

103.40 603

587

JPMorgan

Mortgage

Trust

07/21/20

384,890

106.17 409

JPMorgan

Mortgage

Trust

08/20/20

215,120

104.78 225

JPMorgan

Mortgage

Trust

10/28/20

137,307

102.78 141

JPMorgan

Mortgage

Trust

11/10/20

53,931

102.46 55

JPMorgan

Mortgage

Trust

01/19/21

258,486

102.93 266

JPMorgan

Mortgage

Trust

05/21/21

193,390

100.89 195

JPMorgan

Mortgage

Trust

04/27/22

376,091

91.28 343

JPMorgan

Mortgage

Trust

09/21/23

959,663

92.10 884

951

JPMorgan

Mortgage

Trust

09/21/23

444,895

97.72 435

JPMorgan

Mortgage

Trust

04/17/24

449,530

99.70 448

JPMorgan

Mortgage

Trust

10/29/24

1,000,000

97.14 971

988

JPMorgan

Mortgage

Trust

01/14/25

680,757

96.80 659

679

JPMorgan

Mortgage

Trust

02/18/26

1,926,429

99.66 1,920

1,886

JSCB

Agrobank

01/15/25

463,000

102.02 472

504

Kazakhstan

Government

International

Bond

06/24/25

1,191,000

100.45 1,196

1,203

Kazakhstan

Government

International

Bond

10/23/25

434,000

102.37 444

Kazakhstan

Government

International

Bond

10/23/25

575,000

99.50 572

567

Kazakhstan

Temir

Zholy

National

Co.

04/22/26

848,000

99.04 840

829

KazMunayGas

National

Co.

JSC

07/23/24

319,000

85.08 271

KazMunayGas

National

Co.

JSC

12/19/25

862,000

100.87 870

871

Kenya

Government

International

Bond

09/10/25

1,252,000

107.66 1,348

1,321

Kenya

Government

International

Bond

12/19/25

200,000

94.78 190

Kenya

Government

International

Bond

02/19/26

389,000

98.20 382

Khazanah

Capital,

Ltd.

12/19/25

1,376,000

102.13 1,405

1,388

Khazanah

Global

Sukuk

Berhad

12/17/25

242,000

101.31 245

Kioxia

Holdings

Corp.

07/16/25

261,000

100.00 261

Kioxia

Holdings

Corp.

07/16/25

739,000

102.40 757

772

Kodiak

Gas

Services

LLC

03/11/26

290,000

100.00 290

Kondor

Finance

PLC

01/28/21

1,882,107

87.82 1,653

1,448

Korea

Expressway

Corp.

04/27/26

637,000

99.76 635

633

KSL

Commercial

Mortgage

Trust

11/27/24

534,726

99.77 533

535

Kuwait

International

Government

Bond

09/30/25

942,000

100.00 942

919

La

Poste

SA

01/09/25

EUR

200,000

102.34 205

LANXESS

AG

03/24/26

EUR

500,000

110.01 550

559

LANXESS

AG

03/31/26

EUR

600,000

101.41 608

625

LANXESS

AG

04/01/26

EUR

800,000

112.58 901

905

LCM

28,

Ltd.

10/16/18

484,880

100.00 485

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

336,000

100.44 337

Lebanon

Government

International

Bond

02/14/19

213,000

100.00 213

Lebanon

Government

International

Bond

10/31/22

1,227,000

18.37 225

Lebanon

Government

International

Bond

07/18/25

757,000

33.22 251

Lebanon

Government

International

Bond

12/22/25

488,000

42.38 207

Level

Financing,

Inc.

08/04/25

625,000

100.00 625

650

Level

Financing,

Inc.

09/12/25

282,000

90.49 255

Level

Financing,

Inc.

01/05/26

429,645

101.99 438

LG

Energy

Solution,

Ltd.

08/14/25

141,000

102.56 145

Liberty

Mutual

Group,

Inc.

05/03/22

51,000

127.85 65

LifePoint

Health,

Inc.

07/31/23

989,000

102.60 1,015

1,049

LifePoint

Health,

Inc.

05/09/24

1,547,000

102.85 1,591

1,578

LifePoint

Health,

Inc.

05/12/25

707,000

107.89 763

742

Live

Nation

Entertainment,

Inc.

04/08/20

382,000

97.10 371

Live

Nation

Entertainment,

Inc.

04/09/26

155,000

98.58 153

LMNT

CRE

LLC

11/21/25

500,000

100.00 500

501

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.

11/03/25

659,000

97.11 640

633

LPL

Holdings,

Inc.

03/17/25

651,000

97.88 637

634

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
LSTR

Trust

01/27/26

1,000,000

100.00 1,000

998

Luna

1.5 SARL

08/08/25

EUR

350,000

120.66 422

Madison

Park

Funding,

Ltd.

05/30/24

250,000

100.00 250

Magnolia

Oil

&

Gas

Operating

LLC

/

Magnolia

Oil

&

Gas

Finance

Corp.

01/29/26

148,000

103.79 154

Malaysia

Wakala

Sukuk

12/12/25

500,000

71.81 359

Market

Street

CLO,

Ltd.

10/16/25

1,400,000

100.00 1,400

1,401

Marks

&

Spencer

PLC

09/27/18

588,000

108.45 644

637

Mattamy

Group

Corp.

04/29/20

620,000

94.93 589

592

Mattel,

Inc.

02/25/25

223,000

96.22 215

Mauser

Packaging

Solutions

Holding

Co.

11/26/25

807,000

94.62 764

769

Mazoon

Assets

Co.

SAOC

10/02/24

2,038,000

100.73 2,067

2,062

Mazoon

Assets

Co.

SAOC

12/19/25

1,071,000

100.69 1,078

1,074

McGraw-Hill

Education,

Inc.

11/01/24

474,000

99.10 470

MDGH

GMTN

RSC,

Ltd.

06/05/25

309,000

68.48 212

Mediobanca

Banca

di

Credito

Finanziario

SpA

03/31/26

EUR

500,000

110.71 554

564

Mediobanca

Banca

di

Credito

Finanziario

SpA

03/31/26

EUR

700,000

116.15 813

825

Mello

Mortgage

Capital

Acceptance

01/24/20

819,413

104.46 856

789

Meridian

Arc

Holdco

LLC

04/16/26

568,000

100.00 568

568

Meritage

Homes

Corp.

10/15/25

119,000

98.26 117

METRO

AG

06/26/25

EUR

985,000

122.32 1,205

1,194

METRO

AG

06/27/25

EUR

350,000

120.39 421

Mexico

City

Airport

Trust

01/28/21

225,000

100.58 226

Mexico

Generadora

de

Energia

S

de

RL

de

CV

12/19/25

633,417

101.76 645

637

MF1

Multifamily

Housing

Mortgage

Trust

08/15/25

500,000

100.00 500

501

MF1

Multifamily

Housing

Mortgage

Trust

01/23/26

1,000,000

100.00 1,000

999

MF1

Multifamily

Housing

Mortgage

Trust

01/28/26

1,000,000

100.00 1,000

1,000

MF1

Multifamily

Housing

Mortgage

Trust

02/11/26

562,294

100.00 562

563

MHP

Commercial

Mortgage

Trust

03/26/24

240,000

99.45 239

MHP

Commercial

Mortgage

Trust

08/19/25

350,000

100.00 350

Michaels

Cos.,

Inc.(The)

03/12/26

772,000

97.93 756

762

Midwest

Connector

Capital

Co.

LLC

03/24/25

634,000

100.07 634

630

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

667,000

93.47 623

652

Millrose

Properties,

Inc.

09/08/25

338,000

100.00 338

Mobico

Group

PLC

12/23/24

EUR

500,000

98.94 495

Mobico

Group

PLC

06/27/25

GBP

250,000

120.90 302

Molina

Healthcare,

Inc.

05/28/20

1,326,000

98.67 1,309

1,307

Molina

Healthcare,

Inc.

11/13/24

1,316,000

100.28 1,320

1,315

Molina

Healthcare,

Inc.

01/29/26

150,000

102.32 153

Mongolia

Government

International

Bond

02/19/25

400,000

101.89 408

Montego

Bay

Airport

Revenue

Finance,

Ltd.

08/07/25

200,000

100.65 201

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

88.53 334

Morgan

Stanley

Residential

Mortgage

Loan

Trust

04/29/24

486,964

103.62 505

510

Morocco

Government

International

Bond

12/08/25

954,000

108.09 1,031

1,020

Mosaic

Solar

Loan

Trust

11/27/18

43,449

98.66 43

Mosaic

Solar

Loan

Trust

11/27/18

113,331

99.13 112

Mosaic

Solar

Loan

Trust

06/12/20

149,919

99.98 150

Mosaic

Solar

Loan

Trust

03/10/21

453,242

99.50 451

Mosaic

Solar

Loan

Trust

03/24/21

170,278

100.12 170

Mosaic

Solar

Loan

Trust

06/15/21

286,112

99.58 285

Moss

Creek

Resources

Holdings,

Inc.

12/19/25

789,000

95.74 755

799

MPH

Acquisition

Holdings

LLC

05/03/23

167,000

87.97 147

Mumtalakt

Sukuk

Holding

Co.

12/19/25

1,210,000

99.08 1,199

1,197

Mundys

SpA

08/04/22

EUR

750,000

107.96 810

864

Murphy

Oil

USA,

Inc.

01/30/26

164,000

94.19 154

Muthoot

Finance,

Ltd.

01/29/26

694,000

100.00 694

687

MVM

Energetika

Zrt.

01/23/24

435,000

101.91 443

MVM

Energetika

Zrt.

12/19/25

955,000

105.39 1,007

1,000

Nakilat,

Inc.

06/15/17

70,332

108.63 76

Navesink

CLO,

Ltd.

12/19/25

350,000

100.00 350

Navesink

CLO,

Ltd.

02/20/26

1,000,000

100.00 1,000

1,001

Navesink

CLO,

Ltd.

02/20/26

1,000,000

100.00 1,000

999

Navesink

CLO,

Ltd.

03/04/26

250,000

100.00 250

Navient

Private

Education

Refi

Loan

Trust

11/03/20

75,664

99.99 76

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96 450

Neptune

Bidco

US,

Inc.

01/21/26

650,000

100.43 653

651

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Neptune

Bidco

US,

Inc.

01/21/26

526,000

102.29 538

532

NESCO

Holdings

II,

Inc.

10/28/25

2,325,000

98.62 2,292

2,313

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.

06/27/24

550,000

100.00 550

551

New

Enterprise

Stone

&

Lime

Co.,

Inc.

10/24/25

638,000

99.59 635

631

New

Flyer

Holdings,

Inc.

12/19/25

572,000

107.34 614

617

New

Home

Co.,

Inc.

(The)

07/08/25

299,000

101.96 305

New

Immo

Holding

SA

04/23/24

EUR

400,000

99.86 399

New

Immo

Holding

SA

04/29/24

EUR

700,000

113.16 792

843

New

Immo

Holding

SA

01/09/25

EUR

600,000

110.46 663

701

New

Immo

Holding

SA

12/19/25

EUR

300,000

118.78 356

Newell

Brands,

Inc.

05/08/25

650,000

102.06 663

679

News

Corp.

03/17/25

662,000

96.67 640

640

Nexi

SpA

08/02/24

EUR

200,000

100.90 202

Nexstar

Media

Group,

Inc.

10/24/25

1,320,000

99.31 1,311

1,300

Nexstar

Media

Group,

Inc.

03/23/26

1,529,000

100.00 1,529

1,541

NGG

Finance

PLC

09/21/22

EUR

800,000

98.81 791

921

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

01/25/24

775,000

101.78 796

813

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

01/25/24

1,059,000

102.38 1,083

1,098

NGPL

PipeCo

LLC

03/03/22

103,000

126.87 131

Nidda

Healthcare

Holding

GmbH

04/29/25

EUR

800,000

115.70 926

943

Nigeria

Government

International

Bond

06/05/25

1,456,000

105.50 1,579

1,642

Nigeria

Government

International

Bond

11/05/25

1,296,000

103.12 1,349

1,421

Nissan

Motor

Co.,

Ltd.

03/06/25

EUR

850,000

110.50 939

975

Nissan

Motor

Co.,

Ltd.

11/03/25

1,654,000

97.95 1,620

1,632

Nissan

Motor

Co.,

Ltd.

12/19/25

1,696,000

94.50 1,603

1,586

Nordea

Bank

Abp

08/14/25

634,000

99.97 634

630

Northriver

Midstream

Finance,

LP

08/07/24

1,479,000

101.62 1,503

1,516

Novelis

Corp.

12/19/25

794,000

96.61 767

761

Novelis

Corp.

01/29/26

148,000

103.78 154

NRG

Energy,

Inc.

05/20/24

133,000

95.21 127

NRG

Energy,

Inc.

12/02/25

91,000

110.24 100

NXPT

Commercial

Mortgage

Trust

10/01/24

500,000

98.60 493

NYC

Commercial

Mortgage

Trust

10/23/25

500,000

99.67 498

OAK-Eagle

Acquireco,

Inc.

03/24/26

86,000

100.00 86

OAK-Eagle

Acquireco,

Inc.

03/24/26

103,000

100.00 103

OAK-Eagle

Acquireco,

Inc.

03/24/26

EUR

110,000

115.85 127

Oaktree

CLO,

Ltd.

08/23/24

250,000

100.00 250

OBX

Trust

01/15/20

85,343

101.46 87

OBX

Trust

02/16/23

322,239

96.35 310

OBX

Trust

09/25/24

78,288

101.06 79

OBX

Trust

02/11/26

1,717,151

100.50 1,726

1,706

Ocado

Group

PLC

08/01/24

GBP

600,000

133.30 800

825

Ocado

Group

PLC

12/18/25

GBP

500,000

122.92 615

620

OCP

CLO,

Ltd.

08/07/24

500,000

100.00 500

501

OCP

SA

10/05/17

200,000

111.09 222

OCP

SA

07/21/21

126,000

120.95 152

OCP

SA

01/15/25

766,000

105.80 810

821

Odido

Group

Holding

BV

12/09/21

EUR

600,000

113.00 678

701

Oleoducto

Central

SA

12/19/25

254,000

99.31 252

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

104.99 210

Oman

Government

International

Bond

10/26/22

200,000

100.00 200

Oman

Sovereign

Sukuk

Co.

10/09/25

1,331,000

99.50 1,326

1,312

OmGrid

Funding,

Ltd.

10/05/17

277,000

100.07 277

Omniyat

Sukuk

1,

Ltd.

08/07/25

630,000

102.57 646

616

Omniyat

Sukuk

1,

Ltd.

01/30/26

261,000

101.39 265

ONNI

Commercial

Mortgage

Trust

01/27/26

1,000,000

101.51 1,015

1,008

Ontario

Gaming

GTA,

LP

07/20/23

337,000

100.09 337

Open

Text

Corp.

03/17/25

520,000

103.01 536

532

Open

Text

Holdings,

Inc.

08/16/21

195,000

102.15 199

OQ

SAOC

07/21/21

443,000

100.12 444

ORL

Trust

12/09/24

500,000

99.77 499

502

Orsted

A/S

02/27/24

EUR

300,000

116.73 350

Orsted

A/S

12/16/24

EUR

800,000

105.50 844

906

Orsted

A/S

03/17/25

GBP

470,000

100.36 472

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Orsted

A/S

06/25/25

EUR

580,000

100.91 585

585

Owens-Brockway

Glass

Container,

Inc.

01/29/26

151,000

101.84 154

Owens-Brockway

Glass

Container,

Inc.

01/29/26

150,000

102.10 153

Oztel

Holdings

SPC,

Ltd.

12/19/25

228,000

103.53 236

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

906,000

101.47 919

925

Pakistan

Water

and

Power

Development

Authority

08/25/21

1,418,000

88.87 1,260

1,335

Palmer

Square

CLO,

Ltd.

03/19/24

1,250,000

100.00 1,250

1,251

Paraguay

Government

International

Bond

06/12/25

694,000

103.92 721

722

Paraguay

Government

International

Bond

12/19/25

625,000

108.89 680

660

Park

Blue

CLO,

Ltd.

01/23/26

750,000

100.00 750

750

Park-Ohio

Industries,

Inc.

01/29/26

296,000

103.01 305

PCY

Trust

03/24/26

1,000,000

100.00 1,000

1,003

Pebblebrook

Hotel,

LP

/

PEB

Finance

Corp.

01/29/26

151,000

102.22 154

Penn

Entertainment,

Inc.

03/11/26

446,000

100.00 446

Performance

Food

Group,

Inc.

10/10/24

148,000

101.05 150

Performance

Food

Group,

Inc.

01/30/26

157,000

98.20 154

Pertamina

Hulu

Energi

PT

05/14/25

1,657,000

100.80 1,675

1,672

Perusahaan

Penerbit

SBSN

Indonesia

III

07/16/25

2,184,000

100.35 2,191

2,177

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.12 265

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

01/22/26

200,000

72.24 144

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

01/27/26

200,000

99.63 199

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

01/29/26

749,000

99.80 748

722

Petroleos

de

Venezuela

SA

01/21/25

1,688,700

38.34 647

642

Petroleos

de

Venezuela

SA

03/05/26

1,410,300

33.78 476

536

Petroleos

de

Venezuela

SA

04/29/26

206,780

38.30 79

Petroleos

del

Peru

SA

10/05/17

1,732,000

81.50 1,391

1,217

Petroleos

del

Peru

SA

03/20/25

1,073,000

79.23 850

873

Petroleos

Mexicanos

07/11/19

597,000

79.86 477

Petroleos

Mexicanos

03/22/22

EUR

1,550,000

112.40 1,742

1,826

Petroleos

Mexicanos

10/03/25

EUR

500,000

120.58 603

594

Petronas

Capital,

Ltd.

12/14/22

912,000

89.26 814

820

Petronas

Capital,

Ltd.

10/31/23

684,000

67.24 460

Petronas

Capital,

Ltd.

03/26/25

294,000

100.00 294

Petronas

Capital,

Ltd.

09/10/25

717,000

103.21 740

733

Phillips

03/09/26

2,000,000

100.00 2,000

2,000

Phinia,

Inc.

11/01/24

1,046,000

102.07 1,068

1,075

Pinewood

Finco

PLC

05/15/24

GBP

900,000

132.97 1,197

1,213

Planet

Fitness

Master

Issuer

LLC

12/05/25

200,000

100.00 200

Playtika

Holding

Corp.

05/12/25

196,000

91.23 179

PLT

VII

Finance

SARL

05/30/24

EUR

196,000

108.30 212

PMT

Loan

Trust

10/03/25

389,368

99.50 387

PMT

Loan

Trust

01/08/26

973,620

99.50 969

954

PMT

Loan

Trust

01/15/26

954,090

100.12 955

946

PMT

Loan

Trust

01/22/26

1,320,744

99.19 1,310

1,293

PMT

Loan

Trust

02/04/26

1,969,861

100.17 1,973

1,943

PMT

Loan

Trust

02/19/26

1,459,822

100.20 1,463

1,446

Port

of

Spain

Waterfront

Development

12/19/25

626,267

100.25 628

640

Post

Holdings,

Inc.

01/30/26

748,000

97.75 731

724

Post

Holdings,

Inc.

03/12/26

304,000

99.83 303

PR

RNO

Property

Owner

LLC

04/28/26

1,126,000

99.00 1,115

1,116

PRA

Group

Europe

Holding

II

SARL

09/24/25

EUR

250,000

117.39 293

PRA

Group,

Inc.

11/09/21

991,000

96.13 953

940

PRA

Group,

Inc.

02/14/23

200,000

100.26 201

PRA

Group,

Inc.

05/15/24

994,000

100.74 1,001

1,028

Precision

Drilling

Corp.

01/06/26

761,000

101.21 770

768

Prestige

Brands,

Inc.

04/05/24

177,000

98.55 174

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

01/06/26

273,000

97.91 267

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

01/22/16

1,577,000

61.49 970

PRM

Trust

02/10/25

500,000

98.18 491

PRM

Trust

06/16/25

250,000

98.47 246

PRM

Trust

10/07/25

500,000

98.44 492

PROG

Holdings,

Inc.

11/10/21

1,102,000

99.79 1,100

1,077

ProGroup

AG

09/10/25

EUR

500,000

119.34 597

590

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

12/19/25

675,000

94.76 640

630

Prosus

NV

12/02/20

142,000

104.14 148

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
PTC,

Inc.

03/03/21

157,000

101.03 159

PTCM

Re-REMIC

Trust

04/17/26

750,000

67.37 505

500

PTCM

Re-REMIC

Trust

04/17/26

750,000

79.42 596

589

PTTEP

Treasury

Center

Co.,

Ltd.

06/15/17

370,000

123.07 455

Qatar

Petroleum

07/26/22

690,000

90.64 625

616

Q-Park

Holding

I

BV

01/29/26

EUR

300,000

119.54 359

Quikrete

Holdings,

Inc.

12/19/25

567,000

103.97 589

576

Quikrete

Holdings,

Inc.

01/29/26

311,000

103.81 323

QXO

Building

Products,

Inc.

04/23/25

881,000

102.39 902

899

Radiology

Partners,

Inc.

08/20/24

1,514,389

93.36 1,414

1,380

Radiology

Partners,

Inc.

06/26/25

1,569,000

102.37 1,606

1,559

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

97.49 623

639

Rain

Carbon,

Inc.

04/09/26

736,000

104.17 767

776

Rakuten

Group,

Inc.

12/19/25

686,000

111.02 762

752

RCKT

Mortgage

Trust

02/06/20

159,949

100.64 161

RCKT

Mortgage

Trust

03/11/21

126,398

101.49 128

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

101.93 275

Rede

D'or

Finance

SARL

04/22/26

804,000

100.00 804

794

Reliance

Industries,

Ltd.

02/07/24

647,000

99.13 641

638

Renault

SA

06/18/24

EUR

600,000

109.61 658

684

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

2,173,000

91.76 1,996

1,944

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/02/22

1,170,000

86.00 1,006

989

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/17/26

160,000

98.46 158

RFM

Re-REMIC

Trust

08/03/22

1,000,000

87.36 874

981

Rithm

Capital

Corp.

12/19/25

623,000

101.77 634

623

Rithm

Capital

Corp.

12/19/25

587,000

102.55 602

590

Rocket

Cos.,

Inc.

06/05/25

622,000

101.42 631

632

Rocket

Cos.,

Inc.

06/05/25

613,000

101.90 625

622

Rockies

Express

Pipeline

LLC

05/06/20

544,000

97.19 529

530

Rockies

Express

Pipeline

LLC

02/02/22

417,000

101.50 423

Rockies

Express

Pipeline

LLC

04/02/24

1,057,000

97.64 1,032

1,044

Rockies

Express

Pipeline

LLC

01/29/26

197,000

109.27 215

Rogers

Communications,

Inc.

05/02/23

637,000

93.93 598

633

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

169,000

101.09 171

Romanian

Government

International

Bond

04/29/25

1,788,000

105.02 1,878

1,912

Romanian

Government

International

Bond

06/05/25

186,000

63.08 117

Romanian

Government

International

Bond

06/05/25

206,000

98.96 204

Romanian

Government

International

Bond

02/25/26

2,186,000

99.94 2,185

2,059

Romanian

Government

International

Bond

04/28/26

508,000

79.25 403

RRD

Intermediate

Holdings,

Inc.

05/12/25

238,502

90.69 216

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

92.11 301

Sabal

Issuer

LLC

02/18/26

1,439,974

99.98 1,440

1,420

Sabal

Trail

Transmission

LLC

03/17/25

643,000

99.33 639

637

SABIC

Capital

I

BV

06/05/25

446,000

65.27 291

SABIC

Capital

II

BV

10/15/25

149,000

100.95 150

Sable

International

Finance,

Ltd.

12/19/25

783,000

101.63 796

781

Sabre

Financial

Borrower

LLC

12/19/25

537,000

101.73 546

551

Sabre

GLBL,

Inc.

11/25/24

398,000

89.48 356

Sabre

GLBL,

Inc.

05/20/25

88,000

100.00 88

Sabre

GLBL,

Inc.

12/04/25

294,000

86.98 256

Sainsbury's

Bank

PLC

12/03/25

GBP

180,000

145.18 261

Santander

UK

Group

Holdings

PLC

01/07/25

584,000

92.60 541

532

Saturn

Oil

&

Gas,

Inc.

12/19/25

547,000

98.54 539

573

Saudi

Arabian

Oil

Co.

12/14/22

619,000

93.77 580

546

Saudi

Arabian

Oil

Co.

01/29/26

731,000

95.61 699

686

Saudi

Electricity

Global

Sukuk

Co.

06/14/17

450,000

106.60 480

Saudi

Electricity

Global

Sukuk

Co.

05/09/19

51,000

107.64 55

Saudi

Government

International

Bond

11/06/24

1,893,000

101.40 1,920

1,900

Saudi

Government

International

Bond

06/16/25

770,000

84.49 651

663

Saudi

Government

International

Bond

01/05/26

2,177,000

98.17 2,137

2,089

Saudi

Government

International

Bond

01/05/26

2,778,000

99.67 2,769

2,736

SCG

Commercial

Mortgage

Trust

07/30/25

650,000

100.00 650

650

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Schaeffler

AG

03/24/26

EUR

300,000

113.14 339

SDAL

Trust

04/17/25

250,000

99.76 249

Seadrill

Finance,

Ltd.

12/19/25

591,000

103.85 614

618

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

146,000

96.21 140

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

192,000

98.46 189

Sealed

Air

Corp.

10/26/16

1,081,000

104.37 1,120

1,057

Seaspan

Corp.

07/09/21

886,000

93.07 825

850

Senegal

Government

International

Bond

03/03/25

562,000

68.88 387

Sequoia

Mortgage

Trust

09/17/19

38,274

101.53 39

Sequoia

Mortgage

Trust

10/08/19

42,227

101.16 43

Sequoia

Mortgage

Trust

11/14/19

667,667

102.53 685

599

Sequoia

Mortgage

Trust

06/22/22

437,051

85.23 372

Sequoia

Mortgage

Trust

01/10/25

127,393

99.38 127

Sequoia

Mortgage

Trust

10/08/25

407,628

100.84 411

Sequoia

Mortgage

Trust

01/09/26

961,594

97.65 939

913

Sequoia

Mortgage

Trust

02/18/26

1,939,783

99.13 1,923

1,891

Serbia

Government

International

Bond

04/28/26

1,680,000

97.67 1,641

1,637

SES

SA

01/30/26

EUR

450,000

115.03 518

508

SES

SA

01/30/26

EUR

200,000

115.14 230

SES

SA

01/30/26

EUR

620,000

118.48 735

718

SES

SA

01/30/26

EUR

400,000

119.43 478

SES

SA

01/30/26

EUR

400,000

119.74 479

SG

Residential

Mortgage

Trust

02/12/26

2,467,111

100.00 2,467

2,439

SGL

Carbon

SE

11/08/24

EUR

200,000

105.08 210

Sherwood

Financing

PLC

08/15/25

EUR

400,000

117.73 471

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

05/08/25

EUR

100,000

112.26 112

Sinclair

Television

Group,

Inc.

01/29/25

557,000

101.99 568

577

Sinclair

Television

Group,

Inc.

05/12/25

374,000

77.10 288

Sirius

XM

Radio,

Inc.

09/24/24

477,000

91.15 435

Six

Flags

Entertainment

Corp./Canada's

Wonderland

Co./Millennium

Operations

LLC

01/07/26

324,000

101.12 328

Six

Flags

Entertainment

Corp./Six

Flags

Theme

Parks,

Inc./

Canada's

Wonderland

Co.

03/24/25

746,000

101.00 753

759

Sixth

Street

CLO,

Ltd.

03/11/26

1,050,000

100.00 1,050

1,050

SK

Hynix,

Inc.

11/13/24

109,000

102.04 111

Skeena

Resources,

Ltd.

04/01/26

166,000

100.00 166

SM

Energy

Co.

06/11/25

1,048,000

102.31 1,072

1,099

SM

Energy

Co.

08/27/25

542,000

105.58 572

604

SMB

Private

Education

Loan

Trust

01/22/26

1,009,339

101.59 1,025

1,012

Smithfield

Foods,

Inc.

12/02/25

131,000

92.68 121

Smithfield

Foods,

Inc.

01/29/26

613,000

101.55 623

619

Smyrna

Ready

Mix

Concrete

LLC

09/08/25

917,000

106.31 975

961

SNF

Group

SACA

03/11/25

EUR

100,000

109.21 109

Sociedad

Quimica

y

Minera

de

Chile

SA

01/14/26

440,000

100.00 440

Societe

Generale

SA

11/03/25

630,000

100.95 636

632

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98 600

558

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.97 1,000

908

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94 600

506

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

Somnigroup

International,

Inc.

08/05/25

154,000

93.58 144

Somnigroup

International,

Inc.

01/30/26

158,000

97.35 154

Sonic

Capital

LLC

01/15/20

518,833

100.00 519

514

Sonic

Capital

LLC

07/29/21

572,500

100.00 572

Sound

Point

CLO,

Ltd.

11/07/25

800,000

100.00 800

789

South

Africa

Government

International

Bond

12/04/25

4,108,000

97.67 4,016

3,916

Sri

Lanka

Government

International

Bond

12/20/24

77,223

71.25 55

Sri

Lanka

Government

International

Bond

12/20/24

398,307

72.64 289

Sri

Lanka

Government

International

Bond

12/20/24

700,511

80.48 571

660

Sri

Lanka

Government

International

Bond

01/30/26

467,000

82.27 384

Sri

Lanka

Government

International

Bond

02/02/26

212,000

97.81 207

Standard

Chartered

PLC

10/14/16

612,000

115.49 698

628

Staples,

Inc.

04/19/21

255,185

101.26 258

Staples,

Inc.

05/23/24

753,000

98.97 745

721

State

Oil

Co.

of

the

Azerbaijan

Republic

10/05/17

233,000

103.88 242

Station

Casinos

LLC

08/05/25

229,000

95.34 218

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Stonebriar

ABF

Issuer

LLC

11/14/25

629,000

101.74 640

660

Stonex

Escrow

Issuer

LLC

01/29/26

149,000

103.30 154

Suburban

Propane

Partners,

LP

/

Suburban

Energy

Finance

Corp.

12/19/25

570,000

96.32 549

548

Summer

BC

Holdco

B

SARL

02/07/25

EUR

600,000

107.02 642

614

Summit

Midstream

Holdings

LLC

12/19/25

112,000

102.34 115

SunCoke

Energy,

Inc.

10/10/25

308,000

94.27 290

Sunnova

Helios

II

Issuer

LLC

10/26/18

500,435

99.98 500

Sunnova

Helios

II

Issuer

LLC

10/26/18

738,727

99.98 739

709

Sunnova

Helios

IV

Issuer

LLC

06/15/20

293,400

99.99 293

Sunnova

Sol

II

Issuer

LLC

11/20/20

291,459

99.98 291

Sunnova

Sol

III

Issuer

LLC

06/11/21

649,987

99.96 650

523

Sunoco,

LP

09/04/25

171,000

100.00 171

Sunoco,

LP

09/04/25

1,188,000

100.27 1,191

1,183

Sunoco,

LP

12/19/25

734,000

102.85 755

750

Sunoco,

LP

01/29/26

1,107,000

100.19 1,109

1,108

Sunrise

FinCo

I

BV

05/21/25

EUR

200,000

113.19 226

Sunrun

Bacchus

Issuer

LLC

01/28/25

344,054

99.98 344

Sunrun

Xanadu

Issuer

LLC

05/31/19

292,341

100.00 292

Superior

Plus

Corp.

01/30/26

158,000

97.98 155

SWCH

Commercial

Mortgage

Trust

02/05/25

500,000

99.76 499

Sword

Purchaser

LLC

04/02/26

EUR

107,000

113.80 122

Symphony

CLO,

Ltd.

03/21/19

500,000

98.20 491

500

Talen

Energy

Supply

LLC

01/29/26

453,000

100.72 456

Talos

Production,

Inc.

12/19/25

315,000

104.72 330

Taylor

Morrison

Communities,

Inc.

04/09/26

151,000

101.20 153

TC

Ziraat

Bankasi

AS

01/15/25

599,000

102.48 614

624

TC

Ziraat

Bankasi

AS

12/19/25

405,000

101.59 411

TCW

CLO

Ltd.

10/01/25

800,000

100.00 800

800

TDC

Net

A/S

08/15/25

EUR

500,000

121.35 607

600

TDC

Net

A/S

12/19/25

EUR

700,000

117.27 821

818

Team

Health

Holdings,

Inc.

11/04/24

1,098,154

107.33 1,179

1,154

Team

Health

Holdings,

Inc.

07/23/25

1,312,000

101.01 1,325

1,315

Techem

Verwaltungsgesellschaft

675

mbH

06/26/25

EUR

700,000

117.37 822

823

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

01/15/25

1,332,000

100.16 1,334

1,333

Teleflex,

Inc.

01/28/21

156,000

101.69 159

Telefonica

Europe

BV

03/01/23

EUR

200,000

102.66 205

Telefonica

Europe

BV

12/19/25

EUR

300,000

126.66 380

Telenet

Finance

Luxembourg

Notes

SARL

04/09/26

800,000

99.27 794

791

Teva

Pharmaceutical

Finance

Netherlands

II

BV

10/25/23

EUR

1,000,000

104.81 1,048

1,115

Texas

Eastern

Transmission,

LP

12/05/19

74,000

100.83 75

Textainer

Marine

Containers

VII,

Ltd.

01/22/26

528,000

94.12 497

Thor

Industries,

Inc.

01/30/26

160,000

96.55 154

Tierra

Mojada

Luxembourg

II

SARL

04/07/22

215,916

91.14 197

Topaz

Solar

Farms

LLC

04/02/24

523,581

99.66 522

523

Trade

and

Development

Bank

of

Mongolia

LLC

08/07/25

467,000

98.49 460

TransDigm,

Inc.

01/29/26

150,000

101.99 153

TransDigm,

Inc.

01/29/26

443,000

102.78 455

Transnet

SOC,

Ltd.

10/17/23

1,174,000

102.67 1,205

1,224

Transportadora

de

Gas

Internacional

SA

ESP

09/08/25

733,000

101.69 745

735

Travelex

Financing

PLC

06/13/17

EUR

1,400,000

—

1,657

—

Travelex

Issuerco,

Ltd.

08/06/20

GBP

2,699,210

127.02 3,429

2,072

Trident

TPI

Holdings,

Inc.

11/01/24

580,000

106.87 620

582

TriMas

Corp.

01/30/26

796,000

96.83 771

764

Trinidad

Generation

Unlimited

08/07/25

522,000

103.16 538

552

Triton

Container

International,

Ltd.

02/19/21

283,958

99.85 284

Turk

Telekomunikasyon

AS

12/19/25

851,000

102.10 869

849

Turkiye

Ihracat

Kredi

Bankasi

AS

07/21/21

449,000

99.79 448

Turkiye

Varlik

Fonu

Yonetimi

AS

04/18/24

397,000

100.69 400

Turkiye

Varlik

Fonu

Yonetimi

AS

12/19/25

955,000

104.94 1,002

969

Turning

Point

Brands,

Inc.

12/19/25

250,000

106.82 267

TVL

Finance

PLC

04/21/23

GBP

550,000

134.65 741

719

TXNM

Energy,

Inc.

01/29/26

610,000

101.03 616

609

Ueno

Bank

SA

03/03/26

400,000

98.79 395

UKG,

Inc.

01/08/26

486,000

102.38 498

Ukraine

Government

International

Bond

04/23/15

1,832,300

58.05 1,343

1,405

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Ukraine

Government

International

Bond

10/10/24

1,349,000

56.96 768

685

Ukraine

Government

International

Bond

01/28/26

634,000

78.42 497

Unibail-Rodamco-Westfield

10/03/25

EUR

900,000

120.73 1,087

1,059

UniCredit

SpA

06/12/25

635,000

101.41 644

639

United

Group

BV

01/29/26

EUR

500,000

123.86 619

599

United

Group

BV

04/29/26

EUR

291,000

116.76 340

United

Rentals

NA,

Inc.

03/17/25

629,000

102.25 643

640

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

11/06/24

1,430,000

94.21 1,347

1,404

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

12/03/25

437,000

98.67 431

Uniti

Services

LLC

09/25/25

1,050,000

101.42 1,065

1,106

Univision

Communications,

Inc.

04/08/26

224,000

100.00 224

Upbound

Group,

Inc.

07/30/25

1,985,000

98.82 1,961

1,964

US

Foods,

Inc.

03/17/26

148,000

102.30 151

US

Foods,

Inc.

03/17/26

153,000

98.87 151

UWM

Mortgage

Trust

05/27/21

681,374

100.44 684

559

Uzauto

Motors

AJ

12/22/25

1,319,000

101.48 1,343

1,348

Uzbekistan

Government

International

Bond

06/02/25

500,000

89.55 448

Uzbekistan

Government

International

Bond

02/27/26

709,000

107.82 764

759

Uzbekneftegaz

JSC

01/23/24

201,000

90.22 181

Var

Energi

ASA

07/24/23

111,000

101.73 113

Var

Energi

ASA

04/22/26

EUR

230,000

116.15 267

Velocity

Commercial

Capital

Loan

Trust

03/12/26

149,000

101.52 151

Venezuela

Government

International

Bond

07/30/24

1,413,700

19.67 278

645

Venezuela

Government

International

Bond

03/02/26

1,179,000

40.81 481

565

Venture

CLO,

Ltd.

02/11/21

1,000,000

100.00 1,000

1,006

Venture

Global

Calcasieu

Pass

LLC

07/29/21

269,000

100.00 269

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00 236

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00 470

Venture

Global

LNG,

Inc.

10/29/25

353,000

106.74 377

Venture

Global

LNG,

Inc.

01/26/26

1,067,000

102.26 1,091

1,091

Venture

Global

Plaquemines

LNG

LLC

06/30/25

823,000

103.07 848

875

Veolia

Environnement

SA

09/17/25

EUR

1,100,000

117.95 1,297

1,257

Verallia

SA

03/31/26

EUR

600,000

110.15 661

672

Verallia

SA

03/31/26

EUR

700,000

112.33 786

800

Verallia

SA

03/31/26

EUR

400,000

112.91 452

Verde

CLO,

Ltd.

08/14/24

300,000

100.00 300

Verisure

Midholding

AB

01/15/21

EUR

300,000

120.79 362

Verus

Securitization

Trust

02/08/21

1,000,000

99.98 1,000

821

Verus

Securitization

Trust

06/22/22

349,254

88.88 310

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

126,000

97.00 122

Viking

Cruises,

Ltd.

09/29/25

673,000

100.00 673

674

Virgin

Media

Finance

PLC

07/31/25

1,070,000

89.79 949

901

Virgin

Media

O2

Vendor

Financing

Notes

VII

DAC

01/29/26

EUR

200,000

119.81 240

Virgin

Media

Secured

Finance

PLC

02/19/26

GBP

700,000

122.23 856

849

Viridien

03/11/25

572,000

103.74 583

614

Viridien

12/19/25

EUR

135,632

122.90 167

Vistra

Operations

Co.

LLC

11/03/25

638,000

99.35 634

626

Vivion

Investments

SARL

04/08/26

EUR

700,000

111.91 783

785

VM

Consolidated,

Inc.

01/30/26

780,000

98.59 769

763

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

600,000

128.42 771

703

Vmed

O2

UK

Financing

I

PLC

03/23/26

800,000

86.21 690

690

Vodafone

Group

PLC

02/03/21

EUR

750,000

94.92 712

834

Vodafone

Group

PLC

01/30/23

EUR

700,000

110.48 773

824

Vodafone

Group

PLC

12/19/25

EUR

500,000

117.56 588

567

Volkswagen

International

Finance

NV

08/29/23

EUR

200,000

108.86 218

Volkswagen

International

Finance

NV

12/12/25

EUR

700,000

122.99 861

828

VTB

Bank

10/05/17

200,000

—

—

VTB

Bank

10/18/18

714,000

—

750

—

Watco

Cos.

LLC

/

Watco

Finance

Corp.

12/19/25

510,000

104.79 534

530

Wayfair

LLC

10/21/24

313,000

101.15 317

WBI

Operating

LLC

09/30/25

537,000

99.89 536

543

WBI

Operating

LLC

09/30/25

537,000

99.99 537

545

Weatherford

International,

Ltd.

05/17/22

202,000

95.43 193

Weatherford

International,

Ltd.

01/08/26

659,000

102.91 678

683

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Wells

Fargo

Commercial

Mortgage

Trust

05/01/24

450,000

82.98 373

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

16,266

100.70 16

Wells

Fargo

Mortgage

Backed

Securities

Trust

08/10/20

141,395

102.71 145

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

178,919

102.07 183

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

617,106

101.23 625

508

WESCO

Distribution,

Inc.

02/24/26

194,000

100.00 194

WESCO

Distribution,

Inc.

02/24/26

292,000

100.00 292

Williams

Scotsman,

Inc.

01/28/21

188,000

101.31 190

Williams

Scotsman,

Inc.

01/29/26

149,000

103.50 154

Wilsonart

LLC

07/25/24

35,000

100.00 35

Wilton

RE,

Ltd.

09/17/25

688,000

99.51 684

670

Wingstop

Funding

LLC

11/19/24

900,000

100.00 900

914

WMG

Acquisition

Corp.

10/15/25

668,000

96.38 644

635

Woori

Bank

12/19/25

606,000

104.20 631

628

Worldline

SA

09/16/24

EUR

6,602

110.05 7

Worldline

SA

11/21/24

EUR

800,000

104.67 838

832

Worldline

SA

06/03/25

EUR

700,000

107.52 726

720

Worldline

SA

08/29/25

EUR

800,000

108.98 871

867

Worldline

SA

08/29/25

EUR

500,000

109.06 545

558

Wrangler

Holdco

Corp.

01/29/26

148,000

104.20 154

Wyndham

Hotels

&

Resorts,

Inc.

01/30/26

155,000

99.10 154

XPLR

Infrastructure

Operating

Partners,

LP

03/20/25

317,000

101.25 321

XPLR

Infrastructure

Operating

Partners,

LP

11/12/25

82,000

100.00 82

XPLR

Infrastructure

Operating

Partners,

LP

12/19/25

968,000

99.21 960

961

Yara

International

ASA

12/11/24

635,000

100.73 640

636

YPF

SA

08/15/18

950

100.00 1

YPF

SA

01/28/21

27.86 —

—

YPF

SA

03/08/23

250,000

92.17 230

YPF

SA

01/23/24

387,000

96.63 374

YPF

SA

12/19/25

646,000

106.26 686

689

Zambia

Government

International

Bond

06/28/24

63,635

89.36 57

Zambia

Government

International

Bond

06/20/25

331,611

95.40 316

Zaxbys

Funding

LLC

05/03/24

442,125

100.00 442

Zaxbys

Funding

LLC

05/13/24

714,375

88.61 633

680

Zayo

Group

Holdings,

Inc.

10/28/24

135,369

89.09 121

Zayo

Group

Holdings,

Inc.

11/01/24

656,229

97.84 642

656

Zegona

Finance

PLC

07/10/24

EUR

180,000

108.29 195

ZF

Europe

Finance

BV

09/06/23

EUR

300,000

111.52 335

ZF

Europe

Finance

BV

12/20/24

EUR

800,000

112.40 899

924

ZF

Europe

Finance

BV

04/22/25

EUR

800,000

105.94 847

879

ZF

Europe

Finance

BV

06/04/25

EUR

100,000

114.14 114

ZF

Europe

Finance

BV

04/15/26

EUR

100,000

115.07 115

636,564

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

11,777

06/26

(114) Euro-Bobl

Futures

EUR

11,314

06/26

(183) Long

Gilt

Futures

GBP

6,408

06/26

(522) United

States

Year

Treasury

Note

Futures

USD

621

06/26

(6) United

States

Year

Treasury

Note

Futures

USD

42,703

06/26

(682) United

States

Year

Treasury

Note

Futures

USD

13,492

06/26

(298) United

States

Year

Ultra

Treasury

Note

Futures

USD

12,527

06/26

(236) United

States

Treasury

Long

Bond

Futures

USD

9,930

06/26

(401) United

States

Treasury

Ultra

Bond

Futures

USD

8,052

06/26

(338) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

Short

Positions

Euro-Bund

Futures

EUR

10,906

06/26

Japanese

Year

Government

Bond

Futures

JPY

2,455,940

06/26

Japanese

Year

Mini

Government

Bond

Futures

JPY

51,704

06/26

United

States

Year

Treasury

Note

Futures

USD

51,988

06/26

United

States

Year

Treasury

Note

Futures

USD

3,990

06/26

United

States

Year

Treasury

Note

Futures

USD

5,972

06/26

United

States

Year

Ultra

Treasury

Note

Futures

USD

9,819

06/26

United

States

Treasury

Long

Bond

Futures

USD

8,576

06/26

United

States

Treasury

Ultra

Bond

Futures

USD

1,841

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(1,144)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

EUR

06/17/26

—

Bank

of

America

USD

2,112

GBP

1,599

05/11/26

Bank

of

America

USD

GBP

06/17/26

Bank

of

America

USD

590

GBP

06/17/26

Bank

of

America

USD

HUF

33,434

05/11/26

Bank

of

America

USD

TRY

5,993

05/11/26

—

Bank

of

America

USD

3,083

TRY

143,065

05/11/26

Bank

of

America

EUR

USD

06/17/26

—

Bank

of

America

EUR

USD

06/17/26

(3) Bank

of

America

EUR

USD

06/17/26

(1) Bank

of

America

EUR

USD

524

06/17/26

(8) Bank

of

America

HKD

25,237

USD

3,226

05/11/26

Bank

of

America

HUF

637,632

USD

1,911

05/11/26

(144) Bank

of

America

MXN

10,118

USD

563

05/11/26

(16) Bank

of

America

PLN

7,049

USD

1,938

05/11/26

(7) Bank

of

America

SGD

1,706

USD

1,329

05/11/26

(12) Bank

of

America

THB

USD

05/11/26

—

Bank

of

America

THB

43,647

USD

1,335

05/11/26

(5) Bank

of

America

ZAR

32,353

USD

1,901

05/11/26

(41) Bank

of

New

York

NOK

13,770

USD

1,412

05/11/26

(74) Bank

of

New

York

SEK

31,245

USD

3,295

05/11/26

(90) BNP

Paribas

EUR

7,533

USD

8,760

06/17/26

(99) BNP

Paribas

GBP

713

USD

957

06/17/26

(14) HSBC

EUR

7,533

USD

8,769

06/17/26

(90) HSBC

GBP

713

USD

958

06/17/26

(13) JPMorgan

Chase

USD

3,296

AUD

4,803

05/11/26

JPMorgan

Chase

EUR

7,533

USD

8,760

06/17/26

(99) JPMorgan

Chase

GBP

713

USD

957

06/17/26

(14) JPMorgan

Chase

JPY

530,080

USD

3,328

05/11/26

(59) Morgan

Stanley

USD

3,072

EUR

2,609

05/27/26

(7) Morgan

Stanley

CAD

USD

05/27/26

(1) Morgan

Stanley

EUR

37,924

USD

44,642

05/27/26

Morgan

Stanley

EUR

7,533

USD

8,767

06/17/26

(92) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Morgan

Stanley

GBP

713

USD

957

06/17/26

(14) Royal

Bank

of

Canada

USD

3,555

EUR

3,082

05/11/26

Royal

Bank

of

Canada

USD

4,690

NZD

8,209

05/11/26

Standard

Chartered

EUR

7,533

USD

8,765

06/17/26

(94) Standard

Chartered

GBP

713

USD

956

06/17/26

(14) State

Street

USD

1,336

BRL

6,946

05/11/26

State

Street

USD

1,323

COP

4,875,019

05/11/26

State

Street

USD

844

EUR

721

05/11/26

State

Street

USD

EUR

06/17/26

State

Street

USD

EUR

06/17/26

—

State

Street

USD

EUR

06/17/26

State

Street

USD

EUR

06/17/26

State

Street

USD

EUR

06/17/26

State

Street

USD

4,065

GBP

3,011

05/11/26

State

Street

USD

1,857

HKD

14,552

05/11/26

State

Street

USD

IDR

1,416,349

05/11/26

—

State

Street

USD

1,886

IDR

32,061,259

05/11/26

(34) State

Street

USD

INR

8,691

05/11/26

—

State

Street

USD

3,227

INR

303,070

05/11/26

(35) State

Street

USD

567

KRW

857,487

05/11/26

State

Street

USD

1,949

MYR

7,698

05/11/26

(10) State

Street

USD

NOK

05/11/26

—

State

Street

USD

NZD

05/11/26

—

State

Street

USD

TWD

05/11/26

—

State

Street

USD

566

TWD

18,130

05/11/26

State

Street

USD

ZAR

05/11/26

—

State

Street

AUD

USD

05/11/26

—

State

Street

BRL

USD

05/11/26

—

State

Street

CHF

USD

05/11/26

(1) State

Street

CHF

6,398

USD

8,030

05/11/26

(164) State

Street

COP

4,203

USD

05/11/26

—

State

Street

EUR

USD

06/17/26

—

State

Street

EUR

USD

06/17/26

(1) State

Street

EUR

USD

06/17/26

(1) State

Street

EUR

USD

06/17/26

State

Street

EUR

USD

06/17/26

(2) State

Street

EUR

USD

06/17/26

(1) State

Street

GBP

11,003

USD

14,864

05/27/26

(108) State

Street

GBP

USD

06/17/26

—

State

Street

JPY

12,580

USD

05/11/26

(2) State

Street

KRW

2,864,673

USD

1,929

05/11/26

(12) State

Street

MXN

USD

05/11/26

—

State

Street

PEN

USD

05/11/26

(1) State

Street

PEN

6,561

USD

1,893

05/11/26

State

Street

SEK

USD

05/11/26

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

SGD

USD

05/11/26

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(596) #### 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

$

—

$

19,920

$

$

—

$

20,124

Corporate

Bonds

and

Notes

—

312,246

—

—

312,246

International

Debt

—

317,392

—

—

317,392

Loan

Agreements

—

—

—

Mortgage-Backed

Securities

—

108,189

—

—

108,189

Non-US

Bonds

—

95,265

—

—

95,265

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

Energy

—

—

—

Financial

Services

—

—

—

—

—

Materials

and

Processing

—

—

5,270

—

5,270

Preferred

Stocks

—

—

—

Warrants

and

Rights

—

—

—

—

—

Short-Term

Investments

—

4,999

—

98,072

103,071

Total

Investments

—

858,109

5,662

98,072

961,843

Other

Financial

Instruments

Assets

Futures

Contracts

1,636

—

—

—

1,636

Foreign

Currency

Exchange

Contracts

—

787

—

—

787

Liabilities

Futures

Contracts

(2,780)

—

—

—

(2,780)

Foreign

Currency

Exchange

Contracts

—

(1,383)

—

—

(1,383)

Total

Other

Financial

Instruments

\*

$

(1,144)

$

(596) $

—

$

—

$

(1,740)

\*

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

April

30,

2026,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Angola

................................................................................................

2,253

.2

Argentina

............................................................................................

5,465

.6

Australia

.............................................................................................

.1

Azerbaijan

..........................................................................................

580

.1

Bahrain

...............................................................................................

6,791

.7

Belarus

...............................................................................................

.1

Belgium

..............................................................................................

1,516

.2

Bermuda

.............................................................................................

—

\*\*

Bolivia,

Plurinational

State

of

............................................................

—

\*\*

Brazil

..................................................................................................

10,236

.1

Canada

................................................................................................

20,719

.1

Cayman

Islands

..................................................................................

26,738

.8

Chile

...................................................................................................

7,967

.8

China

..................................................................................................

3,777

.4

Colombia

............................................................................................

7,518

.8

Costa

Rica

..........................................................................................

2,636

.3

Czech

Republic

..................................................................................

2,420

.3

Denmark

.............................................................................................

6,257

.6

Dominican

Republic

..........................................................................

4,501

.5

Ecuador

..............................................................................................

2,990

.3

Egypt

..................................................................................................

5,334

.5

El

Salvador

.........................................................................................

3,194

.3

Finland

...............................................................................................

2,836

.3

France

.................................................................................................

23,699

.4

Gabon

.................................................................................................

—

\*\*

Georgia

...............................................................................................

1,107

.1

Germany

.............................................................................................

16,420

.7

Ghana

.................................................................................................

1,340

.1

Greece

................................................................................................

.1

Guatemala

..........................................................................................

1,961

.2

Hong

Kong

.........................................................................................

850

.1

Hungary

..............................................................................................

5,651

.6

India

...................................................................................................

1,970

.2

Indonesia

............................................................................................

8,061

.8

Ireland

................................................................................................

3,961

.4

Israel

...................................................................................................

1,115

.1

Italy

....................................................................................................

14,585

.5

Ivory

Coast

.........................................................................................

2,438

.3

Jamaica

...............................................................................................

1,151

.1

Japan

..................................................................................................

5,986

.6

Jersey

..................................................................................................

2,104

.2

Jordan

.................................................................................................

1,238

.1

Kazakhstan

.........................................................................................

4,218

.4

Kenya

.................................................................................................

1,868

.2

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Kuwait

................................................................................................

919

.1

Lebanon

..............................................................................................

680

.1

Luxembourg

.......................................................................................

6,518

.7

Malaysia

.............................................................................................

4,293

.4

Mexico

...............................................................................................

19,351

.0

Mongolia

............................................................................................

879

.1

Morocco

.............................................................................................

2,171

.2

Netherlands

........................................................................................

1,278

.1

Nigeria

................................................................................................

3,063

.3

Norway

...............................................................................................

1,308

.1

Oman

..................................................................................................

6,185

.6

Pakistan

..............................................................................................

2,260

.2

Panama

...............................................................................................

9,652

.0

Paraguay

.............................................................................................

1,776

.2

Peru

....................................................................................................

5,779

.6

Philippines

..........................................................................................

4,274

.4

Poland

................................................................................................

4,734

.5

Portugal

..............................................................................................

1,148

.1

Puerto

Rico

.........................................................................................

—

\*\*

Qatar

...................................................................................................

687

.1

Romania

.............................................................................................

4,716

.5

Russia

.................................................................................................

885

.1

Saudi

Arabia

.......................................................................................

11,841

.2

Senegal

...............................................................................................

—

\*\*

Serbia

.................................................................................................

2,970

.3

Singapore

...........................................................................................

727

.1

Slovenia

..............................................................................................

939

.1

South

Africa

.......................................................................................

6,607

.7

South

Korea

.......................................................................................

1,518

.2

Spain

..................................................................................................

2,779

.3

Sri

Lanka

............................................................................................

1,604

.2

Sweden

...............................................................................................

1,404

.1

Switzerland

........................................................................................

1,604

.2

Thailand

.............................................................................................

—

\*\*

Trinidad

and

Tobago

..........................................................................

1,192

.1

Turkey

................................................................................................

9,697

.0

Ukraine

...............................................................................................

4,058

.4

United

Arab

Emirates

.........................................................................

3,563

.4

United

Kingdom

.................................................................................

31,114

.2

United

States

......................................................................................

558,005

.4

Uruguay

..............................................................................................

3,390

.4

Uzbekistan

..........................................................................................

3,270

.3

Venezuela,

Bolivarian

Republic

of

....................................................

2,469

.3

Zambia

...............................................................................................

4,032

.4

Total

Investments

...............................................................................

961,843

.0

\*\*

Less

than

.05%

of

net

assets

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

787

$

—

Variation

margin

on

futures

contracts\*

—

1,636

Total

$

787

$

1,636

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

2,780

Unrealized

depreciation

on

foreign

currency

exchange

contracts

1,383

—

Total

$

1,383

$

2,780

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

Foreign

currency

exchange

contracts

2,198

—

Total

$

2,198

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

(1,113)

Foreign

currency

exchange

contracts

(1,551)

—

Total

$

(1,551)

$

(1,113)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

787

$

—

$

787

Total

Financial

and

Derivative

Assets

787

—

787

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

787

$

—

$

787

#### 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

$

$

$

—

$

JPMorgan

Chase

—

Morgan

Stanley

—

Royal

Bank

of

Canada

—

—

State

Street

—

Total

$

787

$

$

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

1,383

$

—

$

1,383

Total

Financial

and

Derivative

Liabilities

1,383

—

1,383

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,383

$

—

$

1,383

#### 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

—

—

BNP

Paribas

—

—

HSBC

—

—

JPMorgan

Chase

—

Morgan

Stanley

—

Standard

Chartered

—

—

State

Street

—

Total

$

1,383

$

$

—

$

1,006

^&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

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

975,837

Investments,

at

fair

value(>)

........................................................................................................................................................

961,843

Foreign

currency

holdings(^)

.......................................................................................................................................................

824

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

787

Receivables:

Dividends

and

interest

......................................................................................................................................................

11,218

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

2,300

Fund

shares

sold

...............................................................................................................................................................

929

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

7,850

Variation

margin

on

futures

contracts

..............................................................................................................................

888

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

986,919

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Due

to

broker

(b) (c) ..........................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

10,058

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

2,028

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,383

Total

liabilities

...........................................................................................................................................................

15,140

#### Net

#### Assets

#### ...............................................................................................................................................................
$

971,779

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(146,424)

Shares

of

beneficial

interest

.........................................................................................................................................................

1,122

Additional

paid-in

capital

............................................................................................................................................................

1,117,081

#### Net

#### Assets

#### ...............................................................................................................................................................
$

971,779

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

98,072

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

821

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

7,850

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

..................................................................................................................................................

$

(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

(#)

..........................................................................................................................................

$

8.60 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

8.94 Class

A

—

Net

assets

...........................................................................................................................................................

$

4,578,442

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

532,558

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.47 Class

C

—

Net

assets

...........................................................................................................................................................

$

4,178,933

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

493,463

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

8.66 Class

M

—

Net

assets

..........................................................................................................................................................

$

83,785,128

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

9,677,081

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

8.67 Class

S

—

Net

assets

............................................................................................................................................................

$

782,114,204

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

90,253,412

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

8.67 Class

Y

—

Net

assets

...........................................................................................................................................................

$

97,122,129

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

11,206,829

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

20,737

Dividend

distributions

from

affiliated

funds

....................................................................................................................

1,706

Dividends

.........................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(6) Total

investment

income

.............................................................................................................................................................

22,630

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,284

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

............................................................................................................................................

607

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

3,488

Expense

reductions

..........................................................................................................................................................

(875) Net

expenses

................................................................................................................................................................................

2,613

Net

investment

income

(loss)

.......................................................................................................................................................

20,017

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

2,477

Investments

in

affiliated

funds

.........................................................................................................................................

(8) Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

2,198

Foreign

currency-related

transactions

..............................................................................................................................

(42) Net

realized

gain

(loss)

................................................................................................................................................................

5,004

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(7,406)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

(1,113)

Foreign

currency

exchange

contracts

...............................................................................................................................

(1,551)

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(10,051)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(5,047)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

14,970

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

20,017

$

26,440

Net

realized

gain

(loss)

................................................................................................................

5,004

(1,494)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(10,051)

12,102

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

14,970

37,048

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(145) (243) Class

C

.....................................................................................................................................

(79) (77) Class

M

....................................................................................................................................

(2,487)

(3,359)

Class

S

......................................................................................................................................

(14,644)

(20,522)

Class

Y

.....................................................................................................................................

(3,267)

(4,180)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(20,622)

(28,381)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

480,029

29,801

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
474,377

38,468

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

497,402

458,934

End

of

period

......................................................................................................................................

$

971,779

$

497,402

#### 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

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

2,739

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(89) (772) (186) (1,592)

Net

increase

(decrease)

(15) (133) 163

1,390

Class

C

Proceeds

from

shares

sold

3,136

838

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(111) (938) (59) (499) Net

increase

(decrease)

2,277

Class

M

Proceeds

from

shares

sold

4,877

42,527

1,535

13,157

Proceeds

from

reinvestment

of

distributions

2,487

3,358

Payments

for

shares

redeemed

(1,464)

(12,748)

(3,584)

(30,650)

Net

increase

(decrease)

3,701

32,266

(1,656)

(14,135)

Class

S

Proceeds

from

shares

sold

60,940

527,690

12,050

103,155

Proceeds

from

reinvestment

of

distributions

1,694

14,633

2,399

20,502

Payments

for

shares

redeemed

(11,059)

(96,042)

(14,183)

(121,410)

Net

increase

(decrease)

51,575

446,281

2,247

Class

Y

Proceeds

from

shares

sold

1,321

5,253

45,261

Proceeds

from

reinvestment

of

distributions

3,267

4,179

Payments

for

shares

redeemed

(607) (5,250)

(1,128)

(9,557)

Net

increase

(decrease)

(77) (662) 4,613

39,883

Total

increase

(decrease)

55,452

$

480,029

3,435

$

29,801

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.71 8.56 7.88 7.70 9.43 8.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.21

.45

.46

.42

.38

.31

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

.20

.63

.09

(1.70)

.46

$

Total

from

Investment

Operations

.17

.65

1.09 .51

(1.32)

.77

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.50)

(.41)

(.33)

(.41)

(.29)

$

Total

Distributions

(.28)

(.50)

(.41)

(.33)

(.41)

(.29)

$

Net

Asset

Value,

End

of

Period

8.60 8.71 8.56 7.88 7.70 9.43 %

Total

Return

(±)(ǿ)

1.95 7.85 14.19 6.63 (14.40)

8.65 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,579

4,766

3,287

2,897

2,839

3,100

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.15 1.19 1.34 1.61 1.60 1.60 %

Expenses,

Net

(Ƃ)(ɯ)

.92

.98

1.00 1.01 1.04 1.08 %

Net

Investment

Income

(Ƃ)(ɯ)

4.85 5.29 5.50 5.30 4.46 3.33 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.58 8.44 7.79 7.63 9.35 8.89 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.38

.39

.36

.31

.24

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.03)

.19

.62

.09

(1.68)

.44

$

Total

from

Investment

Operations

.14

.57

1.01 .45

(1.37)

.68

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.25)

(.43)

(.36)

(.29)

(.35)

(.22)

$

Total

Distributions

(.25)

(.43)

(.36)

(.29)

(.35)

(.22)

$

Net

Asset

Value,

End

of

Period

8.47 8.58 8.44 7.79 7.63 9.35 %

Total

Return

(ǿ)

1.65 7.04 13.24 5.88 (15.08)

7.73 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,179

1,938

1,494

1,571

1,764

2,686

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.91 1.94 2.10 2.36 2.35 2.35 %

Expenses,

Net

(Ƃ)(ɯ)

1.67 1.73 1.75 1.76 1.79 1.83 %

Net

Investment

Income

(Ƃ)(ɯ)

4.08 4.52 4.74 4.53 3.67 2.60 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.77 8.61 7.92 7.73 9.47 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22

.48

.49

.45

.41

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

.20

.63

.08

(1.71)

.46

$

Total

from

Investment

Operations

.18

.68

1.12 .53

(1.30)

.80

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.52)

(.43)

(.34)

(.44)

(.32)

$

Total

Distributions

(.29)

(.52)

(.43)

(.34)

(.44)

(.32)

$

Net

Asset

Value,

End

of

Period

8.66 8.77 8.61 7.92 7.73 9.47 %

Total

Return

(ǿ)

2.09 8.24 14.53 6.94 (14.19)

8.91 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 83,785

52,397

65,722

50,885

82,621

102,177

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.91

.94

1.09 1.36 1.35 1.35 %

Expenses,

Net

(Ƃ)(ɯ)

.62

.68

.70

.71

.74

.78

%

Net

Investment

Income

(Ƃ)(ɯ)

5.15 5.59 5.80 5.56 4.77 3.61 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.77 8.62 7.93 7.74 9.48 9.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22

.48

.48

.44

.40

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.03)

.19

.64

.09

(1.71)

.45

$

Total

from

Investment

Operations

.19

.67

1.12 .53

(1.31)

.79

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.52)

(.43)

(.34)

(.43)

(.31)

$

Total

Distributions

(.29)

(.52)

(.43)

(.34)

(.43)

(.31)

$

Net

Asset

Value,

End

of

Period

8.67 8.77 8.62 7.93 7.74 9.48 %

Total

Return

(ǿ)

2.18 8.05 14.46 6.90 (14.22)

8.85 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 782,114

339,304

330,956

381,847

497,914

624,965

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.90

.94

1.09 1.36 1.35 1.35 %

Expenses,

Net

(Ƃ)(ɯ)

.67

.73

.75

.76

.79

.83

%

Net

Investment

Income

(Ƃ)(ɯ)

5.07 5.55 5.74 5.52 4.71 3.56 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.77 8.62 7.93 7.74 9.47 8.99 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22

.48

.49

.45

.41

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.03)

.19

.64

.08

(1.70)

.44

$

Total

from

Investment

Operations

.19

.67

1.13 .53

(1.29)

.80

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.29)

(.52)

(.44)

(.34)

(.44)

(.32)

$

Total

Distributions

(.29)

(.52)

(.44)

(.34)

(.44)

(.32)

$

Net

Asset

Value,

End

of

Period

8.67 8.77 8.62 7.93 7.74 9.47 %

Total

Return

(ǿ)

2.21 8.13 14.53 6.96 (14.06)

8.93 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 97,122

98,997

57,475

53,668

15,861

3,352

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.71

.75

.89

1.16 1.16 1.14 %

Expenses,

Net

(Ƃ)(ɯ)

.59

.65

.67

.68

.71

.75

%

Net

Investment

Income

(Ƃ)(ɯ)

5.18 5.60 5.82 5.70 5.00 3.81 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

360,517

Administrative

fees

37,081

Distribution

fees

3,468

Shareholder

servicing

fees

848

Transfer

agent

fees

53,815

$

455,729

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

41,268

$

836,697

$

779,886

$

(8) $

$

98,072

$

1,706

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

979,767,541

$

18,419,029

$

(38,083,459)

$

(19,664,430)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 95.5%
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

-

12.4%

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

539

Bay

Area

Toll

Authority

Revenue

Bonds

6.263%

due

04/01/49

830

857

7.043%

due

04/01/50

6.907%

due

10/01/50

3.126%

due

04/01/55

Board

of

Regents

of

the

University

of

Texas

System

Revenue

Bonds

4.794%

due

08/15/46

3.354%

due

08/15/47

2.439%

due

08/15/49

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

Series

21-A

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

909

1,010

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

6.200%

due

12/01/40

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.200%

due

12/01/40

(µ)

City

of

Houston

General

Obligation

Limited

3.961%

due

03/01/47

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

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

5.808%

due

02/01/41

4.427%

due

02/01/42

5.469%

due

02/01/45

5.569%

due

02/01/50

600

597

City

of

Tucson

Certificate

of

Participation

2.856%

due

07/01/47

(µ)

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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

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

3.144%

due

11/01/45

2.843%

due

11/01/46

2.919%

due

11/01/50

4.087%

due

11/01/51

4.507%

due

11/01/51

510

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)

Georgia

Municipal

Electric

Authority

Revenue

Bonds

6.637%

due

04/01/57

722

770

6.655%

due

04/01/57

631

681

7.055%

due

04/01/57

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3.115%

due

06/01/38

3.714%

due

06/01/41

4.214%

due

06/01/50

625

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

5.184%

due

10/01/42

3.236%

due

10/01/52

820

563

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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

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

565

572

Series

2022-ELL

Class

A4

4.475%

due

08/01/39

506

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

521

Metropolitan

Transportation

Authority

Revenue

Bonds

6.668%

due

11/15/39

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3.229%

due

05/15/50

3.652%

due

08/15/57

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

894

1,048

7.102%

due

01/01/41

1,190

1,360

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

5.647%

due

11/01/40

545

569

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

695

631

5.072%

due

07/15/53

4.229%

due

10/15/57

3.175%

due

07/15/60

4.458%

due

10/01/62

1,240

1,020

4.810%

due

10/15/65

3.287%

due

08/01/69

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

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

Future

Tax

Secured

Revenue

Bonds

4.375%

due

05/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

5.628%

due

03/15/39

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

515

560

Ohio

State

University

(The)

Revenue

Bonds

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

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

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

510

3.256%

due

05/15/60

630

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
San

Diego

County

Water

Authority

Revenue

Bonds

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

1,905

2,256

7.300%

due

10/01/39

1,130

1,292

7.350%

due

11/01/39

565

650

7.625%

due

03/01/40

780

924

7.600%

due

11/01/40

1,385

1,657

5.875%

due

10/01/41

5.200%

due

03/01/43

State

of

Texas

General

Obligation

Unlimited

5.517%

due

04/01/39

670

679

4.681%

due

04/01/40

3.211%

due

04/01/44

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

1,100

1,106

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3.922%

due

12/31/49

545

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

505

4.767%

due

/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

/01/22

780

597

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

Virginia

Revenue

Bonds

2.256%

due

09/01/50

2.584%

due

11/01/51

4.179%

due

09/01/17

3.227%

due

/01/19

62,828

United

States

Government

Agencies

-

15.7%

Federal

Farm

Credit

Banks

Funding

Corp.

5.150%

due

02/17/39

2,187

2,164

2.750%

due

03/07/39

1.950%

due

08/13/40

596

5.240%

due

01/14/41

5.150%

due

03/04/41

2,557

2,508

4.950%

due

03/11/41

2,552

2,521

3.700%

due

03/24/42

856

710

5.540%

due

09/18/45

1,929

1,897

5.470%

due

10/16/45

611

606

5.370%

due

10/23/45

5.375%

due

11/03/45

5.150%

due

01/29/46

500

Federal

Home

Loan

Bank

5.500%

due

07/15/36

9,495

10,249

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

1,580

1,756

4.905%

due

09/15/36

(ž)

2,219

1,350

2.700%

due

12/28/37

4.972%

due

11/15/38

(ž)

3,982

2,167

2.220%

due

07/13/40

Series

5.013%

due

11/15/38

(ž)

7,649

4,141

Federal

National

Mortgage

Association

5.625%

due

07/15/37

6,330

6,882

6.210%

due

08/06/38

2,623

2,992

Tennessee

Valley

Authority

5.880%

due

04/01/36

4,867

5,377

6.150%

due

01/15/38

6,335

7,211

5.500%

due

06/15/38

3,306

3,546

5.250%

due

09/15/39

14,584

15,159

3.500%

due

12/15/42

7,297

5,992

79,415

United

States

Government

Treasuries

-

67.3%

United

States

Treasury

Notes

4.750%

due

02/15/37

8,877

9,139

5.000%

due

05/15/37

11,435

12,025

4.375%

due

02/15/38

12,068

11,966

4.500%

due

05/15/38

13,642

13,644

3.500%

due

02/15/39

13,857

12,419

4.250%

due

05/15/39

20,748

19,986

4.500%

due

08/15/39

22,171

21,804

4.375%

due

11/15/39

23,863

23,102

4.625%

due

02/15/40

24,029

23,834

1.125%

due

05/15/40

30,045

18,797

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.375%

due

05/15/40

23,255

22,416

1.125%

due

08/15/40

40,666

25,169

3.875%

due

08/15/40

23,146

21,034

1.375%

due

11/15/40

44,699

28,572

4.250%

due

11/15/40

22,956

21,704

1.875%

due

02/15/41

44,736

30,763

4.750%

due

02/15/41

23,030

22,969

339,343

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$490,486)

482,015

#### Short-Term

#### Investments

#### -

#### 3.1%
U.S.

Cash

Management

Fund(@)

15,594,666

(∞)

15,592

#### Total

#### Short-Term

#### Investments
(cost

$15,591)

15,592

#### Total

#### Investments

#### -

#### 98.6%
(identified

cost

$506,077)

497,607

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.4%
6,945

#### Net

#### Assets

#### -

#### 100.0%
504,552

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

6,997

06/26

(169) United

States

Treasury

Long

Bond

Futures

USD

8,915

06/26

(374) United

States

Treasury

Ultra

Bond

Futures

USD

4,601

06/26

(216) Short

Positions

United

States

Year

Treasury

Note

Futures

USD

06/26

United

States

Year

Treasury

Note

Futures

USD

1,880

06/26

United

States

Treasury

Ultra

Bond

Futures

USD

575

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(686) #### 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

—

62,828

—

—

62,828

United

States

Government

Agencies

—

79,41

—

—

79,41

United

States

Government

Treasuries

—

339,343

—

—

339,343

Short-Term

Investments

—

—

—

15,59

15,59

Total

Investments

—

482,01

—

15,59

497,607

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Liabilities

Futures

Contracts

(759) —

—

—

(759) Total

Other

Financial

Instruments

\*

$

(686) $

—

$

—

$

—

$

(686) \*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
United

States

......................................................................................

497,607

.6

Total

Investments

...............................................................................

497,607

.6

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

$

759

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(999) \*

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

506,077

Investments,

at

fair

value(>)

........................................................................................................................................................

497,607

Cash

..............................................................................................................................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,994

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

583

From

broker(a)

.................................................................................................................................................................

1,349

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

505,681

#### Liabilities
Payables:

Due

to

broker(b)

...............................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

686

Total

liabilities

...........................................................................................................................................................

1,129

#### Net

#### Assets

#### ...............................................................................................................................................................
$

504,552

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(12,967)

Shares

of

beneficial

interest

.........................................................................................................................................................

646

Additional

paid-in

capital

............................................................................................................................................................

516,873

#### Net

#### Assets

#### ...............................................................................................................................................................
$

504,552

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

15,592

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

1,349

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

..................................................................................................................................................

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

7.81 Class

M

—

Net

assets

..........................................................................................................................................................

$

104,427,262

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

13,372,053

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

7.81 Class

S

—

Net

assets

............................................................................................................................................................

$

297,367,375

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

38,083,810

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

7.81 Class

Y

—

Net

assets

...........................................................................................................................................................

$

102,757,070

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

13,153,355

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

11,02

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Total

investment

income

.............................................................................................................................................................

11,44

#### Expenses
Advisory

fees

...................................................................................................................................................................

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

..............................................................................................................................................

1,08

Expense

reductions

..........................................................................................................................................................

(72) Net

expenses

................................................................................................................................................................................

1,0

Net

investment

income

(loss)

.......................................................................................................................................................

10,431

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

1,103

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,448

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(16,222)

Futures

contracts

..............................................................................................................................................................

(999) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(17,214)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(15,766)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(5,335)

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

10,431

$

16,302

Net

realized

gain

(loss)

................................................................................................................

1,448

(3,81

0)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(17,214)

9,05

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

(5,335)

21,54

#### Distributions
To

shareholders

Class

M

....................................................................................................................................

(1,972)

(2,496)

Class

S

......................................................................................................................................

(5,948)

(9,63

3)

Class

Y

.....................................................................................................................................

(2,218)

(3,926)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(10,138)

(16,05

5)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

89,521

144,14

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
74,048

149,632

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

430,504

280,872

End

of

period

......................................................................................................................................

$

504,552

$

430,504

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

M

Proceeds

from

shares

sold

6,501

$

52,050

1,797

$

14,069

Proceeds

from

reinvestment

of

distributions

1,970

2,496

Payments

for

shares

redeemed

(1,043)

(8,298)

(2,743)

(21,672)

Net

increase

(decrease)

5,706

45,722

(628) (5,107)

Class

S

Proceeds

from

shares

sold

9,678

77,315

21,195

167,32

Proceeds

from

reinvestment

of

distributions

747

5,947

1,229

9,629

Payments

for

shares

redeemed

(4,787)

(38,197)

(6,213)

(48,631)

Net

increase

(decrease)

5,638

45,065

16,211

128,32

Class

Y

Proceeds

from

shares

sold

1,292

4,593

36,202

Proceeds

from

reinvestment

of

distributions

2,218

500

3,926

Payments

for

shares

redeemed

(600) (4,776)

(2,426)

(19,200)

Net

increase

(decrease)

(159) (1,266)

2,667

20,928

Total

increase

(decrease)

11,185

$

89,521

18,250

$

144,14

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

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ſ)

#### Per-Share

#### Data
–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.06 7.99 7.40 7.89 Income

(loss)

from

investment

operations:

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.33

.33

.33

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.25)

.07

.54

(.82)

$

Total

from

Investment

Operations

(.08)

.40

.87

(.49)

Less

distributions:

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.17)

(.33)

(.28)

—

$

Total

Distributions

(.17)

(.33)

(.28)

—

$

Net

Asset

Value,

End

of

Period

7.81 8.06 7.99 7.40 %

Total

Return

(ǿ)

(1.07)

5.23 11.80 (6.21)

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

$

Net

Assets,

End

of

Period

(000) 104,427

61,779

66,237

47,202

Ratio

to

average

net

assets:

–

–

–

–

%

Expenses,

Gross

(ɯ)

.48

.49

.57

.57

%

Expenses,

Net

(Ƃ)(ɯ)

.33

.34

.37

.31

%

Net

Investment

Income

(Ƃ)(ɯ)

4.28 4.17 4.09 4.37 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23
(ſ)

#### Per-Share

#### Data
–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.06 7.98 7.40 7.89 Income

(loss)

from

investment

operations:

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.16

.32

.32

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.25)

.08

.53

(.81)

$

Total

from

Investment

Operations

(.09)

.40

.85

(.49)

Less

distributions:

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.32)

(.27)

—

$

Total

Distributions

(.16)

(.32)

(.27)

—

$

Net

Asset

Value,

End

of

Period

7.81 8.06 7.98 7.40 %

Total

Return

(ǿ)

(1.14)

5.21 11.51 (6.21)

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

$

Net

Assets,

End

of

Period

(000) 297,368

261,423

129,604

97,194

Ratio

to

average

net

assets:

–

–

–

–

%

Expenses,

Gross

(ɯ)

.48

.49

.57

.58

%

Expenses,

Net

(Ƃ)(ɯ)

.48

.49

.52

.46

%

Net

Investment

Income

(Ƃ)(ɯ)

4.11 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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

8.06 7.99 7.40 8.26 10.13 10.46 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.33

.33

.26

.13

.10

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.25)

.08

.54

(.51)

(1.47)

(.08)

$

Total

from

Investment

Operations

(.08)

.41

.87

(.25)

(1.34)

.02

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.17)

(.34)

(.28)

(.61)

(.25)

(.05)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.28)

(.30)

$

Total

Distributions

(.17)

(.34)

(.28)

(.61)

(.53)

(.35)

$

Net

Asset

Value,

End

of

Period

7.81 8.06 7.99 7.40 8.26 10.13 %

Total

Return

(ǿ)

(1.05)

5.28 11.84 (3.53)

(13.88)

.17

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 102,757

107,302

85,031

84,835

26,518

39,361

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.28

.29

.37

.98

1.19 .82

%

Expenses,

Net

(Ƃ)(ɯ)

.28

.29

.32

.26

.26

.27

%

Net

Investment

Income

(Ƃ)(ɯ)

4.30 4.22 4.15 3.31 1.47 .99

%

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

62,600

Administrative

fees

19,574

Transfer

agent

fees

53,954

$

136,128

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

11,698

$

92,671

$

88,778

$

$

—

$

15,592

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

506,031,091

$

798,072

$

(9,907,810)

$

(9,109,738)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 83.3%
Asset-Backed

Securities

-

6.1%

BRAVO

Residential

Funding

Trust

Series

2024-CES1

Class

A1A

6.377%

due

04/25/54

(~)(Ê)(Þ)

571

575

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

2,163

2,166

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

6,093

6,117

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

1,820

1,817

Churchill

Middle

Market

CLO

LLC

Series

2022-1A

Class

BR

5.375%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

3,910

3,912

CLI

Funding

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

2,657

2,685

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

4.248%

due

04/25/47

(~)(Ê)

6,768

6,495

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

2,791

2,798

FIGRE

Trust

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

756

785

Series

2023-HE3

Class

A

6.436%

due

11/25/53

(~)(Ê)(Þ)

883

898

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

3,710

3,766

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,223

1,246

Series

2024-HE3

Class

A

5.937%

due

07/25/54

(~)(Ê)(Þ)

2,830

2,859

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

2,027

2,029

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

2,728

2,746

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

1,928

1,943

Series

2025-HE1

Class

A

5.829%

due

01/25/55

(~)(Ê)(Þ)

961

967

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

3,593

3,615

Series

2025-HE6

Class

A

5.044%

due

09/25/55

(~)(Ê)(Þ)

1,888

1,872

Series

2025-PF1

Class

A

5.758%

due

06/25/55

(~)(Ê)(Þ)

1,301

1,306

GBX

Leasing

LLC

Series

2026-1A

Class

A

5.130%

due

02/20/56

(Þ)

3,792

3,706

Greenpoint

Manufactured

Housing

Contract

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2000-4

Class

A3

5.789%

due

08/21/31

(USD

Month

SOFR

+

2.000%)(Ê)

1,225

1,190

GSAA

Home

Equity

Trust

Series

2006-S1

Class

2M2

5.850%

due

08/25/34

(~)(Ê)(Þ)

Irwin

Home

Equity

Loan

Trust

Series

2006-1

Class

2A3

6.270%

due

09/25/35

(~)(Ê)(Þ)

JPMorgan

Mortgage

Trust

Series

2024-CES1

Class

A1A

5.919%

due

06/25/54

(~)(Ê)(Þ)

951

954

Series

2024-HE2

Class

A1

4.840%

due

10/20/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

869

868

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

1,711

1,718

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(~)(Ê)(Þ)

3,894

3,906

Series

2025-CES5

Class

A1A

5.136%

due

02/25/56

(~)(Ê)(Þ)

1,825

1,820

Series

2025-HE1

Class

M1

5.040%

due

07/20/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

5,160

5,183

Series

2025-HE2

Class

A1

4.890%

due

11/20/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

5,245

5,245

Series

2026-CES1

Class

A1A

4.909%

due

06/25/56

(~)(Ê)(Þ)

3,135

3,109

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)

929

915

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

Series

2023-CES2

Class

M1

7.361%

due

09/25/43

(~)(Ê)(Þ)

5,513

5,551

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,606

1,612

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

2,255

2,270

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

1,360

1,369

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

1,803

1,804

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

5,792

5,814

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)

5,825

5,845

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

2,232

2,293

Series

2023-FIG4

Class

A

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.718%

due

11/25/53

(~)(Ê)(Þ)

1,446

1,485

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

1,655

1,670

Series

2024-CES1

Class

A1

6.306%

due

03/25/54

(~)(Ê)(Þ)

3,516

3,554

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

4,681

4,752

Series

2025-LOC4

Class

A1A

5.395%

due

06/25/55

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

5,078

5,118

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

2,583

2,582

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

1,580

1,588

Series

2023-CES2

Class

M1

8.080%

due

10/25/63

(~)(Ê)(Þ)

3,644

3,688

131,806

Corporate

Bonds

and

Notes

-

27.3%

Consumer

Discretionary

-

3.9%

Amazon.com,

Inc.

5.800%

due

03/13/56

1,160

1,141

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

4.900%

due

11/11/39

6,500

6,311

Series

A

2.875%

due

01/11/36

2,281

2,049

Series

AA

Class

AA

3.575%

due

07/15/29

1,441

1,414

3.650%

due

08/15/30

6,555

6,389

AppLovin

Corp.

5.125%

due

12/01/29

2,219

2,237

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

1,085

790

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

768

785

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

1,060

948

BorgWarner,

Inc.

5.400%

due

08/15/34

565

573

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,890

1,847

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.750%

due

02/15/28

770

758

4.200%

due

03/15/28

1,040

1,029

2.250%

due

01/15/29

3,130

2,925

3.700%

due

04/01/51

590

5.250%

due

04/01/53

1,040

808

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

1,938

1,858

Comcast

Corp.

4.049%

due

11/01/52

2,392

1,704

2.937%

due

11/01/56

1,575

867

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cummins,

Inc.

5.450%

due

02/20/54

1,265

1,219

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

Discovery

Global

Holdings,

Inc.

4.279%

due

03/15/32

803

648

Ford

Motor

Co.

7.400%

due

11/01/46

1,236

1,272

Fox

Corp.

4.709%

due

01/25/29

2,922

2,929

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

2,469

2,528

Genuine

Parts

Co.

4.950%

due

08/15/29

2,457

2,454

Home

Depot,

Inc.

(The)

3.350%

due

04/15/50

1,975

1,358

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

1,143

1,137

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

1,325

1,285

1.800%

due

01/10/28

(Þ)

900

859

Kohl's

Corp.

5.125%

due

05/01/31

1,122

917

5.550%

due

07/17/45

Lowe's

Cos.,

Inc.

3.000%

due

10/15/50

515

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

2,280

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

3,000

2,915

McDonald's

Corp.

5.450%

due

08/14/53

Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

1,761

1,715

Newell

Brands,

Inc.

7.375%

due

04/01/36

625

596

7.500%

due

04/01/46

669

576

Nordstrom,

Inc.

6.950%

due

03/15/28

792

808

4.375%

due

04/01/30

4.250%

due

08/01/31

5.000%

due

01/15/44

895

627

Paramount

Global

4.375%

due

03/15/43

565

5.850%

due

09/01/43

825

607

5.250%

due

04/01/44

1,063

721

4.600%

due

01/15/45

4.950%

due

05/19/50

1,599

1,006

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

1,061

949

4.625%

due

04/06/31

(Þ)

748

632

Sekisui

House

US,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.850%

due

01/15/30

1,349

1,287

Southwest

Airlines

Co.

5.250%

due

11/15/35

1,080

1,025

Starbucks

Corp.

3.750%

due

12/01/47

526

Time

Warner

Cable

LLC

5.500%

due

09/01/41

1,496

1,289

Travel

+

Leisure

Co.

6.000%

due

04/01/27

620

621

Under

Armour

,

Inc.

3.250%

due

06/15/26

United

Airlines

Pass-Through

Trust

Series

AA

4.150%

due

02/25/33

1,270

1,236

2.700%

due

11/01/33

1,443

1,320

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

1,688

1,665

VF

Corp.

6.000%

due

10/15/33

6.450%

due

11/01/37

Whirlpool

Corp.

2.400%

due

05/15/31

1,312

1,060

4.700%

due

05/14/32

505

5.500%

due

03/01/33

5.750%

due

03/01/34

4.500%

due

06/01/46

4.600%

due

05/15/50

Series

MTN

5.150%

due

03/01/43

WMG

Acquisition

Corp.

3.875%

due

07/15/30

(Þ)

2,500

2,358

Yum!

Brands,

Inc.

6.875%

due

11/15/37

5.350%

due

11/01/43

84,114

Consumer

Staples

-

1.4%

Altria

Group,

Inc.

2.450%

due

02/04/32

2,024

1,782

5.950%

due

02/14/49

537

523

Campbell's

Co.

(The)

5.200%

due

03/21/29

1,158

1,170

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

1,030

625

Conagra

Brands,

Inc.

1.375%

due

11/01/27

3,141

2,993

Constellation

Brands,

Inc.

3.150%

due

08/01/29

2,111

2,022

General

Mills,

Inc.

4.875%

due

01/30/30

2,266

2,283

Haleon

US

Capital

LLC

3.375%

due

03/24/29

1,400

1,361

Keurig

Dr

Pepper,

Inc.

Series

31\*

2.250%

due

03/15/31

3,301

2,925

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

1,325

1,329

Kroger

Co.

(The)

5.500%

due

09/15/54

1,690

1,566

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mars,

Inc.

5.000%

due

03/01/32

(Þ)

5.200%

due

03/01/35

(Þ)

1,480

1,492

5.700%

due

05/01/55

(Þ)

1,165

1,133

5.800%

due

05/01/65

(Þ)

730

713

Perrigo

Finance

Unlimited

Co.

4.900%

due

12/15/44

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

2,595

2,730

Safeway,

Inc.

7.250%

due

02/01/31

Smithfield

Foods,

Inc.

3.000%

due

10/15/30

(Þ)

1,325

1,213

Sysco

Corp.

3.300%

due

02/15/50

727

Tyson

Foods,

Inc.

5.100%

due

09/28/48

2,743

2,480

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

30,313

Energy

-

2.4%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

1,002

1,008

BP

Capital

Markets

America,

Inc.

2.939%

due

06/04/51

2,900

1,824

Buckeye

Partners,

LP

3.950%

due

12/01/26

670

665

4.125%

due

12/01/27

5.850%

due

11/15/43

5.600%

due

10/15/44

Cheniere

Energy,

Inc.

5.200%

due

07/30/36

(Þ)

6.000%

due

07/30/56

(Þ)

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

2,130

2,197

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

2,069

2,026

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

939

1,075

Enbridge,

Inc.

5.700%

due

03/08/33

2,133

2,211

Energy

Transfer,

LP

5.000%

due

05/15/50

1,950

1,626

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

2,873

2,865

Exxon

Mobil

Corp.

3.452%

due

04/15/51

585

Global

Marine,

Inc.

7.000%

due

06/01/28

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

1,118

1,265

5.400%

due

09/01/44

1,820

1,698

Marathon

Petroleum

Corp.

3.800%

due

04/01/28

1,565

1,547

Motiva

Enterprises

LLC

6.850%

due

01/15/40

(Þ)

1,234

1,335

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MPLX,

LP

4.000%

due

03/15/28

4,559

4,524

Murphy

Oil

Corp.

5.875%

due

12/01/42

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,658

Occidental

Petroleum

Corp.

6.200%

due

03/15/40

2,852

2,947

Oceaneering

International,

Inc.

6.000%

due

02/01/28

ONEOK,

Inc.

5.650%

due

11/01/28

1,180

1,210

3.400%

due

09/01/29

1,727

1,662

6.100%

due

11/15/32

885

934

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

842

832

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

2,456

Targa

Resources

Corp.

6.150%

due

03/01/29

2,687

2,800

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

—

—

Transocean

International,

Ltd.

7.500%

due

04/15/31

692

712

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

804

6.350%

due

01/15/29

1,868

1,944

Williams

Cos.,

Inc.

(The)

4.900%

due

03/15/29

2,855

2,885

52,642

Financial

Services

-

8.8%

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

1,310

1,261

ACE

Capital

Trust

II

9.700%

due

04/01/30

500

587

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

1,265

1,265

Air

Lease

Corp.

2.100%

due

09/01/28

1,833

1,728

Aircastle

,

Ltd.

2.850%

due

01/26/28

(Þ)

2,796

2,712

5.950%

due

02/15/29

(Þ)

2,945

3,026

American

Assets

Trust,

LP

3.375%

due

02/01/31

1,498

1,363

American

Tower

Corp.

5.500%

due

03/15/28

1,820

1,852

Aon

North

America,

Inc.

5.750%

due

03/01/54

1,120

1,076

Ares

Capital

Corp.

2.875%

due

06/15/28

1,965

1,875

Associated

Banc-Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.455%

due

08/29/30

(SOFR

+

3.030%)(Ê)

1,303

1,333

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.186%)(Ê)

1,552

1,514

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

2,300

2,280

Bain

Capital

Specialty

Finance,

Inc.

5.950%

due

03/15/30

2,762

2,707

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)

990

1,018

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

3,125

2,834

5.045%

due

02/06/37

(SOFR

+

1.130%)(Ê)

2,835

2,790

Series

MTN

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

1,870

1,692

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

4,824

3,030

BGC

Group,

Inc.

6.150%

due

04/02/30

1,625

1,665

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

1,305

1,144

Blackstone

Secured

Lending

Fund

5.300%

due

06/30/30

1,144

1,114

Block

Financial

LLC

2.500%

due

07/15/28

1,562

1,481

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

1,452

1,361

Brandywine

Operating

Partnership,

LP

8.300%

due

03/15/28

4.550%

due

10/01/29

Brighthouse

Financial,

Inc.

5.625%

due

05/15/30

1,543

1,555

Brown

&

Brown,

Inc.

4.500%

due

03/15/29

2,101

2,093

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

2,738

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

1,080

1,140

Carlyle

Secured

Lending,

Inc.

6.750%

due

02/18/30

2,861

2,883

Citadel

Securities

Global

Holdings

LLC

5.750%

due

03/27/36

(Þ)

1,489

1,467

Citigroup,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.666%

due

01/29/31

(SOFR

+

1.146%)(Ê)

1,385

1,288

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

1,730

1,554

5.827%

due

02/13/35

(SOFR

+

2.056%)(Ê)

2,660

2,707

5.449%

due

06/11/35

(SOFR

+

1.447%)(Ê)

1,975

2,003

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

1,439

1,445

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

2,350

2,385

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

1,568

1,529

Diversified

Healthcare

Trust

4.750%

due

02/15/28

511

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

995

1,077

Enact

Holdings,

Inc.

6.250%

due

05/28/29

2,437

2,518

EPR

Properties

3.750%

due

08/15/29

1,693

1,629

Equifax,

Inc.

5.100%

due

06/01/28

1,308

1,322

3.100%

due

05/15/30

1,005

942

2.350%

due

09/15/31

1,595

1,401

Equinix,

Inc.

3.200%

due

11/18/29

1,415

1,349

3.900%

due

04/15/32

1,690

1,603

Essent

Group,

Ltd.

6.250%

due

07/01/29

1,674

1,731

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

2,130

2,173

Fifth

Third

Bancorp

4.772%

due

07/28/30

(SOFR

+

2.127%)(Ê)

1,416

1,415

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

1,475

1,511

FNB

Corp.

5.722%

due

12/11/30

(SOFR

+

1.930%)(Ê)

1,394

1,407

FS

KKR

Capital

Corp.

3.125%

due

10/12/28

1,913

1,792

6.875%

due

08/15/29

GABX

Leasing

LLC

5.300%

due

04/15/36

(Þ)

690

682

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

Global

Net

Lease,

Inc.

4.500%

due

09/30/28

(Þ)

1,027

1,002

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

2,153

2,168

Goldman

Sachs

Group,

Inc.

(The)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

1,235

1,118

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

1,510

1,533

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

1,255

1,218

5.065%

due

01/21/37

(SOFR

+

1.190%)(Ê)

1,535

1,500

Golub

Capital

BDC,

Inc.

7.050%

due

12/05/28

1,573

1,619

Hercules

Capital,

Inc.

5.350%

due

02/10/29

Hudson

Pacific

Properties,

LP

4.650%

due

04/01/29

750

672

3.250%

due

01/15/30

549

Huntington

Bancshares,

Inc.

5.272%

due

01/15/31

(SOFR

+

1.276%)(Ê)

1,535

1,559

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

670

Jefferies

Financial

Group,

Inc.

5.500%

due

02/15/36

1,075

1,034

JPMorgan

Chase

&

Co.

5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

1,730

1,750

4.255%

due

10/22/31

(SOFR

+

0.930%)(Ê)

690

679

2.580%

due

04/22/32

(CME

Term

SOFR

Month

+

1.250%)(Ê)

1,565

1,416

5.502%

due

01/24/36

(SOFR

+

1.315%)(Ê)

1,485

1,519

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

1,680

1,632

4.898%

due

01/22/37

(SOFR

+

1.070%)(Ê)

1,110

1,082

KeyBank

National

Association

5.000%

due

01/26/33

2,165

2,142

Kilroy

Realty,

LP

4.250%

due

08/15/29

1,918

1,857

Lehman

Brothers

Holdings,

Inc.

1.000%

due

09/27/27

(Æ)(Ø)

734

—

1.000%

due

05/02/49

(Æ)(Ø)

681

—

1.000%

due

12/31/49

(Æ)(Ø)

—

Liberty

Mutual

Group,

Inc.

7.800%

due

03/07/87

(Þ)

LPL

Holdings,

Inc.

6.750%

due

11/17/28

2,057

2,154

Manufacturers

&

Traders

Trust

Co.

4.700%

due

01/27/28

3,215

3,232

Morgan

Stanley

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

1,020

919

5.073%

due

01/30/37

(SOFR

+

1.184%)(Ê)

1,705

1,673

5.296%

due

04/10/37

(SOFR

+

1.410%)(Ê)

730

726

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

805

609

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

1,110

1,075

Series

MTN

5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

1,860

1,896

Morgan

Stanley

Direct

Lending

Fund

6.000%

due

05/19/30

1,238

1,236

Navient

Corp.

Series

MTN

5.625%

due

08/01/33

793

674

North

Haven

Private

Income

Fund

LLC

5.750%

due

02/01/30

1,604

1,565

Nuveen

Churchill

Direct

Lending

Corp.

6.650%

due

03/15/30

1,229

1,234

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

755

748

Oaktree

Specialty

Lending

Corp.

6.340%

due

02/27/30

1,536

1,517

Omega

Healthcare

Investors,

Inc.

3.625%

due

10/01/29

2,193

2,110

3.375%

due

02/01/31

770

715

PartnerRe

Finance

B

LLC

4.500%

due

10/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.815%)(Ê)

1,345

1,289

Peachtree

Corners

Funding

Trust

II

6.012%

due

05/15/35

(Þ)

870

897

Piedmont

Operating

Partnership,

LP

6.875%

due

07/15/29

1,697

1,779

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

545

562

Progressive

Corp.

(The)

5.150%

due

03/26/36

830

830

Prospect

Capital

Corp.

3.437%

due

10/15/28

753

669

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

2,216

2,202

Raymond

James

Financial,

Inc.

4.900%

due

09/11/35

881

859

5.650%

due

09/11/55

1,275

1,219

Realty

Income

Corp.

2.850%

due

12/15/32

1,375

1,221

S&P

Global,

Inc.

2.300%

due

08/15/60

900

3.900%

due

03/01/62

Sabra

Health

Care,

LP

3.200%

due

12/01/31

1,135

1,026

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

1,525

1,519

Santander

Holdings

USA,

Inc.

4.400%

due

07/13/27

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.565%

due

06/12/29

(SOFR

+

2.700%)(Ê)

2,642

2,734

Service

Properties

Trust

4.950%

due

10/01/29

4.375%

due

02/15/30

703

633

Simon

Property

Group,

LP

1.750%

due

02/01/28

660

632

3.250%

due

09/13/49

2,370

1,606

Sumisho

Air

Lease

Corp.

5.500%

due

03/24/36

(Þ)

Synchrony

Financial

5.150%

due

03/19/29

1,413

1,416

Truist

Financial

Corp.

Series

MTN

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

1,260

1,269

1.887%

due

06/07/29

(SOFR

+

0.862%)(Ê)

1,190

1,128

Unum

Group

4.046%

due

08/15/41

(Þ)

1,285

1,030

4.500%

due

12/15/49

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

2,565

2,575

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

1,065

1,100

Vornado

Realty,

LP

2.150%

due

06/01/26

522

521

3.400%

due

06/01/31

5.750%

due

02/01/33

925

926

Voya

Financial,

Inc.

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

2,797

2,692

Webster

Financial

Corp.

4.100%

due

03/25/29

1,961

1,918

Wells

Fargo

&

Co.

5.198%

due

01/23/30

(SOFR

+

1.500%)(Ê)

1,635

1,663

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

3,415

3,472

4.960%

due

01/23/37

(SOFR

+

1.100%)(Ê)

1,315

1,281

Western

Alliance

Bank

6.537%

due

11/15/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.850%)(Ê)

1,076

1,062

Weyerhaeuser

Co.

4.000%

due

11/15/29

2,351

2,307

Zions

Bancorp

NA

3.250%

due

10/29/29

1,418

1,320

189,962

Health

Care

-

1.5%

AbbVie,

Inc.

3.200%

due

11/21/29

670

644

4.250%

due

11/21/49

1,730

1,397

Alcon

Finance

Corp.

3.000%

due

09/23/29

(Þ)

1,766

1,680

Amgen,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.150%

due

03/02/28

1,005

1,019

4.200%

due

02/22/52

515

Bristol-Myers

Squibb

Co.

3.900%

due

02/20/28

728

726

2.550%

due

11/13/50

1,395

809

Centene

Corp.

2.450%

due

07/15/28

5,184

4,892

CVS

Health

Corp.

4.300%

due

03/25/28

4.780%

due

03/25/38

2,391

2,218

Elevance

Health,

Inc.

4.750%

due

02/15/30

530

533

5.200%

due

02/15/35

1,400

1,400

HCA,

Inc.

3.625%

due

03/15/32

1,475

1,376

5.750%

due

03/01/35

1,315

1,353

3.500%

due

07/15/51

1,763

1,161

Humana,

Inc.

8.150%

due

06/15/38

1,841

2,165

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

1,590

961

Pfizer

Investment

Enterprises

Pte.,

Ltd.

4.750%

due

05/19/33

1,365

1,358

Pfizer,

Inc.

2.550%

due

05/28/40

830

602

Revvity

,

Inc.

3.300%

due

09/15/29

1,630

1,563

Royalty

Pharma

PLC

1.750%

due

09/02/27

1,350

1,303

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

576

613

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

2,185

2,161

6.050%

due

02/15/63

1,005

1,008

Universal

Health

Services,

Inc.

2.650%

due

10/15/30

1,573

1,421

32,806

Materials

and

Processing

-

0.9%

Celanese

US

Holdings

LLC

7.379%

due

07/15/32

1,333

1,413

7.200%

due

11/15/33

1,262

1,367

Cleveland-Cliffs,

Inc.

6.250%

due

10/01/40

FMC

Corp.

6.375%

due

05/18/53

1,029

775

H.B.

Fuller

Co.

4.000%

due

02/15/27

Huntsman

International

LLC

4.500%

due

05/01/29

1,223

1,170

2.950%

due

06/15/31

5.700%

due

10/15/34

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

3,211

3,081

2.300%

due

11/01/30

(Þ)

1,720

1,539

Louisiana-Pacific

Corp.

3.625%

due

03/15/29

(Þ)

2,050

1,968

Packaging

Corp.

of

America

3.000%

due

12/15/29

2,383

2,265

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RPM

International,

Inc.

4.550%

due

03/01/29

2,630

2,636

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

633

619

Sherwin-Williams

Co.

(The)

4.500%

due

06/01/47

3,311

2,752

20,447

Producer

Durables

-

1.7%

Allegion

PLC

3.500%

due

10/01/29

1,882

1,813

Avnet,

Inc.

6.250%

due

03/15/28

1,821

1,870

Caterpillar,

Inc.

5.200%

due

05/15/35

930

954

Fedex

Freight

Holding

Co.,

Inc.

4.300%

due

03/15/29

(Þ)

1,722

1,701

Flowserve

Corp.

3.500%

due

10/01/30

670

633

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

2,508

2,448

6.750%

due

01/15/31

(Þ)

Honeywell

International,

Inc.

4.500%

due

01/15/34

995

977

Huntington

Ingalls

Industries,

Inc.

3.483%

due

12/01/27

1,919

1,889

2.043%

due

08/16/28

818

776

IDEX

Corp.

4.950%

due

09/01/29

1,831

1,849

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

2,588

2,679

Kirby

Corp.

4.200%

due

03/01/28

2,474

2,462

Lennox

International,

Inc.

5.500%

due

09/15/28

2,151

2,195

Masco

Corp.

1.500%

due

02/15/28

1,943

1,843

Nordson

Corp.

5.600%

due

09/15/28

1,244

1,272

Penske

Truck

Leasing

Co.

Lp

/

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

1,305

1,370

Pentair

PLC

4.500%

due

07/01/29

1,568

1,563

RTX

Corp.

4.125%

due

11/16/28

2,450

2,440

Waste

Management,

Inc.

4.625%

due

02/15/33

1,440

1,438

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

2,741

2,750

XPO

CNW,

Inc.

6.700%

due

05/01/34

35,593

Technology

-

3.3%

Alphabet,

Inc.

4.800%

due

02/15/36

835

823

5.650%

due

02/15/56

1,455

1,426

Apple,

Inc.

3.000%

due

06/20/27

1,840

1,821

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.100%

due

08/08/62

1,314

1,001

Atlassian

Corp.

5.250%

due

05/15/29

1,683

1,691

Belo

Corp.

7.750%

due

06/01/27

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

1,378

1,349

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

1,580

1,482

Cadence

Design

Systems,

Inc.

4.300%

due

09/10/29

1,607

1,601

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

2,937

2,823

Crane

NXT

Co.

4.200%

due

03/15/48

872

569

Entegris

,

Inc.

4.750%

due

04/15/29

(Þ)

3,338

3,316

Fidelity

National

Information

Services,

Inc.

3.750%

due

05/21/29

1,718

1,669

4.800%

due

03/10/31

990

984

Fiserv,

Inc.

3.500%

due

07/01/29

1,135

1,091

Foundry

JV

Holdco

LLC

6.100%

due

01/25/36

(Þ)

3,065

3,216

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

2,829

2,664

Genpact

Luxembourg

SARL/Genpact

USA,

Inc.

6.000%

due

06/04/29

1,589

1,633

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

1,065

1,039

5.600%

due

10/15/54

1,100

992

Intel

Corp.

5.300%

due

05/15/36

740

737

6.125%

due

05/15/56

600

596

Intuit,

Inc.

5.200%

due

09/15/33

1,270

1,285

5.500%

due

09/15/53

795

717

Jabil,

Inc.

3.600%

due

01/15/30

1,285

1,232

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

925

895

Marvell

Technology,

Inc.

5.950%

due

09/15/33

530

559

5.450%

due

07/15/35

605

619

Series

\*

4.875%

due

06/22/28

810

818

Meta

Platforms,

Inc.

5.400%

due

08/15/54

1,270

1,129

6.300%

due

05/15/56

730

731

5.750%

due

11/15/65

1,705

1,549

Series

.

5.625%

due

11/15/55

2,180

1,997

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

1,935

1,936

2.300%

due

11/15/30

585

528

NetApp,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.700%

due

06/22/30

1,385

1,274

5.700%

due

03/17/35

1,164

1,187

News

Corp.

3.875%

due

05/15/29

(Þ)

3,023

2,922

Oracle

Corp.

3.250%

due

11/15/27

2,390

2,338

6.150%

due

11/09/29

1,371

1,411

2.875%

due

03/25/31

1,565

1,391

3.900%

due

05/15/35

1,521

1,285

5.200%

due

09/26/35

850

791

3.950%

due

03/25/51

545

5.950%

due

09/26/55

1,616

1,354

6.700%

due

02/04/56

1,100

1,014

Paychex,

Inc.

5.100%

due

04/15/30

2,741

2,769

Roper

Technologies,

Inc.

2.950%

due

09/15/29

2,268

2,146

Seagate

Data

Storage

Technology

Pte,

Ltd.

4.091%

due

06/01/29

(Þ)

Take-Two

Interactive

Software,

Inc.

5.400%

due

06/12/29

1,292

1,317

Workday,

Inc.

3.700%

due

04/01/29

1,837

1,791

70,311

Utilities

-

3.4%

Alliant

Energy

Finance

LLC

4.250%

due

06/15/28

(Þ)

1,766

1,755

Ameren

Illinois

Co.

3.800%

due

05/15/28

950

942

American

Water

Capital

Corp.

5.700%

due

09/01/55

AT&T,

Inc.

4.250%

due

03/01/27

1,350

1,350

4.550%

due

11/01/32

758

743

4.900%

due

11/01/35

1,403

1,363

3.650%

due

06/01/51

2,450

1,661

Berkshire

Hathaway

Energy

Co.

2.850%

due

05/15/51

1,560

941

Boston

Gas

Co.

3.001%

due

08/01/29

(Þ)

2,118

2,010

Brooklyn

Union

Gas

Co.

(The)

3.865%

due

03/04/29

(Þ)

2,208

2,166

Cleveland

Electric

Illuminating

Co.

(The)

3.500%

due

04/01/28

(Þ)

1,074

1,053

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

1,027

Dominion

Energy,

Inc.

Series

A

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.386%)(Ê)

2,089

2,168

DTE

Electric

Co.

Series

A

1.900%

due

04/01/28

705

676

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

1,880

1,769

Duke

Energy

Florida

LLC

6.200%

due

11/15/53

567

593

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

1,260

1,232

Edison

International

5.250%

due

11/15/28

1,805

1,814

Emera

US

Finance

LLC

Series

B

6.850%

due

10/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.648%)(Ê)

840

843

Evergy

,

Inc.

6.650%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.558%)(Ê)

1,429

1,452

FirstEnergy

Pennsylvania

Electric

Co.

4.300%

due

01/15/29

(Þ)

2,528

2,518

FirstEnergy

Transmission

LLC

2.866%

due

09/15/28

(Þ)

1,762

1,694

Frontier

Florida

LLC

Series

E

6.860%

due

02/01/28

Frontier

North,

Inc.

Series

G

6.730%

due

02/15/28

HUT

DC

LLC

6.192%

due

11/15/42

(Þ)

1,190

1,202

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

1,265

1,225

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

1,788

1,796

Lumen

Technologies,

Inc.

Series

P

7.600%

due

09/15/39

National

Fuel

Gas

Co.

5.500%

due

03/15/30

1,588

1,621

NextEra

Energy

Capital

Holdings,

Inc.

6.375%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.053%)(Ê)

1,455

1,486

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

3,046

2,944

Oglethorpe

Power

Corp.

3.750%

due

08/01/50

1,860

1,319

Pacific

Gas

and

Electric

Co.

3.000%

due

06/15/28

1,728

1,671

PacifiCorp

3.500%

due

06/15/29

715

691

7.375%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.319%)(Ê)

771

781

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

1,785

1,840

Sempra

3.700%

due

04/01/29

2,299

2,247

Southern

California

Edison

Co.

5.650%

due

10/01/28

2,818

2,880

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Southwestern

Electric

Power

Co.

Series

M

4.100%

due

09/15/28

553

548

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,272

1,343

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

1,877

1,926

T-Mobile

USA,

Inc.

3.750%

due

04/15/27

1,260

1,255

4.950%

due

03/15/28

925

935

2.550%

due

02/15/31

670

609

3.300%

due

02/15/51

1,440

932

Union

Electric

Co.

5.250%

due

01/15/54

1,070

980

Verizon

Communications,

Inc.

4.272%

due

01/15/36

1,917

1,769

3.550%

due

03/22/51

4,050

2,811

5.875%

due

11/30/55

865

835

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

530

501

Vistra

Operations

Co.

LLC

4.300%

due

07/15/29

(Þ)

5,828

5,716

72,880

589,068

International

Debt

-

11.8%

ACREC

LLC

Series

2026-FL4

Class

A

5.111%

due

01/18/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

7,317

7,328

Adani

Electricity

Mumbai,

Ltd.

3.949%

due

02/12/30

(Þ)

1,848

1,741

Adani

Ports

and

Special

Economic

Zone,

Ltd.

4.375%

due

07/03/29

(Þ)

1,319

1,285

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

780

789

3.300%

due

01/30/32

1,410

1,290

Allianz

SE

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.232%)(Ê)(Þ)

1,600

1,674

America

Movil

SAB

de

CV

3.625%

due

04/22/29

1,547

1,507

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)

1,585

1,422

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

1,325

1,279

Bain

Capital

Credit

CLO,

Ltd.

Series

2025-4A

Class

D1

6.280%

due

01/17/39

(CME

Term

SOFR

Month

+

2.600%)(Ê)(Þ)

4,000

4,001

Banco

de

Credito

del

Peru

S.A.

5.800%

due

03/10/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.240%)(Ê)(Þ)

1,747

1,751

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5.621%

due

12/10/29

(Þ)

1,339

1,375

Banco

Santander

SA

3.490%

due

05/28/30

1,600

1,525

Bangkok

Bank

PCL

4.300%

due

06/15/27

(Þ)

2,353

2,347

Bank

of

Montreal

Series

6.875%

due

11/26/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.976%)(Ê)

974

997

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

598

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

1,870

1,960

Banque

Federative

du

Credit

Mutuel

SA

4.541%

due

01/15/31

(Þ)

1,230

1,215

5.106%

due

01/15/36

(Þ)

580

568

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

1,880

1,956

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

2,736

2,747

6.224%

due

05/09/34

(SOFR

+

2.980%)(Ê)

2,570

2,711

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

4.805%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

3,260

3,254

BAT

Capital

Corp.

4.540%

due

08/15/47

1,615

1,314

7.081%

due

08/02/53

578

639

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

5.250%

due

09/10/29

(Þ)

1,348

1,371

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

1,595

1,646

BNP

Paribas

SA

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

2,570

2,628

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.483%)(Ê)(Þ)

2,825

2,788

Bombardier,

Inc.

7.450%

due

05/01/34

(Þ)

531

BPCE

SA

4.760%

due

01/13/32

(SOFR

+

1.267%)(Ê)(Þ)

640

633

5.417%

due

01/13/37

(SOFR

+

1.568%)(Ê)(Þ)

2,160

2,109

Brookfield

Asset

Management,

Ltd.

6.077%

due

09/15/55

635

627

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Brookfield

Infrastructure

Finance

ULC

6.750%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.453%)(Ê)

1,355

1,368

Canadian

Imperial

Bank

of

Commerce

6.950%

due

01/28/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.833%)(Ê)

1,807

1,839

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

Canadian

Pacific

Railway

Co.

7.125%

due

10/15/31

1,078

1,203

CCL

Industries,

Inc.

3.050%

due

06/01/30

(Þ)

1,389

1,301

Cellnex

Finance

Co.

SA

3.875%

due

07/07/41

(Þ)

1,585

1,250

Celulosa

Arauco

y

Constitucion

SA

3.875%

due

11/02/27

2,050

2,022

Cemex

SAB

de

CV

5.200%

due

09/17/30

(Þ)

1,712

1,719

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

CIMIC

Finance,

Ltd.

6.000%

due

04/22/36

(Þ)

860

849

Constellation

Software,

Inc.

5.158%

due

02/16/29

(Þ)

1,442

1,447

Credit

Agricole

SA

3.250%

due

01/14/30

(Þ)

1,300

1,225

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.644%)(Ê)(Þ)

2,860

2,815

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

1,560

1,571

Danske

Bank

A/S

5.705%

due

03/01/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.400%)(Ê)(Þ)

2,920

2,999

Delhaize

America

LLC

9.000%

due

04/15/31

809

948

Deutsche

Bank

AG

5.882%

due

07/08/31

(SOFR

+

5.438%)(Ê)

2,300

2,343

4.469%

due

12/10/31

(SOFR

+

1.100%)(Ê)

964

950

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

1,585

1,649

Eagle

Funding

Luxco

SARL

5.500%

due

08/17/30

(Þ)

5,100

5,139

Element

Fleet

Management

Corp.

6.319%

due

12/04/28

(Þ)

1,505

1,569

EMD

Finance

LLC

4.625%

due

10/15/32

(Þ)

910

899

5.000%

due

10/15/35

(Þ)

1,010

997

Enel

Finance

International

NV

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.125%

due

07/12/28

(Þ)

3,072

2,919

Engie

Energia

Chile

SA

3.400%

due

01/28/30

(Þ)

1,694

1,603

Export-Import

Bank

of

Korea

3.250%

due

08/12/26

1,990

1,984

Fairfax

Financial

Holdings,

Ltd.

6.100%

due

03/15/55

1,768

1,730

Flatiron

CLO,

Ltd.

Series

2025-30A

Class

A1

4.833%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

2,500

2,500

Flutter

Treasury

DAC

5.875%

due

06/04/31

(Þ)

1,956

1,942

Gildan

Activewear,

Inc.

4.700%

due

10/07/30

(Þ)

512

507

5.400%

due

10/07/35

(Þ)

512

501

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

603

620

Home

RE,

Ltd.

Series

2021-2

Class

M2

6.895%

due

01/25/34

(SOFR

Day

Average

+

3.250%)(Ê)(Þ)

773

776

Series

2022-1

Class

B1

12.645%

due

10/25/34

(SOFR

Day

Average

+

9.000%)(Ê)(Þ)

2,000

2,222

HSBC

Holdings

PLC

7.390%

due

11/03/28

(SOFR

+

3.350%)(Ê)

1,040

1,082

5.286%

due

11/19/30

(SOFR

+

1.290%)(Ê)

1,575

1,603

5.279%

due

03/10/37

(SOFR

+

1.550%)(Ê)

730

720

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

1,467

1,449

Imperial

Brands

Finance

PLC

3.875%

due

07/26/29

(Þ)

2,813

2,755

6.375%

due

07/01/55

(Þ)

1,900

1,910

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

2,354

2,324

ING

Groep

NV

5.420%

due

03/23/37

(SOFR

+

1.610%)(Ê)

880

880

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

2,843

2,742

Intesa

Sanpaolo

SpA

6.625%

due

06/20/33

(Þ)

2,627

2,852

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

2,622

2,679

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

2,570

2,579

4.943%

due

11/04/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.970%)(Ê)

3,349

3,234

LSEG

US

Fin

Corp.

5.250%

due

03/23/36

(Þ)

690

687

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

5.150%

due

03/17/30

(Þ)

1,145

1,141

6.500%

due

03/26/31

(Þ)

Macquarie

Group,

Ltd.

1.629%

due

09/23/27

(SOFR

+

0.910%)(Ê)(Þ)

1,580

1,562

Magnetite

CLO,

Ltd.

Series

2020-26A

Class

AR2

4.817%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

3,370

3,370

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

644

642

5.650%

due

12/01/44

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

1,480

1,487

Mexico

Government

International

Bond

5.375%

due

03/22/33

3,568

3,509

Series

5.625%

due

09/22/35

917

896

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL8

Class

A

5.007%

due

02/19/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

2,694

2,696

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

2,275

Mizuho

Bank,

Ltd.

5.185%

due

04/16/36

(Þ)

2,290

2,277

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

1,980

1,786

Nippon

Life

Insurance

Co.

5.046%

due

04/02/33

(Þ)

697

698

Nissan

Motor

Co.,

Ltd.

4.345%

due

09/17/27

(Þ)

2,252

2,223

4.810%

due

09/17/30

(Þ)

662

619

Nordea

Bank

Abp

4.625%

due

09/13/33

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.690%)(Ê)(Þ)

1,583

1,572

nVent

Finance

SARL

4.550%

due

04/15/28

1,352

1,345

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

6.995%

due

04/25/34

(SOFR

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,825

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.025%

due

10/20/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

3,800

3,808

Series

2025-45A

Class

D1

6.173%

due

10/15/38

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

2,900

2,904

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

866

886

Peace

Park

CLO,

Ltd.

Series

2025-1A

Class

AR

4.925%

due

10/20/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

6,991

6,997

Petroleos

Mexicanos

5.950%

due

01/28/31

971

950

6.700%

due

02/16/32

5,500

5,517

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

3.750%

due

10/16/29

(Þ)

1,493

1,394

Prosus

NV

3.680%

due

01/21/30

(Þ)

2,853

2,733

3.832%

due

02/08/51

(Þ)

1,730

1,147

Radnor

RE,

Ltd.

Series

2021-2

Class

M1B

7.345%

due

11/25/31

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

1,272

1,277

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

1,732

1,708

Rogers

Communications,

Inc.

5.000%

due

02/15/29

690

695

5.300%

due

02/15/34

1,350

1,343

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

1,275

1,316

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

565

562

Romanian

Government

International

Bond

5.750%

due

07/04/36

(Þ)

1,210

1,140

Royal

Bank

of

Canada

7.500%

due

05/02/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.887%)(Ê)

1,334

1,387

Santos

Finance,

Ltd.

5.750%

due

11/13/35

(Þ)

790

797

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

2,394

2,111

Scentre

Group

Trust

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

1,730

1,739

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

1,595

1,605

Societe

Generale

SA

5.634%

due

01/19/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

2,124

2,166

Sompo

Holdings,

Inc.

5.411%

due

04/22/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.130%)(Ê)(Þ)

1,570

1,545

Standard

Chartered

PLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.603%

due

01/12/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.900%)(Ê)(Þ)

1,461

1,331

7.014%

due

07/29/49

(USD

Month

SOFR

+

1.460%)(Ê)(Þ)

Sumitomo

Mitsui

Financial

Group,

Inc.

5.570%

due

01/15/47

(SOFR

+

1.360%)(Ê)

1,350

1,309

Suncor

Energy,

Inc.

7.150%

due

02/01/32

2,174

2,410

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

882

907

7.200%

due

07/18/36

7.721%

due

06/04/38

TELUS

Corp.

Series

...

6.625%

due

06/09/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.515%)(Ê)

605

601

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

3,666

3,645

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

7.250%

due

07/31/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.977%)(Ê)

1,229

1,274

TransAlta

Corp.

6.500%

due

03/15/40

585

585

TransCanada

PipeLines

,

Ltd.

Series

10YR

4.250%

due

05/15/28

1,633

1,627

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

953

941

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

1,708

1,713

Turkiye

Government

International

Bond

6.375%

due

05/22/31

UBS

Group

AG

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

1,040

923

United

Utilities

PLC

6.875%

due

08/15/28

634

665

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

2,622

2,736

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

4.873%)(Ê)

2,366

2,464

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

D1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.117%

due

01/24/39

(CME

Term

SOFR

Month

+

2.450%)(Ê)(Þ)

4,200

4,204

Woori

Bank

6.375%

due

07/24/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.277%)(Ê)(Þ)

2,529

2,620

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

2,861

2,867

255,934

Mortgage-Backed

Securities

-

22.9%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,373

567

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2026-FL1

Class

A

5.161%

due

09/20/43

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

11,968

11,986

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.119%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

545

545

Series

2022-FL1

Class

A

5.090%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

1,626

1,627

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

5.154%

due

05/25/35

(~)(Ê)

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

A

7.250%

due

02/25/28

(~)(Ê)(Þ)

1,187

1,194

BDS

LLC

Series

2025-FL14

Class

A

4.939%

due

10/17/42

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

1,625

1,625

Series

2025-FL16

Class

A

5.061%

due

06/19/43

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

10,197

10,205

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

3.795%

due

07/25/34

(~)(Ê)

BRCK

Trust

Series

2025-830B

Class

B

5.357%

due

12/10/42

(~)(Ê)(Þ)

3,948

3,935

Series

2025-830B

Class

C

5.658%

due

12/10/42

(~)(Ê)(Þ)

3,836

3,832

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

5.440%

due

12/15/38

(CME

Term

SOFR

Month

+

1.785%)(Ê)(Þ)

8,350

8,348

Series

2024-BIO

Class

C

6.295%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

15,622

15,526

Series

2024-MDHS

Class

B

5.496%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

4,388

4,389

Series

2024-VLT4

Class

C

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.795%

due

06/15/41

(CME

Term

SOFR

Month

+

2.140%)(Ê)(Þ)

4,379

4,351

Series

2025-ROIC

Class

C

5.198%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

2,335

2,324

Series

2025-ROIC

Class

D

5.647%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

7,875

7,861

Series

2026-CART

Class

A

4.705%

due

02/15/36

(CME

Term

SOFR

Month

+

1.050%)(Ê)(Þ)

14,619

14,496

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

11,376

Series

2021-CX2

Class

C

2.864%

due

11/10/46

(~)(Ê)(Þ)

5,889

4,649

Chase

Home

Lending

Mortgage

Trust

Series

2026-3

Class

A4

5.500%

due

01/25/57

(~)(Ê)(Þ)

6,907

6,875

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,824

DK

Trust

Series

2024-SPBX

Class

A

5.155%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

4,021

4,021

Fannie

Mae

2.600%

due

2031

1,636

1,504

5.500%

due

2034

4.500%

due

2035

546

544

5.500%

due

2035

6.000%

due

2035

5.500%

due

2036

5.500%

due

2037

6.000%

due

2039

5.500%

due

2040

998

1,028

5.000%

due

2041

541

548

6.000%

due

2041

3.500%

due

2045

1,542

1,435

4.000%

due

2045

839

804

3.000%

due

2046

3.500%

due

2046

4.500%

due

2046

739

729

3.000%

due

2047

1,528

1,378

3.500%

due

2047

732

686

4.000%

due

2047

1,002

953

4.500%

due

2048

1,804

1,770

5.000%

due

2048

1,042

1,046

3.000%

due

2049

12,873

11,395

3.500%

due

2049

4.000%

due

2049

1,543

1,469

5.000%

due

2049

2.500%

due

2050

2,603

2,187

3.000%

due

2050

11,382

10,060

2.000%

due

2051

2,937

2,351

2.500%

due

2051

1,426

1,217

5.000%

due

2052

14,250

14,147

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

2053

9,050

8,754

5.000%

due

2053

10,498

10,422

5.000%

due

2055

6,351

6,269

Year

TBA(Ï)

4.500%

3,800

3,656

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

4.745%

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

3.836%

due

12/25/36

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2007-73

Class

A1

3.604%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2009-70

Class

PS

Interest

Only

STRIPS

2.990%

due

01/25/37

(SOFR

Day

Average

+

6.636%)(Ê)

1,751

Series

2010-95

Class

S

Interest

Only

STRIPS

2.840%

due

09/25/40

(-1

x

SOFR

Day

Average

+

6.486%)(Ê)

1,724

Freddie

Mac

6.000%

due

2038

4.500%

due

2039

1,211

1,204

5.500%

due

2039

5.500%

due

2040

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.000%

due

2041

1,537

1,492

5.500%

due

2041

4.000%

due

2044

814

783

3.500%

due

2045

3,320

3,116

3.000%

due

2046

5,529

4,990

4.000%

due

2046

4.500%

due

2046

3.000%

due

2047

1,619

1,462

3.000%

due

2048

4.000%

due

2048

588

562

4.500%

due

2048

1,152

1,128

3.000%

due

2049

715

638

2.500%

due

2050

7,193

6,173

3.000%

due

2050

9,095

8,104

2.000%

due

2051

805

659

2.500%

due

2051

7,957

6,797

4.000%

due

2052

13,009

12,258

4.500%

due

2052

14,524

14,051

5.000%

due

2052

10,503

10,426

5.500%

due

2055

13,687

13,840

5.000%

due

2056

13,170

13,001

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIPS

3.246%

due

06/17/27

(SOFR

Day

Average

+

6.886%)(Ê)

—

Series

2000-2247

Class

SC

Interest

Only

STRIPS

3.746%

due

08/15/30

(-1

x

SOFR

Day

Average

+

7.386%)(Ê)

—

Series

2002-2463

Class

SJ

Interest

Only

STRIPS

4.246%

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

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

2039

1,846

1,834

Ginnie

Mae

II

4.500%

due

2055

14,856

14,326

5.500%

due

2055

3,751

3,800

Year

TBA(Ï)

4.500%

20,000

19,276

5.000%

7,700

7,634

Government

National

Mortgage

Association

Series

1999-27

Class

SE

Interest

Only

STRIPS

4.821%

due

08/16/29

(-1

x

CME

Term

SOFR

Month

+

8.486%)(Ê)

—

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

880

821

Gracechurch

Mortgage

Financing

Trust

Series

2020-GRCE

Class

A

2.347%

due

12/10/40

(Þ)

938

837

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Æ)(Ø)(Þ)

7,770

—

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.901%

due

01/13/40

(~)(Ê)(Þ)

3,405

3,446

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)

10,030

9,420

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

4,882

4,389

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,107

1,883

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

8,188

7,307

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

3,726

3,381

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,237

1,078

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL9

Class

A

5.807%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

1,341

1,343

MF1,

LLC

Series

2026-FL22

Class

A

1.000%

due

11/18/43

15,220

15,220

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

0.175%

due

09/13/39

(~)(Ê)(Þ)

35,996

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nomura

Resecuritization

Trust

Series

2015-11R

Class

3A2

4.086%

due

05/26/36

(~)(Ê)(Þ)

Preston

Ridge

Partners

Mortgage

Trust

Series

2023-RCF2

Class

A2

4.000%

due

11/25/53

(~)(Ê)(Þ)

2,000

1,965

Series

2023-RCF2

Class

A3

4.000%

due

11/25/53

(~)(Ê)(Þ)

1,001

982

Series

2024-7

Class

A1

5.870%

due

11/25/29

(~)(Ê)(Þ)

1,338

1,339

Series

2024-8

Class

A1

5.897%

due

12/25/29

(~)(Ê)(Þ)

762

762

Series

2024-RCF1

Class

A2

4.000%

due

01/25/54

(~)(Ê)(Þ)

1,263

1,240

Series

2024-RCF5

Class

A3

4.000%

due

08/25/54

(~)(Ê)(Þ)

2,310

2,241

Series

2024-RCF6

Class

A1

4.000%

due

10/25/64

(~)(Ê)(Þ)

3,461

3,412

Series

2025-2

Class

A1

6.469%

due

05/25/30

(~)(Ê)(Þ)

3,391

3,380

Series

2025-4

Class

A1

6.179%

due

06/25/30

(~)(Ê)(Þ)

4,456

4,452

Series

2025-6

Class

A1

5.774%

due

08/25/28

(~)(Ê)(Þ)

2,256

2,253

Series

2025-7

Class

A1

5.503%

due

08/25/30

(~)(Ê)(Þ)

3,248

3,246

Series

2025-RCF1

Class

A1

4.845%

due

01/25/56

(~)(Ê)(Þ)

1,409

1,402

Series

2025-RCF1

Class

A2

5.206%

due

01/25/56

(~)(Ê)(Þ)

1,900

1,896

Series

2025-RCF4

Class

A1

4.500%

due

08/25/55

(~)(Ê)(Þ)

6,959

6,890

Series

2025-RCF5

Class

A2

5.310%

due

10/25/55

(~)(Ê)(Þ)

1,778

1,777

Series

2026-RCF1

Class

A3

5.305%

due

01/25/56

(~)(Ê)(Þ)

1,900

1,896

Series

2026-RCF2

Class

A1

5.500%

due

03/25/56

(~)(Ê)(Þ)

6,492

6,538

RFR

Trust

Series

2025-SGRM

Class

A

5.562%

due

03/11/41

(~)(Ê)(Þ)

2,538

2,564

Series

2025-SGRM

Class

B

5.863%

due

03/11/41

(~)(Ê)(Þ)

6,748

6,796

Series

2025-SGRM

Class

C

6.013%

due

03/11/41

(~)(Ê)(Þ)

5,579

5,589

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

4.176%

due

04/19/35

(CME

Term

SOFR

Month

+

0.514%)(Ê)

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

4.898%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

3,910

3,907

TORY

Commercial

Mortgage

Trust

Series

2026-HGTS

Class

A

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.075%

due

01/13/46

(~)(Ê)(Þ)

11,173

11,006

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

5.481%

due

07/13/44

(~)(Ê)(Þ)

3,311

3,307

Series

2025-AZ

Class

C

6.033%

due

07/13/44

(~)(Ê)(Þ)

6,406

6,447

495,773

Non-US

Bonds

-

5.0%

Apna

Park

CLO

DAC

Series

2025-1A

Class

A

3.366%

due

12/15/38

(3

Month

EURIBOR

+

1.290%)(Ê)(Þ)

EUR

13,100

15,382

Brazilian

Government

International

Bond

4.000%

due

04/23/30

EUR

1,200

1,401

Bundesrepublik

Deutschland

Bundesanleihe

2.900%

due

08/15/56

(Þ)

EUR

784

811

Series

TWIN

3.532%

due

08/15/50

(Þ)(ž)

EUR

Colombian

Titulos

de

Tesoreria

Series

B

12.500%

due

02/27/30

COP

49,129,800

12,776

13.250%

due

02/09/33

COP

8,946,400

2,371

European

Union

Series

UFA

4.000%

due

10/12/55

(Þ)

EUR

1,350

1,543

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

412,087

3,240

6.500%

due

02/15/38

ISK

414,131

3,281

Indonesia

Government

International

Bond

4.100%

due

03/04/34

EUR

1,815

2,085

Japan

Year

Government

International

Bond

Series

1.600%

due

12/20/53

JPY

848,350

3,447

Series

2.100%

due

09/20/54

JPY

542,350

2,482

Series

2.300%

due

12/20/54

JPY

188,000

901

Series

3.400%

due

12/20/55

JPY

61,700

Japan

Year

Government

International

Bond

Series

0.500%

due

03/20/60

JPY

725,700

1,817

Mexico

Government

International

Bond

3.875%

due

05/16/31

EUR

2,820

3,261

4.500%

due

03/19/34

EUR

1,636

1,896

4.875%

due

05/16/36

EUR

504

2.250%

due

08/12/36

EUR

5.125%

due

05/04/37

EUR

583

683

4.000%

due

03/15/15

EUR

2,092

1,679

OCP

Euro

CLO

DAC

Series

2025-9X

Class

AR

3.396%

due

04/20/38

(3

Month

EURIBOR

+

1.300%)(Ê)(Þ)

EUR

1,200

1,409

Series

2026-15A

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.438%

due

04/18/39

(3

Month

EURIBOR

+

1.200%)(Ê)(Þ)

EUR

6,200

7,275

Petroleos

Mexicanos

Series

26-2

10.800%

due

08/08/34

MXN

93,000

5,291

Romanian

Government

International

Bond

4.625%

due

03/04/33

(Þ)

EUR

1,740

1,932

2.750%

due

04/14/41

(Þ)

EUR

2.875%

due

04/13/42

(Þ)

EUR

714

531

Rre

Loan

Management

DAC

Series

2026-28A

Class

A1

3.451%

due

04/15/39

(3

Month

EURIBOR

+

1.190%)(Ê)(Þ)

EUR

11,700

13,714

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

6,578

7,657

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

6,995

9,545

108,013

United

States

Government

Treasuries

-

10.2%

United

States

Treasury

Notes

2.375%

due

05/15/27

4,800

4,731

0.500%

due

05/31/27

9,360

9,035

2.250%

due

08/15/27

5,499

5,388

2.250%

due

11/15/27

2,495

2,435

0.625%

due

11/30/27

6,000

5,702

3.500%

due

01/31/28

2,750

2,732

2.750%

due

02/15/28

5,019

4,921

1.125%

due

02/29/28

1.250%

due

06/30/28

27,048

25,575

3.125%

due

11/15/28

666

654

3.750%

due

12/31/28

3,376

3,362

1.875%

due

02/28/29

20,097

19,007

4.250%

due

02/28/29

665

671

4.625%

due

04/30/29

2,915

2,973

2.375%

due

05/15/29

2,052

1,962

4.000%

due

07/31/29

3.625%

due

08/31/29

2,615

2,589

4.000%

due

10/31/29

1,478

1,480

1.750%

due

11/15/29

2,766

2,568

0.625%

due

05/15/30

696

609

6.250%

due

05/15/30

2,534

2,745

3.750%

due

06/30/30

1,612

1,597

0.625%

due

08/15/30

2,591

2,250

0.875%

due

11/15/30

3,500

3,049

4.250%

due

02/28/31

21,655

21,863

1.625%

due

05/15/31

1,861

1,657

1.250%

due

08/15/31

1,081

937

1.375%

due

11/15/31

5,042

4,366

1.875%

due

02/15/32

2,994

2,650

2.875%

due

05/15/32

2,582

2,408

3.875%

due

09/30/32

3.500%

due

02/15/33

9,850

9,445

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.875%

due

08/15/33

2,243

2,193

4.500%

due

11/15/33

2,999

3,048

4.000%

due

02/15/34

1,000

982

3.875%

due

08/15/34

1,435

1,393

4.250%

due

11/15/34

2,458

2,446

4.625%

due

02/15/35

1,447

1,478

4.250%

due

05/15/35

617

612

4.000%

due

11/15/35

7,223

7,010

4.125%

due

02/15/36

1,997

1,955

1.125%

due

05/15/40

1.125%

due

08/15/40

1,748

1,082

1.375%

due

11/15/40

1,621

1,036

1.750%

due

08/15/41

1,939

1,287

2.000%

due

11/15/41

627

3.250%

due

05/15/42

1,805

1,477

2.750%

due

11/15/42

2.875%

due

05/15/43

1,312

999

3.875%

due

05/15/43

1,585

1,393

4.125%

due

08/15/44

2,054

1,846

4.625%

due

11/15/45

11,025

10,538

2.500%

due

05/15/46

1,673

1,138

2.750%

due

11/15/47

1,574

1,099

3.375%

due

11/15/48

3.000%

due

02/15/49

2.875%

due

05/15/49

989

695

1.250%

due

05/15/50

797

1.375%

due

08/15/50

607

1.625%

due

11/15/50

686

2.375%

due

05/15/51

1,309

809

2.000%

due

08/15/51

1,199

674

1.875%

due

11/15/51

2,595

1,407

2.875%

due

05/15/52

1,506

1,031

3.625%

due

02/15/53

511

4.750%

due

11/15/53

1,050

1,008

4.625%

due

05/15/54

1,030

970

4.250%

due

08/15/54

1,400

1,239

4.500%

due

11/15/54

8,944

8,252

4.750%

due

05/15/55

1,805

1,735

4.750%

due

08/15/55

2,874

2,765

4.625%

due

11/15/55

3,562

3,359

219,482

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$1,848,023)

1,800,076

#### Short-Term

#### Investments

#### -

#### 15.0%
France

Treasury

Bill

BTF

Series

52W

2.039%

due

07/15/26

(Þ)(ž)

EUR

23,300

27,230

U.S.

Cash

Management

Fund(@)

147,060,850

(∞)

147,031

United

States

Treasury

Bills

3.678%

due

08/11/26

(ž)

150,391

148,855

#### Total

#### Short-Term

#### Investments
(cost

$323,276)

323,116

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 98.3%
(identified

cost

$2,171,299)

2,123,192

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.7%
37,706

#### Net

#### Assets

#### -

#### 100.0%
2,160,898

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $34.0%

Park

Funding

Trust

02/25/25

1,310,000

99.88 1,308

1,261

ACREC

LLC

01/08/26

7,317,000

100.00 7,317

7,328

Adani

Electricity

Mumbai,

Ltd.

04/20/26

1,848,000

94.84 1,753

1,741

Adani

Ports

and

Special

Economic

Zone,

Ltd.

10/14/25

1,319,000

97.90 1,291

1,285

Aircastle

,

Ltd.

07/07/22

2,796,000

93.82 2,623

2,712

Aircastle

,

Ltd.

10/30/24

2,945,000

101.99 3,004

3,026

Alcon

Finance

Corp.

02/17/26

1,766,000

96.70 1,708

1,680

Alliant

Energy

Finance

LLC

12/04/25

1,766,000

99.48 1,757

1,755

Allianz

SE

10/30/24

1,600,000

106.34 1,701

1,674

Antero

Resources

Corp.

05/09/25

1,002,000

98.10 983

1,008

Apna

Park

CLO

DAC

10/07/25

EUR

13,100,000

116.51 15,262

15,382

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

03/12/26

11,968,000

100.00 11,968

11,986

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

06/14/23

544,843

99.02 539

545

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

1,626,481

99.98 1,626

1,627

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

1,585,000

87.26 1,383

1,422

Avolon

Holdings

Funding,

Ltd.

10/30/24

1,325,000

95.95 1,271

1,279

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

4,000,000

100.00 4,000

4,001

Banco

de

Credito

del

Peru

S.A.

04/06/26

1,747,000

99.85 1,744

1,751

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

04/21/26

1,339,000

103.07 1,380

1,375

Bangkok

Bank

PCL

05/09/25

2,353,000

99.64 2,344

2,347

Banque

Federative

du

Credit

Mutuel

SA

01/07/26

580,000

100.00 580

568

Banque

Federative

du

Credit

Mutuel

SA

01/07/26

1,230,000

100.09 1,231

1,215

Barclays

Mortgage

Loan

Trust

03/26/24

1,186,772

98.36 1,167

1,194

Barings

CLO,

Ltd.

02/14/25

3,260,000

100.00 3,260

3,254

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

04/06/26

1,348,000

100.98 1,361

1,371

BDS

LLC

02/21/25

1,625,000

99.76 1,621

1,625

BDS

LLC

11/20/25

10,197,000

100.00 10,197

10,205

Bimbo

Bakeries

USA,

Inc.

10/14/25

1,595,000

104.24 1,663

1,646

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

1,305,000

87.71 1,145

1,144

BNP

Paribas

SA

04/17/24

2,825,000

94.93 2,682

2,788

BNP

Paribas

SA

10/30/24

2,570,000

101.45 2,607

2,628

Bombardier,

Inc.

06/04/25

482,000

106.68 514

531

Booz

Allen

Hamilton,

Inc.

03/25/25

1,378,000

96.78 1,334

1,349

Boston

Gas

Co.

01/14/26

2,118,000

96.21 2,038

2,010

BPCE

SA

01/06/26

640,000

100.00 640

633

BPCE

SA

01/06/26

2,160,000

100.08 2,162

2,109

BRAVO

Residential

Funding

Trust

04/30/24

571,016

99.98 571

575

BRAVO

Residential

Funding

Trust

10/09/24

2,162,684

99.99 2,162

2,166

BRAVO

Residential

Funding

Trust

04/08/25

6,093,084

99.99 6,092

6,117

BRCK

Trust

11/26/25

3,948,000

100.00 3,948

3,935

BRCK

Trust

11/26/25

3,836,000

101.30 3,886

3,832

Brooklyn

Union

Gas

Co.

(The)

09/05/25

2,208,000

99.03 2,187

2,166

Bundesrepublik

Deutschland

Bundesanleihe

03/03/26

EUR

784,000

105.13 824

811

Bundesrepublik

Deutschland

Bundesanleihe

04/27/26

EUR

237,000

50.42 119

Business

Jet

Securities

LLC

09/06/24

1,820,484

100.00 1,820

1,817

BX

Commercial

Mortgage

Trust

12/02/21

8,350,460

99.89 8,342

8,348

BX

Commercial

Mortgage

Trust

01/24/24

15,622,000

99.77 15,587

15,526

BX

Commercial

Mortgage

Trust

05/02/24

4,387,600

99.77 4,378

4,389

BX

Commercial

Mortgage

Trust

02/20/25

2,334,629

99.81 2,330

2,324

BX

Commercial

Mortgage

Trust

02/20/25

7,875,470

99.81 7,860

7,861

BX

Commercial

Mortgage

Trust

06/13/25

4,379,158

99.76 4,369

4,351

BX

Commercial

Mortgage

Trust

02/05/26

14,619,000

100.00 14,619

14,496

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102.49 13,367

11,376

CAMB

Commercial

Mortgage

Trust

09/24/24

5,889,000

82.16 4,838

4,649

Carnival

Corp.

03/25/25

1,890,000

97.24 1,838

1,847

CCL

Industries,

Inc.

05/09/25

1,389,000

92.28 1,282

1,301

Cellnex

Finance

Co.

SA

10/30/24

1,585,000

80.12 1,270

1,250

Cemex

SAB

de

CV

12/04/25

1,712,000

101.09 1,731

1,719

Chase

Home

Lending

Mortgage

Trust

03/09/26

6,907,051

100.67 6,954

6,875

Cheniere

Energy,

Inc.

03/05/26

490,000

99.52 488

Cheniere

Energy,

Inc.

03/05/26

460,000

99.66 458

Churchill

Middle

Market

CLO

LLC

02/24/25

3,910,000

100.00 3,910

3,912

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
CIMIC

Finance,

Ltd.

04/15/26

860,000

99.18 853

849

Citadel

Securities

Global

Holdings

LLC

03/24/26

1,489,000

98.45 1,466

1,467

Cleveland

Electric

Illuminating

Co.

(The)

07/08/25

1,074,000

97.77 1,050

1,053

CLI

Funding

LLC

07/24/24

2,657,253

100.47 2,670

2,685

Columbia

Pipelines

Holding

Co.

LLC

06/16/25

2,130,000

102.67 2,187

2,197

Constellation

Software,

Inc.

04/06/26

1,442,000

100.63 1,451

1,447

Credit

Agricole

SA

04/17/24

2,860,000

96.53 2,761

2,815

Credit

Agricole

SA

10/30/24

1,300,000

93.79 1,219

1,225

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/16/25

1,568,000

96.68 1,516

1,529

Daimler

Truck

Finance

North

America

LLC

10/30/24

1,560,000

100.92 1,574

1,571

Danske

Bank

A/S

10/30/24

2,920,000

101.97 2,977

2,999

DBGS

Mortgage

Trust

04/03/19

4,612,000

100.89 4,653

3,824

DK

Trust

03/01/24

4,021,000

100.00 4,021

4,021

Dresdner

Funding

Trust

I

04/25/24

995,000

105.24 1,047

1,077

DT

Midstream,

Inc.

06/16/25

2,069,000

96.75 2,002

2,026

Eagle

Funding

Luxco

SARL

07/28/25

5,100,000

99.78 5,089

5,139

Element

Fleet

Management

Corp.

12/04/25

1,505,000

104.81 1,577

1,569

Ellington

Financial

Mortgage

Trust

12/10/24

2,790,805

99.99 2,790

2,798

EMD

Finance

LLC

08/12/25

1,010,000

99.49 1,005

997

EMD

Finance

LLC

08/12/25

910,000

99.82 908

899

Enel

Finance

International

NV

06/16/25

3,072,000

95.10 2,922

2,919

Engie

Energia

Chile

SA

04/06/26

1,694,000

93.51 1,584

1,603

Entegris

,

Inc.

08/06/24

3,338,000

98.44 3,286

3,316

European

Union

04/21/26

EUR

1,350,000

115.16 1,555

1,543

Fedex

Freight

Holding

Co.,

Inc.

02/27/26

1,722,000

100.22 1,726

1,701

FIGRE

Trust

03/19/24

3,709,559

100.03 3,711

3,766

FIGRE

Trust

06/06/24

882,834

100.96 891

898

FIGRE

Trust

09/05/24

1,222,652

102.59 1,254

1,246

FIGRE

Trust

09/09/24

2,026,673

100.00 2,027

2,029

FIGRE

Trust

12/11/24

1,927,878

100.40 1,935

1,943

FIGRE

Trust

12/11/24

2,728,241

99.99 2,728

2,746

FIGRE

Trust

02/20/25

756,141

103.41 782

785

FIGRE

Trust

03/20/25

3,593,291

100.08 3,596

3,615

FIGRE

Trust

04/30/25

960,826

100.94 970

967

FIGRE

Trust

05/07/25

2,829,989

101.04 2,859

2,859

FIGRE

Trust

08/27/25

1,301,033

101.34 1,318

1,306

FIGRE

Trust

10/15/25

1,887,934

99.99 1,888

1,872

FirstEnergy

Pennsylvania

Electric

Co.

11/04/25

2,528,000

100.05 2,529

2,518

FirstEnergy

Transmission

LLC

12/04/25

1,762,000

97.12 1,711

1,694

Flatiron

CLO,

Ltd.

03/24/25

2,500,000

100.00 2,500

2,500

Flutter

Treasury

DAC

04/06/26

1,956,000

99.12 1,939

1,942

Foundry

JV

Holdco

LLC

02/04/25

3,065,000

100.77 3,089

3,216

France

Treasury

Bill

BTF

04/14/26

EUR

23,300,000

117.56 27,391

27,230

GABX

Leasing

LLC

03/10/26

690,000

99.80 689

682

Gartner,

Inc.

03/25/25

2,829,000

95.64 2,706

2,664

GBX

Leasing

LLC

01/27/26

3,792,372

99.97 3,791

3,706

GFL

Environmental,

Inc.

05/01/25

398,000

103.52 412

GFL

Environmental,

Inc.

06/16/25

2,508,000

96.98 2,432

2,448

Gildan

Activewear,

Inc.

09/23/25

512,000

100.07 512

501

Gildan

Activewear,

Inc.

09/23/25

512,000

100.08 512

507

Glencore

Funding

LLC

11/12/24

603,000

101.47 612

620

Global

Net

Lease,

Inc.

11/04/25

1,027,000

98.14 1,008

1,002

Gracechurch

Mortgage

Financing

Trust

10/21/25

938,000

89.99 844

837

GSAA

Home

Equity

Trust

10/21/15

39,132

66.46 26

HMH

Trust

06/09/17

7,770,000

99.96 7,767

—

Home

RE,

Ltd.

07/23/21

772,843

100.00 773

776

Home

RE,

Ltd.

05/09/25

2,000,000

112.54 2,251

2,222

Hudson

Yards

Mortgage

Trust

01/07/25

3,405,000

100.47 3,421

3,446

HUT

DC

LLC

04/27/26

1,190,000

100.00 1,190

1,202

Hyundai

Capital

America

10/30/24

900,000

95.08 856

859

Hyundai

Capital

America

10/30/24

1,325,000

96.62 1,280

1,285

ICICI

Bank,

Ltd.

09/06/24

1,467,000

99.03 1,453

1,449

Imperial

Brands

Finance

PLC

06/24/25

1,900,000

99.98 1,900

1,910

Imperial

Brands

Finance

PLC

10/14/25

2,813,000

98.89 2,782

2,755

Indianapolis

Power

&

Light

Co.

10/30/24

1,265,000

101.31 1,282

1,225

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

97.11 2,286

2,324

InRetail

Consumer

01/05/24

2,843,000

95.76 2,723

2,742

International

Flavors

&

Fragrances,

Inc.

07/15/24

3,211,000

95.93 3,087

3,081

International

Flavors

&

Fragrances,

Inc.

10/30/24

1,720,000

88.93 1,530

1,539

Intesa

Sanpaolo

SpA

08/09/23

2,627,000

99.03 2,602

2,852

Irwin

Home

Equity

Loan

Trust

06/30/15

18,102

101.02 18

ITC

Holdings

Corp.

01/22/25

1,788,000

100.22 1,792

1,796

JPMorgan

Mortgage

Trust

06/05/20

62,475

102.57 64

JPMorgan

Mortgage

Trust

06/05/20

118,574

103.10 122

JPMorgan

Mortgage

Trust

03/30/21

364,739

101.83 371

JPMorgan

Mortgage

Trust

04/26/21

10,029,849

101.64 10,195

9,420

JPMorgan

Mortgage

Trust

01/26/22

8,187,845

99.18 8,121

7,307

JPMorgan

Mortgage

Trust

04/27/22

3,725,518

96.00 3,577

3,381

JPMorgan

Mortgage

Trust

03/10/23

4,882,437

89.03 4,347

4,389

JPMorgan

Mortgage

Trust

04/20/23

2,107,311

88.94 1,874

1,883

JPMorgan

Mortgage

Trust

12/05/24

950,743

100.55 956

954

JPMorgan

Mortgage

Trust

12/18/24

868,758

100.35 872

868

JPMorgan

Mortgage

Trust

01/29/25

1,710,660

99.99 1,710

1,718

JPMorgan

Mortgage

Trust

02/26/25

5,160,000

100.00 5,160

5,183

JPMorgan

Mortgage

Trust

03/18/25

3,893,594

99.99 3,893

3,906

JPMorgan

Mortgage

Trust

07/30/25

5,244,765

100.00 5,245

5,245

JPMorgan

Mortgage

Trust

09/26/25

1,825,252

99.99 1,825

1,820

JPMorgan

Mortgage

Trust

02/18/26

3,135,309

100.28 3,144

3,109

JPMorgan

Wealth

Management

07/30/20

1,236,561

103.14 1,275

1,078

LG

Energy

Solution,

Ltd.

09/05/25

2,622,000

102.94 2,699

2,679

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127.85 279

Louisiana-Pacific

Corp.

12/04/25

2,050,000

97.13 1,991

1,968

LSEG

US

Fin

Corp.

03/16/26

690,000

99.04 683

687

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

325,000

102.45 333

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

475,000

103.58 492

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

1,145,000

98.95 1,133

1,141

Macquarie

Group,

Ltd.

10/30/24

1,580,000

96.99 1,532

1,562

Magnetite

CLO,

Ltd.

01/28/25

3,370,000

100.00 3,370

3,370

Marks

&

Spencer

PLC

09/16/24

297,000

109.43 325

Mars,

Inc.

03/05/25

370,000

100.27 371

Mars,

Inc.

03/05/25

1,480,000

100.30 1,484

1,492

Mars,

Inc.

03/05/25

1,165,000

99.72 1,162

1,133

Mars,

Inc.

03/05/25

730,000

99.80 729

713

Mattel,

Inc.

02/11/25

3,000,000

96.01 2,880

2,915

Meritage

Homes

Corp.

10/14/25

1,761,000

98.23 1,730

1,715

Mexico

Generadora

de

Energia

S

de

RL

de

CV

04/04/23

1,479,878

97.55 1,444

1,487

MF1

Multifamily

Housing

Mortgage

Trust

07/19/23

1,341,334

100.22 1,344

1,343

MF1

Multifamily

Housing

Mortgage

Trust

12/03/24

2,694,139

100.00 2,694

2,696

Mizuho

Bank,

Ltd.

04/08/26

2,290,000

100.00 2,290

2,277

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.10 35

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

0.31 182

Motiva

Enterprises

LLC

04/06/26

1,234,000

108.51 1,339

1,335

National

Australia

Bank,

Ltd.

10/30/24

1,980,000

89.17 1,766

1,786

News

Corp.

02/11/25

3,023,000

95.63 2,891

2,922

NGPL

PipeCo

LLC

09/26/19

2,298,000

122.24 2,809

2,658

Nippon

Life

Insurance

Co.

03/25/26

697,000

100.00 697

698

Nissan

Motor

Co.,

Ltd.

10/01/25

2,252,000

97.99 2,207

2,223

Nissan

Motor

Co.,

Ltd.

02/03/26

662,000

94.03 622

619

Nomura

Resecuritization

Trust

10/23/15

306,661

95.69 293

Nordea

Bank

Abp

11/04/25

1,583,000

99.93 1,582

1,572

NRG

Energy,

Inc.

04/25/24

3,046,000

95.93 2,922

2,944

Nuveen

LLC

10/30/24

755,000

98.59 744

748

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100.00 3,798

3,825

OCP

CLO,

Ltd.

04/01/25

3,800,000

99.95 3,798

3,808

OCP

CLO,

Ltd.

09/17/25

2,900,000

100.00 2,900

2,904

OCP

Euro

CLO

DAC

02/13/26

EUR

6,200,000

118.75 7,363

7,275

OCP

Euro

CLO

DAC

03/10/26

EUR

1,200,000

116.09 1,393

1,409

Open

Text

Corp.

08/08/23

866,000

100.57 871

886

Peace

Park

CLO,

Ltd.

12/04/25

6,991,000

100.14 7,001

6,997

Peachtree

Corners

Funding

Trust

II

05/14/25

870,000

100.60 875

897

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Penske

Truck

Leasing

Co.

Lp

/

PTL

Finance

Corp.

10/30/24

1,305,000

104.67 1,366

1,370

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

337,000

96.43 325

Preston

Ridge

Partners

Mortgage

Trust

10/07/24

3,460,784

96.85 3,352

3,412

Preston

Ridge

Partners

Mortgage

Trust

11/08/24

1,338,264

100.00 1,338

1,339

Preston

Ridge

Partners

Mortgage

Trust

11/26/24

762,297

100.00 762

762

Preston

Ridge

Partners

Mortgage

Trust

04/25/25

3,391,302

99.92 3,389

3,380

Preston

Ridge

Partners

Mortgage

Trust

06/03/25

4,456,437

99.93 4,453

4,452

Preston

Ridge

Partners

Mortgage

Trust

07/24/25

2,256,187

99.91 2,254

2,253

Preston

Ridge

Partners

Mortgage

Trust

08/08/25

6,959,467

98.71 6,870

6,890

Preston

Ridge

Partners

Mortgage

Trust

08/19/25

3,247,880

99.95 3,246

3,246

Preston

Ridge

Partners

Mortgage

Trust

10/14/25

1,778,000

99.99 1,778

1,777

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

1,900,000

100.00 1,900

1,896

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

1,408,520

100.00 1,408

1,402

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

1,900,000

99.99 1,900

1,896

Preston

Ridge

Partners

Mortgage

Trust

02/19/26

2,310,000

98.29 2,271

2,241

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

1,001,000

99.11 992

982

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

1,263,000

99.14 1,252

1,240

Preston

Ridge

Partners

Mortgage

Trust

03/03/26

2,000,000

98.82 1,976

1,965

Preston

Ridge

Partners

Mortgage

Trust

03/26/26

6,492,438

99.93 6,488

6,538

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

02/27/26

1,493,000

94.42 1,410

1,394

Prosus

NV

08/04/22

2,853,000

91.49 2,610

2,733

Prosus

NV

10/30/24

1,730,000

68.03 1,177

1,147

Radnor

RE,

Ltd.

11/24/25

1,271,740

100.86 1,283

1,277

RCKT

Mortgage

Trust

07/13/23

467,899

100.15 469

RCKT

Mortgage

Trust

02/15/24

1,605,602

99.97 1,605

1,612

RCKT

Mortgage

Trust

03/19/24

2,255,320

99.97 2,255

2,270

RCKT

Mortgage

Trust

08/14/24

1,802,870

99.97 1,802

1,804

RCKT

Mortgage

Trust

12/12/24

1,360,315

100.63 1,369

1,369

RCKT

Mortgage

Trust

12/12/24

5,792,022

99.98 5,791

5,814

RCKT

Mortgage

Trust

02/20/25

998,000

100.50 1,003

1,004

RCKT

Mortgage

Trust

02/26/25

5,825,418

99.99 5,825

5,845

RCKT

Mortgage

Trust

02/26/26

5,513,000

101.12 5,575

5,551

Reliance

Industries,

Ltd.

12/12/24

1,732,000

98.28 1,702

1,708

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

02/02/22

1,061,000

92.62 983

949

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

748,000

80.32 601

632

RFR

Trust

02/18/25

6,748,000

100.05 6,752

6,796

RFR

Trust

02/18/25

5,579,000

99.99 5,578

5,589

RFR

Trust

03/10/26

2,538,000

101.98 2,588

2,564

Rockies

Express

Pipeline

LLC

07/07/22

403,000

94.67 382

Rockies

Express

Pipeline

LLC

08/07/23

842,000

98.75 831

832

Rockies

Express

Pipeline

LLC

12/06/23

458,000

93.67 429

Rockies

Express

Pipeline

LLC

09/17/24

159,000

105.44 168

Rogers

Communications,

Inc.

02/02/24

565,000

97.33 550

562

Romanian

Government

International

Bond

07/26/21

EUR

714,000

83.77 598

531

Romanian

Government

International

Bond

10/30/25

EUR

254,000

77.38 197

Romanian

Government

International

Bond

02/25/26

EUR

1,740,000

117.97 2,053

1,932

Romanian

Government

International

Bond

02/25/26

1,210,000

99.96 1,209

1,140

Rre

Loan

Management

DAC

02/10/26

EUR

11,700,000

118.96 13,918

13,714

Sabal

Trail

Transmission

LLC

09/16/24

2,479,000

99.72 2,472

2,456

Saluda

Grade

Alternative

Mortgage

Trust

11/17/23

2,231,867

101.46 2,264

2,293

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

1,446,041

102.00 1,475

1,485

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

4,681,484

99.98 4,681

4,752

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

1,655,126

101.34 1,677

1,670

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

5,077,812

100.00 5,078

5,118

Saluda

Grade

Alternative

Mortgage

Trust

03/06/26

3,515,564

101.37 3,564

3,554

Sammons

Financial

Group,

Inc.

10/30/24

1,525,000

99.25 1,514

1,519

Santos

Finance,

Ltd.

11/05/25

790,000

99.44 786

797

Saudi

Arabian

Oil

Co.

08/08/23

2,394,000

88.77 2,125

2,111

Scentre

Group

Trust

10/30/24

1,730,000

98.79 1,709

1,739

Seagate

Data

Storage

Technology

Pte,

Ltd.

06/30/25

368,000

97.42 359

Sealed

Air

Corp.

04/22/20

633,000

103.32 654

619

Sequoia

Mortgage

Trust

10/21/16

344,270

102.30 352

SMBC

Aviation

Capital

Finance

DAC

10/30/24

1,595,000

101.04 1,612

1,605

Smithfield

Foods,

Inc.

10/30/24

1,325,000

89.99 1,192

1,213

Societe

Generale

SA

12/04/25

2,124,000

103.09 2,190

2,166

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Sompo

Holdings,

Inc.

04/15/26

1,570,000

100.00 1,570

1,545

Standard

Chartered

PLC

11/08/23

430,000

92.04 396

Standard

Chartered

PLC

01/14/26

1,461,000

92.98 1,358

1,331

Sumisho

Air

Lease

Corp.

03/10/26

460,000

99.61 458

TCO

Commercial

Mortgage

Trust

12/06/24

3,910,000

99.77 3,901

3,907

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

3,666,467

100.00 3,666

3,645

Topaz

Solar

Farms

LLC

04/02/25

97.79 —

—

TORY

Commercial

Mortgage

Trust

01/09/26

11,173,000

100.00 11,173

11,006

Towd

Point

Mortgage

Trust

07/21/23

2,583,214

99.84 2,579

2,582

Towd

Point

Mortgage

Trust

10/19/23

1,579,809

99.99 1,580

1,588

Towd

Point

Mortgage

Trust

02/26/26

3,644,000

101.66 3,704

3,688

Transportadora

de

Gas

Internacional

SA

ESP

12/04/25

1,708,000

101.42 1,732

1,713

UBS

Group

AG

10/30/24

1,040,000

87.85 914

923

United

Airlines,

Inc.

12/04/25

1,688,000

99.66 1,682

1,665

Unum

Group

10/30/24

1,285,000

81.03 1,041

1,030

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

05/22/25

EUR

6,578,000

112.78 7,419

7,657

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

05/17/24

GBP

6,995,000

129.41 9,052

9,545

Var

Energi

ASA

12/05/23

2,622,000

102.14 2,678

2,736

VDCM

Commercial

Mortgage

Trust

06/24/25

6,406,000

100.00 6,406

6,447

VDCM

Commercial

Mortgage

Trust

06/24/25

3,311,000

100.00 3,311

3,307

Vistra

Operations

Co.

LLC

10/30/24

5,828,000

98.40 5,734

5,716

Wellesley

Park

CLO,

Ltd.

10/10/25

4,200,000

100.00 4,200

4,204

WMG

Acquisition

Corp.

12/11/25

2,500,000

96.11 2,403

2,358

Woori

Bank

02/27/26

2,529,000

104.36 2,639

2,620

Yara

International

ASA

07/15/24

2,861,000

99.34 2,842

2,867

733,793

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

Months

CORRA

Futures

CAD

35,706

03/27

(1) Australian

Dollar

Currency

Futures

USD

5,466

06/26

British

Pound

Currency

Futures

USD

11,816

06/26

Commonwealth

Year

Treasury

Bond

Futures

AUD

40,149

06/26

(396) Euro

Currency

Futures

USD

9,849

06/26

Euro-Bund

Futures

EUR

5,767

06/26

Long

Gilt

Futures

GBP

21,561

06/26

(1,825)

New

Zealand

Dollar

Currency

Futures

USD

11,002

06/26

Three

Month

SONIA

Index

Futures

GBP

19,118

03/27

United

States

Year

Treasury

Note

Futures

905

USD

187,448

06/26

(1,648)

United

States

Year

Treasury

Note

Futures

1,114

USD

120,129

06/26

(2,051)

United

States

Year

Treasury

Note

Futures

1,373

USD

151,845

06/26

(3,073)

United

States

Year

Ultra

Treasury

Note

Futures

2,134

USD

240,842

06/26

(5,404)

United

States

Treasury

Long

Bond

Futures

732

USD

82,602

06/26

(3,535)

United

States

Treasury

Ultra

Bond

Futures

873

USD

100,422

06/26

(4,518)

Short

Positions

Euro-

Bobl

Futures

EUR

7,389

06/26

Euro-

Btp

Futures

EUR

4,795

06/26

Euro-Bund

Futures

EUR

36,480

06/26

783

Euro-

Buxl

Year

Bond

Futures

EUR

1,962

06/26

Euro-Oat

Futures

EUR

10,376

06/26

Euro-Schatz

Futures

EUR

5,393

06/26

Japanese

Year

Government

Bond

Futures

JPY

13,443,040

06/26

1,560

Japanese

Yen

Currency

Futures

USD

5,534

06/26

(49) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

Norwegian

Krone

Currency

Futures

USD

5,607

06/26

(290) Swedish

Krona

Currency

Futures

USD

5,431

06/26

Swiss

Franc

Currency

Futures

USD

16,395

06/26

United

States

Year

Treasury

Note

Futures

573

USD

118,682

06/26

910

United

States

Year

Treasury

Note

Futures

USD

24,371

06/26

United

States

Year

Treasury

Note

Futures

USD

8,737

06/26

United

States

Year

Ultra

Treasury

Note

Futures

USD

25,845

06/26

820

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(17,168)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

590

BRL

2,936

05/05/26

Citigroup

USD

670

BRL

3,541

05/05/26

Citigroup

USD

1,273

BRL

6,867

05/05/26

Citigroup

USD

1,417

BRL

7,657

05/05/26

Citigroup

USD

4,210

BRL

21,001

05/05/26

Citigroup

USD

4,117

BRL

21,001

08/04/26

Citigroup

USD

2,680

CAD

3,639

07/22/26

Citigroup

USD

1,021

CNY

6,925

07/22/26

(5) Citigroup

USD

1,659

CNY

11,258

07/22/26

(8) Citigroup

USD

EUR

07/22/26

Citigroup

USD

1,413

GBP

1,055

07/22/26

Citigroup

USD

1,340

JPY

210,310

07/22/26

Citigroup

USD

1,348

JPY

213,086

07/22/26

Citigroup

USD

1,349

JPY

211,753

07/22/26

Citigroup

USD

1,449

KZT

704,706

06/17/26

Citigroup

USD

1,970

THB

62,853

07/22/26

(30) Citigroup

BRL

2,936

USD

589

05/05/26

(4) Citigroup

BRL

3,541

USD

710

05/05/26

(5) Citigroup

BRL

6,867

USD

1,377

05/05/26

(10) Citigroup

BRL

7,657

USD

1,535

05/05/26

(11) Citigroup

BRL

21,001

USD

4,209

05/05/26

(32) Citigroup

CHF

4,582

USD

5,850

07/22/26

(64) Citigroup

COP

5,005,874

USD

1,373

07/22/26

Citigroup

COP

50,850,839

USD

13,670

07/22/26

(66) Citigroup

EUR

3,550

USD

4,188

07/22/26

Citigroup

EUR

6,036

USD

7,088

07/22/26

(20) Citigroup

EUR

14,649

USD

17,152

07/22/26

(100) Citigroup

EUR

23,150

USD

27,434

07/22/26

Citigroup

GBP

5,971

EUR

6,827

07/22/26

(84) Citigroup

JPY

2,243,886

USD

14,242

07/22/26

(183) Citigroup

MXN

95,660

USD

5,449

07/22/26

Citigroup

PHP

40,700

USD

670

07/22/26

Citigroup

PHP

124,366

USD

2,060

07/22/26

Citigroup

THB

63,413

USD

1,979

07/22/26

JPMorgan

Chase

EUR

USD

05/13/26

(1) Morgan

Stanley

USD

GBP

06/18/26

Royal

Bank

of

Canada

USD

GBP

06/18/26

Royal

Bank

of

Canada

EUR

38,979

USD

45,799

05/13/26

Royal

Bank

of

Canada

GBP

7,435

USD

9,888

06/18/26

(229) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(53) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

EUR

7,444

2.724%

(4) EURIBOR

(3) 04/17/28

—

(19) (19) Citigroup

EUR

14,893

2.721%

(4) EURIBOR

(3) 04/17/28

—

(38) (38) Citigroup

EUR

7,443

2.718%

(4) EURIBOR

(3) 04/20/28

—

(19) (19) Citigroup

EUR

14,930

2.701%

(4) EURIBOR

(3) 04/21/28

—

(41) (41) Citigroup

EUR

6,889

2.720%

(4) EURIBOR

(3) 04/24/28

—

(14) (14) Citigroup

EUR

2,683

2.738%

(4) EURIBOR

(3) 04/29/28

—

(6) (6) Citigroup

EUR

2,683

2.747%

(4) EURIBOR

(3) 04/29/28

—

(5) (5) Citigroup

EUR

2,687

2.823%

(4) EURIBOR

(3) 05/04/28

—

(1) (1) Citigroup

EUR

5,373

2.842%

(4) EURIBOR

(3) 05/04/28

—

Citigroup

MXN

15,279

7.332%

(1) Interbank

Equilibrium

Interest

Rate

(1) 06/14/28

—

—

—

Citigroup

MXN

21,781

7.629%

(1) Interbank

Equilibrium

Interest

Rate

(1) 06/14/28

—

Citigroup

BRL

7,524

Brazil

Interbank

Deposit

Rate

(4) 13.715%

(4) 01/02/31

—

(12) (12) Citigroup

BRL

8,560

12.845%

(4) Brazil

Interbank

Deposit

Rate

(4) 01/02/31

—

(56) (56) Citigroup

BRL

8,560

12.783%

(4) Brazil

Interbank

Deposit

Rate

(4) 01/02/31

—

(61) (61) Citigroup

BRL

10,306

13.150%

(4) Brazil

Interbank

Deposit

Rate

(4) 01/02/31

—

(43) (43) Citigroup

BRL

10,596

Brazil

Interbank

Deposit

Rate

(4) 13.705%

(4) 01/02/31

—

(16) (16) Citigroup

BRL

12,206

13.090%

(4) Brazil

Interbank

Deposit

Rate

(4) 01/02/31

—

(58) (58) Citigroup

BRL

40,688

13.100%

(4) Brazil

Interbank

Deposit

Rate

(4) 01/02/31

—

(191) (191) Citigroup

EUR

1,096

European

Consumer

Price

Index

(4) 2.455%

(4) 04/15/31

—

Citigroup

EUR

2,192

European

Consumer

Price

Index

(4) 2.470%

(4) 04/15/31

—

Citigroup

EUR

2,852

European

Consumer

Price

Index

(4) 2.290%

(4) 04/15/31

—

Citigroup

EUR

3,042

European

Consumer

Price

Index

(4) 2.280%

(4) 04/15/31

—

Citigroup

EUR

6,080

European

Consumer

Price

Index

(4) 2.274%

(4) 04/15/31

—

Citigroup

EUR

9,210

European

Consumer

Price

Index

(4) 2.268%

(4) 04/15/31

—

Citigroup

USD

22,857

US

Consumer

Price

Index

(4) 2.624%

(4) 04/27/31

—

Citigroup

USD

4,664

US

Consumer

Price

Index

(4) 2.670%

(4) 04/28/31

—

Citigroup

EUR

1,108

European

Consumer

Price

Index

(4) 2.405%

(4) 04/29/31

—

Citigroup

EUR

1,108

European

Consumer

Price

Index

(4) 2.415%

(4) 04/29/31

—

Citigroup

CHF

4,400

SARON

(4) 0.621%

(4) 01/23/36

—

(28) (28) Citigroup

MXN

17,675

Interbank

Equilibrium

Interest

Rate

(1) 7.808%

(1) 03/05/36

—

Total

Open

Interest

Rate

Swap

Contracts

(å)

—

(117) (117) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
iTraxx

Europe

Crossover

Index

Series

Citigroup

EUR

6,293

(1.000%)

(2) 12/20/30

(553) (212) (765) iTraxx

Europe

Crossover

Index

Series

Citigroup

EUR

12,147

(1.000%)

(2) 06/20/31

(1,025)

(331) (1,356)

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

(1,578)

(543) (2,121)

#### 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

0.882%

USD

6,657

(1.000%)

(2) 06/20/31

(75) (44) Total

Open

Sovereign

Issues

-

Purchase

Protection

Contracts

(75) (44) Total

Open

Credit

Default

Swap

Contracts

(å)

(1,547)

(618) (2,165)

#### 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

$

—

$

131,806

$

—

$

—

$

131,806

Corporate

Bonds

and

Notes

—

589,068

—

—

589,068

International

Debt

—

255,934

—

—

255,934

Mortgage-Backed

Securities

—

495,77

—

—

495,77

Non-US

Bonds

—

108,013

—

—

108,013

United

States

Government

Treasuries

—

219,482

—

—

219,482

Short-Term

Investments

—

176,085

—

147,03

323,11

Total

Investments

—

1,976,16

—

147,03

2,123,192

Other

Financial

Instruments

Assets

Futures

Contracts

5,62

—

—

—

5,62

Foreign

Currency

Exchange

Contracts

—

799

—

—

799

Interest

Rate

Swap

Contracts

—

—

—

Liabilities

Futures

Contracts

(22,790)

—

—

—

(22,790)

Foreign

Currency

Exchange

Contracts

—

(852) —

—

(852) Interest

Rate

Swap

Contracts

—

(608) —

—

(608) Credit

Default

Swap

Contracts

—

(2,165)

—

—

(2,165)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Total

Other

Financial

Instruments

\*

$

(17,16

8)

$

(2,335)

$

—

$

—

$

(19,50

3)

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

9,119

.4

Bermuda

.............................................................................................

8,100

.4

Brazil

..................................................................................................

4,268

.2

Canada

................................................................................................

33,550

.6

Cayman

Islands

..................................................................................

41,062

.9

Chile

...................................................................................................

3,625

.2

China

..................................................................................................

7,525

.4

Colombia

............................................................................................

18,254

.8

Denmark

.............................................................................................

2,999

.1

Finland

...............................................................................................

1,572

.1

France

.................................................................................................

43,377

.0

Germany

.............................................................................................

9,751

.5

Iceland

................................................................................................

6,521

.3

India

...................................................................................................

6,183

.3

Indonesia

............................................................................................

2,085

.1

Ireland

................................................................................................

42,743

.0

Italy

....................................................................................................

7,992

.4

Japan

..................................................................................................

19,964

.9

Jersey

..................................................................................................

9,545

.4

Luxembourg

.......................................................................................

9,200

.4

Mexico

...............................................................................................

41,172

.9

Netherlands

........................................................................................

1,828

.1

Norway

...............................................................................................

2,736

.1

Peru

....................................................................................................

4,493

.2

Romania

.............................................................................................

3,793

.2

Saudi

Arabia

.......................................................................................

2,111

.1

South

Korea

.......................................................................................

7,283

.3

Spain

..................................................................................................

2,775

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

\*\*

Less

than

.05%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Switzerland

........................................................................................

923

—

\*\*

Thailand

.............................................................................................

2,347

.1

Turkey

................................................................................................

—

\*\*

United

Kingdom

.................................................................................

36,070

.7

United

States

......................................................................................

1,729,804

.1

Total

Investments

...............................................................................

2,123,192

.3

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

—

$

799

$

—

Variation

margin

on

futures

contracts\*

—

760

4,862

Interest

rate

swap

contracts,

at

fair

value

—

—

Total

$

—

$

1,559

$

5,353

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

$

22,451

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

852

—

Interest

rate

swap

contracts,

at

fair

value

—

—

608

Credit

default

swap

contracts,

at

fair

value

2,165

—

—

Total

$

2,165

$

1,191

$

23,059

#### 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

$

—

$

$

10,806

Interest

rate

swap

contracts

—

—

Credit

default

swap

contracts

(291) —

—

Foreign

currency

exchange

contracts

—

3,712

—

Total

$

(291) $

3,713

$

11,066

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

$

(25,685)

Interest

rate

swap

contracts

—

—

Credit

default

swap

contracts

(43

1)

—

—

Foreign

currency

exchange

contracts

—

(4,347)

—

Total

$

(43

1)

$

(3,926)

$

(25,667)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

799

$

—

$

799

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Assets

1,290

—

1,290

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,290

$

—

$

1,290

#### 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
Citigroup

$

1,2

$

1,2

$

—

$

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

Total

$

1,290

$

1,270

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

852

$

—

$

852

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

608

—

608

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

2,165

—

2,165

Total

Financial

and

Derivative

Liabilities

3,625

—

3,625

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

3,625

$

—

$

3,625

#### 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
Barclays

$

$

—

$

$

—

Citigroup

3,351

1,230

2,121

—

JPMorgan

Chase

—

—

Royal

Bank

of

Canada

—

Total

$

3,625

$

1,270

$

2,165

$

^&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

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,171,

Investments,

at

fair

value(>)

........................................................................................................................................................

2,123,192

Cash

..............................................................................................................................................................................................

624

Foreign

currency

holdings(^)

.......................................................................................................................................................

2,058

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

799

Receivables:

Dividends

and

interest

......................................................................................................................................................

14,976

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

26,256

Fund

shares

sold

...............................................................................................................................................................

1,831

From

broker(a)(b)

............................................................................................................................................................

65,157

Variation

margin

on

futures

contracts

..............................................................................................................................

1,558

Prepaid

expenses

..........................................................................................................................................................................

Interest

rate

swap

contracts,

at

fair

value

(•)

.................................................................................................................................

Total

assets

...............................................................................................................................................................

2,237,377

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

52,159

Fund

shares

redeemed

......................................................................................................................................................

1,009

Accrued

fees

to

affiliates

..................................................................................................................................................

859

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

18,698

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

852

Interest

rate

swap

contracts,

at

fair

value

(•)

.................................................................................................................................

608

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

2,165

Total

liabilities

...........................................................................................................................................................

76,479

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,160,898

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(636,718)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,37

Additional

paid-in

capital

............................................................................................................................................................

2,795,23

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,160,898

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

147,031

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

2,055

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

57,567

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Swaps

....................................................................................................................................

$

7,59

(•)&nbsp;&nbsp;&nbsp;&nbsp;

Interest

rate

swap

contracts

-

premiums

paid

(received)

.....................................................................................................

$

—

(+)&nbsp;&nbsp;&nbsp;&nbsp;Credit

default

swap

contracts

-

premiums

paid

(received)

.................................................................................................

$

(1,547)

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.02 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.75%):

Class

A

.....................................................

$

9. 3

Class

A

—

Net

assets

...........................................................................................................................................................

$

16,660,307

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,846,465

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.89 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,694,018

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

752,799

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.10 Class

M

—

Net

assets

..........................................................................................................................................................

$

365,441,178

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

40,158,633

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

8.96 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,536,763

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

171,552

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.11 Class

S

—

Net

assets

............................................................................................................................................................

$

1,505,287,448

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

165,306,274

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

8.94 Class

Y

—

Net

assets

...........................................................................................................................................................

$

265,278,321

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,663,759

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

43,539

Dividend

distributions

from

affiliated

funds

....................................................................................................................

3,087

Total

investment

income

.............................................................................................................................................................

46,626

#### Expenses
Advisory

fees

...................................................................................................................................................................

3,801

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

............................................................................................................................................

1,345

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,528

Expense

reductions

..........................................................................................................................................................

(1,298)

Net

expenses

................................................................................................................................................................................

5,230

Net

investment

income

(loss)

.......................................................................................................................................................

41,396

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(4,88

2)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

10,807

Foreign

currency

exchange

contracts

...............................................................................................................................

3,712

Interest

rate

swap

contracts

..............................................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

(291) Foreign

currency-related

transactions

..............................................................................................................................

1,15

Net

realized

gain

(loss)

................................................................................................................................................................

10,776

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(18,48

2)

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

(25,26

4)

Foreign

currency

exchange

contracts

...............................................................................................................................

(4,347)

Interest

rate

swap

contracts

..............................................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

(431) Foreign

currency-related

transactions

..............................................................................................................................

(26

4)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(48,771)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(37,995)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

3,401

\*

Less

than

$500.

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

41,39

$

85,35

Net

realized

gain

(loss)

................................................................................................................

10,776

(49,8

19)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(48,771)

83,84

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

3,40

119,37

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(502) (815) Class

C

.....................................................................................................................................

(175) (272) Class

M

....................................................................................................................................

(10,939)

(16,627)

Class

R6

...................................................................................................................................

(48) (272) Class

S

......................................................................................................................................

(38,560)

(62,520)

Class

Y

.....................................................................................................................................

(8,20

9)

(13,094)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(58,43

3)

(93,600)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

283,92

(181,715)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
228,

(155,94

1)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,93

,

2,087,942

End

of

period

......................................................................................................................................

$

2,160,898

$

1,93

,

#### 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

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,728

$

4,082

Proceeds

from

reinvestment

of

distributions

806

Payments

for

shares

redeemed

(421) (3,851)

(426) (3,863)

Net

increase

(decrease)

(17

8)

(1,626)

1,025

Class

C

Proceeds

from

shares

sold

644

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(87) (788) (182) (1,628)

Net

increase

(decrease)

(28) (257) (80) (712) Class

M

Proceeds

from

shares

sold

5,668

52,479

12,161

110,531

Proceeds

from

reinvestment

of

distributions

1,191

10,939

1,821

16,627

Payments

for

shares

redeemed

(5,333)

(49,265)

(15,998)

(146,009)

Net

increase

(decrease)

1,526

14,153

(2,016)

(18,851)

Class

R6

Proceeds

from

shares

sold

4,923

43,789

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(36) (330) (5,153)

(45,868)

Net

increase

(decrease)

(23) (208) (200) (1,808)

Class

S

Proceeds

from

shares

sold

41,647

385,922

22,380

204,827

Proceeds

from

reinvestment

of

distributions

4,184

38,454

6,826

62,337

Payments

for

shares

redeemed

(17,187)

(158,667)

(45,420)

(415,413)

Net

increase

(decrease)

28,644

265,709

(16,214)

(148,249)

Class

Y

Proceeds

from

shares

sold

678

6,18

2,847

25,720

Proceeds

from

reinvestment

of

distributions

909

8,209

1,459

13,094

Payments

for

shares

redeemed

(911) (8,240)

(5,768)

(51,934)

Net

increase

(decrease)

676

6,15

(1,462)

(13,120)

Total

increase

(decrease)

30,61

$

283,92

(19,859)

$

(181,715)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.26 9.14 8.68 8.92 10.96 11.64 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.3

.40

.31

.14

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15)

.1

.44

(.38)

(1.98)

(.07)

$

Total

from

Investment

Operations

.02

.52

.84

(.07)

(1.84)

.05

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.26)

(.40)

(.38)

(.17)

(.13)

(.14)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.26)

(.40)

(.38)

(.17)

(.20)

(.73)

$

Net

Asset

Value,

End

of

Period

9.02 9.26 9.14 8.68 8.92 10.96 %

Total

Return

(±)(ǿ)

.22

5.88 9.76 (.84)

(17.01)

.33

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 16,660

18,748

17,460

17,085

20,294

26,257

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.92

.92

.95

1.02 1.01 1.01 %

Expenses,

Net

(Ƃ)(ɯ)

.82

.8

.84

.84

.85

.86

%

Net

Investment

Income

(Ƃ)(ɯ)

3.83 4

.

4.40 3.38 1.39 1.10 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.13 9.02 8.57 8.84 10.88 11.57 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.14

.2

.33

.24

.06

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15)

.1

.43

(.37)

(1.96)

(.06)

$

Total

from

Investment

Operations

(.01)

.44

.76

(.13)

(1.90)

(.02)

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.23)

(.33)

(.31)

(.14)

(.07)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.23)

(.33)

(.31)

(.14)

(.14)

(.67)

$

Net

Asset

Value,

End

of

Period

8.89 9.13 9.02 8.57 8.84 10.88 %

Total

Return

(ǿ)

(.14)

5.05 8.97 (1.51)

(17.71)

(.32)

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,694

7,136

7,767

8,035

10,827

15,321

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.67 1.67 1.70 1.77 1.76 1.76 %

Expenses,

Net

(Ƃ)(ɯ)

1.57 1.5 8

1.59 1.59 1.60 1.61 %

Net

Investment

Income

(Ƃ)(ɯ)

3.08 3. 25

3.65 2.61 .62

.36

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.34 9.21 8.74 8.96 11.02 11.69 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19

.

.44

.34

.18

.16

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15)

.1

.44

(.37)

(2.00)

(.07)

$

Total

from

Investment

Operations

.04

.56

.88

(.03)

(1.82)

.09

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.43)

(.41)

(.19)

(.17)

(.17)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.28)

(.43)

(.41)

(.19)

(.24)

(.76)

$

Net

Asset

Value,

End

of

Period

9.10 9.34 9.21 8.74 8.96 11.02 %

Total

Return

(ǿ)

.39

6.33 10.20 (.45)

(16.79)

.74

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 365,441

360,802

374,338

348,932

507,577

657,098

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.67

.67

.70

.77

.76

.75

%

Expenses,

Net

(Ƃ)(ɯ)

.45

.4

.47

.47

.48

.49

%

Net

Investment

Income

(Ƃ)(ɯ)

4.20 4. 37

4.77 3.74 1.76 1.41 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.20 9.08 8.62 8.84 10.87 11.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19

.3

.43

.34

.18

.16

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15)

.1

.44

(.37)

(1.97)

(.06)

$

Total

from

Investment

Operations

.04

.55

.87

(.03)

(1.79)

.10

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.43)

(.41)

(.19)

(.17)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.28)

(.43)

(.41)

(.19)

(.24)

(.77)

$

Net

Asset

Value,

End

of

Period

8.96 9.20 9.08 8.62 8.84 10.87 %

Total

Return

(ǿ)

.40

6.32 10.24 (.45)

(16.74)

.75

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,537

1,786

3,578

1,727

2,218

1,744

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.52

.52

.55

.62

.61

.61

%

Expenses,

Net

(Ƃ)(ɯ)

.44

.4

.46

.46

.47

.48

%

Net

Investment

Income

(Ƃ)(ɯ)

4.21 4. 35

4.79 3.73 1.81 1.45 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.35 9.22 8.75 8.98 11.03 11.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19

.3

.43

.34

.17

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.16)

.1

.44

(.39)

(1.99)

(.07)

$

Total

from

Investment

Operations

.03

.55

.87

(.05)

(1.82)

.08

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.27)

(.42)

(.40)

(.18)

(.16)

(.16)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.27)

(.42)

(.40)

(.18)

(.23)

(.75)

$

Net

Asset

Value,

End

of

Period

9.11 9.35 9.22 8.75 8.98 11.03 %

Total

Return

(ǿ)

.35

6.22 10.09 (.61)

(16.77)

.64

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,505,28

1,277,340

1,408,877

1,252,987

1,751,847

2,500,018

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.67

.67

.70

.77

.76

.76

%

Expenses,

Net

(Ƃ)(ɯ)

.55

.5

.57

.57

.58

.59

%

Net

Investment

Income

(Ƃ)(ɯ)

4.11 4. 27

4.67 3.64 1.64 1.35 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.18 9.06 8.61 8.83 10.85 11.52 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.19

.

.43

.34

.18

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.15)

.1

.44

(.37)

(1.95)

(.05)

$

Total

from

Investment

Operations

.04

.56

.87

(.03)

(1.77)

.10

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.44)

(.42)

(.19)

(.18)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.07)

(.59)

$

Total

Distributions

(.28)

(.44)

(.42)

(.19)

(.25)

(.77)

$

Net

Asset

Value,

End

of

Period

8.94 9.18 9.06 8.61 8.83 10.85 %

Total

Return

(ǿ)

.42

6.36 10.17 (.44)

(16.65)

.77

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 265,278

266,188

275,922

372,036

604,817

831,475

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.4

.48

.50

.57

.56

.55

%

Expenses,

Net

(Ƃ)(ɯ)

.4

.42

.43

.43

.44

.45

%

Net

Investment

Income

(Ƃ)(ɯ)

4.24 4. 4

4.80 3.75 1.79 1.41 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is,

or

was

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

569,171

Administrative

fees

83,431

Distribution

fees

7,569

Shareholder

servicing

fees

1,363

Transfer

agent

fees

189,529

Trustees'

fees

8,15

$

859,21

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

128,493

$

905,685

$

887,161

$

$

(1) $

147,031

$

3,087

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,179,357,524

$

22,013,886

$

(93,195,980)

$

(71,182,094)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 92.3%
Asset-Backed

Securities

-

5.2%

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

652

653

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

4,631

4,649

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

931

930

Churchill

Middle

Market

CLO

LLC

Series

2022-1A

Class

BR

5.375%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,700

1,701

CLI

Funding

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,358

1,372

Credit-Based

Asset

Servicing

and

Securitization

LLC

Series

2004-CB7

Class

AF5

3.194%

due

09/25/34

(~)(Ê)

Eagle

RE,

Ltd.

Series

2023-1

Class

M1A

5.645%

due

09/26/33

(SOFR

Day

Average

+

2.000%)(Ê)(Þ)

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,293

1,296

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

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)

1,822

1,850

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

525

535

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

1,030

1,032

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,225

1,232

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

865

872

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,055

1,061

Series

2025-HE5

Class

A

5.285%

due

08/25/55

(~)(Ê)(Þ)

846

845

Series

2025-HE8

Class

A

5.206%

due

11/25/55

(~)(Ê)(Þ)

893

890

GBX

Leasing

LLC

Series

2026-1A

Class

A

5.130%

due

02/20/56

(Þ)

1,796

1,755

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

5.789%

due

08/21/31

(USD

Month

SOFR

+

2.000%)(Ê)

JPMorgan

Mortgage

Trust

Series

2023-HE1

Class

A1

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.390%

due

11/25/53

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

893

894

Series

2024-HE2

Class

A1

4.840%

due

10/20/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

966

965

Series

2024-HE3

Class

A1

4.840%

due

02/25/55

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

828

827

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

596

599

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(~)(Ê)(Þ)

1,691

1,697

Series

2025-CES5

Class

A1A

5.136%

due

02/25/56

(~)(Ê)(Þ)

869

866

Series

2025-HE1

Class

M1

5.040%

due

07/20/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

2,230

2,240

Series

2025-HE2

Class

A1

4.890%

due

11/20/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

1,786

1,786

Series

2026-CES1

Class

A1A

4.909%

due

06/25/56

(~)(Ê)(Þ)

1,235

1,225

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

01/15/31

1,247

1,196

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

788

790

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

1,105

1,112

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

1,413

1,425

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

615

619

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

922

922

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

2,551

2,561

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

2,542

2,551

Series

2025-CES4

Class

A1A

5.811%

due

04/25/55

(~)(Ê)(Þ)

815

821

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

964

990

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

710

729

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

824

832

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

2,327

2,362

Series

2025-LOC4

Class

A1A

5.395%

due

06/25/55

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

2,269

2,287

52,218

Corporate

Bonds

and

Notes

-

29.3%

Consumer

Discretionary

-

3.4%

7-Eleven,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.800%

due

02/10/31

(Þ)

Amazon.com,

Inc.

4.550%

due

03/13/33

855

844

4.875%

due

03/13/36

1,420

1,399

5.800%

due

03/13/56

630

620

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

4.900%

due

11/11/39

3,770

3,660

Series

AA

Class

AA

3.650%

due

02/15/29

1,441

1,405

AutoZone,

Inc.

5.100%

due

07/15/29

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.200%

due

03/15/28

504

6.100%

due

06/01/29

795

821

3.900%

due

06/01/52

1,330

836

6.700%

due

12/01/55

630

594

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

Comcast

Corp.

6.450%

due

03/15/37

835

904

3.999%

due

11/01/49

5.350%

due

05/15/53

520

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

1,066

Ford

Motor

Co.

7.400%

due

11/01/46

Ford

Motor

Credit

Co.

LLC

5.850%

due

05/17/27

1,154

1,163

4.950%

due

05/28/27

1,096

1,096

5.113%

due

05/03/29

626

622

Fox

Corp.

4.709%

due

01/25/29

5.576%

due

01/25/49

General

Motors

Co.

5.350%

due

04/15/28

770

781

5.200%

due

04/01/45

Genuine

Parts

Co.

6.500%

due

11/01/28

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

Las

Vegas

Sands

Corp.

3.900%

due

08/08/29

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Meritage

Homes

Corp.

3.875%

due

04/15/29

(Þ)

Paramount

Global

6.875%

due

04/30/36

665

619

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)

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

Sekisui

House

US,

Inc.

3.850%

due

01/15/30

Starbucks

Corp.

4.300%

due

06/15/45

Stellantis

Finance

US,

Inc.

5.350%

due

03/17/28

(Þ)

870

877

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

723

819

Time

Warner

Cable

LLC

6.550%

due

05/01/37

2,538

2,551

7.300%

due

07/01/38

660

690

6.750%

due

06/15/39

United

Airlines

Pass-Through

Trust

5.800%

due

07/15/37

1,579

1,635

Series

AA

4.150%

due

02/25/33

687

668

2.700%

due

11/01/33

610

558

United

Airlines,

Inc.

4.625%

due

04/15/29

(Þ)

1,942

1,916

34,698

Consumer

Staples

-

0.8%

Altria

Group,

Inc.

3.400%

due

02/04/41

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

Constellation

Brands,

Inc.

3.150%

due

08/01/29

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

4.750%

due

01/15/29

(Þ)

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Co.

Holdings

6.500%

due

12/01/52

870

872

Keurig

Dr

Pepper,

Inc.

3.950%

due

04/15/29

694

681

Kraft

Heinz

Foods

Co.

4.375%

due

06/01/46

623

Maple

Parent

Holdings

Corp.

4.750%

due

03/26/29

(Þ)

780

780

PepsiCo,

Inc.

3.375%

due

07/29/49

561

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pernod

Ricard

International

Finance

LLC

1.250%

due

04/01/28

(Þ)

Philip

Morris

International,

Inc.

4.375%

due

11/01/27

720

722

Smithfield

Foods,

Inc.

2.625%

due

09/13/31

(Þ)

Sysco

Corp.

5.950%

due

04/01/30

Tyson

Foods,

Inc.

4.350%

due

03/01/29

693

691

United

Rentals

NA,

Inc.

6.000%

due

12/15/29

(Þ)

7,715

Energy

-

2.3%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor,

Inc.

4.350%

due

06/15/31

885

874

5.850%

due

06/15/56

645

636

Cheniere

Corpus

Christi

Holdings

LLC

3.700%

due

11/15/29

697

677

2.742%

due

12/31/39

695

590

Cheniere

Energy,

Inc.

5.200%

due

07/30/36

(Þ)

585

578

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

509

DT

Midstream,

Inc.

4.125%

due

06/15/29

(Þ)

Energy

Transfer,

LP

4.000%

due

10/01/27

655

651

4.550%

due

01/15/31

1,575

1,562

6.300%

due

01/15/56

665

655

Enterprise

Products

Operating

LLC

7.550%

due

04/15/38

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

EQT

Corp.

3.900%

due

10/01/27

Hess

Corp.

6.000%

due

01/15/40

1,500

1,587

5.600%

due

02/15/41

5.800%

due

04/01/47

HF

Sinclair

Corp.

5.000%

due

02/01/28

965

963

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

4.000%

due

03/15/28

521

517

4.500%

due

04/15/38

5.950%

due

04/01/55

730

696

6.200%

due

09/15/55

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

Occidental

Petroleum

Corp.

7.875%

due

09/15/31

500

5.550%

due

10/01/34

715

728

6.450%

due

09/15/36

838

901

6.050%

due

10/01/54

ONEOK,

Inc.

4.550%

due

07/15/28

1,291

1,291

5.400%

due

10/15/35

965

964

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

515

510

Sabine

Pass

Liquefaction

LLC

5.000%

due

03/15/27

815

817

Targa

Resources

Corp.

6.150%

due

03/01/29

504

525

Tennessee

Gas

Pipeline

Co.

LLC

8.375%

due

06/15/32

515

600

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)

3.750%

due

06/15/27

770

765

4.900%

due

03/15/29

682

689

23,700

Financial

Services

-

9.2%

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)

American

Assets

Trust,

LP

3.375%

due

02/01/31

725

660

Apollo

Global

Management,

Inc.

5.700%

due

03/30/36

685

687

Ares

Capital

Corp.

3.200%

due

11/15/31

Associated

Banc-Corp.

6.455%

due

08/29/30

(SOFR

+

3.030%)(Ê)

Athene

Global

Funding

2.500%

due

03/24/28

(Þ)

855

817

Athene

Holding,

Ltd.

3.950%

due

05/25/51

Atlas

Warehouse

Lending

Co.,

LP

4.625%

due

11/15/28

(Þ)

935

923

5.250%

due

01/15/33

(Þ)

715

700

Bank

of

America

Corp.

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

510

501

5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

2,745

2,785

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

1,910

1,951

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

580

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

715

755

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

BGC

Group,

Inc.

6.600%

due

06/10/29

Blackstone

Secured

Lending

Fund

5.300%

due

06/30/30

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.875%

due

06/11/28

Brighthouse

Financial

Global

Funding

5.550%

due

04/09/27

(Þ)

1,470

1,478

Brighthouse

Financial,

Inc.

5.625%

due

05/15/30

Brown

&

Brown,

Inc.

4.500%

due

03/15/29

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

605

604

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

508

Carlyle

Secured

Lending,

Inc.

5.750%

due

02/15/31

Citadel,

LP

4.875%

due

01/15/27

(Þ)

615

615

Citibank

NA

Series

.

4.914%

due

05/29/30

1,790

1,818

Series

BKNT

5.570%

due

04/30/34

Citigroup,

Inc.

5.174%

due

02/13/30

(SOFR

+

1.364%)(Ê)

1,685

1,710

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

3,720

3,342

8.125%

due

07/15/39

563

4.750%

due

05/18/46

Citizens

Financial

Group,

Inc.

5.641%

due

05/21/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.750%)(Ê)

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

Constellation

Insurance,

Inc.

6.800%

due

01/24/30

(Þ)

615

615

Corebridge

Financial,

Inc.

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)

CubeSmart

,

LP

4.375%

due

02/15/29

770

765

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

5.950%

due

09/17/30

(Þ)

775

735

Enact

Holdings,

Inc.

6.250%

due

05/28/29

EPR

Properties

4.950%

due

04/15/28

Equifax,

Inc.

4.800%

due

09/15/29

Essent

Group,

Ltd.

6.250%

due

07/01/29

763

789

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

Farmers

Exchange

Capital

7.050%

due

07/15/28

(Þ)

705

730

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(CME

Term

SOFR

Month

+

3.716%)(Ê)(Þ)

660

603

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

721

Fifth

Third

Bancorp

4.772%

due

07/28/30

(SOFR

+

2.127%)(Ê)

684

684

Fifth

Third

Bank

NA

4.967%

due

01/28/28

(SOFR

+

0.810%)(Ê)

755

757

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

FNB

Corp.

5.722%

due

12/11/30

(SOFR

+

1.930%)(Ê)

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30

(Þ)

650

666

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

1,278

Goldman

Sachs

Group,

Inc.

(The)

4.692%

due

10/23/30

(SOFR

+

1.135%)(Ê)

1,275

1,275

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

540

548

6.450%

due

05/01/36

585

623

4.939%

due

10/21/36

(SOFR

+

1.330%)(Ê)

625

607

5.065%

due

01/21/37

(SOFR

+

1.190%)(Ê)

785

767

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

2,940

2,603

Goldman

Sachs

Private

Credit

Corp.

5.050%

due

02/23/28

(Þ)

810

800

Golub

Capital

BDC,

Inc.

7.050%

due

12/05/28

Highwoods

Realty,

LP

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.125%

due

03/15/28

Host

Hotels

&

Resorts,

LP

4.250%

due

12/15/28

860

851

HSBC

Bank

(USA)

NA

Series

BKNT

7.000%

due

01/15/39

1,435

1,605

Jackson

Financial,

Inc.

3.125%

due

11/23/31

505

Jackson

National

Life

Global

Funding

4.600%

due

10/01/29

(Þ)

Jefferies

Financial

Group,

Inc.

5.125%

due

04/28/31

5.500%

due

02/15/36

1,000

962

JPMorgan

Chase

&

Co.

4.505%

due

10/22/28

(SOFR

+

0.860%)(Ê)

1,725

1,727

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

970

1,041

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

740

751

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

845

881

5.294%

due

07/22/35

(SOFR

+

1.460%)(Ê)

520

525

4.810%

due

10/22/36

(SOFR

+

1.190%)(Ê)

1,105

1,073

3.157%

due

04/22/42

(CME

Term

SOFR

Month

+

1.460%)(Ê)

1,590

1,197

Series

\*

8.750%

due

09/01/30

Kilroy

Realty,

LP

4.250%

due

08/15/29

530

513

Lehman

Brothers

Holdings,

Inc.

5.857%

due

11/30/56

1,450

—

LPL

Holdings,

Inc.

6.750%

due

11/17/28

516

Markel

Group,

Inc.

3.350%

due

09/17/29

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,090

644

Mercury

General

Corp.

4.400%

due

03/15/27

Morgan

Stanley

5.230%

due

01/15/31

(SOFR

+

1.108%)(Ê)

2,445

2,485

5.466%

due

01/18/35

(SOFR

+

1.730%)(Ê)

855

870

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

900

935

5.664%

due

04/17/36

(SOFR

+

1.757%)(Ê)

1,130

1,160

Series

I

4.892%

due

10/22/36

(SOFR

+

1.314%)(Ê)

910

881

Series

MTN

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,725

1,742

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Morgan

Stanley

Direct

Lending

Fund

6.000%

due

05/19/30

Nationwide

Mutual

Insurance

Co.

9.375%

due

08/15/39

(Þ)

700

901

New

York

Life

Insurance

Co.

5.875%

due

05/15/33

(Þ)

680

713

NMI

Holdings,

Inc.

6.000%

due

08/15/29

1,289

1,321

Nuveen

Churchill

Direct

Lending

Corp.

6.650%

due

03/15/30

Oaktree

Specialty

Lending

Corp.

6.340%

due

02/27/30

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

503

503

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

Month

SOFR

+

2.796%)(Ê)(Þ)

Prologis

Targeted

US

Logistics

Fund,

LP

4.625%

due

03/15/33

(Þ)

710

690

Protective

Life

Corp.

4.700%

due

01/15/31

(Þ)

820

812

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)

Regency

Centers,

LP

4.500%

due

03/15/33

540

526

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,725

1,675

Santander

Holdings

USA,

Inc.

6.174%

due

01/09/30

(SOFR

+

2.500%)(Ê)

Sixth

Street

Specialty

Lending,

Inc.

6.125%

due

03/01/29

State

Street

Corp.

4.936%

due

06/01/77

(CME

Term

SOFR

Month

+

1.262%)(Ê)

TPG

Operating

Group

II,

LP

4.875%

due

05/15/31

930

918

Truist

Financial

Corp.

Series

MTN

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

1,770

1,842

US

Bancorp

4.481%

due

01/26/32

(SOFR

+

0.867%)(Ê)

1,165

1,151

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

Voya

Financial,

Inc.

4.700%

due

01/23/48

(USD

Month

SOFR

+

2.084%)(Ê)

Webster

Financial

Corp.

4.100%

due

03/25/29

Wells

Fargo

&

Co.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.970%

due

04/23/29

(SOFR

+

1.370%)(Ê)

810

817

4.182%

due

01/23/30

(SOFR

+

0.740%)(Ê)

785

778

5.244%

due

01/24/31

(SOFR

+

1.110%)(Ê)

1,035

1,055

5.950%

due

08/26/36

630

655

5.433%

due

01/23/47

(SOFR

+

1.230%)(Ê)

Series

\*

5.950%

due

12/01/86

Series

MTN

3.196%

due

06/17/27

(CME

Term

SOFR

Month

+

1.432%)(Ê)

1,570

1,567

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,230

1,244

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

1,040

1,068

Weyerhaeuser

Co.

6.950%

due

10/01/27

Willis

North

America,

Inc.

4.550%

due

03/15/31

780

771

Zions

Bancorp

NA

3.250%

due

10/29/29

92,882

Health

Care

-

2.6%

Abbott

Laboratories

4.300%

due

03/15/33

1,050

1,025

AbbVie,

Inc.

4.250%

due

11/21/49

655

529

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,349

Alcon

Finance

Corp.

3.000%

due

09/23/29

(Þ)

608

578

Amgen,

Inc.

3.150%

due

02/21/40

1,200

932

5.650%

due

03/02/53

880

845

Cencora

,

Inc.

4.600%

due

02/13/33

610

600

Centene

Corp.

4.625%

due

12/15/29

2,000

1,949

3.000%

due

10/15/30

1,020

917

CommonSpirit

Health

Series

2025

4.975%

due

09/01/35

1,730

1,683

CVS

Health

Corp.

4.780%

due

03/25/38

625

580

5.050%

due

03/25/48

3,404

2,936

GE

HealthCare

Technologies,

Inc.

4.150%

due

12/15/28

1,255

1,246

4.800%

due

08/14/29

755

761

HCA,

Inc.

4.500%

due

02/15/27

670

670

5.200%

due

06/01/28

4.125%

due

06/15/29

5.500%

due

06/15/47

965

884

3.500%

due

07/15/51

765

504

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

5.200%

due

06/15/29

(Þ)

745

755

Horizon

Mutual

Holdings,

Inc.

6.200%

due

11/15/34

(Þ)

1,000

945

Merck

&

Co.,

Inc.

4.450%

due

12/04/32

840

832

2.750%

due

12/10/51

515

5.550%

due

12/04/55

PeaceHealth

Obligated

Group

4.335%

due

11/15/28

1,070

1,065

4.855%

due

11/15/32

780

778

Royalty

Pharma

PLC

5.200%

due

09/25/35

980

973

3.350%

due

09/02/51

UnitedHealth

Group,

Inc.

3.250%

due

05/15/51

850

563

5.875%

due

02/15/53

790

781

Universal

Health

Services,

Inc.

2.650%

due

10/15/30

26,540

Materials

and

Processing

-

0.2%

Dow

Chemical

Co.

(The)

9.400%

due

05/15/39

Georgia-Pacific,

LLC

4.900%

due

05/15/33

780

778

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

Louisiana-Pacific

Corp.

3.625%

due

03/15/29

(Þ)

RPM

International,

Inc.

4.550%

due

03/01/29

Sherwin-Williams

Co.

(The)

2.950%

due

08/15/29

2,365

Producer

Durables

-

1.3%

Avnet,

Inc.

6.250%

due

03/15/28

644

661

Boeing

Co.

(The)

5.705%

due

05/01/40

615

621

Burlington

Northern

Santa

Fe

LLC

3.050%

due

02/15/51

CRH

SMW

Finance

DAC

5.125%

due

01/09/30

Dover

Corp.

2.950%

due

11/04/29

Eaton

Corp.

3.950%

due

03/06/29

1,125

1,113

4.200%

due

03/06/31

790

779

GE

Vernova

,

Inc.

4.250%

due

02/04/31

1,100

1,090

5.500%

due

02/04/56

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

Honeywell

Aerospace,

Inc.

4.950%

due

03/16/36

(Þ)

950

939

5.732%

due

03/16/56

(Þ)

865

850

Huntington

Ingalls

Industries,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.483%

due

12/01/27

IDEX

Corp.

4.950%

due

09/01/29

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

Jacobs

Solutions,

Inc.

4.750%

due

03/03/31

1,110

1,099

Kirby

Corp.

4.200%

due

03/01/28

L3Harris

Technologies,

Inc.

2.900%

due

12/15/29

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

Pentair

PLC

4.500%

due

07/01/29

Vertiv

Holdings

Co.

5.800%

due

03/15/56

Vontier

Corp.

2.400%

due

04/01/28

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

12,880

Technology

-

3.1%

Alphabet,

Inc.

4.400%

due

02/15/33

950

934

5.450%

due

11/15/55

625

597

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

587

575

Broadcom,

Inc.

4.150%

due

11/15/30

3.419%

due

04/15/33

895

820

4.800%

due

02/15/36

1,105

1,080

4.926%

due

05/15/37

(Þ)

508

Broadridge

Financial

Solutions,

Inc.

2.900%

due

12/01/29

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

Fidelity

National

Information

Services,

Inc.

4.450%

due

03/10/28

875

873

Foundry

JV

Holdco

LLC

5.900%

due

01/25/33

(Þ)

1,880

1,959

6.100%

due

01/25/36

(Þ)

880

923

Gartner,

Inc.

3.750%

due

10/01/30

(Þ)

Hewlett

Packard

Enterprise

Co.

4.600%

due

03/23/29

810

810

Intel

Corp.

3.750%

due

08/05/27

1,400

1,388

3.734%

due

12/08/47

3.250%

due

11/15/49

770

6.125%

due

05/15/56

730

725

International

Business

Machines

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.000%

due

02/03/29

1,150

1,137

Leidos,

Inc.

5.000%

due

03/15/36

1,110

1,075

Meta

Platforms,

Inc.

5.250%

due

05/15/36

550

548

4.450%

due

08/15/52

840

651

5.400%

due

08/15/54

710

631

6.300%

due

05/15/56

500

501

4.650%

due

08/15/62

5.550%

due

08/15/64

665

587

Series

.

5.625%

due

11/15/55

645

591

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

1,080

4.800%

due

09/26/32

860

818

5.350%

due

05/04/33

720

698

3.900%

due

05/15/35

5.200%

due

09/26/35

1,090

1,015

3.800%

due

11/15/37

3.600%

due

04/01/40

1,526

1,099

5.375%

due

09/27/54

1,145

882

4.375%

due

05/15/55

695

5.950%

due

09/26/55

590

Paychex,

Inc.

5.350%

due

04/15/32

622

627

Qorvo,

Inc.

4.375%

due

10/15/29

Roper

Technologies,

Inc.

4.200%

due

09/15/28

Salesforce,

Inc.

4.650%

due

03/15/29

1,100

1,102

5.550%

due

03/15/36

915

912

6.550%

due

03/15/56

Workday,

Inc.

3.700%

due

04/01/29

31,415

Utilities

-

6.4%

AEP

Texas,

Inc.

3.950%

due

06/01/28

5.450%

due

05/15/29

1,335

1,368

Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

American

Electric

Power

Co.,

Inc.

5.625%

due

03/01/33

1,405

1,454

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

941

5.700%

due

08/15/34

895

926

AT&T,

Inc.

6.800%

due

05/15/36

525

567

4.900%

due

08/15/37

780

745

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

06/01/41

760

585

3.500%

due

09/15/53

695

5.700%

due

11/01/54

780

723

3.550%

due

09/15/55

1,285

827

Series

\*

4.300%

due

02/15/30

865

858

8.750%

due

11/15/31

Basin

Electric

Power

Cooperative

5.850%

due

10/15/55

(Þ)

680

663

Berkshire

Hathaway

Energy

Co.

6.125%

due

04/01/36

Brooklyn

Union

Gas

Co.

(The)

6.415%

due

07/18/54

(Þ)

855

867

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

717

Dayton

Power

&

Light

Co.

(The)

4.550%

due

08/15/30

1,280

1,260

Dominion

Energy,

Inc.

5.450%

due

03/15/35

1,155

1,165

6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.207%)(Ê)

990

1,010

Series

\*\*

6.000%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.262%)(Ê)

680

681

Series

A

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.386%)(Ê)

DTE

Energy

Co.

4.950%

due

07/01/27

895

901

Series

C

3.400%

due

06/15/29

Duke

Energy

Corp.

4.950%

due

09/15/35

1,050

1,027

5.000%

due

08/15/52

1,278

1,091

Entergy

Corp.

7.125%

due

12/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.670%)(Ê)

Entergy

Louisiana

LLC

4.900%

due

04/15/36

780

760

Essential

Utilities,

Inc.

3.566%

due

05/01/29

Evergy

,

Inc.

6.650%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.558%)(Ê)

FirstEnergy

Pennsylvania

Electric

Co.

3.250%

due

03/15/28

(Þ)

511

500

Florida

Power

&

Light

Co.

5.960%

due

04/01/39

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
HUT

DC

LLC

6.192%

due

11/15/42

(Þ)

630

636

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

665

661

5.850%

due

02/15/34

(Þ)

600

628

National

Fuel

Gas

Co.

4.750%

due

09/01/28

NextEra

Energy

Capital

Holdings,

Inc.

4.685%

due

09/01/27

1,055

1,060

5.900%

due

03/15/55

1,135

1,112

4.800%

due

12/01/77

(USD

Month

SOFR

+

2.409%)(Ê)

NiSource,

Inc.

5.350%

due

04/01/34

1,035

1,055

5.850%

due

04/01/55

610

593

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

558

539

4.955%

due

04/30/31

(Þ)

620

616

5.407%

due

10/15/35

(Þ)

835

819

OGE

Energy

Corp.

5.450%

due

05/15/29

735

752

Ohio

Edison

Co.

4.950%

due

12/15/29

(Þ)

740

748

Oncor

Electric

Delivery

Co.

LLC

5.550%

due

06/15/54

865

820

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

1,325

1,287

5.000%

due

06/04/28

880

888

6.100%

due

01/15/29

2.500%

due

02/01/31

635

571

5.900%

due

06/15/32

890

924

4.500%

due

07/01/40

4.200%

due

06/01/41

PacifiCorp

2.900%

due

06/15/52

865

508

Pinnacle

West

Capital

Corp.

5.150%

due

05/15/30

PSEG

Power

LLC

5.200%

due

05/15/30

(Þ)

795

807

5.750%

due

05/15/35

(Þ)

1,095

1,115

Public

Service

Co.

of

Colorado

5.750%

due

05/15/54

895

870

Public

Service

Co.

of

Oklahoma

5.200%

due

01/15/35

686

682

Series

G

6.625%

due

11/15/37

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

QTS

Fayetteville

I

Dc1-2

LLC

/

QTS

TRS

Fayetteville

I

DC1-2

LLC

5.700%

due

04/15/36

(Þ)

530

515

RD

Michigan

Property

Owner

I

LLC

7.500%

due

03/30/45

(Þ)

Sempra

3.700%

due

04/01/29

5.250%

due

03/15/36

850

839

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Southern

Power

Co.

Series

B

4.900%

due

10/01/35

875

848

Southwestern

Electric

Power

Co.

5.200%

due

04/01/36

Sprint

Capital

Corp.

6.875%

due

11/15/28

628

663

8.750%

due

03/15/32

1,645

1,957

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

1,168

1,171

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

574

589

5.300%

due

12/15/34

600

598

T-Mobile

USA,

Inc.

2.400%

due

03/15/29

3.375%

due

04/15/29

4.500%

due

04/15/50

1,330

1,064

5.700%

due

01/15/56

875

825

Verizon

Communications,

Inc.

7.750%

due

12/01/30

640

720

2.355%

due

03/15/32

1,990

1,740

4.272%

due

01/15/36

5.875%

due

11/30/55

1,240

1,197

Virginia

Electric

and

Power

Co.

5.000%

due

01/15/34

840

839

Vistra

Operations

Co.

LLC

4.300%

due

10/15/28

(Þ)

1,140

1,127

4.300%

due

07/15/29

(Þ)

515

505

4.600%

due

10/15/30

(Þ)

1,200

1,178

5.700%

due

12/30/34

(Þ)

1,325

1,336

5.250%

due

10/15/35

(Þ)

775

752

WEC

Energy

Group,

Inc.

5.625%

due

05/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.905%)(Ê)

65,183

297,378

International

Debt

-

10.6%

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

ACREC

LLC

Series

2026-FL4

Class

A

5.111%

due

01/18/43

(CME

Term

SOFR

Month

+

1.450%)(Ê)(Þ)

3,360

3,365

Adani

Electricity

Mumbai,

Ltd.

3.949%

due

02/12/30

(Þ)

Adani

Ports

and

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

554

4.625%

due

09/10/29

985

983

4.375%

due

11/15/30

1,105

1,085

4.950%

due

09/10/34

680

662

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.720%)(Ê)

1,206

1,249

Ahold

Finance

USA

LLC

6.875%

due

05/01/29

Algonquin

Power

&

Utilities

Corp.

5.365%

due

06/15/26

(~)(Ê)

1,325

1,326

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

America

Movil

SAB

de

CV

3.625%

due

04/22/29

Anglo

American

Capital

PLC

5.750%

due

04/05/34

(Þ)

640

660

Anheuser-Busch

Cos

LLC

/

Anheuser-

Busch

InBev

Worldwide,

Inc.

Series

\*

4.900%

due

02/01/46

885

801

Anheuser-Busch

InBev

Worldwide,

Inc.

8.200%

due

01/15/39

5.450%

due

01/23/39

Avolon

Holdings

Funding,

Ltd.

4.950%

due

01/15/28

(Þ)

1,970

1,977

6.375%

due

05/04/28

(Þ)

1,150

1,184

5.750%

due

03/01/29

(Þ)

1,400

1,431

5.750%

due

11/15/29

(Þ)

5.375%

due

05/30/30

(Þ)

520

526

BAE

Systems

PLC

5.300%

due

03/26/34

(Þ)

1,030

1,052

Bain

Capital

Credit

CLO,

Ltd.

Series

2025-4A

Class

D1

6.280%

due

01/17/39

(CME

Term

SOFR

Month

+

2.600%)(Ê)(Þ)

1,850

1,850

Banco

de

Credito

del

Peru

S.A.

5.800%

due

03/10/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.240%)(Ê)(Þ)

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5.621%

due

12/10/29

(Þ)

Banco

Santander

SA

5.439%

due

07/15/31

1,200

1,235

Bangkok

Bank

PCL

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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.476%

due

11/11/29

(SOFR

+

1.080%)(Ê)

1,825

1,815

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

656

659

4.942%

due

09/10/30

(SOFR

+

1.560%)(Ê)

1,635

1,642

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

4.805%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

1,410

1,407

Barrick

North

America

Finance

LLC

5.750%

due

05/01/43

BAT

Capital

Corp.

2.259%

due

03/25/28

895

860

5.350%

due

08/15/32

1,065

1,095

6.421%

due

08/02/33

665

721

4.390%

due

08/15/37

800

728

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

5.250%

due

09/10/29

(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

BNP

Paribas

SA

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)

Brookfield

Infrastructure

Finance

ULC

6.750%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.453%)(Ê)

Canadian

Imperial

Bank

of

Commerce

4.283%

due

01/29/30

(SOFR

+

0.790%)(Ê)

1,170

1,161

6.950%

due

01/28/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.833%)(Ê)

531

540

Canadian

Natural

Resources,

Ltd.

5.000%

due

12/15/29

589

598

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Celulosa

Arauco

y

Constitucion

SA

3.875%

due

11/02/27

4.200%

due

01/29/30

(Þ)

Chile

Electricity

MPC

SARL

6.010%

due

01/20/33

(Þ)

920

957

CI

Financial

Corp.

3.200%

due

12/17/30

2,015

1,806

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.613%

due

10/02/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

905

901

Deutsche

Bank

AG

6.819%

due

11/20/29

(SOFR

+

2.510%)(Ê)

1,100

1,154

4.999%

due

09/11/30

(SOFR

+

1.700%)(Ê)

565

567

4.469%

due

12/10/31

(SOFR

+

1.100%)(Ê)

595

586

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Electricite

de

France

SA

6.125%

due

04/22/56

(Þ)

1,105

1,071

Element

Fleet

Management

Corp.

6.319%

due

12/04/28

(Þ)

515

Emera

US

Finance,

LP

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

1,292

Engie

Energia

Chile

SA

3.400%

due

01/28/30

(Þ)

Flatiron

CLO,

Ltd.

Series

2024-4A

Class

A

5.003%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

2,900

2,904

Series

2025-30A

Class

A1

4.833%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

1,200

1,200

Flutter

Treasury

DAC

6.375%

due

04/29/29

(Þ)

595

604

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)

688

568

Glencore

Funding

LLC

5.186%

due

04/01/30

(Þ)

855

868

Greensaif

Pipelines

Bidco

SARL

6.103%

due

08/23/42

(Þ)

690

705

Home

RE,

Ltd.

Series

2022-1

Class

B1

12.645%

due

10/25/34

(SOFR

Day

Average

+

9.000%)(Ê)(Þ)

2,940

3,267

HSBC

Holdings

PLC

5.210%

due

08/11/28

(SOFR

+

2.610%)(Ê)

730

736

5.130%

due

11/19/28

(SOFR

+

1.040%)(Ê)

1,385

1,396

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.398%

due

03/10/30

(SOFR

+

0.990%)(Ê)

565

561

4.619%

due

11/06/31

(SOFR

+

1.190%)(Ê)

1,365

1,352

Imperial

Brands

Finance

PLC

4.500%

due

06/30/28

(Þ)

870

871

3.875%

due

07/26/29

(Þ)

Industrias

Penoles

SAB

de

CV

4.150%

due

09/12/29

(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)

LG

Energy

Solution,

Ltd.

5.750%

due

09/25/28

(Þ)

Lloyds

Banking

Group

PLC

3.574%

due

11/07/28

(USD

Month

SOFR

+

1.205%)(Ê)

760

750

4.241%

due

02/10/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.600%)(Ê)

925

916

4.425%

due

11/04/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.820%)(Ê)

1,095

1,079

LLPL

Capital

Pte,

Ltd.

6.875%

due

02/04/39

(Þ)

LSEG

US

Fin

Corp.

5.250%

due

03/23/36

(Þ)

500

Magnetite

CLO,

Ltd.

Series

2020-26A

Class

AR2

4.817%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

1,510

1,510

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

506

508

Mexico

Government

International

Bond

5.375%

due

03/22/33

935

919

3.500%

due

02/12/34

625

536

6.625%

due

01/29/38

1,235

1,272

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL8

Class

A

5.007%

due

02/19/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

1,239

1,239

Mitsubishi

UFJ

Financial

Group,

Inc.

4.592%

due

04/18/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.780%)(Ê)

750

750

NatWest

Group

PLC

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.270%)(Ê)

780

791

NBK

SPC,

Ltd.

5.500%

due

06/06/30

(SOFR

+

1.160%)(Ê)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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)

1,860

1,866

nVent

Finance

SARL

4.550%

due

04/15/28

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

4.300%

due

06/18/29

OCP

CLO,

Ltd.

Series

2021-22A

Class

AR

5.025%

due

10/20/37

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

600

601

Series

2025-45A

Class

D1

6.173%

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)

Poland

Government

International

Bond

Series

30Y

6.125%

due

04/14/56

620

622

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

3.750%

due

10/16/29

(Þ)

Radnor

RE,

Ltd.

Series

2021-2

Class

M1B

7.345%

due

11/25/31

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

572

574

Raizen

Fuels

Finance

SA

6.250%

due

07/08/32

(~)(Ê)(Þ)

785

Regatta

XXVII

Funding,

Ltd.

Series

2024-1A

Class

A1

5.197%

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

US

LLC

5.204%

due

09/16/30

(Þ)

790

800

Reynolds

American,

Inc.

Series

\*

8.125%

due

05/01/40

695

818

Rogers

Communications,

Inc.

7.500%

due

08/15/38

Royal

Bank

of

Canada

7.500%

due

05/02/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.887%)(Ê)

Santander

UK

Group

Holdings

PLC

4.320%

due

09/22/29

(SOFR

+

1.070%)(Ê)

1,420

1,409

4.858%

due

09/11/30

(SOFR

+

1.554%)(Ê)

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

Scentre

Group

Trust

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

SMBC

Aviation

Capital

Finance

DAC

5.250%

due

11/26/35

(Þ)

1,090

1,069

Societe

Generale

SA

5.250%

due

02/19/27

(Þ)

785

790

4.750%

due

09/14/28

(Þ)

4.450%

due

04/12/30

(SOFR

+

1.096%)(Ê)(Þ)

935

926

7.132%

due

01/19/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.950%)(Ê)(Þ)

Sompo

Holdings,

Inc.

5.411%

due

04/22/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.130%)(Ê)(Þ)

955

940

South

Bow

USA

Infrastructure

Holdings

LLC

5.026%

due

10/01/29

620

624

Suncor

Energy,

Inc.

7.000%

due

11/15/28

526

Suzano

Austria

GmbH

6.000%

due

01/15/29

Swiss

Re

Finance

Luxembourg

SA

5.000%

due

04/02/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.582%)(Ê)(Þ)

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

1,876

1,865

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

(CME

Term

SOFR

Month

+

4.416%)(Ê)

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

UBS

Group

AG

7.000%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.321%)

(Ê)(ƒ)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

UPM-

Kymmene

Oyj

7.450%

due

11/26/27

(Þ)

589

613

Var

Energi

ASA

8.000%

due

11/15/32

(Þ)

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Wellesley

Park

CLO,

Ltd.

Series

2025-1A

Class

D1

6.117%

due

01/24/39

(CME

Term

SOFR

Month

+

2.450%)(Ê)(Þ)

1,900

1,902

Woori

Bank

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.375%

due

07/24/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.277%)(Ê)(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

107,756

Mortgage-Backed

Securities

-

21.6%

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

Series

2025-FL1

Class

AS

5.494%

due

01/20/43

(CME

Term

SOFR

Month

+

1.833%)(Ê)(Þ)

2,120

2,121

Series

2025-FL1

Class

B

5.953%

due

01/20/43

(CME

Term

SOFR

Month

+

2.292%)(Ê)(Þ)

1,300

1,300

Series

2026-FL1

Class

A

5.161%

due

09/20/43

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

5,230

5,238

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.119%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

674

675

Series

2022-FL1

Class

A

5.090%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

1,506

1,506

Banc

of

America

Mortgage

Trust

Series

2004-D

Class

2A2

6.022%

due

05/25/34

(~)(Ê)

Series

2006-B

Class

1A1

6.622%

due

10/20/46

(~)(Ê)

BDS

LLC

Series

2025-FL16

Class

A

5.061%

due

06/19/43

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

4,689

4,693

BRCK

Trust

Series

2025-830B

Class

A

4.956%

due

12/10/42

(~)(Ê)(Þ)

551

547

Series

2025-830B

Class

B

5.357%

due

12/10/42

(~)(Ê)(Þ)

5,090

5,073

BX

Commercial

Mortgage

Trust

Series

2024-BIO

Class

C

6.295%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

7,432

7,386

Series

2024-MDHS

Class

A

5.296%

due

05/15/41

(CME

Term

SOFR

Month

+

1.641%)(Ê)(Þ)

1,572

1,572

Series

2024-MDHS

Class

B

5.496%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

2,737

2,738

Series

2024-VLT4

Class

B

5.596%

due

06/15/41

(CME

Term

SOFR

Month

+

1.941%)(Ê)(Þ)

624

621

Series

2024-VLT4

Class

C

5.795%

due

06/15/41

(CME

Term

SOFR

Month

+

2.140%)(Ê)(Þ)

Series

2025-ROIC

Class

C

5.198%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

1,013

1,008

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-ROIC

Class

D

5.647%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

3,415

3,409

Series

2026-CART

Class

A

4.705%

due

02/15/36

(CME

Term

SOFR

Month

+

1.050%)(Ê)(Þ)

6,734

6,677

CAMB

Commercial

Mortgage

Trust

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,283

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

6.019%

due

10/25/57

(CME

Term

SOFR

Month

+

2.364%)(Ê)(Þ)

797

821

Series

2024-1

Class

A6

6.500%

due

01/25/55

(~)(Ê)(Þ)

1,002

1,007

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.330%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,626

DK

Trust

Series

2024-SPBX

Class

A

5.155%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

2,292

2,292

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

552

520

4.000%

due

2043

4.000%

due

2044

3.500%

due

2045

4.000%

due

2045

4.000%

due

2046

609

582

4.500%

due

2046

4.000%

due

2047

4.500%

due

2047

4.000%

due

2048

5.000%

due

2048

580

582

3.000%

due

2049

2,259

1,985

4.000%

due

2049

2.000%

due

2051

3,717

3,024

4.000%

due

2052

6,491

6,117

5.000%

due

2052

2,494

2,476

5.500%

due

2052

4,386

4,440

5.000%

due

2053

5,426

5,386

5.500%

due

2053

8,392

8,490

5.500%

due

2054

6,414

6,494

5.000%

due

2055

2,631

2,596

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $30

Year

TBA(Ï)

4.500%

2,600

2,501

Fannie

Mae

REMIC

Trust

Series

2004-W12

Class

1A3

7.000%

due

07/25/44

Fannie

Mae

REMICS

Series

1999-56

Class

Z

7.000%

due

12/18/29

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

5,089

4,516

2.500%

due

2051

1,125

962

3.500%

due

2051

1,538

1,409

3.500%

due

2052

3,467

3,165

4.000%

due

2052

5,022

4,732

5.000%

due

2052

2,571

2,552

5.500%

due

2053

12,258

12,423

5.500%

due

2055

6,123

6,192

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

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

3,527

3,022

5.500%

due

2053

1,080

1,098

5.500%

due

2055

6,471

6,555

Year

TBA(Ï)

5.000%

15,400

15,268

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.901%

due

01/13/40

(~)(Ê)(Þ)

1,657

1,677

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)

1,703

1,537

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,326

2,185

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)

1,777

1,661

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

2,401

2,158

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,129

1,009

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,162

1,037

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

704

639

MF1

Multifamily

Housing

Mortgage

Trust

Series

2022-FL9

Class

A

5.807%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

1,860

1,861

Series

2024-FL14

Class

A

5.392%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

3,284

3,290

MF1,

LLC

Series

2026-FL22

Class

A

1.000%

due

11/18/43

6,633

6,633

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.470%

due

09/13/39

(~)(Ê)(Þ)

10,103

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

Preston

Ridge

Partners

Mortgage

Trust

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

2,393

2,372

Series

2023-RCF2

Class

A2

4.000%

due

11/25/53

(~)(Ê)(Þ)

1,000

982

Series

2023-RCF2

Class

A3

4.000%

due

11/25/53

(~)(Ê)(Þ)

1,344

1,318

Series

2024-RCF1

Class

A2

4.000%

due

01/25/54

(~)(Ê)(Þ)

552

542

Series

2024-RCF6

Class

A3

4.000%

due

10/25/64

(~)(Ê)(Þ)

1,580

1,530

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

1,298

1,294

Series

2025-RCF4

Class

A1

4.500%

due

08/25/55

(~)(Ê)(Þ)

1,965

1,945

Series

2026-RCF1

Class

A3

5.305%

due

01/25/56

(~)(Ê)(Þ)

1,000

998

Series

2026-RCF2

Class

A1

5.500%

due

03/25/56

(~)(Ê)(Þ)

2,782

2,802

RFR

Trust

Series

2025-SGRM

Class

B

5.863%

due

03/11/41

(~)(Ê)(Þ)

3,086

3,108

Series

2025-SGRM

Class

C

6.013%

due

03/11/41

(~)(Ê)(Þ)

2,425

2,429

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

4.898%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

1,117

1,116

TORY

Commercial

Mortgage

Trust

Series

2026-HGTS

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.075%

due

01/13/46

(~)(Ê)(Þ)

5,140

5,063

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

B

5.481%

due

07/13/44

(~)(Ê)(Þ)

1,480

1,478

Series

2025-AZ

Class

C

6.033%

due

07/13/44

(~)(Ê)(Þ)

2,863

2,881

219,685

Municipal

Bonds

-

0.1%

Georgia

Municipal

Electric

Authority

Revenue

Bonds

6.637%

due

04/01/57

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

7.375%

due

10/01/29

(Þ)

610

641

1,033

Non-US

Bonds

-

2.4%

Apna

Park

CLO

DAC

Series

2025-1A

Class

A

3.366%

due

12/15/38

(3

Month

EURIBOR

+

1.290%)(Ê)(Þ)

EUR

5,900

6,928

OCP

Euro

CLO

DAC

Series

2026-15A

Class

A

3.438%

due

04/18/39

(3

Month

EURIBOR

+

1.200%)(Ê)(Þ)

EUR

2,900

3,403

Rre

Loan

Management

DAC

Series

2026-28A

Class

A1

3.451%

due

04/15/39

(3

Month

EURIBOR

+

1.190%)(Ê)(Þ)

EUR

5,400

6,330

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

Series

2025-1A

Class

A2

4.292%

due

06/28/50

(Þ)

EUR

2,941

3,423

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

3,217

4,390

24,474

United

States

Government

Treasuries

-

23.1%

United

States

Treasury

Notes

2.375%

due

05/15/27

4,168

4,108

0.500%

due

05/31/27

8,158

7,875

6.375%

due

08/15/27

6,832

7,042

0.625%

due

12/31/27

3,671

3,479

4.250%

due

01/15/28

9,600

9,657

2.750%

due

02/15/28

6,391

6,266

1.250%

due

03/31/28

8,100

7,708

2.875%

due

05/15/28

6,246

6,122

3.875%

due

06/15/28

4,420

4,419

1.250%

due

09/30/28

6,597

6,197

3.125%

due

11/15/28

6,937

6,806

1.500%

due

11/30/28

4,456

4,195

3.875%

due

04/15/29

2.375%

due

05/15/29

5,671

5,422

4.250%

due

06/30/29

4,005

4,043

1.625%

due

08/15/29

3,558

3,308

3.625%

due

08/31/29

6,598

6,533

4.000%

due

10/31/29

3,971

3,977

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.625%

due

05/15/30

5,001

4,379

0.625%

due

08/15/30

5,923

5,143

0.875%

due

11/15/30

6,400

5,575

4.375%

due

11/30/30

5,456

5,537

1.125%

due

02/15/31

5,548

4,856

3.875%

due

03/31/31

3,675

3,651

3.875%

due

04/30/31

2,615

2,598

1.625%

due

05/15/31

7,004

6,236

1.250%

due

08/15/31

4,753

4,120

1.875%

due

02/15/32

1,034

915

2.875%

due

05/15/32

4,530

4,225

2.750%

due

08/15/32

1,697

1,565

4.125%

due

11/15/32

2,371

2,363

3.500%

due

02/15/33

3,101

2,974

4.250%

due

03/31/33

1,115

1,118

3.375%

due

05/15/33

2,498

2,371

4.500%

due

11/15/33

3,609

3,667

4.000%

due

02/15/34

1,900

1,866

4.375%

due

05/15/34

2,773

2,790

3.875%

due

08/15/34

6,302

6,116

4.250%

due

11/15/34

2,665

2,652

4.625%

due

02/15/35

1,265

1,292

4.250%

due

05/15/35

6,934

6,882

4.125%

due

02/15/36

4,892

4,789

1.375%

due

11/15/40

1,254

802

1.875%

due

02/15/41

538

2.250%

due

05/15/41

2,192

1,585

1.750%

due

08/15/41

1,448

961

3.125%

due

11/15/41

1,780

1,445

2.750%

due

11/15/42

3,977

3,000

3.750%

due

11/15/43

1,515

1,301

3.125%

due

08/15/44

1,692

1,314

4.625%

due

11/15/44

1,287

1,234

5.000%

due

05/15/45

551

553

2.875%

due

08/15/45

3,420

2,515

4.625%

due

02/15/46

4,473

4,272

3.000%

due

02/15/48

3,342

2,438

3.125%

due

05/15/48

2,956

2,201

3.375%

due

11/15/48

1,567

1,214

2.375%

due

11/15/49

648

1.250%

due

05/15/50

1,750

821

1.375%

due

08/15/50

1,126

544

1.625%

due

11/15/50

1,062

547

1.875%

due

02/15/51

4,234

2,322

2.000%

due

08/15/51

1,138

640

1.875%

due

11/15/51

3,932

2,132

2.250%

due

02/15/52

2,498

1,486

2.875%

due

05/15/52

2,782

1,905

3.625%

due

05/15/53

1,856

1,469

4.750%

due

11/15/53

1,710

1,642

4.625%

due

02/15/55

1,781

1,677

4.750%

due

05/15/55

2,070

1,990

4.750%

due

08/15/55

1,296

1,247

4.625%

due

11/15/55

2,147

2,025

4.750%

due

02/15/56

3,369

3,244

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $234,361

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$953,637)

936,905

#### Short-Term

#### Investments

#### -

#### 8.5%
U.S.

Cash

Management

Fund(@)

86,431,416

(∞)

86,414

#### Total

#### Short-Term

#### Investments
(cost

$86,409)

86,414

#### Total

#### Investments

#### -

#### 100.8%
(identified

cost

$1,040,046)

1,023,319

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.8)%
(8,027)

#### Net

#### Assets

#### -

#### 100.0%
1,015,292

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $28.7%

Medical,

Inc.

10/14/25

396,000

97.20 385

7-Eleven,

Inc.

07/30/25

455,000

86.93 396

ACREC

LLC

01/08/26

3,360,000

100.00 3,360

3,365

Adani

Electricity

Mumbai,

Ltd.

04/06/26

377,000

92.61 349

Adani

Ports

and

Special

Economic

Zone,

Ltd.

10/14/25

426,000

97.90 417

Aircastle

,

Ltd.

08/07/24

187,000

95.85 179

Alcon

Finance

Corp.

12/02/25

608,000

96.16 585

578

Alimentation

Couche-Tard,

Inc.

04/07/26

457,000

98.92 452

Alliant

Energy

Finance

LLC

07/07/25

441,000

103.65 457

Anglo

American

Capital

PLC

04/03/24

640,000

99.70 638

660

Antero

Resources

Corp.

12/11/24

289,000

98.87 286

Apna

Park

CLO

DAC

10/07/25

EUR

5,900,000

116.51 6,874

6,928

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

2,120,000

99.76 2,115

2,121

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

08/01/25

1,300,000

99.76 1,297

1,300

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

03/12/26

5,230,000

100.00 5,230

5,238

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/23/22

674,290

97.30 656

675

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

1,505,609

100.03 1,506

1,506

Athene

Global

Funding

09/24/24

855,000

96.34 824

816

Atlas

Warehouse

Lending

Co.,

LP

11/07/25

935,000

99.91 934

923

Atlas

Warehouse

Lending

Co.,

LP

01/13/26

715,000

99.72 713

700

Avolon

Holdings

Funding,

Ltd.

12/05/23

1,150,000

100.14 1,152

1,184

Avolon

Holdings

Funding,

Ltd.

01/16/24

1,400,000

100.65 1,409

1,431

Avolon

Holdings

Funding,

Ltd.

05/08/24

290,000

100.19 291

Avolon

Holdings

Funding,

Ltd.

12/03/24

1,970,000

99.72 1,964

1,977

Avolon

Holdings

Funding,

Ltd.

03/24/25

520,000

99.68 518

526

BAE

Systems

PLC

03/19/24

1,030,000

99.56 1,025

1,052

Bain

Capital

Credit

CLO,

Ltd.

09/18/25

1,850,000

100.00 1,850

1,850

Banco

de

Credito

del

Peru

S.A.

03/02/26

320,000

102.22 327

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

01/14/26

437,000

103.61 453

Bangkok

Bank

PCL

01/07/25

330,000

109.15 360

Barings

CLO,

Ltd.

02/14/25

1,410,000

100.00 1,410

1,407

Basin

Electric

Power

Cooperative

10/06/25

680,000

99.85 679

663

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico

02/10/26

297,000

102.43 304

BDS

LLC

11/20/25

4,689,000

100.00 4,689

4,693

Bimbo

Bakeries

USA,

Inc.

10/14/25

421,000

104.24 439

BNP

Paribas

SA

08/07/24

177,000

96.88 171

BNP

Paribas

SA

08/01/25

259,000

101.89 264

Booz

Allen

Hamilton,

Inc.

06/12/25

587,000

97.10 570

575

BRAVO

Residential

Funding

Trust

10/09/24

651,954

99.99 652

653

BRAVO

Residential

Funding

Trust

04/08/25

4,630,744

99.99 4,630

4,649

BRCK

Trust

11/26/25

5,090,000

100.96 5,139

5,073

BRCK

Trust

12/23/25

551,000

100.32 553

547

Brighthouse

Financial

Global

Funding

04/04/24

1,470,000

100.05 1,471

1,478

Broadcom,

Inc.

05/05/20

508,000

93.97 477

Brooklyn

Union

Gas

Co.

(The)

07/15/24

855,000

100.00 855

867

Business

Jet

Securities

LLC

09/06/24

931,497

100.00 931

930

BX

Commercial

Mortgage

Trust

01/24/24

7,432,000

99.09 7,364

7,386

BX

Commercial

Mortgage

Trust

05/02/24

1,571,860

99.77 1,568

1,572

BX

Commercial

Mortgage

Trust

05/02/24

2,737,000

99.77 2,731

2,738

BX

Commercial

Mortgage

Trust

02/20/25

1,013,104

99.81 1,011

1,008

BX

Commercial

Mortgage

Trust

02/20/25

3,415,079

99.81 3,408

3,409

BX

Commercial

Mortgage

Trust

07/24/25

623,675

100.03 624

621

BX

Commercial

Mortgage

Trust

07/24/25

465,358

99.91 465

BX

Commercial

Mortgage

Trust

02/05/26

6,734,000

100.00 6,734

6,677

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.49 2,682

2,283

Cantor

Fitzgerald,

LP

11/14/22

605,000

98.43 595

604

Carnival

Corp.

06/12/25

351,000

97.89 344

Celulosa

Arauco

y

Constitucion

SA

08/01/25

249,000

96.06 239

Chase

Home

Lending

Mortgage

Trust

07/22/20

797,382

100.00 797

821

Chase

Home

Lending

Mortgage

Trust

01/25/24

1,002,488

100.36 1,006

1,007

Cheniere

Energy,

Inc.

03/05/26

585,000

99.66 583

578

Chile

Electricity

MPC

SARL

08/14/23

920,200

100.01 920

957

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

1,700,000

100.00 1,700

1,701

Citadel,

LP

09/11/19

615,000

99.97 615

615

CLI

Funding

LLC

07/24/24

1,357,965

100.47 1,364

1,372

Columbia

Pipelines

Holding

Co.

LLC

10/02/24

307,000

102.93 316

Columbia

Pipelines

Operating

Co.

LLC

10/17/23

104,000

94.86 99

Constellation

Insurance,

Inc.

01/16/20

615,000

102.71 632

615

Continental

Resources,

Inc.

10/25/24

515,000

98.48 507

509

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

06/12/25

278,000

97.61 271

Credit

Agricole

SA

09/13/23

196,000

93.55 183

Credit

Agricole

SA

08/01/25

476,000

102.17 486

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

06/12/25

311,000

96.70 301

Danske

Bank

A/S

09/25/24

905,000

100.00 905

901

DBGS

Mortgage

Trust

04/03/19

1,961,000

100.89 1,979

1,626

DK

Trust

03/01/24

2,292,000

100.00 2,292

2,292

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

09/10/25

775,000

99.51 771

735

DT

Midstream,

Inc.

06/12/25

324,000

96.67 313

Eagle

RE,

Ltd.

09/20/23

124,462

100.00 124

Electricite

de

France

SA

04/15/26

1,105,000

99.09 1,095

1,071

Element

Fleet

Management

Corp.

08/01/25

494,000

104.51 516

515

Ellington

Financial

Mortgage

Trust

12/10/24

1,292,744

99.99 1,293

1,296

Enel

Finance

International

NV

07/12/24

214,000

97.08 208

Enel

Finance

International

NV

07/07/25

426,000

94.95 404

Enel

Finance

International

NV

09/23/25

1,305,000

99.81 1,303

1,292

Engie

Energia

Chile

SA

04/06/26

342,000

93.75 321

Farmers

Exchange

Capital

03/27/25

705,000

102.85 725

730

Farmers

Exchange

Capital

III

10/12/16

660,000

93.84 619

603

Farmers

Insurance

Exchange

10/02/24

720,000

100.00 720

721

FIGRE

Trust

04/28/23

457,891

99.45 455

FIGRE

Trust

03/19/24

1,822,117

100.03 1,823

1,850

FIGRE

Trust

07/19/24

524,846

101.23 531

535

FIGRE

Trust

09/09/24

1,030,058

100.00 1,030

1,032

FIGRE

Trust

10/31/24

865,411

100.10 866

872

FIGRE

Trust

12/11/24

1,224,526

99.99 1,224

1,232

FIGRE

Trust

02/20/25

325,491

103.41 337

FIGRE

Trust

03/20/25

1,054,635

99.99 1,055

1,061

FIGRE

Trust

08/21/25

845,860

99.99 846

845

FIGRE

Trust

11/21/25

893,222

100.00 893

890

FirstEnergy

Pennsylvania

Electric

Co.

08/01/25

511,000

97.96 501

500

Flatiron

CLO,

Ltd.

11/01/24

2,900,000

100.00 2,900

2,904

Flatiron

CLO,

Ltd.

03/24/25

1,200,000

100.00 1,200

1,200

Flutter

Treasury

DAC

10/08/25

595,000

102.83 612

604

Fortitude

Group

Holdings

LLC

03/26/25

650,000

99.87 649

666

Foundry

JV

Holdco

LLC

02/04/25

1,880,000

102.86 1,934

1,959

Foundry

JV

Holdco

LLC

02/04/25

880,000

99.95 880

923

Fresenius

Medical

Care

US

Finance

III,

Inc.

05/08/25

486,000

97.22 472

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

09/20/23

687,617

80.87 556

568

Gartner,

Inc.

05/08/25

418,000

93.75 392

GBX

Leasing

LLC

01/27/26

1,796,387

99.97 1,796

1,755

GFL

Environmental,

Inc.

05/08/25

285,000

96.70 276

Glencore

Funding

LLC

03/24/25

855,000

100.00 855

868

Goldman

Sachs

Private

Credit

Corp.

02/18/26

810,000

99.55 806

800

Greensaif

Pipelines

Bidco

SARL

07/17/24

690,000

100.00 690

705

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

12/11/25

745,000

102.37 763

755

Home

RE,

Ltd.

05/09/25

2,940,000

112.54 3,309

3,267

Honeywell

Aerospace,

Inc.

03/10/26

950,000

100.00 950

939

Honeywell

Aerospace,

Inc.

03/10/26

865,000

100.00 865

850

Horizon

Mutual

Holdings,

Inc.

10/31/24

1,000,000

99.76 998

945

Hudson

Yards

Mortgage

Trust

01/07/25

1,657,000

100.64 1,668

1,677

HUT

DC

LLC

04/27/26

630,000

100.00 630

636

Imperial

Brands

Finance

PLC

06/24/25

870,000

99.80 868

871

Imperial

Brands

Finance

PLC

10/14/25

467,000

98.89 462

Industrias

Penoles

SAB

de

CV

12/02/25

384,000

98.20 377

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

97.11 299

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
InRetail

Consumer

12/11/23

272,000

93.99 256

Intercorp

Financial

Services,

Inc.

10/14/25

432,000

99.53 430

International

Flavors

&

Fragrances,

Inc.

07/24/24

145,000

95.45 138

ITC

Holdings

Corp.

06/12/25

328,000

100.44 329

Jackson

National

Life

Global

Funding

01/14/26

433,000

100.29 434

JPMorgan

Mortgage

Trust

03/30/21

125,011

101.83 127

JPMorgan

Mortgage

Trust

04/26/21

2,326,368

101.52 2,362

2,185

JPMorgan

Mortgage

Trust

06/24/21

1,777,013

102.23 1,817

1,661

JPMorgan

Mortgage

Trust

02/24/22

495,159

97.75 484

JPMorgan

Mortgage

Trust

04/27/22

703,724

96.00 676

639

JPMorgan

Mortgage

Trust

01/19/23

1,162,275

90.43 1,051

1,037

JPMorgan

Mortgage

Trust

01/30/23

1,703,243

89.71 1,528

1,537

JPMorgan

Mortgage

Trust

01/31/23

401,701

89.84 361

JPMorgan

Mortgage

Trust

03/10/23

2,400,589

88.96 2,136

2,158

JPMorgan

Mortgage

Trust

04/20/23

1,129,294

88.94 1,004

1,009

JPMorgan

Mortgage

Trust

06/22/23

892,723

100.00 893

894

JPMorgan

Mortgage

Trust

05/29/24

966,152

100.20 968

965

JPMorgan

Mortgage

Trust

01/29/25

595,848

99.99 596

599

JPMorgan

Mortgage

Trust

02/26/25

2,230,000

100.00 2,230

2,240

JPMorgan

Mortgage

Trust

03/18/25

1,691,375

99.99 1,691

1,697

JPMorgan

Mortgage

Trust

07/30/25

1,786,209

100.00 1,786

1,786

JPMorgan

Mortgage

Trust

09/26/25

869,168

99.99 869

866

JPMorgan

Mortgage

Trust

10/22/25

828,156

100.00 828

827

JPMorgan

Mortgage

Trust

02/18/26

1,235,122

100.28 1,239

1,225

LG

Energy

Solution,

Ltd.

11/03/25

462,000

103.06 476

LLPL

Capital

Pte,

Ltd.

02/10/25

274,237

101.35 278

Louisiana-Pacific

Corp.

11/03/25

402,000

96.66 389

LSEG

US

Fin

Corp.

03/16/26

500,000

99.04 495

Magnetite

CLO,

Ltd.

01/28/25

1,510,000

100.00 1,510

1,510

Maple

Parent

Holdings

Corp.

03/12/26

780,000

99.94 780

780

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

11/22/24

610,000

100.00 610

641

Massachusetts

Mutual

Life

Insurance

Co.

12/05/22

1,090,000

66.76 728

644

Mattel,

Inc.

02/25/25

402,000

96.36 387

Meritage

Homes

Corp.

06/12/25

408,000

96.80 395

Mexico

Generadora

de

Energia

S

de

RL

de

CV

12/02/25

505,590

102.25 517

508

MF1

Multifamily

Housing

Mortgage

Trust

05/13/22

1,859,741

99.24 1,846

1,861

MF1

Multifamily

Housing

Mortgage

Trust

01/30/24

3,284,024

100.05 3,286

3,290

MF1

Multifamily

Housing

Mortgage

Trust

10/16/25

1,238,547

100.03 1,239

1,239

Midwest

Connector

Capital

Co.

LLC

03/25/25

307,000

99.12 304

Monongahela

Power

Co.

07/26/23

665,000

98.07 652

661

Monongahela

Power

Co.

09/12/23

600,000

99.52 597

628

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.10 6

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

0.31 32

MSCI,

Inc.

03/25/25

312,000

93.57 292

Nationwide

Mutual

Insurance

Co.

09/15/23

700,000

123.88 867

901

NBK

SPC,

Ltd.

04/15/26

263,000

102.54 270

New

York

Life

Insurance

Co.

07/07/25

680,000

103.96 707

713

News

Corp.

06/12/25

420,000

96.07 403

NGPL

PipeCo

LLC

10/02/19

297,000

121.64 361

Nordea

Bank

Abp

08/01/25

492,000

99.38 489

NRG

Energy,

Inc.

04/16/24

558,000

95.08 531

539

NRG

Energy,

Inc.

09/24/25

835,000

100.00 835

819

NRG

Energy,

Inc.

04/14/26

620,000

100.00 620

616

NTT

Finance

Corp.

07/09/25

1,860,000

100.44 1,868

1,866

OCP

CLO,

Ltd.

04/01/25

600,000

99.95 600

601

OCP

CLO,

Ltd.

09/17/25

1,400,000

100.00 1,400

1,402

OCP

Euro

CLO

DAC

02/13/26

EUR

2,900,000

118.75 3,444

3,403

Ohio

Edison

Co.

07/11/25

740,000

100.69 745

748

Open

Text

Corp.

08/01/23

290,000

100.76 292

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.51 236

Pernod

Ricard

International

Finance

LLC

06/12/25

420,000

94.03 395

Preston

Ridge

Partners

Mortgage

Trust

06/09/23

2,392,963

94.22 2,255

2,372

Preston

Ridge

Partners

Mortgage

Trust

02/03/25

1,297,893

97.93 1,271

1,294

Preston

Ridge

Partners

Mortgage

Trust

08/08/25

1,965,026

98.71 1,940

1,945

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

1,000,000

99.99 1,000

998

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Preston

Ridge

Partners

Mortgage

Trust

02/19/26

1,580,000

98.13 1,550

1,530

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

1,344,000

99.11 1,332

1,318

Preston

Ridge

Partners

Mortgage

Trust

02/27/26

552,000

99.14 547

542

Preston

Ridge

Partners

Mortgage

Trust

03/03/26

1,000,000

98.82 988

982

Preston

Ridge

Partners

Mortgage

Trust

03/26/26

2,782,474

99.93 2,780

2,802

Prologis

Targeted

US

Logistics

Fund,

LP

02/24/26

710,000

99.60 707

690

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

03/02/26

278,000

94.27 262

Protective

Life

Corp.

11/18/25

820,000

99.79 818

812

PSEG

Power

LLC

05/14/25

1,095,000

99.65 1,091

1,115

PSEG

Power

LLC

07/07/25

795,000

101.31 805

807

QTS

Fayetteville

I

Dc1-2

LLC

/

QTS

TRS

Fayetteville

I

DC1-2

LLC

04/06/26

530,000

100.00 530

516

Radnor

RE,

Ltd.

11/24/25

571,568

100.86 576

574

Raizen

Fuels

Finance

SA

06/26/25

785,000

98.87 776

RCKT

Mortgage

Trust

02/15/24

787,537

99.97 787

790

RCKT

Mortgage

Trust

03/19/24

1,104,647

99.97 1,104

1,112

RCKT

Mortgage

Trust

06/27/24

1,412,576

101.07 1,428

1,425

RCKT

Mortgage

Trust

08/14/24

921,819

99.97 922

922

RCKT

Mortgage

Trust

12/12/24

614,703

100.63 619

619

RCKT

Mortgage

Trust

12/12/24

2,551,248

99.98 2,551

2,561

RCKT

Mortgage

Trust

02/26/25

2,542,443

99.99 2,542

2,551

RCKT

Mortgage

Trust

04/24/25

815,358

100.43 819

821

RD

Michigan

Property

Owner

I

LLC

04/24/26

480,000

98.75 474

Regatta

XXVII

Funding,

Ltd.

04/08/25

1,000,000

99.82 998

1,001

Reliance

Industries,

Ltd.

02/07/24

364,000

97.90 356

Repsol

E&P

Capital

Markets

US

LLC

09/09/25

790,000

100.00 790

800

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

98.73 390

RFR

Trust

02/18/25

3,086,000

100.12 3,090

3,108

RFR

Trust

02/18/25

2,425,000

99.99 2,425

2,429

Rre

Loan

Management

DAC

02/10/26

EUR

5,400,000

118.96 6,424

6,330

Sabal

Trail

Transmission

LLC

08/07/24

515,000

98.79 509

510

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

709,523

102.00 724

729

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

2,327,000

99.98 2,327

2,362

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

824,279

101.34 835

832

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

963,891

102.43 987

990

Saluda

Grade

Alternative

Mortgage

Trust

07/10/25

2,269,309

100.00 2,269

2,287

Saudi

Arabian

Oil

Co.

08/01/23

336,000

89.20 300

Scentre

Group

Trust

09/25/24

1,050,000

99.16 1,041

1,056

SMBC

Aviation

Capital

Finance

DAC

11/19/25

1,090,000

99.90 1,089

1,069

Smithfield

Foods,

Inc.

12/02/25

416,000

89.25 371

Societe

Generale

SA

11/12/24

785,000

100.00 785

790

Societe

Generale

SA

06/12/25

269,000

100.69 271

Societe

Generale

SA

10/14/25

405,000

101.01 409

Societe

Generale

SA

01/05/26

935,000

99.95 935

926

Sompo

Holdings,

Inc.

04/15/26

955,000

99.87 954

940

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

04/16/20

1,168,000

99.82 1,166

1,171

Stellantis

Finance

US,

Inc.

03/12/25

870,000

99.93 869

877

Swiss

Re

Finance

Luxembourg

SA

03/02/26

361,000

100.90 364

TCO

Commercial

Mortgage

Trust

12/06/24

1,117,000

99.77 1,114

1,116

Texas

Eastern

Transmission,

LP

11/13/19

178,000

100.83 179

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

1,875,867

100.00 1,876

1,865

TORY

Commercial

Mortgage

Trust

01/09/26

5,140,000

100.00 5,140

5,063

Transportadora

de

Gas

Internacional

SA

ESP

06/12/25

449,000

101.09 454

UBS

Group

AG

01/05/26

370,000

100.00 370

United

Airlines,

Inc.

12/03/25

1,942,000

99.06 1,930

1,916

United

Rentals

NA,

Inc.

05/07/25

374,000

101.23 379

UPM-

Kymmene

Oyj

12/02/25

589,000

104.86 618

613

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

05/22/25

EUR

2,941,000

112.78 3,317

3,423

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

05/17/24

GBP

3,217,000

129.21 4,157

4,390

Var

Energi

ASA

08/01/23

436,000

105.68 461

VDCM

Commercial

Mortgage

Trust

06/24/25

2,863,000

100.00 2,863

2,881

VDCM

Commercial

Mortgage

Trust

06/24/25

1,480,000

100.00 1,480

1,478

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

03/25/25

223,000

96.59 215

Videotron,

Ltd.

05/07/25

276,000

95.63 264

Vistra

Operations

Co.

LLC

11/19/24

1,325,000

100.05 1,326

1,336

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Vistra

Operations

Co.

LLC

10/01/25

775,000

99.70 773

752

Vistra

Operations

Co.

LLC

10/01/25

1,200,000

99.94 1,199

1,178

Vistra

Operations

Co.

LLC

10/01/25

1,140,000

99.98 1,140

1,127

Vistra

Operations

Co.

LLC

11/03/25

515,000

99.08 510

505

Wellesley

Park

CLO,

Ltd.

10/10/25

1,900,000

100.00 1,900

1,902

Woori

Bank

01/14/26

306,000

104.43 320

Yara

International

ASA

12/11/24

177,000

99.53 176

291,462

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

Australian

Dollar

Currency

Futures

USD

1,726

06/26

British

Pound

Currency

Futures

USD

3,655

06/26

Commonwealth

Year

Treasury

Bond

Futures

AUD

10,920

06/26

(107) Euro

Currency

Futures

USD

3,087

06/26

Long

Gilt

Futures

GBP

5,888

06/26

(480) New

Zealand

Dollar

Currency

Futures

USD

3,431

06/26

United

States

Year

Treasury

Note

Futures

USD

49,917

06/26

(446) United

States

Year

Treasury

Note

Futures

USD

29,331

06/26

(483) United

States

Year

Treasury

Note

Futures

648

USD

71,665

06/26

(1,244)

United

States

Year

Ultra

Treasury

Note

Futures

872

USD

98,414

06/26

(2,242)

United

States

Treasury

Long

Bond

Futures

USD

10,494

06/26

(439) United

States

Treasury

Ultra

Bond

Futures

USD

37,270

06/26

(1,684)

Short

Positions

Euro-

Bobl

Futures

EUR

2,309

06/26

Euro-Bund

Futures

EUR

9,903

06/26

Japanese

Year

Government

Bond

Futures

JPY

2,326,680

06/26

Japanese

Yen

Currency

Futures

USD

1,684

06/26

(15) Norwegian

Krone

Currency

Futures

USD

1,725

06/26

(89) Swedish

Krona

Currency

Futures

USD

1,738

06/26

Swiss

Franc

Currency

Futures

USD

5,143

06/26

United

States

Year

Treasury

Note

Futures

USD

29,619

06/26

United

States

Year

Treasury

Note

Futures

USD

21,028

06/26

United

States

Year

Ultra

Treasury

Note

Futures

USD

33,971

06/26

962

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(5,257)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Goldman

Sachs

USD

GBP

06/18/26

Morgan

Stanley

EUR

USD

05/13/26

—

Royal

Bank

of

Canada

EUR

17,228

USD

20,242

05/13/26

Royal

Bank

of

Canada

GBP

3,365

USD

4,475

06/18/26

(104) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(88) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

—

$

52,218

$

—

$

—

$

52,218

Corporate

Bonds

and

Notes

—

297,378

—

—

297,378

International

Debt

—

107,756

—

—

107,756

Mortgage-Backed

Securities

—

219,685

—

—

219,685

Municipal

Bonds

—

1,033

—

—

1,033

Non-US

Bonds

—

24,474

—

—

24,474

United

States

Government

Treasuries

—

234,361

—

—

234,361

Short-Term

Investments

—

—

—

86,414

86,414

Total

Investments

—

936,905

—

86,414

1,023,319

Other

Financial

Instruments

Assets

Futures

Contracts

1,972

—

—

—

1,972

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(7,229)

—

—

—

(7,229)

Foreign

Currency

Exchange

Contracts

—

(104) —

—

(104) Total

Other

Financial

Instruments

\*

$

(5,257)

$

(88) $

—

$

—

$

(5,345)

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

......................................................................................

1,924

.2

Belgium

.......................................................................................

1,541

.2

Bermuda

......................................................................................

3,841

.4

Brazil

...........................................................................................

1,016

.1

Canada

.........................................................................................

11,647

.1

Cayman

Islands

...........................................................................

14,476

.4

Chile

............................................................................................

1,905

.2

China

...........................................................................................

1,865

.2

Colombia

.....................................................................................

710

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Denmark

......................................................................................

901

.1

Finland

........................................................................................

1,102

.1

France

..........................................................................................

4,586

.5

Germany

......................................................................................

3,249

.3

India

............................................................................................

1,129

.1

Indonesia

.....................................................................................

—

\*\*

Ireland

.........................................................................................

27,678

.7

Italy

.............................................................................................

1,907

.2

Japan

...........................................................................................

3,556

.3

Jersey

...........................................................................................

8,295

.8

Kuwait

.........................................................................................

—

\*\*

Luxembourg

................................................................................

3,423

.3

Mexico

........................................................................................

5,483

.5

Netherlands

.................................................................................

551

.1

Norway

........................................................................................

—

\*\*

Peru

.............................................................................................

1,011

.1

Poland

.........................................................................................

622

.1

Saudi

Arabia

................................................................................

1,001

.1

South

Africa

................................................................................

660

.1

South

Korea

................................................................................

789

.1

Spain

...........................................................................................

2,035

.2

Switzerland

.................................................................................

735

.1

Thailand

......................................................................................

—

\*\*

United

Arab

Emirates

..................................................................

568

.1

United

Kingdom

..........................................................................

22,613

.2

United

States

...............................................................................

891,089

.8

Total

Investments

...................................................................

1,023,319

.8

\*\*

Less

than

.05%

of

net

assets

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

1,734

Total

$

$

1,734

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

7,125

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

Total

$

$

7,125

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

3,820

Foreign

currency

exchange

contracts

(147) —

Total

$

(147) $

3,820

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

(8,470)

Foreign

currency

exchange

contracts

(160) —

Total

$

(25) $

(8,470)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Goldman

Sachs

$

$

—

$

—

$

Royal

Bank

of

Canada

—

—

Total

$

$

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

^&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.

#### 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
Royal

Bank

of

Canada

$

$

$

—

$

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,040,046

Investments,

at

fair

value(>)

........................................................................................................................................................

1,023,319

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

8,092

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

9,490

Fund

shares

sold

...............................................................................................................................................................

1,376

From

broker(a)

.................................................................................................................................................................

11,678

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,054,780

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

33,065

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

5,385

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

39,488

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,015,292

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(103,633)

Shares

of

beneficial

interest

.........................................................................................................................................................

561

Additional

paid-in

capital

............................................................................................................................................................

1,118,364

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,015,292

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

86,414

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

11,678

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

18.09 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.75%):

Class

A

.....................................................

$

.

Class

A

—

Net

assets

...........................................................................................................................................................

$

12,421,447

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

686,551

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

17.81 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,347,261

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

131,811

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

18.10 Class

M

—

Net

assets

..........................................................................................................................................................

$

200,169,699

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

11,062,032

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

18.18 Class

R6

—

Net

assets

.........................................................................................................................................................

$

4,410,068

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

242,526

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.09 Class

S

—

Net

assets

............................................................................................................................................................

$

627,299,138

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

34,675,982

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

18.15 Class

Y

—

Net

assets

...........................................................................................................................................................

$

168,644,394

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

9,292,239

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

22,157

Dividend

distributions

from

affiliated

funds

....................................................................................................................

1,633

Dividends

.........................................................................................................................................................................

Total

investment

income

.............................................................................................................................................................

23,791

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,258

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

............................................................................................................................................

628

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,645

Expense

reductions

..........................................................................................................................................................

(310) Net

expenses

................................................................................................................................................................................

2,335

Net

investment

income

(loss)

.......................................................................................................................................................

21,456

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

754

Futures

contracts

..............................................................................................................................................................

3,820

Foreign

currency

exchange

contracts

...............................................................................................................................

(147) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

4,727

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

(13,407)

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

(8,335)

Foreign

currency

exchange

contracts

...............................................................................................................................

(160) Foreign

currency-related

transactions

..............................................................................................................................

(76) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(21,980)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(17,253)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

4,203

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

21,456

$

43,878

Net

realized

gain

(loss)

................................................................................................................

4,727

(12,187)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(21,980)

29,160

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

4,203

60,851

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(359) (552) Class

C

.....................................................................................................................................

(70) (115) Class

M

....................................................................................................................................

(5,983)

(8,501)

Class

R6

...................................................................................................................................

(134) (287) Class

S

......................................................................................................................................

(19,471)

(30,741)

Class

Y

.....................................................................................................................................

(5,372)

(8,863)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(31,389)

(49,059)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

1,097

(29,895)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(26,089)

(18,103)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

1,041,381

1,059,484

End

of

period

......................................................................................................................................

$

1,015,292

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,230

$

687

Proceeds

from

reinvestment

of

distributions

551

Payments

for

shares

redeemed

(53) (967) (67) (1,214)

Net

increase

(decrease)

622

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(33) (587) (36) (653) Net

increase

(decrease)

(22) (389) (16) (290) Class

M

Proceeds

from

shares

sold

2,689

49,572

3,638

65,902

Proceeds

from

reinvestment

of

distributions

5,983

8,501

Payments

for

shares

redeemed

(1,716)

(31,566)

(4,279)

(77,896)

Net

increase

(decrease)

1,300

23,989

(174) (3,493)

Class

R6

Proceeds

from

shares

sold

1,416

25,649

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(12) (233) (1,416)

(25,606)

Net

increase

(decrease)

Class

S

Proceeds

from

shares

sold

3,400

62,351

9,297

169,643

Proceeds

from

reinvestment

of

distributions

1,063

19,421

1,685

30,647

Payments

for

shares

redeemed

(5,756)

(106,002)

(11,722)

(213,660)

Net

increase

(decrease)

(1,293)

(24,230)

(740) (13,370)

Class

Y

Proceeds

from

shares

sold

3,216

894

16,268

Proceeds

from

reinvestment

of

distributions

5,372

8,863

Payments

for

shares

redeemed

(421) (7,728)

(2,087)

(38,22

7)

Net

increase

(decrease)

860

(707) (13,09

6)

Total

increase

(decrease)

$

1,097

(1,620)

$

(29,89

5)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.59 18.38 17.28 17.93 22.02 22.98 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.36

.75

.77

.67

.35

.28

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.32)

.30

.95

(.78)

(4.07)

(.20)

$

Total

from

Investment

Operations

.04

1.05 1.72 (.11)

(3.72)

.08

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.54)

(.84)

(.62)

(.54)

(.29)

(.23)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.54)

(.84)

(.62)

(.54)

(.37)

(1.04)

$

Net

Asset

Value,

End

of

Period

18.09 18.59 18.38 17.28 17.93 22.02 %

Total

Return

(±)(ǿ)

.23

5.92 10.03 (.76)

(17.16)

.32

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 12,422

12,129

11,968

10,934

10,828

6,911

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.80

.80

.80

.81

.84

.82

%

Expenses,

Net

(Ƃ)(ɯ)

.79

.79

.78

.77

.77

.77

%

Net

Investment

Income

(Ƃ)(ɯ)

3.94 4.09 4.20 3.65 1.75 1.24 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.30 18.11 17.04 17.69 21.78 22.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.28

.60

.63

.52

.19

.11

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.29)

.30

.93

(.77)

(4.02)

(.19)

$

Total

from

Investment

Operations

(.01)

.90

1.56 (.25)

(3.83)

(.08)

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.48)

(.71)

(.49)

(.40)

(.18)

(.08)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.48)

(.71)

(.49)

(.40)

(.26)

(.89)

$

Net

Asset

Value,

End

of

Period

17.81 18.30 18.11 17.04 17.69 21.78 %

Total

Return

(ǿ)

(.07)

5.11 9.18 (1.50)

(17.78)

(.41)

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,347

2,808

3,072

3,562

4,176

6,041

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.55 1.55 1.55 1.56 1.58 1.57 %

Expenses,

Net

(Ƃ)(ɯ)

1.54 1.54 1.53 1.52 1.52 1.52 %

Net

Investment

Income

(Ƃ)(ɯ)

3.17 3.34 3.48 2.88 .97

.50

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.59 18.38 17.28 17.93 21.99 22.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.39

.82

.84

.74

.43

.36

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.30)

.30

.95

(.78)

(4.07)

(.19)

$

Total

from

Investment

Operations

.09

1.12 1.79 (.04)

(3.64)

.17

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.91)

(.69)

(.61)

(.34)

(.32)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.58)

(.91)

(.69)

(.61)

(.42)

(1.13)

$

Net

Asset

Value,

End

of

Period

18.10 18.59 18.38 17.28 17.93 21.99 %

Total

Return

(ǿ)

.48

6.33 10.45 (.37)

(16.84)

.72

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 200,170

181,442

182,613

193,112

53,538

59,008

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.55

.55

.55

.56

.59

.57

%

Expenses,

Net

(Ƃ)(ɯ)

.40

.40

.39

.38

.38

.38

%

Net

Investment

Income

(Ƃ)(ɯ)

4.33 4.48 4.61 4.05 2.13 1.60 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.68 18.47 17.36 18.01 22.08 23.04 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.40

.81

.85

.76

.43

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.32)

.32

.95

(.80)

(4.08)

(.19)

$

Total

from

Investment

Operations

.08

1.13 1.80 (.04)

(3.65)

.18

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.92)

(.69)

(.61)

(.34)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.58)

(.92)

(.69)

(.61)

(.42)

(1.14)

$

Net

Asset

Value,

End

of

Period

18.18 18.68 18.47 17.36 18.01 22.08 %

Total

Return

(ǿ)

.43

6.33 10.49 (.34)

(16.80)

.75

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,410

4,279

3,933

3,193

852

1,045

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.40

.40

.40

.42

.44

.42

%

Expenses,

Net

(Ƃ)(ɯ)

.37

.37

.36

.35

.35

.35

%

Net

Investment

Income

(Ƃ)(ɯ)

4.35 4.47 4.65 4.15 2.15 1.65 %

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.58 18.37 17.27 17.93 21.99 22.95 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.38

.80

.83

.72

.40

.34

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.30)

.31

.94

(.79)

(4.06)

(.19)

$

Total

from

Investment

Operations

.08

1.11 1.77 (.07)

(3.66)

.15

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.57)

(.90)

(.67)

(.59)

(.32)

(.30)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.57)

(.90)

(.67)

(.59)

(.40)

(1.11)

$

Net

Asset

Value,

End

of

Period

18.09 18.58 18.37 17.27 17.93 21.99 %

Total

Return

(ǿ)

.43

6.23 10.35 (.53)

(16.90)

.62

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 627,299

668,399

674,506

660,950

408,587

648,787

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.55

.55

.55

.56

.58

.57

%

Expenses,

Net

(Ƃ)(ɯ)

.50

.50

.49

.48

.48

.48

%

Net

Investment

Income

(Ƃ)(ɯ)

4.22 4.38 4.52 3.93 1.99 1.53 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.64 18.43 17.32 17.98 22.04 23.00 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.40

.83

.86

.78

.44

.37

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.31)

.30

.95

(.82)

(4.07)

(.19)

$

Total

from

Investment

Operations

.09

1.13 1.81 (.04)

(3.63)

.18

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.58)

(.92)

(.70)

(.62)

(.35)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.08)

(.81)

$

Total

Distributions

(.58)

(.92)

(.70)

(.62)

(.43)

(1.14)

$

Net

Asset

Value,

End

of

Period

18.15 18.64 18.43 17.32 17.98 22.04 %

Total

Return

(ǿ)

.50

6.37 10.54 (.38)

(16.77)

.78

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 168,644

172,324

183,392

181,552

31,536

48,672

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.35

.35

.36

.38

.39

.37

%

Expenses,

Net

(Ƃ)(ɯ)

.34

.34

.33

.33

.32

.32

%

Net

Investment

Income

(Ƃ)(ɯ)

4.38 4.54 4.67 4.37 2.17 1.66 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

200,369

Administrative

fees

39,157

Distribution

fees

4,032

Shareholder

servicing

fees

505

Transfer

agent

fees

95,78

Trustees'

fees

3,490

$

343,33

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

92,786

$

198,592

$

204,962

$

—

$

(2)

$

86,414

$

1,633

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,044,916,947

$

8,487,177

$

(35,342,728)

$

(26,855,551)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 92.8%
Asset-Backed

Securities

-

17.5%

American

Express

Credit

Account

Master

Trust

Series

2023-2

Class

A

4.800%

due

05/15/30

Series

2025-1

Class

A

4.560%

due

12/17/29

600

605

Series

2025-2

Class

A

4.280%

due

04/15/30

2,000

2,004

Series

2025-4

Class

A

4.300%

due

07/15/30

4,430

4,441

AMSR

Trust

Series

2021-SFR4

Class

A

2.117%

due

12/17/38

(Þ)

Series

2024-SFR2

Class

A

4.150%

due

11/17/41

(Þ)

ARI

Fleet

Lease

Trust

2026-A

Series

2026-A

Class

A3

4.090%

due

11/15/34

(Þ)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2025-4A

Class

A

4.400%

due

02/20/32

(Þ)

1,280

1,257

Bank

of

America

Credit

Card

Trust

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

2,365

2,361

BMW

Vehicle

Owner

Trust

Series

2024-A

Class

A3

5.180%

due

02/26/29

987

994

CarMax

Auto

Owner

Trust

Series

2024-1

Class

B

5.170%

due

08/15/29

Carvana

Auto

Receivables

Trust

Series

2025-P3

Class

A4

4.240%

due

08/11/31

755

749

Chase

Issuance

Trust

Series

2023-A1

Class

A

5.160%

due

09/15/28

1,685

1,692

Series

2025-A1

Class

A

4.160%

due

07/15/30

500

500

College

Ave

Student

Loans

LLC

Series

2021-B

Class

A2

1.760%

due

06/25/52

(Þ)

Colony

American

Finance,

Ltd.

Series

2021-1

Class

A

1.569%

due

04/15/53

(Þ)

Series

2022-1

Class

A

4.744%

due

06/17/55

(~)(Ê)(Þ)

Credit

Acceptance

Auto

Loan

Trust

Series

2025-1A

Class

A

5.020%

due

03/15/35

(Þ)

700

703

DLLAA

LLC

Series

2025-1A

Class

A3

4.950%

due

09/20/29

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
FirstKey

Homes

Trust

Series

2022-SFR3

Class

A

4.250%

due

07/17/38

(Þ)

757

755

Ford

Credit

Auto

Owner

Trust

Series

2024-1

Class

A

4.870%

due

08/15/36

(~)(Ê)(Þ)

880

891

Series

2024-B

Class

A3

5.100%

due

04/15/29

540

544

Series

2024-D

Class

A3

4.610%

due

08/15/29

1,000

1,006

Series

2025-B

Class

A3

3.910%

due

04/15/30

1,565

1,558

Ford

Credit

Floorplan

Master

Owner

Trust

Series

2018-4

Class

A

4.060%

due

11/15/30

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

GMF

Floorplan

Owner

Revolving

Trust

Series

2023-2

Class

B

5.830%

due

06/15/30

(Þ)

Hertz

Vehicle

Financing

LLC

Series

2022-2A

Class

A

2.330%

due

06/26/28

(Þ)

1,215

1,191

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

1,010

Series

2025-1A

Class

A

4.910%

due

09/25/29

(Þ)

845

849

Series

2025-5A

Class

A

4.620%

due

05/25/30

(Þ)

1,175

1,170

Series

2025-6A

Class

A

4.890%

due

05/25/32

(Þ)

1,360

1,354

Hilton

Grand

Vacations

Trust

Series

2025-1A

Class

A

4.880%

due

05/27/42

(Þ)

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

863

Series

2020-2

Class

A

1.532%

due

01/17/41

(Þ)

873

801

Hyundai

Auto

Lease

Securitization

Trust

Series

2026-A

Class

B

4.160%

due

05/15/30

(Þ)

Series

2026-B

Class

A3

4.210%

due

04/16/29

(Þ)

Hyundai

Auto

Receivables

Trust

Series

2024-B

Class

A3

4.840%

due

03/15/29

1,302

1,310

Series

2025-C

Class

A2A

3.970%

due

07/17/28

563

563

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hyundai

Floorplan

Master

Owner

Trust

Series

2025-1A

Class

A

4.010%

due

10/15/30

(Þ)

885

878

Invitation

Homes

Trust

Series

2024-SFR1

Class

A

4.000%

due

09/17/41

(Þ)

John

Deere

Owner

Trust

Series

2024-C

Class

A3

4.060%

due

06/15/29

Series

2025-B

Class

A2A

4.280%

due

07/17/28

782

783

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

4.219%

due

01/25/37

(CME

Term

SOFR

Month

+

0.564%)(Ê)

Mercedes-Benz

Auto

Lease

Trust

Series

2025-B

Class

A3

3.880%

due

04/16/29

1,205

1,199

Mercedes-Benz

Auto

Receivables

Trust

Series

2025-1

Class

A2A

4.500%

due

02/15/28

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

Series

2004-HE3

Class

M1

4.624%

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)

Nissan

Auto

Receivables

Owner

Trust

Series

2025-A

Class

A3

4.490%

due

12/17/29

500

502

Series

2025-B

Class

A3

3.990%

due

04/15/30

950

946

PFS

Financing

Corp.

Series

2025-B

Class

A

4.850%

due

02/15/30

(Þ)

880

888

Series

2025-D

Class

A

4.470%

due

05/15/30

(Þ)

530

531

Series

2025-F

Class

A

4.400%

due

08/15/30

(Þ)

Progress

Residential

Trust

Series

2021-SFR5

Class

A

1.427%

due

07/17/38

(Þ)

Series

2025-SFR4

Class

A

4.300%

due

08/17/42

(Þ)

Series

2025-SFR6

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.000%

due

12/17/42

(Þ)

835

804

Series

2026-SFR1

Class

A

3.850%

due

02/17/43

(Þ)

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

Series

2023-CES1

Class

A1B

6.866%

due

06/25/43

(~)(Ê)(Þ)

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

Series

2024-CES8

Class

A1A

5.490%

due

11/25/44

(~)(Ê)(Þ)

643

644

Series

2025-CES1

Class

A1A

5.653%

due

01/25/45

(~)(Ê)(Þ)

637

640

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

602

604

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)

Series

2025-CES10

Class

A1A

4.894%

due

11/25/55

(~)(Ê)(Þ)

1,158

1,150

Series

2025-CES10

Class

A1B

4.995%

due

11/25/55

(~)(Ê)(Þ)

Series

2026-CES2

Class

A1B

4.863%

due

02/25/56

(~)(Ê)(Þ)

Sierra

Timeshare

Receivables

Funding

LLC

Series

2025-2A

Class

A

4.720%

due

04/20/44

(Þ)

Series

2025-3A

Class

A

4.440%

due

08/22/44

(Þ)

Signal

Rail

I

LLC

Series

2021-1

Class

A

2.230%

due

08/17/51

(Þ)

649

610

SLM

Private

Credit

Student

Loan

Trust

Series

2006-B

Class

A5

4.206%

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

5.440%

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

2024-SFR4

Class

A

5.405%

due

10/17/41

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

2,205

2,211

Series

2026-SFR7

Class

A

5.061%

due

05/17/43

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

Series

2025-BA

Class

A4

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.290%

due

06/20/29

(Þ)

Series

2026-AA

Class

B

4.860%

due

04/22/30

(Þ)

Synchrony

Card

Issuance

Trust

Series

2025-A3

Class

A

4.060%

due

11/15/31

1,275

1,268

Tesla

Sustainable

Energy

Trust

Series

2024-1A

Class

A2

5.080%

due

06/21/50

(Þ)

Towd

Point

Mortgage

Trust

Series

2026-CES1

Class

A1

4.961%

due

01/25/66

(~)(Ê)(Þ)

1,772

1,761

Series

2026-FIX1

Class

A1

4.980%

due

12/25/65

(~)(Ê)(Þ)

1,472

1,461

Series

2026-FIX2

Class

A1A

5.309%

due

04/25/66

(~)(Ê)(Þ)

650

649

Toyota

Auto

Receivables

Owner

Trust

Series

2024-A

Class

A3

4.830%

due

10/16/28

Series

2024-D

Class

A3

4.400%

due

06/15/29

1,293

1,297

Series

2025-D

Class

A3

3.840%

due

06/17/30

1,265

1,256

Tricon

American

Homes

Trust

Series

2020-SFR2

Class

A

1.482%

due

11/17/39

(Þ)

2,179

2,079

Tricon

Residential

Trust

Series

2023-SFR2

Class

A

5.000%

due

12/17/40

(Þ)

Series

2024-SFR1

Class

B

4.750%

due

04/17/41

(Þ)

Series

2026-SFR1

Class

A

4.755%

due

02/17/43

(CME

Term

SOFR

Month

+

1.100%)(Ê)(Þ)

938

937

Trinity

Rail

Leasing

2021

LLC

Series

2021-1A

Class

A

2.260%

due

07/19/51

(Þ)

Series

2024-1A

Class

A

5.780%

due

05/19/54

(Þ)

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

2024-7

Class

C

4.840%

due

08/20/32

(Þ)

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

690

Series

2025-1

Class

B

4.980%

due

09/17/35

(Þ)

Westlake

Automobile

Receivables

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-P1

Class

A4

4.660%

due

04/15/30

(Þ)

WF

Card

Issuance

Trust

Series

2025-A1

Class

A

4.340%

due

05/15/30

Yamaha

Motor

Master

Trust

II

Series

2026-A

Class

A1

4.430%

due

04/15/31

(Þ)

Series

2026-A

Class

B

4.640%

due

04/15/31

(Þ)

68,434

Corporate

Bonds

and

Notes

-

34.9%

Consumer

Discretionary

-

4.9%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

Alaska

Airlines

Pass-Through

Trust

4.800%

due

02/15/29

(Þ)

Amazon.com,

Inc.

4.000%

due

03/13/29

1,075

1,067

BMW

US

Capital

LLC

4.650%

due

03/19/27

(Þ)

600

603

4.300%

due

03/17/28

(Þ)

500

500

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,340

1,309

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.750%

due

02/15/28

616

606

Cummins,

Inc.

4.250%

due

05/09/28

625

626

Darden

Restaurants,

Inc.

4.350%

due

10/15/27

666

665

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

783

784

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

4.950%

due

05/28/27

775

775

4.125%

due

08/17/27

754

745

General

Motors

Financial

Co.,

Inc.

5.400%

due

05/08/27

860

869

2.700%

due

08/20/27

553

541

5.050%

due

04/04/28

565

570

4.750%

due

04/06/29

Genuine

Parts

Co.

1.875%

due

11/01/30

Home

Depot,

Inc.

(The)

4.875%

due

06/25/27

625

631

Hyundai

Capital

America

4.875%

due

06/23/27

(Þ)

670

672

Las

Vegas

Sands

Corp.

5.900%

due

06/01/27

Lowe's

Cos.,

Inc.

Series

10YR

3.650%

due

04/05/29

1,040

1,019

Marriott

International,

Inc.

5.550%

due

10/15/28

632

648

McDonald's

Corp.

Series

MTN

3.500%

due

07/01/27

605

600

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PACCAR

Financial

Corp.

4.550%

due

03/03/28

1,200

1,210

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

5.500%

due

04/01/28

(Þ)

520

526

Toyota

Motor

Credit

Corp.

Series

B

4.050%

due

03/13/29

575

571

United

Airlines

Pass-Through

Trust

Series

A

3.750%

due

03/03/28

720

718

WMG

Acquisition

Corp.

3.750%

due

12/01/29

(Þ)

18,983

Consumer

Staples

-

2.0%

Altria

Group,

Inc.

4.875%

due

02/04/28

Avery

Dennison

Corp.

2.650%

due

04/30/30

Campbell's

Co.

(The)

4.550%

due

03/21/31

683

663

Conagra

Brands,

Inc.

1.375%

due

11/01/27

646

616

Constellation

Brands,

Inc.

3.150%

due

08/01/29

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

6.625%

due

07/15/30

(Þ)

ERAC

USA

Finance

LLC

4.600%

due

05/01/28

(Þ)

General

Mills,

Inc.

4.875%

due

01/30/30

655

660

Haleon

US

Capital

LLC

3.375%

due

03/24/27

550

545

Ingredion,

Inc.

2.900%

due

06/01/30

Keurig

Dr

Pepper,

Inc.

4.600%

due

05/15/30

754

748

Kraft

Heinz

Foods

Co.

3.750%

due

04/01/30

624

604

Mars,

Inc.

4.600%

due

03/01/28

(Þ)

625

629

Mondelez

International,

Inc.

4.250%

due

05/06/28

635

634

Sysco

Corp.

5.100%

due

09/23/30

7,918

Energy

-

1.6%

Chevron

USA,

Inc.

4.475%

due

02/26/28

1,060

1,067

Columbia

Pipelines

Holding

Co.

LLC

6.042%

due

08/15/28

(Þ)

565

583

Enterprise

Products

Operating

LLC

4.300%

due

06/20/28

710

710

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

605

603

EQT

Corp.

7.000%

due

02/01/30

702

750

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27

(Þ)

617

606

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

Series

0005

4.125%

due

03/01/27

610

609

ONEOK,

Inc.

5.800%

due

11/01/30

536

557

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

604

603

6,430

Financial

Services

-

13.4%

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

SOFR

+

3.540%)(Ê)

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

785

761

American

Express

Co.

4.009%

due

02/09/29

(SOFR

+

0.581%)(Ê)

1,045

1,038

4.731%

due

04/25/29

(SOFR

+

1.260%)(Ê)

670

674

4.444%

due

05/03/30

(SOFR

+

0.811%)(Ê)

740

739

Atlas

Warehouse

Lending

Co.,

LP

4.625%

due

11/15/28

(Þ)

750

741

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.186%)(Ê)

Bain

Capital

Specialty

Finance,

Inc.

5.950%

due

03/15/30

Bank

of

America

Corp.

6.204%

due

11/10/28

(SOFR

+

1.990%)(Ê)

800

821

4.477%

due

04/23/30

(SOFR

+

0.870%)(Ê)

500

5.162%

due

01/24/31

(SOFR

+

1.000%)(Ê)

1,380

1,405

Series

frn

4.484%

due

01/24/29

(SOFR

+

0.830%)(Ê)

1,350

1,352

Series

MTN

3.974%

due

02/07/30

(CME

Term

SOFR

Month

+

1.472%)(Ê)

915

901

Bank

of

New

York

Mellon

(The)

4.729%

due

04/20/29

(SOFR

+

1.135%)(Ê)

Bank

of

New

York

Mellon

Corp.

(The)

4.026%

due

01/22/30

(SOFR

+

0.634%)(Ê)

640

633

BGC

Group,

Inc.

8.000%

due

05/25/28

588

619

Blackstone

Secured

Lending

Fund

5.300%

due

06/30/30

511

Block

Financial

LLC

2.500%

due

07/15/28

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Capital

One

Financial

Corp.

Series

.

7.624%

due

10/30/31

(SOFR

+

3.070%)(Ê)

512

565

Capital

Southwest

Corp.

5.950%

due

09/18/30

Citigroup,

Inc.

4.643%

due

05/07/28

(SOFR

+

1.143%)(Ê)

940

942

4.786%

due

03/04/29

(SOFR

+

0.870%)(Ê)

1,185

1,191

4.075%

due

04/23/29

(CME

Term

SOFR

Month

+

1.454%)(Ê)

1,195

1,186

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

587

589

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

738

749

Corebridge

Global

Funding

4.900%

due

01/07/28

(Þ)

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

3.875%

due

06/30/28

(Þ)

EPR

Properties

4.950%

due

04/15/28

650

650

Equifax,

Inc.

5.100%

due

06/01/28

Equinix,

Inc.

1.800%

due

07/15/27

631

612

Equitable

America

Global

Funding

4.650%

due

06/09/28

(Þ)

550

550

F&G

Annuities

&

Life,

Inc.

7.400%

due

01/13/28

568

579

Fifth

Third

Bancorp

6.339%

due

07/27/29

(SOFR

+

2.340%)(Ê)

633

656

4.772%

due

07/28/30

(SOFR

+

2.127%)(Ê)

565

565

First

Citizens

Bank

&

Trust

Co.

6.125%

due

03/09/28

722

740

FNB

Corp.

5.722%

due

12/11/30

(SOFR

+

1.930%)(Ê)

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

3.750%

due

12/15/27

(Þ)

675

659

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

500

507

Goldman

Sachs

Group,

Inc.

(The)

3.691%

due

06/05/28

(CME

Term

SOFR

Month

+

1.772%)(Ê)

925

917

4.153%

due

10/21/29

(SOFR

+

0.900%)(Ê)

700

692

4.594%

due

04/20/30

(SOFR

+

0.990%)(Ê)

760

758

Highwoods

Realty,

LP

4.125%

due

03/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.200%

due

04/15/29

JPMorgan

Chase

&

Co.

4.505%

due

10/22/28

(SOFR

+

0.860%)(Ê)

1,000

1,001

4.915%

due

01/24/29

(SOFR

+

0.800%)(Ê)

675

681

5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

1,240

1,255

4.408%

due

04/23/30

(SOFR

+

0.820%)(Ê)

1,060

1,056

KeyBank

National

Association

Series

BKNT

6.950%

due

02/01/28

503

522

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)

621

605

M&T

Bank

Corp.

4.553%

due

08/16/28

(SOFR

+

1.780%)(Ê)

602

602

Series

MTN

4.833%

due

01/16/29

(SOFR

+

0.930%)(Ê)

695

697

Marsh

&

McLennan

Cos.,

Inc.

4.550%

due

11/08/27

575

578

Morgan

Stanley

6.407%

due

11/01/29

(SOFR

+

1.830%)(Ê)

1,310

1,365

4.555%

due

04/10/30

(SOFR

+

0.960%)(Ê)

505

503

Series

.

4.994%

due

04/12/29

(SOFR

+

1.380%)(Ê)

610

615

Mutual

of

Omaha

Cos.

Global

Funding

4.514%

due

06/09/28

(Þ)

660

659

4.750%

due

10/15/29

(Þ)

530

532

New

Mountain

Finance

Corp.

6.200%

due

10/15/27

696

696

Omega

Healthcare

Investors,

Inc.

4.750%

due

01/15/28

756

756

PartnerRe

Finance

B

LLC

4.500%

due

10/01/50

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.815%)(Ê)

Piedmont

Operating

Partnership,

LP

3.150%

due

08/15/30

578

526

PNC

Financial

Services

Group,

Inc.

(The)

4.075%

due

01/26/29

(SOFR

+

0.610%)(Ê)

1,140

1,134

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

SOFR

+

2.665%)(Ê)

600

596

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

715

737

Sixth

Street

Specialty

Lending,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.950%

due

08/14/28

6.125%

due

03/01/29

Sumisho

Air

Lease

Corp.

Series

10Y

4.625%

due

10/01/28

Synchrony

Bank

5.625%

due

08/23/27

699

705

Truist

Bank

Series

BKNT

4.136%

due

10/23/29

(SOFR

+

0.911%)(Ê)

1,415

1,401

Series

I

4.144%

due

01/27/29

(SOFR

+

0.662%)(Ê)

850

846

VICI

Properties,

LP

4.750%

due

02/15/28

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

3.875%

due

02/15/29

(Þ)

Voya

Financial,

Inc.

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)

700

693

6.303%

due

10/23/29

(SOFR

+

1.790%)(Ê)

1,085

1,129

4.182%

due

01/23/30

(SOFR

+

0.740%)(Ê)

750

743

Series

MTN

3.526%

due

03/24/28

(SOFR

+

1.510%)(Ê)

550

546

Weyerhaeuser

Co.

4.000%

due

04/15/30

Zions

Bancorp

NA

3.250%

due

10/29/29

658

613

52,301

Health

Care

-

2.5%

Abbott

Laboratories

3.700%

due

03/09/29

1,595

1,573

Bon

Secours

Mercy

Health,

Inc.

Series

2018

4.302%

due

07/01/28

695

693

CommonSpirit

Health

6.073%

due

11/01/27

565

577

CVS

Health

Corp.

1.300%

due

08/21/27

610

586

GE

HealthCare

Technologies,

Inc.

4.150%

due

12/15/28

HCA,

Inc.

4.528%

due

03/01/28

(SOFR

+

0.870%)(Ê)

1,015

1,018

5.875%

due

02/01/29

IQVIA,

Inc.

5.700%

due

05/15/28

733

747

Merck

&

Co.,

Inc.

1.900%

due

12/10/28

975

922

Novartis

Capital

Corp.

4.100%

due

03/16/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Orlando

Health

Obligated

Group

3.777%

due

10/01/28

865

844

Sanofi

SA

3.800%

due

11/03/28

900

893

Universal

Health

Services,

Inc.

2.650%

due

10/15/30

697

630

9,787

Materials

and

Processing

-

0.4%

Georgia-Pacific

LLC

4.400%

due

06/30/28

(Þ)

660

660

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

790

758

1,418

Producer

Durables

-

3.4%

Allegion

US

Holding

Co.,

Inc.

3.550%

due

10/01/27

546

539

Avnet,

Inc.

6.250%

due

03/15/28

583

598

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

Eaton

Corp.

3.950%

due

03/06/29

1,710

1,692

Fedex

Freight

Holding

Co.,

Inc.

4.300%

due

03/15/29

(Þ)

910

899

Flowserve

Corp.

3.500%

due

10/01/30

664

628

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

Honeywell

Aerospace,

Inc.

3.900%

due

03/16/28

(Þ)

940

933

Honeywell

International,

Inc.

2.500%

due

11/01/26

700

694

Howmet

Aerospace,

Inc.

3.900%

due

04/15/29

1,130

1,113

Huntington

Ingalls

Industries,

Inc.

3.483%

due

12/01/27

768

756

Lennox

International,

Inc.

5.500%

due

09/15/28

541

552

Masco

Corp.

1.500%

due

02/15/28

Regal

Rexnord

Corp.

6.050%

due

04/15/28

TD

SYNNEX

Corp.

2.375%

due

08/09/28

Teledyne

Technologies,

Inc.

2.250%

due

04/01/28

Veralto

Corp.

5.350%

due

09/18/28

Vertiv

Group

Corp.

4.125%

due

11/15/28

(Þ)

595

588

Vontier

Corp.

2.400%

due

04/01/28

589

565

Waste

Management,

Inc.

4.500%

due

03/15/28

910

916

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

13,271

Technology

-

2.1%

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alphabet,

Inc.

3.875%

due

11/15/28

3.700%

due

02/15/29

710

702

Booz

Allen

Hamilton,

Inc.

4.000%

due

07/01/29

(Þ)

Broadcom,

Inc.

5.050%

due

07/12/29

1,040

1,060

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

Fidelity

National

Information

Services,

Inc.

4.450%

due

03/10/28

635

633

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

Meta

Platforms,

Inc.

4.600%

due

05/15/28

MSCI,

Inc.

4.000%

due

11/15/29

(Þ)

News

Corp.

3.875%

due

05/15/29

(Þ)

Oracle

Corp.

4.429%

due

08/03/28

(SOFR

+

0.760%)(Ê)

2.950%

due

04/01/30

815

747

Roper

Technologies,

Inc.

4.450%

due

09/15/30

Salesforce,

Inc.

4.500%

due

03/15/28

950

951

Synopsys,

Inc.

4.650%

due

04/01/28

990

996

Take-Two

Interactive

Software,

Inc.

4.950%

due

03/28/28

8,273

Utilities

-

4.6%

AEP

Texas,

Inc.

3.950%

due

06/01/28

557

551

Ameren

Corp.

3.500%

due

01/15/31

AT&T,

Inc.

4.350%

due

03/01/29

1,250

1,248

Series

\*

2.300%

due

06/01/27

700

685

CMS

Energy

Corp.

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

735

745

DTE

Energy

Co.

4.950%

due

07/01/27

730

735

Edison

International

4.125%

due

03/15/28

Evergy

Missouri

West,

Inc.

5.150%

due

12/15/27

(Þ)

746

752

Evergy,

Inc.

4.250%

due

03/15/29

765

759

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.650%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.558%)(Ê)

FirstEnergy

Corp.

Series

B

2.250%

due

09/01/30

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

ITC

Holdings

Corp.

4.950%

due

09/22/27

(Þ)

599

602

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

970

963

National

Fuel

Gas

Co.

3.950%

due

09/15/27

610

605

National

Rural

Utilities

Cooperative

Finance

Corp.

3.950%

due

12/10/27

920

915

Series

D

4.050%

due

02/09/29

710

705

NextEra

Energy

Capital

Holdings,

Inc.

4.685%

due

09/01/27

6.375%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.053%)(Ê)

4.800%

due

12/01/77

(USD

Month

SOFR

+

2.409%)(Ê)

NiSource,

Inc.

1.700%

due

02/15/31

NRG

Energy,

Inc.

4.450%

due

06/15/29

(Þ)

576

568

Pacific

Gas

and

Electric

Co.

3.000%

due

06/15/28

625

604

Public

Service

Co.

of

Colorado

4.150%

due

03/13/29

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

Sempra

3.400%

due

02/01/28

Sprint

Capital

Corp.

6.875%

due

11/15/28

569

601

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

724

743

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

785

793

Verizon

Communications,

Inc.

2.100%

due

03/22/28

710

682

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26

(Þ)

4.600%

due

10/15/30

(Þ)

531

521

18,166

136,547

International

Debt

-

13.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.875%

due

04/01/28

740

744

4.125%

due

02/28/29

1,195

1,179

America

Movil

SAB

de

CV

3.625%

due

04/22/29

649

632

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ashtead

Capital,

Inc.

4.000%

due

05/01/28

(Þ)

500

Avolon

Holdings

Funding,

Ltd.

5.750%

due

03/01/29

(Þ)

4.200%

due

04/15/29

(Þ)

805

791

BAE

Systems

PLC

5.000%

due

03/26/27

(Þ)

1,010

1,017

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5.621%

due

12/10/29

(Þ)

757

777

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

630

Bank

of

Montreal

5.266%

due

12/11/26

1,300

1,309

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

1.432%)(Ê)

745

733

Series

J

4.338%

due

03/19/30

(SOFR

+

0.890%)(Ê)

755

751

Bank

of

Nova

Scotia

(The)

4.404%

due

09/08/28

(SOFR

+

1.000%)(Ê)

1,060

1,059

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

575

603

Barclays

PLC

5.088%

due

06/20/30

(USD

Month

SOFR

+

3.054%)(Ê)

590

592

BAT

Capital

Corp.

3.557%

due

08/15/27

620

614

3.462%

due

09/06/29

565

546

Battery

Park

CLO,

Ltd.

Series

2024-1A

Class

AR

5.073%

due

07/15/36

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

5.415%

due

01/15/35

(CME

Term

SOFR

Month

+

1.742%)(Ê)(Þ)

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

573

591

BNP

Paribas

SA

5.335%

due

06/12/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)(Þ)

1,500

1,524

2.159%

due

09/15/29

(SOFR

+

1.218%)(Ê)(Þ)

647

611

Brookfield

Infrastructure

Finance

ULC

6.750%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.453%)(Ê)

629

635

Caisse

d'Amortissement

de

la

Dette

Sociale

3.750%

due

05/24/28

(Þ)

500

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Canadian

Imperial

Bank

of

Commerce

5.615%

due

07/17/26

1,240

1,244

Capital

Power

US

Holdings,

Inc.

5.257%

due

06/01/28

(Þ)

744

749

CarVal

CLO,

Ltd.

Series

2024-3A

Class

A1

5.065%

due

10/20/37

(CME

Term

SOFR

Month

+

1.390%)(Ê)(Þ)

Celulosa

Arauco

y

Constitucion

SA

3.875%

due

11/02/27

4.250%

due

04/30/29

(Þ)

Cooperatieve

Rabobank

UA

4.322%

due

04/01/29

575

576

Credit

Agricole

SA

4.631%

due

09/11/28

(SOFR

+

1.210%)(Ê)(Þ)

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

2.552%

due

01/07/28

(SOFR

+

1.318%)(Ê)

500

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

755

752

Dryden

Senior

Loan

Fund

Series

2018-55A

Class

A1

4.955%

due

04/15/31

(CME

Term

SOFR

Month

+

1.282%)(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)

581

595

Enel

Finance

International

NV

3.500%

due

04/06/28

(Þ)

Equinor

ASA

4.250%

due

06/02/28

1,235

1,238

Flutter

Treasury

DAC

6.375%

due

04/29/29

(Þ)

710

721

Gildan

Activewear,

Inc.

4.700%

due

10/07/30

(Þ)

534

529

Glencore

Funding

LLC

4.907%

due

04/01/28

(Þ)

HSBC

Holdings

PLC

4.583%

due

06/19/29

(CME

Term

SOFR

Month

+

1.796%)(Ê)

915

914

4.398%

due

03/10/30

(SOFR

+

0.990%)(Ê)

550

546

Imperial

Brands

Finance

PLC

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)

778

750

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

MEGlobal

BV

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.250%

due

11/03/26

(Þ)

MF1

Multifamily

Housing

Mortgage

Trust

Series

2021-FL7

Class

A

4.856%

due

10/16/36

(CME

Term

SOFR

Month

+

1.194%)(Ê)(Þ)

National

Australia

Bank,

Ltd.

4.628%

due

11/22/27

(Þ)

1,000

1,008

National

Bank

of

Canada

4.166%

due

01/20/29

(SOFR

+

0.760%)(Ê)

650

647

National

Grid

PLC

5.602%

due

06/12/28

NTT

Finance

Corp.

4.567%

due

07/16/27

(Þ)

960

962

4.620%

due

07/16/28

(Þ)

nVent

Finance

SARL

4.550%

due

04/15/28

534

531

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

572

585

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

3.750%

due

10/16/29

(Þ)

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

767

757

Repsol

E&P

Capital

Markets

US

LLC

4.805%

due

09/16/28

(Þ)

Royal

Bank

of

Canada

4.498%

due

08/06/29

(SOFR

+

0.890%)(Ê)

675

676

6.750%

due

08/24/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.815%)(Ê)

Series

GMTN

4.522%

due

10/18/28

(SOFR

+

0.860%)(Ê)

745

746

Santander

UK

Group

Holdings

PLC

3.823%

due

11/03/28

(USD

Month

SOFR

+

1.400%)(Ê)

520

514

Saudi

Government

International

Bond

5.125%

due

01/13/28

(Þ)

1,710

1,727

SK

Hynix,

Inc.

6.375%

due

01/17/28

(Þ)

Skandinaviska

Enskilda

Banken

AB

4.000%

due

03/12/29

(Þ)

500

Societe

Generale

SA

4.750%

due

09/14/28

(Þ)

602

604

Standard

Chartered

PLC

3.265%

due

02/18/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.300%)(Ê)(Þ)

770

706

Sumitomo

Mitsui

Trust

Bank,

Ltd.

3.950%

due

03/05/29

(Þ)

725

716

TELUS

Corp.

3.700%

due

09/15/27

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

Toronto-Dominion

Bank

(The)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.109%

due

10/13/28

1,270

1,262

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

693

720

Series

MTN

4.693%

due

09/15/27

715

719

TransCanada

PipeLines,

Ltd.

Series

10YR

4.250%

due

05/15/28

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

3.869%

due

01/12/29

(USD

Month

SOFR

+

1.410%)(Ê)(Þ)

767

759

4.302%

due

03/16/29

(SOFR

+

0.810%)(Ê)

1,190

1,189

UniCredit

SpA

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

643

UPM-Kymmene

Oyj

7.450%

due

11/26/27

(Þ)

503

523

Vale

Overseas,

Ltd.

3.750%

due

07/08/30

654

626

Var

Energi

ASA

5.875%

due

05/22/30

(Þ)

726

750

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Westpac

New

Zealand,

Ltd.

4.127%

due

01/29/29

(Þ)

700

695

Woori

Bank

6.375%

due

07/24/29

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.277%)(Ê)(Þ)

758

785

Yamana

Gold,

Inc.

4.625%

due

12/15/27

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

750

752

54,116

Mortgage-Backed

Securities

-

13.7%

Angel

Oak

Mortgage

Trust

Series

2026-2

Class

A1LC

4.796%

due

02/25/71

(~)(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

2025-5YR17

Class

A3

5.225%

due

11/15/58

505

515

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2026-5YR21

Class

A3

5.525%

due

04/15/59

550

567

Barclays

Commercial

Mortgage

Trust

Series

2020-C8

Class

ASB

1.867%

due

10/15/53

Series

2022-C14

Class

ASB

2.901%

due

02/15/55

700

665

Series

2025-5C37

Class

A3

5.015%

due

09/15/58

543

548

Barclays

Mortgage

Loan

Trust

Series

2026-NQM2

Class

A1

4.696%

due

12/25/65

(~)(Ê)(Þ)

Benchmark

Mortgage

Trust

Series

2019-B15

Class

AAB

2.859%

due

12/15/72

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.348%

due

07/15/54

(~)(Ê)

4,028

Series

2025-V17

Class

A3

5.075%

due

09/15/58

615

622

Series

2025-V18

Class

A3

5.184%

due

10/15/58

BINOM

Mortgage

Loan

Trust

5.060%

due

02/25/66

(Ê)(Þ)

870

867

BMO

Mortgage

Trust

Series

2025-5C12

Class

A3

5.180%

due

10/15/58

585

593

BOCA

Commercial

Mortgage

Trust

Series

2025-BOCA

Class

A

5.255%

due

12/15/42

(CME

Term

SOFR

Month

+

1.600%)(Ê)(Þ)

780

781

BRAVO

Residential

Funding

Trust

Series

2026-NQM3

Class

A1

4.985%

due

11/25/65

(~)(Ê)(Þ)

1,334

1,329

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

A3

2.646%

due

07/10/49

Series

2019-GC41

Class

AAB

2.720%

due

08/10/56

COLT

Mortgage

Loan

Trust

Series

2025-12

Class

A1LC

5.090%

due

01/26/71

(~)(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

5.005%

due

11/15/42

(CME

Term

SOFR

Month

+

1.350%)(Ê)(Þ)

760

760

Fannie

Mae

3.000%

due

2033

3.500%

due

2033

2.500%

due

2036

4.870%

due

2053

(SOFR

Day

Average

+

2.339%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fannie

Mae

Connecticut

Avenue

Securities

Trust

Series

2021-R03

Class

1M2

5.295%

due

12/25/41

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2024-R02

Class

1M2

5.445%

due

02/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

Fannie

Mae

REMICS

Series

2007-73

Class

A1

3.604%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2024-25

Class

AD

5.000%

due

03/25/44

607

609

Series

2024-90

Class

B

5.000%

due

07/25/51

Series

2025-61

Class

DA

4.500%

due

09/25/51

1,209

1,200

Series

2025-102

Class

FA

4.695%

due

12/25/55

(SOFR

Day

Average

+

1.050%)(Ê)

Series

2025-102

Class

FD

4.695%

due

12/25/55

(SOFR

Day

Average

+

1.050%)(Ê)

512

513

Series

2025-112

Class

AC

4.500%

due

07/25/53

1,131

1,117

Series

2026-21

Class

GB

4.500%

due

07/25/53

1,704

1,682

Freddie

Mac

5.000%

due

2041

715

720

Freddie

Mac

REMICS

Series

2020-5050

Class

YA

1.000%

due

01/15/46

Series

2024-5481

Class

FA

5.045%

due

12/25/54

(SOFR

Day

Average

+

1.400%)(Ê)

987

997

Series

2024-5487

Class

EA

5.000%

due

12/25/51

1,468

1,471

Series

2025-5549

Class

AF

5.145%

due

06/25/55

(SOFR

Day

Average

+

1.500%)(Ê)

727

735

Series

2025-5582

Class

LA

4.500%

due

08/25/52

1,344

1,333

Series

2025-5585

Class

EC

4.500%

due

09/25/54

1,504

1,491

Series

2025-5588

Class

BA

4.500%

due

11/25/52

1,437

1,424

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA6

Class

M2

5.145%

due

10/25/41

(SOFR

Day

Average

+

1.500%)(Ê)(Þ)

Series

2022-DNA2

Class

M1A

4.945%

due

02/25/42

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

Series

2022-DNA2

Class

M1B

6.045%

due

02/25/42

(SOFR

Day

Average

+

2.400%)(Ê)(Þ)

FRESB

Mortgage

Trust

Series

2018-SB52

Class

A10F

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.448%

due

06/25/28

(~)(Ê)

Series

2018-SB53

Class

A10F

3.609%

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)

Series

2026-NQM1

Class

A1

4.789%

due

12/25/70

(~)(Ê)(Þ)

742

736

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-PJ4

Class

A5

5.500%

due

09/25/55

(~)(Ê)(Þ)

510

511

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2019-COR6

Class

ASB

2.982%

due

11/13/52

JPMorgan

Mortgage

Trust

Series

2024-6

Class

A11

4.895%

due

12/25/54

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

Series

2024-11

Class

A11

4.895%

due

04/25/55

(SOFR

Day

Average

+

1.250%)(Ê)(Þ)

Series

2024-CCM1

Class

A4A

5.500%

due

04/25/55

(~)(Ê)(Þ)

924

925

Series

2025-3

Class

A1A

5.614%

due

09/25/55

(~)(Ê)(Þ)

715

716

Series

2025-5MPR

Class

A1D

5.500%

due

11/25/55

(~)(Ê)(Þ)

Series

2025-7MPR

Class

A1D

5.324%

due

02/25/56

(~)(Ê)(Þ)

Series

2025-12MPR

Class

A1D

5.055%

due

06/25/56

(~)(Ê)(Þ)

713

706

Series

2026-LTV1

Class

A1

5.416%

due

09/25/56

(~)(Ê)(Þ)

565

564

Series

2026-NQM2

Class

A1LC

5.223%

due

09/25/66

(~)(Ê)(Þ)

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

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2026-NQM4

Class

A1

5.075%

due

03/25/71

(~)(Ê)(Þ)

600

599

NYC

Commercial

Mortgage

Trust

Series

2025-3BP

Class

A

4.868%

due

02/15/42

(CME

Term

SOFR

Month

+

1.213%)(Ê)(Þ)

OBX

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-NQM21

Class

A1LC

5.079%

due

10/25/65

(~)(Ê)(Þ)

1,948

1,941

Series

2026-INV1

Class

AF

4.995%

due

02/25/56

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

759

760

Series

2026-NQM1

Class

A1LC

5.018%

due

11/25/65

(~)(Ê)(Þ)

530

526

Series

2026-NQM3

Class

A1

4.652%

due

01/25/66

(~)(Ê)(Þ)

538

533

Series

2026-NQM6

Class

A1LC

5.063%

due

04/26/66

(~)(Ê)(Þ)

685

683

PMT

Loan

Trust

Series

2025-J3

Class

A8

5.500%

due

11/27/56

(~)(Ê)(Þ)

553

554

Series

2026-J1

Class

A25

4.795%

due

01/25/57

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

816

811

Series

2026-J2

Class

A24

4.995%

due

03/25/57

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

Preston

Ridge

Partners

Mortgage

Trust

Series

2024-RCF1

Class

A1

4.000%

due

01/25/54

(~)(Ê)(Þ)

527

520

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

4.845%

due

01/25/56

(~)(Ê)(Þ)

Series

2025-RCF5

Class

A1

4.839%

due

10/25/55

(~)(Ê)(Þ)

Series

2026-NQM1

Class

A1

5.134%

due

02/25/71

(~)(Ê)(Þ)

2,142

2,134

Series

2026-NQM2

Class

A1A

5.264%

due

04/25/71

(~)(Ê)(Þ)

675

674

Radian

Mortgage

Capital

Trust

Series

2025-J4

Class

A25

5.195%

due

03/25/56

(SOFR

Day

Average

+

1.550%)(Ê)(Þ)

768

770

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)

1,121

1,123

RIDE

Series

2025-SHRE

Class

A

5.619%

due

02/14/47

(~)(Ê)(Þ)

625

634

ROCC

Trust

Series

2024-CNTR

Class

A

5.388%

due

11/13/41

(Þ)

875

887

Sequoia

Mortgage

Trust

Series

2024-INV1

Class

A6

5.500%

due

10/25/54

(~)(Ê)(Þ)

1,249

1,248

Series

2025-4

Class

A5

5.500%

due

04/25/55

(~)(Ê)(Þ)

714

715

Series

2026-2

Class

A26F

4.795%

due

03/25/56

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

758

755

Towd

Point

Mortgage

Trust

3.750%

due

03/25/58

(~)(Ê)(Þ)

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-SJ2

Class

A1A

2.250%

due

12/25/61

(~)(Ê)(Þ)

Verus

Securitization

Trust

Series

2026-1

Class

A1LC

5.020%

due

01/25/71

(~)(Ê)(Þ)

Series

2026-2

Class

A1FC

4.507%

due

02/25/71

(~)(Ê)(Þ)

Series

2026-2

Class

A1LC

4.751%

due

02/25/71

(~)(Ê)(Þ)

Series

2026-R3

Class

A1

5.190%

due

02/27/68

(~)(Ê)(Þ)

Wells

Fargo

Commercial

Mortgage

Trust

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

569

53,503

Municipal

Bonds

-

0.4%

City

of

Philadelphia

Redevelopment

Authority

Revenue

Bonds

4.518%

due

09/01/27

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1.522%

due

10/01/27

(µ)

Taxable

Municipal

Funding

Trust

Revenue

Bonds

3.970%

due

09/01/30

(µ)(~)(Ê)(Þ)

Wisconsin

Housing

and

Economic

Development

Authority

Home

Ownership

Revenue

Bonds

3.720%

due

09/01/37

(~)(Ê)

660

660

1,576

United

States

Government

Agencies

-

2.6%

Federal

Farm

Credit

Banks

Funding

Corp.

3.880%

due

03/23/28

825

821

3.950%

due

09/25/28

600

595

3.970%

due

11/28/28

700

697

3.740%

due

01/22/29

605

597

4.200%

due

05/07/29

900

898

3.875%

due

06/01/29

1,934

1,910

4.000%

due

12/26/29

500

4.720%

due

05/28/30

2,275

2,270

Federal

Home

Loan

Bank

4.550%

due

05/06/30

2,000

1,993

10,274

United

States

Government

Treasuries

-

9.8%

United

States

Treasury

Floating

Rate

Notes

3.848%

due

10/31/26

(U.S.

Treasury

Month

Bill

Money

Market

Yield

+

0.205%)(Ê)

3,675

3,678

United

States

Treasury

Notes

0.500%

due

10/31/27

705

671

3.500%

due

01/31/28

3,475

3,452

4.250%

due

02/15/28

1,585

1,595

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.875%

due

03/31/28

1,440

1,440

3.500%

due

04/30/28

870

863

3.750%

due

04/30/28

1,240

1,237

3.625%

due

05/31/28

7,095

7,057

2.875%

due

08/15/28

7,395

7,230

3.500%

due

01/15/29

1,640

1,623

3.500%

due

03/15/29

7,005

6,928

3.500%

due

02/28/31

2,490

2,435

38,209

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$363,347)

362,659

#### Short-Term

#### Investments

#### -

#### 6.8%
Banco

Santander

SA

2.806%

due

05/04/26

(Þ)(ž)

850

850

Cabot

Trail

Funding

LLC

3.813%

due

06/03/26

(Þ)(ž)

600

598

3.962%

due

08/04/26

(Þ)(ž)

600

594

Cooperatieve

Rabobank

UA

3.652%

due

05/18/26

(ž)

600

599

LMA-Americas

LLC

3.975%

due

07/06/26

(Þ)(ž)

600

595

4.041%

due

08/10/26

(Þ)(ž)

650

643

Nordea

Bank

Abp

3.878%

due

07/20/26

(Þ)(ž)

620

614

Old

Line

Funding

LLC

4.021%

due

09/02/26

(Þ)(ž)

Skandinaviska

Enskilda

Banken

AB

Series

GLOB

3.385%

due

05/06/26

(Þ)(ž)

500

500

3.859%

due

06/15/26

(Þ)(ž)

Toyota

Credit

de

Puerto

Rico

Corp.

4.142%

due

12/07/26

(ž)

600

585

U.S.

Cash

Management

Fund(@)

20,239,735

(∞)

20,236

United

States

Treasury

Bills

3.606%

due

06/04/26

(ž)

#### Total

#### Short-Term

#### Investments
(cost

$26,474)

26,474

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$389,821)

389,133

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
1,686

#### Net

#### Assets

#### -

#### 100.0%
390,819

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $32.1%

7-Eleven,

Inc.

12/19/25

403,000

95.23 384

Aircastle,

Ltd.

09/14/23

785,000

95.75 752

761

Alaska

Airlines

Pass-Through

Trust

11/17/23

366,918

98.14 360

AMSR

Trust

10/29/24

150,000

95.99 144

AMSR

Trust

11/13/25

142,396

97.78 139

Angel

Oak

Mortgage

Trust

02/26/26

305,000

100.00 305

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

102.62 354

ARI

Fleet

Lease

Trust

2026-A

01/09/26

275,000

99.99 275

Ashtead

Capital,

Inc.

12/19/25

500,000

99.20 496

Atlas

Warehouse

Lending

Co.,

LP

12/10/25

750,000

100.05 750

741

Avis

Budget

Rental

Car

Funding

AESOP

LLC

09/25/25

1,280,000

99.43 1,273

1,256

Avolon

Holdings

Funding,

Ltd.

12/24/25

80,000

103.06 82

Avolon

Holdings

Funding,

Ltd.

02/18/26

805,000

99.66 802

791

BAE

Systems

PLC

03/19/24

1,010,000

100.00 1,010

1,017

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

02/03/26

757,000

103.42 783

777

Banco

Santander

SA

01/16/26

850,000

99.97 850

850

Barclays

Mortgage

Loan

Trust

02/13/26

473,336

100.00 473

Battery

Park

CLO,

Ltd.

10/31/24

100,000

100.22 100

BCRED

MML

CLO

LLC

11/10/21

200,000

100.00 200

Bimbo

Bakeries

USA,

Inc.

05/14/25

573,000

102.51 587

591

BINOM

Mortgage

Loan

Trust

04/17/26

870,000

100.03 870

867

BMW

US

Capital

LLC

01/09/26

600,000

100.63 604

603

BMW

US

Capital

LLC

03/17/26

500,000

100.00 500

500

BNP

Paribas

SA

05/14/25

647,000

92.95 601

611

BNP

Paribas

SA

12/19/25

1,500,000

102.39 1,536

1,523

BOCA

Commercial

Mortgage

Trust

12/04/25

780,000

100.00 780

781

Booz

Allen

Hamilton,

Inc.

05/14/25

370,000

96.00 355

BRAVO

Residential

Funding

Trust

03/09/26

1,334,418

100.00 1,334

1,329

Cabot

Trail

Funding

LLC

12/11/25

600,000

99.65 598

598

Cabot

Trail

Funding

LLC

01/30/26

600,000

99.03 594

594

Caisse

d'Amortissement

de

la

Dette

Sociale

10/27/25

500,000

99.99 500

Capital

Power

US

Holdings,

Inc.

12/19/25

744,000

101.75 757

749

Carnival

Corp.

05/14/25

1,340,000

98.32 1,318

1,309

CarVal

CLO,

Ltd.

08/14/24

180,000

100.00 180

Celulosa

Arauco

y

Constitucion

SA

05/14/25

278,000

95.96 267

College

Ave

Student

Loans

LLC

04/28/26

75,977

90.03 68

Colony

American

Finance,

Ltd.

06/23/25

303,295

100.30 304

Colony

American

Finance,

Ltd.

01/12/26

262,246

98.55 258

COLT

Mortgage

Loan

Trust

04/16/26

345,000

99.94 345

Columbia

Pipelines

Holding

Co.

LLC

09/14/23

565,000

100.30 567

583

Corebridge

Global

Funding

07/02/25

325,000

101.05 328

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

09/05/25

490,000

102.67 503

Credit

Acceptance

Auto

Loan

Trust

03/18/25

700,000

100.00 700

703

Credit

Agricole

SA

01/22/24

521,000

94.47 492

513

Credit

Agricole

SA

12/22/25

241,000

100.69 243

Cross

Mortgage

Trust

01/08/25

142,551

101.83 145

CTR

Partnership,

LP

/

CareTrust

Capital

Corp.

03/04/26

273,000

98.14 268

DBC

Mortgage

Trust

10/20/25

760,000

100.02 760

760

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/09/25

783,333

99.37 778

784

DLLAA

LLC

01/14/25

420,000

100.39 422

Dryden

Senior

Loan

Fund

07/26/21

26,549

100.00 27

Enel

Finance

International

NV

04/29/24

444,000

96.28 427

Equitable

America

Global

Funding

06/02/25

550,000

100.14 551

550

ERAC

USA

Finance

LLC

04/26/23

275,000

99.84 275

Evergy

Missouri

West,

Inc.

12/02/25

746,000

101.52 757

752

Fannie

Mae

Connecticut

Avenue

Securities

Trust

11/13/24

180,914

100.64 182

Fannie

Mae

Connecticut

Avenue

Securities

Trust

01/15/25

230,000

101.07 232

Fedex

Freight

Holding

Co.,

Inc.

01/27/26

910,000

99.88 909

899

FirstKey

Homes

Trust

05/06/24

756,848

97.27 736

755

Flutter

Treasury

DAC

11/05/25

710,000

102.82 730

721

Ford

Credit

Auto

Owner

Trust

02/04/26

880,000

102.28 900

891

Freddie

Mac

STACR

REMIC

Trust

02/07/22

7,585

100.00 8

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Freddie

Mac

STACR

REMIC

Trust

02/07/22

300,000

101.88 306

Freddie

Mac

STACR

REMIC

Trust

12/27/24

277,825

100.47 279

Gartner,

Inc.

05/14/25

408,000

95.38 389

GCAT

Trust

12/19/25

577

99.76 1

GCAT

Trust

02/18/26

742,057

100.00 742

736

Georgia-Pacific

LLC

05/28/25

660,000

99.97 660

660

GFL

Environmental,

Inc.

04/13/26

294,000

97.82 288

Gildan

Activewear,

Inc.

12/19/25

534,000

99.69 532

529

Glencore

Funding

LLC

04/13/26

281,000

100.86 283

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership,

LP

12/19/25

675,000

98.03 662

659

GMF

Floorplan

Owner

Revolving

Trust

01/30/26

225,000

103.32 232

Gray

Oak

Pipeline

LLC

10/16/25

617,000

99.20 612

605

GS

Mortgage-Backed

Securities

Trust

04/16/25

510,057

99.70 509

511

Hertz

Vehicle

Financing

LLC

12/26/23

975,000

102.25 997

1,009

Hertz

Vehicle

Financing

LLC

02/06/24

1,215,000

96.46 1,172

1,191

Hertz

Vehicle

Financing

LLC

03/05/25

845,000

99.99 845

849

Hertz

Vehicle

Financing

LLC

09/10/25

210,000

99.48 209

Hertz

Vehicle

Financing

LLC

11/25/25

1,360,000

99.93 1,359

1,354

Hertz

Vehicle

Financing

LLC

11/25/25

1,175,000

99.99 1,175

1,170

Hilton

Grand

Vacations

Trust

06/10/25

469,863

99.97 470

HINNT

LLC

03/19/24

93,363

99.98 93

Home

Partners

of

America

Trust

02/13/24

873,111

87.04 760

801

Home

Partners

of

America

Trust

01/30/25

888,375

96.44 857

863

Honeywell

Aerospace,

Inc.

03/10/26

940,000

99.93 939

933

Hyundai

Auto

Lease

Securitization

Trust

01/12/26

300,000

100.00 300

Hyundai

Auto

Lease

Securitization

Trust

04/16/26

150,000

99.99 150

Hyundai

Capital

America

06/17/25

670,000

99.99 670

672

Hyundai

Floorplan

Master

Owner

Trust

10/28/25

885,000

99.99 885

878

Imperial

Brands

Finance

PLC

05/14/25

256,000

96.56 247

Infraestructura

Energetica

Nova

SAPI

de

CV

04/13/26

239,000

98.98 237

InRetail

Consumer

02/14/24

778,000

95.72 745

750

International

Flavors

&

Fragrances,

Inc.

08/04/25

790,000

96.54 763

758

Intesa

Sanpaolo

SpA

11/04/25

306,000

99.59 305

Invitation

Homes

Trust

08/16/24

169,575

96.28 163

ITC

Holdings

Corp.

05/14/25

599,000

100.54 602

602

JPMorgan

Mortgage

Trust

11/13/24

923,575

98.66 911

925

JPMorgan

Mortgage

Trust

04/15/25

714,895

99.99 715

716

JPMorgan

Mortgage

Trust

05/28/25

458,059

99.23 455

JPMorgan

Mortgage

Trust

08/19/25

338,687

99.72 338

JPMorgan

Mortgage

Trust

12/09/25

315,459

100.05 316

JPMorgan

Mortgage

Trust

12/09/25

294,569

100.05 295

JPMorgan

Mortgage

Trust

12/19/25

713,441

99.62 711

706

JPMorgan

Mortgage

Trust

04/21/26

305,000

100.00 305

JPMorgan

Mortgage

Trust

04/28/26

565,000

100.00 565

564

LMA-Americas

LLC

01/12/26

600,000

99.31 596

596

LMA-Americas

LLC

02/10/26

650,000

98.96 643

643

LPL

Holdings,

Inc.

10/09/24

621,000

96.60 600

605

Mars,

Inc.

03/05/25

625,000

100.11 626

629

MEGlobal

BV

08/23/23

260,000

99.28 258

MF1

Multifamily

Housing

Mortgage

Trust

09/10/21

44,436

100.00 44

Midwest

Connector

Capital

Co.

LLC

05/14/25

344,000

98.39 338

Mill

City

Mortgage

Loan

Trust

01/29/25

95,657

96.77 93

Monongahela

Power

Co.

12/12/23

970,000

98.81 958

963

Morgan

Stanley

Residential

Mortgage

Loan

Trust

04/20/26

600,000

100.00 600

600

MSCI,

Inc.

05/14/25

276,000

96.08 265

Mutual

of

Omaha

Cos.

Global

Funding

06/04/25

660,000

100.10 661

659

Mutual

of

Omaha

Cos.

Global

Funding

01/12/26

530,000

101.38 537

532

MVW

LLC

11/19/24

51,096

94.39 48

National

Australia

Bank,

Ltd.

12/17/25

1,000,000

101.33 1,013

1,008

Navient

Private

Education

Refi

Loan

Trust

01/27/23

213,358

97.32 208

Navient

Private

Education

Refi

Loan

Trust

11/22/24

297,788

89.75 267

Navient

Private

Education

Refi

Loan

Trust

03/24/25

27,780

91.74 25

Navient

Private

Education

Refi

Loan

Trust

03/26/25

173,059

88.64 153

Nelnet

Student

Loan

Trust

07/01/25

255,553

93.67 239

News

Corp.

05/14/25

357,000

95.16 340

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Nordea

Bank

Abp

02/10/26

620,000

99.18 615

615

NRG

Energy,

Inc.

12/05/24

576,000

97.72 563

568

NTT

Finance

Corp.

07/09/25

960,000

100.00 960

962

NTT

Finance

Corp.

04/13/26

173,000

100.49 174

NYC

Commercial

Mortgage

Trust

02/05/25

300,000

99.76 299

OBX

Trust

01/08/26

530,000

100.00 530

526

OBX

Trust

02/11/26

759,285

99.93 759

760

OBX

Trust

02/13/26

538,004

100.00 538

533

OBX

Trust

04/15/26

1,948,000

100.06 1,949

1,941

OBX

Trust

04/24/26

685,000

99.88 684

683

Old

Line

Funding

LLC

03/17/26

305,000

98.67 301

Open

Text

Corp.

08/13/24

572,000

102.33 585

585

PFS

Financing

Corp.

12/17/25

880,000

101.65 895

888

PFS

Financing

Corp.

12/29/25

350,000

100.96 353

PFS

Financing

Corp.

12/29/25

530,000

101.04 536

531

PMT

Loan

Trust

10/03/25

553,409

100.23 555

554

PMT

Loan

Trust

01/15/26

815,747

99.97 816

811

PMT

Loan

Trust

02/19/26

452,545

100.00 453

Preston

Ridge

Partners

Mortgage

Trust

01/07/25

527,328

97.40 514

520

Preston

Ridge

Partners

Mortgage

Trust

02/03/25

435,048

97.93 426

Preston

Ridge

Partners

Mortgage

Trust

10/14/25

426,572

99.99 427

Preston

Ridge

Partners

Mortgage

Trust

01/22/26

164,327

100.00 164

Preston

Ridge

Partners

Mortgage

Trust

03/05/26

2,141,849

99.90 2,140

2,134

Preston

Ridge

Partners

Mortgage

Trust

04/21/26

675,000

100.06 675

674

Progress

Residential

Trust

02/29/24

166,346

92.52 154

Progress

Residential

Trust

07/28/25

325,000

97.52 317

Progress

Residential

Trust

11/19/25

835,000

97.11 811

804

Progress

Residential

Trust

01/08/26

400,000

96.52 386

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

12/22/25

262,000

94.68 248

Radian

Mortgage

Capital

Trust

01/15/26

767,864

100.61 773

770

Rate

Mortgage

Trust

06/28/24

14,000

99.47 14

Rate

Mortgage

Trust

11/14/24

1,120,536

98.89 1,108

1,123

RCKT

Mortgage

Trust

11/12/24

642,697

99.42 639

644

RCKT

Mortgage

Trust

11/19/24

135,842

100.65 137

RCKT

Mortgage

Trust

12/03/24

126,094

100.43 127

RCKT

Mortgage

Trust

01/17/25

637,396

99.98 637

640

RCKT

Mortgage

Trust

02/26/25

602,029

99.99 602

604

RCKT

Mortgage

Trust

07/17/25

230,441

99.99 230

RCKT

Mortgage

Trust

07/17/25

115,221

99.99 115

RCKT

Mortgage

Trust

08/14/25

144,177

99.99 144

RCKT

Mortgage

Trust

10/17/25

310,582

100.00 311

RCKT

Mortgage

Trust

11/19/25

1,158,025

99.69 1,154

1,150

RCKT

Mortgage

Trust

01/23/26

128,295

100.30 129

RCKT

Mortgage

Trust

02/19/26

243,848

100.00 244

Reliance

Industries,

Ltd.

12/19/25

767,000

99.34 762

757

Repsol

E&P

Capital

Markets

US

LLC

04/13/26

201,000

100.51 202

RIDE

02/06/26

625,000

103.05 644

634

ROCC

Trust

02/06/26

875,000

102.85 900

888

Royal

Caribbean

Cruises,

Ltd.

12/22/25

520,000

101.59 528

526

Saudi

Government

International

Bond

01/06/25

1,710,000

101.04 1,728

1,727

Sequoia

Mortgage

Trust

11/15/24

1,248,630

99.22 1,239

1,248

Sequoia

Mortgage

Trust

04/16/25

714,002

99.72 712

715

Sequoia

Mortgage

Trust

02/05/26

757,829

99.89 757

755

Sierra

Timeshare

Receivables

Funding

LLC

07/14/25

219,951

100.00 220

Sierra

Timeshare

Receivables

Funding

LLC

10/06/25

433,829

99.99 434

Signal

Rail

I

LLC

12/19/25

649,362

94.05 611

610

SK

Hynix,

Inc.

04/13/26

215,000

103.31 222

Skandinaviska

Enskilda

Banken

AB

08/08/25

500,000

99.94 500

500

Skandinaviska

Enskilda

Banken

AB

09/16/25

280,000

99.52 279

Skandinaviska

Enskilda

Banken

AB

03/05/26

500,000

99.77 499

SMB

Private

Education

Loan

Trust

05/12/23

173,591

100.00 174

SMB

Private

Education

Loan

Trust

03/07/24

167,321

99.97 167

SMB

Private

Education

Loan

Trust

06/17/25

42,132

93.33 39

Societe

Generale

SA

12/02/25

602,000

100.90 607

604

Standard

Chartered

PLC

12/19/25

770,000

93.06 717

706

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
STAR

Trust

09/18/24

2,205,122

100.01 2,205

2,211

STAR

Trust

03/20/26

420,000

100.00 420

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

08/12/25

235,000

100.00 235

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

04/28/26

220,000

100.00 220

Sumitomo

Mitsui

Trust

Bank,

Ltd.

02/26/26

725,000

99.93 725

716

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

110,000

100.00 110

Tesla

Sustainable

Energy

Trust

11/01/24

422,496

100.00 422

Towd

Point

Mortgage

Trust

11/18/21

364,291

98.98 361

Towd

Point

Mortgage

Trust

12/15/21

122,299

96.33 118

Towd

Point

Mortgage

Trust

01/09/26

1,772,359

100.03 1,773

1,761

Towd

Point

Mortgage

Trust

01/20/26

1,472,019

100.00 1,472

1,461

Towd

Point

Mortgage

Trust

04/27/26

650,000

100.00 650

649

Towd

Point

Mortgage

Trust

04/29/26

280,000

97.36 273

Transportadora

de

Gas

Internacional

SA

ESP

01/22/24

484,000

98.71 478

Tricon

American

Homes

Trust

01/12/24

2,178,954

92.92 2,025

2,079

Tricon

Residential

Trust

12/18/25

203,962

100.53 205

Tricon

Residential

Trust

01/21/26

937,714

100.00 938

937

Tricon

Residential

Trust

01/28/26

200,000

99.60 199

Trillium

Credit

Card

Trust

10/06/25

175,000

100.00 175

Trinity

Rail

Leasing

2021

LLC

01/07/26

139,520

100.81 141

Trinity

Rail

Leasing

2021

LLC

01/22/26

220,751

94.83 209

UBS

Group

AG

12/22/25

767,000

99.46 763

758

UniCredit

SpA

05/14/25

272,000

103.83 282

UPM-Kymmene

Oyj

12/19/25

503,000

104.97 528

523

USB

Auto

Owner

Trust

06/10/25

205,000

100.00 205

USB

Auto

Owner

Trust

06/10/25

185,000

99.98 185

USB

Auto

Owner

Trust

06/10/25

65,000

99.98 65

Var

Energi

ASA

12/19/25

726,000

103.77 753

750

Verizon

Master

Trust

01/30/26

100,000

101.27 101

Vertiv

Group

Corp.

10/16/25

595,000

98.52 586

588

Verus

Securitization

Trust

01/09/26

240,000

100.00 240

Verus

Securitization

Trust

02/05/26

460,000

100.00 460

Verus

Securitization

Trust

04/14/26

325,000

100.00 325

Verus

Securitization

Trust

04/16/26

422,124

99.38 419

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

05/14/25

284,000

96.29 273

Videotron,

Ltd.

12/05/24

348,000

95.77 333

Vistra

Operations

Co.

LLC

11/19/24

345,000

100.06 345

Vistra

Operations

Co.

LLC

12/19/25

531,000

99.90 530

521

Western

Funding

Auto

Loan

Trust

07/18/25

305,000

99.98 305

Western

Funding

Auto

Loan

Trust

07/18/25

690,000

99.98 690

690

Westlake

Automobile

Receivables

Trust

05/20/25

185,000

99.98 185

Westpac

New

Zealand,

Ltd.

01/22/26

700,000

100.00 700

695

WMG

Acquisition

Corp.

05/14/25

376,000

93.95 353

Woori

Bank

12/22/25

758,000

104.23 790

785

Yamaha

Motor

Master

Trust

II

04/21/26

105,000

99.97 105

Yamaha

Motor

Master

Trust

II

04/21/26

200,000

99.99 200

Yara

International

ASA

08/14/23

750,000

98.18 736

752

125,306

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

10-Year

Mini

Japanese

Government

Bond

Futures

JPY

25,852

06/26

(1) Australian

Dollar

Currency

Futures

USD

1,654

06/26

British

Pound

Currency

Futures

USD

3,145

06/26

Commonwealth

Year

Treasury

Bond

Futures

AUD

6,103

06/26

(60) Euro

Currency

Futures

USD

3,234

06/26

Long

Gilt

Futures

GBP

3,290

06/26

(276) New

Zealand

Dollar

Currency

Futures

USD

3,667

06/26

United

States

Year

Treasury

Note

Futures

USD

39,768

06/26

(268) United

States

Year

Treasury

Note

Futures

USD

12,401

06/26

(229) United

States

Year

Ultra

Treasury

Note

Futures

USD

2,144

06/26

(17) Short

Positions

Euro-Bund

Futures

EUR

5,516

06/26

Japanese

Year

Government

Bond

Futures

JPY

1,292,600

06/26

Japanese

Yen

Currency

Futures

USD

722

06/26

(6) Norwegian

Krone

Currency

Futures

USD

1,941

06/26

(101) Swedish

Krona

Currency

Futures

USD

1,738

06/26

Swiss

Franc

Currency

Futures

USD

5,304

06/26

United

States

Year

Treasury

Note

Futures

USD

10,149

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(351) #### 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

3,165

5.000%

(2) 06/20/31

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

Total

Open

Credit

Default

Swap

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

$

—

$

68,434

$

—

$

—

$

68,434

Corporate

Bonds

and

Notes

—

136,547

—

—

136,547

International

Debt

—

54,116

—

—

54,116

Mortgage-Backed

Securities

—

53,503

—

—

53,503

Municipal

Bonds

—

1,576

—

—

1,576

United

States

Government

Agencies

—

10,274

—

—

10,274

United

States

Government

Treasuries

—

38,209

—

—

38,209

Short-Term

Investments

—

6,238

—

20,236

26,474

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Total

Investments

—

368,897

—

20,236

389,133

Other

Financial

Instruments

Assets

Futures

Contracts

607

—

—

—

607

Credit

Default

Swap

Contracts

—

—

—

Liabilities

Futures

Contracts

(958) —

—

—

(958) Total

Other

Financial

Instruments

\*

$

(351) $

$

—

$

—

$

(107) \*

Futures

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Australia

.............................................................................................

1,291

.3

Brazil

..................................................................................................

1,378

.3

Canada

................................................................................................

15,938

.1

Cayman

Islands

..................................................................................

551

.1

Chile

...................................................................................................

605

.2

Colombia

............................................................................................

730

.2

Finland

...............................................................................................

1,137

.3

France

.................................................................................................

3,989

.0

Germany

.............................................................................................

1,245

.3

India

...................................................................................................

757

.2

Ireland

................................................................................................

2,796

.7

Israel

...................................................................................................

—

\*\*

Italy

....................................................................................................

1,027

.3

Japan

..................................................................................................

1,852

.5

Kuwait

................................................................................................

.1

Mexico

...............................................................................................

2,236

.6

Netherlands

........................................................................................

1,175

.3

New

Zealand

......................................................................................

695

.2

Norway

...............................................................................................

1,988

.5

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

\*\*

Less

than

.05%

of

net

assets

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Peru

....................................................................................................

750

.2

Saudi

Arabia

.......................................................................................

1,727

.4

South

Korea

.......................................................................................

1,007

.3

Spain

..................................................................................................

2,165

.6

Sweden

...............................................................................................

1,274

.3

Switzerland

........................................................................................

1,948

.5

United

Kingdom

.................................................................................

8,301

.1

United

States

......................................................................................

332,175

.0

Total

Investments

...............................................................................

389,133

.6

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

$

—

$

$

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

$

851

#### 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

$

—

$

$

Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

(28) —

Total

$

$

(19) $

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

$

(630) Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

—

Total

$

$

$

(630) \*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

^

Collateral

received

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

#### 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
Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

$

$

—

$

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
Goldman

Sachs

$

$

—

$

—

$

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

389,821

Investments,

at

fair

value(>)

........................................................................................................................................................

389,133

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,758

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

1,490

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

assets

...............................................................................................................................................................

394,075

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

2,133

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Total

liabilities

...........................................................................................................................................................

3,256

#### Net

#### Assets

#### ...............................................................................................................................................................
$

390,819

#### 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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(10,392)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

401,003

#### Net

#### Assets

#### ...............................................................................................................................................................
$

390,819

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

20,236

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

1,470

(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

(#)

..........................................................................................................................................

$

18.75 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.5

%):

Class

A

.....................................................

$

19. 23

Class

A

—

Net

assets

...........................................................................................................................................................

$

7,148,345

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

381,263

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

18.36 Class

C

—

Net

assets

...........................................................................................................................................................

$

8,923,431

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

486,147

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

18.82 Class

M

—

Net

assets

..........................................................................................................................................................

$

15,258,872

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

810,955

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

18.85 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,150,336

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

61,035

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.80 Class

S

—

Net

assets

............................................................................................................................................................

$

239,041,607

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

12,713,115

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

18.82 Class

Y

—

Net

assets

...........................................................................................................................................................

$

119,296,843

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

6,338,000

(#)

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

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

8,723

Dividend

distributions

from

affiliated

funds

....................................................................................................................

532

Total

investment

income

.............................................................................................................................................................

9,255

#### Expenses
Advisory

fees

...................................................................................................................................................................

727

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

..............................................................................................................................................

1,362

Expense

reductions

..........................................................................................................................................................

(276) Net

expenses

................................................................................................................................................................................

1,086

Net

investment

income

(loss)

.......................................................................................................................................................

8,169

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

1,728

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(28) Credit

default

swap

contracts

...........................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,825

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(3,929)

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

(488) Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(3) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(4,309)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(2,484)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

5,685

#### 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

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

8,169

$

17,932

Net

realized

gain

(loss)

................................................................................................................

1,825

1,260

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(4,309)

4,486

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

5,685

23,678

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(205) (341) Class

C

.....................................................................................................................................

(181) (192) Class

M

....................................................................................................................................

(509) (1,676)

Class

R6

...................................................................................................................................

(33) (36) Class

S

......................................................................................................................................

(4,882)

(7,107)

Class

Y

.....................................................................................................................................

(4,900)

(8,394)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(10,710)

(17,746)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(26,453)

(42,330)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
(31,478)

(36,398)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

422,297

458,695

End

of

period

......................................................................................................................................

$

390,819

$

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

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

2025

Shares

Dollars

Shares

Dollars

Class

A

Proceeds

from

shares

sold

$

$

634

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(87) (1,640)

(71) (1,339)

Net

increase

(decrease)

(70) (1,328)

(20) (373) Class

C

Proceeds

from

shares

sold

3,536

2,481

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(80) (1,487)

(120) (2,222)

Net

increase

(decrease)

2,230

Class

M

Proceeds

from

shares

sold

7,314

955

17,993

Proceeds

from

reinvestment

of

distributions

509

1,676

Payments

for

shares

redeemed

(1,664)

(31,633)

(1,309)

(24,681)

Net

increase

(decrease)

(1,250)

(23,810)

(265) (5,012)

Class

R6

Proceeds

from

shares

sold

912

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(11) (210) (25) (472) Net

increase

(decrease)

Class

S

Proceeds

from

shares

sold

8,078

152,548

2,104

39,709

Proceeds

from

reinvestment

of

distributions

4,880

7,099

Payments

for

shares

redeemed

(4,580)

(86,930)

(2,889)

(54,505)

Net

increase

(decrease)

3,756

70,498

(408) (7,697)

Class

Y

Proceeds

from

shares

sold

2,251

3,874

Proceeds

from

reinvestment

of

distributions

4,900

8,394

Payments

for

shares

redeemed

(4,290)

(81,250)

(2,255)

(42,443)

Net

increase

(decrease)

(3,913)

(74,099)

(1,605)

(30,175)

Total

increase

(decrease)

(1,353)

$

(26,453)

(2,249)

$

(42,330)

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.02 18.75 18.17 18.00 19.56 19.74 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.35

.74

.71

.48

.18

.15

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12)

.26

.54

.09

(1.48)

(.15)

$

Total

from

Investment

Operations

.23

1.00 1.25 .57

(1.30)

—

(Ɵ)

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.50)

(.73)

(.67)

(.40)

(.06)

(.18)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.03)

—

$

Total

Distributions

(.50)

(.73)

(.67)

(.40)

(.26)

(.18)

$

Net

Asset

Value,

End

of

Period

18.75 19.02 18.75 18.17 18.00 19.56 %

Total

Return

(±)(ǿ)

1.20 5.44 6.98 3.17 (6.72)

.01

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 7,148

8,589

8,839

9,304

9,274

13,720

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.96

.95

1.01 1.08 1.07 1.06 %

Expenses,

Net

(Ƃ)(ɯ)

.78

.77

.81

.81

.81

.80

%

Net

Investment

Income

(Ƃ)(ɯ)

3.69 3.92 3.83 2.64 .97

.75

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

18.63 18.39 17.83 17.68 19.31 19.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.27

.58

.56

.34

.04

(—)

(Ɵ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.11)

.25

.53

.09

(1.46)

(.14)

$

Total

from

Investment

Operations

.16

.83

1.09 .43

(1.42)

(.14)

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.59)

(.53)

(.28)

(.02)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.02)

—

$

Total

Distributions

(.43)

(.59)

(.53)

(.28)

(.21)

(.10)

$

Net

Asset

Value,

End

of

Period

18.36 18.63 18.39 17.83 17.68 19.31 %

Total

Return

(ǿ)

.88

4.61 6.20 2.42 (7.45)

(.74)

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 8,923

6,813

6,285

8,766

12,863

19,621

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.71 1.70 1.76 1.83 1.82 1.81 %

Expenses,

Net

(Ƃ)(ɯ)

1.53 1.52 1.56 1.56 1.56 1.55 %

Net

Investment

Income

(Ƃ)(ɯ)

2.95 3.17 3.06 1.86 .21

(.01)

%

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.08 18.82 18.23 18.04 19.59 19.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.37

.80

.77

.55

.26

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.11)

.24

.54

.09

(1.52)

(.14)

$

Total

from

Investment

Operations

.26

1.04 1.31 .64

(1.26)

.06

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.78)

(.72)

(.45)

(.08)

(.24)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.04)

—

$

Total

Distributions

(.52)

(.78)

(.72)

(.45)

(.29)

(.24)

$

Net

Asset

Value,

End

of

Period

18.82 19.08 18.82 18.23 18.04 19.59 %

Total

Return

(ǿ)

1.40 5.68 7.33 3.55 (6.50)

.31

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 15,259

39,329

43,771

51,631

34,488

18,909

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.71

.70

.76

.82

.82

.81

%

Expenses,

Net

(Ƃ)(ɯ)

.48

.47

.51

.51

.51

.50

%

Net

Investment

Income

(Ƃ)(ɯ)

3.98 4.22 4.12 3.03 1.42 1.01 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.11 18.84 18.25 18.07 19.61 19.80 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.38

.80

.77

.55

.25

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12)

.25

.54

.08

(1.50)

(.15)

$

Total

from

Investment

Operations

.26

1.05 1.31 .63

(1.25)

.05

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.78)

(.72)

(.45)

(.08)

(.24)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.04)

—

$

Total

Distributions

(.52)

(.78)

(.72)

(.45)

(.29)

(.24)

$

Net

Asset

Value,

End

of

Period

18.85 19.11 18.84 18.25 18.07 19.61 %

Total

Return

(ǿ)

1.40 5.73 7.32 3.49 (6.44)

.26

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,150

1,111

622

530

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.56

.55

.61

.68

.67

.66

%

Expenses,

Net

(Ƃ)(ɯ)

.48

.47

.51

.51

.51

.50

%

Net

Investment

Income

(Ƃ)(ɯ)

3.99 4.24 4.13 2.98 1.33 1.03 %

Portfolio

Turnover

Rate

(ǿ)

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,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.07 18.80 18.21 18.03 19.58 19.76 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.37

.79

.76

.53

.24

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12)

.25

.54

.09

(1.50)

(.14)

$

Total

from

Investment

Operations

.25

1.04 1.30 .62

(1.26)

.05

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.52)

(.77)

(.71)

(.44)

(.08)

(.23)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.04)

—

$

Total

Distributions

(.52)

(.77)

(.71)

(.44)

(.29)

(.23)

$

Net

Asset

Value,

End

of

Period

18.80 19.07 18.80 18.21 18.03 19.58 %

Total

Return

(ǿ)

1.32 5.69 7.28 3.45 (6.53)

.26

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 239,042

170,792

176,077

252,345

235,416

221,213

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.71

.70

.76

.83

.82

.81

%

Expenses,

Net

(Ƃ)(ɯ)

.53

.52

.56

.56

.56

.55

%

Net

Investment

Income

(Ƃ)(ɯ)

3.93 4.17 4.07 2.92 1.31 .99

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

19.09 18.82 18.23 18.05 19.59 19.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.38

.80

.78

.55

.25

.21

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.12)

.26

.54

.08

(1.49)

(.14)

$

Total

from

Investment

Operations

.26

1.06 1.32 .63

(1.24)

.07

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.53)

(.79)

(.73)

(.45)

(.09)

(.25)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.17)

—

$

Return

of

Capital

—

—

—

—

(.04)

—

$

Total

Distributions

(.53)

(.79)

(.73)

(.45)

(.30)

(.25)

$

Net

Asset

Value,

End

of

Period

18.82 19.09 18.82 18.23 18.05 19.59 %

Total

Return

(ǿ)

1.36 5.76 7.35 3.52 (6.43)

.33

–

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 119,297

195,663

223,101

140,109

114,263

129,318

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.51

.50

.56

.63

.62

.61

%

Expenses,

Net

(Ƃ)(ɯ)

.45

.44

.48

.49

.48

.47

%

Net

Investment

Income

(Ƃ)(ɯ)

3.99 4.24 4.17 3.01 1.33 1.06 %

Portfolio

Turnover

Rate

(ǿ)

#### 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
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

94,03

Administrative

fees

15,105

Distribution

fees

7,018

Shareholder

servicing

fees

1,869

Transfer

agent

fees

17,623

Trustees'

fees

1,787

$

137,43

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

29,047

$

378,673

$

387,484

$

$

(2)

$

20,236

$

532

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

390,098,910

$

1,952,438

$

(3,043,780)

$

(1,091,342)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 96.1%
Alabama

-

2.9%

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

1,006

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,250

5.000 06/01/55

1,273

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,500

4.300 03/01/56

1,474

Black

Belt

Energy

Gas

District

Revenue

Bonds

5,000

5.000 12/01/34

5,247

Black

Belt

Energy

Gas

District

Revenue

Bonds

5,000

5.000 10/01/35

5,032

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.250 02/01/53

2,616

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

500

5.250 12/01/53

532

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250 09/01/42

2,152

County

of

Jefferson

Sewer

Revenue

Bonds

6,000

5.250 10/01/45

6,309

County

of

Jefferson

Sewer

Revenue

Bonds

4,205

5.250 10/01/49

4,341

County

of

Jefferson

Sewer

Revenue

Bonds

3,615

5.500 10/01/53

3,763

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

2,376

Homewood

Educational

Building

Authority

Revenue

Bonds

2,450

5.500 10/01/54

2,477

Homewood

Educational

Building

Authority

Revenue

Bonds

5.000 10/01/56

Hoover

Industrial

Development

Board

Revenue

Bonds

1,905

5.750 10/01/49

1,946

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375 11/01/50

875

MidCity

Improvement

District

Special

Assessment

1,000

4.500 11/01/42

862

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

1,206

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

3,225

4.750 12/01/54

2,993

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000 10/01/36

821

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

5,005

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,735

5.250 03/01/55

1,790

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,130

5.000 05/01/55

1,195

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

4,100

5.000 01/01/56

4,199

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

9,740

University

Beach

Improvement

District

Special

Assessment

(Þ)

7.500 11/01/45

University

Beach

Improvement

District

Special

Assessment

(Þ)

7.500 11/01/55

70,871

Alaska

-

0.1%

Alaska

Industrial

Development

and

Export

Authority

Revenue

Bonds

2,000

4.000 10/01/49

1,762

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,835

Zero

coupon

06/01/66

1,967

Arizona

-

2.2%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,610

3.310 01/01/37

4,594

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

8.000 01/01/29

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,290

6.000 07/01/37

1,315

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

(Þ)

1,275

7.125 05/01/44

1,332

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000 07/01/46

759

Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 11/01/50

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000 07/01/51

2,651

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000 07/15/53

629

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,750

7.625 05/01/54

1,860

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

720

5.000 06/01/54

719

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500 07/01/54

1,256

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

3,254

5.125 01/01/59

2,952

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

900

6.750 03/01/65

913

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,160

5.000 07/01/44

1,175

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

978

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,650

5.000 07/01/46

1,650

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

(~)(Ê)

3,800

2.450 11/15/52

3,800

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

2,500

5.250 12/01/55

2,347

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,000

5.250 12/01/60

931

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

5.500 05/01/40

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

5.750 05/01/50

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

500

6.875 11/15/52

534

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

7.000 11/15/57

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

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

5.800 07/01/49

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000 05/15/41

674

Glendale

Industrial

Development

Authority

Revenue

Bonds

1,360

5.000 05/15/56

1,162

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)

850

5.500 10/01/51

701

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

Salt

River

Project

Agricultural

Improvement

and

Power

District

Revenue

Bonds

10,000

5.250 01/01/55

10,869

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)

1,500

5.750 06/15/64

1,400

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

600

7.000 06/01/65

607

Superstition

Vistas

Community

Facilities

District

No.

Special

Assessment

6.250 07/01/39

Superstition

Vistas

Community

Facilities

District

No.

Special

Assessment

5.250 07/01/40

Superstition

Vistas

Community

Facilities

District

No.

Special

Assessment

5.250 07/01/41

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/50

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/54

54,985

Arkansas

-

0.6%

Arkansas

Development

Finance

Authority

Revenue

Bonds

810

5.000 02/01/34

837

Arkansas

Development

Finance

Authority

Revenue

Bonds

800

5.000 02/01/36

795

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.500 07/01/38

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arkansas

Development

Finance

Authority

Revenue

Bonds

4.250 07/01/41

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500 07/01/46

597

Arkansas

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

8,230

4.250 09/01/46

8,186

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

6.625 07/01/51

Arkansas

Development

Finance

Authority

Revenue

Bonds

1,325

5.450 09/01/52

1,338

Arkansas

Development

Finance

Authority

Revenue

Bonds

5.700 05/01/53

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

6.750 07/01/61

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000 10/01/33

1,753

Fayetteville

Public

Facilities

Board

Revenue

Bonds

600

5.500 12/01/54

608

Fayetteville

Public

Facilities

Board

Revenue

Bonds

5.500 12/01/60

15,405

California

-

6.4%

Alameda

Community

Facilities

District

Special

Tax

5.000 09/01/53

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

5.300 10/01/47

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

5.350 10/01/48

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

800

5.375 10/01/49

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

5.400 10/01/50

Alameda

Corridor

Transportation

Authority

Revenue

Bonds

(µ)

5.200 10/01/51

Alhambra

Unified

School

District

General

Obligation

Unlimited

(µ)

1,150

Zero

coupon

08/01/37

759

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)

2.830 02/01/52

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250 01/01/54

3,166

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 02/01/55

1,056

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

2,471

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

2,135

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000 06/01/61

832

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

1,014

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(~)(µ)(Ê)

4,150

2.200 02/01/45

4,150

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000 04/01/45

1,886

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(ae)

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

530

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000 11/15/49

1,980

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.000 05/15/51

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(Þ)

685

4.125 01/01/35

649

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(~)(ae)

(Ê)(Þ)

3,535

12.000 01/01/65

2,033

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000 12/31/27

663

California

Municipal

Finance

Authority

Revenue

Bonds

500

4.000 07/15/29

503

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

1,503

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,130

5.000 10/01/39

1,130

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

California

Municipal

Finance

Authority

Revenue

Bonds

1,750

5.000 12/31/43

1,769

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

775

5.375 11/01/45

791

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

1,728

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

3,693

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000 05/15/51

750

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/51

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

(Þ)

6.000 01/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

1,000

5.375 06/01/56

991

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.500 01/01/60

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

565

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

528

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,590

5.000 11/21/45

2,600

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

6.500 06/01/54

947

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250 07/01/54

618

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/37

1,003

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 08/01/42

1,001

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

500

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000 10/01/46

943

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

986

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

764

California

School

Finance

Authority

Revenue

Bonds

(Þ)

6.000 06/01/56

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.375 07/01/56

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.750 07/01/56

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 06/01/58

541

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)

6.000 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

506

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.500 07/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/64

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

507

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

2,695

5.250 12/01/44

2,698

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

6,780

5.000 12/01/46

6,780

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,000

5.000 04/01/47

947

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,645

5.500 12/01/54

2,647

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,950

5.250 12/01/56

1,952

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500 12/01/58

1,011

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

6.250 09/02/61

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

California

Statewide

Communities

Development

Authority

Special

Tax

1,775

5.250 09/01/52

1,805

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

Zero

coupon

06/01/46

551

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

2,519

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,700

4.000 05/15/50

1,500

City

of

Oroville

Revenue

Bonds

(Æ)(Ø)

5.250 04/01/34

City

of

Oroville

Revenue

Bonds

(Æ)(Ø)

5.250 04/01/39

City

of

Oroville

Revenue

Bonds

(Æ)(Ø)

1,435

5.250 04/01/49

1,010

City

of

Oroville

Revenue

Bonds

(Æ)(Ø)

600

5.250 04/01/54

City

of

Roseville

Special

Tax

4.000 09/01/45

City

of

Roseville

Special

Tax

1,550

4.000 09/01/50

1,320

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

1,200

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

762

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

976

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

925

3.000 12/01/56

635

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000 02/01/57

694

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

4.000 03/01/57

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

6,262

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,024

4.000 01/15/46

3,919

Golden

State

Connect

Authority

Revenue

Bonds

(Þ)

1,600

6.500 12/01/60

1,560

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,335

3.850 06/01/50

1,189

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

625

5.000 06/01/51

618

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

51,040

Zero

coupon

06/01/66

4,991

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

2,000

5.000 07/01/45

1,911

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

3,500

5.000 07/01/61

3,093

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)(Þ)

900

4.000 06/01/46

889

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,250

Zero

coupon

06/01/36

1,132

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

571

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

875

5.000 07/01/50

899

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

500

5.000 07/01/53

518

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

758

M-S-R

Energy

Authority

Revenue

Bonds

1,120

6.125 11/01/29

1,177

M-S-R

Energy

Authority

Revenue

Bonds

2,700

6.500 11/01/39

3,262

Natomas

Unified

School

District

General

Obligation

Unlimited

(µ)

4.000 08/01/42

Northern

California

Gas

Authority

No.

Revenue

Bonds

(~)(Ê)

550

3.368 07/01/27

544

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)

3.182 06/01/34

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

2,000

4.000 07/01/56

1,720

San

Francisco

City

and

County

Airport

Commission

International

Airport

Revenue

Bonds

6,485

5.000 05/01/49

6,575

San

Francisco

City

and

County

Airport

Commission

International

Airport

Revenue

Bonds

11,500

5.500 05/01/55

12,403

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

1,025

Southern

California

Public

Power

Authority

Revenue

Bonds

500

5.000 07/01/53

514

Southern

California

Tobacco

Securitization

Authority

Revenue

Bonds

5.000 06/01/48

Southern

California

Tobacco

Securitization

Authority

Revenue

Bonds

1,515

Zero

coupon

06/01/54

State

of

California

General

Obligation

Unlimited

2,000

5.000 08/01/46

2,008

State

of

California

General

Obligation

Unlimited

4.000 04/01/49

Tejon

Ranch

Public

Facilities

Finance

Authority

Special

Tax

1,000

5.000 09/01/45

1,000

University

of

California

Revenue

Bonds

3.000 05/15/51

William

S

Hart

Union

High

School

District

Special

Tax

5.000 09/01/47

158,066

Colorado

-

3.9%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250 12/01/49

636

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

506

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

503

Belford

North

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

8.500 12/15/50

501

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,651

Canyons

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.500 12/15/54

501

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

558

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

900

5.350 12/01/50

837

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

573

City

and

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

2,360

5.000 10/01/32

2,362

Cloverleaf

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/51

505

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

1,368

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

1,734

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

983

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

5.000 01/15/35

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

5.000 05/15/40

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000 01/01/42

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000 08/01/44

2,059

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

1,084

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.250 11/01/52

2,060

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(µ)(Ê)

2.150 12/01/52

Colorado

Health

Facilities

Authority

Revenue

Bonds

500

5.250 12/01/54

516

Colorado

Health

Facilities

Authority

Revenue

Bonds

(Þ)

2,750

7.000 06/15/55

2,725

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,834

5.500 07/01/57

1,348

Colorado

High

Performance

Transportation

Enterprise

Revenue

Bonds

5.750 01/01/44

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

814

Colorado

School

of

Mines

Revenue

Bonds

1,850

4.000 12/01/49

1,708

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

(Æ)(Ø)

500

5.750 12/01/47

Colorado

State

University

Research

Foundation

Revenue

Bonds

(Þ)

750

5.500 03/01/65

735

Commons

at

East

Creek

Metropolitan

District

(The)

General

Obligation

Limited

1,495

5.000 12/01/50

1,386

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,732

5.000 12/01/49

1,614

Copper

Ridge

Metropolitan

District

Revenue

Bonds

725

5.000 12/01/39

730

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

500

6.500 12/01/55

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.000 12/15/41

509

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Cottonwood

Creek

Metropolitan

District

No.

General

Obligation

Limited

(Þ)

500

7.250 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

Urban

Renewal

Authority

Tax

Allocation

(Þ)

505

5.250 12/01/39

505

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

1,259

Foster

Farm

Business

Improvement

District

General

Obligation

Limited

(Þ)

5,390

7.250 12/01/55

3,821

Four

Corners

Business

Improvement

District

General

Obligation

Limited

500

6.000 12/01/52

501

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

Green

Valley

Ranch

East

Metropolitan

District

No.

General

Obligation

Limited

950

0.782 12/01/55

771

Greenspire

Metropolitan

District

No.

General

Obligation

Limited

500

5.125 12/01/51

Hawkview

Metropolitan

District

General

Obligation

Limited

1,000

5.875 12/01/55

966

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

Jefferson

Center

Metropolitan

District

No.

Revenue

Bonds

1,350

4.375 12/01/47

1,185

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

5.000 12/01/51

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

2,011

4.250 12/01/46

1,928

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750 12/01/50

503

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

(Þ)

1,000

6.625 12/01/56

1,003

Ledge

Rock

Center

Residential

Metropolitan

District

No.

General

Obligation

Limited

500

6.375 12/01/54

Legacy

Community

Authority

Revenue

Bonds

1,250

6.750 12/01/55

1,257

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

509

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

500

Murphy

Creek

Metropolitan

District

No.

General

Obligation

Limited

850

5.000 12/01/51

783

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

5.875 12/15/54

Parkdale

Community

Authority

Revenue

Bonds

(~)(Ê)

500

7.000 12/15/44

515

Parkdale

Community

Authority

Revenue

Bonds

(Þ)

500

7.750 12/01/53

Parterre

Metropolitan

District

No.

General

Obligation

Limited

500

6.125 12/01/55

514

Pinery

Commercial

Metropolitan

District

No.

Revenue

Bonds

500

5.750 12/01/54

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Piney

Lake

Trails

Metropolitan

District

No.

General

Obligation

Limited

640

5.875 12/01/55

624

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

517

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

500

5.000 12/15/41

501

Prairie

Center

Metropolitan

District

No.

General

Obligation

Limited

2,825

4.875 12/15/44

2,723

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750 12/01/41

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

2,235

4.750 12/01/45

2,090

Redlands

Metropolitan

District

No.

General

Obligation

Limited

500

7.125 12/01/55

501

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

600

Sky

Dance

Metropolitan

District

No.

General

Obligation

Limited

500

6.000 12/01/54

502

South

Timnath

Metropolitan

District

No.

General

Obligation

Limited

711

5.500 12/01/48

712

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

1,000

5.000 12/01/37

1,015

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

5.000 12/01/47

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

Sugar

Creek

Public

Improvement

Authority

Revenue

Bonds

(Þ)

2,375

6.000 12/01/55

2,392

Sunset

Parks

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.125 12/01/54

Tailholt

Metropolitan

District

No.

General

Obligation

Limited

2,000

0.650 12/01/54

1,689

Tailholt

Metropolitan

District

No.

General

Obligation

Limited

1,710

5.500 12/01/54

1,661

Takoda

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/50

504

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.875 12/15/52

501

Trevenna

Metropolitan

District

General

Obligation

Limited

500

5.750 12/01/54

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,332

5.625 12/01/48

1,332

Village

Metropolitan

District(The)

General

Obligation

Limited

2,250

5.750 12/01/55

2,251

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

508

West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500 12/01/50

525

Winsome

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)(Þ)

500

5.125 12/01/50

96,981

Connecticut

-

0.8%

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

1,149

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

723

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000 07/01/39

2,963

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/39

982

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

720

4.000 07/01/41

648

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,100

5.000 01/01/45

996

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,500

5.000 07/01/48

1,395

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

1,023

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)

2,015

7.000 02/01/45

2,030

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,500

5.000 06/15/31

1,567

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

1,872

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

6.000 04/01/52

Town

of

Hamden

Revenue

Bonds

750

7.000 01/01/53

791

19,745

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

Delaware

Transportation

Authority

Revenue

Bonds

1,645

5.000 06/01/55

1,645

2,695

District

of

Columbia

-

0.9%

District

of

Columbia

Revenue

Bonds

2,510

5.000 10/01/35

2,501

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,001

District

of

Columbia

Revenue

Bonds

1,000

5.000 07/01/47

990

District

of

Columbia

Revenue

Bonds

1,000

5.000 06/01/55

898

District

of

Columbia

Tax

Allocation

Revenue

Bonds

(Þ)

6.250 06/01/41

District

of

Columbia

Tax

Allocation

Revenue

Bonds

(Þ)

1,195

6.600 06/01/49

733

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

11,835

Zero

coupon

06/15/46

2,730

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/43

1,013

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,510

4.000 10/01/44

1,395

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

6,870

4.000 10/01/49

6,065

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,280

3.000 10/01/50

922

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

3,850

4.000 10/01/53

3,216

22,609

Florida

-

9.8%

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

5.000 12/01/44

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

945

3.125 05/01/41

765

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

1,140

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

2,406

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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)

4.625 06/01/49

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

1,060

5.000 11/01/39

1,066

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

1,250

3.200 05/01/41

1,024

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

500

5.000 05/01/42

501

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

1,000

5.000 05/01/53

960

Beaumont

Community

Development

District

Special

Assessment

(Þ)

6.375 11/01/49

Bella

Tara

Community

Development

District

Special

Assessment

6.125 05/01/56

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

5.750 05/01/53

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

Blackwell

Community

Development

District

Special

Assessment

5.750 05/01/56

Blue

Lake

Community

Development

District

Special

Assessment

4.250 06/15/39

Bonterra

Community

Development

District

Special

Assessment

565

5.000 05/01/47

546

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

980

5.200 05/01/54

934

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

1,963

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

1,245

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

884

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,960

4.500 01/01/35

1,908

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5.000 06/01/41

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

936

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

3,778

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

1,094

Capital

Trust

Authority

Revenue

Bonds

5.000 06/15/44

Capital

Trust

Authority

Revenue

Bonds

(Þ)

6.875 12/01/44

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/50

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/55

Capital

Trust

Authority

Revenue

Bonds

500

5.250 12/01/55

500

Capital

Trust

Authority

Revenue

Bonds

5.125 06/15/59

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,000

6.125 07/01/60

960

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,500

5.000 06/01/64

1,351

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,000

6.750 06/15/65

989

Capital

Trust

Authority

Revenue

Bonds

(Þ)

6.750 06/15/65

Capital

Trust

Authority

Revenue

Bonds

(Þ)

2,100

6.625 07/01/65

2,132

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

899

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250 11/01/48

1,373

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)

2,000

4.000 10/01/51

1,646

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000 11/15/37

1,001

City

of

Lake

Helen

Florida

Revenue

Bonds

(Þ)

700

5.375 07/15/38

682

City

of

Orlando

Revenue

Bonds

8,000

5.250 10/01/55

8,511

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

Coddington

Community

Development

District

Special

Assessment

5.750 05/01/52

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,500

5.000 06/01/43

2,411

Collier

County

Health

Facilities

Authority

Revenue

Bonds

5.000 05/01/45

Collier

County

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 05/01/52

817

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

1,035

Cordova

Palms

Community

Development

District

Special

Assessment

1,455

4.000 05/01/52

1,172

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

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

2,060

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Lake

Revenue

Bonds

500

5.750 08/15/50

County

of

Miami-Dade Industrial

Development

Authority

Revenue

Bonds

900

5.000 09/15/34

901

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,775

5.000 10/01/49

2,787

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

1,188

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000 10/01/52

2,241

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000 10/01/36

4,309

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

635

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

1,009

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

970

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

999

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

3.750 05/01/34

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

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000 11/01/38

628

East

Nassau

Stewardship

District

Special

Assessment

1,270

3.500 05/01/41

1,080

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

550

6.000 05/01/41

550

Edgewater

West

Community

Development

District

Special

Assessment

5.500 05/01/54

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Edgewater

West

Community

Development

District

Special

Assessment

5.875 05/01/56

Elevation

Pointe

Community

Development

District

Special

Assessment

700

4.400 05/01/42

654

Enclave

at

Lake

Geneva

Community

Development

District

Special

Assessment

6.000 05/01/56

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

735

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/15/50

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

5,525

4.000 08/15/50

4,840

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

Firethorn

Community

Development

District

Special

Assessment

1,125

5.600 05/01/55

1,091

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

2,992

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

859

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

1,107

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

2,350

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

(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

1,137

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

880

4.000 06/30/56

573

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.625 07/01/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 10/01/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Š)(Þ)

5,300

10.000 07/01/57

1,484

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

12.000 07/15/59

930

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

5.000 03/01/39

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

5.000 03/01/44

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

1,350

5.000 06/01/48

1,203

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

515

5.000 03/01/49

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

4,220

6.250 07/01/55

4,229

Florida

Keys

Aqueduct

Authority

Revenue

Bonds

975

5.000 09/01/49

975

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

750

11.500 12/01/30

750

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

11.000 12/22/30

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Florida

Local

Government

Finance

Commission

Revenue

Bonds

855

5.875 10/01/61

836

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)

2,000

6.000 05/01/57

2,005

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

500

6.000 05/01/41

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

Governors

Park

South

Community

Development

District

Special

Assessment

5.800 05/01/56

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

Groves

at

Lake

Marion

Community

Development

District

Special

Assessment

(Þ)

5.600 12/15/55

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

Harbor

Reserve

Community

Development

District

Special

Assessment

1,260

5.750 05/01/56

1,212

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

1,168

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

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

5.600 05/01/56

Hills

of

Minneola

Community

Development

District

Special

Assessment

5.550 05/01/44

Hills

of

Minneola

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/50

Hills

of

Minneola

Community

Development

District

Special

Assessment

5.875 05/01/54

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

1,000

4.000 08/01/50

877

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

1,695

4.000 08/01/50

1,521

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,305

4.000 08/01/55

2,794

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

Hunt

Club

Grove

Community

Development

District

Special

Assessment

5.600 12/15/55

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

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

1,023

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

999

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

Flores

Community

Development

District

Special

Assessment

5.750 05/01/56

Lake

Frances

Community

Development

District

Special

Assessment

3.000 05/01/26

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

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

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

639

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

513

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Landmark

at

Doral

Community

Development

District

Special

Assessment

3.000 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

708

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

1,021

LT

Ranch

South

Community

Development

District

Special

Assessment

715

5.900 05/01/56

718

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

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

Merrick

Square

Community

Development

District

Special

Assessment

5.625 05/01/53

Metropica

Community

Development

District

Special

Assessment

7.000 11/01/30

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

(ae)

1,795

5.000 11/15/39

1,797

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

(ae)

5.000 11/15/44

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

892

Miami

World

Center

Community

Development

District

Special

Assessment

510

5.125 11/01/39

512

Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250 11/01/49

1,114

Miami-Dade

County

Expressway

Authority

Revenue

Bonds

1,900

5.000 07/01/39

1,902

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

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.375 07/01/65

1,020

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

1,610

4.000 05/01/51

1,302

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

1,870

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,120

3.100 11/01/41

896

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

5.250 06/15/43

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

769

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000 05/01/36

1,245

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

1,005

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

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

528

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

592

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

962

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

5.000 05/01/39

Palm

Glades

Community

Development

District

Special

Assessment

4.200 11/01/48

Palmetto

Ridge

Community

Development

District

Special

Assessment

5.700 05/01/55

Parker

Pointe

Community

Development

District

Special

Assessment

1,000

5.750 05/01/54

1,015

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

PBR

Community

Development

District

Special

Assessment

Revenue

Bonds

5.125 03/01/56

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Peace

Crossing

Community

Development

District

Special

Assessment

6.000 05/01/54

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

4.125 12/15/28

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

1,025

5.000 07/01/29

1,033

Pinery

Community

Development

District

Special

Assessment

Revenue

Bonds

5.600 05/01/46

Pinery

Community

Development

District

Special

Assessment

Revenue

Bonds

5.875 05/01/56

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

543

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

544

Randal

Park

Community

Development

District

Special

Assessment

(Þ)

895

5.200 05/01/49

876

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

2,000

3.150 05/01/41

1,709

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

761

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

831

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

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

882

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

6.750 11/01/53

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

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

Silverlake

Community

Development

District

Special

Assessment

5.500 05/01/53

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

655

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

(Þ)

5.900 05/01/54

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000 05/01/51

1,251

Southern

Groves

Community

Development

District

No.

Special

Assessment

2,620

4.000 05/01/48

2,170

Southern

Groves

Community

Development

District

No.

Special

Assessmnet

1,500

5.350 05/01/46

1,492

Southpointe

of

Manatee

County

Community

Development

District

Special

Assessment

5.625 05/01/56

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

990

5.500 06/15/53

990

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

500

4.000 12/15/41

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

900

4.000 12/15/50

694

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

639

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

871

Storey

Creek

Community

Development

District

Special

Assessment

5.200 06/15/42

Storey

Creek

Community

Development

District

Special

Assessment

5.375 06/15/52

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

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

Terreno

Community

Development

District

Special

Assessment

5.400 05/01/45

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

956

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

1,002

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

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

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

502

Varrea

South

Community

Development

District

Special

Assessment

5.400 05/01/53

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

850

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

(Þ)

4.000 05/01/31

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

501

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

940

5.500 05/01/53

959

Village

Community

Development

District

No.

Special

Assessment

(Þ)

5.000 05/01/43

Village

Community

Development

District

No.

Special

Assessment

(Þ)

2,000

5.250 05/01/54

1,988

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

5.250 05/01/53

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

1,190

5.750 05/01/53

1,207

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

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

Wellness

Ridge

Community

Development

District

Special

Assessment

5.625 06/15/56

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

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

1,635

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

644

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

Westside

Haines

City

Community

Development

District

Special

Assessment

5.625 05/01/56

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

510

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

745

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

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

Woodlands

Section

Community

Development

District

Special

Assessment

5.700 05/01/46

Woodlands

Section

Community

Development

District

Special

Assessment

6.000 05/01/56

Yarborough

Lane

Community

Development

District

Special

Assessment

1,625

5.600 05/01/55

1,592

Zephyr

Lakes

Community

Development

District

Special

Assessment

3.375 05/01/41

242,179

Georgia

-

2.1%

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

3,200

6.500 12/15/48

2,892

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

3,540

6.000 07/01/50

3,634

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

1,125

5.500 04/01/39

1,138

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875 07/01/51

2,901

Burke

County

Development

Authority

(The)

Revenue

Bonds

1,000

4.125 11/01/45

934

City

of

Rockdale

Special

Assessment

Revenue

Bonds

(Þ)

7.500 09/15/54

Cobb

County

Development

Authority

(The)

Revenue

Bonds

1,450

5.000 07/15/38

1,451

Columbia

County

Hospital

Authority

Revenue

Bonds

5.125 04/01/53

Columbia

County

Hospital

Authority

Revenue

Bonds

1,100

5.750 04/01/53

1,185

County

of

Gainesville

and

Hall Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.125 03/01/52

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000 03/01/36

902

East

Palm

Drive

Community

Development

District

Special

Assessment

5.375 06/15/54

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

1,210

3.625 01/01/31

1,182

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

5.000 01/01/36

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

7,700

4.000 01/01/54

6,436

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

2,795

5.000 01/01/54

2,620

Georgia

Municipal

Electric

Authority

Revenue

Bonds

(µ)

2,365

5.000 07/01/48

2,425

Georgia

Municipal

Electric

Authority

Revenue

Bonds

(µ)

3,220

4.000 01/01/49

2,909

Georgia

Municipal

Electric

Authority

Revenue

Bonds

(µ)

1,500

4.000 01/01/49

1,387

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Georgia

Municipal

Electric

Authority

Revenue

Bonds

2,000

4.000 01/01/49

1,731

Georgia

Municipal

Electric

Authority

Revenue

Bonds

1,000

5.000 01/01/49

1,003

Georgia

Municipal

Electric

Authority

Revenue

Bonds

(µ)

2,000

5.000 01/01/56

2,006

Georgia

Municipal

Electric

Authority

Revenue

Bonds

1,500

4.000 01/01/59

1,296

Georgia

Municipal

Electric

Authority

Revenue

Bonds

1,500

5.000 01/01/63

1,475

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

5.000 08/01/34

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000 08/01/38

942

Lagrange

Development

Authority

Revenue

Bonds

5.000 10/15/52

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

1,084

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

1,065

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

3,500

5.000 12/01/55

3,670

Private

Colleges

and

Universities

Authority

Revenue

Bonds

1,000

5.000 10/01/40

1,001

Private

Colleges

and

Universities

Authority

Revenue

Bonds

(~)(Ê)

2.300 09/01/52

Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

5.250 06/01/61

Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

(Þ)

800

6.250 06/01/61

816

Sunbridge

Stewardship

District

Special

Assessment

5.500 05/01/52

50,958

Guam

-

0.4%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

625

5.000 09/01/38

636

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

850

5.250 09/01/45

863

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

615

4.250 02/01/30

618

Guam

Department

of

Education

Certificate

of

Participation

545

5.000 02/01/40

541

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000 01/01/46

1,605

Guam

Government

Waterworks

Authority

Revenue

Bonds

630

5.000 01/01/50

639

Guam

Port

Authority

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

503

Territory

of

Guam

Revenue

Bonds

5.000 11/01/35

Territory

of

Guam

Revenue

Bonds

2,825

4.000 01/01/36

2,855

Territory

of

Guam

Revenue

Bonds

1,420

4.000 01/01/42

1,352

10,963

Hawaii

-

0.4%

Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000 05/15/51

1,183

State

of

Hawaii

Airports

System

Revenue

Bonds

1,000

5.000 07/01/51

1,016

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

3,850

6.000 07/01/28

3,933

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

1,105

5.000 01/01/30

1,105

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

4.000 03/01/37

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,360

3.200 07/01/39

1,197

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

9,138

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

714

Idaho

Housing

and

Finance

Association

Revenue

Bonds

1,655

4.650 01/01/54

1,659

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Power

County

Industrial

Development

Corp.

Revenue

Bonds

1,250

6.450 08/01/32

1,250

Spring

Valley

Community

Infrastructure

District

No.

Special

Assessment

(Þ)

2,013

3.750 09/01/51

1,813

5,963

Illinois

-

6.8%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000 12/01/37

2,124

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

500

5.750 04/01/35

508

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5,055

5.000 04/01/46

4,828

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

2,150

5.750 04/01/48

2,226

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

1,637

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000 12/01/32

1,041

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

5.250 12/01/35

Chicago

Board

of

Education

General

Obligation

Unlimited

990

5.000 12/01/36

991

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000 12/01/37

1,858

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000 12/01/37

1,006

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

1,779

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000 12/01/42

2,615

Chicago

Board

of

Education

General

Obligation

Unlimited

2,605

5.000 12/01/42

2,532

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

676

Chicago

Board

of

Education

General

Obligation

Unlimited

6,690

5.000 12/01/46

6,190

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500 12/01/46

1,471

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000 12/01/46

1,528

Chicago

Board

of

Education

General

Obligation

Unlimited

1,800

4.000 12/01/47

1,438

Chicago

Board

of

Education

General

Obligation

Unlimited

4,905

5.000 12/01/47

4,454

Chicago

Board

of

Education

General

Obligation

Unlimited

6.000 12/01/49

Chicago

Board

of

Education

General

Obligation

Unlimited

6,985

5.750 12/01/50

6,935

Chicago

Board

of

Education

Revenue

Bonds

2,240

5.000 04/01/42

2,231

Chicago

Board

of

Education

Revenue

Bonds

1,725

5.000 04/01/46

1,663

Chicago

Board

of

Education

Revenue

Bonds

4,720

6.000 04/01/46

4,768

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

982

Chicago

O'Hare

International

Airport

Revenue

Bonds

600

5.000 01/01/52

599

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,635

5.500 01/01/53

3,761

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,000

5.250 01/01/61

5,183

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,000

5.250 12/01/51

2,100

Chicago

Transit

Sales

Tax

Receipts

Fund

Authority

Revenue

Bonds

3,120

5.000 12/01/46

3,128

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Burbank

Illinois

Revenue

Bonds

(Þ)

2,105

6.250 02/01/51

2,108

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500 03/01/37

1,591

City

of

Chicago

General

Obligation

Unlimited

5.000 01/01/30

City

of

Chicago

General

Obligation

Unlimited

940

5.000 01/01/31

959

City

of

Chicago

General

Obligation

Unlimited

4,525

6.000 01/01/38

4,568

City

of

Chicago

General

Obligation

Unlimited

6.000 01/01/43

City

of

Chicago

General

Obligation

Unlimited

1,415

5.500 01/01/49

1,417

City

of

Chicago

General

Obligation

Unlimited

1,000

6.000 01/01/50

1,041

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

4.000 01/01/52

City

of

Marion

Sales

Tax

Revenue

Bonds

1,790

6.375 06/01/45

1,741

City

of

Marion

Sales

Tax

Revenue

Bonds

1,275

6.625 06/01/55

1,227

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Cook

Revenue

Bonds

6.500 01/01/45

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

1,933

Illinois

Finance

Authority

Revenue

Bonds

5.500 04/01/32

Illinois

Finance

Authority

Revenue

Bonds

875

5.000 05/15/33

873

Illinois

Finance

Authority

Revenue

Bonds

500

2.250 07/01/33

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.250 08/01/35

1,519

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/15/36

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 09/01/36

1,003

Illinois

Finance

Authority

Revenue

Bonds

1,350

5.500 04/01/37

1,299

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000 05/15/37

1,884

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

2,858

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.000 10/01/45

Illinois

Finance

Authority

Revenue

Bonds

5.000 11/15/45

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 08/01/46

1,001

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

575

5.875 09/01/46

563

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

1,423

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

2,545

6.125 04/01/49

2,492

Illinois

Finance

Authority

Revenue

Bonds

(~)(Ê)

800

3.400 08/15/49

800

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/49

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 02/15/50

919

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000 10/01/50

1,921

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.125 10/01/50

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

508

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.250 05/15/54

834

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 10/01/55

804

Illinois

Finance

Authority

Revenue

Bonds

1,550

5.375 11/01/55

1,507

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

2,663

Illinois

Finance

Authority

Revenue

Bonds

500

6.750 05/15/58

525

Illinois

Housing

Development

Authority

Revenue

Bonds

825

4.875 04/01/50

821

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000 06/15/31

611

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,500

5.000 01/01/36

1,502

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

1,286

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

779

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

500

4.000 12/15/42

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,396

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

4.000 06/15/50

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

3,060

5.000 06/15/50

3,056

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

10,000

Zero

coupon

12/15/51

2,794

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

6,500

4.000 06/15/52

5,581

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

550

Zero

coupon

12/15/52

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/54

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

2,170

Zero

coupon

12/15/54

519

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

12/15/56

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

7,100

Zero

coupon

12/15/56

1,528

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

720

5.000 06/15/57

722

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

1,001

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

(µ)

1,750

4.000 01/01/49

1,534

Southwestern

Illinois

Development

Authority

Revenue

Bonds

5.750 08/01/42

State

of

Illinois

General

Obligation

Unlimited

3,775

5.000 11/01/28

3,885

State

of

Illinois

General

Obligation

Unlimited

750

5.000 10/01/29

783

State

of

Illinois

General

Obligation

Unlimited

3,530

5.000 11/01/29

3,638

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

1,035

State

of

Illinois

General

Obligation

Unlimited

500

5.000 12/01/35

511

State

of

Illinois

General

Obligation

Unlimited

5.500 05/01/39

State

of

Illinois

General

Obligation

Unlimited

2,600

5.000 12/01/39

2,650

State

of

Illinois

General

Obligation

Unlimited

500

5.000 01/01/41

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

2,344

State

of

Illinois

General

Obligation

Unlimited

1,000

3.000 12/01/41

814

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

1,315

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

Il

Certificate

of

Participation

(Þ)

1,400

5.750 12/01/43

1,423

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000 01/01/39

1,000

168,229

Indiana

-

1.0%

City

of

Goshen

Revenue

Bonds

(Þ)

995

5.000 08/01/41

867

City

of

Lafayette

Revenue

Bonds

5.600 01/01/33

City

of

Lafayette

Revenue

Bonds

1,000

5.800 01/01/37

1,001

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)

850

5.000 01/01/54

816

Indiana

Finance

Authority

Revenue

Bonds

3.000 11/01/30

Indiana

Finance

Authority

Revenue

Bonds

500

4.250 11/01/30

516

Indiana

Finance

Authority

Revenue

Bonds

5.000 10/01/32

Indiana

Finance

Authority

Revenue

Bonds

2,145

5.000 11/01/41

2,147

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.500 03/01/44

2,089

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

1,880

Indiana

Finance

Authority

Revenue

Bonds

5.000 06/01/53

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Indiana

Finance

Authority

Revenue

Bonds

560

5.000 07/01/55

Indiana

Finance

Authority

Revenue

Bonds

5.250 07/01/55

Indiana

Finance

Authority

Revenue

Bonds

5.250 10/01/56

Indiana

Finance

Authority

Revenue

Bonds

2,750

5.000 07/01/59

2,664

Indiana

Finance

Authority

Revenue

Bonds

510

5.375 06/01/64

504

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

2,500

5.750 01/01/36

2,500

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

1,900

5.500 01/01/37

1,900

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

2,350

6.750 01/01/43

2,156

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

6.000 03/01/53

Richmond

Hospital

Authority

Revenue

Bonds

5.000 01/01/35

Town

of

Upland

Revenue

Bonds

1,695

4.000 09/01/41

1,621

Town

of

Upland

Revenue

Bonds

2.500 09/01/50

Town

of

Whiteland

Tax

Allocation

Revenue

Bonds

(Þ)

6.125 03/01/49

Town

of

Whitestown

Indiana

Tax

Allocation

Revenue

Bonds

(Þ)

1,250

6.000 09/01/50

1,238

25,458

Iowa

-

0.8%

City

of

Coralville

Revenue

Bonds

1,720

5.000 05/01/42

1,724

Iowa

Finance

Authority

Revenue

Bonds

900

5.000 05/15/43

891

Iowa

Finance

Authority

Revenue

Bonds

1,000

5.500 10/01/45

1,006

Iowa

Finance

Authority

Revenue

Bonds

5.500 12/01/45

Iowa

Finance

Authority

Revenue

Bonds

1,200

5.000 05/15/47

1,132

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/48

Iowa

Finance

Authority

Revenue

Bonds

2,000

5.000 05/15/49

1,895

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,700

5.000 12/01/50

1,920

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

1,479

Iowa

Finance

Authority

Revenue

Bonds

5.750 12/01/55

Iowa

Finance

Authority

Revenue

Bonds

(Þ)

5.375 07/01/61

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

3,290

4.000 10/01/45

2,860

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,500

5.000 10/01/47

1,479

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.375 10/01/52

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

750

6.000 10/01/55

779

Iowa

Tobacco

Settlement

Authority

Revenue

Bonds

2,000

4.000 06/01/49

1,681

Iowa

Tobacco

Settlement

Authority

Revenue

Bonds

785

Zero

coupon

06/01/65

State

of

Iowa

Board

of

Regents

Revenue

Bonds

(µ)

3.000 09/01/61

Xenia

Rural

Water

District

Revenue

Bonds

(ae)

1,250

5.000 12/01/36

1,267

19,997

Kansas

-

0.3%

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

Manhattan

Revenue

Bonds

1,325

5.500 06/01/60

1,305

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

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

1,500

5.250 05/15/39

1,489

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

5.000 05/15/50

City

of

Wichita

Health

Care

Facilities

Revenue

Bonds

575

6.750 06/01/60

576

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

4,485

Zero

coupon

09/01/34

2,642

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Wyandotte

County

City

Unified

Government

Tax

Allocation

(Þ)

1,000

5.500 03/01/41

999

Wyandotte

County-Kansas

City

Unified

Government

Revenue

Bonds

5.000 09/01/27

Wyandotte

County-Kansas

City

Unified

Government

Revenue

Bonds

4.500 06/01/40

8,530

Kentucky

-

0.5%

City

of

Ashland

Revenue

Bonds

750

4.000 02/01/38

733

City

of

Henderson

Revenue

Bonds

(Þ)

1,350

4.450 01/01/42

1,297

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

1,055

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000 07/01/30

1,001

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,250

2.370 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

5.000 01/01/45

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

1,496

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

5.000 12/01/47

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,700

5.000 08/01/49

2,710

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

575

5.250 04/01/54

614

12,248

Louisiana

-

0.7%

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

979

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

746

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

500

6.250 11/15/45

501

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

575

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

500

6.625 06/15/62

503

Louisiana

Public

Facilities

Authority

Revenue

Bonds

635

4.000 05/15/42

602

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

747

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(Þ)

7.375 06/01/54

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

2,141

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

585

5.750 09/01/64

600

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisiana

Public

Facilities

Authority

Revenue

Bonds

5,025

5.000 09/01/66

4,811

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

17,842

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

501

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/50

1,360

Maryland

-

1.5%

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

723

City

of

Baltimore

Revenue

Bonds

5,500

5.000 07/01/44

5,501

City

of

Baltimore

Revenue

Bonds

(Þ)

825

5.000 06/01/45

798

City

of

Baltimore

Revenue

Bonds

1,090

5.000 09/01/46

1,044

City

of

Baltimore

Revenue

Bonds

5.000 06/01/51

City

of

Baltimore

Revenue

Bonds

(Þ)

1,225

5.250 06/01/55

1,160

City

of

Baltimore

Tax

Allocation

(Þ)

3.500 06/01/39

City

of

Baltimore

Tax

Allocation

(Þ)

3.625 06/01/46

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

735

4.000 01/01/50

641

County

of

Frederick

Special

Tax

(Þ)

4.000 07/01/50

County

of

Frederick

Tax

Allocation

(Þ)

1,985

4.625 07/01/43

1,846

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

1,029

Maryland

Economic

Development

Corp.

Revenue

Bonds

4.000 07/01/40

Maryland

Economic

Development

Corp.

Revenue

Bonds

5,000

5.250 06/30/47

5,043

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,625

5.000 07/01/48

3,755

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

1,007

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750 07/01/53

4,365

Maryland

Economic

Development

Corp.

Revenue

Bonds

2,500

5.250 06/30/55

2,493

Maryland

Economic

Development

Corp.

Revenue

Bonds

5.000 06/01/58

Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000 07/01/58

518

Maryland

Economic

Development

Corp.

Tax

Allocation

4.000 09/01/40

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 07/01/43

1,263

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000 01/01/51

1,382

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Maryland

Stadium

Authority

Revenue

Bonds

750

Zero

coupon

05/01/55

36,740

Massachusetts

-

1.0%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

5.000 10/01/51

1,562

Commonwealth

of

Massachusetts

General

Obligation

Limited

560

5.000 05/01/53

578

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

575

5.250 07/01/48

609

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000 10/01/35

1,586

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,050

7.375 10/01/35

1,077

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

985

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

983

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000 07/01/41

1,182

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 10/01/43

Massachusetts

Development

Finance

Agency

Revenue

Bonds

3,585

5.000 07/01/44

3,586

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 08/15/45

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,405

6.000 09/01/45

1,577

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

3,627

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

526

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

1,600

4.500 07/01/54

1,469

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(µ)

4.500 07/01/54

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

5.000 07/01/54

Massachusetts

Development

Finance

Agency

Revenue

Bonds

650

5.250 07/01/55

635

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2.000 07/01/37

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2,000

3.000 07/01/51

1,330

24,669

Michigan

-

1.6%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

600

4.000 04/01/44

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,231

6.000 04/01/44

5,047

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000 04/01/29

1,028

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

1,023

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

667

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/37

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

1,039

City

of

Detroit

General

Obligation

Unlimited

775

5.000 04/01/46

770

City

of

Detroit

General

Obligation

Unlimited

1,450

5.000 04/01/50

1,422

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000 07/01/41

871

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

(Þ)

6.250 08/15/56

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

(Þ)

575

6.250 08/15/61

578

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

865

4.000 02/01/29

869

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000 02/01/37

1,644

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

667

Michigan

Finance

Authority

Revenue

Bonds

1,375

5.000 10/01/44

1,318

Michigan

Finance

Authority

Revenue

Bonds

5.000 11/01/44

Michigan

Finance

Authority

Revenue

Bonds

5,000

Zero

coupon

06/01/45

1,263

Michigan

Finance

Authority

Revenue

Bonds

1,025

4.000 09/01/45

803

Michigan

Finance

Authority

Revenue

Bonds

1,779

5.500 11/15/45

1,463

Michigan

Finance

Authority

Revenue

Bonds

5.000 12/01/45

Michigan

Finance

Authority

Revenue

Bonds

5.000 12/01/46

Michigan

Finance

Authority

Revenue

Bonds

525

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

1,465

Michigan

Finance

Authority

Revenue

Bonds

17,355

Zero

coupon

06/01/65

1,710

Michigan

Mathematics

and

Science

Initiative

Revenue

Bonds

1,110

4.000 01/01/41

1,004

Michigan

Strategic

Fund

Revenue

Bonds

5.000 05/15/37

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

(~)(ae)(Ê)

4.000 10/01/61

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

9,690

Zero

coupon

06/01/46

1,007

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

Zero

coupon

06/01/52

544

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

38,055

Zero

coupon

06/01/58

894

State

of

Michigan

Trunk

Line

Revenue

Bonds

3,500

5.250 11/15/49

3,717

Summit

Academy

North

Revenue

Bonds

2.250 11/01/26

Tipton

Academy

Revenue

Bonds

4.000 06/01/51

Universal

Academy

Revenue

Bonds

500

4.000 12/01/31

38,417

Minnesota

-

0.8%

City

of

Apple

Valley

Revenue

Bonds

5.625 09/01/65

City

of

Bethel

Revenue

Bonds

1,000

5.000 07/01/59

891

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)

515

6.500 02/01/65

511

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250 08/01/43

501

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000 11/01/36

2,003

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000 12/01/32

1,400

City

of

Oakdale

Revenue

Bonds

1,750

5.750 12/01/55

1,713

City

of

Rochester

MN

Revenue

Bonds

1,280

5.375 09/01/50

951

City

of

St.

Cloud

Minnesota

Revenue

Bonds

5.000 05/01/54

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.250 07/01/33

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.500 07/01/38

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

5.500 12/01/57

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

(Þ)

6.375 06/15/61

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

3,000

6.125 07/01/65

2,877

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

500

5.625 09/01/65

City

of

State

Cloud

Minnesota

Revenue

Bonds

4.000 05/01/49

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

2,511

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

714

Lakes

Area

Economic

Development

Authority

Revenue

Bonds

800

5.700 11/01/51

787

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/40

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

5.000 05/01/47

19,455

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

929

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000 10/01/34

982

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000 10/01/35

851

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000 10/01/36

884

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

4.000 10/01/41

4,565

Missouri

-

1.2%

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

1,621

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

2,310

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)

575

6.000 01/01/48

582

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

1,755

Kirkwood

Industrial

Development

Authority

Revenue

Bonds

1,000

5.250 05/15/42

979

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

5.000 08/15/39

Missouri

Development

Finance

Board

Revenue

Bonds

(Þ)

875

6.750 06/15/55

853

Missouri

Southern

State

University

Revenue

Bonds

4.000 10/01/34

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

2.450 06/01/36

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

8,000

2.380 05/15/38

8,000

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

505

5.000 10/01/38

505

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000 02/01/42

913

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

3,000

6.000 10/01/45

3,006

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

1,240

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.250 02/01/54

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

500

6.500 06/01/56

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

650

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

500

29,170

Montana

-

0.2%

City

of

Kalispell

Revenue

Bonds

500

5.250 05/15/37

City

of

Kalispell

Revenue

Bonds

600

6.000 05/15/60

626

County

of

Gallatin

Revenue

Bonds

(Þ)

4.000 10/15/41

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000 10/15/46

617

County

of

Gallatin

Revenue

Bonds

(Þ)

1,125

7.000 10/15/55

847

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000 07/01/43

1,532

4,262

Nevada

-

0.3%

Carson

City

Hospital

Revenue

Bonds

1,025

5.000 09/01/47

1,011

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.

814

Special

Assessment

4.000 06/01/49

City

of

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

5.000 12/01/49

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.

817

Special

Assessment

5.750 06/01/43

531

City

of

Las

Vegas

Special

Improvement

District

No.

817

Special

Assessment

6.000 06/01/48

City

of

Las

Vegas

Special

Improvement

District

No.

818

Special

Assessment

1,115

5.000 12/01/49

1,065

City

of

North

Las

Vegas

Special

Assessment

(Þ)

580

6.750 06/01/55

586

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

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

1,092

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

(~)(ae)(Ê)(Þ)

880

12.000 01/01/65

506

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000 07/01/34

1,048

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/45

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/51

7,586

New

Hampshire

-

1.0%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3.250 04/01/28

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

2.950 04/01/29

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5.625 02/01/30

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4,500

Zero

coupon

12/01/31

3,219

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5.375 12/01/31

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,060

3.300 04/01/32

768

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)

872

Zero

coupon

12/15/33

552

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,090

5.625 12/15/33

1,121

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

662

5.875 12/15/33

657

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

6.125 12/15/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5,555

6.890 04/01/34

5,871

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,125

Zero

coupon

12/01/34

620

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,204

5.375 12/15/35

1,194

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

6.250 12/15/38

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,100

Zero

coupon

12/01/39

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,500

Zero

coupon

12/15/39

625

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,075

Zero

coupon

12/01/40

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

975

4.250 07/20/41

973

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)

3.750 07/01/45

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,765

6.375 03/15/46

1,811

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

828

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,080

6.000 08/01/65

1,067

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

5.000 08/01/35

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000 10/01/36

501

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

5.000 08/01/37

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000 08/01/40

509

25,330

New

Jersey

-

3.2%

City

of

Atlantic

General

Obligation

Unlimited

5.000 12/01/28

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000 06/15/38

530

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000 06/15/46

713

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,290

5.250 09/15/29

2,293

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

500

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000 07/01/32

501

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(Þ)

875

6.375 01/01/35

912

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

3.000 08/01/41

578

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

5,145

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000 06/15/46

1,215

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

972

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,000

5.000 10/01/47

1,995

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000 01/01/48

1,213

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

561

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

5.000 06/15/30

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,400

Zero

coupon

12/15/30

2,090

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

910

Zero

coupon

12/15/32

729

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

Zero

coupon

12/15/33

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,098

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,125

Zero

coupon

12/15/35

2,215

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

3,425

Zero

coupon

12/15/36

2,319

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,255

Zero

coupon

12/15/36

2,204

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,235

Zero

coupon

12/15/37

4,711

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000 06/15/38

2,366

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,750

Zero

coupon

12/15/38

1,697

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

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

510

5.000 06/15/42

519

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,975

4.000 06/15/45

7,624

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

5,000

5.250 06/15/50

5,307

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

4.125 06/15/55

2,819

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.250 06/15/55

3,148

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000 01/01/48

1,726

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

South

Jersey

Port

Corp.

Revenue

Bonds

2,395

5.000 01/01/36

2,442

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000 01/01/42

6,370

South

Jersey

Port

Corp.

Revenue

Bonds

1,100

5.000 01/01/48

1,105

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500 11/01/42

1,035

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.625 11/01/47

1,017

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

2,660

5.000 06/01/46

2,591

Union

County

Improvement

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

6.000 12/01/25

78,156

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

956

1,444

New

York

-

8.5%

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

2,530

5.000 07/15/42

2,530

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

2,569

Buffalo

and

Erie

County

Industrial

Land

Development

Corp.

Revenue

Bonds

1,500

7.750 05/01/55

1,572

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

(Þ)

500

6.500 07/01/42

511

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/49

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

4.000 06/15/51

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

(Þ)

6.500 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/53

Build

NYC

Resource

Corp.

Revenue

Bonds

1,000

5.500 06/15/55

960

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.500 07/01/55

512

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 12/01/55

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

750

7.000 12/15/55

749

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 06/15/57

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

1,750

5.750 06/15/60

1,712

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.000 07/01/60

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/63

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

775

7.000 12/15/65

776

City

of

New

York

General

Obligation

Unlimited

2,000

4.500 05/01/49

1,972

City

of

New

York

General

Obligation

Unlimited

8,000

5.250 02/01/53

8,400

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

2,700

2.800 02/01/55

2,700

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

2,725

5.000 07/01/45

2,727

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

2,175

5.000 07/01/46

2,120

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,775

5.000 07/01/51

1,732

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

(Þ)

4,000

Zero

coupon

06/01/60

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

1,875

5.250 12/01/52

1,883

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

5.000 07/01/38

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

1,845

5.000 07/01/48

1,827

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

705

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250 07/01/56

574

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000 11/01/32

951

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

2,384

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750 11/15/45

503

Metropolitan

Transportation

Authority

Revenue

Bonds

1,500

5.000 11/15/45

1,544

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

2,500

4.000 11/15/48

2,330

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/48

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000 11/15/50

791

Metropolitan

Transportation

Authority

Revenue

Bonds

4,300

4.000 11/15/50

3,772

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/50

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250 11/15/55

1,158

Monroe

County

Industrial

Development

Corp.

Revenue

Bonds

5.000 12/01/42

MTA

Hudson

Rail

Yards

Trust

Obligations

Revenue

Bonds

3,000

5.000 11/15/51

3,000

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

569

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

2,400

5.000 01/15/52

2,469

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

5.500 08/01/52

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

1,296

New

York

City

Industrial

Development

Agency

Revenue

Bonds

(µ)

1,375

3.000 03/01/49

1,032

New

York

City

Industrial

Development

Agency

Revenue

Bonds

3.000 03/01/49

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

5.250 05/01/48

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

1,885

5.000 11/15/40

1,885

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

1,892

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750 02/15/44

804

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

11,260

5.000 11/15/44

11,263

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

1,798

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000 12/01/30

902

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

1,114

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

870

3.000 09/01/50

626

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

1,725

New

York

State

Dormitory

Authority

Revenue

Bonds

1,435

4.000 03/15/54

1,297

New

York

State

Dormitory

Authority

Revenue

Bonds

5.250 05/01/54

New

York

State

Dormitory

Authority

Revenue

Bonds

12,000

5.250 03/15/56

12,642

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000 07/01/57

794

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

1,376

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000 03/15/39

10,019

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

3,505

New

York

State

Urban

Development

Corp.

Revenue

Bonds

1,650

5.000 03/15/52

1,697

New

York

Transportation

Development

Corp.

Revenue

Bonds

2.250 08/01/26

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,000

5.000 08/01/26

2,001

New

York

Transportation

Development

Corp.

Revenue

Bonds

5.000 07/01/30

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,625

4.000 10/01/30

1,647

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

614

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,095

5.250 08/01/31

3,221

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

3,223

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,745

5.000 10/01/35

1,818

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,200

5.375 08/01/36

1,240

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000 12/01/39

1,681

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000 12/01/39

1,578

New

York

Transportation

Development

Corp.

Revenue

Bonds

625

5.625 04/01/40

661

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,035

5.000 10/01/40

1,061

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

2,623

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

5,724

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000 07/01/46

891

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,100

5.000 07/01/46

3,058

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,000

4.000 10/31/46

887

New

York

Transportation

Development

Corp.

Revenue

Bonds

865

5.250 01/01/50

865

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,500

5.000 06/30/54

2,474

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

Transportation

Development

Corp.

Revenue

Bonds

9,735

5.500 06/30/54

9,821

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,225

6.000 06/30/54

2,307

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,250

5.500 12/31/54

4,318

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,200

5.000 06/30/60

2,140

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,500

5.000 06/30/60

1,416

New

York

Transportation

Development

Corp.

Revenue

Bonds

6,730

5.375 06/30/60

6,713

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,900

5.500 12/31/60

4,928

Niagara

Area

Development

Corp.

Revenue

Bonds

5.000 07/01/52

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

Tax-Exempt

Preferreds

(~)(Ê)

2.830 03/01/29

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

742

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

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

5.750 12/01/44

1,238

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

6.000 12/01/53

1,225

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,000

4.000 06/01/50

1,656

Triborough

Bridge

and

Tunnel

Authority

Sales

Tax

Revenue

Bonds

1,850

4.250 05/15/58

1,739

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

1,088

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

1,024

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

2,265

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

1,100

6.375 12/01/55

1,117

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(Þ)

6.500 12/01/65

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

209,182

North

Carolina

-

0.9%

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

516

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 06/01/40

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000 03/01/41

1,047

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000 09/01/41

2,030

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 10/01/45

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(Þ)

3,000

6.750 11/01/45

3,000

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

978

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

5.000 09/01/49

1,104

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,610

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

4.000 01/01/52

585

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,335

5.000 09/01/54

1,322

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.250 01/01/55

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,130

5.125 10/01/56

1,124

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000 01/01/43

2,059

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

4,360

5.000 01/01/58

4,424

22,832

North

Dakota

-

0.3%

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

1,012

City

of

Horace

General

Obligation

Unlimited

5.000 05/01/50

County

of

Burleigh

Revenue

Bonds

(ae)

5.200 04/15/46

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000 06/01/38

955

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000 06/01/53

2,122

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

1,000

5.000 07/01/53

1,007

6,220

Ohio

-

4.2%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

(ae)

3,000

5.250 11/15/46

3,041

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

4.000 06/01/37

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,800

3.000 06/01/48

1,283

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,730

4.000 06/01/48

1,498

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

34,430

5.000 06/01/55

27,284

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

29,415

Zero

coupon

06/01/57

2,242

Centerville

Health

Care

Revenue

Bonds

5.250 11/01/50

City

of

Cleveland

Revenue

Bonds

1,245

5.375 09/15/27

1,247

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000 08/01/44

914

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

1,555

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

3,160

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,335

4.000 11/15/38

1,306

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

1,500

6.050 01/01/46

1,496

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

3,255

6.300 01/01/46

3,253

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000 07/01/53

593

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

5.000 05/15/40

County

of

Franklin

Revenue

Bonds

5.250 07/01/41

County

of

Franklin

Revenue

Bonds

1,055

5.500 07/01/41

1,104

County

of

Franklin

Revenue

Bonds

1,250

5.250 11/01/55

1,299

County

of

Franklin

Revenue

Bonds

1,195

5.250 11/15/55

1,081

County

of

Lucas

Hospital

Revenue

Bonds

4.000 11/15/45

County

of

Lucas

Hospital

Revenue

Bonds

5,500

5.250 11/15/48

5,478

County

of

Muskingum

Revenue

Bonds

5.000 02/15/48

Cuyahoga

County

Hospital

Revenue

Bonds

5.375 05/15/37

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000 02/15/42

2,134

Cuyahoga

County

Hospital

Revenue

Bonds

5.500 05/15/42

Cuyahoga

County

Hospital

Revenue

Bonds

990

5.250 02/15/47

980

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Cuyahoga

County

Hospital

Revenue

Bonds

3,300

5.000 02/15/57

2,998

Cuyahoga

County

Hospital

Revenue

Bonds

3,420

5.500 02/15/57

3,427

Dayton-Montgomery

County

Port

Authority

Revenue

Bonds

930

5.000 12/01/44

934

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

700

5.000 12/01/51

665

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/59

1,037

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

3,920

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 07/01/41

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250 12/01/43

1,286

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000 11/01/44

1,873

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000 07/01/46

970

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/47

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

500

5.000 01/15/50

500

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,300

5.000 12/01/50

1,232

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/52

Ohio

Housing

Finance

Agency

Revenue

Bonds

(Þ)

5.700 08/01/43

Ohio

Housing

Finance

Agency

Revenue

Bonds

(Þ)

1,685

6.100 01/01/46

1,772

Ohio

Housing

Finance

Agency

Revenue

Bonds

2,500

5.500 09/01/50

2,644

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000 11/15/45

3,204

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

Revenue

Bonds

(µ)

1,250

5.000 12/01/60

1,260

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

3,000

5.000 12/01/44

3,016

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

740

5.000 11/01/51

714

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

600

State

of

Ohio

Revenue

Bonds

3.000 01/15/45

State

of

Ohio

Revenue

Bonds

1,915

4.000 01/15/46

1,727

State

of

Ohio

Revenue

Bonds

(Þ)

5.000 12/01/48

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

925

5.000 07/01/39

916

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

931

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/51

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/57

University

of

Akron

(The)

Revenue

Bonds

5.000 01/01/28

Warren

County

Port

Authority

Revenue

Bonds

1,370

4.000 12/01/53

1,013

104,184

Oklahoma

-

0.6%

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

936

Oklahoma

Development

Finance

Authority

Revenue

Bonds

1,510

5.250 08/15/43

1,519

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

2,815

Oklahoma

Development

Finance

Authority

Revenue

Bonds

950

5.500 08/15/57

938

Tulsa

Airport

Improvement

Trust

Revenue

Bonds

625

5.500 12/01/35

623

Tulsa

Airport

Improvement

Trust

Revenue

Bonds

2,875

6.250 12/01/35

3,236

Tulsa

Airport

Improvement

Trust

Revenue

Bonds

1,375

6.250 12/01/40

1,506

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

960

4.375 12/01/41

892

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

645

4.000 12/01/43

566

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250 11/15/37

1,017

Wagoner

County

Development

Authority

Revenue

Bonds

6.750 05/01/40

15,380

Oregon

-

0.3%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000 08/01/41

640

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

1,498

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

1,000

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

911

Salem

Hospital

Facility

Authority

Revenue

Bonds

950

4.000 05/15/47

814

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000 07/01/37

1,555

7,081

Pennsylvania

-

4.0%

Adams

County

General

Authority

Revenue

Bonds

575

5.000 08/15/50

577

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000 01/01/56

837

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,665

4.000 04/01/44

1,562

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

770

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

Commercial

and

Industrial

Development

Authority

Revenue

Bonds

(Þ)

500

5.000 06/15/57

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,165

5.000 05/01/28

1,188

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

710

5.250 05/01/32

748

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

1,021

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,450

5.000 05/01/42

4,455

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

680

5.250 05/01/42

701

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

865

6.000 05/01/42

895

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

3,432

5.000 06/30/39

3,237

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,488

6.000 06/30/44

1,116

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,175

5.000 10/01/49

995

Bethlehem

Redevelopment

Authority

Revenue

Bonds

1,600

5.250 10/01/49

1,630

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000 07/01/51

608

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,410

5.000 07/01/54

1,377

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

985

5.000 04/01/44

939

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

5.750 04/01/54

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000 11/01/37

1,865

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/27

1,004

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

5.625 10/15/42

1,959

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

800

4.500 10/01/49

703

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000 12/15/51

1,141

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.000 10/15/52

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,065

4.500 10/01/54

901

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000 09/15/33

1,669

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

1,305

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875 10/15/40

633

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125 10/15/41

670

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250 10/15/53

1,867

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/28

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

2,050

5.375 07/01/39

2,241

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/41

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

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

(ae)

5.000 07/01/46

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/46

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

2,000

5.000 12/01/38

2,001

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

Huntingdon

County

General

Authority

Revenue

Bonds

900

5.000 05/01/46

806

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250 07/01/41

998

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000 03/01/45

662

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000 10/01/37

1,219

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000 10/01/42

2,004

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

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

Latrobe

Industrial

Development

Authority

Revenue

Bonds

5.375 03/01/51

Latrobe

Industrial

Development

Authority

Revenue

Bonds

5.500 03/01/56

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000 06/01/52

795

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

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000 10/01/36

1,632

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

Bonds

5.250 03/01/37

Northeastern

Pennsylvania

Hospital

and

Education

Authority

Revenue

Bonds

5.000 05/01/44

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

550

5.250 12/01/37

551

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

996

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000 06/30/42

1,250

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

2,661

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 07/01/46

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 07/01/46

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

8,445

5.750 06/30/48

8,845

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 07/01/49

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5,125

5.250 06/30/53

5,141

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

750

5.450 03/01/56

752

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

712

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

3,500

5.000 06/01/51

3,327

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

2,500

5.500 06/01/52

2,523

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

1,023

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

3.500 05/01/32

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)(Þ)

870

4.875 12/15/35

870

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.375 06/15/38

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

1,593

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125 06/15/42

751

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.500 06/15/43

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

1,075

5.000 08/01/50

1,030

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority

(The)

Revenue

Bonds

500

5.000 07/01/34

505

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(Þ)

900

5.000 06/15/40

901

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 06/01/49

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

2,295

5.750 06/01/50

2,373

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

5.000 06/15/50

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

5.250 06/15/52

Scranton

Redevelopment

Authority

Revenue

Bonds

5.000 11/15/28

Southcentral

Pennsylvania

General

Authority

Revenue

Bonds

4.000 06/01/44

Southcentral

Pennsylvania

General

Authority

Revenue

Bonds

(Þ)

1,765

6.500 07/15/48

1,780

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

97,699

Puerto

Rico

-

7.3%

Children's

Trust

Fund

Revenue

Bonds

5.500 05/15/39

Children's

Trust

Fund

Revenue

Bonds

5,000

Zero

coupon

05/15/50

1,014

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625 07/01/27

1,312

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

653

5.625 07/01/29

684

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,212

5.750 07/01/31

2,385

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

4,678

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,434

4.000 07/01/33

2,397

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000 07/01/35

3,891

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000 07/01/37

820

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000 07/01/41

1,355

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

10,194

4.000 07/01/46

8,849

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

12,616

1.000 11/01/43

8,516

Commonwealth

of

Puerto

Rico

Notes

(~)(Ê)

4,982

1.000 11/01/51

1,956

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

7,644

1.000 11/01/51

5,020

HTA

CL

Trust

Revenue

Bonds

615

5.250 07/01/38

615

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

5.000 07/01/30

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,800

5.000 07/01/35

1,867

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,550

5.000 07/01/37

1,611

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

4,050

4.000 07/01/42

3,832

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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)

2,000

4.000 07/01/47

1,722

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

12,285

5.000 07/01/47

12,137

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

542

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

885

5.250 07/01/26

619

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

1,333

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,370

5.000 07/01/28

2,359

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

3.162 07/01/29

2,381

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/29

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/29

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/30

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)(Æ)(Ø)(Þ)

2,000

10.197 07/01/30

1,375

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,150

5.250 07/01/31

805

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,305

5.000 07/01/32

3,013

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

563

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,520

6.750 07/01/36

1,064

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

525

5.000 07/01/37

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,675

5.500 07/01/38

2,572

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,480

5.250 07/01/40

3,135

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

2,090

5.000 07/01/42

1,463

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,115

7.000 07/01/43

780

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.375 07/01/49

Puerto

Rico

GDB

Debt

Recovery

Authority

Revenue

Bonds

9,983

7.500 08/20/40

9,733

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

668

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

07/01/29

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

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

8,505

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

65,134

Zero

coupon

07/01/46

22,889

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,768

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

(Æ)(Ø)

19,794

Zero

coupon

07/01/51

5,175

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

5,537

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,294

4.784 07/01/58

9,760

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

24,885

5.000 07/01/58

24,152

179,418

Rhode

Island

-

0.2%

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(~)(Ê)

2.000 09/01/43

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

525

5.250 05/15/49

533

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,000

4.125 05/15/53

962

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

5.000 10/01/42

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

650

4.600 10/01/49

628

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

5.000 06/01/50

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

15,450

Zero

coupon

06/01/52

2,086

5,295

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

2,058

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

1,067

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

750

5.250 04/01/51

754

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

1,387

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

575

4.500 11/01/54

550

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

560

5.750 11/15/54

565

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/56

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

5.250 06/15/57

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,200

5.625 10/01/60

1,177

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000 12/01/39

2,908

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,364

4.000 12/01/46

1,300

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,000

5.000 12/01/52

1,024

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

1,664

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

(µ)

1,000

3.000 04/15/49

752

17,769

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

890

4.000 08/01/41

798

County

of

Lincoln

Revenue

Bonds

4.000 08/01/56

County

of

Lincoln

Revenue

Bonds

650

4.000 08/01/61

1,340

Tennessee

-

0.3%

Bartlett

Industrial

Development

Board

Tax

Allocation

(Þ)

6.200 07/01/49

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

500

4.000 08/01/36

503

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

3,000

5.000 08/01/44

3,047

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(ae)

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

1,268

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

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Tax

Allocation

(Þ)

700

6.750 06/01/46

567

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

7,029

Texas

-

7.3%

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

1,398

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

716

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000 08/15/49

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Æ)(Ø)

5.625 08/15/52

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

4.000 02/15/54

893

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

(Þ)

660

6.125 06/01/56

624

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Æ)(Ø)

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

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/64

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

1,300

6.250 06/01/66

1,246

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

940

5.000 07/15/37

945

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000 07/15/42

738

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

999

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500 07/01/26

1,989

Cedar

Bayou

Navigation

District

Special

Assessment

585

6.000 09/15/51

City

of

Alvarado

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/54

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

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

Anna

Special

Assessment

Revenue

Bonds

625

5.500 09/15/55

627

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

650

5.700 09/15/56

632

City

of

Arlington

Tax

Allocation

Revenue

Bonds

920

4.000 08/15/41

849

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

(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

501

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)

4.000 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,020

3.000 09/01/35

924

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

1,503

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

5.375 09/01/46

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

1,845

4.375 09/01/49

1,562

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

657

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

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

5.625 09/01/55

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

730

5.625 09/01/55

719

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

514

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

6.750 09/15/52

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/55

City

of

Dallas

Waterworks

and

Sewer

System

Revenue

Bonds

1,000

5.000 10/01/44

1,002

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

Eagle

Pass

Special

Assessment

Revenue

Bonds

(Þ)

1,531

7.625 09/01/60

1,546

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

660

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

598

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

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

709

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

4,016

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/01/29

City

of

Houston

Airport

System

Revenue

Bonds

1,000

5.500 07/15/36

1,054

City

of

Houston

Airport

System

Revenue

Bonds

1,400

5.500 07/15/38

1,488

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000 07/15/41

530

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000 07/01/47

City

of

Houston

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds

(µ)

1,375

5.500 09/01/58

1,467

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

688

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

Josephine

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/56

City

of

Josephine

Special

Assessment

Revenue

Bonds

5.750 09/15/56

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

809

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

Kyle

Special

Assessment

Revenue

Bonds

5.750 09/01/56

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

Lavon

Special

Assessment

Revenue

Bonds

875

5.750 09/15/55

857

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

Liberty

Special

Assessment

Revenue

Bonds

5.875 09/01/56

City

of

Lockhart

Special

Assessment

Revenue

Bonds

937

6.125 09/01/56

935

City

of

Lockhart

Special

Assessment

Revenue

Bonds

(Þ)

876

7.500 09/01/56

897

City

of

Lowry

Crossing

Special

Assessment

(Þ)

740

5.750 09/15/45

763

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

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)

680

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375 09/01/48

996

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

Mesquite

Special

Assessment

Revenue

Bonds

700

5.625 09/01/55

698

City

of

Mesquite

Special

Assessment

Revenue

Bonds

650

5.750 09/01/55

633

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

New

Braunfels

Special

Assessment

Revenue

Bonds

(Þ)

2,955

4.750 09/01/51

2,619

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

625

3.125 09/01/41

505

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)

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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 09/01/54

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/55

City

of

Princeton

Special

Assessment

Revenue

Bonds

5.625 09/01/56

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

561

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

City

of

Uhland

Special

Assessment

Revenue

Bonds

(Þ)

750

6.625 09/01/52

794

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

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

2,000

6.000 08/15/55

1,920

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

1,124

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.250 09/01/44

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.500 09/01/54

County

of

Comal

Special

Assessment

Revenue

Bonds

1,300

5.000 09/01/46

1,287

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

510

County

of

Harris

Toll

Road

Revenue

Bonds

8,000

5.250 08/15/54

8,392

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,771

Dallas

Metrocare

Services

Revenue

Bonds

4,000

5.250 11/01/65

4,135

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

5.850 10/01/47

1,049

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

(µ)

5,200

4.000 10/01/49

4,705

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

931

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

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

1,175

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)

2,225

4.625 10/01/31

2,227

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

933

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

932

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

(µ)

1,000

5.000 04/01/46

1,000

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

850

4.000 08/15/46

684

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,250

4.000 08/15/51

958

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,065

5.750 07/15/52

1,074

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

816

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

7,345

5.500 01/01/57

6,915

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

7.000 01/01/57

603

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.000 07/15/57

New

Hope

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 03/15/55

1,020

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

1,018

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000 01/01/46

1,607

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

925

10.000 07/01/26

926

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.750 01/01/36

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.875 01/01/41

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000 01/01/50

885

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.250 01/01/54

Port

Freeport

Revenue

Bonds

5.000 06/01/40

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

4.100 01/01/28

637

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000 04/01/51

800

Sherman

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,028

South

Manvel

Development

Authority

Tax

Allocation

4.500 04/01/39

South

Manvel

Development

Authority

Tax

Allocation

5.000 04/01/43

State

of

Texas

General

Obligation

Unlimited

5.000 08/01/41

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

605

5.000 05/15/45

573

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,610

5.000 11/15/46

1,570

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

691

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

1,000

5.000 12/15/31

1,065

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,100

5.000 06/30/58

4,073

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

4,350

5.500 12/31/58

4,474

Texas

Transportation

Finance

Corp.

Revenue

Bonds

8,000

5.250 10/01/55

8,466

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

741

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

803

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

Travis

County

Development

Authority

Special

Assessment

(Þ)

1,889

5.625 09/01/55

1,833

Travis

County

Healthcare

District

General

Obligation

Limited

5,000

5.250 03/01/55

5,240

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

Weatherford

College

of

the

Parker

County

Junior

College

District

Revenue

Bonds

8,140

5.000 08/01/55

8,310

Westside

Special

Improvement

District

General

Obligation

Limited

600

3.000 08/15/51

179,926

Utah

-

1.9%

Arrowhead

Springs

Public

Infrastructure

District

Special

Assessment

(Þ)

5.625 12/01/54

Benloch

Ranch

Improvement

Association

No.

Revenue

Bonds

(Þ)

9.750 12/01/39

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

2,000

4.000 03/01/51

1,621

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

2,640

City

of

Salt

Lake

Airport

Revenue

Bonds

815

5.250 07/01/48

840

City

of

Salt

Lake

Airport

Revenue

Bonds

3,240

5.500 07/01/53

3,378

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

6.750 03/01/55

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(~)(Ê)(Þ)

1,075

5.000 07/15/35

1,079

Firefly

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.625 03/01/54

507

Firefly

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

500

5.625 12/01/43

504

High

Star

Ranch

Infrastructure

Financing

District

Revenue

Bonds

(Þ)

1,000

6.250 12/01/55

1,001

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500 02/01/50

616

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

550

6.750 06/01/55

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(~)(Ê)(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

1,260

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

954

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

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

3,500

5.500 06/01/55

3,401

Military

Installation

Development

Authority

Revenue

Bonds

2,275

4.000 06/01/52

1,875

Northpoint

Infrastructure

Financing

District

Special

Assessment

(Þ)

6.625 12/01/55

NWQ

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,375

6.125 03/01/56

1,377

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.375 03/01/55

511

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

(~)(Ê)(Þ)

500

5.125 12/01/29

506

Panorama

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

2,835

6.250 03/01/55

2,846

Panorama

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

750

6.200 12/01/55

749

Pine

View

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

1,000

6.250 12/01/55

993

Red

Bridge

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

4.375 02/01/51

South

Salt

Lake

Redevelopment

Agency

Tax

Allocation

(Þ)

565

6.250 04/15/46

570

Tech

Ridge

Public

Infrastructure

District

Special

Assessment

(Þ)

1,500

6.250 12/01/54

1,533

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

(Þ)

1,000

4.125 06/01/41

919

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/38

967

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000 10/15/40

2,021

Utah

Infrastructure

Agency

Revenue

Bonds

850

4.000 10/15/41

790

Utah

Infrastructure

Agency

Revenue

Bonds

1,100

6.000 10/15/47

1,179

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

750

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

1,420

4.250 06/15/51

1,051

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

2,110

Wolf

Creek

Infrastructure

Financing

District

No.

Special

Assessment

700

5.750 12/01/44

741

Wood

Ranch

Public

Infrastructure

District

Special

Assessment

(Þ)

1,475

5.875 12/01/55

1,487

47,041

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

701

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500 06/15/45

1,441

3,153

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

8,233

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000 10/01/32

2,792

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

1,125

5.000 10/01/39

1,133

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,530

5.000 10/01/32

1,521

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

15,261

Virginia

-

1.0%

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000 01/01/40

5,294

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

675

5.200 06/01/46

569

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,585

6.706 06/01/46

2,653

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

14,450

Zero

coupon

06/01/47

3,862

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

5.000 06/01/47

Virginia

Beach

Development

Authority

Revenue

Bonds

7.000 09/01/53

Virginia

Beach

Development

Authority

Revenue

Bonds

800

7.000 09/01/59

866

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

Small

Business

Financing

Authority

Revenue

Bonds

1,005

5.000 01/01/36

1,060

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,000

4.000 01/01/48

2,716

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000 12/31/49

974

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,700

5.000 12/31/52

1,670

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,570

5.000 12/31/56

3,474

24,471

Washington

-

1.5%

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

978

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,500

5.000 12/01/44

1,490

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

3,083

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.625 12/01/40

1,521

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.875 12/01/45

1,006

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000 08/15/45

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000 10/01/42

869

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

1,992

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000 07/01/33

1,834

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,250

5.000 07/01/48

1,256

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4,400

3.000 07/01/58

2,883

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,820

4.000 07/01/58

2,285

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000 07/01/58

1,182

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,525

4.000 01/01/41

1,969

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

2,346

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/48

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/49

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

4,000

5.500 07/01/50

3,978

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/55

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(µ)(Þ)

1,800

5.250 07/01/55

1,828

Washington

State

Housing

Finance

Commission

Revenue

Bonds

1,700

6.250 01/01/56

1,694

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,160

5.750 07/01/60

1,166

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

6.000 07/01/60

Washington

State

Housing

Finance

Commission

Revenue

Bonds

810

6.250 01/01/61

799

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

500

7.000 07/01/64

512

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500 12/01/33

1,491

38,186

West

Virginia

-

0.3%

City

of

Huntington

Tax

Allocation

Revenue

Bonds

635

5.000 06/01/39

629

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

773

County

of

Monongalia

Tax

Allocation

(Þ)

5.750 06/01/43

County

of

Monongalia

Tax

Allocation

(Þ)

6.000 06/01/53

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,135

4.125 06/01/43

1,026

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,025

4.875 06/01/43

1,026

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

935

8.000 06/01/53

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

650

4.625 04/15/55

661

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

985

5.000 01/01/43

910

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

1,725

4.125 01/01/47

1,350

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125 01/01/47

903

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

5.500 09/01/48

8,480

Wisconsin

-

3.9%

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,685

4.000 03/01/28

1,664

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

1,026

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)

Zero

coupon

12/15/30

Public

Finance

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

3,825

6.750 08/01/31

2,754

Public

Finance

Authority

Revenue

Bonds

675

5.000 10/01/31

691

Public

Finance

Authority

Revenue

Bonds

710

5.000 10/01/32

725

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)

1,238

Zero

coupon

12/15/34

724

Public

Finance

Authority

Revenue

Bonds

920

5.750 04/01/35

921

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)

1,000

Zero

coupon

12/15/36

508

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 12/15/36

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250 05/15/37

635

Public

Finance

Authority

Revenue

Bonds

(Þ)

633

Zero

coupon

12/15/37

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,750

5.250 07/01/38

1,777

Public

Finance

Authority

Revenue

Bonds

1,595

5.000 06/01/39

1,617

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000 06/15/39

516

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

4,255

Zero

coupon

12/15/39

1,687

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,800

4.750 06/01/40

1,792

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,670

7.125 06/01/41

1,722

Public

Finance

Authority

Revenue

Bonds

(Þ)

580

5.000 01/01/42

534

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 04/01/42

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250 05/15/42

750

Public

Finance

Authority

Revenue

Bonds

500

5.000 07/01/42

500

Public

Finance

Authority

Revenue

Bonds

1,010

5.000 06/15/44

1,014

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

506

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,285

6.500 06/01/45

1,113

Public

Finance

Authority

Revenue

Bonds

600

5.250 06/15/45

602

Public

Finance

Authority

Revenue

Bonds

800

5.500 06/15/45

799

Public

Finance

Authority

Revenue

Bonds

725

5.350 12/01/45

742

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.625 02/01/46

Public

Finance

Authority

Revenue

Bonds

5.000 03/01/46

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

2,635

5.000 06/01/49

2,471

Public

Finance

Authority

Revenue

Bonds

(µ)

4.125 07/01/49

Public

Finance

Authority

Revenue

Bonds

1,650

5.000 11/15/49

1,554

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

720

4.000 02/01/51

539

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/51

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 06/15/51

822

Public

Finance

Authority

Revenue

Bonds

1,750

4.000 09/30/51

1,462

Public

Finance

Authority

Revenue

Bonds

2,000

4.000 12/01/51

1,614

Public

Finance

Authority

Revenue

Bonds

(Þ)

650

5.750 02/01/52

659

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000 04/01/52

1,276

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

728

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

578

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

5.750 12/01/54

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.250 03/01/55

Public

Finance

Authority

Revenue

Bonds

600

5.500 06/01/55

587

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

986

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

3,853

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,350

4.500 06/01/56

1,807

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000 06/15/56

726

Public

Finance

Authority

Revenue

Bonds

(Þ)

625

6.375 07/01/56

628

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 01/01/57

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 06/15/57

513

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

4,625

5.750 06/30/60

4,747

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,075

6.000 07/01/60

1,086

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

4.000 07/01/61

Public

Finance

Authority

Revenue

Bonds

(Þ)

785

4.000 07/01/61

530

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.250 07/01/61

Public

Finance

Authority

Revenue

Bonds

(Þ)

3,175

6.000 02/01/62

3,234

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

734

Public

Finance

Authority

Revenue

Bonds

3,126

5.750 07/01/62

3,222

Public

Finance

Authority

Revenue

Bonds

(Þ)

7.000 06/15/65

Public

Finance

Authority

Revenue

Bonds

1,725

5.750 12/31/65

1,772

Public

Finance

Authority

Revenue

Bonds

12,420

6.500 12/31/65

13,678

Public

Finance

Authority

Tax

Allocation

5.000 08/01/39

Public

Finance

Authority

Tax

Allocation

(Þ)

1,150

5.000 06/01/41

1,153

Public

Finance

Authority

Tax

Allocation

(~)(Ê)(Þ)

625

8.000 06/15/42

629

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

500

6.500 11/01/36

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,020

4.000 12/01/41

807

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.000 02/15/46

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,175

5.000 03/15/50

1,158

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

834

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.750 08/15/54

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,500

5.500 06/01/55

1,504

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 12/01/56

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.125 04/01/57

1,069

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

95,306

Wyoming

-

0.0%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

1,000

3.625 07/15/39

949

#### Total

#### Municipal

#### Bonds
(cost

$2,427,174)

2,372,185

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 2.2%
U.S.

Cash

Management

Fund

(@)

55,190,433

(∞)

55,179

#### Total

#### Short-Term

#### Investments
(cost

$55,178)

55,179

#### Total

#### Investments

#### -

#### 98.3%
(identified

cost

$2,482,352)

2,427,364

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.7%
41,088

#### Net

#### Assets

#### -

#### 100.0%
2,468,452

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $22.7%

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

800,000

101.67 813

770

Allentown

Commercial

and

Industrial

Development

Authority

Revenue

Bonds

02/18/26

500,000

85.97 430

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

4,450,000

101.06 4,521

4,455

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

104.46 1,045

1,021

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,165,000

100.44 1,171

1,188

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

865,000

100.50 868

895

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

680,000

99.52 679

701

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/20/24

710,000

102.94 731

748

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/27/25

100,000

106.44 106

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/25/23

625,000

101.29 633

636

American

Samoa

Economic

Development

Authority

Revenue

Bonds

11/19/25

850,000

99.03 842

863

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

99.65 100

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,290,000

106.41 1,373

1,315

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105.72 740

629

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

210,000

102.19 215

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

75,000

103.54 78

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

108.91 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.36 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.37 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.38 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

1,275,000

100.96 1,287

1,332

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

1,750,000

101.00 1,767

1,860

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/19/25

900,000

100.00 900

913

Arizona

Industrial

Development

Authority

Revenue

Bonds

03/19/26

400,000

101.44 406

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/19/26

8,230,000

100.00 8,230

8,186

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/27/26

225,000

97.88 220

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/27/26

310,000

98.36 305

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103.44 517

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.20 97

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.50 98

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

98.86 99

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

02/20/26

660,000

96.59 638

624

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

02/20/26

1,300,000

96.71 1,257

1,246

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

1,140

Atlanta

Development

Authority

(The)

Revenue

Bonds

08/22/24

3,200,000

87.32 2,794

2,892

Atlanta

Development

Authority

(The)

Revenue

Bonds

10/16/25

3,540,000

100.35 3,552

3,634

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

1,125,000

100.00 1,125

1,138

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

3,330,000

86.91 2,894

2,901

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100.00 2,380

2,406

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

Avimor

Community

Infrastructure

District

No.

Special

Assessment

05/22/24

122,000

100.00 122

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

12/14/18

1,060,000

99.52 1,055

1,066

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

06/06/25

1,250,000

100.00 1,250

1,273

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

09/12/25

1,000,000

100.00 1,000

1,006

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

02/27/26

1,500,000

100.00 1,500

1,474

Banning

Lewis

Ranch

Metropolitan

District

No.

General

Obligation

Limited

07/23/21

500,000

100.00 500

Bartlett

Industrial

Development

Board

Tax

Allocation

03/24/26

300,000

100.00 300

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
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

91.96 1,839

1,621

Black

Desert

Public

Infrastructure

District

Special

Assessment

05/09/24

2,600,000

98.15 2,526

2,640

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

06/08/22

609,290

97.96 597

Brightwater

Community

Development

District

Special

Assessment

11/06/24

125,000

100.00 125

Brightwater

Community

Development

District

Special

Assessment

11/06/24

50,000

100.00 50

Build

NYC

Resource

Corp.

Revenue

Bonds

01/14/21

330,000

93.70 309

Build

NYC

Resource

Corp.

Revenue

Bonds

06/11/21

100,000

105.72 106

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100.00 100

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

150,000

100.00 150

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

100.87 151

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

500,000

101.64 508

511

Build

NYC

Resource

Corp.

Revenue

Bonds

07/13/22

100,000

98.78 99

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97.37 97

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

99.02 99

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

98.50 99

Build

NYC

Resource

Corp.

Revenue

Bonds

05/23/25

500,000

100.00 500

Build

NYC

Resource

Corp.

Revenue

Bonds

02/06/26

775,000

98.28 762

776

Build

NYC

Resource

Corp.

Revenue

Bonds

02/06/26

750,000

99.61 747

749

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100.00 1,000

999

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

2,000,000

100.08 2,002

1,989

California

Community

College

Financing

Authority

Revenue

Bonds

07/27/22

475,000

97.63 464

California

Community

Housing

Agency

Revenue

Bonds

05/03/22

3,095,000

86.98 2,656

2,471

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

76.40 153

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

65.95 115

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

1,095,000

76.74 840

832

California

Enterprise

Development

Authority

Revenue

Bonds

10/18/24

250,000

102.12 255

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

08/13/20

685,000

100.27 687

649

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

11/28/25

3,535,000

85.00 3,005

2,033

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99.55 995

1,000

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102.02 1,530

1,503

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

104.13 99

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

60,000

104.37 63

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

1,130,000

105.49 1,192

1,130

California

Municipal

Finance

Authority

Revenue

Bonds

01/16/25

275,000

99.24 273

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

791

California

Municipal

Finance

Authority

Revenue

Bonds

05/16/25

250,000

62.55 156

California

Municipal

Finance

Authority

Revenue

Bonds

04/24/26

300,000

95.08 285

California

Pollution

Control

Financing

Authority

Revenue

Bonds

08/04/23

2,590,000

98.42 2,552

2,600

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/23/23

250,000

101.24 253

California

Pollution

Control

Financing

Authority

Revenue

Bonds

11/17/23

500,000

104.88 524

528

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

112.76 677

618

California

Public

Finance

Authority

Revenue

Bonds

11/05/25

1,000,000

97.48 975

947

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106.22 531

500

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105.07 1,051

1,003

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

103.95 624

541

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105.05 158

California

School

Finance

Authority

Revenue

Bonds

10/30/20

60,000

98.03 59

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

108.97 109

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

109.72 1,207

943

California

School

Finance

Authority

Revenue

Bonds

06/18/21

100,000

106.24 106

California

School

Finance

Authority

Revenue

Bonds

06/18/21

280,000

64.50 181

California

School

Finance

Authority

Revenue

Bonds

07/21/21

400,000

102.24 409

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

98.02 245

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

102.53 256

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.76 1,028

1,001

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

101.42 172

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100.00 385

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.15 250

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.23 251

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

506

California

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98.56 961

986

California

School

Finance

Authority

Revenue

Bonds

11/01/22

1,000,000

64.64 646

764

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98.76 123

California

School

Finance

Authority

Revenue

Bonds

05/22/24

375,000

98.34 371

California

School

Finance

Authority

Revenue

Bonds

03/17/26

250,000

96.93 242

California

School

Finance

Authority

Revenue

Bonds

03/17/26

250,000

98.98 247

California

School

Finance

Authority

Revenue

Bonds

04/02/26

300,000

102.67 308

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

104.58 209

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107.26 1,073

1,011

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104.31 209

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

109.99 110

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/24/22

1,950,000

100.38 1,960

1,952

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

400,000

99.67 399

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/30/24

6,780,000

98.63 6,620

6,780

California

Statewide

Communities

Development

Authority

Revenue

Bonds

10/30/24

475,000

96.36 458

California

Statewide

Communities

Development

Authority

Revenue

Bonds

04/24/26

375,000

97.90 367

Cape

Girardeau

County

Industrial

Development

Authority

Tax

Allocation

09/25/24

500,000

97.95 490

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

1,963

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

98.39 1,230

1,245

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/13/18

4,015,000

96.51 3,875

3,778

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

105.78 1,328

936

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

1,960,000

100.00 1,960

1,908

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

109.44 356

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.06 107

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.68 108

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100.00 400

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100.00 425

Capital

Trust

Authority

Revenue

Bonds

09/27/24

900,000

100.00 900

1,094

Capital

Trust

Authority

Revenue

Bonds

11/25/24

350,000

100.95 353

Capital

Trust

Authority

Revenue

Bonds

04/03/25

200,000

97.31 195

Capital

Trust

Authority

Revenue

Bonds

04/03/25

100,000

97.72 98

Capital

Trust

Authority

Revenue

Bonds

07/14/25

1,000,000

96.66 967

989

Capital

Trust

Authority

Revenue

Bonds

09/04/25

2,100,000

98.27 2,064

2,132

Capital

Trust

Authority

Revenue

Bonds

12/10/25

1,000,000

99.51 995

960

Capital

Trust

Authority

Revenue

Bonds

02/26/26

1,500,000

92.05 1,381

1,351

Capital

Trust

Authority

Revenue

Bonds

03/31/26

100,000

96.66 97

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

103.38 47

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

195,000

99.21 193

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

06/17/22

2,000,000

76.89 1,538

1,646

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

99.20 1,984

1,959

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,065,000

94.47 1,006

901

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

800,000

98.01 784

703

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

93.30 1,400

1,528

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110.06 110

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

11/17/23

275,000

97.04 267

City

of

Alvarado

Special

Assessment

Revenue

Bonds

05/20/25

100,000

100.00 100

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

99.39 124

City

of

Anna

Special

Assessment

Revenue

Bonds

10/11/23

200,000

98.56 197

City

of

Anna

Special

Assessment

Revenue

Bonds

07/10/24

100,000

100.00 100

City

of

Anna

Special

Assessment

Revenue

Bonds

02/25/26

650,000

100.00 650

632

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99.43 182

City

of

Aubrey

Special

Assessment

08/25/23

120,000

100.00 120

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

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

205,000

100.00 205

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

04/29/25

125,000

99.37 124

City

of

Baltimore

Revenue

Bonds

12/11/25

1,225,000

97.66 1,196

1,160

City

of

Baltimore

Revenue

Bonds

12/11/25

825,000

98.07 809

798

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

City

of

Buda

Special

Assessment

Revenue

Bonds

01/22/25

500,000

100.00 500

501

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

Burbank

Illinois

Revenue

Bonds

01/28/26

2,105,000

100.88 2,124

2,108

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

95.36 1,759

1,562

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

28,000

100.00 28

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

90,000

100.00 90

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

131,000

98.87 130

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

99.44 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

657

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

130,000

100.00 130

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

125,000

100.00 125

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

99.11 149

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

100,000

99.64 100

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

719

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

93.62 225

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

100,000

99.36 99

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

500,000

100.00 500

514

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

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

99.16 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

99.17 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.28 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.58 100

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

150,000

99.34 149

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

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

99.78 100

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

99.13 99

City

of

Eagan

Revenue

Bonds

02/06/25

335,000

99.39 333

City

of

Eagan

Revenue

Bonds

02/06/25

515,000

99.40 512

511

City

of

Eagle

Pass

Special

Assessment

Revenue

Bonds

03/04/26

1,531,000

97.04 1,486

1,546

City

of

Elmendorf

Special

Assessment

Revenue

Bonds

08/20/21

272,000

87.56 238

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

101.86 1,803

1,669

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

101.86 300

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

110,000

100.51 111

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

100,000

99.42 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

City

of

Forney

Special

Assessment

Revenue

Bonds

06/27/23

627,000

96.89 607

660

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

99.39 199

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

867

City

of

Haslet

Special

Assessment

Revenue

Bonds

07/30/20

200,000

105.07 210

City

of

Haslet

Special

Assessment

Revenue

Bonds

10/19/21

200,000

98.89 198

City

of

Henderson

Revenue

Bonds

03/25/22

1,350,000

96.47 1,279

1,297

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

99.50 100

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

99.05 198

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

99.09 699

688

City

of

Josephine

Special

Assessment

Revenue

Bonds

04/14/26

125,000

98.92 124

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

99.31 796

809

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

101.04 101

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

99.43 199

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

98.99 99

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

01/05/24

210,000

100.00 210

City

of

Lake

Helen

Florida

Revenue

Bonds

01/23/26

700,000

99.63 697

682

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

135,000

104.12 141

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

100,000

99.49 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

98.81 314

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

136,000

99.17 135

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

Lockhart

Special

Assessment

Revenue

Bonds

03/04/26

876,000

100.00 876

897

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

763

City

of

Manor

Special

Assessment

Revenue

Bonds

12/19/19

100,000

100.00 100

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

500

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

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

102.30 102

City

of

Manor

Special

Assessment

Revenue

Bonds

05/16/24

100,000

99.08 99

City

of

Manor

Special

Assessment

Revenue

Bonds

02/19/25

100,000

88.23 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

104.81 105

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

101.55 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

996

City

of

Mesquite

Special

Assessment

Revenue

Bonds

06/04/19

100,000

100.00 100

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

99.44 149

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

101.56 1,422

1,400

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

New

Braunfels

Special

Assessment

Revenue

Bonds

11/05/25

2,955,000

89.81 2,654

2,619

City

of

North

Las

Vegas

Special

Assessment

08/15/25

580,000

98.20 570

586

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

505

City

of

Pflugerville

Special

Assessment

Revenue

Bonds

02/12/25

125,000

99.20 124

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

204,000

100.00 204

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

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

310,000

100.00 310

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

04/25/25

200,000

100.00 200

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

115,000

100.00 115

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

225,000

100.00 225

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

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

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

05/25/21

185,000

100.98 185

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

125,000

100.00 125

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/25/23

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

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

250,000

98.20 246

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/11/23

100,000

99.03 99

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

501

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

Princeton

Special

Assessment

Revenue

Bonds

08/27/24

100,000

99.63 100

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

150,000

99.71 149

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/29/24

50,000

99.11 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

102.53 103

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

06/15/21

100,000

99.11 99

City

of

Rockdale

Special

Assessment

Revenue

Bonds

10/31/23

394,000

97.13 383

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99.54 124

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102.65 103

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

200,000

100.67 201

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101.19 101

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

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

98.78 321

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

98.99 198

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

100.34 1,003

773

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

07/29/22

2,350,000

98.42 2,313

2,310

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100.63 141

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100.81 232

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

01/29/26

125,000

99.64 125

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

98.77 553

561

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/22/23

112,000

98.66 111

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

794

City

of

Uhland

Special

Assessment

Revenue

Bonds

10/31/24

100,000

100.00 100

City

of

Valparaiso

Revenue

Bonds

04/26/24

850,000

99.47 846

816

City

of

Valparaiso

Revenue

Bonds

07/10/25

450,000

94.79 427

City

of

Valparaiso

Revenue

Bonds

07/10/25

300,000

98.76 296

City

of

Venice

Revenue

Bonds

11/20/24

100,000

101.20 101

City

of

Venice

Revenue

Bonds

11/20/24

175,000

101.62 178

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

99.69 150

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

08/19/21

200,000

90.21 180

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

200,000

89.12 178

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

25,000

98.62 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

1,172,000

100.00 1,172

1,124

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

100,000

100.00 100

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91.89 262

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92.47 324

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

89.57 1,733

1,368

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

430,000

87.83 378

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

300,000

100.00 300

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

502

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

200,000

97.83 196

Colorado

Educational

and

Cultural

Facilities

Authority

Revenue

Bonds

09/23/25

100,000

107.83 108

Colorado

Health

Facilities

Authority

Revenue

Bonds

11/06/25

2,750,000

100.00 2,750

2,725

Colorado

State

University

Research

Foundation

Revenue

Bonds

12/05/25

750,000

96.12 721

735

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

600,000

100.00 600

593

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

11/20/25

1,500,000

100.00 1,500

1,496

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

04/08/26

3,255,000

100.00 3,255

3,253

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

111.81 1,118

982

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,100,000

92.95 927

996

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

225,000

91.94 207

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

99.39 89

Cottonwood

Creek

Metropolitan

District

No.

General

Obligation

Limited

08/01/25

500,000

75.01 375

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

98.83 173

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

100,000

98.87 99

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

300,000

99.34 298

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

300,000

100.00 300

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

500,000

100.00 500

510

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

250,000

100.00 250

County

of

Frederick

Special

Tax

10/29/20

225,000

98.10 221

County

of

Frederick

Tax

Allocation

07/20/23

1,985,000

97.85 1,942

1,846

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

102.83 1,028

617

County

of

Gallatin

Revenue

Bonds

02/11/25

230,000

69.38 160

County

of

Gallatin

Revenue

Bonds

03/21/25

1,125,000

84.47 950

847

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

100,000

100.00 100

County

of

Lancaster

Special

Assessment

Revenue

Bonds

08/01/25

150,000

100.00 150

County

of

Monongalia

Tax

Allocation

07/21/23

130,000

99.20 129

County

of

Monongalia

Tax

Allocation

07/21/23

90,000

99.24 89

County

of

Palm

Beach

Revenue

Bonds

06/06/25

1,000,000

98.46 985

1,009

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

99.43 621

635

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

05/22/20

50,000

100.00 50

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

05/22/20

25,000

100.00 25

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

10/06/22

500,000

100.00 500

534

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

10/06/22

250,000

100.00 250

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

86.06 796

635

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/09/22

910,000

87.42 795

727

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

66.11 661

694

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87.99 1,100

976

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

600,000

74.34 446

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/11/26

200,000

73.38 147

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

98.26 983

670

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100.00 850

633

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

2,700,000

104.54 2,825

1,867

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

295,000

96.84 286

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

99.00 149

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

106.33 319

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

340,000

97.80 333

Denver

Health

and

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99.21 198

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

503

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

505,000

99.33 503

505

Desert

Edge

Public

Infrastructure

District

No.

General

Obligation

Limited

04/17/25

500,000

77.87 389

District

of

Columbia

Tax

Allocation

Revenue

Bonds

05/01/24

1,195,000

60.79 726

733

District

of

Columbia

Tax

Allocation

Revenue

Bonds

04/14/26

225,000

64.89 146

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

06/06/25

1,075,000

100.00 1,075

1,079

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

2,050,000

100.88 2,068

2,241

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99.71 75

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101.22 228

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

170,000

93.06 158

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100.00 625

628

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

100.92 101

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

7.08 283

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

1,259

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

507

Firefly

Public

Infrastructure

District

No.

Special

Assessment

04/18/24

499,841

99.50 497

504

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103.41 119

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101.63 163

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102.56 103

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

1,220,000

97.82 1,193

1,137

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

106.04 106

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

880,000

81.04 656

573

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

200,000

86.76 174

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101.84 509

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97.96 397

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98.21 309

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

175,000

100.00 175

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

350,000

100.00 350

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100.00 225

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

250,000

100.00 250

Florida

Development

Finance

Corp.

Revenue

Bonds

04/26/24

9,975,000

101.15 10,090

2,992

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

175,000

95.77 168

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

250,000

96.72 242

Florida

Development

Finance

Corp.

Revenue

Bonds

07/08/24

150,000

93.36 140

Florida

Development

Finance

Corp.

Revenue

Bonds

12/20/24

3,100,000

98.53 3,054

930

Florida

Development

Finance

Corp.

Revenue

Bonds

08/12/25

5,300,000

100.00 5,300

1,484

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/08/18

1,350,000

103.79 1,401

1,203

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/26/25

4,220,000

100.00 4,220

4,229

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

98.72 425

Florida

Local

Government

Finance

Commission

Revenue

Bonds

12/11/25

400,000

100.00 400

Florida

Local

Government

Finance

Commission

Revenue

Bonds

12/29/25

750,000

100.00 750

750

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

72.16 3,889

3,821

Gas

Worx

Community

Development

District

Special

Assessment

11/13/25

2,000,000

102.98 2,060

2,005

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

2,795,000

82.24 2,308

2,620

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

1,210,000

95.38 1,154

1,182

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

160,000

99.51 159

Golden

State

Connect

Authority

Revenue

Bonds

11/25/25

1,600,000

96.66 1,547

1,560

Granary

Metropolitan

District

No.

Special

Assessment

12/11/24

260,000

100.00 260

Groves

at

Lake

Marion

Community

Development

District

Special

Assessment

01/16/26

100,000

100.00 100

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

1,168

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/29/24

2,000,000

87.15 1,743

1,911

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/06/25

3,500,000

93.72 3,280

3,093

High

Star

Ranch

Infrastructure

Financing

District

Revenue

Bonds

04/16/26

1,000,000

100.50 1,005

1,001

Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

100,000

99.29 99

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

504

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

150,000

99.42 149

Hills

of

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90.65 208

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

105.95 2,517

2,492

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

3,250,000

106.99 3,511

2,858

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

2,780,000

97.25 2,671

2,663

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99.24 496

508

Illinois

Finance

Authority

Revenue

Bonds

02/26/25

1,500,000

100.00 1,500

1,519

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.04 101

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.23 101

Illinois

Finance

Authority

Revenue

Bonds

05/08/25

575,000

97.20 559

563

Independent

Cities

Finance

Authority

Revenue

Bonds

03/12/21

900,000

110.28 992

889

Iowa

Finance

Authority

Revenue

Bonds

02/12/26

230,000

97.30 224

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

310,000

99.04 307

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

01/16/26

575,000

100.96 581

578

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

01/16/26

160,000

101.41 162

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

250,000

97.71 244

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

12/10/25

575,000

100.00 575

582

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,750,000

100.04 1,751

1,755

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

99.71 997

999

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

02/08/24

1,000,000

98.38 984

1,003

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

45,000

99.21 45

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

99.05 99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.50 99

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

96.04 317

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97.68 244

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

02/17/23

500,000

99.24 496

503

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

625,000

100.30 627

575

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

500,000

100.97 505

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102.37 235

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102.55 272

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98.95 148

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99.74 100

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

98.64 99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.02 388

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.11 388

Louisiana

Public

Facilities

Authority

Revenue

Bonds

06/06/25

275,000

97.20 267

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

109.34 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

109.98 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.63 117

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

850,000

85.43 726

701

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

109.12 109

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/09/23

175,000

87.28 153

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

76.54 77

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

100.76 3,653

3,755

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100.48 100

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

505

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
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

100.29 100

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

105.44 1,054

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

109.11 1,418

1,182

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

100,000

99.25 99

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98.67 247

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99.31 199

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100.00 750

616

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

05/11/23

360,000

73.60 265

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

43.01 73

Metropolitan

Government

Nashville

and

Davidson

County

Industrial

Development

Board

Tax

Allocation

02/09/26

700,000

81.74 572

567

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98.25 128

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98.47 182

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

02/11/26

1,000,000

99.40 994

1,020

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

81.77 450

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81.92 1,229

1,260

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

954

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

101.55 508

511

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

96.39 482

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/25

3,500,000

97.17 3,401

3,401

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

Mineral

Business

Improvement

District

General

Obligation

Limited

10/30/24

100,000

100.00 100

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

2,225,000

99.71 2,219

2,227

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

104.18 208

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

104.68 994

884

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

104.72 942

851

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

104.91 1,075

982

Missouri

Development

Finance

Board

Revenue

Bonds

11/06/25

875,000

98.12 859

853

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

07/10/25

3,000,000

97.20 2,916

3,006

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

03/19/26

500,000

98.37 492

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

03/08/16

2,015,000

100.34 2,022

2,030

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,025,000

99.29 1,012

1,026

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,135,000

95.28 1,043

1,026

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

935,000

24.32 227

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99.54 40

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99.67 189

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

400,000

97.45 390

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100.00 180

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/20/23

210,000

76.95 162

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/03/24

5,555,000

100.00 5,555

5,871

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

425,000

100.00 425

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

1,090,000

100.00 1,090

1,121

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

1,204,000

100.00 1,204

1,194

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

10/31/24

400,000

100.00 400

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

11/20/24

1,125,000

57.66 649

620

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

351,000

99.33 349

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/25/25

662,000

99.22 657

657

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/17/25

872,000

63.32 552

552

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

506

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
New

Hampshire

Business

Finance

Authority

Revenue

Bonds

07/25/25

4,500,000

70.49 3,208

3,219

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

01/29/26

1,765,000

102.75 1,813

1,811

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

02/04/26

1,075,000

34.84 375

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/02/26

100,000

100.00 100

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101.45 1,014

932

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,000,000

110.54 1,105

933

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

850,000

84.39 695

684

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,100,000

99.08 1,090

816

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/02/22

1,250,000

86.59 1,082

958

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

99.04 99

New

Jersey

Economic

Development

Authority

Revenue

Bonds

05/16/25

875,000

99.07 867

912

New

York

Liberty

Development

Corp.

Revenue

Bonds

05/27/20

11,260,000

94.12 10,443

11,263

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/28/22

2,600,000

101.20 2,631

2,602

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

325,000

96.78 315

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/18/23

1,900,000

99.55 1,891

1,892

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102.33 409

New

York

State

Dormitory

Authority

Revenue

Bonds

10/27/23

900,000

95.77 862

902

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

Carolina

Medical

Care

Commission

Revenue

Bonds

02/06/26

3,000,000

100.72 3,021

3,000

North

Parkway

Municipal

Management

District

No.

Special

Assessment

10/07/21

100,000

97.54 98

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

140,000

100.00 140

Northpoint

Infrastructure

Financing

District

Special

Assessment

03/31/26

300,000

98.40 295

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

NWQ

Public

Infrastructure

District

General

Obligation

Limited

12/05/25

1,375,000

100.00 1,375

1,377

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

97.32 433

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

4,365,000

95.27 4,065

3,920

Ohio

Housing

Finance

Agency

Revenue

Bonds

02/28/25

250,000

100.00 250

Ohio

Housing

Finance

Agency

Revenue

Bonds

12/05/25

1,685,000

100.00 1,685

1,772

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

05/03/24

500,000

99.38 497

511

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

05/03/24

500,000

100.00 500

506

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

02/02/24

700,000

106.91 748

742

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

108.10 1,081

1,000

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103.55 1,035

911

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

96.51 483

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

700,000

100.00 700

1,005

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

250,000

100.00 250

Palm

Coast

Community

Development

District

Special

Assessment

08/20/25

500,000

100.00 500

528

Panorama

Public

Infrastructure

District

No.

General

Obligation

Limited

11/14/25

2,835,000

100.00 2,835

2,846

Panorama

Public

Infrastructure

District

No.

Special

Assessment

04/10/26

750,000

100.00 750

749

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

88.67 443

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

03/18/26

750,000

100.00 750

752

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98.90 148

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99.60 100

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

10/11/23

870,000

91.97 800

870

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

03/28/24

2,075,000

93.27 1,935

1,593

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

11/20/20

900,000

110.01 990

901

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

02/02/26

335,000

87.06 292

Pine

View

Public

Infrastructure

District

No.

Special

Assessment

01/29/26

1,000,000

100.00 1,000

993

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

09/21/23

415,000

98.59 409

Plaquemines

Port

Harbor

and

Terminal

District

Revenue

Bonds

06/04/24

550,000

97.80 538

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

88.90 1,289

885

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

325,000

91.10 296

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

507

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
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

926

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

700,000

100.00 700

637

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

110,000

99.24 109

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

10/13/17

500,000

99.67 498

501

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

99.71 100

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

102.69 647

635

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

102.74 771

750

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100.85 525

516

Public

Finance

Authority

Revenue

Bonds

05/01/19

10,000

100.27 10

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100.00 1,000

578

Public

Finance

Authority

Revenue

Bonds

06/12/20

75,000

102.40 77

Public

Finance

Authority

Revenue

Bonds

07/30/20

25,000

100.16 25

Public

Finance

Authority

Revenue

Bonds

07/30/20

125,000

102.49 128

Public

Finance

Authority

Revenue

Bonds

07/30/20

50,000

103.60 52

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

105.75 159

Public

Finance

Authority

Revenue

Bonds

08/28/20

525,000

101.39 532

506

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

104.88 472

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

104.34 68

Public

Finance

Authority

Revenue

Bonds

12/03/20

1,150,000

90.09 1,036

986

Public

Finance

Authority

Revenue

Bonds

03/26/21

1,285,000

91.51 1,176

1,113

Public

Finance

Authority

Revenue

Bonds

03/26/21

700,000

98.63 690

701

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

107.99 108

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.32 108

Public

Finance

Authority

Revenue

Bonds

08/02/21

2,350,000

81.47 1,914

1,807

Public

Finance

Authority

Revenue

Bonds

11/10/21

890,000

101.72 905

726

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108.22 1,082

822

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,685,000

99.88 1,683

1,664

Public

Finance

Authority

Revenue

Bonds

11/19/21

125,000

100.43 126

Public

Finance

Authority

Revenue

Bonds

11/19/21

785,000

84.12 660

530

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103.65 1,658

1,276

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

104.62 105

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102.35 281

Public

Finance

Authority

Revenue

Bonds

03/31/22

3,175,000

100.38 3,187

3,234

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100.73 101

Public

Finance

Authority

Revenue

Bonds

04/14/22

600,000

89.48 537

513

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98.35 148

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97.70 171

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98.21 295

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98.25 162

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

99.28 993

1,026

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98.76 99

Public

Finance

Authority

Revenue

Bonds

08/04/23

85,000

93.53 79

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.67 50

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.73 50

Public

Finance

Authority

Revenue

Bonds

09/08/23

1,670,000

93.01 1,553

1,722

Public

Finance

Authority

Revenue

Bonds

09/11/23

1,750,000

99.19 1,736

1,777

Public

Finance

Authority

Revenue

Bonds

09/11/23

750,000

99.85 749

728

Public

Finance

Authority

Revenue

Bonds

11/15/23

400,000

100.83 403

Public

Finance

Authority

Revenue

Bonds

12/20/23

3,825,000

85.14 3,257

2,754

Public

Finance

Authority

Revenue

Bonds

06/28/24

419,000

100.00 419

Public

Finance

Authority

Revenue

Bonds

07/31/24

190,879

100.00 191

Public

Finance

Authority

Revenue

Bonds

08/28/24

407,624

100.00 408

Public

Finance

Authority

Revenue

Bonds

10/04/24

1,238,000

60.20 743

724

Public

Finance

Authority

Revenue

Bonds

11/21/24

580,000

92.22 535

534

Public

Finance

Authority

Revenue

Bonds

11/25/24

100,000

97.19 97

Public

Finance

Authority

Revenue

Bonds

11/27/24

900,000

74.38 669

734

Public

Finance

Authority

Revenue

Bonds

12/04/24

270,000

93.45 252

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

Public

Finance

Authority

Revenue

Bonds

12/16/24

296,000

76.39 226

Public

Finance

Authority

Revenue

Bonds

01/28/25

650,000

104.29 678

659

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

508

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

02/28/25

633,000

52.23 331

Public

Finance

Authority

Revenue

Bonds

03/12/25

417,460

100.00 417

Public

Finance

Authority

Revenue

Bonds

03/24/25

1,800,000

96.39 1,735

1,792

Public

Finance

Authority

Revenue

Bonds

05/21/25

500,000

65.91 330

Public

Finance

Authority

Revenue

Bonds

08/15/25

110,000

97.82 108

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

98.57 99

Public

Finance

Authority

Revenue

Bonds

11/14/25

4,255,000

39.78 1,693

1,687

Public

Finance

Authority

Revenue

Bonds

01/30/26

1,075,000

100.00 1,075

1,086

Public

Finance

Authority

Revenue

Bonds

03/20/26

1,000,000

51.23 512

508

Public

Finance

Authority

Revenue

Bonds

04/23/26

625,000

100.25 627

628

Public

Finance

Authority

Tax

Allocation

03/27/24

1,150,000

97.42 1,120

1,153

Public

Finance

Authority

Tax

Allocation

03/27/24

625,000

97.76 611

629

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

2,235,000

90.30 2,018

2,090

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/21

12,285,000

94.92 11,387

12,137

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

08/12/21

4,050,000

93.59 3,812

3,832

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

12/05/22

1,550,000

99.73 1,544

1,611

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

03/23/23

1,800,000

100.72 1,813

1,867

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

07/30/24

2,000,000

91.68 1,834

1,722

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/25

400,000

103.41 414

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

11/12/25

2,000,000

67.43 1,349

1,375

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

99.44 174

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

540,000

100.00 540

544

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

895,000

100.00 895

876

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

75,000

100.00 75

River

Hall

Community

Development

District

Special

Assessment

11/01/24

65,000

100.00 65

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

100,000

99.56 100

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

99.33 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

99.21 50

Savannah

Georgia

Convention

Center

Authority

Revenue

Bonds

09/11/25

800,000

97.53 780

816

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99.30 99

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

07/01/21

335,000

92.24 309

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

111.76 112

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

08/01/24

225,000

100.51 226

Shelby

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

08/01/24

100,000

100.72 101

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

98.78 198

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

100,000

100.00 100

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

07/10/25

600,000

100.00 600

607

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

03/11/26

1,500,000

94.13 1,412

1,400

Solaeris

Community

Development

District

Special

Assessment

06/25/25

200,000

100.00 200

Somerset

Bay

Community

Development

District

Special

Assessment

05/20/24

100,000

100.00 100

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97.60 415

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99.15 496

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

01/06/25

100,000

96.43 96

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/05/26

200,000

73.54 147

South

Salt

Lake

Redevelopment

Agency

Tax

Allocation

12/05/25

565,000

100.00 565

570

Southcentral

Pennsylvania

General

Authority

Revenue

Bonds

08/17/18

1,765,000

106.69 1,883

1,780

Spring

Valley

Community

Infrastructure

District

No.

Special

Assessment

07/29/25

2,013,000

89.17 1,795

1,813

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

12/04/15

1,105,000

101.20 1,118

1,105

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

10/10/23

3,850,000

100.00 3,850

3,933

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

06/14/24

250,000

100.36 251

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

06/14/24

250,000

98.60 246

State

of

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

11/28/25

880,000

85.00 748

506

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

105.78 291

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

509

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
State

of

Ohio

Revenue

Bonds

12/05/19

610,000

100.69 614

600

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

09/30/21

2,200,000

82.89 1,692

1,872

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

375,000

101.99 382

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

100,000

98.94 99

Stoneybrook

South

Community

Development

District

Special

Assessment

11/25/20

1,125,000

88.00 1,095

871

Stuart

Crossing

Community

Development

District

Special

Assessment

03/13/24

100,000

99.01 99

Sugar

Creek

Public

Improvement

Authority

Revenue

Bonds

04/15/26

2,375,000

100.00 2,375

2,392

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

Tech

Ridge

Public

Infrastructure

District

Special

Assessment

11/05/25

1,500,000

103.75 1,556

1,533

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98.34 983

956

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99.37 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.32 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.49 99

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/07/18

727,000

100.00 727

741

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

99.15 99

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/02/22

750,000

100.00 750

803

Town

of

Providence

Village

Special

Assessment

08/07/24

370,000

99.27 367

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

Town

of

Whitestown

Indiana

Tax

Allocation

Revenue

Bonds

01/08/26

1,250,000

100.00 1,250

1,238

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

10/13/23

75,000

99.68 75

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

98.89 99

Travis

County

Development

Authority

Special

Assessment

12/02/25

1,889,000

97.54 1,842

1,833

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98.68 262

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

645,000

98.71 637

566

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

09/16/21

960,000

94.05 903

892

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

9,685,000

95.40 9,239

9,740

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102.28 205

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

12/28/21

1,000,000

100.00 1,000

919

Union

County

Improvement

Authority

Revenue

Bonds

02/22/24

93,457

100.00 93

Union

Park

East

Community

Development

District

Special

Assessment

06/02/17

500,000

102.54 513

502

University

Beach

Improvement

District

Special

Assessment

02/06/26

110,000

100.00 110

University

Beach

Improvement

District

Special

Assessment

02/06/26

240,000

97.10 233

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

97.21 194

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

300,000

96.04 288

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100.56 453

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

890,000

101.99 908

750

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

1,420,000

102.16 1,451

1,051

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

400,000

102.61 410

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

74.17 315

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

03/01/23

200,000

69.68 139

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98.44 98

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

840,000

97.60 820

850

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

500,000

97.68 488

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

101.50 51

Verano

No.

Community

Development

District

Special

Assessment

05/04/17

100,000

98.95 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

2,110

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

90.43 791

701

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98.34 270

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,332,000

100.00 1,332

1,332

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

510

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

575,000

100.00 575

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

260,000

100.00 260

Village

Community

Development

District

No.

Special

Assessment

06/22/23

200,000

100.28 201

Village

Community

Development

District

No.

Special

Assessment

11/05/25

2,000,000

100.37 2,007

1,988

Village

of

Lincolnwood

Il

Certificate

of

Participation

01/23/25

1,400,000

100.00 1,400

1,423

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

100.98 454

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

10/24/24

350,000

102.46 359

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,500,000

102.96 1,544

1,521

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107.29 215

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

107.71 162

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

2,525,000

104.28 2,633

1,969

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

4,000,000

100.06 4,002

3,978

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,160,000

100.29 1,163

1,166

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

500,000

100.35 502

512

Washington

State

Housing

Finance

Commission

Revenue

Bonds

06/18/25

150,000

99.42 149

Washington

State

Housing

Finance

Commission

Revenue

Bonds

11/13/25

1,800,000

102.03 1,836

1,828

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

100.45 100

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

525

West

Port

East

Community

Development

District

Special

Assessment

06/13/25

100,000

99.18 99

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

07/22/24

350,000

102.37 358

Westchester

County

Local

Development

Corp.

Revenue

Bonds

02/20/26

1,100,000

99.00 1,089

1,117

Westchester

County

Local

Development

Corp.

Revenue

Bonds

02/20/26

275,000

99.28 273

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

99.03 114

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

99.86 100

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

93.73 937

956

Winsome

Metropolitan

District

No.

General

Obligation

Limited

07/08/21

500,000

100.00 500

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

04/22/26

500,000

100.00 500

Wood

Ranch

Public

Infrastructure

District

Special

Assessment

04/24/26

1,475,000

100.00 1,475

1,487

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

4,485,000

50.22 2,273

2,642

Wyandotte

County

City

Unified

Government

Tax

Allocation

10/24/25

1,000,000

97.52 975

999

560,735

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

511

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

USD

33,853

06/26

1,363

United

States

Treasury

Ultra

Bond

Futures

USD

9,203

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,481

#### 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

$

—

$

70,871

$

—

$

—

$

70,871

Alaska

—

1,967

—

—

1,967

Arizona

—

54,985

—

—

54,985

Arkansas

—

15,405

—

—

15,405

California

—

158,066

—

—

158,066

Colorado

—

96,981

—

—

96,981

Connecticut

—

19,745

—

—

19,745

Delaware

—

2,695

—

—

2,695

District

of

Columbia

—

22,609

—

—

22,609

Florida

—

240,695

1,484

—

242,179

Georgia

—

50,958

—

—

50,958

Guam

—

10,963

—

—

10,963

Hawaii

—

9,138

—

—

9,138

Idaho

—

5,963

—

—

5,963

Illinois

—

168,229

—

—

168,229

Indiana

—

25,458

—

—

25,458

Iowa

—

19,997

—

—

19,997

Kansas

—

8,530

—

—

8,530

Kentucky

—

12,248

—

—

12,248

Louisiana

—

17,842

—

—

17,842

Maine

—

1,360

—

—

1,360

Maryland

—

36,740

—

—

36,740

Massachusetts

—

24,669

—

—

24,669

Michigan

—

38,417

—

—

38,417

Minnesota

—

19,455

—

—

19,455

Mississippi

—

4,565

—

—

4,565

Missouri

—

29,170

—

—

29,170

Montana

—

4,262

—

—

4,262

Nevada

—

7,586

—

—

7,586

New

Hampshire

—

25,330

—

—

25,330

New

Jersey

—

78,156

—

—

78,156

New

Mexico

—

1,444

—

—

1,444

New

York

—

209,182

—

—

209,182

North

Carolina

—

22,832

—

—

22,832

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

512

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
North

Dakota

—

6,220

—

—

6,220

Ohio

—

104,184

—

—

104,184

Oklahoma

—

15,380

—

—

15,380

Oregon

—

7,081

—

—

7,081

Pennsylvania

—

97,699

—

—

97,699

Puerto

Rico

—

179,418

—

—

179,418

Rhode

Island

—

5,295

—

—

5,295

South

Carolina

—

17,769

—

—

17,769

South

Dakota

—

1,340

—

—

1,340

Tennessee

—

7,029

—

—

7,029

Texas

—

179,926

—

—

179,926

Utah

—

47,041

—

—

47,041

Vermont

—

3,153

—

—

3,153

Virgin

Islands

—

15,261

—

—

15,261

Virginia

—

24,471

—

—

24,471

Washington

—

38,186

—

—

38,186

West

Virginia

—

8,480

—

—

8,480

Wisconsin

—

95,306

—

—

95,306

Wyoming

—

949

—

—

949

Short-Term

Investments

—

—

—

55,179

55,179

Total

Investments

—

2,370,701

1,484

55,179

2,427,364

Other

Financial

Instruments

Assets

Futures

Contracts

1,481

—

—

—

1,481

Total

Other

Financial

Instruments

\*

$

1,481

$

—

$

—

$

—

$

1,481

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

513

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

$

1,481

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,083)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

2,637

\*

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-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

514

Tax-Exempt

High

Yield

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,482,352

Investments,

at

fair

value(>)

........................................................................................................................................................

2,427,364

Cash

..............................................................................................................................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

38,440

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

630

Fund

shares

sold

...............................................................................................................................................................

4,758

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

1,482

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

2,473,426

#### Liabilities
Payables:

Due

to

broker(b)

...............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

2,533

Fund

shares

redeemed

......................................................................................................................................................

987

Accrued

fees

to

affiliates

..................................................................................................................................................

1,112

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

4,974

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,468,452

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(168,946)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,546

Additional

paid-in

capital

............................................................................................................................................................

2,634,852

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,468,452

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

55,179

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

..................................................................................................................................................

$

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.69 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.75%):

Class

A

.....................................................

$

10.07 Class

A

—

Net

assets

...........................................................................................................................................................

$

20,763,764

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

2,141,967

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.65 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,550,814

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

678,571

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.69 Class

M

—

Net

assets

..........................................................................................................................................................

$

727,814,802

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

75,108,113

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.70 Class

S

—

Net

assets

............................................................................................................................................................

$

1,713,322,565

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

176,689,288

(#)

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.

Tax-Exempt

High

Yield

Bond

Fund

515

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

59,649

Dividend

distributions

from

affiliated

funds

....................................................................................................................

1,109

Total

investment

income

.............................................................................................................................................................

60,758

#### Expenses
Advisory

fees

...................................................................................................................................................................

5,632

Administrative

fees

..........................................................................................................................................................

565

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

..........................................................................................................................................

688

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,683

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

9,150

Expense

reductions

..........................................................................................................................................................

(2,034)

Net

expenses

................................................................................................................................................................................

7,116

Net

investment

income

(loss)

.......................................................................................................................................................

53,642

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(3,454)

Investments

in

affiliated

funds

.........................................................................................................................................

(9) Futures

contracts

..............................................................................................................................................................

(1,083)

Net

realized

gain

(loss)

................................................................................................................................................................

(4,546)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(9,262)

Investments

in

affiliated

funds

.........................................................................................................................................

(3) Futures

contracts

..............................................................................................................................................................

2,637

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(6,628)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(11,174)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

42,468

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

516

Tax-Exempt

High

Yield

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

53,642

$

95,267

Net

realized

gain

(loss)

................................................................................................................

(4,546)

(13,691)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(6,628)

(23,498)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

42,468

58,078

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(391) (608) Class

C

.....................................................................................................................................

(117) (231) Class

M

....................................................................................................................................

(16,086)

(26,010)

Class

S

......................................................................................................................................

(38,877)

(71,977)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(55,471)

(98,826)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

133,687

313,872

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
120,684

273,124

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

2,347,768

2,074,644

End

of

period

......................................................................................................................................

$

2,468,452

$

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

517

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

750

$

7,270

974

$

9,327

Proceeds

from

reinvestment

of

distributions

607

Payments

for

shares

redeemed

(180) (1,742)

(809) (7,805)

Net

increase

(decrease)

610

5,919

2,129

Class

C

Proceeds

from

shares

sold

1,228

1,540

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(92) (895) (249) (2,404)

Net

increase

(decrease)

(67) (633) Class

M

Proceeds

from

shares

sold

20,360

197,717

16,151

156,930

Proceeds

from

reinvestment

of

distributions

1,661

16,077

2,670

25,915

Payments

for

shares

redeemed

(7,154)

(69,321)

(21,515)

(211,690)

Net

increase

(decrease)

14,867

144,473

(2,694)

(28,845)

Class

S

Proceeds

from

shares

sold

22,970

223,178

62,463

608,711

Proceeds

from

reinvestment

of

distributions

4,011

38,853

7,406

71,897

Payments

for

shares

redeemed

(28,775)

(279,186)

(35,017)

(339,387)

Net

increase

(decrease)

(1,794)

(17,155)

34,852

341,221

Total

increase

(decrease)

13,730

$

133,687

32,319

$

313,872

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

518

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

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.74 9.94 8.95 9.08 11.26 10.69 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.20

.39

.39

.36

.29

.29

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.05)

(.17)

.98

(.11)

(2.15)

.61

$

Total

from

Investment

Operations

.15

.22

1.37 .25

(1.86)

.90

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.20)

(.42)

(.38)

(.38)

(.32)

(.33)

$

Total

Distributions

(.20)

(.42)

(.38)

(.38)

(.32)

(.33)

$

Net

Asset

Value,

End

of

Period

9.69 9.74 9.94 8.95 9.08 11.26 %

Total

Return

(±)(ǿ)

1.60 2.26 15.51 2.52 (16.83)

8.45 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 20,764

14,916

12,961

9,631

12,202

21,752

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.01 1.01 1.03 1.04 1.04 1.05 %

Expenses,

Net

(Ƃ)(ɯ)

.89

.89

.90

.89

.89

.89

%

Net

Investment

Income

(Ƃ)(ɯ)

4.19 4.08 3.92 3.77 2.73 2.57 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.71 9.91 8.92 9.05 11.24 10.67 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.16

.32

.31

.29

.22

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

(.18)

.99

(.11)

(2.17)

.62

$

Total

from

Investment

Operations

.12

.14

1.30 .18

(1.95)

.82

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.34)

(.31)

(.31)

(.24)

(.25)

$

Total

Distributions

(.18)

(.34)

(.31)

(.31)

(.24)

(.25)

$

Net

Asset

Value,

End

of

Period

9.65 9.71 9.91 8.92 9.05 11.24 %

Total

Return

(ǿ)

1.23 1.49 14.73 1.77 (17.56)

7.69 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,551

6,134

6,927

5,214

5,652

6,804

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.76 1.76 1.78 1.79 1.79 1.80 %

Expenses,

Net

(Ƃ)(ɯ)

1.64 1.64 1.65 1.64 1.64 1.64 %

Net

Investment

Income

(Ƃ)(ɯ)

3.43 3.31 3.17 3.03 2.08 1.81 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

519

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.74 9.94 8.95 9.08 11.27 10.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.22

.43

.42

.40

.33

.33

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

(.18)

.99

(.12)

(2.16)

.60

$

Total

from

Investment

Operations

.18

.25

1.41 .28

(1.83)

.93

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.23)

(.45)

(.42)

(.41)

(.36)

(.36)

$

Total

Distributions

(.23)

(.45)

(.42)

(.41)

(.36)

(.36)

$

Net

Asset

Value,

End

of

Period

9.69 9.74 9.94 8.95 9.08 11.27 %

Total

Return

(ǿ)

1.83 2.61 15.90 2.88 (16.59)

8.81 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 727,815

586,872

625,790

464,352

468,687

472,832

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.76

.76

.78

.79

.79

.80

%

Expenses,

Net

(Ƃ)(ɯ)

.54

.54

.55

.54

.54

.54

%

Net

Investment

Income

(Ƃ)(ɯ)

4.54 4.42 4.27 4.13 3.20 2.92 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

9.75 9.95 8.95 9.08 11.28 10.70 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.21

.42

.41

.39

.32

.32

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.04)

(.18)

1.00 (.12)

(2.17)

.61

$

Total

from

Investment

Operations

.17

.24

1.41 .27

(1.85)

.93

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.44)

(.41)

(.40)

(.35)

(.35)

$

Total

Distributions

(.22)

(.44)

(.41)

(.40)

(.35)

(.35)

$

Net

Asset

Value,

End

of

Period

9.70 9.75 9.95 8.95 9.08 11.28 %

Total

Return

(ǿ)

1.80 2.54 15.94 2.81 (16.73)

8.80 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,713,322

1,739,846

1,428,966

1,105,815

1,037,125

1,104,233

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.76

.76

.78

.79

.79

.79

%

Expenses,

Net

(Ƃ)(ɯ)

.61

.61

.62

.61

.61

.63

%

Net

Investment

Income

(Ƃ)(ɯ)

4.46 4.35 4.20 4.07 3.12 2.84 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

520

Tax-Exempt

High

Yield

Bond

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

704,325

Administrative

fees

94,383

Distribution

fees

8,255

Shareholder

servicing

fees

1,360

Transfer

agent

fees

301,227

Trustees'

fees

2,831

$

1,112,381

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

185,096

$

578,285

$

708,190

$

(9) $

(3) $

55,179

$

1,109

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,498,766,054

$

79,354,445

$

(149,275,323)

$

(69,920,878)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

521

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 99.1%
Alabama

-

4.8%

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 02/01/29

520

Alabama

Housing

Finance

Authority

Revenue

Bonds

2,945

5.750 10/01/55

3,190

Alabama

Housing

Finance

Authority

Revenue

Bonds

12,125

5.750 04/01/56

13,195

Alabama

State

University

Revenue

Bonds

850

5.250 09/01/40

949

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,915

4.300 03/01/56

1,882

Baptist

Health

(The)

of

Health

Care

Authority

Revenue

Bonds

1,000

5.000 11/15/35

1,060

Baptist

Health

(The)

of

Health

Care

Authority

Revenue

Bonds

5.000 11/15/36

Baptist

Health

(The)

of

Health

Care

Authority

Revenue

Bonds

745

5.000 11/15/37

784

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,500

5.000 07/01/29

2,603

Black

Belt

Energy

Gas

District

Revenue

Bonds

9,000

5.000 07/01/33

9,425

Black

Belt

Energy

Gas

District

Revenue

Bonds

1,600

5.000 11/01/34

1,694

Black

Belt

Energy

Gas

District

Revenue

Bonds

9,000

5.000 12/01/34

9,537

Black

Belt

Energy

Gas

District

Revenue

Bonds

8,555

5.000 10/01/35

8,609

Black

Belt

Energy

Gas

District

Revenue

Bonds

7,500

5.000 12/01/35

7,941

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,135

3.440 10/01/52

2,123

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.250 02/01/53

4,787

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

24,865

3.740 04/01/53

24,234

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000 04/01/53

715

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500 11/01/53

5,191

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

7,860

5.250 12/01/53

8,368

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000 03/01/55

7,439

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,900

5.250 05/01/55

3,008

City

of

Mobile

Alabama

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

5,500

3.375 06/01/34

5,552

City

of

Mobile

Alabama

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

725

2.750 07/15/34

717

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.000 10/01/39

537

County

of

Jefferson

Sewer

Revenue

Bonds

580

5.250 10/01/42

625

County

of

Jefferson

Sewer

Revenue

Bonds

1,025

5.250 10/01/45

1,078

County

of

Jefferson

Sewer

Revenue

Bonds

7,500

5.500 10/01/53

7,807

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

1,053

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

27,515

5.000 09/01/33

28,220

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.500 11/01/53

1,064

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

855

5.750 04/01/54

928

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

9,990

5.250 07/01/54

10,592

Homewood

Educational

Building

Authority

Revenue

Bonds

2,150

5.500 10/01/49

2,212

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

3,365

5.125 08/01/44

3,568

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

700

5.250 08/01/49

727

Limestone

County

Water

and

Sewer

Authority

Revenue

Bonds

5.000 12/01/41

Lower

Alabama

Gas

District

(The)

Revenue

Bonds

5,855

5.000 09/01/46

5,999

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

1,180

3.450 07/15/32

1,180

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780 06/01/34

701

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

959

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

1,670

4.000 11/01/38

1,007

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

Bonds

(~)(ae)(Ê)

4,090

5.000 08/01/54

4,314

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

13,500

5.000 10/01/30

14,433

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

10,000

5.000 11/01/35

10,376

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

10,200

5.500 01/01/53

10,745

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000 05/01/53

863

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

14,110

5.250 03/01/55

14,558

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

25,825

5.000 05/01/55

27,307

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

31,930

5.000 10/01/55

33,787

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

522

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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)

3,160

5.000 01/01/56

3,237

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,200

5.250 05/01/44

1,207

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

(Þ)

1,825

3.750 09/01/26

1,825

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650 06/01/28

1,751

317,778

Alaska

-

0.1%

Alaska

Industrial

Development

and

Export

Authority

Revenue

Bonds

5.000 06/01/33

City

of

Valdez

Revenue

Bonds

(~)(Ê)

3,780

3.450 12/01/33

3,780

State

of

Alaska

General

Obligation

Unlimited

580

5.000 08/01/27

597

State

of

Alaska

General

Obligation

Unlimited

870

5.000 08/01/28

916

5,789

Arizona

-

2.1%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

14,830

3.310 01/01/37

14,778

Arizona

Industrial

Development

Authority

Revenue

Bonds

2.650 07/01/26

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

1,231

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

1,531

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,050

5.000 01/01/42

13,187

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000 07/01/42

1,316

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,880

5.000 10/01/44

5,890

Arizona

Industrial

Development

Authority

Revenue

Bonds

5.000 11/01/44

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

5.000 02/01/58

1,508

Arizona

Industrial

Development

Authority

Revenue

Bonds

895

5.125 01/01/59

831

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

3.800 12/01/35

1,661

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,000

4.000 06/01/49

6,043

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,590

5.000 09/01/52

1,610

City

of

Buckeye

Revenue

Bonds

General

Obligation

Unlimited

1,100

5.000 07/01/42

1,216

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,500

5.000 07/01/28

2,565

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

2,750

5.000 07/01/39

3,063

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,000

5.000 07/01/40

3,316

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,250

5.000 07/01/41

1,386

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,150

5.000 07/01/42

1,265

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,750

5.000 07/01/43

1,909

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

1,001

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

(Þ)

500

6.750 11/15/42

538

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,609

4.000 07/01/37

2,628

Glendale

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 05/15/43

1,074

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

4.000 02/15/41

Maricopa

County

and

Phoenix Industrial

Development

Authority

Revenue

Bonds

3,470

6.250 03/01/55

3,850

Maricopa

County

and

Phoenix Industrial

Development

Authority

Revenue

Bonds

4,060

5.750 03/01/56

4,461

Maricopa

County

Elementary

School

District

No.

Osborn

General

Obligation

Unlimited

(µ)

5.000 07/01/26

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,400

5.000 01/01/31

1,502

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4,000

5.000 01/01/32

4,052

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,500

5.000 01/01/34

1,677

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

3,640

4.000 07/01/34

3,590

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,650

5.000 01/01/38

1,851

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000 01/01/41

590

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/01/41

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(µ)(Ê)

15,310

3.450 12/01/48

15,310

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,000

3.875 01/01/38

5,084

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

3,315

3.600 04/01/40

2,930

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

523

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

825

4.500 08/01/42

814

Navajo

County

Unified

School

District

No.

Kayenta

Revenue

Bonds

1,000

5.000 07/01/30

1,039

Northern

Arizona

University

Certificate

of

Participation

(µ)

1,050

5.000 09/01/28

1,104

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

Salt

Verde

Financial

Corp.

Revenue

Bonds

12,620

5.000 12/01/37

13,260

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/44

Tucson

Industrial

Development

Authority/Pima

County

Industrial

Development

Authority

Revenue

Bonds

2,485

5.500 01/01/56

2,700

136,130

Arkansas

-

0.4%

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

Arkansas

Development

Finance

Authority

Revenue

Bonds

3,020

4.000 07/01/40

2,967

Arkansas

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

13,090

4.000 09/01/46

13,032

Arkansas

Development

Finance

Authority

Revenue

Bonds

1,060

5.500 01/01/56

1,151

Batesville

Public

Facilities

Board

Revenue

Bonds

625

5.000 06/01/26

626

Batesville

Public

Facilities

Board

Revenue

Bonds

560

5.000 06/01/27

565

Conway

Health

Facilities

Board

Revenue

Bonds

500

5.000 08/01/28

502

County

of

Pulaski

Revenue

Bonds

1,000

5.000 03/01/41

1,075

Little

Rock

School

District

General

Obligation

Limited

(µ)

3,640

2.000 02/01/36

3,023

Rogers

School

District

No.

General

Obligation

Limited

1,285

4.000 02/01/37

1,304

Rogers

School

District

No.

General

Obligation

Limited

3,815

4.000 02/01/38

3,853

28,741

California

-

6.9%

Alameda

Community

Facilities

District

Special

Tax

5.000 09/01/48

Allan

Hancock

Joint

Community

College

District

General

Obligation

Unlimited

2,800

5.400 08/01/42

2,526

Bay

Area

Toll

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,750

3.920 04/01/56

1,745

Bay

Area

Toll

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,200

4.030 04/01/56

1,180

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

990

5.000 09/02/29

991

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

1,000

4.000 07/01/54

934

California

Community

Choice

Financing

Authority

Revenue

Bonds

7,660

5.000 03/01/36

7,976

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,590

3.540 02/01/52

11,039

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,250

4.000 02/01/52

1,262

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

15,320

5.250 01/01/54

16,166

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 02/01/54

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

650

5.000 02/01/55

686

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,745

5.000 08/01/55

5,980

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,810

5.000 11/01/55

14,124

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

5.000 03/01/56

2,138

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

28,630

3.902 04/01/56

28,628

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,580

5.000 04/01/56

7,022

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

5.000 06/01/49

California

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/32

California

Enterprise

Development

Authority

Revenue

Bonds

1,310

3.500 08/01/40

1,239

California

Enterprise

Development

Authority

Revenue

Bonds

2,970

4.000 08/01/40

2,991

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000 02/01/27

1,290

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000 02/01/28

1,376

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5,000

5.000 12/01/28

5,242

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000 08/15/33

605

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,370

5.000 12/01/36

1,485

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

524

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Health

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 10/01/39

1,028

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/41

1,201

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

5,550

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/43

1,193

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

805

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5.000 05/01/54

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,300

2.950 02/01/56

4,296

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

2,515

3.250 08/01/29

2,533

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

920

4.000 05/01/39

927

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

3,839

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

1,800

5.000 07/01/42

1,880

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

1,400

5.000 07/01/43

1,451

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

6,400

5.250 07/01/49

6,514

California

Infrastructure

and

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200 12/01/50

2,595

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250 11/01/35

1,256

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

1,157

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/28

California

Municipal

Finance

Authority

Revenue

Bonds

590

4.000 11/15/28

591

California

Municipal

Finance

Authority

Revenue

Bonds

10,100

5.000 05/15/30

10,465

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000 08/15/32

822

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/33

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.125 11/01/40

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,490

4.327 11/20/40

2,468

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(Ê)

12,866

3.536 02/20/41

11,992

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/41

California

Municipal

Finance

Authority

Revenue

Bonds

1,499

4.050 07/20/41

1,473

California

Municipal

Finance

Authority

Revenue

Bonds

820

5.000 05/15/42

832

California

Municipal

Finance

Authority

Revenue

Bonds

1,470

5.000 05/15/43

1,479

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,750

2.500 03/01/46

3,695

California

Municipal

Finance

Authority

Revenue

Bonds

570

5.000 07/01/47

561

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

875

5.000 06/01/56

912

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,200

3.150 08/01/59

1,200

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

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/33

California

School

Finance

Authority

Revenue

Bonds

(Þ)

830

4.000 11/01/36

783

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

1,001

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/44

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/01/46

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/54

California

State

University

Revenue

Bonds

6,350

5.000 11/01/41

6,351

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,070

3.500 11/01/27

1,070

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,320

1.750 09/01/29

1,239

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

716

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

775

5.000 12/01/36

775

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

2,493

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

525

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,756

California

Statewide

Communities

Development

Authority

Revenue

Bonds

570

5.250 12/01/44

571

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,825

5.000 04/01/47

1,728

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

California

Statewide

Communities

Development

Authority

Special

Tax

1,965

5.000 09/01/42

2,028

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000 09/01/36

861

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000 09/01/41

723

City

and

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000 04/01/40

5,500

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

629

City

of

Beaumont

Special

Tax

650

5.000 09/01/44

671

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375 08/01/33

500

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375 08/01/34

City

of

Calimesa

Special

Tax

4.000 09/01/33

City

of

Fillmore

Special

Tax

920

5.000 09/01/38

989

City

of

Fillmore

Special

Tax

1,100

5.000 09/01/43

1,153

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

12,945

4.000 05/15/40

13,246

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

9,645

5.000 05/15/41

10,835

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

4,535

5.000 05/15/42

5,076

City

of

Rancho

Cordova

Special

Tax

1,490

4.000 09/01/26

1,493

City

of

Rocklin

Special

Tax

(µ)

4.000 09/01/43

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

2,279

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

668

City

of

Roseville

Special

Tax

1,500

6.000 09/01/53

1,609

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250 09/01/35

3,252

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

529

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000 09/01/37

630

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/47

Dublin

Community

Facilities

District

No.

2015-1

Special

Tax

2,385

5.000 09/01/37

2,409

East

County

Advanced

Water

Purification

Joint

Powers

Authority

Revenue

Bonds

10,000

3.125 09/01/26

9,977

El

Camino

Community

College

District

Foundation

(The)

General

Obligation

Unlimited

4.000 08/01/43

El

Centro

Elementary

School

District

General

Obligation

Unlimited

965

5.000 06/15/30

1,056

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

526

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
El

Monte

City

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/40

El

Monte

City

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/42

El

Monte

City

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/44

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375 08/01/44

1,082

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000 08/01/42

1,947

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000 06/01/36

1,001

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.250 05/01/48

1,000

Irvine

Unified

School

District

Special

Tax

800

4.000 09/01/39

805

Lake

Tahoe

Unified

School

District

General

Obligation

Unlimited

(µ)

1,710

6.375 08/01/45

1,526

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

3,160

5.000 07/01/27

3,237

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,075

5.000 07/01/28

2,143

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5,020

5.000 07/01/30

5,379

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

965

5.000 07/01/31

994

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,000

5.000 07/01/32

1,108

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

9,085

5.000 07/01/33

10,170

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,510

5.000 07/01/34

2,809

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,500

5.000 07/01/35

1,690

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,470

5.000 07/01/36

2,698

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5,155

5.000 07/01/37

5,646

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.000 07/01/37

1,118

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

1,035

5.000 07/01/38

1,112

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.000 07/01/39

1,099

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

2,210

5.000 07/01/39

2,335

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

1,359

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

4,830

5.000 07/01/42

5,230

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

3,615

5.000 07/01/43

3,907

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5,265

5.000 07/01/44

5,647

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

2,250

5.250 07/01/44

2,441

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

3,750

5.000 07/01/45

3,972

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

(µ)

1,000

5.250 07/01/46

1,068

Los

Angeles

Department

of

Water

and

Power

Revenue

Bonds

5.000 07/01/52

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

1,355

5.000 07/01/27

1,395

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

Zero

coupon

08/01/31

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

Zero

coupon

08/01/33

510

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

534

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

Zero

coupon

08/01/36

639

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000 08/01/44

1,245

Menifee

Union

School

District

Special

Tax

5.000 09/01/42

Modesto

Irrigation

District

Revenue

Bonds

(~)(µ)(Ê)

6,655

3.262 09/01/37

6,652

Northern

California

Tobacco

Securitization

Authority

Revenue

Bonds

4.000 06/01/49

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250 08/01/28

812

Oxnard

School

District

General

Obligation

Unlimited

500

Zero

coupon

02/01/31

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/30

Palomar

Health

General

Obligation

Unlimited

2,230

5.000 08/01/29

2,233

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000 08/01/38

680

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

570

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

527

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
River

Islands

Public

Financing

Authority

Special

Tax

4.000 09/01/41

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

1,017

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

2,813

Roseville

Joint

Union

High

School

District

General

Obligation

Unlimited

1,520

Zero

coupon

08/01/35

1,050

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(~)(µ)(Ê)

1,740

3.182 06/01/34

1,740

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

Zero

coupon

07/01/34

2,105

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

Zero

coupon

07/01/36

1,208

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

Zero

coupon

07/01/37

1,936

San

Diego

Unified

School

District

General

Obligation

Unlimited

Zero

coupon

07/01/31

San

Diego

Unified

School

District

General

Obligation

Unlimited

1,000

Zero

coupon

07/01/41

1,086

San

Francisco

City

and

County

Airport

Commission

International

Airport

Revenue

Bonds

3,500

5.250 05/01/41

3,834

San

Francisco

City

and

County

Airport

Commission

International

Airport

Revenue

Bonds

5,000

5.000 05/01/43

5,462

San

Francisco

City

and

County

Airport

Commission

International

Airport

Revenue

Bonds

3,000

5.250 05/01/48

3,219

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

815

5.250 01/15/49

817

San

Joaquin

Valley

Clean

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

5.500 01/01/56

2,414

San

Mateo

Union

High

School

District

General

Obligation

Unlimited

1,750

5.000 09/01/28

1,853

San

Mateo

Union

High

School

District

General

Obligation

Unlimited

2,300

5.000 09/01/29

2,494

San

Mateo

Union

High

School

District

General

Obligation

Unlimited

2,250

5.000 09/01/33

2,617

San

Mateo

Union

High

School

District

General

Obligation

Unlimited

1,000

5.000 09/01/36

1,192

San

Mateo

Union

High

School

District

General

Obligation

Unlimited

1,000

5.000 09/01/38

1,177

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000 09/01/28

1,177

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000 04/01/33

1,411

Southern

California

Logistics

Airport

Authority

Tax

Allocation

(µ)

5.000 12/01/39

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(Ê)

2,075

4.099 11/01/38

1,994

Southern

California

Public

Power

Authority

Revenue

Bonds

(µ)

2,000

5.000 07/01/39

2,213

Southern

California

Public

Power

Authority

Revenue

Bonds

1,650

5.000 07/01/43

1,761

Southern

California

Public

Power

Authority

Revenue

Bonds

(µ)

1,730

5.250 07/01/45

1,867

Southern

California

Public

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,740

5.000 07/01/53

7,059

Southern

California

Tobacco

Securitization

Authority

Revenue

Bonds

5.000 06/01/28

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

528

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

820

Stockton

Community

Facilities

District

Special

Tax

1,050

5.000 09/01/49

1,038

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

946

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

7,065

5.000 05/15/40

7,888

University

of

California

Revenue

Bonds

(ae)

2,650

5.000 05/15/41

2,652

Washington

Township

Health

Care

District

Revenue

Bonds

875

5.750 07/01/48

909

454,669

Colorado

-

2.7%

Arapahoe

County

School

District

No.

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300 12/15/28

2,183

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

1,262

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000 10/01/30

1,048

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000 10/01/31

785

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000 10/01/38

2,746

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

City

and

County

of

Denver

Airport

System

Revenue

Bonds

5,570

5.000 12/01/35

5,742

City

and

County

of

Denver

Airport

System

Revenue

Bonds

1,610

5.000 11/15/39

1,714

City

and

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000 11/15/40

982

City

and

County

of

Denver

Airport

System

Revenue

Bonds

5,000

5.500 11/15/40

5,485

City

and

County

of

Denver

Airport

System

Revenue

Bonds

1,215

5.000 11/15/41

1,321

City

and

County

of

Denver

Airport

System

Revenue

Bonds

1,190

5.000 11/15/42

1,284

City

and

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

2,580

5.000 08/01/44

2,586

City

of

Boulder

Water

and

Sewer

Revenue

Bonds

4,250

4.000 12/01/42

4,249

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

1,138

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

800

5.000 12/01/41

872

Colorado

Bridge

and

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,145

5.000 12/01/43

1,227

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

5.000 08/01/30

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

3,150

5.000 08/01/32

3,376

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

1,950

5.000 08/01/33

2,065

Colorado

Health

Facilities

Authority

Revenue

Bonds

500

5.000 01/01/34

550

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000 08/01/34

1,567

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000 08/01/35

890

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 01/01/37

1,014

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 08/01/38

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250 11/01/38

1,200

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

1,085

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,330

5.000 12/01/39

1,428

Colorado

Health

Facilities

Authority

Revenue

Bonds

8,050

4.000 01/01/40

7,931

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

934

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

529

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500 11/01/47

1,155

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

850

4.000 08/01/49

757

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,370

5.000 11/15/59

3,647

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,775

5.000 11/15/60

1,913

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.500 11/01/43

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

2,335

3.250 05/01/52

2,316

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

1,500

6.250 05/01/55

1,680

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

5,000

6.000 11/01/55

5,542

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000 05/15/31

2,402

Colorado

State

Education

Loan

Program

Revenue

Notes

25,000

5.000 06/30/26

25,078

Denver

City

and

County

School

District

No.

General

Obligation

Unlimited

2,000

5.500 12/01/49

2,196

Denver

Health

and

Hospital

Authority

Revenue

Bonds

1,500

5.000 12/01/30

1,577

Denver

Health

and

Hospital

Authority

Revenue

Bonds

620

5.000 12/01/31

650

Denver

Health

and

Hospital

Authority

Revenue

Bonds

5.000 12/01/33

Denver

Health

and

Hospital

Authority

Revenue

Bonds

500

5.000 12/01/45

507

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,075

5.250 12/01/39

1,075

Public

Highway

Authority

Revenue

Bonds

(µ)

3,865

Zero

coupon

09/01/27

3,727

Public

Highway

Authority

Revenue

Bonds

880

5.000 09/01/28

929

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,427

Public

Highway

Authority

Revenue

Bonds

1,200

5.000 09/01/36

1,285

Public

Highway

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,400

3.188 09/01/39

5,369

Eagle

County

Housing

and

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,150

3.550 12/01/45

1,154

Elbert

County

Independence

Water

and

Sanitation

District

Revenue

Bonds

1,000

5.125 12/01/33

1,034

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,220

5.000 12/01/32

1,252

Flatiron

Meadows

Metropolitan

District

General

Obligation

Limited

(µ)

800

5.000 12/01/39

860

Glen

Metropolitan

District

No.

General

Obligation

Limited

1,320

5.000 12/01/47

1,249

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250 12/01/34

1,045

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250 12/01/35

521

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,065

5.000 06/01/34

2,306

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

1,525

5.000 06/01/36

1,684

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,155

5.000 06/01/40

2,329

Hawkview

Metropolitan

District

Special

Assessment

650

5.625 12/01/45

644

Lakes

at

Centerra

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,050

4.000 12/01/43

1,021

Metro

Water

Recovery

Revenue

Bonds

1,175

5.000 04/01/45

1,282

Metropolitan

State

University

of

Denver

Revenue

Bonds

1,800

5.000 12/01/42

1,980

Morgan

Hill

Metropolitan

District

No.

General

Obligation

Limited

3.000 12/01/31

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000 12/01/28

1,162

Parterre

Metropolitan

District

No.

General

Obligation

Limited

880

5.125 12/01/35

919

Pitkin

County

School

District

No.

Aspen

General

Obligation

Unlimited

675

5.500 12/01/45

771

Pitkin

County

School

District

No.

Aspen

General

Obligation

Unlimited

800

5.500 12/01/46

903

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

2,500

5.000 12/15/41

2,504

Public

Authority

for

Colorado

Energy

Revenue

Bonds

655

6.250 11/15/28

686

Public

Authority

for

Colorado

Energy

Revenue

Bonds

1,000

6.500 11/15/38

1,183

Regional

Transportation

District

Revenue

Bonds

500

5.000 01/15/28

515

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

2,293

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,500

5.000 12/01/36

1,618

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

2,875

5.000 12/01/37

3,093

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,045

5.000 12/01/39

1,119

Town

of

Castle

Rock

Certificate

of

Participation

750

5.000 12/01/39

837

Town

of

Castle

Rock

Certificate

of

Participation

775

5.000 12/01/40

859

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(µ)

4.000 12/01/44

University

of

Colorado

Hospital

Authority

Revenue

Bonds

5,385

5.000 11/15/29

5,789

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

530

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/29

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/30

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

3,806

Wildwing

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,000

4.250 12/01/44

995

178,438

Connecticut

-

1.1%

City

of

Ansonia

Certificate

of

Participation

4.750 12/01/45

City

of

New

Haven

General

Obligation

Unlimited

600

5.000 08/01/26

603

City

of

New

Haven

General

Obligation

Unlimited

(µ)

600

5.000 02/01/27

610

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

528

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)

1,900

5.250 08/01/43

2,020

City

of

West

Haven

General

Obligation

Unlimited

525

5.000 11/01/26

530

City

of

West

Haven

General

Obligation

Unlimited

5.000 11/01/27

Connecticut

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,445

3.850 11/15/64

1,446

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000 07/01/26

1,002

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 01/01/30

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

500

4.000 07/01/41

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,000

5.000 07/01/41

1,100

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(µ)

4,705

5.000 07/01/42

5,133

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(µ)

2,970

5.000 07/01/43

3,222

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

5.000 07/01/44

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,315

2.950 07/01/49

1,313

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,830

5.000 07/01/53

1,855

Connecticut

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

8,000

5.000 07/01/64

9,225

Metropolitan

District

(The)

General

Obligation

Unlimited

(µ)

630

5.000 11/01/30

637

Norwalk

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.050 09/01/58

999

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

3,935

4.000 08/01/38

3,981

Stamford

Housing

Authority

Revenue

Bonds

2,000

4.250 10/01/30

2,014

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Revenue

Bonds

4,000

5.000 02/01/33

4,234

State

of

Connecticut

General

Obligation

Unlimited

1,060

5.000 06/15/27

1,087

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000 04/15/28

10,295

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/28

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000 03/15/29

5,507

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/29

State

of

Connecticut

General

Obligation

Unlimited

3,025

3.000 01/15/32

2,994

State

of

Connecticut

General

Obligation

Unlimited

1,750

4.000 04/15/37

1,782

State

of

Connecticut

General

Obligation

Unlimited

1,000

3.000 11/15/42

858

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250 07/01/40

3,320

Town

of

Stratford

General

Obligation

Unlimited

(µ)

1,970

4.000 01/01/38

1,932

University

of

Connecticut

Revenue

Bonds

(µ)

600

5.000 04/15/29

625

72,495

Delaware

-

0.7%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

1,000

3.600 01/01/31

1,032

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 08/01/39

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,100

4.000 10/01/40

1,083

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 09/01/41

Delaware

State

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.000 10/01/45

2,482

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

531

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000 06/01/30

624

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000 10/01/40

2,089

Delaware

State

Housing

Authority

Revenue

Bonds

2,045

4.300 07/01/44

1,984

Delaware

State

Housing

Authority

Revenue

Bonds

5,430

5.750 01/01/55

5,853

Delaware

State

Housing

Authority

Revenue

Bonds

2,215

6.000 01/01/55

2,413

Delaware

State

Housing

Authority

Revenue

Bonds

2,705

5.500 07/01/55

2,898

Delaware

State

Housing

Authority

Revenue

Bonds

3,910

5.750 01/01/56

4,239

Delaware

State

Housing

Authority

Revenue

Bonds

7,145

6.000 01/01/56

7,842

Delaware

State

Housing

Authority

Revenue

Bonds

3,000

5.750 01/01/57

3,274

Delaware

Transportation

Authority

Revenue

Bonds

1,730

3.000 07/01/41

1,553

Delaware

Transportation

Authority

Revenue

Bonds

1,780

3.000 07/01/42

1,575

State

of

Delaware

General

Obligation

Unlimited

1,520

5.000 05/01/36

1,707

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

2,355

4.000 07/01/30

2,356

Town

of

Bridgeville

Special

Tax

(Þ)

1,940

5.250 07/01/44

1,951

45,499

District

of

Columbia

-

0.9%

District

of

Columbia

General

Obligation

Unlimited

5.250 01/01/48

District

of

Columbia

General

Obligation

Unlimited

510

5.000 08/01/49

534

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

575

5.000 03/01/28

597

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,575

3.650 07/01/28

1,585

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 12/01/28

5,166

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 03/01/29

1,031

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

1,000

4.100 09/01/39

994

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000 10/01/41

4,507

District

of

Columbia

Income

Tax

Revenue

Bonds

2,500

5.000 06/01/37

2,837

District

of

Columbia

Income

Tax

Revenue

Bonds

1,755

5.000 10/01/37

1,973

District

of

Columbia

Income

Tax

Revenue

Bonds

2,500

5.000 12/01/37

2,749

District

of

Columbia

Income

Tax

Revenue

Bonds

2,185

4.000 03/01/45

2,125

District

of

Columbia

Income

Tax

Revenue

Bonds

1,090

5.000 06/01/50

1,143

District

of

Columbia

Income

Tax

Revenue

Bonds

830

5.250 06/01/50

891

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,001

District

of

Columbia

Revenue

Bonds

1,325

5.000 07/01/37

1,339

District

of

Columbia

Revenue

Bonds

1,905

5.000 06/01/40

1,916

District

of

Columbia

Revenue

Bonds

(~)(ae)(Ê)

1,525

5.000 04/01/60

1,684

District

of

Columbia

Water

and

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.000 10/01/57

District

of

Columbia

Water

and

Sewer

Authority

Revenue

Bonds

(~)(Ê)

600

3.350 10/01/60

600

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

4,000

5.000 10/01/26

4,038

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

4,350

5.000 10/01/36

4,670

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

2,335

5.000 10/01/37

2,495

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

1,860

5.000 10/01/38

1,980

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

631

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

883

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/38

1,033

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

3,000

4.000 10/01/44

2,891

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000 10/01/49

1,593

Washington

Convention

and

Sports

Authority

Revenue

Bonds

1,300

5.000 10/01/27

1,340

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue

Bonds

2,500

5.000 07/15/49

2,591

58,879

Florida

-

6.3%

Abbott

Square

Community

Development

District

Special

Assessment

4.500 06/15/27

Abbott

Square

Community

Development

District

Special

Assessment

500

5.000 05/01/35

523

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

532

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250 05/01/36

952

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

1,338

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500 05/01/32

1,373

Artisan

Lakes

East

Community

Development

District

Special

Assessment

(Þ)

2.300 05/01/26

Artisan

Lakes

East

Community

Development

District

Special

Assessment

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

2,075

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

500

4.500 05/01/33

510

Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000 05/01/38

2,617

Ave

Maria

Stewardship

Community

District

Special

Assessment

2,000

4.000 05/01/42

1,781

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

863

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

790

Bella

Collina

Community

Development

District

Special

Assessment

595

4.250 05/01/31

591

Berry

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

4.625 05/01/30

Black

Creek

Community

Development

District

Special

Assessment

500

5.125 06/15/32

527

Blackwell

Community

Development

District

Special

Assessment

4.000 05/01/33

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

723

Bonterra

Community

Development

District

Special

Assessment

655

4.000 05/01/37

650

Bridgewalk

Community

Development

District

Special

Assessment

2.500 06/15/27

Bridgewalk

Community

Development

District

Special

Assessment

5.500 12/15/30

Buckhead

Trails

II

Community

Development

District

Special

Assessment

750

5.500 05/01/46

748

Buena

Lago

Community

Development

District

Special

Assessment

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

533

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Capital

Trust

Authority

Revenue

Bonds

1,370

4.750 12/01/42

1,387

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,525

5.000 06/01/44

1,494

Capital

Trust

Authority

Revenue

Bonds

(Þ)

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

858

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

649

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125 11/01/38

522

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

982

Century

Park

Square

Community

Development

District

Special

Assessment

5.450 05/01/46

Century

Park

Square

Community

Development

District

Special

Assessment

5.800 05/01/56

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

Water

and

Sewer

Revenue

Bonds

2,590

5.000 10/01/39

2,638

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

1,387

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000 07/01/42

901

City

of

Fort

Lauderdale

Water

and

Sewer

Revenue

Bonds

2,440

4.000 03/01/38

2,456

City

of

Jacksonville

Revenue

Bonds

3,000

5.000 10/01/26

3,028

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

1,341

City

of

Orlando

Revenue

Bonds

(µ)

2,250

5.000 11/01/40

2,458

City

of

Orlando

Revenue

Bonds

(µ)

1,955

5.250 11/01/41

2,171

City

of

Orlando

Revenue

Bonds

(µ)

3,000

5.250 11/01/42

3,312

City

of

Orlando

Revenue

Bonds

(µ)

1,500

5.250 11/01/43

1,644

City

of

Orlando

Revenue

Bonds

(µ)

1,500

5.250 11/01/44

1,631

City

of

Orlando

Revenue

Bonds

(µ)

2,500

5.250 11/01/45

2,692

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

2,418

City

of

Venice

Revenue

Bonds

(Þ)

900

4.250 01/01/30

896

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

2,380

3.650 05/01/28

2,391

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

3,000

4.000 05/01/33

3,076

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

2,503

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

534

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Collier

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

1,400

5.000 10/01/40

1,509

Collier

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

5.000 10/01/42

Connerton

East

Community

Development

District

Special

Assessment

505

4.250 06/15/30

510

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

650

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

5,825

County

of

Broward

Airport

System

Revenue

Bonds

1,045

5.000 10/01/36

1,062

County

of

Escambia

Revenue

Bonds

(~)(ae)(Ê)

1,515

3.450 11/01/33

1,515

County

of

Lee

Airport

Revenue

Bonds

4,000

5.250 10/01/42

4,385

County

of

Lee

Airport

Revenue

Bonds

1,500

5.250 10/01/43

1,631

County

of

Lee

Airport

Revenue

Bonds

(~)(ae)(Ê)

6,440

5.000 10/01/56

6,923

County

of

Miami-Dade

Aviation

Revenue

Bonds

1,820

5.000 10/01/34

2,017

County

of

Miami-Dade

Aviation

Revenue

Bonds

3,365

5.000 10/01/36

3,696

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

Zero

coupon

10/01/35

2,828

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000 04/01/45

1,949

County

of

Miami-Dade

Revenue

Bonds

1,285

5.000 04/01/48

1,328

County

of

Okaloosa

Revenue

Bonds

(Þ)

5.500 05/15/45

County

of

Okeechobee

Revenue

Bonds

(~)(Ê)

4,000

3.800 07/01/39

3,923

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

1,000

6.150 10/01/39

1,172

County

of

Pasco

Florida

Solid

Waste

Disposal

and

Resource

Recovery

System

Revenue

Bonds

1,165

5.000 10/01/40

1,276

County

of

Pasco

Florida

Solid

Waste

Disposal

and

Resource

Recovery

System

Revenue

Bonds

1,280

5.000 10/01/42

1,386

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

4,181

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750 09/01/54

762

County

of

St.

Johns

Water

and

Sewer

Revenue

Bonds

3,000

5.000 06/01/52

3,137

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

4.250 11/01/30

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,255

4.700 11/01/39

1,250

Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

4.250 05/01/31

Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

740

5.000 05/01/44

736

Cross

Creek

North

Community

Development

District

Special

Assessment

4.500 05/01/30

Crossings

Community

Development

District

Special

Assessment

4.750 05/01/31

Crossings

Community

Development

District

Special

Assessment

1,735

5.000 05/01/42

1,734

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050 05/01/41

682

Curiosity

Creek

Community

Development

District

Special

Assessment

(Þ)

4.250 05/01/30

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

708

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

652

Cypress

Reserve

Community

Development

District

Special

Assessment

(Þ)

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

535

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

994

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

EA

McKinnon

Groves

Community

Development

District

Special

Assessment

855

5.250 05/01/45

849

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

900

4.500 05/01/31

917

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

1,108

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

790

3.750 05/01/31

786

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

1,170

4.000 05/01/37

1,143

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

1,048

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

560

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/36

1,033

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5.000 08/15/38

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

545

4.350 05/01/32

543

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

922

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/01/26

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

939

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000 06/15/33

770

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000 06/15/34

810

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

1,274

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000 06/15/36

1,339

Florida

Development

Finance

Corp.

Revenue

Bonds

1,750

5.000 02/01/37

1,809

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000 06/15/37

2,809

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000 06/15/38

869

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 12/15/39

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

520

5.125 06/01/40

520

Florida

Development

Finance

Corp.

Revenue

Bonds

1,000

5.250 06/01/44

1,025

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

536

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,675

5.000 08/01/56

1,826

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

800

4.500 06/01/33

784

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

4.750 06/01/38

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

2,355

5.000 03/01/42

2,350

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

(Þ)

1,175

6.000 07/01/45

1,182

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

6,500

3.080 12/01/26

6,497

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.350 10/01/27

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

7,000

3.500 11/01/42

7,032

Florida

Housing

Finance

Corp.

Revenue

Bonds

4,000

6.000 01/01/57

4,490

Florida

Insurance

Assistance

Interlocal

Agency,

Inc.

Revenue

Bonds

1,425

5.000 09/01/27

1,435

Florida

Local

Government

Finance

Commission

Revenue

Bonds

(Þ)

625

5.750 07/01/44

640

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

1,100

5.000 05/01/44

1,077

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

861

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

513

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

806

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

785

Greater

Orlando

Aviation

Authority

Revenue

Bonds

500

5.500 11/01/37

531

Greater

Orlando

Aviation

Authority

Revenue

Bonds

6,205

4.000 10/01/44

5,849

Greater

Orlando

Aviation

Authority

Revenue

Bonds

1,350

5.250 10/01/44

1,449

Greater

Orlando

Aviation

Authority

Revenue

Bonds

5,710

5.250 10/01/45

6,075

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

953

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)

500

4.500 05/01/32

506

Harbor

Bay

Community

Development

District

Special

Assessment

775

3.300 05/01/29

768

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

632

Harmony

West

Community

Development

District

Special

Assessment

635

5.000 05/01/43

630

Harvest

Ridge

Community

Development

District

Special

Assessment

650

5.375 05/01/54

629

Heritage

Harbor

North

Community

Development

District

Special

Assessment

5.000 05/01/34

Highlands

County

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

7,155

3.400 11/15/60

7,155

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

605

4.000 05/01/33

599

Hills

of

Minneola

Community

Development

District

Special

Assessment

(Þ)

3.500 05/01/31

Hillsborough

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

710

3.250 09/01/42

710

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,500

5.000 11/15/34

3,968

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

11,900

4.000 08/01/45

11,020

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

1,700

3.300 11/15/54

1,700

Hilltop

Point

Community

Development

District

Special

Assessment

5.100 05/01/32

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

537

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Hunt

Club

Grove

Community

Development

District

Special

Assessment

4.000 12/15/33

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)

3.400 07/01/58

JEA

Water

and

Sewer

System

Revenue

Bonds

8,340

5.250 10/01/49

8,995

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000 05/01/32

1,105

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

975

5.100 05/01/44

969

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

4.500 05/01/30

Kingston

One

Community

Development

District

Special

Assessment

1,585

4.250 05/01/30

1,588

Knightsbridge

Community

Development

District

Special

Assessment

(Þ)

690

5.200 06/15/44

694

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

4.500 05/01/30

Lake

Flores

Community

Development

District

Special

Assessment

4.000 05/01/33

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

2,491

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

540

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000 05/01/30

547

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

535

4.500 05/01/31

545

Lakewood

Ranch

Stewardship

District

Special

Assessment

4.625 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.125 05/01/43

531

Lakewood

Ranch

Stewardship

District

Special

Assessment

580

5.250 05/01/44

586

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)

1,000

3.500 12/01/42

1,005

Lee

County

Industrial

Development

Authority

Revenue

Bonds

1,550

4.375 11/15/29

1,562

Lee

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

5.000 04/01/65

1,847

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

858

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

788

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

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

1,016

Madeira

Community

Development

District

Special

Assessment

Revenue

Bonds

1,505

5.000 05/01/35

1,607

Madeira

Community

Development

District

Special

Assessment

Revenue

Bonds

570

5.000 05/01/39

623

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

538

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

Mckendree

Pointe

Community

Development

District

Special

Assessment

4.500 05/01/30

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

1,133

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

2,002

Middleton

Community

Development

District

A

Special

Assessment

Revenue

Bonds

600

4.200 05/01/39

592

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

1,939

Mirabella

Community

Development

District

Special

Assessment

728

5.000 05/01/44

745

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

New

Port

Corners

Community

Development

District

Special

Assessment

(Þ)

4.000 06/15/30

Newfield

Community

Development

District

Special

Assessment

Revenue

Bonds

770

4.400 05/01/30

775

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

797

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/28

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/34

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/40

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/42

Northridge

Community

Development

District

Special

Assessment

(Þ)

4.550 05/01/30

Orange

Branch

Community

Development

District

Special

Assessment

(Þ)

725

5.300 05/01/46

725

Orange

County

Health

Facilities

Authority

Revenue

Bonds

2,055

5.000 08/01/40

2,178

Orlando

Utilities

Commission

Revenue

Bonds

(~)(ae)(Ê)

575

1.250 10/01/46

535

Osceola

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.650 09/01/43

987

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

1,060

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

625

4.000 06/01/31

630

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)

1,600

2.900 02/01/30

1,580

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

757

Palmetto

Ridge

Community

Development

District

Special

Assessment

1,370

5.450 05/01/46

1,358

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

500

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

539

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

534

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500 06/15/53

815

Pinellas

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.300 01/01/42

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/39

Pioneer

Ranch

Community

Development

District

Special

Assessment

4.200 05/01/31

Portico

Community

Development

District

Special

Assessment

Revenue

Bonds

3.250 05/01/31

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

(Þ)

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

1,484

Prosperity

Lakes

Community

Development

District

Special

Assessment

5.150 12/15/30

Radiance

Community

Development

District

Special

Assessment

(Þ)

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

680

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

521

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

711

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

641

River

Hall

Community

Development

District

Special

Assessment

685

3.000 05/01/38

594

River

Landing

Community

Development

District

Special

Assessment

625

4.200 05/01/32

626

River

Landing

Community

Development

District

Special

Assessment

850

4.125 05/01/40

786

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)

4.000 05/01/30

Riverwalk

Community

Development

District

Special

Assessment

(Þ)

4.150 05/01/30

Riverwalk

Community

Development

District

Special

Assessment

530

4.650 05/01/31

542

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

535

3.650 05/01/32

514

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

810

5.000 05/01/34

860

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

615

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

540

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,476

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000 05/01/39

2,104

Savanna

Lakes

Community

Development

District

Special

Assessment

(Þ)

4.250 06/15/30

Savanna

Lakes

Community

Development

District

Special

Assessment

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

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

4.625 06/15/30

Sebastian

Isles

Community

Development

District

Special

Assessment

4.250 05/01/31

Sebastian

Isles

Community

Development

District

Special

Assessment

700

5.000 05/01/44

696

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

504

Seminole

Palms

Community

Development

District

Special

Assessment

4.750 05/01/30

Seminole

Palms

Community

Development

District

Special

Assessment

(Þ)

665

4.450 05/01/31

677

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

600

Somerset

Community

Development

District

Special

Assessment

625

4.000 05/01/27

622

Somerset

Community

Development

District

Special

Assessment

4.000 05/01/32

Somerset

Community

Development

District

Special

Assessment

1,000

4.200 05/01/37

959

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

1,836

South

Fork

East

Community

Development

District

Special

Assessment

597

3.000 05/01/38

South

Fork

East

Community

Development

District

Special

Assessment

860

5.000 05/01/44

883

South

Fork

III

Community

Development

District

Special

Assessment

1,510

5.000 05/01/38

1,518

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

669

Southpointe

of

Manatee

County

Community

Development

District

Special

Assessment

4.000 05/01/33

Southshore

Bay

Community

Development

District

Special

Assessment

4.750 05/01/31

Stillwater

Community

Development

District

Special

Assessment

(Þ)

1,000

3.500 06/15/41

851

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

1,114

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000 05/01/39

1,177

Stonegate

Preserve

Community

Development

District

Special

Assessment

4.800 06/15/35

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

541

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,241

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

Sugarloaf

Community

Development

District

Special

Assessment

545

4.000 12/15/33

539

Sugarloaf

Community

Development

District

Special

Assessment

600

5.375 12/15/46

598

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

507

Sweetwater

Creek

Community

Development

District

Special

Assessment

(µ)

2.250 05/01/27

Talis

Park

Community

Development

District

Special

Assessment

(Þ)

1,875

5.000 05/01/44

1,838

Tampa

Bay

Water

Revenue

Bonds

3,500

5.000 10/01/49

3,677

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

542

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000 06/15/30

640

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

708

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

1,497

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,805

3.000 05/01/31

1,780

Tolomato

Community

Development

District

Special

Assessment

1,330

3.200 05/01/32

1,293

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000 05/01/33

1,119

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000 05/01/37

846

Tolomato

Community

Development

District

Special

Assessment

(µ)

600

3.000 05/01/40

521

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,300

4.000 05/01/40

1,283

Tolomato

Community

Development

District

Special

Assessment

875

4.800 05/01/44

862

Touchstone

Community

Development

District

Special

Assessment

1,800

5.500 05/01/53

1,815

Town

of

Davie

Revenue

Bonds

550

5.000 04/01/33

568

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

Creeks

Community

Development

District

Special

Assessment

2,635

3.625 05/01/37

2,474

Two

Lakes

Community

Development

District

Special

Assessment

715

5.000 05/01/33

770

Two

Lakes

Community

Development

District

Special

Assessment

5.000 05/01/44

Two

Ridges

Community

Development

District

Special

Assessment

500

5.750 05/01/45

522

Two

Rivers

East

Community

Development

District

Special

Assessment

705

4.875 05/01/30

724

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

654

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

5.375 05/01/45

506

Venetian

Parc

Community

Development

District

Special

Assessment

1,340

5.000 05/01/44

1,396

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

542

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

5.750 05/01/45

Vida's

Way

Community

Development

District

Special

Assessment

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

1,014

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

850

3.800 05/01/28

852

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1.800 05/01/26

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1,260

5.125 05/01/37

1,322

Village

Community

Development

District

No.

Special

Assessment

(Þ)

4.250 05/01/28

Village

Community

Development

District

No.

Special

Assessment

(Þ)

645

4.375 05/01/33

650

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

855

5.625 05/01/43

883

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

750

5.000 06/01/35

809

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

500

5.000 06/01/36

535

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

973

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150 05/01/38

2,278

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800 05/01/39

1,076

West

Hillcrest

Community

Development

District

Special

Assessment

4.500 06/15/30

West

Port

Community

Development

District

Special

Assessment

4.250 05/01/27

West

Port

East

Community

Development

District

Special

Assessment

(Þ)

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

800

West

Villages

Improvement

District

Special

Assessment

650

4.500 05/01/31

663

West

Villages

Improvement

District

Special

Assessment

875

5.000 05/01/35

911

West

Villages

Improvement

District

Special

Assessment

905

5.750 05/01/45

950

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)

500

4.050 05/01/30

Whispering

Pines

Community

Development

District

Special

Assessment

5.375 05/01/43

Willowbrook

Community

Development

District

Special

Assessment

(Þ)

575

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

937

Windsor

Cay

Community

Development

District

Special

Assessment

(Þ)

4.250 05/01/35

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

538

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

543

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Woodcreek

Community

Development

District

Special

Assessment

600

5.350 05/01/45

595

414,765

Georgia

-

3.4%

Athens-Clarke

County

Unified

Government

Development

Authority

Revenue

Bonds

850

3.000 06/15/39

786

Atlanta

Development

Authority

(The)

Revenue

Bonds

1,550

5.250 07/01/40

1,552

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

1,000

5.250 07/01/40

1,032

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

500

5.000 04/01/34

508

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

2,017

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,185

2.900 09/01/28

2,174

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

500

3.400 02/01/29

502

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950 12/01/32

769

Burke

County

Development

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

750

3.700 10/01/32

759

Burke

County

Development

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

9,350

3.600 01/01/40

9,425

Burke

County

Development

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,425

3.375 11/01/48

1,427

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

7,600

5.000 07/01/36

8,249

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

8,750

5.000 07/01/41

9,444

City

of

Atlanta

Water

and

Wastewater

Revenue

Bonds

8,370

5.000 11/01/40

8,378

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

5,009

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

East

Palm

Drive

Community

Development

District

Special

Assessment

4.375 06/15/31

Georgia

Housing

and

Finance

Authority

Revenue

Bonds

1,500

5.000 12/01/45

1,567

Georgia

Municipal

Electric

Authority

Revenue

Bonds

1,195

5.000 01/01/48

1,197

Georgia

Municipal

Electric

Authority

Revenue

Bonds

2,000

5.000 07/01/52

2,025

Macon

Water

Authority

Revenue

Bonds

1,000

5.000 10/01/54

1,044

Main

Street

Energy,

Inc.

Revenue

Bonds

6,000

5.000 12/01/33

6,364

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000 11/01/26

551

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

1,210

4.000 11/01/27

1,210

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000 05/15/29

2,938

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

5,450

5.000 12/01/31

5,765

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 07/01/52

2,016

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 09/01/52

1,523

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

10,000

5.000 12/01/52

10,414

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000 06/01/53

7,337

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,670

5.000 07/01/53

8,034

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

36,000

4.138 12/01/53

36,647

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

10,840

5.000 12/01/53

11,542

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,150

5.000 04/01/54

6,519

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

9,750

5.000 05/01/54

10,411

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

24,750

5.000 05/01/55

26,204

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

15,840

5.000 06/01/55

16,873

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000 12/01/55

6,292

Monroe

County

Development

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1.000 07/01/49

Private

Colleges

and

Universities

Authority

Revenue

Bonds

750

4.000 04/01/39

754

Sunbridge

Stewardship

District

Special

Assessment

5.000 05/01/32

Sunbridge

Stewardship

District

Special

Assessment

915

5.400 05/01/42

945

Warner

Robins

Housing

Authority

Resident

Council

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 02/01/29

222,808

Guam

-

0.5%

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

544

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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 10/01/39

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

616

Guam

Government

Waterworks

Authority

Revenue

Bonds

610

5.000 07/01/35

674

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,935

5.000 07/01/36

2,106

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,640

5.000 07/01/37

1,783

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000 07/01/40

1,375

Guam

Government

Waterworks

Authority

Revenue

Bonds

2,000

5.000 01/01/46

2,000

Guam

Power

Authority

Revenue

Bonds

5.000 10/01/29

Guam

Power

Authority

Revenue

Bonds

1,825

5.000 10/01/34

1,856

Guam

Power

Authority

Revenue

Bonds

2,690

5.000 10/01/35

2,732

Guam

Power

Authority

Revenue

Bonds

5.000 10/01/40

Territory

of

Guam

Revenue

Bonds

2,000

5.000 12/01/28

2,015

Territory

of

Guam

Revenue

Bonds

5.000 01/01/29

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

2,549

Territory

of

Guam

Revenue

Bonds

1,205

5.000 12/01/35

1,210

Territory

of

Guam

Revenue

Bonds

5,980

4.000 01/01/36

6,044

Territory

of

Guam

Revenue

Bonds

980

5.000 12/01/36

984

Territory

of

Guam

Revenue

Bonds

750

5.250 01/01/40

818

30,623

Hawaii

-

0.2%

City

and

County

Honolulu

Wastewater

System

Revenue

Bonds

1,575

5.000 07/01/36

1,579

City

and

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

1,270

5.000 06/01/27

1,272

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

821

State

of

Hawaii

Airports

System

Revenue

Bonds

6,500

5.000 07/01/49

6,835

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

(Þ)

600

5.000 07/01/34

617

State

of

Hawaii

Department

of

Budget

and

Finance

Revenue

Bonds

1,425

3.200 07/01/39

1,255

13,551

Idaho

-

0.2%

City

of

Boise

City

Airport

Revenue

Bonds

1,000

5.000 09/01/51

1,021

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000 09/01/27

2,099

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000 09/01/28

2,053

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000 09/01/31

2,405

Idaho

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 03/01/60

1,109

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

554

10,913

Illinois

-

9.0%

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

583

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

5.000 01/01/33

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

545

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

10,100

5.750 04/01/33

10,287

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

757

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

18,775

6.000 04/01/46

18,965

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

1,000

5.750 04/01/48

1,035

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,875

5.000 12/01/27

16,354

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

Zero

coupon

12/01/28

9,992

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000 12/01/28

2,888

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,630

Zero

coupon

12/01/30

5,646

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,160

5.500 12/01/30

1,235

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

6.750 12/01/30

1,559

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

8,329

Chicago

Board

of

Education

General

Obligation

Unlimited

1,500

5.000 12/01/31

1,542

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000 12/01/32

6,764

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000 12/01/33

7,996

Chicago

Board

of

Education

General

Obligation

Unlimited

5.250 12/01/35

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000 12/01/37

3,882

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000 12/01/38

1,251

Chicago

Board

of

Education

General

Obligation

Unlimited

825

6.000 12/01/38

900

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000 12/01/39

3,361

Chicago

Board

of

Education

General

Obligation

Unlimited

5.250 12/01/39

Chicago

Board

of

Education

General

Obligation

Unlimited

800

6.000 12/01/41

854

Chicago

Board

of

Education

General

Obligation

Unlimited

6.000 12/01/42

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000 12/01/42

5,129

Chicago

Board

of

Education

General

Obligation

Unlimited

3,420

5.000 12/01/46

3,174

Chicago

Board

of

Education

General

Obligation

Unlimited

6,875

5.000 12/01/47

6,243

Chicago

Midway

International

Airport

Revenue

Bonds

(µ)

5,000

5.000 01/01/35

5,541

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,560

4.000 01/01/35

5,644

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000 01/01/36

1,316

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000 01/01/37

3,549

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,500

5.000 01/01/37

1,623

Chicago

O'Hare

International

Airport

Revenue

Bonds

8,150

5.000 01/01/39

8,508

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 01/01/40

1,103

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,000

5.000 01/01/41

2,175

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.000 01/01/42

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,280

5.000 01/01/42

3,436

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,000

5.250 01/01/42

1,077

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,000

5.500 01/01/48

5,290

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 07/01/48

982

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 01/01/52

1,002

Chicago

Park

District

General

Obligation

Limited

855

5.000 01/01/39

936

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000 01/01/44

14,707

Chicago

Park

District

General

Obligation

Limited

2,680

5.250 01/01/46

2,834

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,730

5.000 12/01/40

2,966

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

500

5.000 12/01/43

540

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

1,455

5.000 12/01/45

1,532

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,425

5.000 12/01/49

2,474

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

546

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

5.500 03/01/36

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

545

5.500 03/01/37

590

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500 03/01/43

1,737

City

of

Chicago

General

Obligation

Unlimited

(µ)

2,650

Zero

coupon

01/01/27

2,597

City

of

Chicago

General

Obligation

Unlimited

670

5.000 01/01/28

686

City

of

Chicago

General

Obligation

Unlimited

4,585

5.000 01/01/29

4,706

City

of

Chicago

General

Obligation

Unlimited

870

5.000 01/01/31

888

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000 01/01/32

4,158

City

of

Chicago

General

Obligation

Unlimited

4.000 01/01/35

City

of

Chicago

General

Obligation

Unlimited

600

5.000 01/01/35

620

City

of

Chicago

General

Obligation

Unlimited

2,025

5.000 01/01/38

2,025

City

of

Chicago

General

Obligation

Unlimited

4,210

6.000 01/01/38

4,250

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500 01/01/40

5,919

City

of

Chicago

General

Obligation

Unlimited

2,125

5.500 01/01/41

2,251

City

of

Chicago

General

Obligation

Unlimited

(µ)

5.000 01/01/42

City

of

Chicago

General

Obligation

Unlimited

660

5.500 01/01/43

672

City

of

Chicago

General

Obligation

Unlimited

2,145

5.000 01/01/44

2,076

City

of

Chicago

General

Obligation

Unlimited

3,790

5.250 01/01/45

3,741

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

(Þ)

3.200 12/01/29

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

(Þ)

3.290 12/01/30

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

(Þ)

3.380 12/01/31

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

(Þ)

3.450 12/01/32

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

2,420

5.000 01/01/32

2,659

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000 01/01/36

4,980

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

1,130

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,000

5.000 01/01/40

1,076

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,350

5.000 01/01/41

1,447

City

of

Chicago

Waterworks

Revenue

Bonds

1,100

5.000 11/01/26

1,110

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/38

1,077

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250 12/15/40

1,171

City

of

Springfield

Electric

Revenue

Bonds

(µ)

10,000

3.000 03/01/38

9,289

Cook

County

High

School

District

No.

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500 12/01/36

2,596

Cook

County

School

District

No.

Orland

General

Obligation

Limited

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

Cook

County

Township

High

School

District

No.

J

Sterling

Morton

General

Obligation

Limited

(µ)

1,210

5.000 06/01/43

1,298

Cook

County

Township

High

School

District

No.

J

Sterling

Morton

General

Obligation

Limited

(µ)

1,375

5.000 06/01/44

1,460

Cook

County

Township

High

School

District

No.

J

Sterling

Morton

General

Obligation

Limited

(µ)

1,100

5.000 06/01/45

1,154

County

of

Cook

Sales

Tax

Revenue

Bonds

2,000

4.000 11/15/37

2,004

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000 11/15/37

1,730

County

of

Cook

Sales

Tax

Revenue

Bonds

1,500

5.000 11/15/41

1,610

Illinois

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

830

2.850 11/15/39

819

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/26

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 02/15/27

505

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

5.000 12/01/28

Illinois

Finance

Authority

Revenue

Bonds

(ae)

3,000

5.000 01/01/29

3,047

Illinois

Finance

Authority

Revenue

Bonds

5.000 02/15/29

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

547

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Illinois

Finance

Authority

Revenue

Bonds

745

5.000 08/01/29

764

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

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

1,032

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 12/01/32

509

Illinois

Finance

Authority

Revenue

Bonds

695

5.000 09/01/33

715

Illinois

Finance

Authority

Revenue

Bonds

5.000 10/01/33

Illinois

Finance

Authority

Revenue

Bonds

3,740

4.000 12/15/33

3,838

Illinois

Finance

Authority

Revenue

Bonds

5.000 09/01/34

Illinois

Finance

Authority

Revenue

Bonds

520

5.000 09/01/35

531

Illinois

Finance

Authority

Revenue

Bonds

(ae)

5.000 01/01/36

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 03/01/36

1,025

Illinois

Finance

Authority

Revenue

Bonds

(~)(µ)(Ê)

4,900

3.350 11/15/37

4,900

Illinois

Finance

Authority

Revenue

Bonds

3,250

5.250 04/01/38

3,657

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250 08/01/38

1,367

Illinois

Finance

Authority

Revenue

Bonds

790

5.000 09/01/38

796

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.250 04/01/39

1,121

Illinois

Finance

Authority

Revenue

Bonds

750

5.500 10/01/39

807

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.875 05/01/40

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 08/15/41

950

Illinois

Finance

Authority

Revenue

Bonds

4.000 09/01/41

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000 07/01/42

1,647

Illinois

Finance

Authority

Revenue

Bonds

(~)(µ)(Ê)

7,700

3.300 08/01/43

7,700

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)

700

5.875 09/01/46

685

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 12/01/47

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,800

4.125 12/01/50

1,800

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/52

4,076

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 08/15/54

Illinois

Finance

Authority

Revenue

Bonds

1,915

5.250 10/01/54

1,992

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,240

5.000 11/01/27

4,283

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,100

2.800 08/01/28

3,078

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.150 02/01/29

2,001

Illinois

Housing

Development

Authority

Revenue

Bonds

725

4.250 10/01/39

725

Illinois

Housing

Development

Authority

Revenue

Bonds

2,405

4.375 10/01/41

2,383

Illinois

Housing

Development

Authority

Revenue

Bonds

2,980

4.450 04/01/43

2,881

Illinois

Housing

Development

Authority

Revenue

Bonds

565

4.700 10/01/44

568

Illinois

Housing

Development

Authority

Revenue

Bonds

795

4.000 10/01/49

799

Illinois

Housing

Development

Authority

Revenue

Bonds

1,600

3.000 04/01/51

1,574

Illinois

Housing

Development

Authority

Revenue

Bonds

19,815

4.500 10/01/52

20,261

Illinois

Housing

Development

Authority

Revenue

Bonds

11,160

6.000 10/01/55

12,283

Illinois

Housing

Development

Authority

Revenue

Bonds

9,990

6.250 04/01/56

11,244

Illinois

Housing

Development

Authority

Revenue

Bonds

3,000

6.250 10/01/56

3,384

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

925

5.000 06/15/30

959

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250 06/15/31

1,017

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 12/01/32

4,992

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 01/01/37

5,006

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

7,425

5.000 01/01/38

7,434

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,650

5.000 01/01/39

5,656

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

548

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,195

5.000 01/01/40

9,205

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000 01/01/42

1,199

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 01/01/43

5,477

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

4,000

5.000 01/01/44

4,307

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

Lake

County

Community

Consolidated

School

District

No.

Antioch

General

Obligation

Unlimited

5,750

5.000 01/01/47

5,944

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,615

4.000 12/15/26

1,623

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

4.000 12/15/27

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

5.000 12/15/27

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

800

5.000 06/15/29

823

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/29

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

6,120

Zero

coupon

06/15/30

5,381

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

1,300

5.000 12/15/30

1,336

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

555

5.000 12/15/31

570

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

600

5.000 12/15/33

615

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,884

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

500

5.000 12/15/34

512

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

1,155

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

2,500

Zero

coupon

06/15/44

1,116

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

1,237

Metropolitan

Pier

and

Exposition

Authority

Revenue

Bonds

(µ)

3,475

Zero

coupon

12/15/56

737

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

1,500

5.000 12/01/45

1,513

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/27

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/29

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,385

5.000 01/01/27

6,464

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,895

5.000 01/01/28

5,046

Sales

Tax

Securitization

Corp.

Revenue

Bonds

10,035

5.000 01/01/29

10,530

Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500 01/01/31

20,157

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000 01/01/32

6,114

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000 01/01/36

1,093

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000 01/01/38

710

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,250

5.000 01/01/44

6,630

Sales

Tax

Securitization

Corp.

Revenue

Bonds

2,000

5.000 01/01/45

2,106

Sangamon

and

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500 02/01/38

788

Sangamon

and

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

5.500 02/01/43

509

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

530

4.000 01/01/34

540

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/35

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

530

4.000 01/01/37

531

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

549

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

4,542

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

548

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

600

5.000 01/01/44

621

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/49

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000 11/01/26

1,504

State

of

Illinois

General

Obligation

Unlimited

750

5.000 02/01/28

761

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000 10/01/28

1,685

State

of

Illinois

General

Obligation

Unlimited

11,210

5.000 11/01/28

11,537

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000 03/01/29

4,295

State

of

Illinois

General

Obligation

Unlimited

3,200

5.000 10/01/29

3,346

State

of

Illinois

General

Obligation

Unlimited

6,810

5.000 11/01/29

7,018

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000 02/01/30

4,511

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000 03/01/30

2,007

State

of

Illinois

General

Obligation

Unlimited

600

5.500 05/01/30

636

State

of

Illinois

General

Obligation

Unlimited

1,300

5.000 05/01/32

1,344

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

703

State

of

Illinois

General

Obligation

Unlimited

5.250 05/01/38

527

State

of

Illinois

General

Obligation

Unlimited

1,375

5.000 05/01/39

1,482

State

of

Illinois

General

Obligation

Unlimited

805

5.250 05/01/39

863

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000 10/01/39

972

State

of

Illinois

General

Obligation

Unlimited

550

5.000 05/01/40

587

State

of

Illinois

General

Obligation

Unlimited

(µ)

1,675

4.000 06/01/41

1,655

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/42

729

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/43

726

State

of

Illinois

General

Obligation

Unlimited

700

5.000 12/01/45

713

State

of

Illinois

General

Obligation

Unlimited

1,125

5.500 03/01/47

1,170

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250 12/01/35

1,665

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250 12/01/36

3,185

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250 12/01/37

3,348

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250 12/01/38

3,079

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

1,079

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/27

621

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/28

634

Volo

Village

Special

Service

Area

No.

and

Special

Tax

(µ)

1,094

5.000 03/01/34

1,095

Will

County

Forest

Preserve

District

General

Obligation

Limited

500

5.000 12/15/41

543

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

831

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250 01/01/40

1,115

593,052

Indiana

-

0.9%

Avon

Community

School

Building

Corp.

Revenue

Bonds

1,000

5.500 07/15/40

1,118

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,540

5.500 07/15/40

1,677

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,900

5.000 07/15/42

2,034

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

4,810

5.500 07/15/42

5,209

City

of

Valparaiso

Revenue

Bonds

(Þ)

2,400

4.500 01/01/34

2,447

Indiana

Finance

Authority

Revenue

Bonds

4.000 07/01/30

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

550

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000 11/01/30

994

Indiana

Finance

Authority

Revenue

Bonds

800

5.000 06/01/38

837

Indiana

Finance

Authority

Revenue

Bonds

675

5.000 10/01/38

742

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

3,000

5.000 11/15/41

3,288

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000 10/01/42

1,624

Indiana

Finance

Authority

Revenue

Bonds

855

5.000 06/01/43

870

Indiana

Finance

Authority

Revenue

Bonds

5.250 11/15/46

Indiana

Finance

Authority

Revenue

Bonds

750

4.250 03/01/49

683

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

4,907

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 10/01/57

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,500

5.000 10/01/59

4,951

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 10/01/64

1,380

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,780

2.900 03/01/29

1,774

Indiana

Housing

and

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

615

3.300 01/01/45

615

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

5.000 01/01/39

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

5.000 01/01/40

506

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

800

5.000 07/15/40

884

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

820

5.000 01/01/41

898

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

825

5.000 07/15/41

906

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

500

5.000 01/01/42

544

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

1,000

5.000 07/15/42

1,090

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,650

5.000 01/01/48

2,731

IPS

Multi-School

Building

Corp.

Revenue

Bonds

2,500

5.250 07/15/42

2,665

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000 07/15/41

1,115

South

Bend

Redevelopment

Authority

Revenue

Bonds

2,735

4.000 08/01/38

2,793

South

Bend

Redevelopment

Authority

Revenue

Bonds

4.250 08/01/43

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

3,720

5.500 07/15/41

4,115

Westfield-Washington

Multi-School

Building

Corp.

Revenue

Bonds

(µ)

1,800

5.000 07/15/40

1,960

Westfield-Washington

Multi-School

Building

Corp.

Revenue

Bonds

(µ)

2,000

5.000 07/15/42

2,149

59,874

Iowa

-

0.7%

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,010

5.000 06/01/43

1,031

City

of

Coralville

Revenue

Bonds

860

5.000 05/01/42

862

City

of

Des

Moines

General

Obligation

Unlimited

1,480

1.500 06/01/34

1,200

City

of

Orange

Sewer

Revenue

Bonds

(µ)

4.000 06/01/34

City

of

Waterloo

General

Obligation

Unlimited

700

4.500 06/01/27

701

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500 06/01/38

1,497

Iowa

Finance

Authority

Revenue

Bonds

3,570

4.750 08/01/42

3,566

Iowa

Finance

Authority

Revenue

Bonds

675

5.000 05/15/43

669

Iowa

Finance

Authority

Revenue

Bonds

2,500

4.500 07/01/44

2,449

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

1,607

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,520

5.000 12/01/50

2,847

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,000

5.000 12/01/50

1,130

Iowa

Finance

Authority

Revenue

Bonds

5,175

6.250 07/01/54

5,649

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/35

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/36

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

551

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/37

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

655

5.250 10/01/40

690

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

7,054

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,250

4.250 09/01/43

3,283

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,500

4.375 09/01/45

3,506

West

Des

Moines

Community

School

District

Infrastructure

Sales

Services

and

Use

Tax

Revenue

Bonds

(µ)

2,265

6.000 07/01/29

2,381

42,885

Kansas

-

0.3%

Butler

County

Unified

School

District

No.

El

Dorado

General

Obligation

Unlimited

(µ)

1,375

3.000 09/01/39

1,181

City

of

Burlington

Revenue

Bonds

(~)(ae)(Ê)

1,225

4.300 03/01/45

1,226

City

of

Garden

Revenue

Bonds

(Þ)

500

4.000 06/01/29

500

City

of

Manhattan

General

Obligation

Unlimited

2,210

5.000 11/01/40

2,448

City

of

Prairie

Village

Tax

Allocation

555

3.125 04/01/36

515

City

of

Wichita

Revenue

Bonds

(Þ)

1,000

4.125 09/01/33

995

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

6,873

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000 04/01/38

1,000

Wyandotte

County-Kansas

City

Unified

Government

Revenue

Bonds

1,080

4.500 06/01/40

1,080

16,075

Kentucky

-

1.6%

City

of

Ashland

Revenue

Bonds

(ae)

2,565

5.000 02/01/40

2,568

County

of

Boone

Revenue

Bonds

2,750

3.700 08/01/27

2,757

County

of

Owen

Revenue

Bonds

(~)(ae)(Ê)

3.875 06/01/40

County

of

Trimble

KY

Revenue

Bonds

(~)(ae)(Ê)

4,000

1.300 09/01/44

3,868

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000 03/01/45

754

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000 03/01/48

770

Kentucky

Asset

Liability

Commission

Revenue

Bonds

3,015

5.000 09/01/26

3,035

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(µ)

2,300

5.000 09/01/49

2,338

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(~)(µ)(Ê)

3,305

3.450 08/15/55

3,305

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000 07/01/31

1,785

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000 07/01/33

1,001

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

2,104

Kentucky

Housing

Corp.

Revenue

Bonds

6,080

6.000 07/01/56

6,744

Kentucky

Interlocal

School

Transportation

Association

Certificate

of

Participation

4.000 03/01/27

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,150

5.000 01/01/45

1,215

Kentucky

Public

Energy

Authority

Revenue

Bonds

10,000

5.000 12/01/33

10,212

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 02/01/50

2,022

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

8,614

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

33,760

5.000 01/01/55

35,685

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(Ê)

1,500

5.000 05/01/55

1,571

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.250 06/01/55

5,278

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

1,400

5.000 10/01/27

1,440

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000 10/01/32

784

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

4,250

2.000 10/01/33

3,636

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000 10/01/34

855

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

(µ)

2,350

4.000 10/01/40

2,323

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

830

5.000 10/01/41

880

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

552

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000 10/01/42

591

107,344

Louisiana

-

2.0%

Capital

Area

Finance

Authority

Revenue

Bonds

2,000

5.500 04/01/57

2,165

City

of

New

Orleans

General

Obligation

Limited

3,130

4.000 10/01/37

2,942

City

of

New

Orleans

General

Obligation

Unlimited

2,000

5.000 12/01/46

1,958

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 06/01/39

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

1,067

City

of

Shreveport

General

Obligation

Unlimited

(µ)

770

5.250 03/01/42

832

City

of

Shreveport

Water

and

Sewer

Revenue

Bonds

(µ)

5,000

4.000 12/01/44

4,821

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

35,975

3.450 08/01/35

35,975

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

20,630

3.450 12/01/40

20,630

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

3.450 12/01/51

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

Parish

School

Board

Sale

Tax

Revenue

Bonds

840

5.500 04/01/45

948

Louisiana

Housing

Corp.

Revenue

Bonds

3,870

5.000 07/01/26

3,882

Louisiana

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.750 02/01/28

2,008

Louisiana

Housing

Corp.

Revenue

Bonds

3,230

4.750 06/01/40

3,379

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

6,895

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

6,000

2.500 04/01/36

5,165

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

(Þ)

5.000 11/15/44

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

2,500

4.150 09/01/27

2,529

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.200 09/01/33

2,494

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5,000

5.000 05/15/30

5,334

Louisiana

Public

Facilities

Authority

Revenue

Bonds

935

5.000 10/01/32

985

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000 10/01/34

810

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000 10/01/35

1,036

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,625

4.000 10/01/36

1,550

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000 05/15/42

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

4.000 10/01/42

981

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

2,594

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,350

5.250 12/01/52

1,452

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,500

3.500 05/01/54

4,500

Louisiana

Stadium

and

Exposition

District

Revenue

Bonds

1,050

5.000 07/01/37

1,150

Louisiana

Stadium

and

Exposition

District

Revenue

Bonds

5.000 07/01/38

New

Orleans

Aviation

Board

Revenue

Bonds

1,500

5.000 01/01/39

1,596

Parish

of

East

Baton

Rouge

Capital

Improvements

District

Revenue

Bonds

4,000

5.000 08/01/46

4,175

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

6.100 12/01/40

1,096

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)

750

3.700 08/01/41

754

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

4.050 06/01/37

1,412

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000 04/01/48

1,007

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

553

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

825

5.250 04/01/55

841

Rapides

Parish

School

District

No.

Pineville

General

Obligation

Unlimited

(µ)

5.250 03/01/40

133,777

Maine

-

0.1%

City

of

Portland

General

Airport

Revenue

Bonds

800

4.000 01/01/39

793

Finance

Authority

of

Maine

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000 07/01/65

2,763

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

State

Housing

Authority

Revenue

Bonds

2,000

6.000 11/15/56

2,229

6,459

Maryland

-

1.0%

City

of

Annapolis

General

Obligation

Unlimited

1,725

4.000 08/01/27

1,753

City

of

Baltimore

Revenue

Bonds

4.500 06/01/33

City

of

Baltimore

Revenue

Bonds

4.875 06/01/42

City

of

Baltimore

Revenue

Bonds

1,250

5.000 07/01/44

1,250

City

of

Baltimore

Revenue

Bonds

1,000

5.000 07/01/49

1,015

City

of

Gaithersburg

Revenue

Bonds

675

5.000 01/01/37

679

City

of

Gaithersburg

Revenue

Bonds

600

5.125 01/01/42

599

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

1,460

4.000 01/01/38

1,433

County

of

Baltimore

Revenue

Bonds

4.000 01/01/39

County

of

Charles

General

Obligation

Unlimited

2,870

1.625 10/01/34

2,363

County

of

Charles

General

Obligation

Unlimited

1,955

1.750 10/01/35

1,585

County

of

Frederick

Tax

Allocation

740

3.250 07/01/29

732

County

of

Frederick

Tax

Allocation

500

3.750 07/01/39

County

of

Howard

Tax

Allocation

650

5.000 02/15/44

675

County

of

Prince

George's

Special

Obligation

Tax

Allocation

(Þ)

5.125 07/01/39

Maryland

Community

Development

Administration

Revenue

Bonds

700

3.300 01/01/29

707

Maryland

Community

Development

Administration

Revenue

Bonds

575

3.700 01/01/29

587

Maryland

Community

Development

Administration

Revenue

Bonds

1,790

2.700 03/01/29

1,773

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000 09/01/42

3,087

Maryland

Department

of

Housing

and

Community

Development

Revenue

Bonds

1,750

4.450 07/01/44

1,757

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,625

4.100 10/01/36

1,654

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375 07/01/38

1,071

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625 07/01/43

1,328

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

3,760

5.000 07/01/37

4,173

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

3,570

4.250 07/01/39

3,668

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,945

4.250 07/01/40

1,985

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/43

3,213

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/45

3,153

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

3,000

5.000 07/01/45

3,245

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

4,000

5.000 07/01/46

4,176

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 10/01/50

1,270

Maryland

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

2,500

5.000 08/15/56

2,742

Montgomery

County

Housing

Opportunities

Commission

Revenue

Bonds

3,000

3.850 07/01/34

3,046

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,000

5.000 12/01/26

3,041

State

of

Maryland

General

Obligation

Unlimited

3,000

5.000 03/15/37

3,346

Washington

Suburban

Sanitary

Commission

Revenue

Bonds

3,130

5.000 06/01/27

3,220

66,299

Massachusetts

-

1.2%

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

554

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Somerville

General

Obligation

Unlimited

1,500

2.000 10/15/38

1,162

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500 08/01/30

1,102

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,490

2.000 03/01/37

2,814

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,825

5.000 07/01/37

3,835

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,010

2.000 03/01/38

796

Commonwealth

of

Massachusetts

General

Obligation

Limited

5,425

5.250 09/01/43

5,621

Commonwealth

of

Massachusetts

General

Obligation

Limited

810

5.000 08/01/49

854

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,500

5.000 10/01/51

3,644

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,200

5.000 08/01/52

2,291

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

2,350

5.250 10/01/47

2,499

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,535

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

5,000

5.250 07/01/48

5,295

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

625

5.000 11/15/28

644

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,335

5.250 09/01/30

1,447

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000 10/01/31

1,205

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000 10/01/32

1,245

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,160

5.250 09/01/33

1,294

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000 10/01/33

753

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

4.250 07/01/34

Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000 10/01/34

837

Massachusetts

Development

Finance

Agency

Revenue

Bonds

575

5.250 09/01/36

646

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

583

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/38

1,697

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250 10/01/38

502

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,000

5.000 10/01/39

2,253

Massachusetts

Development

Finance

Agency

Revenue

Bonds

590

5.500 09/01/40

660

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/40

1,679

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 01/01/41

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,510

3.300 07/01/41

1,523

Massachusetts

Development

Finance

Agency

Revenue

Bonds

900

5.250 01/01/42

927

Massachusetts

Development

Finance

Agency

Revenue

Bonds

4.000 07/01/42

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.500 10/01/42

1,311

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,185

5.250 07/01/50

2,241

Massachusetts

Development

Finance

Agency

Revenue

Bonds

825

5.250 07/01/55

797

Massachusetts

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

2,400

3.100 07/01/31

2,400

Massachusetts

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(µ)(Ê)

3.780 10/01/34

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

9,000

6.250 12/01/55

9,846

Town

of

Canton

Massachussetts

General

Obligation

Unlimited

Notes

9,455

3.500 08/13/26

9,474

78,687

Michigan

-

1.4%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000 02/15/28

758

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250 05/01/43

1,087

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

844

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/30

City

of

Detroit

General

Obligation

Unlimited

750

5.250 05/01/30

802

City

of

Detroit

General

Obligation

Unlimited

600

5.250 05/01/31

648

City

of

Detroit

General

Obligation

Unlimited

730

5.250 05/01/32

793

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/33

502

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

555

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Detroit

General

Obligation

Unlimited

895

5.250 05/01/33

974

City

of

Detroit

General

Obligation

Unlimited

915

5.000 04/01/34

960

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

695

City

of

Detroit

General

Obligation

Unlimited

1,450

5.000 04/01/50

1,422

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(~)(µ)(Ê)

10,990

3.248 07/01/32

10,946

Detroit

Downtown

Development

Authority

Tax

Allocation

1,645

5.000 07/01/48

1,699

Detroit

Regional

Convention

Facility

Authority

Revenue

Bonds

1,105

5.000 10/01/39

1,205

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000 04/01/28

937

Four

Lakes

District

Special

Assessment

(µ)

2,145

5.000 06/01/39

2,325

Four

Lakes

District

Special

Assessment

(µ)

2,075

5.125 06/01/44

2,208

Gobles

Public

Schools

General

Obligation

Unlimited

675

5.250 05/01/48

721

Gobles

Public

Schools

General

Obligation

Unlimited

525

5.250 05/01/51

554

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

2,085

4.000 05/15/27

2,090

Grand

Rapids

Economic

Development

Corp.

Revenue

Bonds

1,645

4.125 11/01/30

1,646

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)(ae)

2,430

5.000 05/01/34

2,430

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)(ae)

1,000

5.000 05/01/35

1,000

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/28

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/35

3,008

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,075

5.000 07/01/37

2,306

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/38

3,322

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,525

5.000 07/01/46

2,527

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

(Þ)

3.900 08/15/31

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

4.000 05/15/31

Lansing

Board

of

Water

and

Light

Revenue

Bonds

(~)(ae)(Ê)

1,100

5.000 07/01/51

1,186

Michigan

Finance

Authority

Revenue

Bonds

555

5.250 02/01/27

562

Michigan

Finance

Authority

Revenue

Bonds

4.000 02/01/32

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000 11/15/32

1,511

Michigan

Finance

Authority

Revenue

Bonds

(ae)

7,385

3.750 12/01/38

7,538

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000 12/01/39

2,328

Michigan

Finance

Authority

Revenue

Bonds

675

5.000 06/01/40

698

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

6,568

Michigan

Finance

Authority

Revenue

Bonds

5.500 02/28/49

Michigan

State

Building

Authority

Revenue

Bonds

1,470

5.000 04/15/41

1,480

Michigan

State

Housing

Development

Authority

Revenue

Bonds

500

4.000 12/01/39

Michigan

State

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,790

3.625 04/01/42

5,802

Michigan

State

Housing

Development

Authority

Revenue

Bonds

4.450 10/01/44

Michigan

State

Housing

Development

Authority

Revenue

Bonds

1,000

4.350 12/01/44

960

Michigan

State

Housing

Development

Authority

Revenue

Bonds

750

4.450 12/01/49

717

Michigan

State

Housing

Development

Authority

Revenue

Bonds

2,950

6.250 06/01/55

3,215

Michigan

State

Housing

Development

Authority

Revenue

Bonds

1,250

6.000 12/01/56

1,388

Michigan

Strategic

Fund

Revenue

Bonds

2,300

5.000 12/31/43

2,322

Summit

Academy

North

Revenue

Bonds

780

4.000 11/01/31

752

91,959

Minnesota

-

1.2%

City

of

Apple

Valley

Revenue

Bonds

5.375 09/01/45

City

of

Crookston

Revenue

Bonds

2,410

5.000 05/01/34

1,678

City

of

St.

Paul

Minnesota

Housing

and

Redevelopment

Authority

Revenue

Bonds

965

4.250 12/01/32

958

City

of

State

Cloud

Minnesota

Revenue

Bonds

5.000 05/01/48

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

556

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

State

Cloud

Minnesota

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

525

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/38

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/39

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250 02/01/37

4,766

Metropolitan

Council

General

Obligation

Unlimited

7,265

5.000 03/01/39

8,245

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/26

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/27

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

2,860

6.500 07/01/54

3,106

Minnesota

Housing

Finance

Agency

Revenue

Bonds

11,775

6.250 01/01/55

13,094

Minnesota

Housing

Finance

Agency

Revenue

Bonds

20,425

6.250 07/01/55

22,900

Minnesota

Housing

Finance

Agency

Revenue

Bonds

5,545

6.250 01/01/56

6,119

Minnesota

Municipal

Gas

Agency

Revenue

Bonds

13,260

5.000 09/01/35

13,769

Minnetonka

Independent

School

District

No.

General

Obligation

Unlimited

1,350

Zero

coupon

02/01/41

739

Minnetonka

Independent

School

District

No.

General

Obligation

Unlimited

1,730

Zero

coupon

02/01/43

824

Minnetonka

Independent

School

District

No.

General

Obligation

Unlimited

2,300

Zero

coupon

02/01/45

964

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

3.000 10/01/34

Rum

River

Special

Education

Cooperative

Certificate

of

Participation

5.000 02/01/35

Woodbury

Housing

and

Redevelopment

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.200 02/01/46

1,005

81,466

Mississippi

-

1.3%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650 04/01/37

1,491

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

14,465

3.150 12/01/30

14,465

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

8,498

3.450 12/01/30

8,498

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

17,405

3.450 12/01/30

17,405

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

31,820

3.450 11/01/35

31,820

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

1,001

Mississippi

Development

Bank

Revenue

Bonds

(µ)

570

5.000 03/01/36

631

Mississippi

Development

Bank

Revenue

Bonds

1,330

5.250 06/01/41

1,488

Mississippi

Development

Bank

Revenue

Bonds

1,000

5.250 06/01/43

1,105

Mississippi

Home

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 11/01/28

Mississippi

Home

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,250

3.625 06/01/43

2,243

Mississippi

Hospital

Equipment

and

Facilities

Authority

Revenue

Bonds

2,000

5.000 09/01/36

2,007

State

of

Mississippi

General

Obligation

Unlimited

1,000

4.000 11/01/38

997

84,097

Missouri

-

1.0%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/30

1,015

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

Sikeston

Certificate

of

Participation

1,000

5.000 09/01/40

1,064

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000 07/01/47

1,008

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.875 06/15/34

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

557

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Boone

Revenue

Bonds

2,230

5.000 08/01/30

2,110

County

of

Boone

Revenue

Bonds

1,700

4.000 08/01/33

1,449

County

of

Phelps

Revenue

Bonds

1,225

5.000 12/01/35

1,350

County

of

Phelps

Revenue

Bonds

1,010

5.000 12/01/40

1,082

County

of

Phelps

Revenue

Bonds

1,000

5.750 12/01/45

1,101

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/46

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

900

5.000 06/01/54

877

Kansas

City

Municipal

Assistance

Corp.

Revenue

Bonds

(µ)

3,000

Zero

coupon

04/15/31

2,554

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

515

4.375 03/15/30

Metropolitan

Sewer

District

Revenue

Bonds

6,150

5.000 05/01/47

6,211

Missouri

Housing

Development

Commission

Revenue

Bonds

4,665

5.750 05/01/56

5,027

Missouri

Housing

Development

Commission

Revenue

Bonds

7,250

6.000 05/01/56

7,895

Missouri

Housing

Development

Commission

Revenue

Bonds

8,500

5.750 05/01/57

9,408

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

1,240

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

1,031

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.000 08/01/41

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4,025

4.000 02/01/42

3,689

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

700

5.250 02/01/44

726

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

670

Missouri

State

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 05/01/52

5,203

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

7,313

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

2,000

5.000 10/01/45

2,045

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000 03/01/38

1,148

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000 03/01/41

1,022

68,327

Montana

-

0.3%

City

of

Forsyth

Revenue

Bonds

5,370

3.875 07/01/28

5,448

City

of

Forsyth

Revenue

Bonds

(~)(Ê)

2,035

3.900 03/01/31

2,032

City

of

Kalispell

Revenue

Bonds

1,050

4.625 05/15/31

1,054

County

of

Gallatin

Revenue

Bonds

(Þ)

2,420

4.000 10/15/32

2,135

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

1,140

5.750 06/01/55

1,226

Montana

Board

of

Housing

Revenue

Bonds

4,500

5.750 06/01/56

4,942

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

(~)(Ê)

1,000

1.000 06/01/56

1,110

19,053

Nebraska

-

0.1%

Central

Plains

Energy

Project

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 05/01/53

3,130

Central

Plains

Energy

Project

Revenue

Bonds

(~)(ae)(Ê)

1,500

5.000 08/01/55

1,597

Nebraska

State

Highway

Commission

Revenue

Bonds

1,100

4.000 06/15/41

1,116

Nebraska

State

Highway

Commission

Revenue

Bonds

4.000 06/15/42

Omaha

School

District

General

Obligation

Unlimited

1,850

1.750 12/15/35

1,485

Sarpy

County

School

District

No.

General

Obligation

Unlimited

525

2.750 09/01/27

522

8,237

Nevada

-

0.6%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

2.750 06/01/33

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

558

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,875

Clark

County

School

District

General

Obligation

Limited

1,255

5.000 06/15/30

1,309

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

3,495

County

of

Clark

Department

of

Aviation

Revenue

Bonds

5,270

5.000 07/01/26

5,287

County

of

Clark

General

Obligation

Limited

6,620

3.000 11/01/33

6,492

County

of

Humboldt

Revenue

Bonds

755

3.550 10/01/29

766

County

of

Washoe

Revenue

Bonds

(~)(ae)(Ê)

1,995

3.625 03/01/36

2,018

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

5,365

5.000 07/01/43

5,494

Las

Vegas

Convention

and

Visitors

Authority

Revenue

Bonds

3,650

4.000 07/01/49

3,243

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

(Þ)

4.500 12/15/29

Nevada

Housing

Division

Revenue

Bonds

(~)(ae)(Ê)

5.000 07/01/28

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

888

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

845

5.000 07/01/33

887

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/40

36,777

New

Hampshire

-

1.5%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,881

5.300 12/01/32

1,881

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4.875 12/01/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,750

Zero

coupon

12/15/34

1,003

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,633

3.625 08/20/39

5,351

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,874

4.180 11/20/39

8,794

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000 01/01/41

713

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

5,238

3.922 01/20/41

5,125

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,571

4.794 02/20/41

8,908

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

6,989

4.250 07/20/41

6,909

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

18,271

3.824 11/20/42

17,803

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,805

5.250 07/01/44

1,872

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,765

5.250 07/01/49

3,779

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,404

4.162 10/01/51

8,202

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,945

5.000 08/01/32

2,004

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000 08/01/33

1,782

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

2,155

5.000 08/01/35

2,217

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

2,375

5.000 08/01/37

2,434

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000 08/01/38

1,059

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

(~)

(ae)(Ê)

1,600

3.300 06/01/40

1,603

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,480

5.000 08/01/40

1,505

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

1,540

6.250 01/01/55

1,670

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

6,035

6.500 01/01/56

6,813

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

5,290

6.500 07/01/56

6,009

97,709

New

Jersey

-

2.7%

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

6.000 06/15/42

City

of

Bayonne

General

Obligation

Unlimited

(µ)(ae)

1,500

5.000 07/01/33

1,505

City

of

Bayonne

General

Obligation

Unlimited

(µ)(ae)

1,865

5.000 07/01/34

1,872

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

559

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

1,150

5.750 10/15/48

1,295

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

1,000

5.750 10/15/55

1,110

New

Jersey

Building

Authority

Revenue

Bonds

(µ)(ae)

580

5.000 06/15/28

582

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250 07/01/26

517

New

Jersey

Economic

Development

Authority

Revenue

Bonds

605

5.000 07/01/27

609

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

1,000

5.500 06/15/30

1,018

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

684

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000 06/15/36

5,102

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

1,026

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

913

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/46

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,675

3.750 04/01/59

1,687

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000 07/01/33

2,002

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,800

5.000 07/01/33

3,891

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,900

5.000 07/01/64

7,944

New

Jersey

General

Obligation

Unlimited

5,425

4.000 06/01/31

5,770

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 07/01/31

1,003

New

Jersey

Housing

and

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950 10/01/26

1,909

New

Jersey

Housing

and

Mortgage

Finance

Agency

Revenue

Bonds

3,250

3.375 11/01/27

3,262

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,100

Zero

coupon

12/15/26

2,066

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,108

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000 06/15/29

2,341

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,465

Zero

coupon

12/15/29

1,317

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,600

5.000 06/15/30

5,613

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000 06/15/31

737

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

1,278

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,945

Zero

coupon

12/15/32

1,558

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

4,775

Zero

coupon

12/15/33

3,721

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000 12/15/33

1,223

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,225

5.000 12/15/34

2,326

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

Zero

coupon

12/15/35

1,418

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,200

Zero

coupon

12/15/35

3,667

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,160

5.000 12/15/35

1,210

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

Zero

coupon

12/15/36

10,064

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,460

5.000 12/15/36

1,516

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

31,870

Zero

coupon

12/15/37

20,752

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,050

5.000 06/15/38

5,596

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

10,125

Zero

coupon

12/15/38

6,258

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250 12/15/38

689

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250 06/15/39

2,202

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

560

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

13,730

Zero

coupon

12/15/39

8,041

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,635

Zero

coupon

12/15/40

4,240

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000 06/15/41

3,267

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.250 06/15/41

1,101

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000 06/15/42

1,024

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,000

5.000 06/15/42

7,692

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,965

4.250 06/15/44

3,949

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,755

5.000 01/01/27

3,803

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,250

5.000 01/01/31

1,351

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/32

1,086

New

Jersey

Turnpike

Authority

Revenue

Bonds

750

5.000 01/01/33

826

New

Jersey

Turnpike

Authority

Revenue

Bonds

750

5.000 01/01/34

830

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.000 01/01/35

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,000

5.000 01/01/42

3,242

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,250

5.000 01/01/44

3,506

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

670

5.250 07/01/43

687

Randolph

Township

School

District

General

Obligation

Unlimited

1.000 08/01/26

Randolph

Township

School

District

General

Obligation

Unlimited

735

1.000 08/01/27

718

Randolph

Township

School

District

General

Obligation

Unlimited

800

1.000 08/01/28

767

Randolph

Township

School

District

General

Obligation

Unlimited

665

1.000 08/01/29

626

Randolph

Township

School

District

General

Obligation

Unlimited

1,725

1.000 08/01/30

1,591

Randolph

Township

School

District

General

Obligation

Unlimited

1,785

1.000 08/01/31

1,613

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000 11/01/39

1,130

175,796

New

Mexico

-

0.3%

City

of

Farmington

Revenue

Bonds

1,200

1.800 04/01/29

1,114

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

8,305

3.875 06/01/40

8,479

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.900 06/01/40

1,396

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

4.700 09/01/49

503

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

3,375

3.000 07/01/52

3,317

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

1,660

5.750 03/01/54

1,779

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

1,000

5.750 03/01/57

1,093

Santa

Fe

Public

School

District

General

Obligation

Unlimited

1,000

5.000 08/01/27

1,029

18,710

New

York

-

9.2%

Albany

Capital

Resource

Corp.

Revenue

Bonds

680

4.000 06/01/29

670

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

5.250 04/01/39

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

750

5.250 04/01/54

761

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

665

5.500 05/01/35

707

Buffalo

and

Erie

County

Industrial

Land

Development

Corp.

Revenue

Bonds

2,250

6.250 05/01/45

2,388

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/29

Build

NYC

Resource

Corp.

Revenue

Bonds

1,290

5.000 12/15/31

1,277

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

(Þ)

5.000 06/15/33

Build

NYC

Resource

Corp.

Revenue

Bonds

550

5.000 07/01/35

585

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/36

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000 07/01/37

605

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/39

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500 06/15/43

639

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

1,577

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

561

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

New

York

General

Obligation

Unlimited

(ae)

1,850

5.000 09/01/26

1,867

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

2,375

City

of

New

York

General

Obligation

Unlimited

2,500

5.250 05/01/38

2,735

City

of

New

York

General

Obligation

Unlimited

2,000

5.250 05/01/39

2,188

City

of

New

York

General

Obligation

Unlimited

5.000 03/01/44

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

7,100

3.400 08/01/44

7,100

City

of

New

York

General

Obligation

Unlimited

(µ)

3,000

5.000 09/01/44

3,166

City

of

New

York

General

Obligation

Unlimited

2,390

5.250 02/01/45

2,595

City

of

New

York

General

Obligation

Unlimited

3,215

5.250 03/01/47

3,407

City

of

New

York

General

Obligation

Unlimited

(µ)

2,785

5.000 09/01/47

2,872

City

of

New

York

General

Obligation

Unlimited

(~)(Ê)

10,760

3.450 02/01/55

10,760

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 07/01/37

508

Empire

State

Development

Corp.

Revenue

Bonds

1,000

4.000 03/15/39

1,006

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

(~)(Ê)

22,125

4.052 08/25/41

21,981

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

(~)(Ê)

12,497

4.773 12/25/42

13,012

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

650

5.000 12/01/29

689

Geneva

Development

Corp.

Revenue

Bonds

1,435

5.000 02/01/43

1,526

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000 02/15/39

5,330

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000 02/15/44

9,632

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

4,520

5.000 02/15/45

4,552

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)

2,625

4.000 02/15/47

2,421

Long

Island

Power

Authority

Revenue

Bonds

750

5.000 09/01/33

769

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000 09/01/34

1,027

Long

Island

Power

Authority

Revenue

Bonds

2,000

5.000 09/01/47

2,014

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,555

3.000 09/01/49

5,468

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,350

5.000 09/01/52

2,390

Mahopac

Central

School

District

General

Obligation

Unlimited

1,755

1.800 06/01/36

1,426

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

3.039 11/01/26

Metropolitan

Transportation

Authority

Revenue

Bonds

(ae)

5.000 11/15/27

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/27

Metropolitan

Transportation

Authority

Revenue

Bonds

1,315

5.000 11/15/28

1,376

Metropolitan

Transportation

Authority

Revenue

Bonds

1,095

5.000 11/15/29

1,156

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000 11/15/30

603

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

2,186

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/34

Metropolitan

Transportation

Authority

Revenue

Bonds

3,215

5.000 11/15/39

3,523

Metropolitan

Transportation

Authority

Revenue

Bonds

810

4.000 11/15/43

781

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,450

5.000 11/15/44

1,485

Metropolitan

Transportation

Authority

Revenue

Bonds

6,075

4.000 11/15/45

5,641

Metropolitan

Transportation

Authority

Revenue

Bonds

15,700

4.750 11/15/45

15,779

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000 11/15/45

2,673

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000 11/15/46

2,322

Metropolitan

Transportation

Authority

Revenue

Bonds

2,375

5.000 11/15/47

2,444

Metropolitan

Transportation

Authority

Revenue

Bonds

4,625

5.250 11/15/49

4,812

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(µ)(Ê)

19,800

3.450 11/15/50

19,800

Metropolitan

Transportation

Dedicated

Tax

Fund

Authority

Special

Tax

2,455

5.000 11/15/49

2,552

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

2,000

5.000 01/15/36

2,166

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

6,015

5.000 07/15/36

6,506

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

1,130

5.000 01/15/37

1,216

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

2,250

5.000 12/01/37

2,434

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

1,000

5.000 08/01/39

1,097

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

562

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

2,000

5.000 01/15/40

2,258

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

1,000

5.000 08/01/40

1,097

New

York

and

New

Jersey

Port

Authority

Revenue

Bonds

3,000

4.000 09/01/43

2,833

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2,070

2.400 08/01/40

1,596

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3,365

3.100 11/01/45

3,354

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,895

3.400 11/01/62

5,887

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,400

3.400 11/01/64

2,406

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,275

3.750 05/01/65

5,342

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

2,770

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

984

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

4,745

5.000 06/15/38

5,488

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,050

4.000 06/15/40

5,082

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,800

5.000 06/15/40

1,842

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,900

3.400 06/15/44

2,900

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,750

5.000 06/15/44

1,894

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

7,500

5.000 06/15/46

7,945

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

6,275

5.250 06/15/47

6,675

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

2,475

5.000 06/15/48

2,610

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,000

5.000 06/15/56

5,166

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,680

5.000 07/15/36

3,108

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,215

5.000 11/01/28

1,284

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,000

5.000 11/01/32

1,122

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000 02/01/38

2,275

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,015

5.000 11/01/38

1,129

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,750

5.000 02/01/40

3,070

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,000

5.500 05/01/40

1,130

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

1,000

5.000 11/01/41

1,107

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,265

5.000 05/01/42

2,479

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000 08/01/42

2,301

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

7,500

5.000 11/01/42

8,202

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

3,500

5.000 02/01/43

3,823

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000 11/01/43

2,464

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

5,045

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

4,630

5.250 11/01/45

5,042

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,150

5.000 11/01/46

2,278

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,700

5.250 02/01/47

2,854

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

20,295

5.250 05/01/48

21,678

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

4,000

5.500 11/01/49

4,323

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

(~)

(Ê)

25,475

3.450 05/01/55

25,475

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

6,985

Zero

coupon

11/15/40

3,681

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,490

5.150 11/15/34

1,492

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

750

5.375 11/15/40

747

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750 11/15/41

11,268

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000 02/15/43

6,301

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

7,160

5.000 11/15/44

7,162

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

675

7.250 11/15/44

675

New

York

Power

Authority

Revenue

Bonds

(µ)

1,000

5.000 11/15/38

1,115

New

York

Power

Authority

Revenue

Bonds

(µ)

5.250 11/15/39

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

563

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

508

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

2,032

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/31

New

York

State

Dormitory

Authority

Revenue

Bonds

1,310

3.450 11/15/31

1,266

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000 03/15/32

1,483

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/32

New

York

State

Dormitory

Authority

Revenue

Bonds

1,500

5.000 10/01/32

1,634

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/33

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

2,739

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

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

4,837

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

2,158

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000 03/15/38

507

New

York

State

Dormitory

Authority

Revenue

Bonds

2,250

4.000 03/15/38

2,300

New

York

State

Dormitory

Authority

Revenue

Bonds

3,655

5.000 07/01/38

3,681

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

1,004

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000 03/15/39

4,981

New

York

State

Dormitory

Authority

Revenue

Bonds

500

5.250 05/01/39

539

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

3,000

5.000 07/01/39

3,294

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/39

New

York

State

Dormitory

Authority

Revenue

Bonds

7,285

5.000 02/15/40

7,426

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/40

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000 03/15/40

1,081

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

1,507

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

3,379

New

York

State

Dormitory

Authority

Revenue

Bonds

1,300

5.000 03/15/41

1,355

New

York

State

Dormitory

Authority

Revenue

Bonds

625

5.250 05/01/41

665

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

5,938

New

York

State

Dormitory

Authority

Revenue

Bonds

525

5.250 05/01/42

556

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,500

5.250 07/01/42

1,671

New

York

State

Dormitory

Authority

Revenue

Bonds

2,100

4.000 03/15/43

2,052

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

500

5.250 07/01/43

548

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,000

5.250 10/01/43

1,081

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

500

5.250 07/01/44

544

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000 03/15/45

953

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

600

5.250 07/01/45

647

New

York

State

Dormitory

Authority

Revenue

Bonds

5,250

4.000 03/15/47

4,929

New

York

State

Dormitory

Authority

Revenue

Bonds

12,000

5.000 03/15/48

12,559

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,655

5.000 05/01/48

2,655

New

York

State

Dormitory

Authority

Revenue

Bonds

7,100

5.250 03/15/49

7,502

New

York

State

Energy

Research

and

Development

Authority

Revenue

Bonds

2,900

4.000 04/01/34

2,969

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(ae)

4,100

5.000 06/15/33

4,110

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

564

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,865

3.350 06/15/54

1,871

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.450 06/15/54

1,380

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)

2,170

3.100 05/01/62

2,166

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

2,475

3.850 05/01/62

2,476

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.600 11/01/64

3,009

New

York

State

Thruway

Authority

Revenue

Bonds

1,750

4.000 01/01/45

1,664

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,000

5.000 03/15/41

5,484

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,000

5.000 12/01/28

1,053

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000 12/01/31

5,100

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,235

5.000 12/01/32

1,335

New

York

Transportation

Development

Corp.

Revenue

Bonds

950

5.000 12/01/34

1,019

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,000

5.000 10/01/35

3,126

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000 12/01/35

532

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,000

5.000 01/01/36

2,032

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000 12/01/36

531

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,850

5.000 12/01/37

3,009

New

York

Transportation

Development

Corp.

Revenue

Bonds

5,000

4.375 10/01/45

4,770

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

750

5.000 06/30/49

752

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

577

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

1,000

6.000 09/01/43

1,061

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000 07/01/35

591

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,550

2.000 10/01/31

1,432

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

8,569

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

5,000

5.000 02/01/28

5,207

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,000

4.000 11/15/38

2,064

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,300

4.000 11/15/39

2,359

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

7,340

5.250 11/15/40

8,244

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

5,000

5.000 11/15/41

5,486

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

2,180

5.000 11/15/43

2,385

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000 05/15/45

6,264

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

900

5.000 11/15/47

909

Triborough

Bridge

and

Tunnel

Authority

Revenue

Bonds

1,150

5.000 12/01/50

1,199

Utility

Debt

Securitization

Authority

Revenue

Bonds

2,935

5.000 12/15/41

3,284

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

550

Westchester

County

Local

Development

Corp.

Revenue

Bonds

800

5.000 07/01/38

852

604,712

North

Carolina

-

1.3%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(Ê)

2,300

3.400 01/15/48

2,300

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 01/15/49

547

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 01/15/50

1,056

City

of

Charlotte

Airport

Revenue

Bonds

1,000

5.000 07/01/39

1,120

City

of

Charlotte

Airport

Revenue

Bonds

1,250

5.000 07/01/40

1,392

City

of

Charlotte

Airport

Revenue

Bonds

2,615

5.000 07/01/41

2,900

City

of

Charlotte

Airport

Revenue

Bonds

1,250

5.000 07/01/42

1,377

City

of

Charlotte

Airport

Revenue

Bonds

2,300

5.000 07/01/43

2,519

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

565

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Charlotte

Airport

Revenue

Bonds

500

5.000 07/01/47

505

City

of

Charlotte

Airport

Revenue

Bonds

1,310

5.000 07/01/48

1,375

County

of

Alamance

General

Obligation

Unlimited

2,555

2.000 05/01/35

2,177

County

of

Gaston

General

Obligation

Unlimited

2,500

5.000 03/01/39

2,830

Nash

Health

Care

Systems

Revenue

Bonds

2,270

5.500 02/01/43

2,494

Nash

Health

Care

Systems

Revenue

Bonds

995

5.500 02/01/44

1,086

North

Carolina

Capital

Facilities

Finance

Agency

Revenue

Bonds

500

5.000 10/01/44

502

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

795

5.000 04/01/29

828

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,690

4.350 01/01/44

1,710

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,000

4.550 07/01/44

1,011

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

625

4.000 01/01/50

629

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

4,810

5.500 01/01/54

5,118

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,410

6.250 01/01/55

2,655

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

12,555

6.250 07/01/55

13,643

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,995

6.250 01/01/56

2,216

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

8,210

6.250 07/01/57

9,282

North

Carolina

Medical

Care

Commission

Revenue

Bonds

565

5.000 01/01/27

570

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

807

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 03/01/28

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

579

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/29

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

3.400 10/01/29

987

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000 01/01/30

680

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

704

North

Carolina

Medical

Care

Commission

Revenue

Bonds

725

3.450 11/01/30

721

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000 01/01/31

627

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

1,482

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/36

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,500

5.000 06/01/38

1,663

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

3,039

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.375 10/01/45

North

Carolina

Medical

Care

Commission

Revenue

Bonds

(~)(ae)(Ê)

3,480

5.000 06/01/55

3,722

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/28

1,033

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000 01/01/28

1,325

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

3,531

Raleigh

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.150 01/01/44

2,003

86,281

North

Dakota

-

0.3%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

800

4.000 12/01/35

782

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

675

4.000 12/01/37

672

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000 12/01/37

600

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

5.000 12/01/39

515

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,795

4.000 12/01/41

1,730

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

582

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000 12/01/48

1,016

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

1,559

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

566

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Dakota

Housing

Finance

Agency

Revenue

Bonds

965

6.250 01/01/55

1,069

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

2,225

6.000 07/01/55

2,457

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

5,385

5.750 07/01/56

5,890

Williston

Parks

and

Recreation

District

Revenue

Bonds

(µ)

1,580

4.750 12/01/50

1,594

19,120

Ohio

-

1.1%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

(ae)

700

4.000 11/15/37

740

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

(ae)

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

4.000 06/01/39

979

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,250

3.000 06/01/48

891

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000 04/01/33

4,719

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

4.375 12/01/30

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

750

5.000 12/01/35

820

City

of

Norwood

Special

Obligation

Tax

Allocation

Revenue

Bonds

1,500

5.000 12/01/41

1,578

Columbus

Regional

Airport

Authority

Revenue

Bonds

2,500

5.250 01/01/55

2,608

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

1,329

County

of

Franklin

Revenue

Bonds

700

5.000 07/01/35

741

County

of

Franklin

Revenue

Bonds

800

5.000 07/01/36

838

County

of

Franklin

Revenue

Bonds

575

4.000 07/01/40

525

County

of

Franklin

Revenue

Bonds

580

5.250 11/15/40

568

County

of

Franklin

Revenue

Bonds

(~)(Ê)

2,400

3.350 11/01/65

2,400

County

of

Lucas

Hospital

Revenue

Bonds

1,750

5.250 11/15/48

1,743

County

of

Miami

Revenue

Bonds

1,940

5.000 08/01/49

1,951

County

of

Montgomery

Revenue

Bonds

1,000

5.250 09/01/54

992

County

of

Warren

Revenue

Bonds

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

Forest

Hills

Local

School

District

General

Obligation

Unlimited

4,125

5.000 12/01/44

4,130

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/47

1,070

Northeast

Ohio

Medical

University

Revenue

Bonds

4.000 12/01/35

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

4,500

3.200 05/01/26

4,500

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,360

4.000 09/01/30

2,382

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000 01/01/34

5,047

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.500 08/01/34

1,003

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

525

3.875 01/01/36

522

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

500

4.125 01/01/36

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

630

4.350 06/30/40

619

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000 07/01/31

531

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000 07/01/33

764

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

5.000 01/15/37

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

600

4.000 07/01/37

587

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.750 09/01/37

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

730

5.000 05/01/39

758

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/42

Ohio

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

875

2.680 07/01/29

867

Ohio

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3.400 07/01/42

Ohio

Housing

Finance

Agency

Revenue

Bonds

2,730

6.250 03/01/56

2,985

Ohio

Housing

Finance

Agency

Revenue

Bonds

1,580

6.500 03/01/56

1,799

Ohio

Housing

Finance

Agency

Revenue

Bonds

5,500

6.250 03/01/57

6,155

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

3.750 12/01/31

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

567

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,203

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

1,423

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,605

5.000 07/01/29

1,606

68,331

Oklahoma

-

0.6%

Broken

Arrow

Economic

Development

Authority

Tax

Allocation

650

6.625 06/01/45

678

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000 09/01/31

3,743

Cleveland

County

Home

Loan

Authority

Revenue

Bonds

1,740

6.000 07/01/56

1,946

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

775

5.000 07/01/26

777

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

750

5.000 07/01/27

770

Oklahoma

County

Finance

Authority

Revenue

Bonds

5.000 09/01/32

Oklahoma

County

Finance

Authority

Revenue

Bonds

550

5.000 09/01/35

583

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

3,019

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

4,900

6.500 03/01/56

5,520

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

5,660

6.250 03/01/57

6,429

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

1,000

6.000 09/01/57

1,129

Oklahoma

Turnpike

Authority

Revenue

Bonds

1,175

5.000 01/01/39

1,334

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.000 01/01/40

2,236

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.500 01/01/53

2,123

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/26

503

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/27

514

Tulsa

Airport

Improvement

Trust

Revenue

Bonds

2,250

6.250 12/01/35

2,533

Tulsa

County

Home

Finance

Authority

Revenue

Bonds

2,000

5.750 01/01/56

2,190

Wagoner

County

Development

Authority

Revenue

Bonds

6.500 05/01/35

38,665

Oregon

-

0.6%

City

of

Forest

Grove

Revenue

Bonds

5.000 05/01/33

City

of

Portland

Sewer

System

Revenue

Bonds

1,500

5.000 10/01/41

1,669

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

1,232

City

of

Portland

Sewer

System

Revenue

Bonds

2,000

5.000 12/01/47

2,101

Clackamas

County

School

District

No.

North

Clackamas

General

Obligation

Unlimited

2,170

Zero

coupon

06/15/41

1,099

Mount

Hood

Community

College

District

General

Obligation

Unlimited

5,755

5.000 06/15/38

6,540

Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/28

Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/29

Oregon

State

Facilities

Authority

Revenue

Bonds

5.000 10/01/35

Oregon

State

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000 10/01/36

750

Port

of

Portland

Airport

Revenue

Bonds

4,000

5.000 07/01/37

4,315

Port

of

Portland

Airport

Revenue

Bonds

3,500

5.250 07/01/39

3,804

Salem

Hospital

Facility

Authority

Revenue

Bonds

5.000 05/15/26

Salem

Hospital

Facility

Authority

Revenue

Bonds

1,530

4.000 05/15/41

1,482

State

of

Oregon

General

Obligation

Unlimited

1.500 08/01/29

State

of

Oregon

General

Obligation

Unlimited

3,250

5.000 05/01/39

3,674

State

of

Oregon

General

Obligation

Unlimited

2,000

5.250 06/01/42

2,267

State

of

Oregon

General

Obligation

Unlimited

1,750

5.250 06/01/43

1,966

State

of

Oregon

General

Obligation

Unlimited

4.250 06/01/49

State

of

Oregon

Housing

and

Community

Services

Department

Revenue

Bonds

2,260

6.500 07/01/54

2,497

Tri-County

Metropolitan

Transportation

District

of

Oregon

Revenue

Bonds

2,000

3.000 09/01/44

1,647

Washington

and

Multnomah

Counties

School

District

No.

48J

Beaverton

General

Obligation

Unlimited

3,500

Zero

coupon

06/15/42

1,680

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

568

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Washington

Clackamas

and

Yamhill

Counties

School

District

No.

88J

General

Obligation

Unlimited

2,900

Zero

coupon

06/15/42

1,340

39,593

Pennsylvania

-

3.5%

Adams

County

General

Authority

Revenue

Bonds

500

3.600 06/01/29

504

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/34

540

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/39

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/44

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

2,000

5.250 01/01/36

2,197

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,350

5.250 01/01/37

1,477

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,350

5.250 01/01/38

1,471

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

2,500

5.250 01/01/39

2,716

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

2,355

5.250 01/01/40

2,548

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

2,750

5.500 01/01/41

3,014

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

3,100

5.500 01/01/43

3,385

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(ae)

835

5.000 10/15/27

844

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(ae)

870

5.000 10/15/28

879

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(~)(ae)(Ê)

750

2.838 02/01/33

744

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250 09/01/33

708

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

5.125 05/01/30

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

530

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

725

5.000 05/01/32

733

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

6,600

5.000 05/01/42

6,627

Bethel

Park

School

District

General

Obligation

Limited

1,295

5.000 08/01/42

1,400

Borough

of

Punxsutawney

PA

General

Obligation

Limited

(µ)

1,000

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

Butler

County

General

Authority

Revenue

Bonds

(~)(µ)(Ê)

15,985

3.348 10/01/34

15,089

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

2,160

5.000 04/01/34

2,234

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,280

5.000 10/15/32

2,280

Chester

County

Industrial

Development

Authority

Revenue

Bonds

625

5.125 10/15/37

600

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,080

4.250 10/01/44

968

Chester

County

Industrial

Development

Authority

Revenue

Bonds

5.250 10/15/47

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

4.375 03/01/28

Chester

County

School

Authority

Revenue

Bonds

500

5.000 04/01/44

523

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

Philadelphia

Redevelopment

Authority

Revenue

Bonds

1,000

5.000 11/01/42

1,096

City

of

Philadelphia

Redevelopment

Authority

Revenue

Bonds

725

5.000 09/01/43

776

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000 11/15/38

981

City

of

York

General

Obligation

Unlimited

955

5.000 11/15/26

961

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

13,926

Coatesville

School

District

General

Obligation

Limited

2,940

5.250 11/15/42

3,232

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

569

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

11,600

4.000 06/01/39

11,505

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

5,705

3.500 03/01/31

5,728

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

2,200

4.000 08/15/44

2,158

Conrad

Weiser

Area

School

District

General

Obligation

Limited

(µ)

1,680

4.000 09/01/34

1,698

County

of

Allegheny

General

Obligation

Unlimited

2,205

5.000 11/01/41

2,217

Cumberland

County

Municipal

Authority

Revenue

Bonds

940

5.000 01/01/38

941

Cumberland

Valley

School

District

General

Obligation

Limited

(µ)

1,000

5.000 11/15/47

1,028

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

5.000 07/01/31

505

Haverford

Township

School

District

General

Obligation

Limited

900

5.000 03/15/43

953

Haverford

Township

School

District

General

Obligation

Limited

750

5.000 03/15/44

788

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000 10/01/37

2,296

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

4.000 12/01/35

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

1,200

5.000 05/01/44

1,210

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

8,276

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

Revenue

Bonds

650

5.250 07/01/44

636

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

832

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

962

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100 06/01/29

1,691

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,500

5.000 11/15/36

1,508

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000 11/15/42

635

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,820

0.950 12/01/33

1,792

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 04/15/36

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,050

5.250 06/30/36

1,131

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

2,418

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000 04/01/39

1,325

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,000

5.250 10/01/40

1,049

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,000

5.000 12/15/40

1,139

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,000

5.500 06/30/41

1,069

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

5.000 12/15/42

1,616

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

2.875 06/01/49

3,499

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(µ)(Ê)

15,700

3.350 05/15/53

15,700

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(µ)(Ê)

12,670

3.450 11/01/61

12,670

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,950

2.650 09/01/29

1,930

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

997

4.900 06/01/41

1,053

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

2,968

3.000 10/01/51

2,886

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

5.750 10/01/53

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

920

6.000 10/01/54

990

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

1,000

6.250 10/01/56

1,117

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

3,140

5.250 12/01/44

3,259

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/36

791

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/38

788

Pennsylvania

Turnpike

Commission

Revenue

Bonds

800

5.250 06/01/47

809

Pennsylvania

Turnpike

Commission

Revenue

Bonds

2,785

5.250 12/01/47

2,958

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

830

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/30

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 06/15/32

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

1,000

6.000 06/01/45

1,083

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250 11/01/52

505

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

570

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Philadelphia

Housing

Authority

Revenue

Bonds

3,670

5.250 03/01/39

4,050

Philadelphia

Housing

Authority

Revenue

Bonds

3,000

5.250 03/01/40

3,289

Philadelphia

Housing

Authority

Revenue

Bonds

4,000

5.250 03/01/41

4,357

Philadelphia

Housing

Authority

Revenue

Bonds

6,000

5.000 03/01/43

6,305

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(Þ)

660

5.000 06/15/27

665

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/29

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(µ)

510

5.000 12/01/29

521

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/33

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

2,375

5.000 06/01/40

2,459

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

1,820

5.500 07/01/53

1,948

Pittsburgh

School

District

General

Obligation

Limited

(µ)

3,000

3.000 09/01/40

2,602

Pittsburgh

Water

and

Sewer

Authority

Revenue

Bonds

(µ)

500

4.000 09/01/34

510

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

751

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)

5.000 09/01/27

Scranton

School

District

General

Obligation

Limited

(µ)

575

5.000 06/01/34

596

Scranton

School

District

General

Obligation

Limited

(µ)

560

5.000 06/01/36

579

Southcentral

Pennsylvania

General

Authority

Revenue

Bonds

4.000 06/01/44

State

Public

School

Building

Authority

Revenue

Bonds

(µ)

3,500

5.000 06/01/32

3,525

State

Public

School

Building

Authority

Revenue

Bonds

5.000 05/15/40

Tulpehocken

Area

School

District

General

Obligation

Limited

(µ)

3,490

5.250 10/01/45

3,691

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000 04/01/28

1,008

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000 04/01/30

3,055

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

700

5.000 07/01/28

722

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/30

Wilkes-Barre

Finance

Authority

Revenue

Bonds

4.000 03/01/42

230,503

Puerto

Rico

-

3.2%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

27,341

5.625 07/01/27

27,813

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625 07/01/29

1,446

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750 07/01/31

2,183

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,805

Zero

coupon

07/01/33

3,486

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000 07/01/33

4,609

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000 07/01/35

1,138

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000 07/01/41

1,022

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,730

4.000 07/01/46

1,502

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

1,903

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

775

5.000 07/01/30

803

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

5,460

5.000 07/01/33

5,752

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

8,700

5.000 07/01/35

9,024

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

4,655

5.000 07/01/37

4,842

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

1,290

4.000 07/01/42

1,220

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

(Þ)

7,400

5.000 07/01/47

7,311

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,420

3.162 07/01/29

5,970

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

4.375 07/01/30

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

4.750 07/01/33

Puerto

Rico

Industrial

Tourist

Educational

Medical

and

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

5.000 07/01/32

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

2,932

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,441

Zero

coupon

07/01/29

4,017

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

571

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

14,503

Zero

coupon

07/01/31

12,121

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,700

Zero

coupon

07/01/33

1,308

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

17,834

4.500 07/01/34

17,843

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

75,300

4.329 07/01/40

74,044

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

12,443

4.550 07/01/40

12,453

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,450

Zero

coupon

07/01/46

510

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

587

207,722

Rhode

Island

-

0.2%

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

5.875 06/15/26

Providence

Public

Building

Authority

Revenue

Bonds

(µ)

500

5.250 09/15/44

534

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

5.000 08/15/27

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(ae)

1,250

5.000 05/15/29

1,251

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

2,265

5.000 05/15/31

2,439

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(µ)

5.000 07/01/45

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

3,135

5.000 05/15/48

3,290

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

Revenue

Bonds

675

5.000 10/01/42

700

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

5,461

14,976

South

Carolina

-

1.2%

Clemson

University

Revenue

Bonds

1,000

5.000 05/01/41

1,111

Clemson

University

Revenue

Bonds

2,750

5.000 05/01/55

2,860

Greenville

County

School

District

General

Obligation

Unlimited

Notes

13,225

5.000 06/29/26

13,268

Medical

University

Hospital

Authority

Revenue

Bonds

1,790

5.000 11/15/37

1,936

Medical

University

Hospital

Authority

Revenue

Bonds

2,350

5.250 11/15/42

2,530

Medical

University

Hospital

Authority

Revenue

Bonds

2,705

5.250 11/15/46

2,843

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,150

4.352 02/01/54

4,700

Piedmont

Municipal

Power

Agency

Revenue

Bonds

(µ)

4,785

Zero

coupon

01/01/27

4,674

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

525

5.000 11/15/30

549

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

1,826

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

625

4.000 11/01/42

609

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

735

5.250 11/01/44

793

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,000

5.500 11/15/44

1,026

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.000 03/01/62

2,524

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000 12/01/30

3,557

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000 12/01/31

2,100

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

3,989

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,600

5.000 12/01/40

2,854

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,035

5.000 12/01/41

2,218

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500 12/01/41

1,873

South

Carolina

Public

Service

Authority

Revenue

Bonds

7,150

5.000 12/01/46

7,432

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,500

5.750 12/01/47

1,630

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

3,510

4.600 07/01/49

3,430

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

995

5.000 07/01/50

1,013

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

6,650

6.500 07/01/55

7,530

South

Carolina

State

Housing

Finance

and

Development

Authority

Revenue

Bonds

1,120

6.000 07/01/56

1,245

80,507

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

572

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
South

Dakota

-

0.2%

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

575

5.250 06/15/34

652

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

1,600

5.500 06/15/43

1,767

County

of

Lincoln

Revenue

Bonds

4.000 08/01/41

South

Dakota

Housing

Development

Authority

Revenue

Bonds

1,960

6.250 11/01/55

2,173

South

Dakota

Housing

Development

Authority

Revenue

Bonds

2,490

6.500 11/01/55

2,805

South

Dakota

Housing

Development

Authority

Revenue

Bonds

4,500

6.000 11/01/56

5,046

South

Dakota

Housing

Development

Authority

Revenue

Bonds

1,000

6.250 11/01/56

1,101

13,634

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

2,096

Chattanooga

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

5.000 10/01/35

City

of

Knoxville

General

Obligation

Unlimited

2,860

3.000 05/01/34

2,760

City

of

Murfreesboro

General

Obligation

Unlimited

1,415

3.000 06/01/33

1,360

Dickson

Health

and

Educational

Facilities

Board

Revenue

Bonds

(~)(Ê)

2,000

3.050 04/01/44

2,001

Greenville

Health

and

Educational

Facilities

Board

Revenue

Bonds

700

4.000 07/01/40

664

Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

6,729

5.000 07/01/27

6,750

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,310

5.000 12/01/27

1,326

Knox

County

Health

Educational

and

Housing

Facility

Board

Revenue

Bonds

1,750

5.000 04/01/29

1,771

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

(ae)

2,210

5.000 07/01/35

2,212

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

1,000

5.000 07/01/37

1,125

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

4,500

5.000 07/01/40

4,916

Metropolitan

Government

Nashville

and

Davidson

County

Health

and

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

3.650 10/01/46

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

1,500

5.000 07/01/37

1,646

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

2,750

5.000 07/01/38

2,999

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

1,125

5.000 07/01/39

1,220

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

4,125

5.000 07/01/40

4,459

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

2,250

5.000 07/01/41

2,422

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

3,675

5.000 07/01/42

3,938

Metropolitan

Nashville

Airport

Authority

(The)

Revenue

Bonds

2,000

5.000 07/01/43

2,120

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(µ)

9,200

5.000 06/01/35

10,186

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

10,130

5.250 09/01/39

11,001

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

730

5.000 09/01/44

782

Shelby

County

Health

Educational

and

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

7,400

5.000 09/01/49

7,803

Tennergy

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,750

5.000 10/01/54

2,890

Tennessee

Energy

Acquisition

Corp.

Revenue

Bonds

2,595

5.000 12/01/35

2,746

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,640

3.000 01/01/29

2,638

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,250

4.950 07/01/38

2,392

87,482

Texas

-

10.5%

Aldine

Independent

School

District

General

Obligation

Unlimited

500

3.000 02/15/42

Allen

Independent

School

District

General

Obligation

Unlimited

3,820

5.000 02/15/44

4,095

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 12/01/28

511

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000 12/01/33

798

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

770

4.125 06/15/34

752

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,275

4.250 08/15/34

1,254

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000 12/01/34

661

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

573

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,250

5.000 02/15/37

1,352

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

550

5.000 08/15/37

605

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 02/15/38

1,077

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 08/15/38

547

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,125

5.000 02/15/39

1,209

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

643

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.750 08/15/44

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/49

Austin

Community

College

District

General

Obligation

Limited

750

5.250 08/01/53

786

Baytown

Municipal

Development

District

Revenue

Bonds

1,440

5.000 10/01/38

1,547

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000 10/01/39

1,623

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000 07/15/31

1,751

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000 07/15/33

1,451

Bexar

Management

and

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.650 03/01/29

989

Bexar

Management

and

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

835

3.020 05/10/45

834

Boerne

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

4.000 02/01/54

1,019

Cedar

Port

Navigation

and

Improvement

District

General

Obligation

Unlimited

2,450

4.250 09/01/41

2,358

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

4.000 01/01/40

Central

Texas

Turnpike

System

Revenue

Bonds

2,150

5.000 08/15/39

2,271

Central

Texas

Turnpike

System

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/42

4,283

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

4.875 09/15/30

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

825

4.500 09/15/35

831

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

705

5.625 09/15/45

721

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

3,620

5.000 02/15/37

3,736

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

6,250

5.000 02/15/43

6,366

City

of

Aubrey

Special

Assessment

(µ)

1,135

5.000 09/01/40

1,204

City

of

Austin

Airport

System

Revenue

Bonds

500

5.000 11/15/35

558

City

of

Austin

Airport

System

Revenue

Bonds

5.000 11/15/36

City

of

Austin

Airport

System

Revenue

Bonds

535

5.000 11/15/37

590

City

of

Austin

Airport

System

Revenue

Bonds

10,000

5.000 11/15/38

10,942

City

of

Austin

Airport

System

Revenue

Bonds

3,645

5.000 11/15/39

3,969

City

of

Austin

Airport

System

Revenue

Bonds

3,825

5.000 11/15/44

4,017

City

of

Austin

Electric

Utility

Revenue

Bonds

750

5.000 11/15/40

829

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

4.250 11/01/32

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

700

4.125 11/01/34

696

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

700

5.000 11/15/38

767

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

500

5.000 11/15/39

546

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

1,000

5.000 11/15/40

1,087

City

of

Austin

Water

and

Wastewater

System

Revenue

Bonds

2,000

5.000 11/15/43

2,202

City

of

Beaumont

Waterworks

and

Sewer

System

Revenue

Bonds

(µ)

550

5.000 09/01/41

591

City

of

Boyd

Special

Assessment

Revenue

Bonds

(Þ)

1,005

5.125 09/15/43

978

City

of

Bryan

General

Obligation

Limited

2,520

2.375 08/15/36

2,143

City

of

Bryan

General

Obligation

Limited

2,580

2.375 08/15/37

2,143

City

of

Bryan

General

Obligation

Limited

2,640

2.375 08/15/38

2,142

City

of

Bryan

General

Obligation

Limited

2,705

2.500 08/15/39

2,189

City

of

Carrollton

General

Obligation

Limited

5.000 08/15/38

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

574

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/34

City

of

Celina

Special

Assessment

Revenue

Bonds

575

4.800 09/01/37

568

City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/37

City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/38

519

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,000

5.000 09/01/39

1,050

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

766

City

of

College

Station

General

Obligation

Limited

2,975

2.000 02/15/35

2,506

City

of

College

Station

General

Obligation

Limited

2,035

2.000 02/15/36

1,666

City

of

College

Station

General

Obligation

Limited

3,160

2.125 02/15/38

2,499

City

of

College

Station

General

Obligation

Limited

1,295

2.125 02/15/40

971

City

of

College

Station

General

Obligation

Limited

2,370

2.250 02/15/41

1,778

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

1,400

5.000 07/15/28

1,467

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

(µ)

2,000

5.000 07/15/34

2,253

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

600

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/35

City

of

Dallas

General

Obligation

Limited

3,985

5.000 02/15/27

4,057

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000 08/15/29

1,109

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000 08/15/31

1,405

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)

935

5.000 10/01/28

962

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.050 08/01/30

999

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(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

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/35

City

of

Denton

General

Obligation

Limited

5,000

4.125 02/15/50

4,613

City

of

Dripping

Springs

Special

Assessment

(Þ)

4.500 09/01/30

City

of

Dripping

Springs

Special

Assessment

(Þ)

4.250 09/01/31

City

of

Dripping

Springs

Special

Assessment

4.250 09/01/35

City

of

Ennis

TX

Special

Assessment

Revenue

Bonds

(Þ)

602

4.125 09/15/35

589

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

1,082

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.000 09/01/32

989

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(µ)

995

5.000 09/01/44

1,019

City

of

Fort

Worth

Water

and

Sewer

System

Revenue

Bonds

6,045

3.000 02/15/35

5,712

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

630

5.000 08/01/39

674

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

550

5.250 08/01/40

594

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

700

5.250 08/01/41

755

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

750

5.250 08/01/42

805

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

600

5.250 08/01/43

640

City

of

Galveston

Wharves

and

Terminal

Revenue

Bonds

675

5.250 08/01/44

714

City

of

Garland

Electric

Utility

System

Revenue

Bonds

(µ)

500

5.000 03/01/41

541

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

650

5.000 03/01/38

720

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

555

5.000 03/01/39

611

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

620

5.000 03/01/40

678

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

590

5.000 03/01/41

641

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

5.000 03/01/42

City

of

Garland

Water

and

Sewer

System

Revenue

Bonds

645

5.000 03/01/44

684

City

of

Hackberry

Special

Assessment

Revenue

Bonds

1,710

4.625 09/01/37

1,638

City

of

Hackberry

Special

Assessment

Revenue

Bonds

5,113

4.500 09/01/38

4,972

City

of

Haslet

Special

Assessment

Revenue

Bonds

(Þ)

2.625 09/01/26

City

of

Houston

Airport

System

Revenue

Bonds

2,000

5.000 07/01/29

2,081

City

of

Houston

Airport

System

Revenue

Bonds

2,175

5.000 07/01/30

2,268

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

575

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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 07/01/31

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/01/32

City

of

Houston

Airport

System

Revenue

Bonds

(µ)

4,730

5.000 07/01/34

5,185

City

of

Houston

Airport

System

Revenue

Bonds

(µ)

2,850

5.000 07/01/36

3,091

City

of

Houston

Airport

System

Revenue

Bonds

(µ)

2,000

5.000 07/01/37

2,158

City

of

Houston

Airport

System

Revenue

Bonds

(µ)

3,000

5.000 07/01/38

3,224

City

of

Houston

Airport

System

Revenue

Bonds

(µ)

2,600

5.250 07/01/39

2,830

City

of

Houston

Combined

Utility

System

Revenue

Bonds

1,690

5.000 11/15/26

1,711

City

of

Houston

Combined

Utility

System

Revenue

Bonds

(µ)

3,275

Zero

coupon

12/01/26

3,219

City

of

Houston

Combined

Utility

System

Revenue

Bonds

1,690

5.000 11/15/27

1,747

City

of

Houston

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds

(µ)

5,200

5.000 09/01/46

5,502

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

2.500 09/01/26

City

of

Josephine

Special

Assessment

Revenue

Bonds

(Þ)

727

5.250 09/15/46

719

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

570

4.625 09/01/28

575

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)

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

2,049

City

of

Laredo

Waterworks

and

Sewer

System

Revenue

Bonds

2,000

4.000 03/01/49

1,776

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

918

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

1,100

5.750 09/15/45

1,138

City

of

Liberty

Special

Assessment

Revenue

Bonds

823

4.000 09/01/33

797

City

of

Lowry

Crossing

Special

Assessment

(Þ)

531

4.250 09/15/30

533

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

1,962

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/30

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

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

600

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

816

5.000 09/01/43

783

City

of

Mesquite

Waterworks

and

Sewer

System

Revenue

Bonds

1,085

5.000 03/01/27

1,105

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

1,190

5.000 05/01/38

1,328

City

of

Plano

Waterworks

and

Sewer

System

Revenue

Bonds

1,250

5.000 05/01/39

1,390

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

621

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)

598

4.375 09/15/32

601

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

576

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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 09/15/39

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/40

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/44

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

606

5.750 09/15/45

625

City

of

Sachse

Special

Assessment

Revenue

Bonds

(Þ)

659

5.625 09/15/42

667

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

900

5.000 02/01/41

994

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

10,000

2.900 02/01/55

9,940

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.000 02/01/55

4,492

City

of

San

Antonio

Electric

and

Gas

Systems

Revenue

Bonds

(~)(ae)(Ê)

1,775

3.150 02/01/55

1,781

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

1,337

City

of

Waxahachie

Special

Assessment

(Þ)

4.875 08/15/27

City

of

Wharton

Special

Assessment

Revenue

Bonds

(Þ)

530

4.375 09/15/32

535

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

1,501

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000 08/15/37

1,481

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

1,074

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

930

3.000 08/15/40

819

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000 02/15/55

1,032

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

1,823

Comal

County

Water

Control

and

Improvement

District

No.

General

Obligation

Unlimited

(µ)

1,700

4.000 09/01/44

1,603

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000 02/01/39

4,547

Comal

Independent

School

District

General

Obligation

Unlimited

1,000

3.000 02/15/40

899

Conroe

Local

Government

Corp.

Revenue

Bonds

5.000 10/01/35

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

1,001

County

of

Harris

General

Obligation

Unlimited

1,315

4.000 09/15/43

1,300

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 02/15/27

County

of

Wise

General

Obligation

Limited

5.000 02/15/28

Crandall

Economic

Development

Corp.

Revenue

Bonds

(µ)

5.000 08/15/40

Crandall

Independent

School

District

General

Obligation

Unlimited

1,350

5.000 08/15/53

1,385

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

5.000 08/15/35

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

5.000 08/15/37

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

500

5.000 08/15/40

519

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

555

5.000 08/15/41

578

Crosswinds

at

South

Lake

Special

Improvement

District

General

Obligation

Limited

(µ)

800

5.000 08/15/47

810

Cypress-Fairbanks

Independent

School

District

General

Obligation

Unlimited

3,000

2.250 02/15/41

2,286

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000 11/01/36

4,386

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000 11/01/39

1,005

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000 11/01/41

3,514

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,255

4.000 11/01/45

1,203

Dallas

Independent

School

District

General

Obligation

Unlimited

3,280

2.000 02/15/42

2,265

Denton

Independent

School

District

General

Obligation

Unlimited

1,320

5.000 08/15/26

1,328

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

577

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Denton

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4,895

4.000 08/15/55

5,036

Eagle

Mountain

and

Saginaw

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

600

4.000 08/01/50

609

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

720

5.000 08/15/40

785

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

750

5.000 08/15/41

814

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

725

5.000 08/15/42

781

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

803

El

Paso

County

Hospital

District

General

Obligation

Limited

1,010

5.000 08/15/30

1,025

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(ae)(Ê)

500

5.000 02/01/40

501

El

Paso

Independent

School

District

General

Obligation

Unlimited

2,000

5.000 08/15/35

2,266

El

Paso

Independent

School

District

General

Obligation

Unlimited

3,500

5.000 08/15/36

3,960

El

Paso

Independent

School

District

General

Obligation

Unlimited

4,500

5.000 08/15/37

5,028

El

Paso

Independent

School

District

General

Obligation

Unlimited

3,340

5.000 08/15/38

3,717

El

Paso

Independent

School

District

General

Obligation

Unlimited

4,510

5.000 08/15/39

4,967

Forney

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 08/15/40

1,109

Forney

Independent

School

District

General

Obligation

Unlimited

1,000

5.250 08/15/43

1,111

Fort

Bend

County

Municipal

Utility

District

No.

134B

General

Obligation

Unlimited

(µ)

1,485

6.000 03/01/29

1,563

Fort

Bend

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

1,590

2.750 09/01/42

1,239

Fort

Bend

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

6,745

4.000 08/01/54

6,849

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

632

Frisco

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/37

1,104

FW

Ramble

Public

Facility

Corp.

Revenue

Bonds

1,000

4.000 10/01/35

987

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6,160

5.000 07/01/34

6,937

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,905

5.000 05/15/50

6,398

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(Ê)

12,000

3.450 12/01/60

12,000

Harris

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

2,960

6.500 09/01/29

3,144

Harris

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

1,000

4.500 03/01/46

999

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,075

4.050 11/01/50

2,079

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

2,233

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

650

5.250 02/15/39

721

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

2,195

5.250 02/15/40

2,424

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000 08/15/28

1,603

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

1,057

Industrial

Development

Corp.

of

Lower

Neches

Valley

Authority

Revenue

Bonds

(~)

(Ê)

2,865

3.450 11/01/38

2,865

Industrial

Development

Corp.

of

Lower

Neches

Valley

Authority

Revenue

Bonds

(~)

(Ê)

790

3.450 05/01/46

790

Industrial

Development

Corp.

of

Lower

Neches

Valley

Authority

Revenue

Bonds

(~)

(Ê)

2,925

3.450 11/01/51

2,925

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

680

4.000 02/15/48

695

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

(Þ)

4.375 09/01/30

Karnes

County

Hospital

District

Revenue

Bonds

(~)(ae)(Ê)

1,150

5.000 02/01/44

1,211

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

578

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(µ)

4.000 09/01/39

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(µ)

1,105

4.250 09/01/43

1,110

Kennedale

Independent

School

District

General

Obligation

Unlimited

5.000 02/15/38

Kermit

Independent

School

District

General

Obligation

Unlimited

2,500

5.000 02/15/48

2,580

Kermit

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,028

La

Feria

Independent

School

District

General

Obligation

Unlimited

650

5.000 02/15/41

713

La

Feria

Independent

School

District

General

Obligation

Unlimited

550

5.000 02/15/43

595

Laredo

Independent

School

District

General

Obligation

Unlimited

1,250

5.000 08/01/26

1,257

Lewisville

Independent

School

District

General

Obligation

Unlimited

7,150

5.000 08/15/43

7,661

Lower

Colorado

River

Authority

Revenue

Bonds

(µ)

3,500

5.000 05/15/41

3,832

Lubbock

Housing

Finance

Corp.

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.800 03/01/29

1,490

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000 02/15/40

993

Matagorda

County

Navigation

District

No.

Revenue

Bonds

2,850

2.600 11/01/29

2,796

Medina

Valley

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

755

2.850 02/15/49

750

Mesquite

Housing

Finance

Corp.

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.350 08/01/29

2,006

Mission

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.875 07/01/40

1,000

Mission

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,500

2.875 05/01/46

2,499

Mission

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,575

5.000 12/01/64

1,630

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

1,372

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 11/01/26

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000 08/15/27

512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/27

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

915

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,200

4.250 10/01/30

1,207

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

511

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000 08/15/31

1,188

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

921

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

1,174

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

1,161

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

511

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,000

5.000 08/15/39

1,002

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,250

5.250 08/15/40

2,529

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

5,574

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

5.000 12/01/49

691

North

Central

Texas

Housing

Finance

Corp.

Revenue

Bonds

1,000

5.250 07/01/57

1,061

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

5,125

5.000 09/01/29

5,507

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

1,600

3.000 09/01/32

1,568

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

579

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

4,000

5.000 09/01/32

4,505

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000 01/01/32

1,013

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

1,000

Zero

coupon

01/01/36

709

North

Texas

Tollway

Authority

Revenue

Bonds

3,930

Zero

coupon

01/01/37

2,644

North

Texas

Tollway

Authority

Revenue

Bonds

1,895

4.000 01/01/37

1,900

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

1,085

Zero

coupon

01/01/38

693

North

Texas

Tollway

Authority

Revenue

Bonds

4.000 01/01/40

North

Texas

Tollway

Authority

Revenue

Bonds

7,925

4.000 01/01/44

7,614

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

980

3.000 08/01/53

980

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,955

3.450 08/01/54

1,965

Pasadena

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

5,750

3.230 02/15/44

5,770

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,275

5.000 02/15/35

1,315

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,650

5.000 02/15/38

1,652

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

650

5.000 02/15/39

651

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

4,695

5.000 02/15/41

4,698

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000 02/15/45

3,075

Plainview

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

4.000 02/15/50

Ponder

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

700

4.000 02/15/51

711

Port

Arthur

Housing

Authority

Revenue

Bonds

6,925

3.900 04/01/36

6,962

Pottsboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

750

4.000 02/15/52

761

Prosper

Independent

School

District

General

Obligation

Unlimited

2,000

3.000 02/15/40

1,802

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

525

4.000 02/15/50

527

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

2,480

Round

Rock

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

3,065

5.000 08/01/46

3,355

Sabine-Neches

Navigation

District

General

Obligation

Limited

650

5.250 02/15/38

705

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

665

5.000 10/01/28

684

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.450 07/01/29

San

Antonio

Municipal

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

675

5.000 08/01/50

693

San

Antonio

Water

System

Revenue

Bonds

680

5.000 05/15/39

758

Sherman

Independent

School

District

General

Obligation

Unlimited

2,850

5.000 02/15/39

3,182

Sherman

Independent

School

District

General

Obligation

Unlimited

6,000

5.000 02/15/53

6,167

SMHA

Finance

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,035

3.700 07/01/28

1,042

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

4.500 04/01/39

Southwest

Houston

Redevelopment

Authority

Revenue

Bonds

(µ)

4.000 09/01/34

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

Revenue

Bonds

(µ)

1,300

5.000 09/01/33

1,329

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

5,040

State

of

Texas

General

Obligation

Unlimited

1,350

5.000 08/01/40

1,352

State

of

Texas

General

Obligation

Unlimited

(~)(ae)(Ê)

13,100

2.800 10/01/41

12,962

Strategic

Housing

Finance

Corp.

of

Travis

County

Revenue

Bonds

(~)(ae)(Ê)

905

3.350 03/01/46

906

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

4,650

5.000 11/15/40

5,138

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,000

5.000 11/15/41

1,103

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 10/01/44

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 11/15/51

3,293

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,860

5.000 11/15/55

6,467

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

580

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

10,500

5.000 11/15/64

11,504

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000 08/15/43

2,448

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.050 09/01/29

1,997

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

5,790

3.500 07/01/52

5,746

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

7,990

5.500 09/01/52

8,476

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

14,860

5.500 07/01/53

15,875

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

5,865

5.750 01/01/56

6,405

Texas

Department

of

Housing

and

Community

Affairs

Revenue

Bonds

4,000

6.250 01/01/56

4,462

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

I

Revenue

Bonds

740

6.250 12/15/26

754

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

Revenue

Bonds

(~)(Ê)

19,710

3.287 09/15/27

19,301

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

Revenue

Bonds

(~)(Ê)

525

4.170 09/15/27

518

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

4,305

5.000 12/15/28

4,489

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Revenue

Bonds

4,520

5.000 12/15/32

4,819

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

V

Revenue

Bonds

13,155

5.000 04/01/36

13,711

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

V

Revenue

Bonds

(~)(ae)(Ê)

15,500

5.000 01/01/55

16,383

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

6,890

5.000 12/31/32

7,309

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000 06/30/33

1,138

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000 12/31/36

2,433

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000 12/31/38

500

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

600

5.250 05/01/39

658

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/41

545

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/42

543

Texas

Water

Development

Board

Revenue

Bonds

1,215

4.000 10/15/40

1,201

Texas

Water

Development

Board

Revenue

Bonds

4,080

4.000 10/15/43

3,979

Tomball

Independent

School

District

General

Obligation

Unlimited

4,750

3.875 02/15/36

4,912

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

750

3.250 09/01/31

732

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

800

3.500 09/01/36

725

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

708

3.125 09/01/41

550

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.500 09/01/31

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.250 09/01/32

Travis

County

Development

Authority

Special

Assessment

(Þ)

4.750 09/01/32

Travis

County

Development

Authority

Special

Assessment

(Þ)

600

5.000 09/01/44

604

Travis

County

Development

Authority

Special

Assessment

688

5.000 09/01/44

690

Travis

County

Housing

Finance

Corp.

Revenue

Bonds

1,986

2.350 07/01/42

1,437

Travis

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

725

3.400 01/01/59

729

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

3.750 12/01/27

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125 12/01/37

1,871

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

5.000 08/15/37

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,000

4.500 08/15/38

1,033

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

550

5.000 08/15/41

583

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

1,055

5.000 08/15/45

1,085

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

2,090

5.000 08/15/49

2,123

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

936

Westside

Special

Improvement

District

General

Obligation

Limited

(µ)

5.000 08/15/40

Westside

Special

Improvement

District

General

Obligation

Limited

(µ)

500

5.000 08/15/45

511

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 08/15/28

1,002

692,435

Utah

-

1.5%

Black

Ridge

Infrastructure

Financing

District

Special

Assessment

3,090

5.500 12/01/40

2,981

City

of

Salt

Lake

Airport

Revenue

Bonds

1,500

5.000 07/01/43

1,529

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

581

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

9,210

5.000 02/01/52

9,496

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

4,125

5.250 02/01/55

4,367

Copper

Rim

Infrastructure

Financing

District

Special

Assessment

(Þ)

6.125 12/01/54

County

of

Utah

Revenue

Bonds

9,530

5.000 05/15/46

9,536

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,150

5.000 06/01/35

1,278

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,650

5.000 06/01/36

1,748

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,000

5.000 06/01/37

1,093

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

1,605

5.000 06/01/39

1,736

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

2,855

5.250 06/01/41

3,166

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

825

5.250 06/01/42

897

Downtown

Revitalization

Public

Infrastructure

District

Revenue

Bonds

(µ)

4,000

5.250 06/01/44

4,383

Intermountain

Power

Agency

Revenue

Bonds

1,285

5.000 07/01/34

1,418

Intermountain

Power

Agency

Revenue

Bonds

1,600

5.000 07/01/36

1,769

Intermountain

Power

Agency

Revenue

Bonds

1,610

5.000 07/01/39

1,754

Intermountain

Power

Agency

Revenue

Bonds

1,215

5.000 07/01/41

1,294

Intermountain

Power

Agency

Revenue

Bonds

1,385

5.000 07/01/42

1,473

Intermountain

Power

Agency

Revenue

Bonds

770

5.000 07/01/43

814

Intermountain

Power

Agency

Revenue

Bonds

3,365

5.250 07/01/43

3,633

Jordan

School

District

General

Obligation

Unlimited

2,750

5.000 06/15/27

2,822

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

500

6.250 06/01/55

517

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

5.500 06/15/39

516

Nebo

School

District

General

Obligation

Unlimited

1,785

2.000 07/01/32

1,600

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)

3.400 02/01/28

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

565

3.700 08/01/43

566

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

2.650 03/01/45

1,976

Utah

Housing

Corp.

Revenue

Bonds

3,280

6.500 07/01/55

3,647

Utah

Housing

Corp.

Revenue

Bonds

8,050

6.750 07/01/55

9,269

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000 10/15/29

4,352

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

1,681

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250 10/15/33

1,824

Utah

Infrastructure

Agency

Revenue

Bonds

2,585

5.500 10/15/33

2,803

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000 10/15/34

1,002

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/36

985

Utah

Infrastructure

Agency

Revenue

Bonds

1,500

4.000 10/15/39

1,418

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000 10/15/40

1,227

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/42

906

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(µ)

1,110

4.000 04/15/35

1,110

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000 04/15/40

1,363

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,000

5.000 10/15/46

1,000

Utah

Transit

Authority

Revenue

Bonds

2,475

5.000 12/15/43

2,712

100,169

Vermont

-

0.0%

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

925

5.000 10/01/43

941

Vermont

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

750

4.375 06/01/52

756

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500 10/01/43

Vermont

Housing

Finance

Agency

Revenue

Bonds

4.750 11/01/48

2,460

Virgin

Islands

-

0.5%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000 10/01/26

6,038

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000 10/01/27

15,160

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000 10/01/28

4,283

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

582

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

4,235

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

550

5.000 10/01/39

554

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

580

5.000 10/01/32

585

Virgin

Islands

Transportation

and

Infrastructure

Corp.

Revenue

Bonds

1,000

5.000 09/01/43

1,069

31,924

Virginia

-

1.6%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,125

2.950 09/01/49

2,118

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 07/01/53

1,389

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

5.500 03/01/46

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

916

Zero

coupon

03/01/59

822

Chesapeake

Bay

Bridge

and

Tunnel

District

Revenue

Bonds

(µ)

3,760

5.000 07/01/41

3,764

Chesapeake

Redevelopment

and

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000 05/01/43

850

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750 07/15/36

995

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000 05/15/44

5,770

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

(~)(Ê)

6,721

4.640 10/25/40

6,912

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

(~)(Ê)

14,864

4.760 08/25/41

15,260

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

(~)(Ê)

14,982

4.837 03/25/42

15,888

Hampton

Roads

Transportation

Accountability

Commission

Revenue

Bonds

5,015

5.000 07/01/26

5,031

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

750

5.000 07/01/36

819

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.000 07/01/37

761

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

950

5.000 07/01/38

1,016

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

2,000

5.250 07/01/48

2,099

Louisa

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,250

3.800 11/01/35

4,276

Salem

Economic

Development

Authority

Revenue

Bonds

775

5.000 04/01/35

801

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

5.500 04/01/45

Virginia

Beach

Development

Authority

Revenue

Bonds

825

5.375 09/01/29

829

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

6.000 06/01/50

Virginia

Commonwealth

Transportation

Board

Revenue

Bonds

2,065

5.000 05/15/27

2,117

Virginia

Housing

Development

Authority

Revenue

Bonds

1,100

4.150 07/01/41

1,083

Virginia

Housing

Development

Authority

Revenue

Bonds

950

4.650 12/01/44

959

Virginia

Housing

Development

Authority

Revenue

Bonds

1,510

3.100 12/01/45

1,184

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000 08/01/29

3,747

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

510

5.000 10/01/36

570

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

550

5.000 10/01/37

614

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000 07/01/42

2,240

Winchester

Economic

Development

Authority

Revenue

Bonds

5.000 01/01/40

Winchester

Economic

Development

Authority

Revenue

Bonds

1,035

5.000 01/01/41

1,124

Winchester

Economic

Development

Authority

Revenue

Bonds

5.000 01/01/42

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,500

3.125 10/01/40

3,502

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,500

3.800 11/01/40

11,596

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650 05/01/33

2,368

102,956

Washington

-

1.6%

Central

Puget

Sound

Regional

Transit

Authority

Revenue

Bonds

3,850

5.000 11/01/41

3,869

City

of

Kent

General

Obligation

Limited

1,375

5.000 12/01/41

1,536

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

1,625

4.000 07/01/35

1,641

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

1,825

4.000 09/01/36

1,898

City

of

Seattle

Drainage

and

Wastewater

Revenue

Bonds

500

4.000 09/01/37

516

City

of

Tacoma

Electric

System

Revenue

Bonds

1,645

5.250 01/01/50

1,761

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

583

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

King

Sewer

Revenue

Bonds

(~)(ae)(Ê)

14,275

3.850 01/01/40

14,161

County

of

Pierce

General

Obligation

Limited

2,040

2.600 07/01/36

1,802

County

of

Snohomish

General

Obligation

Limited

3,500

2.000 12/01/33

3,045

Energy

Northwest

Revenue

Bonds

1,685

5.000 07/01/26

1,689

Energy

Northwest

Revenue

Bonds

1,600

5.000 07/01/27

1,640

Energy

Northwest

Revenue

Bonds

1,170

4.000 07/01/42

1,174

Energy

Northwest

Revenue

Bonds

2,825

5.000 07/01/42

3,108

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

5,000

5.000 12/01/38

5,153

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

500

5.500 12/01/39

538

King

County

School

District

No.

Lake

Washington

General

Obligation

Unlimited

650

5.000 12/01/34

674

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

2,020

5.000 12/01/42

2,206

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

1,300

5.000 12/01/43

1,409

Port

of

Seattle

General

Obligation

Limited

7,630

5.000 06/01/43

8,132

Port

of

Seattle

Revenue

Bonds

4,000

5.000 08/01/36

4,305

Port

of

Seattle

Revenue

Bonds

5,495

4.000 08/01/47

4,862

Skagit

County

Public

Hospital

District

No.

Revenue

Bonds

900

5.500 12/01/42

964

State

of

Washington

General

Obligation

Unlimited

2,000

5.000 02/01/38

2,287

State

of

Washington

General

Obligation

Unlimited

4,715

5.000 06/01/38

5,016

State

of

Washington

General

Obligation

Unlimited

1,820

5.000 02/01/39

1,873

State

of

Washington

General

Obligation

Unlimited

1,300

5.000 02/01/41

1,331

State

of

Washington

General

Obligation

Unlimited

3,000

5.000 07/01/41

3,275

State

of

Washington

General

Obligation

Unlimited

1,250

5.000 08/01/47

1,317

University

of

Washington

Revenue

Bonds

1,500

3.125 07/01/42

1,309

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,275

5.000 08/01/38

1,303

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 10/01/42

1,532

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(µ)(ae)(Ê)

2,000

5.000 08/15/55

2,114

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,940

4.000 07/01/31

3,028

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,905

4.000 07/01/36

1,904

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

500

5.000 07/01/43

504

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,100

4.200 07/01/30

1,103

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

625

4.500 07/01/30

625

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

1,450

4.500 07/01/31

1,453

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(µ)(Þ)

1,250

5.000 07/01/36

1,362

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(µ)(Þ)

1,500

5.000 07/01/37

1,614

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)

2,981

4.080 11/20/41

2,874

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(~)(Ê)

3,705

4.221 03/01/50

3,612

106,025

West

Virginia

-

0.6%

County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

(µ)

1,500

5.250 06/01/45

1,604

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

1,923

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,175

3.375 03/01/40

4,179

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

3.700 12/01/42

1,511

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000 01/01/28

2,491

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

760

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 09/01/32

501

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

3,577

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

4,000

5.000 06/01/39

4,331

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

2,000

5.000 06/01/40

2,156

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

584

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,750

5.000 09/01/40

1,866

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

2,730

5.250 06/01/43

2,945

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

3,000

5.250 06/01/44

3,210

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

1,750

5.250 06/01/45

1,855

West

Virginia

Housing

Development

Fund

Revenue

Bonds

(~)(ae)(Ê)

5.000 08/01/27

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.350 11/01/39

1,011

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.700 11/01/44

1,011

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000 10/01/41

2,692

39,080

Wisconsin

-

2.4%

City

of

Shawano

Electric

System

Revenue

Bonds

(µ)

1,415

5.000 05/01/35

1,544

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250 03/01/27

1,036

Marinette

School

District

General

Obligation

Unlimited

(µ)

1,785

1.650 03/01/33

1,515

Public

Finance

Authority

Revenue

Bonds

790

4.000 01/01/29

792

Public

Finance

Authority

Revenue

Bonds

1,000

5.000 01/01/30

1,063

Public

Finance

Authority

Revenue

Bonds

500

5.000 06/01/30

522

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/30

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,175

4.000 04/01/32

1,174

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/32

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/33

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000 07/15/33

Public

Finance

Authority

Revenue

Bonds

800

4.250 06/15/34

817

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/34

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,300

4.000 07/15/34

1,284

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/34

1,025

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

(Þ)

7,775

Zero

coupon

12/15/36

3,949

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

620

4.000 11/15/37

608

Public

Finance

Authority

Revenue

Bonds

1,775

5.200 12/01/37

1,810

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

1,314

Public

Finance

Authority

Revenue

Bonds

5.000 01/01/40

Public

Finance

Authority

Revenue

Bonds

605

5.000 06/01/40

617

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.500 06/01/40

1,575

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

(~)(Ê)

4,995

4.126 01/20/41

4,806

Public

Finance

Authority

Revenue

Bonds

4,960

5.000 03/01/41

4,963

Public

Finance

Authority

Revenue

Bonds

4.000 07/01/41

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/41

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

585

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

635

4.000 10/01/41

671

Public

Finance

Authority

Revenue

Bonds

5.250 06/01/45

Public

Finance

Authority

Revenue

Bonds

5.250 06/15/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.500 06/15/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,585

6.000 11/15/45

2,572

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

6,122

Public

Finance

Authority

Revenue

Bonds

725

5.250 11/15/50

731

Public

Finance

Authority

Revenue

Bonds

600

5.500 06/01/55

587

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

627

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/41

State

of

Wisconsin

General

Obligation

Unlimited

650

5.000 05/01/30

691

State

of

Wisconsin

General

Obligation

Unlimited

4,035

5.000 05/01/31

4,360

State

of

Wisconsin

General

Obligation

Unlimited

5.000 05/01/32

State

of

Wisconsin

General

Obligation

Unlimited

5.000 05/01/33

State

of

Wisconsin

General

Obligation

Unlimited

1,225

5.000 05/01/34

1,365

State

of

Wisconsin

General

Obligation

Unlimited

5.000 05/01/35

University

of

Wisconsin

Hospitals

and

Clinics

Revenue

Bonds

1,060

5.000 04/01/36

1,098

University

of

Wisconsin

Hospitals

and

Clinics

Revenue

Bonds

(~)(Ê)

10,875

3.450 04/01/54

10,875

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

2,605

5.000 08/01/27

2,613

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.200 08/15/28

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

4.400 08/15/29

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

8,075

4.000 11/15/39

8,022

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

518

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

1,415

5.000 04/01/42

1,542

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

(~)(µ)(Ê)

42,755

3.450 02/15/50

42,755

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,075

4.500 02/15/54

1,038

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.270 08/15/54

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,710

5.000 08/15/54

2,782

Wisconsin

Housing

and

Economic

Development

Authority

Home

Ownership

Revenue

Bonds

2,045

6.000 03/01/55

2,203

Wisconsin

Housing

and

Economic

Development

Authority

Home

Ownership

Revenue

Bonds

9,500

5.750 09/01/56

10,408

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,765

5.000 12/01/27

4,823

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

2,100

4.250 09/01/44

2,037

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

2,630

6.000 09/01/54

2,830

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

3.100 11/01/56

3,984

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

5.000 08/01/58

2,010

Wisconsin

Housing

and

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

1,000

5.000 11/01/58

1,014

157,539

Wyoming

-

0.2%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

6,795

3.625 07/15/39

6,450

Wyoming

Community

Development

Authority

Revenue

Bonds

1,645

4.300 12/01/40

1,656

Wyoming

Community

Development

Authority

Revenue

Bonds

5,695

5.750 06/01/53

5,974

14,080

#### Total

#### Municipal

#### Bonds
(cost

$6,465,245)

6,515,855

#### Short-Term

#### Investments

#### -

#### 0.0%
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

586

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
U.S.

Cash

Management

Fund

(@)

(∞)

—

#### Total

#### Short-Term

#### Investments
(cost

$—)

—

#### Total

#### Investments

#### -

#### 99.1%
(identified

cost

$6,465,245)

6,515,855

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.9%
56,072

#### Net

#### Assets

#### -

#### 100.0%
6,571,927

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

587

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $3.6%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

520,000

100.44 522

530

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/18/24

6,600,000

98.82 6,537

6,627

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/17/24

725,000

101.40 735

733

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

185,000

101.51 188

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00 1,250

1,231

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.28 248

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/19/26

13,090,000

100.00 13,090

13,032

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

770,000

99.49 766

752

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

99.50 995

1,032

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

500,000

100.00 500

508

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

2,080,000

93.83 1,952

2,017

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/11/22

445,000

99.78 444

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

500,000

99.70 498

510

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

11/14/24

850,000

100.00 850

863

Baldwin

County

Industrial

Development

Authority

Revenue

Bonds

02/27/26

1,915,000

98.92 1,894

1,882

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.10 255

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

125,000

101.57 127

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

99.40 99

California

Municipal

Finance

Authority

Revenue

Bonds

05/08/25

405,000

100.00 405

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.76 1,028

1,001

California

School

Finance

Authority

Revenue

Bonds

06/28/22

830,000

89.78 745

783

California

School

Finance

Authority

Revenue

Bonds

02/09/23

100,000

88.70 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

99.71 429

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

100.62 252

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

101.52 254

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

1,070,000

99.80 1,068

1,070

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/25

775,000

100.00 775

775

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

225,000

103.24 232

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

250,000

105.55 264

Capital

Projects

Finance

Authority

Revenue

Bonds

07/25/25

225,000

98.89 223

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

98.58 493

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

105.42 1,054

1,000

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108.43 108

Capital

Trust

Authority

Revenue

Bonds

08/22/24

1,525,000

100.90 1,539

1,494

Capital

Trust

Authority

Revenue

Bonds

04/03/25

150,000

96.76 145

Capital

Trust

Authority

Revenue

Bonds

04/03/25

150,000

96.98 145

Capital

Trust

Authority

Revenue

Bonds

07/14/25

400,000

98.38 394

Chester

County

Industrial

Development

Authority

Revenue

Bonds

06/08/23

2,280,000

98.37 2,243

2,280

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,080,000

97.38 1,052

968

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

72,000

99.78 72

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.84 4,742

5,129

Chicago

Board

of

Education

General

Obligation

Unlimited

08/26/25

1,500,000

105.01 1,575

1,559

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

104.18 391

City

and

County

of

San

Francisco

Infrastructure

and

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

106.12 398

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

705,000

99.12 699

721

City

of

Anna

Special

Assessment

Revenue

Bonds

08/27/25

825,000

99.62 822

831

City

of

Austin

Special

Assessment

Revenue

Bonds

11/22/24

391,000

99.44 389

City

of

Austin

Special

Assessment

Revenue

Bonds

04/24/26

700,000

100.00 700

696

City

of

Boyd

Special

Assessment

Revenue

Bonds

01/19/24

1,005,000

99.71 1,002

978

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

230,000

100.00 230

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

50,000

100.00 50

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

588

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

150,000

100.00 150

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

02/16/22

300,000

100.00 300

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

02/16/22

348,000

100.00 348

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

02/16/22

275,000

100.00 275

City

of

Chicago

Lakeshore

East

Special

Assessment

Area

Special

Assessment

02/16/22

325,000

100.00 325

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

600

City

of

Crandall

Special

Assessment

Revenue

Bonds

02/19/25

425,000

99.62 423

City

of

Dayton

Special

Assessment

Revenue

Bonds

11/03/25

250,000

99.80 250

City

of

Dripping

Springs

Special

Assessment

06/07/23

364,000

100.00 364

City

of

Dripping

Springs

Special

Assessment

09/18/24

381,000

100.00 381

City

of

Ennis

TX

Special

Assessment

Revenue

Bonds

10/22/25

602,000

99.57 599

589

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

104.79 1,048

901

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

105.29 1,527

1,387

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

109.00 251

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

110.66 266

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

112.13 286

City

of

Fort

Lauderdale

Special

Assessment

10/02/23

210,000

100.07 210

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

02/05/26

1,000,000

98.79 988

989

City

of

Garden

Revenue

Bonds

09/10/25

500,000

100.00 500

500

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

Josephine

Special

Assessment

Revenue

Bonds

04/14/26

727,000

99.01 720

719

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

570,000

100.00 570

575

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

501,000

100.00 501

City

of

Kyle

Special

Assessment

Revenue

Bonds

03/23/22

262,000

100.00 262

City

of

Kyle

Special

Assessment

Revenue

Bonds

01/18/23

2,069,000

99.53 2,061

2,049

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/18/23

85,000

99.62 85

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/16/24

351,000

100.00 351

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

91.47 901

918

City

of

Lavon

Special

Assessment

Revenue

Bonds

10/16/24

207,000

100.00 207

City

of

Lavon

Special

Assessment

Revenue

Bonds

07/16/25

1,100,000

100.00 1,100

1,138

City

of

Lowry

Crossing

Special

Assessment

06/11/25

531,000

100.00 531

533

City

of

Lowry

Crossing

Special

Assessment

06/11/25

320,000

99.69 319

City

of

Manor

Special

Assessment

Revenue

Bonds

06/22/23

233,000

99.80 233

City

of

Manor

Special

Assessment

Revenue

Bonds

05/08/25

310,000

100.00 310

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

185,000

100.00 185

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00 595

600

City

of

Mesquite

Special

Assessment

Revenue

Bonds

04/04/23

816,000

100.00 816

783

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

99.76 308

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

111,000

100.00 111

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

280,000

100.00 280

City

of

Princeton

Special

Assessment

Revenue

Bonds

02/14/23

619,000

100.00 619

621

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

102.31 179

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

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

589

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

Royse

Special

Assessment

Revenue

Bonds

07/10/24

400,000

99.13 397

City

of

Royse

Special

Assessment

Revenue

Bonds

07/09/25

598,000

100.00 598

601

City

of

Royse

Special

Assessment

Revenue

Bonds

07/09/25

606,000

99.41 602

625

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

659,000

100.00 659

667

City

of

Valparaiso

Revenue

Bonds

03/23/26

2,400,000

101.85 2,444

2,447

City

of

Venice

Revenue

Bonds

11/20/24

900,000

100.00 900

896

City

of

Venus

Special

Assessment

Revenue

Bonds

11/09/21

250,000

99.73 249

City

of

Waxahachie

Special

Assessment

05/17/22

205,000

100.00 205

City

of

Wharton

Special

Assessment

Revenue

Bonds

06/24/25

530,000

99.69 528

535

City

of

Wichita

Revenue

Bonds

04/29/26

1,000,000

99.84 998

995

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

01/15/25

460,000

105.91 487

508

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

99.68 234

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

103.63 104

Copper

Rim

Infrastructure

Financing

District

Special

Assessment

08/28/25

340,000

100.00 340

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

95,000

100.00 95

County

of

Bastrop

Special

Assessment

Revenue

Bonds

05/22/23

311,000

99.70 310

County

of

Gallatin

Revenue

Bonds

12/09/21

450,000

104.09 468

County

of

Gallatin

Revenue

Bonds

12/09/21

2,420,000

98.71 2,389

2,135

County

of

Gallatin

Revenue

Bonds

02/11/25

655,000

69.38 454

County

of

Okaloosa

Revenue

Bonds

09/25/25

225,000

100.00 225

County

of

Pima

Industrial

Development

Authority

(The)

Revenue

Bonds

10/06/22

500,000

100.52 503

538

County

of

Prince

George's

Special

Obligation

Tax

Allocation

02/02/24

275,000

99.78 274

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,255,000

95.72 1,201

1,250

Creek

Preserve

Community

Development

District

Special

Assessment

01/17/24

425,000

98.91 420

Curiosity

Creek

Community

Development

District

Special

Assessment

12/17/25

400,000

100.00 400

Cypress

Bluff

Community

Development

District

Special

Assessment

08/19/20

800,000

99.51 796

708

Cypress

Reserve

Community

Development

District

Special

Assessment

09/17/25

300,000

100.00 300

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,075,000

99.33 1,071

1,075

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

490,000

101.13 496

505

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

60,000

100.00 60

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

10,000

100.00 10

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.66 60

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

235,000

99.92 235

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.70 369

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,220,000

100.47 1,226

1,252

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

150,000

105.69 159

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

109.81 137

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

520,000

101.05 525

520

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

135,000

107.92 146

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

100,000

109.47 109

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

100.24 100

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

103.12 954

939

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/08/18

800,000

100.31 802

784

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/08/18

150,000

100.56 151

Florida

Higher

Educational

Facilities

Financing

Authority

Revenue

Bonds

06/26/25

1,175,000

99.43 1,168

1,182

Florida

Local

Government

Finance

Commission

Revenue

Bonds

06/18/25

625,000

100.00 625

640

Hammock

Oaks

Community

Development

District

Special

Assessment

03/26/25

500,000

100.00 500

506

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

345,000

100.00 345

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00 620

632

Hills

of

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

99.55 1,294

1,367

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

155,000

101.04 157

Illinois

Finance

Authority

Revenue

Bonds

05/08/25

700,000

96.26 674

685

Illinois

Finance

Authority

Revenue

Bonds

04/29/26

1,800,000

100.14 1,803

1,800

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

350,000

100.00 350

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

01/16/26

350,000

100.00 350

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

275,000

100.00 275

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

01/28/26

900,000

96.59 869

877

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

694

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

590

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

95,000

99.81 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

290,000

100.32 291

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority

Revenue

Bonds

12/05/24

450,000

100.59 453

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

99.73 548

551

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

11/13/24

1,210,000

99.82 1,208

1,210

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

365,000

108.02 394

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/26/22

625,000

100.91 631

644

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

450,000

99.38 447

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

365,000

100.00 365

Michigan

Finance

Authority

Revenue

Bonds

02/03/25

6,495,000

100.00 6,495

6,568

Mida

Cormont

Public

Infrastructure

District

General

Obligation

Limited

05/09/25

500,000

100.00 500

517

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

100.90 504

516

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

101.19 101

Mississippi

Development

Bank

Revenue

Bonds

11/07/23

175,000

99.83 175

Mississippi

Development

Bank

Revenue

Bonds

11/07/23

100,000

99.84 100

Mississippi

Development

Bank

Revenue

Bonds

05/13/25

225,000

100.02 225

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

145,000

99.06 144

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

375,000

99.76 374

Nevada

Department

of

Business

and

Industry

Revenue

Bonds

04/06/18

330,000

100.00 330

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

277,000

100.00 277

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/04/25

1,881,000

100.00 1,881

1,881

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

03/06/26

1,750,000

57.53 1,007

1,003

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

103.88 1,262

1,188

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

90.16 410

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

96.46 897

915

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

99.13 511

512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

82.18 304

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

11/13/24

1,000,000

100.35 1,003

1,002

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/11/24

1,205,000

97.85 1,179

1,174

New

Port

Corners

Community

Development

District

Special

Assessment

11/20/25

230,000

100.00 230

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/07/20

7,160,000

97.25 6,863

7,162

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/19/22

675,000

100.55 679

675

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/07/23

1,490,000

100.01 1,490

1,492

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/20/23

750,000

98.95 742

747

Northridge

Community

Development

District

Special

Assessment

05/15/25

225,000

100.00 225

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

11/15/24

1,000,000

109.67 1,097

1,061

Orange

Branch

Community

Development

District

Special

Assessment

04/29/26

725,000

100.00 725

725

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

103.86 779

750

Parish

of

St.

James

Revenue

Bonds

04/11/25

1,000,000

103.45 1,035

1,096

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

105.10 436

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

101.82 143

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/13/24

825,000

100.00 825

830

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

11/20/20

660,000

102.88 679

665

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

11/20/20

440,000

106.21 467

Philadelphia

Industrial

Development

Authority

Revenue

Bonds

06/30/23

245,000

100.41 246

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00 100

Pine

Isle

Community

Development

District

Special

Assessment

01/18/22

65,000

100.00 65

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.19 100

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

01/05/23

2,500,000

98.16 2,445

2,504

Preserve

at

Legends

Pointe

Community

Development

District

Special

Assessment

05/09/25

470,000

99.58 468

Public

Finance

Authority

Revenue

Bonds

12/03/20

200,000

109.38 219

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,175,000

99.99 1,175

1,174

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

102.90 463

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

103.22 470

Public

Finance

Authority

Revenue

Bonds

11/08/23

1,000,000

98.88 989

1,025

Public

Finance

Authority

Revenue

Bonds

04/23/24

400,000

100.51 402

Public

Finance

Authority

Revenue

Bonds

09/25/24

1,300,000

103.91 1,351

1,314

Public

Finance

Authority

Revenue

Bonds

12/04/24

250,000

97.29 243

Public

Finance

Authority

Revenue

Bonds

12/04/24

1,300,000

99.65 1,295

1,284

Public

Finance

Authority

Revenue

Bonds

03/24/25

1,500,000

103.15 1,547

1,575

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

591

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

08/15/25

200,000

100.00 200

Public

Finance

Authority

Revenue

Bonds

08/15/25

130,000

100.44 131

Public

Finance

Authority

Revenue

Bonds

09/10/25

325,000

97.95 318

Public

Finance

Authority

Revenue

Bonds

11/21/25

2,585,000

97.22 2,513

2,572

Public

Finance

Authority

Revenue

Bonds

12/03/25

500,000

99.07 495

Public

Finance

Authority

Revenue

Bonds

03/20/26

7,775,000

51.23 3,983

3,949

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

11/16/21

4,655,000

101.94 4,787

4,842

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

10/12/22

7,400,000

94.06 6,715

7,311

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

100.65 1,852

1,903

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/25/23

5,460,000

101.74 5,555

5,752

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

02/07/23

8,700,000

100.34 8,744

9,024

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

01/06/25

775,000

103.41 801

803

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Bonds

03/21/25

1,290,000

92.36 1,192

1,220

Radiance

Community

Development

District

Special

Assessment

08/29/25

375,000

99.44 373

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

60,000

100.00 60

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.72 299

Riversong

Community

Development

District

Special

Assessment

09/25/25

370,000

100.00 370

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

250,000

100.00 250

Rye

Ranch

Community

Development

District

Special

Assessment

09/13/23

155,000

100.00 155

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

150,000

99.89 150

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

665,000

100.00 665

677

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

385,000

99.60 383

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

325,000

100.85 328

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

102.08 612

617

State

of

Ohio

Revenue

Bonds

10/23/25

300,000

99.27 298

Stillwater

Community

Development

District

Special

Assessment

08/05/25

1,000,000

80.98 810

851

Stonewater

Community

Development

District

Special

Assessment

10/13/21

60,000

100.00 60

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

1,875,000

100.00 1,875

1,838

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00 535

542

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

330,000

99.92 330

Town

of

Bridgeville

Special

Tax

04/24/24

1,940,000

99.03 1,919

1,951

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

750,000

100.00 750

732

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

800,000

100.00 800

725

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

12/08/21

708,000

100.00 708

550

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

100.11 601

604

Travis

County

Development

Authority

Special

Assessment

12/03/24

497,000

99.89 496

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

1,200,000

98.21 1,178

1,207

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

22,500

100.00 23

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

410,000

97.61 400

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

10,000

100.00 10

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

100.00 50

Vermont

Economic

Development

Authority

Revenue

Bonds

12/18/25

750,000

100.64 755

756

Vermont

Educational

and

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.34 541

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

645,000

100.00 645

650

Village

Community

Development

District

No.

Special

Assessment

06/22/23

200,000

100.00 200

Washington

State

Housing

Finance

Commission

Revenue

Bonds

10/20/23

215,000

98.57 212

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,500,000

104.24 1,564

1,614

Washington

State

Housing

Finance

Commission

Revenue

Bonds

05/16/25

1,250,000

104.91 1,311

1,362

Washington

State

Housing

Finance

Commission

Revenue

Bonds

06/18/25

625,000

100.00 625

625

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/26/25

1,100,000

100.00 1,100

1,103

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/26/25

1,450,000

100.00 1,450

1,453

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

08/29/24

1,825,000

100.00 1,825

1,825

West

Port

East

Community

Development

District

Special

Assessment

06/13/25

265,000

100.00 265

West

Villages

Improvement

District

Special

Assessment

10/17/25

100,000

100.00 100

Westview

South

Community

Development

District

Special

Assessment

07/31/25

500,000

100.00 500

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

592

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Willowbrook

Community

Development

District

Special

Assessment

09/12/25

575,000

100.00 575

572

Windsor

Cay

Community

Development

District

Special

Assessment

11/14/25

240,000

100.00 240

Wisconsin

Health

and

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

2,605,000

100.99 2,631

2,613

234,613

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

593

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

Ultra

Bond

Futures

USD

14,954

06/26

524

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

524

#### 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

$

—

$

317,778

$

—

$

—

$

317,778

Alaska

—

5,789

—

—

5,789

Arizona

—

136,130

—

—

136,130

Arkansas

—

28,741

—

—

28,741

California

—

454,669

—

—

454,669

Colorado

—

178,438

—

—

178,438

Connecticut

—

72,495

—

—

72,495

Delaware

—

45,499

—

—

45,499

District

of

Columbia

—

58,879

—

—

58,879

Florida

—

414,765

—

—

414,765

Georgia

—

222,808

—

—

222,808

Guam

—

30,623

—

—

30,623

Hawaii

—

13,551

—

—

13,551

Idaho

—

10,913

—

—

10,913

Illinois

—

593,052

—

—

593,052

Indiana

—

59,874

—

—

59,874

Iowa

—

42,885

—

—

42,885

Kansas

—

16,075

—

—

16,075

Kentucky

—

107,344

—

—

107,344

Louisiana

—

133,777

—

—

133,777

Maine

—

6,459

—

—

6,459

Maryland

—

66,299

—

—

66,299

Massachusetts

—

78,687

—

—

78,687

Michigan

—

91,959

—

—

91,959

Minnesota

—

81,466

—

—

81,466

Mississippi

—

84,097

—

—

84,097

Missouri

—

68,327

—

—

68,327

Montana

—

19,053

—

—

19,053

Nebraska

—

8,237

—

—

8,237

Nevada

—

36,777

—

—

36,777

New

Hampshire

—

97,709

—

—

97,709

New

Jersey

—

175,796

—

—

175,796

New

Mexico

—

18,710

—

—

18,710

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

594

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

York

—

604,712

—

—

604,712

North

Carolina

—

86,281

—

—

86,281

North

Dakota

—

19,120

—

—

19,120

Ohio

—

68,331

—

—

68,331

Oklahoma

—

38,665

—

—

38,665

Oregon

—

39,593

—

—

39,593

Pennsylvania

—

230,503

—

—

230,503

Puerto

Rico

—

207,722

—

—

207,722

Rhode

Island

—

14,976

—

—

14,976

South

Carolina

—

80,507

—

—

80,507

South

Dakota

—

13,634

—

—

13,634

Tennessee

—

87,482

—

—

87,482

Texas

—

692,435

—

—

692,435

Utah

—

100,169

—

—

100,169

Vermont

—

2,460

—

—

2,460

Virgin

Islands

—

31,924

—

—

31,924

Virginia

—

102,956

—

—

102,956

Washington

—

106,025

—

—

106,025

West

Virginia

—

39,080

—

—

39,080

Wisconsin

—

157,539

—

—

157,539

Wyoming

—

14,080

—

—

14,080

Short-Term

Investments

—

—

—

—

—

Total

Investments

—

6,515,855

—

—

6,515,855

Other

Financial

Instruments

Assets

Futures

Contracts

524

—

—

—

524

Total

Other

Financial

Instruments

\*

$

524

$

—

$

—

$

—

$

524

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

595

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

524

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

524

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

596

Tax-Exempt

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

6,465,245

Investments,

at

fair

value

.............................................................................................................................................................

6,515,855

Cash

..............................................................................................................................................................................................

40,633

Receivables:

Dividends

and

interest

......................................................................................................................................................

79,401

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

12,823

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

524

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

6,649,491

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

72,045

Fund

shares

redeemed

......................................................................................................................................................

2,969

Accrued

fees

to

affiliates

..................................................................................................................................................

2,476

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

77,564

#### Net

#### Assets

#### ...............................................................................................................................................................
$

6,571,927

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(253,724)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,999

Additional

paid-in

capital

............................................................................................................................................................

6,822,652

#### Net

#### Assets

#### ...............................................................................................................................................................
$

6,571,927

(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

(#)

..........................................................................................................................................

$

22.01 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

22.87 Class

A

—

Net

assets

...........................................................................................................................................................

$

49,139,015

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

2,232,643

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

21.85 Class

C

—

Net

assets

...........................................................................................................................................................

$

17,489,870

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

800,609

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

21.92 Class

M

—

Net

assets

..........................................................................................................................................................

$

2,128,125,203

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

97,076,470

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

21.91 Class

S

—

Net

assets

............................................................................................................................................................

$

4,377,172,908

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

199,746,107

(#)

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.

Tax-Exempt

Bond

Fund

597

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

122,412

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Dividends

.........................................................................................................................................................................

Total

investment

income

.............................................................................................................................................................

122,448

#### Expenses
Advisory

fees

...................................................................................................................................................................

9,476

Administrative

fees

..........................................................................................................................................................

1,488

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

..........................................................................................................................................

1,977

Transfer

agent

fees

-

Class

S

............................................................................................................................................

4,275

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

18,204

Expense

reductions

..........................................................................................................................................................

(2,874)

Net

expenses

................................................................................................................................................................................

15,330

Net

investment

income

(loss)

.......................................................................................................................................................

107,118

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

7,152

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Net

realized

gain

(loss)

................................................................................................................................................................

7,151

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(31,059)

Futures

contracts

..............................................................................................................................................................

524

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(30,535)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(23,384)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

83,734

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

598

Tax-Exempt

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

107,118

$

200,710

Net

realized

gain

(loss)

................................................................................................................

7,151

(39,626)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(30,535)

75,550

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

83,734

236,634

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(753) (1,456)

Class

C

.....................................................................................................................................

(226) (515) Class

M

....................................................................................................................................

(35,358)

(61,245)

Class

S

......................................................................................................................................

(75,027)

(153,180)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(111,364)

(216,396)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

407,685

427,477

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
380,055

447,715

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

6,191,872

5,744,157

End

of

period

......................................................................................................................................

$

6,571,927

$

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

599

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

524

$

11,626

602

$

13,118

Proceeds

from

reinvestment

of

distributions

750

1,451

Payments

for

shares

redeemed

(468) (10,322)

(528) (11,527)

Net

increase

(decrease)

2,054

3,042

Class

C

Proceeds

from

shares

sold

1,119

4,420

Proceeds

from

reinvestment

of

distributions

515

Payments

for

shares

redeemed

(92) (2,027)

(299) (6,480)

Net

increase

(decrease)

(31) (682) (71) (1,545)

Class

M

Proceeds

from

shares

sold

25,586

562,571

20,000

434,624

Proceeds

from

reinvestment

of

distributions

1,609

35,339

2,811

61,032

Payments

for

shares

redeemed

(7,429)

(163,399)

(26,605)

(581,467)

Net

increase

(decrease)

19,766

434,511

(3,794)

(85,811)

Class

S

Proceeds

from

shares

sold

24,451

538,002

60,580

1,318,647

Proceeds

from

reinvestment

of

distributions

3,412

74,914

7,048

152,962

Payments

for

shares

redeemed

(29,177)

(641,114)

(44,249)

(959,818)

Net

increase

(decrease)

(1,314)

(28,198)

23,379

511,791

Total

increase

(decrease)

18,511

$

407,685

19,654

$

427,477

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

600

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

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

22.10 22.04 20.97 20.93 23.94 23.67 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.34

.67

.63

.55

.39

.40

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.08)

.12

1.12 .10

(2.92)

.36

$

Total

from

Investment

Operations

.26

.79

1.75 .65

(2.53)

.76

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.35)

(.73)

(.68)

(.61)

(.48)

(.49)

$

Total

Distributions

(.35)

(.73)

(.68)

(.61)

(.48)

(.49)

$

Net

Asset

Value,

End

of

Period

22.01 22.10 22.04 20.97 20.93 23.94 %

Total

Return

(±)(ǿ)

1.20 3.70 8.39 3.03 (10.70)

3.22 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 49,139

47,358

44,132

34,759

30,595

39,060

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.82

.82

.82

.83

.84

.84

%

Expenses,

Net

(Ƃ)(ɯ)

.80

.80

.80

.81

.82

.82

%

Net

Investment

Income

(Ƃ)(ɯ)

3.08 3.09 2.87 2.55 1.74 1.67 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

21.94 21.89 20.83 20.80 23.78 23.53 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.26

.52

.47

.39

.23

.23

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.07)

.11

1.12 .09

(2.89)

.34

$

Total

from

Investment

Operations

.19

.63

1.59 .48

(2.66)

.57

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.28)

(.58)

(.53)

(.45)

(.32)

(.32)

$

Total

Distributions

(.28)

(.58)

(.53)

(.45)

(.32)

(.32)

$

Net

Asset

Value,

End

of

Period

21.85 21.94 21.89 20.83 20.80 23.78 %

Total

Return

(ǿ)

.86

2.95 7.65 2.28 (11.29)

2.44 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 17,490

18,251

19,769

18,352

20,240

26,500

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.57 1.57 1.57 1.58 1.59 1.59 %

Expenses,

Net

(Ƃ)(ɯ)

1.51 1.51 1.51 1.52 1.53 1.53 %

Net

Investment

Income

(Ƃ)(ɯ)

2.36 2.38 2.15 1.82 1.03 .96

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

601

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

22.01 21.95 20.89 20.85 23.85 23.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.38

.76

.72

.64

.48

.49

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.08)

.12

1.10 .09

(2.91)

.36

$

Total

from

Investment

Operations

.30

.88

1.82 .73

(2.43)

.85

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.39)

(.82)

(.76)

(.69)

(.57)

(.58)

$

Total

Distributions

(.39)

(.82)

(.76)

(.69)

(.57)

(.58)

$

Net

Asset

Value,

End

of

Period

21.92 22.01 21.95 20.89 20.85 23.85 %

Total

Return

(ǿ)

1.39 4.12 8.78 3.43 (10.34)

3.63 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,128,125

1,701,866

1,780,639

1,381,959

1,168,139

1,168,245

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.57

.57

.57

.58

.59

.59

%

Expenses,

Net

(Ƃ)(ɯ)

.41

.41

.41

.42

.43

.43

%

Net

Investment

Income

(Ƃ)(ɯ)

3.47 3.48 3.26 2.94 2.16 2.04 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

22.01 21.95 20.88 20.85 23.84 23.58 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.37

.73

.69

.61

.46

.47

$

Net

Realized

and

Unrealized

Gain

(Loss)

(.09)

.13

1.12 .09

(2.90)

.35

$

Total

from

Investment

Operations

.28

.86

1.81 .70

(2.44)

.82

Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.38)

(.80)

(.74)

(.67)

(.55)

(.56)

$

Total

Distributions

(.38)

(.80)

(.74)

(.67)

(.55)

(.56)

$

Net

Asset

Value,

End

of

Period

21.91 22.01 21.95 20.88 20.85 23.84 %

Total

Return

(ǿ)

1.30 4.01 8.73 3.28 (10.40)

3.49 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,377,173

4,424,397

3,899,617

3,307,425

2,795,945

3,006,439

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.57

.57

.57

.58

.59

.59

%

Expenses,

Net

(Ƃ)(ɯ)

.51

.51

.51

.52

.53

.53

%

Net

Investment

Income

(Ƃ)(ɯ)

3.36 3.39 3.16 2.84 2.05 1.96 %

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

602

Tax-Exempt

Bond

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,608,977

Administrative

fees

251,544

Distribution

fees

20,934

Shareholder

servicing

fees

3,616

Transfer

agent

fees

578,673

Trustees'

fees

11,827

$

2,475,571

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

—

$

418,851

$

418,850

$

(1) $

—

$

—

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

6,503,600,531

$

27,666,407

$

(14,887,937)

$

12,778,470

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

603

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.9%
Australia

-

6.9%

APA

Group

225,868

1,682

Atlas

Arteria,

Ltd.

2,117,659

7,323

Cleanaway

Waste

Management,

Ltd.

560,831

900

Dalrymple

Bay

Infrastructure,

Ltd.

509,672

1,993

NEXTDC,

Ltd.(Æ)

236,146

2,455

Qube

Holdings,

Ltd.

1,532,007

5,563

Transurban

Group(Æ)

2,247,063

22,817

42,733

Belgium

-

0.4%

Elia

Group

SA(Æ)

15,480

2,575

Brazil

-

0.6%

Cia

Paranaense

de

Energia

-

Copel

334,606

1,075

Motiva

Infraestrutura

de

Mobilidade

SA

260,996

843

Rumo

SA

475,782

1,511

3,429

Canada

-

6.8%

Algonquin

Power

&

Utilities

Corp.

455,287

2,856

AltaGas,

Ltd.

50,396

1,889

Brookfield

Renewable

Corp.

27,447

995

Canadian

National

Railway

Co.

14,940

1,675

Canadian

Pacific

Kansas

City,

Ltd.

35,700

3,104

Enbridge,

Inc.

193,201

10,710

Keyera

Corp.

49,793

1,924

Pembina

Pipeline

Corp.

31,695

1,475

Rockpoint

Gas

Storage,

Inc.

Class

A

42,191

920

South

Bow

Corp.

Class

W

4,644

TC

Energy

Corp.

246,150

16,505

42,212

China

-

1.8%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

6,508,000

1,583

China

Merchants

Port

Holdings

Co.,

Ltd.

468,000

931

China

Tower

Corp.,

Ltd.

Class

H(Þ)

3,106,900

4,397

COSCO

SHIPPING

Ports,

Ltd.

116,000

ENN

Energy

Holdings,

Ltd.

427,582

3,337

Zhejiang

Expressway

Co.,

Ltd.

Class

H

1,012,000

1,003

11,332

Denmark

-

0.8%

Orsted

A/S

Class

A(Æ)(Þ)

188,915

5,063

France

-

5.9%

Aeroports

de

Paris

SA

91,384

11,102

Engie

SA

166,852

5,510

Getlink

SE

750,273

16,810

Veolia

Environnement

SA

53,691

2,271

Vinci

SA

5,608

848

36,541

Germany

-

1.6%

E.ON

SE

223,635

4,953

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

24,433

2,003

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RWE

AG

36,456

2,651

9,607

Greece

-

0.3%

GEK

TERNA

SA

27,538

1,328

Public

Power

Corp.

SA

24,993

532

1,860

Hong

Kong

-

0.7%

CLP

Holdings,

Ltd.

429,500

4,121

Power

Assets

Holdings,

Ltd.

7,500

4,183

Italy

-

2.2%

Enav

SpA(Þ)

102,737

603

Enel

SpA

482,452

5,629

Hera

SpA

1,128,887

5,330

Infrastrutture

Wireless

Italiane

SpA(Þ)

60,793

518

Italgas

SpA

94,398

1,141

Terna

-

Rete

Elettrica

Nazionale

5,272

13,284

Japan

-

1.4%

Central

Japan

Railway

Co.

1,900

Chubu

Electric

Power

Co.,

Inc.

4,400

East

Japan

Railway

Co.

15,400

Japan

Airport

Terminal

Co.,

Ltd.

158,100

5,108

Kansai

Electric

Power

Co.,

Inc.

(The)

35,900

577

Osaka

Gas

Co.,

Ltd.

13,600

Tokyo

Metro

Co.,

Ltd.

75,900

761

West

Japan

Railway

Co.

65,700

1,190

8,586

Malaysia

-

0.2%

Tenaga

Nasional

Berhad

393,600

1,445

Mexico

-

6.1%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

40,662

4,311

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

100,147

1,329

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

16,915

4,261

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

538,886

13,518

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

9,299

2,844

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

313,781

9,562

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

131,756

2,086

37,911

Netherlands

-

0.0%

Koninklijke

Vopak

NV

767

New

Zealand

-

1.2%

Auckland

International

Airport,

Ltd.

1,287,544

6,284

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

604

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Infratil,

Ltd.

142,206

1,052

7,336

Philippines

-

0.4%

International

Container

Terminal

Services,

Inc.

188,575

2,194

Singapore

-

0.3%

Sembcorp

Industries,

Ltd.

392,500

2,054

Spain

-

5.6%

Aena

SME

SA(Þ)

791,948

21,631

Cellnex

Telecom

SA(Þ)

29,066

978

Iberdrola

SA

504,869

11,834

Redeia

Corp.

SA

6,869

34,563

Switzerland

-

1.5%

Flughafen

Zurich

AG

32,686

9,283

United

Kingdom

-

4.8%

National

Grid

PLC

992,756

17,759

National

Grid

PLC

-

ADR

877

Pennon

Group

PLC

109,914

823

Severn

Trent

PLC

Class

H

42,590

1,898

SSE

PLC

54,056

1,945

United

Utilities

Group

PLC

349,717

6,947

29,450

United

States

-

45.4%

Alliant

Energy

Corp.

100,075

7,349

Ameren

Corp.

51,984

5,908

American

Electric

Power

Co.,

Inc.

131,454

18,024

Atmos

Energy

Corp.

3,629

689

Black

Hills

Corp.

16,952

1,276

Casella

Waste

Systems,

Inc.

Class

A(Æ)

1,498

CenterPoint

Energy,

Inc.

142,757

6,231

Cheniere

Energy,

Inc.

51,445

14,145

CMS

Energy

Corp.

773

Constellation

Energy

Corp.

26,679

8,351

Crown

Castle,

Inc.(ö)

33,377

2,963

CSX

Corp.

143,885

6,537

Digital

Realty

Trust,

Inc.(ö)

12,084

2,428

Dominion

Energy,

Inc.

63,498

4,096

DT

Midstream,

Inc.

57,588

8,522

DTE

Energy

Co.

6,458

980

Duke

Energy

Corp.

76,368

9,893

Entergy

Corp.

134,215

15,825

Equinix,

Inc.(ö)

1,643

1,779

Evergy,

Inc.

45,459

3,766

Eversource

Energy

2,433

Ferrovial

SE

15,601

1,072

GFL

Environmental,

Inc.

95,949

3,849

H2O

America

14,090

792

IDACORP,

Inc.

12,464

1,841

Kinder

Morgan,

Inc.

232,068

7,628

Kinetik

Holdings,

Inc.

11,127

562

NextEra

Energy,

Inc.

297,670

29,136

NiSource,

Inc.

159,936

7,722

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Norfolk

Southern

Corp.

2,997

947

NRG

Energy,

Inc.

20,051

3,120

ONEOK,

Inc.

168,484

15,578

PG&E

Corp.

205,048

3,408

PPL

Corp.

8,864

Public

Service

Enterprise

Group,

Inc.

66,744

5,450

Republic

Services,

Inc.

Class

A

6,292

1,316

SBA

Communications

Corp.(ö)

15,243

3,372

Sempra

112,661

10,716

Southern

Co.

(The)

11,051

1,069

Southwest

Gas

Holdings,

Inc.

5,182

Targa

Resources

Corp.

63,932

16,627

UGI

Corp.

64,442

2,326

Union

Pacific

Corp.

9,468

2,551

Venture

Global,

Inc.

Class

A

39,916

530

Vistra

Corp.

14,955

2,360

Waste

Connections,

Inc.

19,617

3,231

Waste

Management,

Inc.

19,454

4,524

WEC

Energy

Group,

Inc.

3,266

Williams

Cos.,

Inc.

(The)

174,062

13,283

Xcel

Energy,

Inc.

201,912

16,749

280,075

#### Total

#### Common

#### Stocks
(cost

$451,020)

585,754

#### Short-Term

#### Investments

#### -

#### 4.3%
United

States

-

4.3%

U.S.

Cash

Management

Fund(@)

26,904,152

(∞)

26,899

#### Total

#### Short-Term

#### Investments
(cost

$26,899)

26,899

#### Total

#### Investments

#### -

#### 99.2%
(identified

cost

$477,919)

612,653

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.8%
4,786

#### Net

#### Assets

#### -

#### 100.0%
617,439

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

605

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $5.4%

Aena

SME

SA

02/11/15

EUR

791,948

18.33 14,518

21,631

Cellnex

Telecom

SA

03/20/19

EUR

29,066

29.46 856

978

China

Tower

Corp.,

Ltd.

03/03/25

HKD

3,106,900

1.44 4,466

4,397

Enav

SpA

04/07/25

EUR

102,737

4.48 460

603

Infrastrutture

Wireless

Italiane

SpA

06/18/15

EUR

60,793

7.07 430

518

Orsted

A/S

10/06/25

DKK

188,915

20.04 3,786

5,063

33,190

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

4,964

06/26

MSCI

Emerging

Markets

Index

Futures

USD

735

06/26

S&P

E-Mini

Energy

Select

Sector

Futures

USD

3,768

06/26

S&P

E-Mini

Utilities

Select

Sector

Futures

USD

13,581

06/26

SPI

Index

Futures

AUD

4,117

06/26

(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

709

AUD

1,000

06/17/26

Bank

of

America

USD

1,769

EUR

1,500

06/17/26

(5) Bank

of

America

AUD

650

USD

06/17/26

(16) Bank

of

America

AUD

1,000

USD

688

06/17/26

(31) Bank

of

America

EUR

600

USD

697

06/17/26

(8) BNP

Paribas

USD

1,463

AUD

2,044

06/17/26

BNP

Paribas

USD

2,009

EUR

1,728

06/17/26

Morgan

Stanley

USD

1,460

AUD

2,044

06/17/26

Morgan

Stanley

USD

2,011

EUR

1,728

06/17/26

State

Street

USD

AUD

06/17/26

State

Street

USD

EUR

06/17/26

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

$

—

$

42,733

$

—

$

—

$

42,733

Belgium

—

2,575

—

—

2,575

Brazil

3,429

—

—

—

3,429

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

606

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Canada

42,212

—

—

—

42,212

China

—

11,332

—

—

11,332

Denmark

—

5,063

—

—

5,063

France

—

36,541

—

—

36,541

Germany

—

9,607

—

—

9,607

Greece

—

1,860

—

—

1,860

Hong

Kong

—

4,183

—

—

4,183

Italy

—

13,284

—

—

13,284

Japan

—

8,586

—

—

8,586

Malaysia

—

1,445

—

—

1,445

Mexico

37,911

—

—

—

37,911

Netherlands

—

—

—

New

Zealand

—

7,336

—

—

7,336

Philippines

—

2,194

—

—

2,194

Singapore

—

2,054

—

—

2,054

Spain

—

34,563

—

—

34,563

Switzerland

—

9,283

—

—

9,283

United

Kingdom

29,372

—

—

29,450

United

States

279,003

1,072

—

—

280,075

Short-Term

Investments

—

—

—

26,899

26,899

Total

Investments

362,633

223,121

—

26,899

612,653

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Futures

Contracts

(25) —

—

—

(25) Foreign

Currency

Exchange

Contracts

—

(60) —

—

(60) 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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

607

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Infrastructure

#### Subindustry

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Airport

Services

.................................................................................

93,420

.1

Construction

&

Engineering

..............................................................

3,249

.5

Data

Center

REITs

.............................................................................

4,207

.7

Electric

Utilities

.................................................................................

149,085

.1

Environmental

&

Facilities

Services

.................................................

13,939

.3

Gas

Utilities

.......................................................................................

9,223

.5

Highways

&

Railtracks

......................................................................

50,884

.2

Independent

Power

Producers

&

Energy

Traders

..............................

5,011

.8

Integrated

Telecommunication

Services

............................................

5,893

.0

Internet

Services

&

Infrastructure

......................................................

2,455

.4

Marine

Ports

&

Services

....................................................................

10,762

.7

Multi-Sector

Holdings

.......................................................................

1,052

.2

Multi-Utilities

....................................................................................

87,453

.2

Oil

&

Gas

Exploration

&

Production

.................................................

530

.1

Oil

&

Gas

Storage

&

Transportation

.................................................

108,077

.5

Rail

Transportation

.............................................................................

18,657

.0

Renewable

Electricity

........................................................................

5,063

.8

Telecom

Tower

REITs

........................................................................

6,335

.0

Water

Utilities

....................................................................................

10,459

.7

#### Short-Term

#### Investments

#### .......................................................
26,899

.4

Total

Investments

...............................................................................

612,653

.2

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

608

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

1,376

$

—

Foreign

currency

exchange

contracts

—

(237) Total

$

1,376

$

(237) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

Total

$

$

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

609

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

$

$

—

$

—

BNP

Paribas

—

—

Morgan

Stanley

—

—

State

Street

—

—

Total

$

$

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

610

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

America

$

$

$

—

$

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.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

611

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

477,919

Investments,

at

fair

value(>)

........................................................................................................................................................

612,653

Foreign

currency

holdings(^)

.......................................................................................................................................................

2,046

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

591

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

1,845

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

618,226

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

787

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,439

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

138,822

Shares

of

beneficial

interest

.........................................................................................................................................................

556

Additional

paid-in

capital

............................................................................................................................................................

478,061

#### Net

#### Assets

#### ...............................................................................................................................................................
$

617,439

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

26,899

(^)

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

2,042

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

1,845

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

11.06 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

11.73 Class

A

—

Net

assets

...........................................................................................................................................................

$

6,223,375

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

562,540

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

10.85 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,791,617

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

165,074

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

11.08 Class

M

—

Net

assets

..........................................................................................................................................................

$

46,099,807

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

4,160,763

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

11.11 Class

S

—

Net

assets

............................................................................................................................................................

$

513,090,766

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

46,172,797

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

11.11 Class

Y

—

Net

assets

...........................................................................................................................................................

$

50,233,265

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

4,519,835

(#)

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.

612

Global

Infrastructure

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

7,464

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(518) Total

investment

income

.............................................................................................................................................................

7,362

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,094

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

..............................................................................................................................................

2,910

Expense

reductions

..........................................................................................................................................................

(470) Net

expenses

................................................................................................................................................................................

2,440

Net

investment

income

(loss)

.......................................................................................................................................................

4,922

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

7,988

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,376

Foreign

currency

exchange

contracts

...............................................................................................................................

(237) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

9,324

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

55,355

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

55,590

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

64,914

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

69,836

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

613

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

4,922

$

9,114

Net

realized

gain

(loss)

................................................................................................................

9,324

21,790

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

55,590

17,632

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

69,836

48,536

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(644) (375) Class

C

.....................................................................................................................................

(103) (69) Class

M

....................................................................................................................................

(2,994)

(2,231)

Class

S

......................................................................................................................................

(17,682)

(12,842)

Class

Y

.....................................................................................................................................

(3,471)

(2,655)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(24,894)

(18,172)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

225,885

(25,853)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
270,827

4,511

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

346,612

342,101

End

of

period

......................................................................................................................................

$

617,439

$

346,612

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

614

Global

Infrastructure

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

3,956

Proceeds

from

reinvestment

of

distributions

644

Payments

for

shares

redeemed

(457) (4,713)

(98) (966) Net

increase

(decrease)

(348) (3,612)

3,365

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(13) (13

2)

(32) (306) Net

increase

(decrease)

(12) (113) Class

M

Proceeds

from

shares

sold

3,936

783

7,696

Proceeds

from

reinvestment

of

distributions

2,994

2,231

Payments

for

shares

redeemed

(57

5)

(6,059)

(1,895)

(18,644)

Net

increase

(decrease)

871

(873) (8,717)

Class

S

Proceeds

from

shares

sold

25,921

266,347

3,872

38,117

Proceeds

from

reinvestment

of

distributions

1,682

16,618

1,170

10,873

Payments

for

shares

redeemed

(4,897)

(52,679)

(6,440)

(64,151)

Net

increase

(decrease)

22,706

230,286

(1,398)

(15,161)

Class

Y

Proceeds

from

shares

sold

784

1,788

Proceeds

from

reinvestment

of

distributions

3,471

2,655

Payments

for

shares

redeemed

(56

2)

(6,032)

(1,001)

(9,670)

Net

increase

(decrease)

(13

4)

(1,777)

(543) (5,227)

Total

increase

(decrease)

22,338

$

225,885

(2,483)

$

(25,853)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

615

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.38 9.54 7.67 8.13 10.16 8.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.09

.23

.22

.19

.14

.19

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.31 1.11 1.86 (.36)

(.69)

1.97 $

Total

from

Investment

Operations

1.40 1.34 2.08 (.17)

(.55)

2.16 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.14)

(.29)

(.21)

(.17)

(.24)

(.26)

$

Distributions

from

Net

Realized

Gain

(.58)

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.72)

(.50)

(.21)

(.29)

(1.48)

(.75)

$

Net

Asset

Value,

End

of

Period

11.06 10.38 9.54 7.67 8.13 10.16 %

Total

Return

(±)(ǿ)

14.41 14.68 27.37 (2.35)

(5.95)

25.50 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 6,223

9,453

5,415

3,574

4,039

4,719

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.45 1.47 1.61 1.96 2.17 2.00 %

Expenses,

Net

(Ƃ)(ɯ)

1.26 1.26 1.27 1.28 1.28 1.30 %

Net

Investment

Income

(Ƃ)(ɯ)

1.68 2.35 2.45 2.25 1

.58

1.99 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.21 9.40 7.55 8.01 10.03 8.64 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.05

.15

.15

.12

.07

.12

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.28 1.09 1.85 (.36)

(.68)

1.94 $

Total

from

Investment

Operations

1.33 1.24 2.00 (.24)

(.61)

2.06 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.22)

(.15)

(.10)

(.17)

(.18)

$

Distributions

from

Net

Realized

Gain

(.58)

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.69)

(.43)

(.15)

(.22)

(1

.41)

(.67)

$

Net

Asset

Value,

End

of

Period

10.85 10.21 9.40 7.55 8.01 10.03 %

Total

Return

(ǿ)

13.88 13.84 26.57 (3.15)

(6.67)

24.65 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 1,792

1,567

1,554

1,557

2,104

2,547

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.20 2.22 2.37 2.71 2.92 2.75 %

Expenses,

Net

(Ƃ)(ɯ)

2.01 2.01 2.02 2

.03

2.03 2.05 %

Net

Investment

Income

(Ƃ)(ɯ)

.99

1.59 1.74 1.47 .84

1.23 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

616

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.40 9.55 7.68 8.13 10.17 8.76 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.27

.25

.22

.17

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.31 1.11 1.86 (.35)

(.70)

1.99 $

Total

from

Investment

Operations

1.42 1.38 2.11 (.13)

(.53)

2.19 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.32)

(.24)

(.20)

(.27)

(.29)

$

Distributions

from

Net

Realized

Gain

(.58)

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.74)

(.53)

(.24)

(.32)

(1.51)

(.78)

$

Net

Asset

Value,

End

of

Period

11.08 10.40 9.55 7.68 8.13 10.17 %

Total

Return

(ǿ)

14.62 15.13 27.74 (1.87)

(5.70)

25.91 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 46,100

42,222

47,115

37,232

8,829

8,775

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.20 1.22 1.36 1.70 1.92 1.78 %

Expenses,

Net

(Ƃ)(ɯ)

.91

.91

.92

.93

.93

.95

%

Net

Investment

Income

(Ƃ)(ɯ)

2.07 2.72 2.83 2.61 1.92 2

.07

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.43 9.58 7.70 8.16 10.20 8.78 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.10

.26

.24

.21

.16

.20

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.32 1.11 1.87 (.36)

(.70)

1.99 $

Total

from

Investment

Operations

1.42 1.37 2.11 (.15)

(.54)

2.19 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.31)

(.23)

(.19)

(.26)

(.28)

$

Distributions

from

Net

Realized

Gain

(.58)

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.74)

(.52)

(.23)

(.31)

(1

.50)

(.77)

$

Net

Asset

Value,

End

of

Period

11.11 10.43 9.58 7.70 8.16 10.20 %

Total

Return

(ǿ)

14.52 14.97 27.69 (2.08)

(5.79)

25.84 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 513,091

244,819

238,223

141,617

53,243

73,700

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.19 1.22 1.36 1.71 1.91 1.77 %

Expenses,

Net

(Ƃ)(ɯ)

1.01 1.01 1

.02

1.03 1.03 1.05 %

Net

Investment

Income

(Ƃ)(ɯ)

1.98 2.61 2.75 2.48 1.81 2.10 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

617

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.43 9.58 7.70 8.16 10.20 8.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.27

.26

.25

.18

.24

$

Net

Realized

and

Unrealized

Gain

(Loss)

1.32 1.12 1.87 (.39)

(.70)

1.98 $

Total

from

Investment

Operations

1.43 1.39 2.13 (.14)

(.52)

2.22 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.17)

(.33)

(.25)

(.20)

(.28)

(.30)

$

Distributions

from

Net

Realized

Gain

(.58)

(.21)

—

(.12)

(1.24)

(.49)

$

Total

Distributions

(.75)

(.54)

(.25)

(.32)

(1.52)

(.79)

$

Net

Asset

Value,

End

of

Period

11.11 10.43 9.58 7.70 8.16 10.20 %

Total

Return

(ǿ)

14.61 15.17 27.89 (1.92)

(5.60)

26.21 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 50,233

48,551

49,794

45,107

6,619

6,380

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.00 1.03 1.17 1.51 1.72 1.54 %

Expenses,

Net

(Ƃ)(ɯ)

.83

.83

.84

.85

.85

.87

%

Net

Investment

Income

(Ƃ)(ɯ)

2.13 2.74 2.92 2.99 1.99 2

.44

%

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

618

Global

Infrastructure

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

341,341

Administrative

fees

23,32

Distribution

fees

2,327

Shareholder

servicing

fees

Transfer

agent

fees

78,631

$

445,98

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

6,628

$

413,407

$

393,140

$

$

—

$

26,899

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

486,379,228

$

129,295,316

$

(2,652,219)

$

126,643,097

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

619

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 97.1%
Australia

-

5.9%

Charter

Hall

Group(ö)

20,558

Dexus(ö)

488,885

2,199

Gemlife

Communities

Group(Æ)

98,309

Goodman

Group(ö)

496,803

10,748

HomeCo

Daily

Needs

REIT(ö)(Þ)

827,204

758

Ingenia

Communities

Group(ö)

421,976

1,212

Mirvac

Group(ö)

673,471

827

NEXTDC,

Ltd.(Æ)

231,742

2,409

Scentre

Group(ö)

1,593,176

4,290

Stockland(ö)

300,317

878

Vicinity,

Ltd.(ö)

268,967

24,443

Belgium

-

1.3%

Aedifica

SA(ö)

30,397

2,575

Montea

NV(ö)

2,799

Shurgard

Self

Storage,

Ltd.(ö)

15,012

VGP

NV

5,429

562

Warehouses

De

Pauw

CVA(ö)

51,641

1,367

5,201

Canada

-

1.3%

Chartwell

Retirement

Residences

61,828

981

Choice

Properties

Real

Estate

Investment

Trust(ö)

57,713

640

First

Capital

Real

Estate

Investment

Trust(ö)

28,109

Granite

Real

Estate

Investment

Trust(ö)

21,543

1,457

RioCan

Real

Estate

Investment

Trust(ö)

119,599

1,872

5,434

China

-

0.1%

GDS

Holdings,

Ltd.

Class

A(Æ)

83,500

France

-

2.5%

ARGAN

SA(ö)

912

Covivio

SA(ö)

17,005

1,125

Klepierre

SA(ö)

88,860

3,600

Mercialys

SA(ö)

54,928

805

Unibail

-

Rodamco

-Westfield(ö)

37,504

4,571

10,167

Germany

-

1.9%

LEG

Immobilien

SE

3,081

Sirius

Real

Estate,

Ltd.(ö)

687,462

939

TAG

Immobilien

AG

194,039

3,372

Vonovia

SE

121,887

3,281

7,808

Hong

Kong

-

3.4%

Henderson

Land

Development

Co.,

Ltd.

83,000

Hongkong

Land

Holdings,

Ltd.

276,600

2,194

Hysan

Development

Co.,

Ltd.

245,000

616

Link

REIT(ö)

768,183

3,862

Sun

Hung

Kai

Properties,

Ltd.

329,543

5,780

SUNeVision

Holdings,

Ltd.

311,000

Swire

Properties,

Ltd.

218,000

697

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wharf

Real

Estate

Investment

Co.,

Ltd.

48,000

13,874

Israel

-

0.2%

Melisron

,

Ltd.

5,071

754

Japan

-

8.8%

Activia

Properties,

Inc.(ö)

Daiwa

Securities

Living

Investments

Corp.(ö)

1,246

855

GLP

J-REIT(ö)

935

811

Hoshino

Resorts

REIT,

Inc.(ö)

Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

Invincible

Investment

Corp.(ö)

1,118

Japan

Hotel

REIT

Investment

Corp.(ö)

938

Japan

Metropolitan

Fund

Investment

Corp.(ö)

3,446

2,555

Japan

Real

Estate

Investment

Corp.(ö)

2,926

2,242

KDX

Realty

Investment

Corp.

Class

A(ö)

1,971

2,062

Keihanshin

Building

Co.,

Ltd.

90,300

1,095

Mitsubishi

Estate

Co.,

Ltd.

180,518

5,147

Mitsui

Fudosan

Accommodations

Fund,

Inc.(ö)

614

513

Mitsui

Fudosan

Co.,

Ltd.

689,481

7,542

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

2,254

1,615

Mori

Trust

Reit

,

Inc.(ö)

Nippon

Building

Fund,

Inc.(ö)

1,175

988

Nippon

Prologis

REIT,

Inc.(ö)

3,597

2,060

Nomura

Real

Estate

Master

Fund,

Inc.(ö)

2,020

2,086

Sumitomo

Realty

&

Development

Co.,

Ltd.

176,800

5,511

36,614

Netherlands

-

0.1%

CTP

NV(Þ)

28,649

545

Singapore

-

3.6%

CapitaLand

Ascendas

REIT(ö)

529,100

1,039

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

2,922,884

5,431

Capitaland

Investment,

Ltd.

875,500

1,922

Centurion

Accommodation

REIT(ö)

2,685,800

2,325

City

Developments,

Ltd.

13,900

Digital

Core

REIT

Management

Pte,

Ltd.

(ö)

1,179,000

609

Frasers

Centrepoint

Trust(ö)

80,700

Keppel

REIT(ö)

1,611,900

1,136

Lendlease

Global

Commercial

REIT(ö)

346,600

Mapletree

Logistics

Trust(ö)

194,200

Parkway

Life

Real

Estate

Investment

Trust(ö)

40,282

Suntec

Real

Estate

Investment

Trust(ö)

75,200

UOL

Group,

Ltd.

178,400

1,497

14,755

Spain

-

0.4%

Cellnex

Telecom

SA(Þ)

3,879

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

620

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Merlin

Properties

Socimi

SA(ö)

94,883

1,656

1,787

Sweden

-

1.3%

Atrium

Ljungberg

AB

Class

B

72,464

Castellum

AB

45,265

579

Catena

AB

29,800

1,405

Fastighets

AB

Balder

Class

B(Æ)

277,437

1,656

Swedish

Logistic

Property

AB

Class

B(Æ)

92,922

Wihlborgs

Fastigheter

AB

122,055

1,080

5,334

Switzerland

-

1.4%

Swiss

Prime

Site

AG

Class

A

32,685

5,668

United

Kingdom

-

3.1%

Big

Yellow

Group

PLC(ö)

37,366

British

Land

Co.

PLC

(The)(ö)

445,377

2,367

Derwent

London

PLC(ö)

6,420

Grainger

PLC(ö)

298,542

655

Land

Securities

Group

PLC(ö)

142,645

1,157

LondonMetric

Property

PLC(ö)

686,121

1,778

PRS

REIT

PLC

(The)(ö)(Š)

20,422

—

Safestore

Holdings

PLC(ö)

67,164

615

Segro

PLC(ö)

527,505

5,044

Shaftesbury

Capital

PLC(ö)

59,122

Unite

Group

PLC

(The)(ö)

91,692

581

12,913

United

States

-

61.8%

Agree

Realty

Corp.(ö)

77,566

5,981

American

Healthcare

REIT,

Inc.(ö)

1,919

American

Homes

Rent

Class

A(ö)

20,736

660

Brixmor

Property

Group,

Inc.(ö)

116,545

3,507

BXP,

Inc.(ö)

58,372

3,412

Caesars

Entertainment,

Inc.(Æ)

37,690

1,048

Camden

Property

Trust(ö)

30,008

3,152

CareTrust

REIT,

Inc.(ö)

87,922

3,469

Cousins

Properties,

Inc.(ö)

5,502

Crown

Castle,

Inc.(ö)

40,174

3,567

CubeSmart

(ö)

4,776

Curbline

Properties

Corp.(ö)

30,600

845

Digital

Realty

Trust,

Inc.(ö)

95,056

19,101

EastGroup

Properties,

Inc.(ö)

15,893

3,198

Equinix,

Inc.(ö)

19,848

21,492

Equity

Residential(ö)

109,716

7,173

Essential

Properties

Realty

Trust,

Inc.(ö)

117,495

3,693

Essex

Property

Trust,

Inc.(ö)

12,296

3,236

Extra

Space

Storage,

Inc.(ö)

62,054

8,894

First

Industrial

Realty

Trust,

Inc.(ö)

67,574

4,190

Gaming

and

Leisure

Properties,

Inc.(ö)

99,965

4,844

Healthcare

Realty

Trust,

Inc.(ö)

128,735

2,407

Healthpeak

Properties,

Inc.(ö)

56,342

911

Highwoods

Properties,

Inc.(ö)

1,124

Host

Hotels

&

Resorts,

Inc.(ö)

342,312

7,233

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

35,211

Invitation

Homes,

Inc.(ö)

218,359

6,282

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Iron

Mountain,

Inc.(ö)

63,309

7,976

Janus

Living,

Inc.(ö)

51,639

1,355

Kilroy

Realty

Corp.(ö)

2,283

Kimco

Realty

Corp.(ö)

197,221

4,662

Kite

Realty

Group

Trust(ö)

77,759

2,034

Macerich

Co.

(The)(ö)

43,853

953

Mid-America

Apartment

Communities,

Inc.(ö)

19,596

2,531

National

Storage

Affiliates

Trust(ö)

64,677

2,753

NETSTREIT

Corp.(ö)

22,679

Omega

Healthcare

Investors,

Inc.(ö)

44,482

2,089

Outfront

Media,

Inc.(ö)

46,509

1,435

PACS

Group,

Inc.(Æ)

16,278

546

Piedmont

Realty

Trust,

Inc.

Class

A(Æ)

(ö)

78,382

655

Prologis,

Inc.(ö)

159,498

22,652

Public

Storage(ö)

24,980

7,555

Rayonier,

Inc.(ö)

51,277

1,088

Realty

Income

Corp.(ö)

143,457

9,216

Regency

Centers

Corp.(ö)

39,160

3,049

SBA

Communications

Corp.(ö)

4,014

888

Simon

Property

Group,

Inc.(ö)

55,145

11,234

SL

Green

Realty

Corp.(ö)

39,387

1,670

Smartstop

Self

Storage

REIT,

Inc.(ö)

4,477

Sun

Communities,

Inc.(ö)

67,066

8,574

UDR,

Inc.(ö)

77,481

2,816

Ventas,

Inc.(ö)

58,823

5,168

VICI

Properties,

Inc.(ö)

16,515

Vornado

Realty

Trust(ö)

38,039

1,137

Welltower,

Inc.(ö)

153,222

33,301

255,581

#### Total

#### Common

#### Stocks
(cost

$284,318)

401,319

#### Short-Term

#### Investments

#### -

#### 2.5%
United

States

-

2.5%

U.S.

Cash

Management

Fund(@)

10,323,617

(∞)

10,322

#### Total

#### Short-Term

#### Investments
(cost

$10,321)

10,322

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$294,639)

411,641

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
1,840

#### Net

#### Assets

#### -

#### 100.0%
413,481

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

621

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $0.3%

Cellnex

Telecom

SA

11/06/23

EUR

3,879

32.58 126

CTP

NV

04/16/21

EUR

28,649

15.89 455

545

HomeCo

Daily

Needs

REIT

09/04/25

AUD

827,204

0.91 755

758

1,434

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

10,951

06/26

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

AUD

05/04/26

Bank

of

America

USD

EUR

05/04/26

—

Bank

of

America

USD

HKD

854

05/04/26

—

Bank

of

America

USD

SGD

05/04/26

Bank

of

America

USD

1,125

SGD

1,438

05/05/26

Bank

of

America

AUD

USD

05/01/26

(1) Bank

of

America

CHF

USD

05/04/26

(2) Bank

of

America

EUR

USD

05/04/26

(1) Bank

of

America

HKD

3,190

USD

05/04/26

—

Bank

of

America

JPY

63,383

USD

05/07/26

(7) Bank

of

America

SEK

1,245

USD

05/04/26

(1) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(5) #### 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

$

—

$

24,443

$

—

$

—

$

24,443

Belgium

—

5,201

—

—

5,201

Canada

5,434

—

—

—

5,434

China

—

—

—

France

—

10,167

—

—

10,167

Germany

—

7,808

—

—

7,808

Hong

Kong

—

13,874

—

—

13,874

Israel

—

754

—

—

754

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

622

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Japan

—

36,614

—

—

36,614

Netherlands

—

545

—

—

545

Singapore

—

14,755

—

—

14,755

Spain

—

1,787

—

—

1,787

Sweden

—

5,334

—

—

5,334

Switzerland

—

5,668

—

—

5,668

United

Kingdom

—

12,913

—

—

12,913

United

States

255,581

—

—

—

255,581

Short-Term

Investments

—

—

—

10,322

10,322

Total

Investments

261,015

140,304

—

10,322

411,641

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

Foreign

Currency

Exchange

Contracts

—

—

—

Liabilities

Foreign

Currency

Exchange

Contracts

(12) —

—

—

(12) 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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Property

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets

#### Common

#### Stocks
Diversified

..........................................................................................

82,413

.9

Healthcare

..........................................................................................

49,097

.9

Industrial

............................................................................................

54,435

.2

Lodging/Resorts

.................................................................................

16,540

.0

Office

..................................................................................................

21,215

.1

Residential

..........................................................................................

50,386

.2

Retail

..................................................................................................

63,251

.3

Self

Storage

........................................................................................

21,074

.1

Technology

.........................................................................................

42,908

.4

#### Short-Term

#### Investments

#### .......................................................
10,322

.5

Total

Investments

...............................................................................

411,641

.6

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

623

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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

$

$

—

Foreign

currency

exchange

contracts

—

(1) Total

$

$

(1) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

932

$

—

Foreign

currency

exchange

contracts

—

(5) Total

$

932

$

(5) \*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

624

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

(7) —

(7) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

—

$

—

$

—

#### 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

(12) —

(12) 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

625

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

294,639

Investments,

at

fair

value(>)

........................................................................................................................................................

411,641

Foreign

currency

holdings(^)

.......................................................................................................................................................

579

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

787

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

3,450

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

604

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

417,858

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

3,756

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

4,377

#### Net

#### Assets

#### ...............................................................................................................................................................
$

413,481

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

626

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

40,423

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

372,932

#### Net

#### Assets

#### ...............................................................................................................................................................
$

413,481

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

10,322

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

574

(a)&nbsp;&nbsp;&nbsp;&nbsp;

R

eceivable

from

Broker

for

Futures

...................................................................................................................................

$

604

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

31.72 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

33.66 Class

A

—

Net

assets

...........................................................................................................................................................

$

9,884,259

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

311,640

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

29.87 Class

C

—

Net

assets

...........................................................................................................................................................

$

4,726,457

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

158,249

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

32.90 Class

M

—

Net

assets

..........................................................................................................................................................

$

76,974,613

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,339,558

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

32.96 Class

R6

—

Net

assets

.........................................................................................................................................................

$

3,479,544

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

105,554

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

32.95 Class

S

—

Net

assets

............................................................................................................................................................

$

262,044,349

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,953,308

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

32.95 Class

Y

—

Net

assets

...........................................................................................................................................................

$

56,371,888

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,710,913

(#)

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

627

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

6,892

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(251) Total

investment

income

.............................................................................................................................................................

6,927

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,573

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

..............................................................................................................................................

2,279

Expense

reductions

..........................................................................................................................................................

(192) Net

expenses

................................................................................................................................................................................

2,087

Net

investment

income

(loss)

.......................................................................................................................................................

4,840

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

4,123

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

(1) Foreign

currency-related

transactions

..............................................................................................................................

(3) Net

realized

gain

(loss)

................................................................................................................................................................

4,214

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

30,797

Futures

contracts

..............................................................................................................................................................

932

Foreign

currency

exchange

contracts

...............................................................................................................................

(5) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

31,764

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

35,978

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

40,818

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

628

Global

Real

Estate

Securities

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

4,840

$

8,712

Net

realized

gain

(loss)

................................................................................................................

4,214

8,643

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

31,764

(12,872)

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

40,818

4,483

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(135) (307) Class

C

.....................................................................................................................................

(52) (137) Class

M

....................................................................................................................................

(1,094)

(1,995)

Class

R6

...................................................................................................................................

(51) (126) Class

S

......................................................................................................................................

(3,749)

(8,134)

Class

Y

.....................................................................................................................................

(869) (1,954)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(5,950)

(12,653)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(2,387)

(18,707)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
32,481

(26,877)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

381,000

407,877

End

of

period

......................................................................................................................................

$

413,481

$

381,000

#### 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

629

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

500

$

844

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(33) (989) (59) (1,683)

Net

increase

(decrease)

(12) (355) (18) (534) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(20) (560) (48) (1,303)

Net

increase

(decrease)

(16) (464) (37) (1,003)

Class

M

Proceeds

from

shares

sold

588

18,071

581

17,134

Proceeds

from

reinvestment

of

distributions

1,094

1,994

Payments

for

shares

redeemed

(245) (7,610)

(932) (27,881)

Net

increase

(decrease)

11,555

(283) (8,753)

Class

R6

Proceeds

from

shares

sold

6,709

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(5) (160) (266) (7,789)

Net

increase

(decrease)

(31) (954)

Class

S

Proceeds

from

shares

sold

709

21,953

1,639

49,142

Proceeds

from

reinvestment

of

distributions

3,737

8,105

Payments

for

shares

redeemed

(1,175)

(36,598)

(1,857)

(54,953)

Net

increase

(decrease)

(343) (10,908)

2,294

Class

Y

Proceeds

from

shares

sold

641

3,803

Proceeds

from

reinvestment

of

distributions

869

1,954

Payments

for

shares

redeemed

(117) (3,789)

(531) (15,514)

Net

increase

(decrease)

(67) (2,279)

(339) (9,757)

Total

increase

(decrease)

(57) $

(2,387)

(651) $

(18,707)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

630

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

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

29.11 29.68 23.66 25.23 37.09 26.92 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.32

.58

.58

.59

.46

.63

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.72 (.23)

5.98 (1.62)

(9.80)

9.99 $

Total

from

Investment

Operations

3.04 .35

6.56 (1.03)

(9.34)

10.62 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.43)

(.92)

(.54)

(.54)

(1.12)

(.45)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.39)

—

$

Total

Distributions

(.43)

(.92)

(.54)

(.54)

(2.52)

(.45)

$

Net

Asset

Value,

End

of

Period

31.72 29.11 29.68 23.66 25.23 37.09 %

Total

Return

(±)(ǿ)

10.57 1.29 27.87 (4.24)

(26.85)

39.58 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 9,884

9,416

10,149

9,037

10,570

16,012

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.42 1.42 1.42 1.42 1.39 1.38 %

Expenses,

Net

(Ƃ)(ɯ)

1.34 1.34 1.35 1.37 1.34 1.33 %

Net

Investment

Income

(Ƃ)(ɯ)

2.18 2.03 2.10 2.24 1.44 1.87 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

27.43 28.02 22.39 23.95 35.34 25.77 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.20

.35

.36

.37

.21

.35

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.56 (.23)

5.65 (1.53)

(9.31)

9.55 $

Total

from

Investment

Operations

2.76 .12

6.01 (1.16)

(9.10)

9.90 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.32)

(.71)

(.38)

(.40)

(.99)

(.33)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.29)

—

$

Total

Distributions

(.32)

(.71)

(.38)

(.40)

(2.29)

(.33)

$

Net

Asset

Value,

End

of

Period

29.87 27.43 28.02 22.39 23.95 35.34 %

Total

Return

(ǿ)

10.17 .52

26.94 (4.97)

(27.42)

38.50 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,726

4,797

5,932

5,678

7,166

11,271

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.17 2.17 2.17 2.17 2.14 2.13 %

Expenses,

Net

(Ƃ)(ɯ)

2.09 2.09 2.10 2.12 2.09 2.08 %

Net

Investment

Income

(Ƃ)(ɯ)

1.43 1.28 1.36 1.49 .68

1.09 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

631

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.18 30.74 24.48 26.06 38.24 27.71 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.40

.71

.70

.71

.59

.84

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.80 (.25)

6.20 (1.68)

(10.14)

10.22 $

Total

from

Investment

Operations

3.20 .46

6.90 (.97)

(9.55)

11.06 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.48)

(1.02)

(.64)

(.61)

(1.17)

(.53)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.45)

—

$

Total

Distributions

(.48)

(1.02)

(.64)

(.61)

(2.63)

(.53)

$

Net

Asset

Value,

End

of

Period

32.90 30.18 30.74 24.48 26.06 38.24 %

Total

Return

(ǿ)

10.75 1.62 28.34 (3.90)

(26.62)

40.07 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 76,975

59,170

68,961

55,520

83,807

123,210

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.17 1.16 1.17 1.17 1.14 1.13 %

Expenses,

Net

(Ƃ)(ɯ)

.99

.99

1.00 1.02 .99

.98

%

Net

Investment

Income

(Ƃ)(ɯ)

2.56 2.38 2.44 2.59 1.79 2.36 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### R6

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.24 30.79 24.52 26.10 38.29 27.74 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.40

.67

.74

.72

.61

.78

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.81 (.18)

6.19 (1.68)

(10.14)

10.32 $

Total

from

Investment

Operations

3.21 .49

6.93 (.96)

(9.53)

11.10 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.49)

(1.04)

(.66)

(.62)

(1.19)

(.55)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.46)

—

$

Total

Distributions

(.49)

(1.04)

(.66)

(.62)

(2.66)

(.55)

$

Net

Asset

Value,

End

of

Period

32.96 30.24 30.79 24.52 26.10 38.29 %

Total

Return

(ǿ)

10.76 1.72 28.42 (3.84)

(26.56)

40.16 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,480

3,134

4,138

2,955

1,893

2,888

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.02 1.02 1.02 1.02 .99

.98

%

Expenses,

Net

(Ƃ)(ɯ)

.92

.92

.93

.95

.92

.91

%

Net

Investment

Income

(Ƃ)(ɯ)

2.61 2.24 2.52 2.64 1.86 2.22 %

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

632

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.22 30.78 24.51 26.10 38.28 27.75 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.38

.68

.68

.68

.56

.74

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.81 (.25)

6.20 (1.68)

(10.14)

10.29 $

Total

from

Investment

Operations

3.19 .43

6.88 (1.00)

(9.58)

11.03 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.46)

(.99)

(.61)

(.59)

(1.16)

(.50)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.43)

—

$

Total

Distributions

(.46)

(.99)

(.61)

(.59)

(2.60)

(.50)

$

Net

Asset

Value,

End

of

Period

32.95 30.22 30.78 24.51 26.10 38.28 %

Total

Return

(ǿ)

10.71 1.52 28.22 (4.01)

(26.67)

39.90 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 262,044

250,747

253,559

225,853

355,075

542,275

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.17 1.17 1.17 1.17 1.14 1.13 %

Expenses,

Net

(Ƃ)(ɯ)

1.09 1.09 1.10 1.12 1.09 1.08 %

Net

Investment

Income

(Ƃ)(ɯ)

2.43 2.28 2.35 2.49 1.69 2.12 %

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

30.23 30.78 24.51 26.09 38.28 27.73 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.40

.73

.74

.73

.62

.88

$

Net

Realized

and

Unrealized

Gain

(Loss)

2.81 (.23)

6.19 (1.68)

(10.14)

10.22 $

Total

from

Investment

Operations

3.21 .50

6.93 (.95)

(9.52)

11.10 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.49)

(1.05)

(.66)

(.63)

(1.20)

(.55)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(1.01)

—

$

Return

of

Capital

—

—

—

—

(.46)

—

$

Total

Distributions

(.49)

(1.05)

(.66)

(.63)

(2.67)

(.55)

$

Net

Asset

Value,

End

of

Period

32.95 30.23 30.78 24.51 26.09 38.28 %

Total

Return

(ǿ)

10.82 1.75 28.46 (3.82)

(26.54)

40.20 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 56,372

53,736

65,138

61,118

85,474

126,027

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.97

.97

.97

.97

.94

.93

%

Expenses,

Net

(Ƃ)(ɯ)

.89

.89

.90

.92

.89

.88

%

Net

Investment

Income

(Ƃ)(ɯ)

2.61 2.44 2.56 2.64 1.88 2.46 %

Portfolio

Turnover

Rate

(ǿ)

#### 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

633

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

w

as

,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

239,289

Administrative

fees

15,588

Distribution

fees

4,837

Shareholder

servicing

fees

966

Transfer

agent

fees

51,060

Trustees'

fees

1,267

$

313,007

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

16,748

$

41,727

$

48,153

$

—

$

—

$

10,322

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

317,246,688

$

97,553,600

$

(2,791,607)

$

94,761,993

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

634

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 35.2%
Corporate

Bonds

and

Notes

-

15.0%

Consumer

Discretionary

-

1.7%

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

586

581

1.750%

due

09/15/30

(Þ)

Etsy,

Inc.

0.250%

due

06/15/28

1,091

990

Hims

+

Hers

Health

4.698%

due

05/15/30

(Þ)(ž)

LCI

Industries

1.125%

due

05/15/26

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

978

950

Penn

Entertainment,

Inc.

2.750%

due

05/15/26

Topgolf

Callaway

Brands

Corp.

2.750%

due

05/01/26

Winnebago

Industries,

Inc.

3.250%

due

01/15/30

Ziff

Davis,

Inc.

3.625%

due

03/01/28

(Þ)

5,024

Consumer

Staples

-

0.4%

Alarm.com

Holdings,

Inc.

2.250%

due

06/01/29

HRB

Winddown,

Inc.

8.875%

due

03/15/25

(Š)(Þ)

1,640

—

MGP

Ingredients,

Inc.

1.875%

due

11/15/41

Spectrum

Brands,

Inc.

3.375%

due

06/01/29

510

522

1,129

Energy

-

1.3%

Array

Technologies,

Inc.

1.000%

due

12/01/28

619

575

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

6.500%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.676%)(Ê)

Series

.

6.750%

due

02/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.475%)(Ê)

Series

B

6.625%

due

12/31/99

(CME

Term

SOFR

Month

+

4.417%)(Ê)(ƒ)

Series

G

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.306%)(Ê)(ƒ)

Enphase

Energy,

Inc.

5.574%

due

03/01/28

(ž)

1,062

961

Green

Plains,

Inc.

2.250%

due

03/15/27

Nabors

Industries,

Inc.

1.750%

due

06/15/29

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)

880

875

3,841

Financial

Services

-

4.6%

Affirm

Holdings,

Inc.

5.130%

due

11/15/26

(ž)

1,001

974

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.

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)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

635

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

879

874

Block,

Inc.

0.250%

due

11/01/27

636

600

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

L

6.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.250%)(Ê)(ƒ)

Citigroup,

Inc.

6.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.001%)(Ê)(ƒ)

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)

Series

JJ

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.745%)(Ê)(ƒ)

Coinbase

Global,

Inc.

0.500%

due

06/01/26

(Þ)

833

830

Corebridge

Financial,

Inc.

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.181%)(Ê)(ƒ)

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)

Gladstone

Capital

Corp.

5.875%

due

10/01/30

Global

Atlantic

Fin

Co.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.608%)(Ê)(Þ)

7.250%

due

03/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.550%)(Ê)(Þ)

Goldman

Sachs

Capital

I,

Ltd.

6.345%

due

02/15/34

Goldman

Sachs

Group,

Inc.

(The)

Series

X

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.809%)(Ê)(ƒ)

Series

Z

6.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.461%)(Ê)(ƒ)

HA

Sustainable

Infrastructure

Capital,

Inc.

8.000%

due

06/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.301%)(Ê)

7.125%

due

11/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.478%)(Ê)

Hartford

Insurance

Group,

Inc.

(The)

Series

ICON

6.039%

due

02/12/67

(CME

Term

SOFR

Month

+

2.387%)(Ê)(Þ)

Hercules

Capital,

Inc.

4.750%

due

09/01/28

(Þ)

611

596

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)

Series

PP

6.100%

due

12/31/99

Lincoln

National

Corp.

Series

C

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.318%)(Ê)(ƒ)

MetLife

Capital

Trust

IV

7.875%

due

12/15/67

(Þ)

MetLife,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

636

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.400%

due

12/15/66

9.250%

due

04/08/68

(Þ)

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

930

915

PennyMac

Corp.

8.500%

due

06/01/29

511

531

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

922

886

Redwood

Trust,

Inc.

7.750%

due

06/15/27

625

629

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)

6.375%

due

09/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.344%)(Ê)

Repay

Holdings

2.875%

due

07/15/29

(Þ)

Rexford

Industrial

Realty,

LP

4.375%

due

03/15/27

(Þ)

868

867

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)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.508%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.580%)(Ê)(ƒ)(Þ)

Shift4

Pyaments

,

Inc.

0.500%

due

08/01/27

877

827

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)

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

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

Series

GG

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.340%)(Ê)(ƒ)

13,749

Health

Care

-

1.9%

Alphatec

Holdings,

Inc.

0.750%

due

08/01/26

Amphastar

Pharmaceuticals,

Inc.

2.000%

due

03/15/29

885

808

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

1,021

989

CONMED

Corp.

2.250%

due

06/15/27

695

679

CVS

Health

Corp.

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

Dexcom,

Inc.

0.375%

due

05/15/28

975

904

Enovis

Corp.

3.875%

due

10/15/28

Envista

Holdings

Corp.

1.750%

due

08/15/28

Haemonetics

Corp.

2.500%

due

06/01/29

Humana,

Inc.

6.625%

due

09/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.891%)(Ê)

NeoGenomics

,

Inc.

0.250%

due

01/15/28

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

637

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Teladoc

Health,

Inc.

1.250%

due

06/01/27

904

870

5,665

Producer

Durables

-

0.3%

Cryoport

,

Inc.

0.750%

due

12/01/26

(Þ)

794

770

JBT

Marel

Corp.

0.250%

due

05/15/26

969

Technology

-

4.0%

Bandwidth,

Inc.

0.500%

due

04/01/28

Bentley

Systems,

Inc.

0.375%

due

07/01/27

930

891

Bill.com

Holdings,

Inc.

4.528%

due

04/01/27

(ž)

Cerence

,

Inc.

1.500%

due

07/01/28

DigitalOcean

Holdings,

Inc.

1.194%

due

12/01/26

(ž)

DraftKings,

Inc.

5.164%

due

03/15/28

(ž)

1,038

945

Five9,

Inc.

1.000%

due

03/15/29

714

620

Match

Group

Financeco

,

Inc.

2.000%

due

01/15/30

(Þ)

1,025

932

Okta,

Inc.

0.375%

due

06/15/26

663

659

Pagerduty

,

Inc.

1.500%

due

10/15/28

549

500

Porch

Group,

Inc.

6.750%

due

10/01/28

(Þ)

Q2

Holdings,

Inc.

0.750%

due

06/01/26

(Þ)

506

504

Rapid7,

Inc.

0.250%

due

03/15/27

Snap,

Inc.

0.750%

due

08/01/26

5.185%

due

05/01/27

(ž)

544

517

0.125%

due

03/01/28

Strategy,

Inc.

4.171%

due

12/01/29

(ž)

965

833

Unity

Software,

Inc.

4.475%

due

11/15/26

(ž)

892

871

Upwork,

Inc.

0.250%

due

08/15/26

840

826

Workiva,

Inc.

1.125%

due

08/15/26

(Þ)

Ziff

Davis,

Inc.

1.750%

due

11/01/26

575

566

Zscaler,

Inc.

4.409%

due

07/15/28

(Þ)(ž)

11,707

Utilities

-

0.8%

Alliant

Energy

Corp.

5.750%

due

04/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.077%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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)

American

Water

Capital

Corp.

3.625%

due

06/15/26

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

\*\*

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)

Emera

US

Finance

LLC

Series

A

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

638

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

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#### Fund

#### Schedule

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#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.650%

due

10/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.866%)(Ê)

Series

B

6.850%

due

10/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.648%)(Ê)

Entergy

Corp.

6.100%

due

06/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.013%)(Ê)

EUSHI

Finance,

Inc.

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)

Eversource

Energy

Series

A

6.100%

due

08/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.521%)(Ê)

Series

B

6.350%

due

08/15/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.325%)(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)

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

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#### $6.875%

due

10/01/54

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.789%)(Ê)

6.375%

due

04/01/56

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.632%)(Ê)

Spire,

Inc.

6.250%

due

06/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.556%)(Ê)

6.450%

due

06/01/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.327%)(Ê)

2,512

44,596

International

Debt

-

20.2%

Abu

Dhabi

Government

International

Bond

3.125%

due

09/30/49

(Þ)

Aeropuerto

Internacional

De

Tocumen

SA

5.125%

due

08/11/61

(Þ)

662

544

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)

Allianz

SE

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.233%)(Ê)(ƒ)(Þ)

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)

9.875%

due

10/15/35

(Þ)

Argentine

Republic

Government

International

Bond

1.750%

due

07/09/30

(~)(Ê)

Series

\*

4.125%

due

07/09/35

(~)(Ê)

563

AXA

SA

8.600%

due

12/15/30

Axia

Energia

4.625%

due

02/04/30

(Þ)

Azerbaijan

Government

International

Bond

3.500%

due

09/01/32

(Þ)

Bahrain

Government

International

Bond

7.000%

due

10/12/28

(Þ)

6.750%

due

09/20/29

(Þ)

Banco

Bilbao

Vizcaya

Argentaria

SA

7.130%

due

12/31/99

Banco

del

Estado

de

Chile

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

639

#### Russell

#### Investment

#### Company

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#### Income

#### Fund

#### Schedule

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#### continued

#### —

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#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.228%)(Ê)(ƒ)(Þ)

Banco

Nacional

de

Mexico

SA

6.697%

due

08/07/36

Banco

Nacional

de

Panama

2.500%

due

08/11/30

(Þ)

Banco

Santander

SA

8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.911%)(Ê)(ƒ)

Series

_

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

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.753%)(Ê)(ƒ)

Bank

of

Montreal

Series

6.875%

due

11/26/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.976%)(Ê)

Bapco

Energies

BSC

Closed

8.375%

due

11/07/28

(Þ)

772

791

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

6.250%

due

05/22/36

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)

Canadian

Imperial

Bank

of

Commerce

7.000%

due

10/28/85

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.000%)(Ê)

CBB

International

Sukuk

Programme

Co.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.950%

due

09/16/27

(Þ)

Central

Plaza

Development,

Ltd.

7.150%

due

03/21/28

(Þ)

6.800%

due

04/07/29

(Þ)

CFAMC

III

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

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

3.750%

due

11/13/30

(Þ)

Colombia

Government

International

Bond

6.125%

due

01/21/31

7.750%

due

11/07/36

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

8.650%

due

01/24/33

(Þ)

709

753

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)

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)

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

Government

International

Bond

5.750%

due

03/17/34

(Þ)

626

611

6.850%

due

01/27/45

(Þ)

DP

World,

Ltd.

6.850%

due

07/02/37

(Þ)

620

668

Ecopetrol

SA

4.625%

due

11/02/31

8.375%

due

01/19/36

5.875%

due

05/28/45

5.875%

due

11/02/51

Ecuador

Government

International

Bond

6.900%

due

07/31/30

(~)(Ê)(Þ)

8.750%

due

01/29/34

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

640

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

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#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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)

932

734

Empresa

Nacional

del

Petroleo

4.500%

due

09/14/47

(Þ)

921

763

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)

7.625%

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

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

547

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

584

523

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7.250%

due

01/31/41

(Þ)

Franshion

Brilliant,

Ltd.

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)

Garuda

Indonesia

Persero

Tbk

PT

6.500%

due

12/28/31

(Þ)

Georgian

Railway

JSC

4.000%

due

06/17/28

(Þ)

563

541

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

Guatemala

Government

International

Bond

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.875%

due

02/13/28

(Þ)

3.700%

due

10/07/33

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

HSBC

Holdings

PLC

6.500%

due

09/15/37

6.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.914%)(Ê)(ƒ)

7.050%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.987%)(Ê)(ƒ)

Hungary

Government

International

Bond

5.375%

due

09/26/30

(Þ)

6.000%

due

09/26/35

(Þ)

Immunocore

Holdings

2.500%

due

02/01/30

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)(ƒ)

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

748

Ivory

Coast

Government

International

Bond

8.250%

due

01/30/37

(Þ)

6.750%

due

02/25/41

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Kazakhstan

Government

International

Bond

5.000%

due

07/01/32

(Þ)

Kazakhstan

Temir

Zholy

National

Co.

5.250%

due

04/29/36

(Þ)

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

8.250%

due

02/28/48

(Þ)

Kondor

Finance

PLC

7.625%

due

11/08/28

(Þ)

Lebanon

Government

International

Bond

Series

GMTN

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

Lloyds

Banking

Group

PLC

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

641

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.913%)(Ê)(ƒ)

Mazoon

Assets

Co.

SAOC

5.200%

due

11/08/27

(Þ)

545

547

Meiji

Yasuda

Life

Insurance

Co.

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)

Mexico

Government

International

Bond

6.338%

due

05/04/53

6.750%

due

02/09/56

Morocco

Government

International

Bond

6.500%

due

09/08/33

(Þ)

Mumtalakt

Sukuk

Holding

Co.

4.100%

due

01/21/27

(Þ)

607

601

Muthoot

Finance,

Ltd.

5.750%

due

08/04/30

(Þ)

MVM

Energetika

Zrt

.

7.500%

due

06/09/28

(Þ)

701

734

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

8.631%

due

01/13/36

(Þ)

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

694

Oman

Sovereign

Sukuk

Co.

4.525%

due

04/17/33

(Þ)

Omniyat

Sukuk

1,

Ltd.

8.375%

due

05/06/28

(Þ)

604

591

OQ

SAOC

5.125%

due

05/06/28

(Þ)

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

709

Panama

Government

International

Bond

8.000%

due

03/01/38

4.300%

due

04/29/53

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

6.650%

due

03/04/55

(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)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

5.450%

due

02/03/36

(Þ)

4.875%

due

07/17/49

(Þ)

Peruvian

Government

International

Bond

5.500%

due

03/30/36

5.875%

due

08/08/54

6.200%

due

06/30/55

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

6.850%

due

06/05/15

677

642

Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

1,231

865

Petroleos

Mexicanos

6.750%

due

09/21/47

645

543

6.625%

due

09/29/49

(Þ)

894

684

7.690%

due

01/23/50

626

572

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

5.848%

due

04/03/55

(Þ)

3.404%

due

04/28/61

(Þ)

1,123

748

Philippine

Government

International

Bond

5.170%

due

10/13/27

1.950%

due

01/06/32

Poland

Government

International

Bond

Series

10Y

5.375%

due

02/12/35

Series

30Y

5.500%

due

03/18/54

6.125%

due

04/14/56

Series

5Y

4.875%

due

02/12/30

Riyad

Bank

5.805%

due

01/14/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.100%)(Ê)(Þ)

616

605

RLGH

Finance

Bermuda

Ltd.

Series

.

6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.022%)(Ê)(ƒ)(Þ)

Rogers

Communications,

Inc.

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

Romanian

Government

International

Bond

5.750%

due

07/04/36

(Þ)

7.500%

due

02/10/37

(Þ)

5.125%

due

06/15/48

(Þ)

4.000%

due

02/14/51

(Þ)

7.625%

due

01/17/53

(Þ)

Rothesay

Life

PLC

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

642

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.991%)(Ê)(ƒ)(Þ)

Royal

Bank

of

Canada

6.500%

due

05/24/86

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.450%)(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.

3.500%

due

11/24/70

(Þ)

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

4.375%

due

01/12/31

(Þ)

5.875%

due

01/12/56

(Þ)

Sea,

Ltd.

0.250%

due

09/15/26

925

909

Senegal

Government

International

Bond

6.250%

due

05/23/33

(Þ)

Serbia

Government

International

Bond

5.500%

due

05/06/36

(Þ)

Societe

Generale

SA

6.750%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

Month

SOFR]

Year

Rate

+

3.929%)(Ê)

(ƒ)(Þ)

8.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.153%)(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

Africa

Government

International

Bond

6.125%

due

12/11/37

(Þ)

600

572

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

7.625%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.949%)(Ê)

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)

Stellantis

NV

6.875%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.239%)(Ê)(ƒ)(Þ)

EUR

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

693

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

7.000%

due

10/28/29

(Þ)

632

632

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)

Series

.

6.375%

due

06/09/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.694%)(Ê)

Series

...

6.625%

due

06/09/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.515%)(Ê)

Tierra

Mojada

Luxembourg

II

SARL

5.750%

due

12/01/40

(Þ)

Toronto-Dominion

Bank

(The)

7.250%

due

07/31/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.977%)(Ê)

Trade

and

Development

Bank

of

Mongolia

LLC

8.500%

due

12/23/27

(Þ)

522

522

TransCanada

PipeLines

,

Ltd.

Series

.

6.125%

due

10/17/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.250%)(Ê)

6.375%

due

10/17/56

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.117%)(Ê)

TransCanada

Trust

5.500%

due

09/15/79

(CME

Term

SOFR

Month

+

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

633

Trinidad

Generation

Unlimited

7.750%

due

06/16/33

(Þ)

583

616

Turkiye

Government

International

Bond

6.300%

due

03/14/33

Series

5Y

9.875%

due

01/15/28

Turkiye

Ihracat

Kredi

Bankasi

AS

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

643

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.750%

due

07/06/26

(Þ)

700

700

Turkiye

Varlik

Fonu

Yonetimi

AS

7.750%

due

09/10/35

(Þ)

UBS

Group

AG

6.625%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.240%)

(Ê)(ƒ)(Þ)

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)

Ueno

Bank

SA

6.700%

due

03/06/31

(Þ)

Ukraine

Government

International

Bond

4.000%

due

02/01/32

(~)(Ê)(Þ)

4.000%

due

02/01/32

(~)(Ê)(Þ)

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

8.056%

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

572

Uruguay

Government

International

Bond

5.750%

due

10/28/34

5.250%

due

09/10/60

Uzbekistan

Government

International

Bond

6.900%

due

02/28/32

(Þ)

Uzbekneftegaz

JSC

4.750%

due

11/16/28

(Þ)

687

666

Venezuela

Government

International

Bond

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

8.250%

due

10/13/24

(Æ)(Ø)(Þ)

Vodafone

Group

PLC

Series

NC30

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

539

7.000%

due

12/15/47

(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

59,745

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$102,795)

104,341

#### Common

#### Stocks

#### -

#### 54.2%
Consumer

Discretionary

-

5.1%

ABB,

Ltd.

1,266

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alibaba

Group

Holding,

Ltd.

51,860

852

Alibaba

Group

Holding,

Ltd.

-

ADR

Amazon.com,

Inc.(Æ)

3,692

979

API

Group

Corp.(Æ)

1,527

Aristocrat

Leisure,

Ltd.

3,405

Autoliv,

Inc.

1,505

AutoZone,

Inc.(Æ)

622

Best

Buy

Co.,

Inc.

2,883

Bridgestone

Corp.

5,400

BYD

Co.,

Ltd.

Class

H

15,000

Caesars

Entertainment,

Inc.(Æ)

3,610

Cembre

SpA

677

Chemring

Group

PLC

653

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

2,200

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

3,374

Cie

Financiere

Richemont

SA

Class

A

3,288

627

Cie

Generale

des

Etablissements

Michelin

SCA

10,206

Comet

Holding

AG

Costco

Wholesale

Corp.

CSG

NV(Æ)

1,953

Darden

Restaurants,

Inc.

1,430

Davide

Campari-Milano

NV

47,290

Deckers

Outdoor

Corp.(Æ)

714

Diageo

PLC

6,209

DiDi

Global,

Inc.

-

ADR(Æ)

8,336

Dollar

General

Corp.

1,698

DraftKings,

Inc.

Class

A(Æ)

1,062

Fox

Corp.

Class

A

1,384

Fox

Corp.

Class

B

3,570

General

Motors

Co.

3,105

H

World

Group,

Ltd.

-

ADR

3,037

Hanwha

Aerospace

Co.,

Ltd.

Howden

Joinery

Group

PLC

25,861

Hoya

Corp.

900

Hubbell,

Inc.

Class

B

613

Hyundai

Department

Store

Co.,

Ltd.

IAC,

Inc.(Æ)

10,540

Industria

de

Diseno

Textil

SA

2,519

InterContinental

Hotels

Group

PLC

3,039

Kia

Corp.

1,529

Kingfisher

PLC

4,686

Kuaishou

Technology(Þ)

8,100

Kyocera

Corp.

18,300

Lagercrantz

Group

AB

Class

B

705

Las

Vegas

Sands

Corp.

3,893

LVMH

Moet

Hennessy

Louis

Vuitton

SE

706

Magazine

Luiza

SA

31,693

McDonald's

Corp.

1,615

Meituan

Class

B(Æ)(Þ)

1,400

MercadoLibre

,

Inc.(Æ)

Netflix,

Inc.

Class

B(Æ)

Next

PLC

838

NKT

A/S(Æ)

666

OEM

International

AB

Class

B

4,378

Oriental

Holdings

Berhad

11,974

OVS

SpA

(Þ)

4,056

Pearson

PLC

2,933

Pernod

Ricard

SA

2,531

Persimmon

PLC

Class

A

1,676

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

644

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Remy

Cointreau

SA

2,904

Rolls-Royce

Holdings

PLC

4,304

Ross

Stores,

Inc.

644

SFS

Group

AG

Singapore

Technologies

Engineering,

Ltd.

11,300

SJM

Holdings,

Ltd.(Æ)

63,000

Teleperformance

SE

Tencent

Holdings,

Ltd.

12,932

785

Tencent

Holdings,

Ltd.

-

ADR

1,327

Tesla,

Inc.(Æ)

634

TJX

Cos.,

Inc.

(The)

4,489

704

Tkms

AG&

Co.

KGaA

(Æ)

661

Universal

Music

Group

NV

4,577

Vincorion

SE(Æ)

1,743

Virbac

SACA

Volkswagen

AG

Walmart,

Inc.

Weichai

Power

Co.,

Ltd.

Class

H

8,000

Williams-Sonoma,

Inc.

1,423

Wolters

Kluwer

NV

Yamaha

Corp.

26,000

Zalando

SE(Æ)(Þ)

11,515

15,033

Consumer

Staples

-

2.3%

Alimentation

Couche-Tard,

Inc.

3,804

Ambev

SA

13,982

Anheuser-Busch

InBev

SA

5,592

Asahi

Group

Holdings,

Ltd.

12,100

Astarta

Holding

PLC

1,291

Beiersdorf

AG

2,490

BIM

Birlesik

Magazalar

AS

3,006

BrasilAgro

-

Co.

Brasileira

de

Propriedades

Agricolas

5,335

Carrefour

SA

1,987

China

Mengniu

Dairy

Co.,

Ltd.

29,000

Church

&

Dwight

Co.,

Inc.

3,025

Coca-Cola

Consolidated,

Inc.

507

Colgate-Palmolive

Co.

2,410

Eastroc

Beverage

Group

Co,

Ltd.

Class

H(Æ)

600

Essity

AB

Class

B

3,256

First

Pacific

Co.,

Ltd.

22,000

Genting

Plantations

Berhad

17,600

Golden

Agri-Resources,

Ltd.

248,420

GS

Holdings

Corp.

Haleon

PLC

38,291

Hershey

Co.

(The)

1,555

Hormel

Foods

Corp.

7,607

Imperial

Brands

PLC

3,566

Kao

Corp.

2,400

Kato

Sangyo

Co.,

Ltd.

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

Magnum

Ice

Cream

Co.

NV

(The)(Æ)

1,688

Metro,

Inc.

Class

A

1,039

Monster

Beverage

Corp.(Æ)

2,859

National

Vision

Holdings,

Inc.(Æ)

16,877

PepsiCo,

Inc.

5,113

810

Philip

Morris

International,

Inc.

1,783

Procter

&

Gamble

Co.

(The)

3,622

533

Puregold

Price

Club,

Inc.

17,454

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Reckitt

Benckiser

Group

PLC

5,786

Royal

Unibrew

A/S

912

Saputo,

Inc.

1,256

Smithfield

Foods,

Inc.

825

Tyson

Foods,

Inc.

Class

A

1,951

Unilever

PLC

6,878

Wal-Mart

de

Mexico

SAB

de

CV

27,236

Yesway

,

Inc.

Class

A(Æ)

16,164

6,769

Energy

-

1.9%

Aker

Solutions

ASA

12,219

Antero

Resources

Corp.(Æ)

3,405

APA

Group

16,244

Baker

Hughes

Co.

2,744

BP

PLC

20,720

Cenovus

Energy,

Inc.

11,353

Chevron

Corp.

580

Delta

Electronics,

Inc.

2,000

DOF

Group

ASA

3,091

EQT

Corp.

2,248

Eramet

SA

743

Exxon

Mobil

Corp.

5,654

873

Fortune

Electric

Co.,

Ltd.

5,000

Gazprom

PJSC(Æ)(Š)

376,946

—

Hochschild

Mining

PLC

5,495

Imperial

Oil,

Ltd.

885

Japan

Petroleum

Exploration

Co.,

Ltd.

2,300

Liberty

Energy,

Inc.

Class

A

15,134

511

NAC

Kazatomprom

JSC

-

GDR(Þ)

500

National

Energy

Services

Reunited

Corp.(Æ)

14,803

Odfjell

Drilling,

Ltd.

5,881

Paladin

Energy,

Ltd.(Æ)

5,758

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

14,049

Range

Resources

Corp.

1,884

Reliance

Industries,

Ltd.

-

GDR(Þ)

1,460

Santos,

Ltd.

28,591

SBM

Offshore

NV

1,418

Schneider

Electric

SE

646

Shell

PLC

Solaria

Energia

y

Medio

Ambiente

SA(Æ)

2,490

Subsea

SA

1,535

Targa

Resources

Corp.

1,073

Teck

Resources,

Ltd.

Class

B

2,577

TGS

ASA

5,314

Tourmaline

Oil

Corp.

1,077

Tullow

Oil

PLC(Æ)

92,600

Williams

Cos.,

Inc.

(The)

4,294

YPF

SA

-

ADR(Æ)

2,111

5,792

Financial

Services

-

15.1%

3i

Group

PLC

1,947

Absa

Group,

Ltd.

3,877

Aedifica

SA(ö)

2,134

Ageas

SA

1,106

Agree

Realty

Corp.(ö)

5,208

AIA

Group,

Ltd.

17,800

Akbank

TAS

58,963

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

645

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Allstate

Corp.

(The)

1,655

Alpha

Bank

SA

26,094

American

Financial

Group,

Inc.

726

American

Integrity

Insurance

Group,

Inc.

18,943

American

Tower

Corp.(ö)

730

Ameriprise

Financial,

Inc.

617

Amundi

SA(Þ)

Atrium

Ljungberg

AB

Class

B

10,208

Avanza

Bank

Holding

AB

758

Azimut

Holding

SpA

1,813

Banca

IFIS

SpA

1,532

Banco

BTG

Pactual

SA(Æ)

5,736

Banco

do

Brasil

SA

11,317

Bangkok

Bank

PCL

-

NVDR

5,900

Bank

Leumi

Le-Israel

BM

4,040

Bank

Mandiri

Persero

Tbk

PT

746,292

Bank

of

America

Corp.

4,961

Bank

of

Ireland

Group

PLC

10,076

Bank

of

Montreal

Barclays

PLC

2,122

Berkshire

Hathaway,

Inc.

Class

B(Æ)

BGC

Group,

Inc.

Class

A

49,835

560

BlackRock,

Inc.

Blackstone,

Inc.

Class

A

3,058

BNP

Paribas

SA

1,095

Brambles,

Ltd.

11,237

British

Land

Co.

PLC

(The)(ö)

13,565

Broadstone

Net

Lease,

Inc.(ö)

16,018

BXP,

Inc.(ö)

6,625

Canadian

Imperial

Bank

of

Commerce

886

Capital

One

Financial

Corp.

1,445

CapitaLand

Ascendas

REIT(ö)

60,800

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

65,600

Capitaland

Investment,

Ltd.

50,100

Capitec

Bank

Holdings,

Ltd.

CareTrust

REIT,

Inc.(ö)

3,290

Catena

AB

1,850

Cenergy

Holdings

SA

2,804

Centurion

Accommodation

REIT(ö)

96,800

Charles

Schwab

Corp.

(The)

3,724

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

52,000

China

Resources

Land,

Ltd.

17,000

Cincinnati

Financial

Corp.

1,142

Citigroup,

Inc.

1,800

CK

Hutchison

Holdings,

Ltd.

Class

B

7,500

Close

Brothers

Group

PLC(Æ)

4,313

CME

Group,

Inc.

Class

A

4,379

1,260

Computershare,

Ltd.

3,184

Country

Garden

Services

Holdings

Co.,

Ltd.

37,000

Credicorp

,

Ltd.

Cresud

SACIF

y

A

-

ADR

2,162

Crown

Castle,

Inc.(ö)

4,565

DBS

Group

Holdings,

Ltd.

8,100

Dexus(ö)

27,302

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

144,600

Digital

Realty

Trust,

Inc.(ö)

6,991

1,405

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dime

Community

Bancshares,

Inc.

6,900

EastGroup

Properties,

Inc.(ö)

810

EFG

International

AG(Æ)

957

Equinix,

Inc.(ö)

884

957

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

3,223

Equity

Residential(ö)

1,306

Erie

Indemnity

Co.

Class

A

Essential

Properties

Realty

Trust,

Inc.

(ö)

13,363

Essex

Property

Trust,

Inc.(ö)

1,060

Everest

Group,

Ltd.

545

Extra

Space

Storage,

Inc.(ö)

4,491

644

Fastighets

AB

Balder

Class

B(Æ)

8,765

First

BanCorp

18,686

First

Industrial

Realty

Trust,

Inc.(ö)

3,502

flatexDEGIRO

SE

3,186

Franklin

Resources,

Inc.

1,071

Gaming

and

Leisure

Properties,

Inc.(ö)

3,801

GF

Securities

Co.,

Ltd.

Class

H

19,200

GLP

J-REIT(ö)

Goldman

Sachs

Group,

Inc.

(The)

Goodman

Group(ö)

26,581

575

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

4,548

Grupo

Financiero

Galicia

SA

-

ADR

656

Guaranty

Trust

Holding

Co.

PLC

610,951

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

1,192

Hana

Financial

Group,

Inc.

3,168

Hankook

&

Company

Co.,

Ltd.

1,375

Hartford

Insurance

Group,

Inc.

(The)

1,880

HDFC

Bank,

Ltd.

-

ADR

10,731

Healthcare

Realty

Trust,

Inc.(ö)

14,113

Hi

Sun

Technology

China,

Ltd.(Æ)

156,000

Hiscox

,

Ltd.

6,904

Hoist

Finance

AB(Þ)

1,161

Hong

Kong

Exchanges

&

Clearing,

Ltd.

4,700

Hongkong

Land

Holdings,

Ltd.

20,200

Host

Hotels

&

Resorts,

Inc.(ö)

18,531

HSBC

Holdings

PLC

1,388

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

3,907

Huntington

Bancshares,

Inc.(Æ)(ƒ)

1,879

ICICI

Bank,

Ltd.

-

ADR

18,846

501

ING

Groep

NV

5,778

Ingenia

Communities

Group(ö)

37,903

Intact

Financial

Corp.

Intercontinental

Exchange,

Inc.

2,851

Invitation

Homes,

Inc.(ö)

13,412

Iron

Mountain,

Inc.(ö)

3,322

IRSA

Inversiones

y

Representaciones

SA

-

ADR(Æ)

Itau

Unibanco

Holding

SA

-

ADR

14,317

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

2,480

777

Kasikornbank

PCL

-

NVDR

3,600

KB

Financial

Group,

Inc.

1,118

Keppel

REIT(ö)

141,000

Kimco

Realty

Corp.(ö)

20,567

Kimco

Realty

Corp.

Class

L(Æ)(ƒ)

1,511

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

646

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kite

Realty

Group

Trust(ö)

8,102

Klepierre

SA(ö)

7,214

Land

Securities

Group

PLC(ö)

12,731

LEG

Immobilien

SE

1,093

Link

REIT(ö)

35,230

Lloyds

Banking

Group

PLC

102,180

LondonMetric

Property

PLC(ö)

35,182

Longfor

Group

Holdings,

Ltd.(Þ)

44,500

LSR

Group

PJSC(Æ)(Š)

25,878

—

LX

Holdings

Corp.

1,079

Mandatum

Oyj

13,166

Manulife

Financial

Corp.

5,254

Mapfre

SA

3,118

Marsh

&

McLennan

Cos.,

Inc.

2,433

Mastercard,

Inc.

Class

A

1,707

859

Melisron

,

Ltd.

541

Mercialys

SA(ö)

6,567

MetLife,

Inc.

1,758

Mitsubishi

Estate

Co.,

Ltd.

10,600

Mitsubishi

UFJ

Financial

Group,

Inc.

1,400

Mitsui

Fudosan

Accommodations

Fund,

Inc.(ö)

Mitsui

Fudosan

Co.,

Ltd.

40,875

Moody's

Corp.

1,323

611

Morgan

Stanley

1,148

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

181,547

—

MS&AD

Insurance

Group

Holdings,

Inc.

1,200

Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

Nasdaq,

Inc.

3,028

NatWest

Group

PLC

21,841

Nippon

Building

Fund,

Inc.(ö)

Nippon

Prologis

REIT,

Inc.(ö)

NN

Group

NV

1,804

NOBA

Bank

Group

AB(Æ)

4,917

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

Nordea

Bank

Abp

7,629

Northern

Trust

Corp.

Northpointe

Bancshares,

Inc.

16,274

Omega

Healthcare

Investors,

Inc.(ö)

4,917

ORIX

Corp.

679

Outfront

Media,

Inc.(ö)

5,945

Oversea-Chinese

Banking

Corp.,

Ltd.

8,700

Peapack-Gladstone

Financial

Corp.

6,005

Perella

Weinberg

Partners

23,761

540

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

14,061

Piraeus

Bank

SA(Æ)

9,539

Principal

Financial

Group,

Inc.

1,797

Progressive

Corp.

(The)

2,749

553

Prologis,

Inc.(ö)

6,473

919

Public

Storage(ö)

1,147

Rayonier,

Inc.(ö)

6,695

RELX

PLC

3,135

RenaissanceRe

Holdings,

Ltd.

621

Resona

Holdings,

Inc.

11,400

Ringkjoebing

Landbobank

A/S

Royal

Bank

of

Canada

3,034

546

Safestore

Holdings

PLC(ö)

6,029

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

SBA

Communications

Corp.(ö)

628

Sberbank

of

Russia

PJSC(Æ)(Š)

169,110

—

Scentre

Group(ö)

71,593

Schroders

PLC

3,624

Segro

PLC(ö)

33,027

SGS

SA

720

Shinhan

Financial

Group

Co.,

Ltd.

1,374

Shurgard

Self

Storage,

Ltd.(ö)

1,599

Simon

Property

Group,

Inc.(ö)

1,867

Sirius

Real

Estate,

Ltd.(ö)

36,101

Societe

Generale

SA

1,999

Sompo

Holdings,

Inc.

900

Sparebanken

Norge

2,410

Standard

Bank

Group,

Ltd.

4,407

Stockland(ö)

24,021

Sumitomo

Mitsui

Financial

Group,

Inc.

3,600

Sumitomo

Realty

&

Development

Co.,

Ltd.

9,200

Sun

Communities,

Inc.(ö)

5,137

657

Sun

Hung

Kai

Properties,

Ltd.

32,500

570

Sun

Life

Financial,

Inc.

642

Swedish

Logistic

Property

AB

Class

B(Æ)

10,041

Swiss

Prime

Site

AG

Class

A

1,457

Swissquote

Group

Holding

SA

TAG

Immobilien

AG

12,857

Tokio

Marine

Holdings,

Inc.

8,400

Tokyo

Century

Corp.

1,100

Toronto-Dominion

Bank

(The)

Travelers

Cos.,

Inc.

(The)

1,361

TS

Financial

Holding

Co.,

Ltd.

141,000

UBS

Group

AG

4,276

UDR,

Inc.(ö)

6,962

Unibail

-

Rodamco

-Westfield(ö)

1,346

Unipol

Assicurazioni

SpA

5,862

UOL

Group,

Ltd.

8,000

Ventas,

Inc.(ö)

1,282

VGP

NV

VICI

Properties,

Inc.(ö)

3,787

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

Vonovia

SE

5,769

VTB

Bank

PJSC(Æ)(Š)

143,250

—

W.R.

Berkley

Corp.

2,319

Warehouses

De

Pauw

CVA(ö)

2,844

Wells

Fargo

&

Co.

Welltower,

Inc.(ö)

11,763

2,557

Weyerhaeuser

Co.(ö)

877

Wihlborgs

Fastigheter

AB

4,884

XP,

Inc.

Class

A

3,429

Yellow

Cake

PLC(Æ)(Þ)

2,888

Yoma

Strategic

Holdings,

Ltd.(Æ)

160,282

Zurich

Insurance

Group

AG

501

44,774

Health

Care

-

4.4%

Abbott

Laboratories

1,203

AbbVie,

Inc.

1,405

AddLife

AB

Class

B

781

Astellas

Pharma,

Inc.

9,200

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

647

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Becton

Dickinson

&

Co.

1,936

Bristol-Myers

Squibb

Co.

4,547

Cardinal

Health,

Inc.

CareDx

,

Inc.(Æ)

25,402

529

Centene

Corp.(Æ)

767

Chong

Kun

Dang

Pharmaceutical

Corp.

Cigna

Group

(The)

Cytek

Biosciences,

Inc.(Æ)

79,128

Daiichi

Sankyo

Co.,

Ltd.

1,200

Dexcom,

Inc.(Æ)

1,927

Edwards

Lifesciences

Corp.(Æ)

894

Eli

Lilly

&

Co.

Fresenius

Medical

Care

AG

3,870

FUJIFILM

Holdings

Corp.

12,600

Gilead

Sciences,

Inc.

3,763

GSK

PLC

20,564

540

H

Lundbeck

A/S

4,366

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

A

19,000

Humana,

Inc.

1,171

Icon

PLC(Æ)

4,811

569

IDEXX

Laboratories,

Inc.(Æ)

Innovent

Biologics,

Inc.(Æ)(Þ)

13,500

Innoviva

,

Inc.(Æ)

23,561

542

Insilico

Medicine

Cayman

TopCo

(Æ)

4,864

Intuitive

Surgical,

Inc.(Æ)

Johnson

&

Johnson

6,086

1,399

Kuros

Biosciences

AG(Æ)

1,219

Kyorin

Pharmaceutical

Co.,

Ltd.

3,200

Medacta

Group

SA(Þ)

Medartis

Holding

AG(Æ)(Þ)

Medtronic

PLC

4,698

Merck

&

Co.,

Inc.

5,276

576

Merck

KGaA

1,970

Molina

Healthcare,

Inc.(Æ)

Novartis

AG

3,769

560

Novo

Nordisk

A/S

Class

B

3,293

Option

Care

Health,

Inc.(Æ)

13,159

PACS

Group,

Inc.(Æ)

2,347

Pfizer,

Inc.

4,947

PTC

Therapeutics,

Inc.(Æ)

8,429

548

Recordati

Industria

Chimica

e

Farmaceutica

SpA

624

Roche

Holding

AG

736

Roivant

Sciences,

Ltd.(Æ)

3,621

Sanofi

SA

6,549

612

Shionogi

&

Co.,

Ltd.

3,800

Smith

&

Nephew

PLC

7,880

UnitedHealth

Group,

Inc.

1,032

Vertex

Pharmaceuticals,

Inc.(Æ)

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

7,400

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

22,000

Xvivo

Perfusion

AB(Æ)

1,844

13,024

Materials

and

Processing

-

5.2%

Albemarle

Corp.

564

Aluminum

Corp.

of

China,

Ltd.

Class

A

68,700

Aluminum

Corp.

of

China,

Ltd.

Class

H

12,000

Alzchem

Group

AG

Anglo

American

PLC

2,355

Anglogold

Ashanti

PLC

3,749

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aris

Mining

Corp.(Æ)

1,024

Atlas

Arteria,

Ltd.

7,454

Aurubis

AG

Barrick

Mining

Corp.

14,380

565

Beijer

Alma

AB

2,014

BHP

Group,

Ltd.

6,569

BlueScope

Steel,

Ltd.

2,408

BrightView

Holdings,

Inc.

24,501

Bufab

AB

4,113

Cameco

Corp.

667

Capstone

Mining

Corp.(Æ)

5,829

Carrier

Global

Corp.

4,839

CCL

Industries,

Inc.

Class

B

3,092

Celanese

Corp.

Class

A

8,561

580

Cementir

Holding

NV

2,275

Century

Aluminum

Co.(Æ)

3,946

Copart,

Inc.(Æ)

5,747

Croda

International

PLC

6,966

ElvalHalcor

SA

11,692

First

Quantum

Minerals,

Ltd.(Æ)

5,063

Freeport-McMoRan,

Inc.

1,331

Fresnillo

PLC

3,022

Gabriel

Resources,

Ltd.(Æ)

32,350

Geberit

AG

General

Electric

Co.

970

Glencore

PLC(Æ)

10,305

Gold

Fields,

Ltd.

-

ADR

1,313

Holcim

AG(Æ)

1,840

Huntsman

Corp.

37,900

545

IMCD

NV

3,720

Impala

Platinum

Holdings,

Ltd.

7,595

Ingevity

Corp.(Æ)

4,815

International

Tower

Hill

Mines,

Ltd.

(Æ)

8,741

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

5,634

Johnson

Matthey

PLC

1,526

K+S

AG

6,903

Kinross

Gold

Corp.

3,102

Kronos

Worldwide,

Inc.

40,838

KWS

SAAT

SE

&

Co.

KGaA

Linde

PLC

746

Lotte

Chemical

Corp.

545

Louisiana-Pacific

Corp.

2,769

MHP

SE

-

GDR(Æ)(Þ)

4,795

MMG,

Ltd.(Æ)

112,000

Muyuan

Foods

Co.,

Ltd.

Class

H(Æ)

11,000

Northern

Dynasty

Minerals,

Ltd.(Æ)

29,820

NovaGold

Resources,

Inc.(Æ)

2,923

Nutrien

,

Ltd.

512

Packaging

Corp.

of

America

877

Pan

American

Silver

Corp.

2,147

Polyus

PJSC(Æ)(Š)

57,760

—

Polyus

PJSC

-

GDR(Æ)(Š)(Þ)

—

Real

Alloy(Æ)(Š)

3,116

Reliance,

Inc.

777

Robertet

SA

Royal

Gold,

Inc.

Saudi

Basic

Industries

Corp.

3,402

Seabridge

Gold,

Inc.(Æ)

2,941

Sherwin-Williams

Co.

(The)

1,079

Shin-Etsu

Chemical

Co.,

Ltd.

9,900

Sibanye

Stillwater,

Ltd.

9,208

SigmaRoc

PLC(Æ)

39,516

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

648

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

1,218

SOL

SpA

1,285

Solstice

Advanced

Materials

Inc.

1,888

Sumitomo

Metal

Mining

Co.,

Ltd.

1,800

Symrise

AG

4,851

Ternium

SA

-

ADR

716

thyssenkrupp

AG

46,204

551

Toromont

Industries,

Ltd.

Toyota

Tsusho

Corp.

1,000

Vale

SA

5,010

Vale

SA

Class

B

-

ADR

7,883

Vallourec

SA

974

Valterra

Platinum,

Ltd.

1,478

Vicat

SACA

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A

2,700

Western

Copper

&

Gold

Corp.(Æ)

9,487

Zijin

Gold

International

Co.,

Ltd.(Æ)

4,489

Zijin

Mining

Group

Co.,

Ltd.

Class

H

42,000

15,410

Producer

Durables

-

7.4%

4imprint

Group

PLC

AAK

AB

2,109

Adecco

Group

AG

1,954

Aena

SME

SA(Þ)

8,986

Aeroports

de

Paris

SA

1,021

AF

Gruppen

ASA

2,215

Airbus

SE

878

Airtac

International

Group

2,000

Alleima

AB

2,695

ALS,

Ltd.

4,038

AMN

Healthcare

Services,

Inc.(Æ)

17,432

AP

Moller

-

Maersk

A/S

Class

A

Atlas

Copco

AB

Class

B

8,660

Auckland

International

Airport,

Ltd.

33,674

Automatic

Data

Processing,

Inc.

1,767

Basler

AG(Æ)

4,028

Bilfinger

SE

712

Bureau

Veritas

SA

1,732

Canadian

National

Railway

Co.

2,105

Canadian

Pacific

Kansas

City,

Ltd.

2,845

Canon,

Inc.

9,700

Central

Japan

Railway

Co.

1,000

China

Communications

Services

Corp.,

Ltd.

Class

H

70,000

China

Merchants

Port

Holdings

Co.,

Ltd.

26,000

Cintas

Corp.

1,150

Cleanaway

Waste

Management,

Ltd.

35,785

Comer

Industries

SpA

622

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

2,600

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

1,937

Cross

Country

Healthcare,

Inc.(Æ)

22,057

CSX

Corp.

809

Cummins,

Inc.

Custom

Truck

One

Source,

Inc.(Æ)

26,041

Danone

SA

3,498

Denso

Corp.

4,700

Deutsche

Post

AG

5,995

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
DL

E&C

Co.,

Ltd.

Drax

Group

PLC

3,612

Dynavox

Group

AB(Æ)

1,556

Eiffage

SA

866

Elecnor

SA

1,995

Embraer

SA

-

ADR

1,782

EMCOR

Group,

Inc.

Enav

SpA

(Þ)

3,202

Epiroc

AB

Class

B

1,465

Equifax,

Inc.

679

Eve

Energy

Co.,

Ltd.

Class

A

4,500

Evergreen

Marine

Corp.

Taiwan,

Ltd.

4,000

Exosens

SAS

990

FedEx

Corp.

613

FLSmidth

&

Co.

A/S

1,625

Flughafen

Zurich

AG

692

Fukuda

Corp.

GE

Vernova

,

Inc.

GEA

Group

AG

General

Dynamics

Corp.

2,097

722

Getlink

SE

4,964

Graco,

Inc.

5,160

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

6,401

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

1,022

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

7,084

Guangshen

Railway

Co.,

Ltd.

Class

H

64,000

HD

Hyundai

Electric

Co.,

Ltd.

Holley,

Inc.(Æ)

91,984

Howmet

Aerospace,

Inc.

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

14,600

Hyundai

Engineering

&

Construction

Co.,

Ltd.

815

IDEX

Corp.

1,204

Inficon

Holding

AG

International

Container

Terminal

Services,

Inc.

12,950

Interpump

Group

SpA

1,013

Intertek

Group

PLC

6,572

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

8,700

Kajima

Corp.

1,600

Kamigumi

Co.,

Ltd.

700

Kawasaki

Heavy

Industries,

Ltd.

600

Konecranes

Oyj

557

Korean

Air

Lines

Co.,

Ltd.

651

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

1,939

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

3,729

Leonardo

SpA

Littelfuse

,

Inc.

1,394

563

Localiza

Rent

a

Car

SA

10,955

Logitech

International

SA

894

Mahindra

&

Mahindra,

Ltd.

-

GDR(Þ)

1,122

Marten

Transport,

Ltd.

23,020

MasTec

,

Inc.(Æ)

606

Mesa

Laboratories,

Inc.

3,417

Mettler-Toledo

International,

Inc.(Æ)

Mitsubishi

Electric

Corp.

4,200

Morgan

Sindall

Group

PLC

875

MYR

Group,

Inc.(Æ)

880

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

649

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nestle

SA

5,749

583

Ningbo

Tuopu

Group

Co.,Ltd

.

Class

A

5,100

Nordson

Corp.

881

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

Orkla

ASA

3,801

Otis

Worldwide

Corp.

3,856

Pan

Ocean

Co.,

Ltd.

9,445

PHA

Co.,

Ltd.

548

Proficient

Auto

Logistics,

Inc.(Æ)

6,969

Qube

Holdings,

Ltd.

38,833

Regal

Rexnord

Corp.

2,718

584

Rotork

PLC

45,538

Rumo

SA

5,272

RXO,

Inc.(Æ)

31,155

622

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

3,170

Sany

Heavy

Industry

Co.,

Ltd.

Class

H(Æ)

12,389

Scorpio

Tankers,

Inc.

5,315

Siemens

Energy

AG

943

SITC

International

Holdings

Co.,

Ltd.

20,000

Spirax

Group

PLC

2,274

Star

Bulk

Carriers

Corp.

20,228

508

Sulzer

AG

Sung

Kwang

Bend

Co.,

Ltd.

1,805

Techtronic

Industries

Co.,

Ltd.

2,000

Tecnicas

Reunidas

SA(Æ)

1,647

Thales

SA

Tokyo

Metro

Co.,

Ltd.

4,600

TransDigm

Group,

Inc.

Transurban

Group(Æ)

23,839

Traton

SE

673

Trelleborg

AB

Class

B

TrueBlue,

Inc.(Æ)

34,700

Tutor

Perini

Corp.

6,184

575

Union

Pacific

Corp.

2,003

540

V2X,

Inc.(Æ)

4,243

Vertiv

Holdings

Co.

Class

A

783

Vinci

SA

Volution

Group

PLC

5,637

Wallenius

Wilhelmsen

ASA

2,142

Waste

Connections,

Inc.

Waste

Management,

Inc.

2,550

593

WEG

SA

16,652

West

Japan

Railway

Co.

1,100

Wuxi

Lead

Intelligent

Equipment

Co,

Ltd.

Class

H(Æ)

9,800

Xylem,

Inc.

2,318

Zhejiang

Expressway

Co.,

Ltd.

Class

H

38,000

21,851

Technology

-

10.7%

8x8,

Inc.(Æ)

71,738

AAC

Technologies

Holdings,

Inc.

20,000

Accenture

PLC

Class

A

1,830

Accton

Technology

Corp.

1,000

Adobe,

Inc.(Æ)

668

Advanced

Micro

Devices,

Inc.(Æ)

Airbnb,

Inc.

Class

A(Æ)

2,370

Alphabet,

Inc.

Class

A

5,638

2,169

Alphabet,

Inc.

Class

C

2,663

1,017

Analog

Devices,

Inc.

1,773

713

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Apple,

Inc.

6,986

1,896

Applied

Materials,

Inc.

AQ

Group

AB

1,892

ASE

Technology

Holding

Co.,

Ltd.

12,000

Asia

Vital

Components

Co.,

Ltd.

2,000

ASML

Holding

NV

723

1,044

Autodesk,

Inc.(Æ)

Baidu,

Inc.

Class

A(Æ)

5,650

Bilibili

,

Inc.

Class

Z(Æ)

2,380

Booking

Holdings,

Inc.

1,521

Broadcom,

Inc.

2,579

1,077

Cisco

Systems,

Inc.

6,230

570

Cognizant

Technology

Solutions

Corp.

Class

A

4,496

Corning,

Inc.

5,422

890

Dynatrace,

Inc.(Æ)

2,218

Fujitsu,

Ltd.

5,900

GDS

Holdings,

Ltd.

Class

A(Æ)

12,400

Hon

Hai

Precision

Industry

Co.,

Ltd.

23,000

Horizon

Robotics(Æ)

40,965

Intuit,

Inc.

INVISIO

AB

1,589

Jack

Henry

&

Associates,

Inc.

668

Kanzhun

,

Ltd.

-

ADR

3,453

Keyence

Corp.

1,400

641

Lam

Research

Corp.

LG

Corp.

Class

H

777

MakeMyTrip,

Ltd.(Æ)

8,628

MediaTek,

Inc.

2,000

Meta

Platforms,

Inc.

Class

A

903

553

Micron

Technology,

Inc.

839

Microsoft

Corp.

4,311

1,758

MSCI,

Inc.

Class

A

709

NCR

Voyix

Corp.(Æ)

37,596

NetApp,

Inc.

2,321

NEXTDC,

Ltd.(Æ)

16,793

Nokia

Oyj

16,977

Nordic

Semiconductor

ASA(Æ)

1,891

NVIDIA

Corp.

9,348

1,866

Obic

Co.,

Ltd.

Onto

Innovation,

Inc.(Æ)

1,909

563

Otsuka

Corp.

8,300

Palantir

Technologies,

Inc.

Class

A(Æ)

1,786

PAX

Global

Technology,

Ltd.

10,000

PayPal

Holdings,

Inc.

758

Pegasystems,

Inc.

9,819

QUALCOMM,

Inc.

1,113

ROBLOX

Corp.

Class

A(Æ)

2,309

Samsung

Electronics

Co.,

Ltd.

8,019

1,217

Seagate

Technology

Holdings

PLC

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

8,671

Silicon

Motion

Technology

Corp.

-

ADR

2,603

569

Singapore

Telecommunications,

Ltd.

37,800

SK

Hynix,

Inc.

726

639

SoftBank

Corp.

102,600

Sony

Group

Corp.

7,200

SUSS

MicroTec

SE

1,928

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

25,000

1,697

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

4,334

1,716

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

650

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Take-Two

Interactive

Software,

Inc.(Æ)

986

Tata

Steel,

Ltd.

-

GDR(Þ)

4,239

Temenos

AG

673

Teradata

Corp.(Æ)

31,036

818

Teradyne,

Inc.

570

TIS,

Inc.

2,300

Trend

Micro,

Inc.

3,500

Trip.com

Group,

Ltd.

-

ADR(Æ)

1,824

Uber

Technologies,

Inc.(Æ)

1,888

Ultra

Clean

Holdings,

Inc.(Æ)

12,716

994

VeriSign,

Inc.

1,010

Victory

Giant

Technology

Huizhou

Co.,

Ltd.

Class

A

1,197

Vodafone

Group

PLC

12,687

Xiaomi

Corp.

Class

B(Æ)(Þ)

12,800

Zhongji

Innolight

Co.,

Ltd.

Class

A

700

31,730

Utilities

-

2.1%

Alliant

Energy

Corp.

1,086

Ameren

Corp.

Atmos

Energy

Corp.

Axia

Energia

2,229

BKV

Corp.(Æ)

30,108

949

Black

Hills

Corp.

514

Canadian

Natural

Resources,

Ltd.

CenterPoint

Energy,

Inc.

624

CGN

Power

Co.,

Ltd.

Class

H(Þ)

48,000

Chunghwa

Telecom

Co.,

Ltd.

25,000

Cia

Paranaense

de

Energia

-

Copel

23,660

Constellation

Energy

Corp.

584

Deutsche

Telekom

AG

7,165

DTE

Energy

Co.

Elisa

Oyj

955

Empresa

Nacional

de

Telecomunicaciones

SA

10,219

Enbridge,

Inc.

2,158

Enel

SpA

4,045

Engie

SA

3,325

ENN

Energy

Holdings,

Ltd.

5,296

Entergy

Corp.

1,445

Evergy

,

Inc.

EVN

AG

2,505

Expand

Energy

Corp.

Federal

Grid

Co.

-

Rosseti

PJSC(Æ)(Š)

410,745,540

—

Gaztransport

Et

Technigaz

SA

H2O

America

1,073

Iberdrola

SA

11,939

Inpex

Corp.

900

Kansai

Electric

Power

Co.,

Inc.

(The)

2,500

Keyera

Corp.

3,556

Kinetik

Holdings,

Inc.

759

Korea

Electric

Power

Corp.

920

KT

Corp.

-

ADR

2,263

LG

Uplus

Corp.

10,035

MTN

Group,

Ltd.

7,260

National

Grid

PLC

23,407

NextEra

Energy,

Inc.

4,287

Osaka

Gas

Co.,

Ltd.

800

PG&E

Corp.

12,589

Power

Assets

Holdings,

Ltd.

8,500

PPL

Corp.

767

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PRIO

SA(Æ)

3,612

Public

Power

Corp.

SA

1,666

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

14,429

RusHydro

PJSC(Æ)(Š)

121,714,026

—

RWE

AG

1,159

Sempra

2,138

Southwest

Gas

Holdings,

Inc.

TC

Energy

Corp.

4,906

Telstra

Group,

Ltd.

17,293

Tenaga

Nasional

Berhad

23,000

Venture

Global,

Inc.

Class

A

2,466

Veolia

Environnement

SA

5,307

Vista

Energy

SAB

de

CV

-

ADR(Æ)

680

Vistra

Corp.

Xcel

Energy,

Inc.

1,416

6,177

#### Total

#### Common

#### Stocks
(cost

$130,077)

160,560

#### Preferred

#### Stocks

#### -

#### 1.5%
Consumer

Discretionary

-

0.1%

Porsche

Automobil

Holding

SE

5.767%

(Ÿ)

1,955

Volkswagen

AG

7.549%

(Ÿ)

1,344

Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

918

Energy

-

0.0%

Petroleo

Brasileiro

SA

-

Petrobras

7.708%

(Ÿ)

3,910

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

07/15/26(¢)

950

5.100%

due

07/15/26(¢)

3,134

American

Financial

Group,

Inc.

5.125%

due

12/15/59

Apollo

Global

Management,

Inc.

7.625%

due

09/15/53

1,401

Arch

Capital

Group,

Ltd.

4.550%

due

06/17/26(¢)

2,758

5.450%

due

06/18/26(¢)

2,813

Aspen

Insurance

Holdings,

Ltd.

5.625%

due

06/18/26(¢)

2,537

5.625%

due

01/01/27(¢)

1,470

Athene

Holding,

Ltd.

4.875%

due

06/17/26(¢)

1,389

7.750%

due

12/30/27(¢)

1,081

6.350%

due

06/30/29(¢)

2,303

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

651

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.250%

due

03/30/64

1,259

Axis

Capital

Holdings,

Ltd.

5.500%

due

06/18/26(¢)

1,840

Bank

of

America

Corp.

4.125%

due

06/18/26(¢)

1,889

4.375%

due

06/18/26(¢)

4,969

5.000%

due

06/18/26(¢)

855

5.375%

due

06/18/26(¢)

2,849

5.875%

due

06/18/26(¢)

1,156

4.250%

due

11/17/26(¢)

5,684

Brookfield

BRP

Holdings

Canada,

Inc.

4.875%

due

12/09/26(¢)

1,219

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

1,384

Citigroup,

Inc.

6.250%

due

02/15/31(¢)

3,002

Corebridge

Financial,

Inc.

6.375%

due

12/15/64

2,462

Equitable

Holdings,

Inc.

5.250%

due

09/15/26(¢)

2,487

F&G

Annuities

&

Life,

Inc.

7.950%

due

12/15/53

1,407

Fifth

Third

Bancorp

6.875%

due

10/01/30(¢)

2,723

First

Horizon

Bank(Þ)

4.790%

due

06/17/26(¢)

First

Horizon

Corp.

6.750%

due

04/10/31(¢)

2,500

Itau

Unibanco

Holding

SA

8.606%

(Ÿ)

8,060

JPMorgan

Chase

&

Co.

4.550%

due

09/01/26(¢)

5,228

4.625%

due

09/01/26(¢)

2,453

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.

7.500%

due

06/15/29(¢)

3,154

6.350%

due

12/15/30(¢)

4,558

MetLife,

Inc.

4.750%

due

09/15/26(¢)

3,734

Morgan

Stanley

6.375%

due

07/15/26(¢)

818

5.850%

due

04/15/27(¢)

811

6.500%

due

10/15/27(¢)

890

6.625%

due

10/15/29(¢)

6,128

Public

Storage

4.625%

due

06/17/26(¢)

2,652

4.125%

due

06/18/26(¢)

1,200

4.700%

due

06/18/26(¢)

1,510

4.750%

due

06/18/26(¢)

764

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

1,574

6.950%

due

09/15/29(¢)

2,129

TPG

Operating

Group

II,

LP

6.950%

due

03/15/64

2,037

Truist

Financial

Corp.

5.250%

due

09/01/26(¢)

1,315

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
US

Bancorp

5.500%

due

06/18/26(¢)

3,650

W.R.

Berkley

Corp.

5.100%

due

12/30/59

2,484

Wells

Fargo

&

Co.

4.250%

due

09/15/26(¢)

5,275

4.375%

due

09/15/26(¢)

1,655

4.700%

due

09/15/26(¢)

2,475

4.750%

due

09/15/26(¢)

6,023

2,970

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

2.459%

(Ÿ)

Producer

Durables

-

0.1%

Danieli

&

C

Officine

Meccaniche

SpA

1.897%

(Ÿ)

2,637

KSB

SE

&

Co.

KGaA

2.336%

(Ÿ)

Localiza

Rent

a

Car

SA

1.268%

(Ÿ)

631

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

1,925

Utilities

-

0.3%

AT&T,

Inc.

4.750%

due

06/18/26(¢)

1,145

5.000%

due

06/18/26(¢)

987

5.350%

due

11/01/66

1,443

Axia

Energia

0.000%

(Æ)

1,216

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

1,401

Brookfield

Infrastructure

Partners,

LP

5.125%

due

06/17/26(¢)

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

3,046

NextEra

Energy

Capital

Holdings,

Inc.

6.500%

due

06/01/85

4,220

6.500%

due

04/15/86

3,000

Southern

Co.

(The)

4.200%

due

10/15/60

2,749

5.250%

due

12/01/77

1,417

4.950%

due

01/30/80

2,113

Telephone

and

Data

Systems,

Inc.

6.625%

due

06/17/26(¢)

1,388

Xcel

Energy,

Inc.

6.250%

due

10/15/85

3,060

707

#### Total

#### Preferred

#### Stocks
(cost

$4,330)

4,385

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

652

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 6.8%
U.S.

Cash

Management

Fund(@)

19,957,660

(∞)

19,954

#### Total

#### Short-Term

#### Investments
(cost

$19,953)

19,954

#### Total

#### Investments

#### -

#### 97.7%
(identified

cost

$257,155)

289,240

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.3%
6,859

#### Net

#### Assets

#### -

#### 100.0%
296,099

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

653

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $18.9%

Abu

Dhabi

Government

International

Bond

11/02/22

255,000

69.37 177

Aena

SME

SA

11/10/15

EUR

8,986

18.05 162

Aeropuerto

Internacional

De

Tocumen

SA

02/16/23

662,000

79.70 528

544

African

Export-Import

Bank

(The)

12/15/22

348,000

92.02 320

Allianz

SE

04/15/26

200,000

100.00 200

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

Angolan

Government

International

Bond

01/07/26

200,000

98.99 198

Ares

Finance

Co.

III

LLC

06/24/21

60,000

99.59 60

Axia

Energia

07/23/24

350,000

93.46 327

Azerbaijan

Government

International

Bond

09/21/22

108,000

87.73 95

Bahrain

Government

International

Bond

09/24/24

200,000

103.63 207

Bahrain

Government

International

Bond

04/01/26

200,000

99.93 200

Banco

del

Estado

de

Chile

04/24/25

200,000

103.92 208

Banco

Nacional

de

Panama

01/23/24

203,000

83.55 170

Bapco

Energies

BSC

Closed

03/22/22

772,000

103.21 797

791

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

97.58 195

Central

Plaza

Development,

Ltd.

01/07/26

307,000

100.36 308

Central

Plaza

Development,

Ltd.

04/08/26

229,000

99.67 228

CFAMC

III

Co.,

Ltd.

02/16/23

384,000

97.14 373

CFAMC

IV

Co.,

Ltd.

03/09/23

377,000

82.59 311

CGN

Power

Co.,

Ltd.

10/28/22

HKD

48,000

0.22 10

China

Government

International

Bond

11/05/25

200,000

99.85 200

China

International

Capital

Corp.,

Ltd.

05/17/24

HKD

52,000

1.82 95

Coinbase

Global,

Inc.

02/06/26

833,000

99.64 830

830

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

08/07/25

709,000

101.30 718

753

Comision

Federal

de

Electricidad

03/20/25

352,000

85.06 299

Commerzbank

AG

10/01/24

200,000

100.00 200

Corp.

Financiera

de

Desarrollo

SA

02/16/23

200,000

95.47 191

Corp.

Nacional

del

Cobre

de

Chile

03/22/22

671,000

81.46 547

Corp.

Nacional

del

Cobre

de

Chile

05/06/25

400,000

103.97 416

Costa

Rica

Government

International

Bond

09/08/25

232,000

103.72 241

Cracker

Barrel

Old

Country

Store,

Inc.

01/09/26

483,000

80.55 389

Credit

Agricole

SA

09/02/25

200,000

100.00 200

Cryoport

,

Inc.

03/04/26

794,000

97.07 771

770

Dai-ichi

Life

Insurance

Co.,

Ltd.

(The)

01/07/25

200,000

100.00 200

Dominican

Republic

Government

International

Bond

08/07/25

138,000

101.86 141

Dominican

Republic

Government

International

Bond

02/10/26

626,000

99.28 622

611

DP

World,

Ltd.

03/22/22

620,000

114.66 711

668

Ecuador

Government

International

Bond

10/07/22

185,154

49.49 92

Ecuador

Government

International

Bond

01/26/26

200,000

100.00 200

Ecuador

Government

International

Bond

04/08/26

180,000

99.34 179

EDO

Sukuk,

Ltd.

06/03/25

268,000

101.11 271

Egypt

Government

International

Bond

06/28/24

377,000

75.47 285

Egypt

Government

International

Bond

04/27/26

200,000

106.24 212

El

Salvador

Government

International

Bond

10/21/25

171,000

108.85 186

Empresa

de

Transmision

Electrica

SA

03/22/22

932,000

95.26 888

734

Empresa

Nacional

del

Petroleo

03/22/22

921,000

84.40 777

763

Enav

SpA

04/11/25

EUR

3,202

4.04 13

Eskom

Holdings

SOC,

Ltd.

03/22/22

539,000

101.00 544

547

Export-Import

Bank

of

India

03/22/22

584,000

92.03 537

523

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

04/08/26

221,874

101.60 225

First

Horizon

Bank

12/07/22

808.04 104

Franshion

Brilliant,

Ltd.

07/26/22

342,000

82.59 282

Freeport

Indonesia

PT

04/22/24

200,000

94.80 190

Gaci

First

Investment

Co.

06/05/25

310,000

81.14 252

Garuda

Indonesia

Persero

Tbk

PT

01/07/26

230,908

89.86 208

Georgian

Railway

JSC

03/22/22

563,000

94.35 531

541

Ghana

Government

International

Bond

10/10/24

16,625

91.01 15

Ghana

Government

International

Bond

11/20/24

149,625

91.77 137

Global

Atlantic

Fin

Co.

06/04/24

48,000

100.00 48

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

654

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Global

Atlantic

Fin

Co.

11/20/25

70,000

100.21 70

Grupo

Energia

Bogota

SA

ESP

03/22/22

509,000

100.94 514

Guatemala

Government

International

Bond

03/11/26

234,000

100.35 235

Guatemala

Government

International

Bond

04/08/26

200,000

88.86 178

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/02/22

1,192

15.82 19

Hartford

Insurance

Group,

Inc.

(The)

02/05/21

61,000

94.90 58

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/24/25

200,000

99.64 199

Hercules

Capital,

Inc.

04/22/26

611,000

97.39 595

596

Hims

+

Hers

Health

04/14/26

227,000

78.62 178

Hoist

Finance

AB

03/23/26

SEK

1,161

14.90 17

HRB

Winddown,

Inc.

10/30/20

1,640,000

—

—

—

Hungary

Government

International

Bond

10/20/25

311,000

102.94 320

Hungary

Government

International

Bond

03/05/26

216,000

104.45 226

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

03/09/23

200,000

88.30 177

ING

Groep

NV

09/25/24

200,000

107.75 215

Innovent

Biologics,

Inc.

04/12/24

HKD

13,500

6.90 93

Instituto

Costarricense

de

Electricidad

03/22/22

762,000

80.22 611

748

Ivory

Coast

Government

International

Bond

01/23/24

200,000

98.30 197

Ivory

Coast

Government

International

Bond

02/18/26

200,000

96.74 193

Jordan

Government

International

Bond

07/22/25

200,000

102.69 205

Kazakhstan

Government

International

Bond

06/24/25

200,000

100.00 200

Kazakhstan

Temir

Zholy

National

Co.

04/22/26

223,000

99.04 221

Kenya

Government

International

Bond

09/16/25

200,000

107.02 214

Kenya

Government

International

Bond

04/08/26

200,000

92.38 185

Kondor

Finance

PLC

01/07/26

491,543

78.98 388

Kuaishou

Technology

03/15/24

HKD

8,100

5.70 46

Larsen

&

Toubro,

Ltd.

05/10/22

1,939

30.06 58

Lebanon

Government

International

Bond

10/31/22

483,000

15.28 74

Lenta

International

Co.

PJSC

01/07/19

130,305

—

—

Longfor

Group

Holdings,

Ltd.

03/08/24

HKD

44,500

1.21 54

Mahindra

&

Mahindra,

Ltd.

02/10/25

1,122

37.15 42

Match

Group

Financeco

,

Inc.

11/11/25

1,025,000

90.31 926

932

Mazoon

Assets

Co.

SAOC

03/22/22

545,000

101.13 551

547

Medacta

Group

SA

11/19/25

CHF

186.62 46

Medartis

Holding

AG

11/19/25

CHF

106.62 39

Meiji

Yasuda

Life

Insurance

Co.

03/04/25

200,000

100.00 200

Meituan

01/28/26

HKD

1,400

12.47 17

MetLife

Capital

Trust

IV

12/09/22

150,000

106.33 160

MetLife,

Inc.

07/14/16

125,000

138.69 173

Mexico

City

Airport

Trust

03/22/22

213,000

88.61 189

MHP

SE

03/16/21

4,795

5.59 27

Morocco

Government

International

Bond

12/08/25

200,000

108.14 216

Mumtalakt

Sukuk

Holding

Co.

04/08/26

607,000

99.06 601

601

Muthoot

Finance,

Ltd.

01/29/26

200,000

100.00 200

MVM

Energetika

Zrt

.

01/23/24

701,000

101.91 714

734

NAC

Kazatomprom

JSC

12/17/19

500

12.95 6

Nigeria

Government

International

Bond

06/05/25

200,000

101.46 203

Nigeria

Government

International

Bond

11/05/25

319,000

100.00 319

OCP

SA

03/22/22

755,000

93.07 703

694

Oman

Sovereign

Sukuk

Co.

10/09/25

245,000

100.00 245

Omniyat

Sukuk

1,

Ltd.

08/07/25

604,000

102.41 619

591

OQ

SAOC

03/22/22

418,000

99.80 417

OVS

SpA

03/06/26

EUR

4,056

5.46 22

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

200,000

99.96 200

Pakistan

Water

and

Power

Development

Authority

03/22/22

753,000

76.72 578

709

Paraguay

Government

International

Bond

06/12/25

200,000

101.19 202

Paraguay

Government

International

Bond

02/24/26

200,000

108.81 218

Pertamina

Hulu

Energi

PT

05/14/25

200,000

100.00 200

Pertamina

Persero

PT

04/18/22

650,000

82.20 534

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

83.49 265

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

01/27/26

200,000

99.63 199

Petroleos

de

Venezuela

SA

01/15/25

234,100

36.73 86

Petroleos

de

Venezuela

SA

03/05/26

195,600

33.77 66

Petroleos

de

Venezuela

SA

04/29/26

34,326

38.30 13

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

655

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Petroleos

del

Peru

SA

03/22/22

1,231,000

69.34 905

865

Petroleos

Mexicanos

03/22/22

894,000

64.84 580

684

Petronas

Capital,

Ltd.

04/01/22

1,123,000

87.25 980

748

Petronas

Capital,

Ltd.

03/26/25

200,000

100.00 200

Petronas

Capital,

Ltd.

03/26/25

200,000

99.86 200

Polyus

PJSC

10/20/22

—

—

—

Porch

Group,

Inc.

05/07/25

483,000

98.59 476

Q2

Holdings,

Inc.

02/23/26

506,000

99.68 504

504

Reliance

Industries,

Ltd.

06/02/23

1,460

55.72 81

Repay

Holdings

04/28/26

171,000

89.42 153

Rexford

Industrial

Realty,

LP

01/05/26

868,000

99.91 867

867

Riyad

Bank

04/08/26

616,000

97.93 603

605

RLGH

Finance

Bermuda

Ltd.

11/12/25

200,000

100.00 200

Romanian

Government

International

Bond

04/28/25

250,000

100.49 251

Romanian

Government

International

Bond

06/05/25

202,000

62.28 126

Romanian

Government

International

Bond

06/05/25

202,000

98.96 200

Romanian

Government

International

Bond

02/25/26

300,000

99.94 300

Romanian

Government

International

Bond

04/28/26

70,000

79.25 55

Rothesay

Life

PLC

12/18/25

200,000

99.99 200

SABIC

Capital

I

BV

06/05/25

441,000

65.27 288

Samruk-Kazyna

JSC

03/22/22

200,000

98.39 197

Saudi

Arabian

Oil

Co.

06/05/25

214,000

59.81 128

Saudi

Government

International

Bond

11/13/25

302,000

101.84 308

Saudi

Government

International

Bond

01/05/26

400,000

98.22 393

Saudi

Government

International

Bond

01/05/26

263,000

99.66 262

SBL

Holdings,

Inc.

12/10/20

10,000

83.50 8

SBL

Holdings,

Inc.

01/24/25

14,000

92.25 13

Senegal

Government

International

Bond

11/12/25

100,000

65.69 66

Serbia

Government

International

Bond

04/28/26

238,000

97.64 232

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

Societe

Generale

SA

03/27/26

200,000

106.75 214

South

Africa

Government

International

Bond

12/16/25

600,000

98.24 589

572

Sri

Lanka

Government

International

Bond

12/20/24

33,612

71.25 24

Sri

Lanka

Government

International

Bond

12/20/24

131,253

73.61 97

Sri

Lanka

Government

International

Bond

01/15/25

62,001

71.34 44

Stellantis

NV

03/10/26

EUR

100,000

115.28 115

Svenska

Handelsbanken

AB

07/26/24

200,000

87.55 175

Swedbank

AB

02/06/24

200,000

100.00 200

Tata

Steel,

Ltd.

02/18/26

4,239

2,190.07

TC

Ziraat

Bankasi

AS

01/15/25

665,000

102.48 682

693

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

12/12/24

632,000

100.18 633

632

Tierra

Mojada

Luxembourg

II

SARL

10/19/22

210,855

71.01 150

Trade

and

Development

Bank

of

Mongolia

LLC

08/07/25

522,000

98.62 515

522

Transnet

SOC,

Ltd.

07/25/23

607,000

99.79 606

633

Trinidad

Generation

Unlimited

08/07/25

583,000

103.23 602

616

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

99.60 697

700

Turkiye

Varlik

Fonu

Yonetimi

AS

04/08/26

368,000

101.49 373

UBS

Group

AG

09/12/25

200,000

102.29 205

UBS

Group

AG

01/05/26

200,000

100.00 200

UBS

Group

AG

04/27/26

200,000

106.63 213

Ueno

Bank

SA

03/03/26

200,000

98.79 198

Ukraine

Government

International

Bond

08/30/24

37,086

47.30 18

Ukraine

Government

International

Bond

10/10/24

244,000

59.19 144

Ukraine

Government

International

Bond

01/13/26

132,000

78.88 104

Ukraine

Government

International

Bond

01/28/26

113,000

78.16 88

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

07/23/24

732,610

97.63 715

572

Uzbekistan

Government

International

Bond

03/05/26

200,000

107.34 215

Uzbekneftegaz

JSC

03/22/22

687,000

88.97 611

666

Venezuela

Government

International

Bond

07/30/24

255,900

19.52 50

Venezuela

Government

International

Bond

03/02/26

143,900

39.38 57

Workiva,

Inc.

04/09/26

311,000

99.06 308

WuXi

AppTec

Co.,

Ltd.

12/17/24

HKD

7,400

7.67 57

WuXi

Biologics

(Cayman),

Inc.

04/02/26

HKD

22,000

4.51 99

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

656

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Xiaomi

Corp.

03/23/26

HKD

12,800

4.18 54

XPLR

Infrastructure,

LP

09/02/25

880,000

99.60 876

875

Yellow

Cake

PLC

09/23/19

GBP

2,888

2.52 7

YPF

SA

02/16/23

166,000

93.39 155

YPF

SA

07/25/23

523,000

92.52 484

539

YPF

SA

08/07/25

40,000

86.62 35

Zalando

SE

07/21/25

EUR

11,515

30.11 347

Zambia

Government

International

Bond

07/10/25

63,635

93.08 59

Ziff

Davis,

Inc.

08/28/25

380,000

97.37 370

Zscaler,

Inc.

03/13/26

359,000

91.32 328

55,849

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

Australian

Dollar

Currency

Futures

USD

791

06/26

British

Pound

Currency

Futures

USD

765

06/26

Commonwealth

Year

Treasury

Bond

Futures

AUD

6,103

06/26

(63) Euro

Currency

Futures

USD

06/26

Japanese

Yen

Currency

Futures

USD

2,567

06/26

Long

Gilt

Futures

GBP

3,377

06/26

(269) New

Zealand

Dollar

Currency

Futures

USD

06/26

Norwegian

Krone

Currency

Futures

USD

06/26

S&P

500

E-Mini

Index

Futures

USD

5,433

06/26

SPI

Index

Futures

AUD

867

06/26

Swedish

Krona

Currency

Futures

USD

652

06/26

Swiss

Franc

Currency

Futures

USD

3,858

06/26

(34) TOPIX

Index

Futures

JPY

336,960

06/26

United

States

Year

Treasury

Note

Futures

USD

57,581

06/26

(517) United

States

Year

Treasury

Note

Futures

USD

40,223

06/26

(744) United

States

Year

Treasury

Note

Futures

USD

15,041

06/26

(357) United

States

Year

Ultra

Treasury

Note

Futures

USD

5,191

06/26

(95) United

States

Treasury

Long

Bond

Futures

USD

3,385

06/26

(142) United

States

Treasury

Ultra

Bond

Futures

USD

5,751

06/26

(270) Short

Positions

British

Pound

Currency

Futures

USD

2,125

06/26

(31) Euro

Currency

Futures

USD

4,851

06/26

(44) EURO

STOXX

Index

Futures

EUR

1,168

06/26

(49) Euro-Bund

Futures

EUR

5,767

06/26

FTSE

Index

Futures

GBP

06/26

Hang

Seng

Index

Futures

HKD

60,216

05/26

Japanese

Year

Government

Bond

Futures

JPY

1,292,600

06/26

Japanese

Yen

Currency

Futures

USD

06/26

(3) MSCI

Emerging

Markets

Index

Futures

USD

1,062

06/26

(73) NASDAQ

E-Mini

Index

Futures

USD

26,492

06/26

(2,867)

Russell

2000

E-Mini

Index

Futures

USD

13,618

06/26

(1,508)

S&P/TSX

Index

Futures

CAD

3,175

06/26

(109) Swedish

Krona

Currency

Futures

USD

652

06/26

Swiss

Franc

Currency

Futures

USD

1,286

06/26

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

657

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

United

States

Year

Treasury

Note

Futures

USD

755

06/26

United

States

Treasury

Ultra

Bond

Futures

USD

1,380

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(6,094)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

GBP

05/05/26

—

Bank

of

America

CHF

USD

05/05/26

—

Bank

of

America

EUR

USD

05/05/26

—

BNP

Paribas

HKD

14,750

USD

1,893

06/17/26

Brown

Brothers

Harriman

USD

EUR

05/20/26

(1) Brown

Brothers

Harriman

EUR

USD

05/20/26

Morgan

Stanley

HKD

14,750

USD

1,893

06/17/26

State

Street

USD

BRL

05/05/26

—

State

Street

CAD

—

USD

—

05/01/26

—

State

Street

CHF

—

USD

—

05/04/26

—

State

Street

CHF

—

USD

—

05/04/26

—

State

Street

GBP

—

USD

05/01/26

—

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

14,000

(1.000%)

(2) 06/20/31

565

(193) 372

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

565

(193) 372

#### 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

5,000

5.000%

(2) 06/20/31

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

Total

Open

Credit

Default

Swap

Contracts

(å)

763

(5) 758

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

658

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Quantitative

Information

about

Level

Fair

Value

Measurements

#### 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

$

—

$

44,596

$

—

$

—

$

44,596

International

Debt

—

59,745

—

—

59,745

Common

Stocks

Consumer

Discretionary

7,240

7,793

—

—

15,033

Consumer

Staples

4,347

2,422

—

—

6,769

Energy

4,085

1,707

—

—

5,792

Financial

Services

29,921

14,853

—

—

44,774

Health

Care

8,983

4,041

—

—

13,024

Materials

and

Processing

7,226

5,068

3,116

—

15,410

Producer

Durables

13,497

8,354

—

—

21,851

Technology

23,174

8,556

—

—

31,730

Utilities

3,756

2,421

—

—

6,177

Preferred

Stocks

3,830

555

—

—

4,385

Short-Term

Investments

—

—

—

19,954

19,954

Total

Investments

106,059

160,111

3,116

19,954

289,240

Other

Financial

Instruments

Assets

Futures

Contracts

1,081

—

—

—

1,081

Foreign

Currency

Exchange

Contracts

—

—

—

Credit

Default

Swap

Contracts

—

758

—

—

758

Liabilities

Futures

Contracts

(7,175)

—

—

—

(7,175)

Foreign

Currency

Exchange

Contracts

—

(1) —

—

(1) Total

Other

Financial

Instruments

\*

$

(6,094)

$

772

$

—

$

—

$

(5,322)

\*

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

April

30,

2026,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

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

Materials

and

Processing

Discounted

cash

flow\*\*

Discount

rate\*

13.5%

3,116

Market

approach\*\*

EBITDA

multiple\*\*\*

6.59x

Discount

to

guideline

comparables

19.6%

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

659

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

April

30,

2026

were

as

follows:

#### Category

#### and

#### Subcategory

#### Beginning

#### Balance

#### 11/01/2025

#### 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

#### 4/30/2026

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### on

#### Investments

#### held

#### as

#### of

#### 4/30/2026
Common

Stocks

Materials

and

Processing

$

3,197

$

—

$

—

$

—

$

—

$

—

$

—

$

(81) $

3,116

$

(81) Total

Investments

$

3,197

$

—

$

—

$

—

$

—

$

—

$

—

$

(81) $

3,116

$

(81) Total

Investments

3,116

\*

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

................................................................................................

.2

Argentina

............................................................................................

1,498

.5

Australia

.............................................................................................

2,935

.0

Austria

................................................................................................

—

\*\*

Azerbaijan

..........................................................................................

—

\*\*

Bahrain

...............................................................................................

1,988

.7

Belgium

..............................................................................................

940

.3

Bermuda

.............................................................................................

.1

Brazil

..................................................................................................

3,384

.1

Canada

................................................................................................

7,170

.4

Chile

...................................................................................................

2,161

.7

China

..................................................................................................

7,570

.6

Colombia

............................................................................................

1,545

.5

Congo,

the

Democratic

Republic

of

the

.............................................

—

\*\*

Costa

Rica

..........................................................................................

988

.3

Czech

Republic

..................................................................................

—

\*\*

Denmark

.............................................................................................

537

.2

Dominican

Republic

..........................................................................

749

.3

Ecuador

..............................................................................................

555

.2

Egypt

..................................................................................................

883

.3

El

Salvador

.........................................................................................

944

.3

Finland

...............................................................................................

527

.2

France

.................................................................................................

4,978

.7

Georgia

...............................................................................................

541

.2

Germany

.............................................................................................

5,282

.8

Ghana

.................................................................................................

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

660

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Greece

................................................................................................

795

.3

Guatemala

..........................................................................................

.1

Hong

Kong

.........................................................................................

1,593

.5

Hungary

..............................................................................................

1,277

.4

India

...................................................................................................

2,204

.7

Indonesia

............................................................................................

2,437

.8

Ireland

................................................................................................

527

.2

Israel

...................................................................................................

.1

Italy

....................................................................................................

1,153

.4

Ivory

Coast

.........................................................................................

.1

Japan

..................................................................................................

7,730

.6

Jordan

.................................................................................................

.1

Kazakhstan

.........................................................................................

702

.2

Kenya

.................................................................................................

.1

Lebanon

..............................................................................................

—

\*\*

Macao

.................................................................................................

—

\*\*

Malaysia

.............................................................................................

1,288

.4

Mexico

...............................................................................................

4,123

.4

Monaco

..............................................................................................

.2

Mongolia

............................................................................................

522

.2

Morocco

.............................................................................................

908

.3

Myanmar

............................................................................................

—

\*\*

Netherlands

........................................................................................

2,424

.8

New

Zealand

......................................................................................

.1

Nigeria

................................................................................................

635

.2

Norway

...............................................................................................

.2

Oman

..................................................................................................

1,485

.5

Pakistan

..............................................................................................

913

.3

Panama

...............................................................................................

2,032

.7

Paraguay

.............................................................................................

616

.2

Peru

....................................................................................................

1,507

.5

Philippines

..........................................................................................

714

.2

Poland

................................................................................................

657

.2

Portugal

..............................................................................................

—

\*\*

Puerto

Rico

.........................................................................................

.2

Romania

.............................................................................................

954

.3

Russia

.................................................................................................

—

—

Saudi

Arabia

.......................................................................................

2,284

.8

Senegal

...............................................................................................

—

\*\*

Serbia

.................................................................................................

864

.3

Singapore

...........................................................................................

2,342

.8

South

Africa

.......................................................................................

2,810

.0

South

Korea

.......................................................................................

3,587

.2

Spain

..................................................................................................

1,774

.6

Sri

Lanka

............................................................................................

.1

Sweden

...............................................................................................

1,662

.6

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

661

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Switzerland

........................................................................................

3,258

.1

Taiwan

................................................................................................

5,285

.8

Thailand

.............................................................................................

1,000

.3

Trinidad

and

Tobago

..........................................................................

616

.2

Turkey

................................................................................................

2,669

.9

Ukraine

...............................................................................................

1,347

.5

United

Arab

Emirates

.........................................................................

1,429

.5

United

Kingdom

.................................................................................

6,877

.3

United

States

......................................................................................

162,308

.8

Uruguay

..............................................................................................

572

.2

Uzbekistan

..........................................................................................

880

.3

Venezuela,

Bolivarian

Republic

of

....................................................

.1

Zambia

...............................................................................................

.1

Total

Investments

...............................................................................

289,240

.7

\*\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

662

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

!?!!?

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\*

607

—

Credit

default

swap

contracts,

at

fair

value

—

758

—

—

Total

$

607

$

758

$

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

4,606

$

—

$

$

2,457

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

—

Total

$

4,606

$

—

$

$

2,457

#### 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)

Futures

contracts

$

(477) $

—

$

$

Credit

default

swap

contracts

—

—

—

Foreign

currency

exchange

contracts

—

—

—

Total

$

(477) $

$

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(2,059)

$

—

$

$

(2,498)

Credit

default

swap

contracts

—

—

—

Foreign

currency

exchange

contracts

—

—

(67) —

Total

$

(2,059)

$

$

(64) $

(2,498)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

663

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

758

—

758

Total

Financial

and

Derivative

Assets

773

—

773

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

773

$

—

$

773

#### 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

$

758

$

—

$

$

BNP

Paribas

—

—

Brown

Brothers

Harriman

—

Morgan

Stanley

—

—

Total

$

773

$

$

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

664

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
Brown

Brothers

Harriman

$

$

$

—

$

—

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.

Multi-Strategy

Income

Fund

665

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

257,155

Investments,

at

fair

value(>)

........................................................................................................................................................

289,240

Foreign

currency

holdings(^)

.......................................................................................................................................................

526

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,712

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

626

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)

.................................................................................................................................................................

17,102

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

758

Total

assets

...............................................................................................................................................................

310,362

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Due

to

broker(b)(c)(d)

......................................................................................................................................................

5,951

Investments

purchased

.....................................................................................................................................................

1,800

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

6,163

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

14,263

#### Net

#### Assets

#### ...............................................................................................................................................................
$

296,099

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

666

Multi-Strategy

Income

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

17,888

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

277,930

#### Net

#### Assets

#### ...............................................................................................................................................................
$

296,099

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

19,954

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

525

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

17,102

(+)&nbsp;&nbsp;&nbsp;&nbsp;Credit

default

swap

contracts

-

premiums

paid

(received)

.................................................................................................

$

763

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Options

..................................................................................................................................................

$

5,639

(c)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

...................................................................................................................................................

$

(d)&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

(#)

..........................................................................................................................................

$

10.49 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

11.13 Class

A

—

Net

assets

...........................................................................................................................................................

$

3,206,698

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

305,643

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

10.34 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,905,793

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

281,141

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

10.54 Class

M

—

Net

assets

..........................................................................................................................................................

$

29,206,463

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,770,705

Net

asset

value

per

share:

Class

S

(#)

........................................................................................................................................

$

10.54 Class

S

—

Net

assets

..........................................................................................................................................................

$

177,677,484

Class

S

—

Shares

outstanding

($.01

par

value)

.................................................................................................................

16,864,439

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

10.56 Class

Y

—

Net

assets

...........................................................................................................................................................

$

83,102,705

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,865,932

(#)

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.

Multi-Strategy

Income

Fund

667

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

3,338

Dividends

.........................................................................................................................................................................

1,913

Dividend

distributions

from

affiliated

funds

....................................................................................................................

Total

investment

income

.............................................................................................................................................................

5,668

#### Expenses
Advisory

fees

...................................................................................................................................................................

773

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

..............................................................................................................................................

1,327

Expense

reductions

..........................................................................................................................................................

(262) Net

expenses

................................................................................................................................................................................

1,065

Net

investment

income

(loss)

.......................................................................................................................................................

4,603

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

14,228

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

14,441

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

2,853

Futures

contracts

..............................................................................................................................................................

(4,554)

Foreign

currency

exchange

contracts

...............................................................................................................................

(67) Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(1,469)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

12,972

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

17,575

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

668

Multi-Strategy

Income

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

4,603

$

10,280

Net

realized

gain

(loss)

................................................................................................................

14,441

7,691

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

(1,469)

9,406

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

17,575

27,377

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(56) (171) Class

C

.....................................................................................................................................

(49) (165) Class

M

....................................................................................................................................

(584) (1,773)

Class

S

....................................................................................................................................

(3,473)

(10,677)

Class

Y

.....................................................................................................................................

(1,753)

(5,436)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(5,915)

(18,222)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(8,459)

(34,362)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
3,201

(25,207)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

292,898

318,105

End

of

period

......................................................................................................................................

$

296,099

$

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

669

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(16)

(164)

(83)

(792)

Net

increase

(decrease)

(29)

(280)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(52)

(526)

(69)

(652)

Net

increase

(decrease)

(45)

(453)

(7)

(56)

Class

M

Proceeds

from

shares

sold

3,925

559

5,393

Proceeds

from

reinvestment

of

distributions

584

1,773

Payments

for

shares

redeemed

(542)

(5,576)

(1,047)

(10,182)

Net

increase

(decrease)

(104)

(1,067)

(301)

(3,016)

Class

S

Proceeds

from

shares

sold

1,342

14,027

2,315

22,504

Proceeds

from

reinvestment

of

distributions

3,470

1,125

10,673

Payments

for

shares

redeemed

(1,892)

(19,544)

(5,968)

(57,952)

Net

increase

(decrease)

(207)

(2,047)

(2,528)

(24,775)

Class

Y

Proceeds

from

shares

sold

1,473

Proceeds

from

reinvestment

of

distributions

1,752

571

5,436

Payments

for

shares

redeemed

(709)

(7,346)

(1,369)

(13,144)

Net

increase

(decrease)

(493)

(5,147)

(648)

(6,235)

Total

increase

(decrease)

(824)

$

(8,459)

(3,513)

$

(34,362)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

670

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

#### A

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.08 9.77 8.49 8.47 11.11 9.39 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.15

.31

.36

.36

.05

.03

$

Net

Realized

and

Unrealized

Gain

(Loss)

.45

.58

1.24 .11

(2.03)

1.79 $

Total

from

Investment

Operations

.60

.89

1.60 .47

(1.98)

1.82 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.19)

(.58)

(.32)

(.45)

(.30)

(.10)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.36)

—

$

Total

Distributions

(.19)

(.58)

(.32)

(.45)

(.66)

(.10)

$

Net

Asset

Value,

End

of

Period

10.49 10.08 9.77 8.49 8.47 11.11 %

Total

Return

(±)(ǿ)

6.07 9.56 19.12 5.44 (18.70)

19.41 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 3,207

2,833

3,032

3,050

3,893

5,074

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.20 1.20 1.24 1.42 1.40 1.35 %

Expenses,

Net

(Ƃ)(ɯ)

1.03 1.03 1.01 1.02 1.02 1.02 %

Net

Investment

Income

(Ƃ)(ɯ)

2.86 3.22 3.81 4.01 .54

.29

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 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 9.63 8.38 8.37 10.99 9.33 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.24

.28

.29

(.02)

(.05)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.45

.57

1.22 .11

(2.00)

1.77 $

Total

from

Investment

Operations

.56

.81

1.50 .40

(2.02)

1.72 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.50)

(.25)

(.39)

(.24)

(.06)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.36)

—

$

Total

Distributions

(.16)

(.50)

(.25)

(.39)

(.60)

(.06)

$

Net

Asset

Value,

End

of

Period

10.34 9.94 9.63 8.38 8.37 10.99 %

Total

Return

(ǿ)

5.76 8.89 18.15 4.61 (19.28)

18.45 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 2,906

3,240

3,209

2,980

3,397

5,081

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.95 1.95 1.99 2.16 2.15 2.10 %

Expenses,

Net

(Ƃ)(ɯ)

1.78 1.78 1.76 1.77 1.77 1.77 %

Net

Investment

Income

(Ƃ)(ɯ)

2.11 2.48 3.06 3.26 (.25)

(.46)

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

671

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.13 9.81 8.53 8.51 11.15 9.40 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.16

.35

.39

.39

.08

.08

$

Net

Realized

and

Unrealized

Gain

(Loss)

.46

.58

1.25 .11

(2.02)

1.79 $

Total

from

Investment

Operations

.62

.93

1.64 .50

(1.94)

1.87 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.21)

(.61)

(.36)

(.48)

(.34)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.36)

—

$

Total

Distributions

(.21)

(.61)

(.36)

(.48)

(.70)

(.12)

$

Net

Asset

Value,

End

of

Period

10.54 10.13 9.81 8.53 8.51 11.15 %

Total

Return

(ǿ)

6.22 10.00 19.44 5.79 (18.34)

19.93 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 29,206

29,121

31,152

28,422

37,206

54,260

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.95

.95

.99

1.16 1.15 1.10 %

Expenses,

Net

(Ƃ)(ɯ)

.68

.68

.66

.67

.67

.67

%

Net

Investment

Income

(Ƃ)(ɯ)

3.20 3.58 4.15 4.32 .84

.79

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.12 9.81 8.53 8.50 11.15 9.41 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.16

.34

.38

.38

.07

.06

$

Net

Realized

and

Unrealized

Gain

(Loss)

.47

.57

1.25 .12

(2.03)

1.79 $

Total

from

Investment

Operations

.63

.91

1.63 .50

(1.96)

1.85 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.21)

(.60)

(.35)

(.47)

(.33)

(.11)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.36)

—

$

Total

Distributions

(.21)

(.60)

(.35)

(.47)

(.69)

(.11)

$

Net

Asset

Value,

End

of

Period

10.54 10.12 9.81 8.53 8.50 11.15 %

Total

Return

(ǿ)

6.28 9.79 19.32 5.81 (18.52)

19.74 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 177,677

172,841

192,173

205,321

243,625

390,872

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.95

.95

.99

1.16 1.15 1.10 %

Expenses,

Net

(Ƃ)(ɯ)

.78

.78

.76

.77

.77

.77

%

Net

Investment

Income

(Ƃ)(ɯ)

3.10 3.47 4.05 4.24 .74

.59

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

672

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 10/31/25

#### 10/31/24

#### 10/31/23

#### 10/31/22

#### 10/31/21

#### Per-Share

#### Data
–

–

–

–

–

–

$

Net

Asset

Value,

Beginning

of

Period

10.15 9.83 8.55 8.52 11.17 9.43 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.17

.36

.40

.40

.09

.09

$

Net

Realized

and

Unrealized

Gain

(Loss)

.46

.58

1.25 .12

(2.03)

1.77 $

Total

from

Investment

Operations

.63

.94

1.65 .52

(1.94)

1.86 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.22)

(.62)

(.37)

(.49)

(.35)

(.12)

$

Distributions

from

Net

Realized

Gain

—

—

—

—

(.36)

—

$

Total

Distributions

(.22)

(.62)

(.37)

(.49)

(.71)

(.12)

$

Net

Asset

Value,

End

of

Period

10.56 10.15 9.83 8.55 8.52 11.17 %

Total

Return

(ǿ)

6.26 10.09 19.51 6.01 (18.32)

19.82 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 83,103

84,863

88,539

87,568

110,575

159,725

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.75

.75

.80

.97

.96

.90

%

Expenses,

Net

(Ƃ)(ɯ)

.58

.58

.56

.57

.57

.57

%

Net

Investment

Income

(Ƃ)(ɯ)

3.30 3.67 4.26 4.46 .93

.81

%

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

673

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

86,965

Administrative

fees

11,331

Distribution

fees

2,450

Shareholder

servicing

fees

609

Transfer

agent

fees

32,705

Trustees'

fees

1,169

$

135,229

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2026

with

an

underlying

fund

which

is,

or

was,

an

affiliated

company

are

as

follows:

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

25,682

$

105,702

$

111,430

$

—

$

—

$

19,954

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

270,381,799

$

23,125,052

$

(9,602,661)

$

13,522,391

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

674

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 24.2%
Asset-Backed

Securities

-

2.1%

Ally

Bank

Auto

Credit-Linked

Notes

Series

2025-B

Class

E

6.164%

due

09/15/33

(Þ)

2,388

2,372

COOPR

Residential

Mortgage

Trust

Series

2025-CES4

Class

M1

5.697%

due

11/25/60

(~)(Ê)(Þ)

1,800

1,773

FIGRE

Trust

Series

2025-HE8

Class

A

5.206%

due

11/25/55

(~)(Ê)(Þ)

1,340

1,335

GS

Mortgage-Backed

Securities

Trust

Series

2025-HE2

Class

B1

6.745%

due

12/25/65

(SOFR

Day

Average

+

3.100%)(Ê)(Þ)

1,150

1,182

JPMorgan

Mortgage

Trust

Series

2025-CES7

Class

A1A

5.055%

due

04/25/56

(~)(Ê)(Þ)

2,407

2,390

Series

2025-HE3

Class

B1

6.640%

due

03/20/56

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

1,042

1,059

RCKT

Mortgage

Trust

Series

2025-CES11

Class

M1

5.675%

due

11/25/55

(~)(Ê)(Þ)

2,900

2,854

12,965

Corporate

Bonds

and

Notes

-

10.3%

Consumer

Discretionary

-

1.4%

Cheesecake

Factory,

Inc.

(The)

0.375%

due

06/15/26

Cracker

Barrel

Old

Country

Store,

Inc.

0.625%

due

06/15/26

969

961

1.750%

due

09/15/30

(Þ)

796

643

Etsy,

Inc.

0.250%

due

06/15/28

1,801

1,635

Hims

+

Hers

Health

4.698%

due

05/15/30

(Þ)(ž)

LCI

Industries

1.125%

due

05/15/26

609

608

Marriott

Vacations

Worldwide

Corp.

3.250%

due

12/15/27

1,615

1,570

Penn

Entertainment,

Inc.

2.750%

due

05/15/26

563

562

Topgolf

Callaway

Brands

Corp.

2.750%

due

05/01/26

563

564

Winnebago

Industries,

Inc.

3.250%

due

01/15/30

618

574

Ziff

Davis,

Inc.

3.625%

due

03/01/28

(Þ)

784

775

8,451

Consumer

Staples

-

0.3%

Alarm.com

Holdings,

Inc.

2.250%

due

06/01/29

535

503

MGP

Ingredients,

Inc.

1.875%

due

11/15/41

516

500

Spectrum

Brands,

Inc.

3.375%

due

06/01/29

843

863

1,866

Energy

-

0.9%

Array

Technologies,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.000%

due

12/01/28

1,023

950

Enphase

Energy,

Inc.

5.574%

due

03/01/28

(ž)

1,754

1,588

Green

Plains,

Inc.

2.250%

due

03/15/27

572

576

Nabors

Industries,

Inc.

1.750%

due

06/15/29

781

764

XPLR

Infrastructure,

LP

2.500%

due

06/15/26

(Þ)

1,453

1,446

5,324

Financial

Services

-

2.6%

Affirm

Holdings,

Inc.

5.130%

due

11/15/26

(ž)

1,655

1,610

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

1,453

1,445

Coinbase

Global,

Inc.

0.500%

due

06/01/26

(Þ)

1,348

1,343

Gladstone

Capital

Corp.

5.875%

due

10/01/30

807

772

Hercules

Capital,

Inc.

4.750%

due

09/01/28

(Þ)

1,009

984

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

1,535

1,510

PennyMac

Corp.

8.500%

due

06/01/29

844

877

Redfin

Corp.

0.500%

due

04/01/27

1,524

1,464

Redwood

Trust,

Inc.

7.750%

due

06/15/27

1,031

1,038

Repay

Holdings

2.875%

due

07/15/29

(Þ)

Rexford

Industrial

Realty,

LP

4.375%

due

03/15/27

(Þ)

1,433

1,431

Shift4

Pyaments

,

Inc.

0.500%

due

08/01/27

1,449

1,367

Square,

Inc.

0.250%

due

11/01/27

1,125

1,060

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

556

545

15,696

Health

Care

-

1.5%

Alphatec

Holdings,

Inc.

0.750%

due

08/01/26

Amphastar

Pharmaceuticals,

Inc.

2.000%

due

03/15/29

1,462

1,335

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

1,686

1,632

CONMED

Corp.

2.250%

due

06/15/27

1,148

1,121

Dexcom,

Inc.

0.375%

due

05/15/28

1,611

1,494

Enovis

Corp.

3.875%

due

10/15/28

744

725

Envista

Holdings

Corp.

1.750%

due

08/15/28

506

505

Haemonetics

Corp.

2.500%

due

06/01/29

NeoGenomics

,

Inc.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

675

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.250%

due

01/15/28

653

604

Teladoc

Health,

Inc.

1.250%

due

06/01/27

1,494

1,438

9,169

Producer

Durables

-

0.3%

Cryoport

,

Inc.

0.750%

due

12/01/26

(Þ)

1,312

1,272

JBT

Marel

Corp.

0.250%

due

05/15/26

1,600

Technology

-

3.2%

Bandwidth,

Inc.

0.500%

due

04/01/28

Bentley

Systems,

Inc.

0.375%

due

07/01/27

1,535

1,470

Bill.com

Holdings,

Inc.

4.528%

due

04/01/27

(ž)

709

681

Cerence

,

Inc.

1.500%

due

07/01/28

750

671

DigitalOcean

Holdings,

Inc.

1.194%

due

12/01/26

(ž)

DraftKings,

Inc.

5.164%

due

03/15/28

(ž)

1,715

1,560

Five9,

Inc.

1.000%

due

03/15/29

1,179

1,023

Match

Group

Financeco

,

Inc.

2.000%

due

01/15/30

(Þ)

1,692

1,539

Okta,

Inc.

0.375%

due

06/15/26

1,094

1,088

Pagerduty

,

Inc.

1.500%

due

10/15/28

907

826

Porch

Group,

Inc.

6.750%

due

10/01/28

(Þ)

797

812

Q2

Holdings,

Inc.

0.750%

due

06/01/26

(Þ)

1,028

1,024

Rapid7,

Inc.

0.250%

due

03/15/27

656

622

Snap,

Inc.

0.750%

due

08/01/26

666

640

5.185%

due

05/01/27

(ž)

651

619

0.125%

due

03/01/28

Strategy,

Inc.

4.171%

due

12/01/29

(ž)

1,594

1,377

Unity

Software,

Inc.

4.475%

due

11/15/26

(ž)

1,473

1,438

Upwork,

Inc.

0.250%

due

08/15/26

1,387

1,364

Workiva,

Inc.

1.125%

due

08/15/26

(Þ)

515

508

Ziff

Davis,

Inc.

1.750%

due

11/01/26

795

783

Zscaler,

Inc.

4.409%

due

07/15/28

(Þ)(ž)

594

540

19,370

Utilities

-

0.1%

American

Water

Capital

Corp.

3.625%

due

06/15/26

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $61,720

International

Debt

-

6.2%

Abu

Dhabi

Government

International

Bond

1.625%

due

06/02/28

(Þ)

3.875%

due

04/16/50

(Þ)

Angolan

Government

International

Bond

9.244%

due

01/15/31

(Þ)

Argentine

Republic

Government

International

Bond

1.750%

due

07/09/30

(~)(Ê)

Series

\*

4.125%

due

07/09/35

(~)(Ê)

774

577

Bahrain

Government

International

Bond

7.000%

due

10/12/28

(Þ)

6.750%

due

09/20/29

(Þ)

Banco

Nacional

de

Mexico

SA

6.697%

due

08/07/36

Bolivia

Government

International

Bond

4.500%

due

03/20/28

(Þ)

Brazilian

Government

International

Bond

6.250%

due

05/22/36

7.250%

due

01/12/56

570

573

CBB

International

Sukuk

Programme

Co.

3.875%

due

05/18/29

(Þ)

Chile

Government

International

Bond

2.550%

due

07/27/33

China

Government

International

Bond

3.750%

due

11/13/30

(Þ)

CIFC

Funding,

Ltd.

Series

2025-7A

Class

D1R

6.375%

due

10/19/38

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

2,380

2,383

Colombia

Government

International

Bond

6.125%

due

01/21/31

3.125%

due

04/15/31

7.750%

due

11/07/36

Corp.

Nacional

del

Cobre

de

Chile

6.780%

due

01/13/55

(Þ)

Costa

Rica

Government

International

Bond

6.125%

due

02/19/31

(Þ)

Dominican

Republic

Government

International

Bond

5.750%

due

03/17/34

(Þ)

933

910

Ecuador

Government

International

Bond

8.750%

due

01/29/34

(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)

616

561

El

Puerto

de

Liverpool

SAB

de

CV

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

676

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.750%

due

02/10/38

(Þ)

El

Salvador

Government

International

Bond

7.125%

due

01/20/50

(Þ)

9.500%

due

07/15/52

(Þ)

Elmwood

CLO,

Ltd.

Series

2025-9A

Class

D1

6.333%

due

01/17/39

(CME

Term

SOFR

Month

+

2.650%)(Ê)(Þ)

3,000

3,003

Export-Import

Bank

of

India

2.250%

due

01/13/31

(Þ)

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

5.000%

due

07/03/29

(~)(Ê)(Þ)

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

6.750%

due

09/01/30

(Þ)

Hungary

Government

International

Bond

6.125%

due

05/22/28

(Þ)

6.000%

due

09/26/35

(Þ)

525

547

Immunocore

Holdings

2.500%

due

02/01/30

Indonesia

Government

International

Bond

4.200%

due

10/15/50

5.650%

due

01/11/53

Industrial

Subordinated

Trust

6.550%

due

04/15/36

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.864%)(Ê)(Þ)

Ivory

Coast

Government

International

Bond

8.075%

due

04/01/36

(Þ)

6.750%

due

02/25/41

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Kazakhstan

Government

International

Bond

5.000%

due

07/01/32

(Þ)

Kazakhstan

Temir

Zholy

National

Co.

5.250%

due

04/29/36

(Þ)

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

Khazanah

Global

Sukuk

Berhad

Series

EMTN

4.687%

due

06/01/28

(Þ)

Kuwait

International

Government

Bond

4.652%

due

10/09/35

(Þ)

Lebanon

Government

International

Bond

Series

GMTN

7.000%

due

03/20/28

(Æ)(Ø)(Þ)

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

Madison

Park

Funding,

Ltd.

Series

2025-75A

Class

D1

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.362%

due

01/17/39

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

3,000

3,004

Mazoon

Assets

Co.

SAOC

5.250%

due

10/09/31

(Þ)

Mexico

Government

International

Bond

6.125%

due

02/09/38

4.280%

due

08/14/41

6.338%

due

05/04/53

Morocco

Government

International

Bond

6.500%

due

09/08/33

(Þ)

Muthoot

Finance,

Ltd.

5.750%

due

08/04/30

(Þ)

Nigeria

Government

International

Bond

9.625%

due

06/09/31

(Þ)

8.631%

due

01/13/36

(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

2.252%

due

09/29/32

8.000%

due

03/01/38

4.300%

due

04/29/53

Paraguay

Government

International

Bond

5.850%

due

08/21/33

(Þ)

6.650%

due

03/04/55

(Þ)

Pertamina

Hulu

Energi

PT

5.250%

due

05/21/30

(Þ)

Perusahaan

Penerbit

SBSN

Indonesia

III

4.550%

due

07/23/30

(Þ)

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

5.450%

due

02/03/36

(Þ)

Peruvian

Government

International

Bond

5.500%

due

03/30/36

5.875%

due

08/08/54

6.200%

due

06/30/55

Petroleos

de

Venezuela

SA

6.000%

due

05/16/24

(Æ)(Ø)(Þ)

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

5.625%

due

06/19/47

(Þ)

Petroleos

Mexicanos

6.750%

due

09/21/47

884

744

Petronas

Capital,

Ltd.

4.950%

due

01/03/31

(Þ)

5.848%

due

04/03/55

(Þ)

Philippine

Government

International

Bond

5.170%

due

10/13/27

1.950%

due

01/06/32

500

Poland

Government

International

Bond

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

677

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

5Y

4.875%

due

02/12/30

Series

10Y

5.375%

due

02/12/35

Series

30Y

5.500%

due

03/18/54

6.125%

due

04/14/56

Romanian

Government

International

Bond

5.750%

due

07/04/36

(Þ)

7.500%

due

02/10/37

(Þ)

5.125%

due

06/15/48

(Þ)

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

4.375%

due

01/12/31

(Þ)

5.875%

due

01/12/56

(Þ)

539

517

Sea,

Ltd.

0.250%

due

09/15/26

1,528

1,502

Senegal

Government

International

Bond

6.250%

due

05/23/33

(Þ)

Serbia

Government

International

Bond

5.500%

due

05/06/36

(Þ)

South

Africa

Government

International

Bond

6.125%

due

12/11/37

(Þ)

747

712

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)

Turkiye

Government

International

Bond

6.375%

due

05/22/31

6.300%

due

03/14/33

531

513

Ueno

Bank

SA

6.700%

due

03/06/31

(Þ)

Ukraine

Government

International

Bond

4.000%

due

02/01/32

(~)(Ê)(Þ)

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

8.056%

due

02/01/35

(~)(Æ)(Ê)(Ø)

(Þ)(ž)

Uruguay

Government

International

Bond

5.750%

due

10/28/34

550

578

Uzbekistan

Government

International

Bond

6.900%

due

02/28/32

(Þ)

Venezuela

Government

International

Bond

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

8.250%

due

10/13/24

(Æ)(Ø)(Þ)

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

37,031

Mortgage-Backed

Securities

-

2.6%

BRCK

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-830B

Class

D

6.409%

due

12/10/42

(~)(Ê)(Þ)

750

748

BX

Commercial

Mortgage

Trust

Series

2024-BIO

Class

C

6.295%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

1,131

1,124

Series

2024-VLT4

Class

B

5.596%

due

06/15/41

(CME

Term

SOFR

Month

+

1.941%)(Ê)(Þ)

2,263

2,253

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.901%

due

01/13/40

(~)(Ê)(Þ)

500

506

Preston

Ridge

Partners

Mortgage

Trust

Series

2024-RCF5

Class

M2

4.000%

due

08/25/54

(~)(Ê)(Þ)

1,000

940

Series

2025-RCF1

Class

M2

4.500%

due

02/25/55

(~)(Ê)(Þ)

1,563

1,484

Series

2025-RCF3

Class

M1A

5.250%

due

07/25/55

(~)(Ê)(Þ)

1,100

1,082

Series

2025-RCF6

Class

M2

5.500%

due

12/25/55

(~)(Ê)(Þ)

2,894

2,759

PRET

LLC

Series

2025-NPL13

Class

A2

6.778%

due

12/25/55

(~)(Ê)(Þ)

1,500

1,482

TORY

Commercial

Mortgage

Trust

Series

2026-HGTS

Class

D

6.281%

due

01/13/46

(~)(Ê)(Þ)

753

744

VDCM

Commercial

Mortgage

Trust

Series

2025-AZ

Class

E

7.931%

due

07/13/44

(~)(Ê)(Þ)

2,600

2,654

15,776

Non-US

Bonds

-

3.0%

Carlyle

Euro

CLO

DAC

Series

2025-1A

Class

A2R

4.254%

due

01/15/39

(3

Month

EURIBOR

+

2.050%)(Ê)(Þ)

EUR

3,000

3,526

CVC

Cordatus

Loan

Fund

XVIII

DAC

Series

2021-18X

Class

B1R

3.870%

due

07/29/34

(3

Month

EURIBOR

+

1.700%)(Ê)(Þ)

EUR

2,000

2,343

Kinbane

DAC

Series

2024-RPL1X

Class

B

3.968%

due

01/26/65

(1

Month

EURIBOR

+

2.000%)(Ê)(Þ)

EUR

2,350

2,760

OCP

Euro

CLO

DAC

Series

2025-14A

Class

D

5.115%

due

10/26/38

(3

Month

EURIBOR

+

2.950%)(Ê)(Þ)

EUR

3,000

3,527

Stannaway

Park

CLO

DAC

Series

2025-1A

Class

D

4.944%

due

01/23/38

(3

Month

EURIBOR

+

2.900%)(Ê)(Þ)

EUR

4,000

4,686

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

Series

2025-1A

Class

B

6.338%

due

05/28/39

(Þ)

GBP

800

1,064

17,906

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

678

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$143,848)

145,398

#### Common

#### Stocks

#### -

#### 66.0%
Consumer

Discretionary

-

7.5%

ABB,

Ltd.

2,271

Advanced

Energy

Industries,

Inc.

Alibaba

Group

Holding,

Ltd.

192,308

3,160

Alibaba

Group

Holding,

Ltd.

-

ADR

817

Amazon.com,

Inc.(Æ)

14,990

3,973

API

Group

Corp.(Æ)

2,742

Aristocrat

Leisure,

Ltd.

6,066

Autoliv,

Inc.

4,737

549

AutoZone,

Inc.(Æ)

1,637

Best

Buy

Co.,

Inc.

1,796

Bridgestone

Corp.

9,100

BYD

Co.,

Ltd.

Class

H

47,500

629

Caesars

Entertainment,

Inc.(Æ)

6,359

Canadian

Tire

Corp.,

Ltd.

Class

A

1,149

Cava

Group,

Inc.(Æ)

1,297

Cembre

SpA

3,843

Charter

Communications,

Inc.

Class

A(Æ)

Chemring

Group

PLC

16,553

China

Tourism

Group

Duty

Free

Corp.,

Ltd.

Class

A

9,000

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

11,044

Cie

Financiere

Richemont

SA

Class

A

6,992

1,334

Cie

Generale

des

Etablissements

Michelin

SCA

36,093

1,310

Comcast

Corp.

Class

A

11,348

Comet

Holding

AG

1,527

602

Costco

Wholesale

Corp.

953

967

CSG

NV(Æ)

5,718

Darden

Restaurants,

Inc.

701

Davide

Campari-Milano

NV

144,076

1,067

Deckers

Outdoor

Corp.(Æ)

1,283

Diageo

PLC

15,389

DiDi

Global,

Inc.

-

ADR(Æ)

15,542

Dollar

General

Corp.

3,045

Dollarama,

Inc.

1,509

DR

Horton,

Inc.

1,397

DraftKings,

Inc.

Class

A(Æ)

1,959

eBay,

Inc.

2,769

Five

Below,

Inc.(Æ)

711

Fox

Corp.

Class

A

2,429

Fox

Corp.

Class

B

6,343

General

Motors

Co.

8,563

658

Genuine

Parts

Co.

764

H

World

Group,

Ltd.

-

ADR

14,821

765

Hanwha

Aerospace

Co.,

Ltd.

554

528

Home

Depot,

Inc.

(The)

1,091

Howden

Joinery

Group

PLC

77,648

826

Hoya

Corp.

2,600

Hyundai

Department

Store

Co.,

Ltd.

904

IAC,

Inc.(Æ)

24,064

1,072

Industria

de

Diseno

Textil

SA

5,942

InterContinental

Hotels

Group

PLC

7,530

1,090

Intuitive

Machines,

Inc.(Æ)

2,922

Kia

Corp.

4,790

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kingfisher

PLC

8,479

Kuaishou

Technology(Þ)

25,400

Lagercrantz

Group

AB

Class

B

Las

Vegas

Sands

Corp.

6,980

Lennar

Corp.

Class

A

1,299

Lindblad

Expeditions

Holdings,

Inc.

(Æ)

6,450

Lowe's

Cos.,

Inc.

703

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,919

1,018

Magazine

Luiza

SA

106,683

Mahindra

&

Mahindra,

Ltd.

19,039

626

McDonald's

Corp.

866

Meituan

Class

B(Æ)(Þ)

5,500

MercadoLibre

,

Inc.(Æ)

Netflix,

Inc.

Class

B(Æ)

1,602

Next

PLC

2,709

NKT

A/S(Æ)

2,399

NVR,

Inc.(Æ)

OEM

International

AB

Class

B

12,184

Omnicom

Group,

Inc.

1,239

Omron

Corp.

5,900

O'Reilly

Automotive,

Inc.(Æ)

1,735

Oriental

Holdings

Berhad

27,167

OVS

SpA

(Þ)

23,192

Pernod

Ricard

SA

7,890

583

Persimmon

PLC

Class

A

3,016

PulteGroup,

Inc.

1,540

Remy

Cointreau

SA

8,880

Renault

SA

3,385

Rolls-Royce

Holdings

PLC

20,243

Ross

Stores,

Inc.

1,154

Rush

Street

Interactive,

Inc.(Æ)

9,206

SCREEN

Holdings

Co.,

Ltd.

4,000

Secom

Co.,

Ltd.

5,000

SFS

Group

AG

Singapore

Technologies

Engineering,

Ltd.

20,400

SJM

Holdings,

Ltd.(Æ)

158,000

Stride,

Inc.(Æ)

546

Subaru

Corp.

9,100

Target

Corp.

1,000

Teleperformance

SE

1,707

Tencent

Holdings,

Ltd.

46,366

2,815

Tencent

Holdings,

Ltd.

-

ADR

3,790

Tesla,

Inc.(Æ)

1,592

608

TJX

Cos.,

Inc.

(The)

11,130

1,745

Tkms

AG&

Co.

KGaA

(Æ)

2,309

Universal

Music

Group

NV

15,049

Versant

Media

Group,

Inc.

515

Vincorion

SE(Æ)

9,009

Virbac

SACA

757

Volkswagen

AG

773

Walmart,

Inc.

3,963

523

Walt

Disney

Co.

(The)

1,304

Weichai

Power

Co.,

Ltd.

Class

H

25,000

Wolters

Kluwer

NV

Yamaha

Corp.

82,300

592

Yum!

Brands,

Inc.

1,084

Zalando

SE(Æ)(Þ)

33,891

836

45,278

Consumer

Staples

-

2.4%

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

679

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alimentation

Couche-Tard,

Inc.

2,724

Altria

Group,

Inc.

4,485

Ambev

SA

41,843

Anheuser-Busch

InBev

SA

13,861

1,048

Archer-Daniels-Midland

Co.

2,609

Asahi

Group

Holdings,

Ltd.

33,500

Astarta

Holding

PLC

2,995

Beiersdorf

AG

7,011

580

BIM

Birlesik

Magazalar

AS

7,311

BioGaia

AB

Class

B

7,840

BrasilAgro

-

Co.

Brasileira

de

Propriedades

Agricolas

13,161

British

American

Tobacco

PLC

4,702

Campbell's

Co.

(The)

3,019

Carrefour

SA

6,162

China

Mengniu

Dairy

Co.,

Ltd.

95,000

Church

&

Dwight

Co.,

Inc.

1,294

Clorox

Co.

(The)

928

Coca-Cola

Co.

(The)

3,477

Coca-Cola

Consolidated,

Inc.

914

Colgate-Palmolive

Co.

5,544

Compass

Group

PLC

5,187

Conagra

Brands,

Inc.

4,314

First

Pacific

Co.,

Ltd.

70,000

General

Mills,

Inc.

4,198

Genting

Plantations

Berhad

48,600

Golden

Agri-Resources,

Ltd.

1,048,000

GS

Holdings

Corp.

1,951

Haleon

PLC

129,077

595

Hershey

Co.

(The)

517

Imperial

Brands

PLC

10,849

JM

Smucker

Co.

(The)

1,080

Kato

Sangyo

Co.,

Ltd.

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.

3,650

Metro,

Inc.

Class

A

2,416

Mondelez

International,

Inc.

Class

A

1,676

Monster

Beverage

Corp.(Æ)

7,229

557

National

Vision

Holdings,

Inc.(Æ)

38,534

895

PepsiCo,

Inc.

5,513

874

Philip

Morris

International,

Inc.

4,899

809

Procter

&

Gamble

Co.

(The)

2,855

Puregold

Price

Club,

Inc.

80,600

Reckitt

Benckiser

Group

PLC

11,202

713

Royal

Unibrew

A/S

4,927

Smithfield

Foods,

Inc.

1,477

Sodexo

SA

3,351

Tyson

Foods,

Inc.

Class

A

5,273

Unicharm

Corp.

13,900

Wal-Mart

de

Mexico

SAB

de

CV

87,059

Yesway

,

Inc.

Class

A(Æ)

36,904

949

14,455

Energy

-

2.8%

Aker

Solutions

ASA

68,065

Antero

Resources

Corp.(Æ)

6,107

Baker

Hughes

Co.

8,901

620

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BP

PLC

36,994

Cenovus

Energy,

Inc.

33,437

978

Chevron

Corp.

2,447

Coterra

Energy,

Inc.

6,468

Delta

Electronics,

Inc.

6,000

DOF

Group

ASA

16,204

ENEOS

Holdings,

Inc.

26,600

EOG

Resources,

Inc.

1,773

EQT

Corp.

4,033

Eramet

SA

2,099

Exxon

Mobil

Corp.

4,973

768

Fortune

Electric

Co.,

Ltd.

12,000

Galp

Energia

SGPS

SA

Class

B

8,752

Gazprom

PJSC(Æ)(Š)

332,583

—

HELLENiQ

ENERGY

Holdings

SA

10,437

Hochschild

Mining

PLC

28,789

Idemitsu

Kosan

Co.,

Ltd.

25,900

Japan

Petroleum

Exploration

Co.,

Ltd.

9,500

Kinder

Morgan,

Inc.

9,622

Liberty

Energy,

Inc.

Class

A

34,554

1,168

LUKOIL

PJSC(Æ)(Š)

8,302

—

NAC

Kazatomprom

JSC

-

GDR(Þ)

1,403

National

Energy

Services

Reunited

Corp.(Æ)

33,795

843

Natural

Gas

Services

Group,

Inc.

1,035

NPK

International,

Inc.(Æ)

15,087

Odfjell

Drilling,

Ltd.

26,672

ONEOK,

Inc.

4,867

Paladin

Energy,

Ltd.(Æ)

26,221

Petroleo

Brasileiro

SA

-

Petrobras

-

ADR

43,687

962

Phillips

1,024

Range

Resources

Corp.

6,502

Repsol

SA

10,640

Santos,

Ltd.

51,295

SBM

Offshore

NV

7,298

Schneider

Electric

SE

2,282

721

Shell

PLC

6,261

Solaria

Energia

y

Medio

Ambiente

SA(Æ)

13,592

Subsea

SA

2,756

Suncor

Energy,

Inc.

5,975

Targa

Resources

Corp.

802

Teck

Resources,

Ltd.

Class

B

7,816

TGS

ASA

30,373

TotalEnergies

SE

3,304

Tourmaline

Oil

Corp.

3,728

Tullow

Oil

PLC(Æ)

213,313

United

States

Antimony

Corp.(Æ)

11,982

Williams

Cos.,

Inc.

(The)

2,532

YPF

SA

-

ADR(Æ)

6,824

16,972

Financial

Services

-

14.9%

Absa

Group,

Ltd.

13,306

Aedifica

SA(ö)

2,966

Aflac,

Inc.

2,492

Ageas

SA

1,982

Agree

Realty

Corp.(ö)

7,232

558

AIA

Group,

Ltd.

56,200

619

Akbank

TAS

184,853

Allianz

SE

605

Allstate

Corp.

(The)

818

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

680

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alpha

Bank

SA

81,729

American

Integrity

Insurance

Group,

Inc.

43,247

848

American

Tower

Corp.(ö)

1,306

Amundi

SA(Þ)

778

Annaly

Capital

Management,

Inc.(ö)

7,993

Arthur

J

Gallagher

&

Co.

AvalonBay

Communities,

Inc.(ö)

751

Avanza

Bank

Holding

AB

5,749

Azimut

Holding

SpA

11,121

Bajaj

Finance,

Ltd.

55,481

552

Banca

IFIS

SpA

5,518

Banco

BTG

Pactual

SA(Æ)

18,471

Banco

de

Sabadell

SA

49,375

Banco

do

Brasil

SA

43,210

Bangkok

Bank

PCL

-

NVDR

21,800

Bank

Hapoalim

BM

12,328

Bank

Leumi

Le-Israel

BM

21,654

549

Bank

Mandiri

Persero

Tbk

PT

2,916,192

743

Bank

of

America

Corp.

16,445

879

Bank

of

Ireland

Group

PLC

30,955

614

Bank

of

Montreal

1,868

Bank

of

New

York

Mellon

Corp.

(The)

2,509

Bank

of

Nova

Scotia

(The)

3,838

Barclays

PLC

3,681

Berkshire

Hathaway,

Inc.

Class

B(Æ)

1,959

928

BGC

Group,

Inc.

Class

A

113,781

1,278

BNP

Paribas

SA

3,324

BOC

Hong

Kong

Holdings,

Ltd.

41,000

Brambles,

Ltd.

20,068

British

Land

Co.

PLC

(The)(ö)

12,481

Broadstone

Net

Lease,

Inc.(ö)

36,572

724

Brown

&

Brown,

Inc.

1,601

BXP,

Inc.(ö)

10,385

607

Canadian

Imperial

Bank

of

Commerce

3,712

Capital

One

Financial

Corp.

3,866

740

CapitaLand

Ascendas

REIT(ö)

60,000

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

202,400

Capitaland

Investment,

Ltd.

47,100

Capitec

Bank

Holdings,

Ltd.

507

CareTrust

REIT,

Inc.(ö)

5,403

Catena

AB

1,750

Cenergy

Holdings

SA

19,689

559

Centurion

Accommodation

REIT(ö)

134,000

Charles

Schwab

Corp.

(The)

10,203

935

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

241,200

627

China

Resources

Land,

Ltd.

56,000

Chubb,

Ltd.

586

Cincinnati

Financial

Corp.

1,114

Citigroup,

Inc.

5,310

680

CK

Asset

Holdings,

Ltd.

35,000

CK

Hutchison

Holdings,

Ltd.

Class

B

55,000

Close

Brothers

Group

PLC(Æ)

7,162

CME

Group,

Inc.

Class

A

7,540

2,170

Commerzbank

AG

4,643

Computershare,

Ltd.

5,604

Country

Garden

Services

Holdings

Co.,

Ltd.

133,000

Credicorp

,

Ltd.

Cresud

SACIF

y

A

-

ADR

5,640

Crown

Castle,

Inc.(ö)

6,849

608

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dave,

Inc.(Æ)

855

DBS

Group

Holdings,

Ltd.

4,500

Dexus(ö)

44,793

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

201,600

Digital

Realty

Trust,

Inc.(ö)

10,486

2,107

Dime

Community

Bancshares,

Inc.

15,756

565

DNB

Bank

ASA

6,117

EastGroup

Properties,

Inc.(ö)

1,222

EFG

International

AG(Æ)

10,731

Equinix,

Inc.(ö)

1,550

1,678

Equity

Residential(ö)

1,961

Essential

Properties

Realty

Trust,

Inc.

(ö)

20,510

645

Essex

Property

Trust,

Inc.(ö)

1,521

Everest

Group,

Ltd.

1,610

574

Extra

Space

Storage,

Inc.(ö)

6,514

934

Fairfax

Financial

Holdings,

Ltd.

Fastighets

AB

Balder

Class

B(Æ)

8,827

Fidelity

National

Financial,

Inc.

2,749

First

BanCorp

42,663

1,036

First

Industrial

Realty

Trust,

Inc.(ö)

4,336

flatexDEGIRO

SE

17,506

629

Franklin

Resources,

Inc.

5,876

Gaming

and

Leisure

Properties,

Inc.(ö)

4,998

GF

Securities

Co.,

Ltd.

Class

H

64,000

GLP

J-REIT(ö)

Goldman

Sachs

Group,

Inc.

(The)

Goodman

Group(ö)

37,795

818

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

14,825

Grupo

Financiero

Galicia

SA

-

ADR

1,574

Guaranty

Trust

Holding

Co.

PLC

1,831,544

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

4,340

Hana

Financial

Group,

Inc.

11,668

1,011

Hankook

&

Company

Co.,

Ltd.

1,939

Hartford

Insurance

Group,

Inc.

(The)

1,893

HDFC

Bank,

Ltd.

77,745

636

Healthcare

Realty

Trust,

Inc.(ö)

23,235

Hi

Sun

Technology

China,

Ltd.(Æ)

318,000

Hiscox

,

Ltd.

20,983

Hoist

Finance

AB(Þ)

7,499

Hong

Kong

Exchanges

&

Clearing,

Ltd.

20,100

1,068

Hongkong

Land

Holdings,

Ltd.

28,200

Host

Hotels

&

Resorts,

Inc.(ö)

25,174

532

HSBC

Holdings

PLC

15,272

Hudson

Pacific

Properties,

Inc.(Æ)(ö)

7,564

iA

Financial

Corp.,

Inc.

1,334

ICICI

Bank,

Ltd.

56,808

760

ING

Groep

NV

18,177

527

Ingenia

Communities

Group(ö)

55,722

Intact

Financial

Corp.

820

Invitation

Homes,

Inc.(ö)

24,121

694

Iron

Mountain,

Inc.(ö)

4,897

617

IRSA

Inversiones

y

Representaciones

SA

-

ADR(Æ)

Israel

Discount

Bank,

Ltd.

Class

A

20,783

Itau

Unibanco

Holding

SA

-

ADR

48,083

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Post

Holdings

Co.,

Ltd.

15,400

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

681

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

5,516

1,728

Kasikornbank

PCL

-

NVDR

6,400

KB

Financial

Group,

Inc.

3,513

Keppel

REIT(ö)

212,500

Kimco

Realty

Corp.(ö)

30,859

729

Kite

Realty

Group

Trust(ö)

13,481

Klepierre

SA(ö)

13,906

563

Land

Securities

Group

PLC(ö)

23,973

LEG

Immobilien

SE

1,934

Link

REIT(ö)

62,400

Lloyds

Banking

Group

PLC

183,378

LondonMetric

Property

PLC(ö)

49,661

Longfor

Group

Holdings,

Ltd.(Þ)

140,000

LSR

Group

PJSC(Æ)(Š)

33,861

—

LX

Holdings

Corp.

1,012

M&T

Bank

Corp.

672

Mandatum

Oyj

70,064

562

Manulife

Financial

Corp.

7,189

Mapfre

SA

5,503

Marex

Group

PLC

2,921

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

762

Mastercard,

Inc.

Class

A

5,109

2,569

Melisron

,

Ltd.

853

Mercialys

SA(ö)

10,040

MetLife,

Inc.

3,192

Mitsubishi

Estate

Co.,

Ltd.

15,499

Mitsubishi

UFJ

Financial

Group,

Inc.

2,500

Mitsui

Fudosan

Accommodations

Fund,

Inc.(ö)

Mitsui

Fudosan

Co.,

Ltd.

59,700

653

Mizrahi

Tefahot

Bank,

Ltd.

3,048

Moody's

Corp.

3,168

1,463

Morgan

Stanley

3,494

666

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

182,429

—

National

Bank

of

Canada

1,544

NatWest

Group

PLC

59,002

Nippon

Building

Fund,

Inc.(ö)

Nippon

Prologis

REIT,

Inc.(ö)

NN

Group

NV

3,237

NOBA

Bank

Group

AB(Æ)

26,598

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

Nordea

Bank

Abp

13,672

Northern

Trust

Corp.

Northpointe

Bancshares,

Inc.

37,159

663

Omega

Healthcare

Investors,

Inc.(ö)

6,658

ORIX

Corp.

11,572

Outfront

Media,

Inc.(ö)

9,311

Oversea-Chinese

Banking

Corp.,

Ltd.

11,000

Peapack-Gladstone

Financial

Corp.

13,713

573

Perella

Weinberg

Partners

54,250

1,234

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

46,767

Piraeus

Bank

SA(Æ)

26,813

PNC

Financial

Services

Group,

Inc.

(The)

630

Power

Corp.

of

Canada

3,934

Progressive

Corp.

(The)

2,097

Prologis,

Inc.(ö)

9,699

1,377

Public

Storage(ö)

1,964

594

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Rayonier,

Inc.(ö)

9,536

Realty

Income

Corp.(ö)

3,248

Regions

Financial

Corp.

6,720

RELX

PLC

14,731

538

RenaissanceRe

Holdings,

Ltd.

1,976

607

Resona

Holdings,

Inc.

35,200

Ringkjoebing

Landbobank

A/S

724

Royal

Bank

of

Canada

3,498

629

Safestore

Holdings

PLC(ö)

11,473

Sampo

Oyj

Class

A

11,340

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

SBA

Communications

Corp.(ö)

984

Sberbank

of

Russia

PJSC(Æ)(Š)

334,627

—

SBI

Life

Insurance

Co.,

Ltd.(Þ)

7,160

Scentre

Group(ö)

112,137

Schroders

PLC

9,808

Segro

PLC(ö)

48,394

SGS

SA

1,394

Shinhan

Financial

Group

Co.,

Ltd.

4,440

Shriram

Finance,

Ltd.

26,987

Simon

Property

Group,

Inc.(ö)

2,991

609

Societe

Generale

SA

6,343

508

Sparebanken

Norge

14,965

Standard

Bank

Group,

Ltd.

11,524

Stockland(ö)

36,296

Sumitomo

Mitsui

Financial

Group,

Inc.

6,400

Sumitomo

Realty

&

Development

Co.,

Ltd.

14,500

Sun

Communities,

Inc.(ö)

7,756

992

Sun

Hung

Kai

Properties,

Ltd.

81,500

1,429

Sun

Life

Financial,

Inc.

2,697

Swiss

Prime

Site

AG

Class

A

2,058

Swissquote

Group

Holding

SA

533

TAG

Immobilien

AG

21,578

Tokio

Marine

Holdings,

Inc.

4,300

Tokyo

Century

Corp.

1,900

Toronto-Dominion

Bank

(The)

Travelers

Cos.,

Inc.

(The)

774

TS

Financial

Holding

Co.,

Ltd.

604,000

UBS

Group

AG

13,388

596

UDR,

Inc.(ö)

9,840

Unibail

-

Rodamco

-Westfield(ö)

1,854

Unipol

Assicurazioni

SpA

10,508

United

Overseas

Bank,

Ltd.

6,200

UOL

Group,

Ltd.

12,600

Ventas,

Inc.(ö)

1,570

VGP

NV

VICI

Properties,

Inc.(ö)

11,543

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

1,739

574

Vonovia

SE

7,114

VTB

Bank

PJSC(Æ)(Š)

58,930

—

W.R.

Berkley

Corp.

2,634

Warehouses

De

Pauw

CVA(ö)

3,620

Wells

Fargo

&

Co.

Welltower,

Inc.(ö)

14,290

3,106

Weyerhaeuser

Co.(ö)

1,648

Wihlborgs

Fastigheter

AB

7,100

WisdomTree,

Inc.

6,088

XP,

Inc.

Class

A

11,715

Yellow

Cake

PLC(Æ)(Þ)

12,903

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

682

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yoma

Strategic

Holdings,

Ltd.(Æ)

456,208

Zurich

Insurance

Group

AG

89,371

Health

Care

-

5.3%

Abbott

Laboratories

2,085

AbbVie,

Inc.

2,012

AddLife

AB

Class

B

5,519

Amgen,

Inc.

558

Astellas

Pharma,

Inc.

33,900

AstraZeneca

PLC

1,529

Becton

Dickinson

&

Co.

5,671

845

Boston

Scientific

Corp.(Æ)

2,480

Bristol-Myers

Squibb

Co.

11,438

693

Cardinal

Health,

Inc.

620

CareDx

,

Inc.(Æ)

57,996

1,207

Cencora

,

Inc.

Class

A

669

Centene

Corp.(Æ)

5,307

Chong

Kun

Dang

Pharmaceutical

Corp.

936

Cigna

Group

(The)

1,663

CVS

Health

Corp.

3,165

Cytek

Biosciences,

Inc.(Æ)

180,658

824

Daiichi

Sankyo

Co.,

Ltd.

2,200

Dexcom,

Inc.(Æ)

6,569

Edwards

Lifesciences

Corp.(Æ)

1,604

Elevance

Health,

Inc.

642

Eli

Lilly

&

Co.

1,317

1,231

Fresenius

Medical

Care

AG

6,874

Fresenius

SE

&

Co.

KGaA

4,862

FUJIFILM

Holdings

Corp.

6,900

GeneDx

Holdings

Corp.(Æ)

814

Gilead

Sciences,

Inc.

2,401

Grifols

SA

14,173

GSK

PLC

11,177

Guardant

Health,

Inc.(Æ)

818

H

Lundbeck

A/S

7,418

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

A

70,000

571

HCA

Healthcare,

Inc.

528

Humana,

Inc.

3,688

872

Icon

PLC(Æ)

10,985

1,300

IDEXX

Laboratories,

Inc.(Æ)

542

Innovent

Biologics,

Inc.(Æ)(Þ)

64,000

741

Innoviva

,

Inc.(Æ)

53,792

1,237

Insilico

Medicine

Cayman

TopCo

(Æ)

20,224

Insmed

,

Inc.(Æ)

Intuitive

Surgical,

Inc.(Æ)

826

iRadimed

Corp.

822

Johnson

&

Johnson

9,978

2,293

Kuros

Biosciences

AG(Æ)

4,862

Kyorin

Pharmaceutical

Co.,

Ltd.

8,700

Labcorp

Holdings,

Inc.

668

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

578

Madrigal

Pharmaceuticals,

Inc.(Æ)

McKesson

Corp.

Medacta

Group

SA(Þ)

1,007

Medartis

Holding

AG(Æ)(Þ)

1,277

Medtronic

PLC

10,786

873

Merck

&

Co.,

Inc.

9,512

1,038

Merck

KGaA

6,293

814

Molina

Healthcare,

Inc.(Æ)

568

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Novartis

AG

1,615

Novo

Nordisk

A/S

Class

B

9,951

Option

Care

Health,

Inc.(Æ)

30,044

611

PACS

Group,

Inc.(Æ)

3,576

Pfizer,

Inc.

24,131

644

PTC

Therapeutics,

Inc.(Æ)

19,243

1,252

Quest

Diagnostics,

Inc.

686

Regeneron

Pharmaceuticals,

Inc.

Roche

Holding

AG

933

Roivant

Sciences,

Ltd.(Æ)

6,496

Sanofi

SA

8,850

827

Smith

&

Nephew

PLC

23,900

Stryker

Corp.

732

Tarsus

Pharmaceuticals,

Inc.(Æ)

Travere

Therapeutics,

Inc.(Æ)

1,299

United

Therapeutics

Corp.(Æ)

UnitedHealth

Group,

Inc.

3,760

1,393

Universal

Health

Services,

Inc.

Class

B

848

Vertex

Pharmaceuticals,

Inc.(Æ)

1,079

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

24,300

WuXi

Biologics

(Cayman),

Inc.(Æ)(Þ)

106,500

Xvivo

Perfusion

AB(Æ)

9,894

Zoetis,

Inc.

Class

A

840

31,671

Materials

and

Processing

-

5.3%

Albemarle

Corp.

1,011

Aluminum

Corp.

of

China,

Ltd.

Class

A

229,100

Aluminum

Corp.

of

China,

Ltd.

Class

H

34,000

Alzchem

Group

AG

1,115

Amcor

PLC

2,452

Anglo

American

PLC

7,138

Anglogold

Ashanti

PLC

11,783

1,104

Aris

Mining

Corp.(Æ)

2,981

Atlas

Arteria,

Ltd.

43,667

Aurubis

AG

1,201

Barrick

Mining

Corp.

15,295

602

Beijer

Alma

AB

8,212

BlueScope

Steel,

Ltd.

4,323

BrightView

Holdings,

Inc.

55,940

666

Bufab

AB

11,624

Cameco

Corp.

1,197

Capstone

Mining

Corp.(Æ)

20,258

Carpenter

Technology

Corp.

Carrier

Global

Corp.

11,431

768

Celanese

Corp.

Class

A

19,548

1,325

Cementir

Holding

NV

14,659

Century

Aluminum

Co.(Æ)

9,008

535

Copart,

Inc.(Æ)

14,228

Croda

International

PLC

20,288

795

Ecolab,

Inc.

654

ElvalHalcor

SA

68,623

Fabrinet(Æ)

Fastenal

Co.

3,726

First

Quantum

Minerals,

Ltd.(Æ)

15,759

Freeport-McMoRan,

Inc.

4,615

Fresnillo

PLC

9,943

Gabriel

Resources,

Ltd.(Æ)

80,280

Geberit

AG

735

General

Electric

Co.

1,739

504

Glencore

PLC(Æ)

40,416

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

683

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Gold

Fields,

Ltd.

-

ADR

3,436

Heidelberg

Materials

AG

709

Hindalco

Industries,

Ltd.

64,102

708

Hindustan

Zinc,

Ltd.

31,462

Huntsman

Corp.

86,532

1,244

ICL

Group,

Ltd.

23,069

IMCD

NV

11,245

1,323

Impala

Platinum

Holdings,

Ltd.

26,987

Ingevity

Corp.(Æ)

10,992

838

Installed

Building

Products,

Inc.

International

Tower

Hill

Mines,

Ltd.

(Æ)

22,792

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

13,902

Johnson

Matthey

PLC

9,276

K+S

AG

34,506

646

Kinross

Gold

Corp.

5,559

Kronos

Worldwide,

Inc.

93,238

694

KWS

SAAT

SE

&

Co.

KGaA

1,236

Linde

PLC

2,560

1,283

LKQ

Corp.

2,576

Lotte

Chemical

Corp.

1,495

Louisiana-Pacific

Corp.

6,322

MHP

SE

-

GDR(Æ)(Þ)

9,200

MMG,

Ltd.(Æ)

548,000

592

Motiva

Infraestrutura

de

Mobilidade

SA

4,320

Muyuan

Foods

Co,

Ltd.

Class

H(Æ)

18,762

Northern

Dynasty

Minerals,

Ltd.(Æ)

83,477

NovaGold

Resources,

Inc.(Æ)

10,787

Nutrien

,

Ltd.

1,622

Polyus

PJSC(Æ)(Š)

48,690

—

PPG

Industries,

Inc.

1,131

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

3,382

Robertet

SA

Royal

Gold,

Inc.

Saudi

Basic

Industries

Corp.

4,706

Seabridge

Gold,

Inc.(Æ)

12,877

Sherwin-Williams

Co.

(The)

2,674

860

Shin-Etsu

Chemical

Co.,

Ltd.

9,300

Sibanye

Stillwater,

Ltd.

23,141

SigmaRoc

PLC(Æ)

242,661

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

3,819

SOL

SpA

5,793

Solstice

Advanced

Materials

Inc.

3,626

Sumitomo

Metal

Mining

Co.,

Ltd.

3,300

Symrise

AG

14,816

1,310

Tata

Steel,

Ltd.

128,023

Ternium

SA

-

ADR

2,855

thyssenkrupp

AG

105,489

1,258

Toromont

Industries,

Ltd.

Toyota

Tsusho

Corp.

1,700

Vale

SA

17,079

Vale

SA

Class

B

-

ADR

24,720

Vallourec

SA

4,938

Valterra

Platinum,

Ltd.

6,029

Vicat

SACA

2,680

Wanhua

Chemical

Group

Co.,

Ltd.

Class

A

10,800

Western

Copper

&

Gold

Corp.(Æ)

19,860

Zijin

Gold

International

Co.,

Ltd.(Æ)

14,641

Zijin

Mining

Group

Co.,

Ltd.

Class

H

124,000

570

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $32,183

Producer

Durables

-

8.5%

4imprint

Group

PLC

2,169

AAK

AB

6,917

Adecco

Group

AG

3,555

Aena

SME

SA(Þ)

12,378

Aeroports

de

Paris

SA

1,601

AF

Gruppen

ASA

10,175

Airbus

SE

2,500

518

Airtac

International

Group

9,000

Alleima

AB

18,349

ALS,

Ltd.

7,247

AMN

Healthcare

Services,

Inc.(Æ)

39,798

815

Amprius

Technologies,

Inc.(Æ)

10,992

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

ArcBest

Corp.

Argan,

Inc.

Astronics

Corp.(Æ)

554

Atlas

Copco

AB

Class

B

8,085

Auckland

International

Airport,

Ltd.

38,780

Automatic

Data

Processing,

Inc.

526

Avery

Dennison

Corp.

565

BAE

Systems

PLC

10,353

Basler

AG(Æ)

16,224

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

228,000

Bilfinger

SE

4,929

564

Bloom

Energy

Corp.

Class

A(Æ)

Canadian

Pacific

Kansas

City,

Ltd.

9,041

786

Canon,

Inc.

4,500

CECO

Environmental

Corp.(Æ)

1,507

China

Communications

Services

Corp.,

Ltd.

Class

H

178,886

China

Tower

Corp.,

Ltd.

Class

H(Þ)

89,500

Cintas

Corp.

3,269

571

Comer

Industries

SpA

2,357

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

6,900

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

H

6,385

Cross

Country

Healthcare,

Inc.(Æ)

50,359

510

CSX

Corp.

4,229

Custom

Truck

One

Source,

Inc.(Æ)

59,457

586

Dai

Nippon

Printing

Co.,

Ltd.

10,600

Deutsche

Post

AG

18,600

1,099

DL

E&C

Co.,

Ltd.

1,840

Drax

Group

PLC

27,690

Ducommun,

Inc.(Æ)

700

Dynavox

Group

AB(Æ)

23,219

Eiffage

SA

1,551

Elecnor

SA

8,601

Element

Fleet

Management

Corp.

6,344

Embraer

SA

-

ADR

5,864

EMCOR

Group,

Inc.

520

Epiroc

AB

Class

B

2,623

Equifax,

Inc.

2,119

ESCO

Technologies,

Inc.

Eve

Energy

Co.,

Ltd.

Class

A

12,700

Evergreen

Marine

Corp.

Taiwan,

Ltd.

14,000

Exosens

SAS

4,857

FedEx

Corp.

2,019

814

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

684

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
FLSmidth

&

Co.

A/S

8,681

643

Flughafen

Zurich

AG

689

FTAI

Aviation,

Ltd.

Fukuda

Corp.

Gartner,

Inc.(Æ)

GE

Vernova

,

Inc.

General

Dynamics

Corp.

2,287

787

Getlink

SE

22,257

GMR

Airports,

Ltd.(Æ)

236,341

Graco,

Inc.

6,351

510

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

14,518

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

5,991

Guangshen

Railway

Co.,

Ltd.

Class

H

174,000

HD

Hyundai

Electric

Co.,

Ltd.

1,183

1,005

HEICO

Corp.

Class

A

621

Holley,

Inc.(Æ)

210,018

693

Honeywell

International,

Inc.

956

Howmet

Aerospace,

Inc.

Huaming

Power

Equipment

Co.,

Ltd.

Class

A

41,181

Hyundai

Engineering

&

Construction

Co.,

Ltd.

1,842

Inficon

Holding

AG

1,455

InterGlobe

Aviation,

Ltd.(Þ)

8,723

International

Consolidated

Airlines

Group

SA

34,646

International

Container

Terminal

Services,

Inc.

43,260

503

Interpump

Group

SpA

4,745

Intertek

Group

PLC

15,862

1,031

Jacobs

Solutions,

Inc.

1,056

Japan

Airport

Terminal

Co.,

Ltd.

4,400

Jiangsu

Hengli

Hydraulic

Co.,

Ltd.

Class

A

48,400

750

JSW

Infrastructure,

Ltd.

36,716

Kajima

Corp.

2,800

Kamigumi

Co.,

Ltd.

1,300

Kawasaki

Heavy

Industries,

Ltd.

1,000

Knight-Swift

Transportation

Holdings,

Inc.

704

Konecranes

Oyj

1,007

Korean

Air

Lines

Co.,

Ltd.

2,948

L3Harris

Technologies,

Inc.

Leader

Harmonious

Drive

Systems

Co.,

Ltd.

Class

A

17,222

571

Leonardo

SpA

864

Littelfuse

,

Inc.

3,181

1,286

Localiza

Rent

a

Car

SA

37,223

Logitech

International

SA

1,602

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

Mama's

Creations,

Inc.(Æ)

13,097

Marten

Transport,

Ltd.

52,559

793

MasTec

,

Inc.(Æ)

1,088

Mercury

Systems,

Inc.(Æ)

1,631

Mesa

Laboratories,

Inc.

7,803

780

Mettler-Toledo

International,

Inc.(Æ)

618

Mitsubishi

Electric

Corp.

7,600

Mitsui

OSK

Lines,

Ltd.

4,700

Morgan

Sindall

Group

PLC

4,929

MTR

Corp.,

Ltd.

43,500

MYR

Group,

Inc.(Æ)

2,010

814

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nestle

SA

10,022

1,017

Nexi

SpA

(Þ)

26,863

Ningbo

Tuopu

Group

Co.,Ltd

.

Class

A

14,100

Norfolk

Southern

Corp.

519

Otis

Worldwide

Corp.

8,428

656

Pan

Ocean

Co.,

Ltd.

17,512

Paychex,

Inc.

1,045

PHA

Co.,

Ltd.

2,544

Proficient

Auto

Logistics,

Inc.(Æ)

15,915

Regal

Rexnord

Corp.

6,206

1,334

Republic

Services,

Inc.

Class

A

740

Rollins,

Inc.

3,020

Rotork

PLC

128,079

539

Rumo

SA

42,534

RXO,

Inc.(Æ)

71,129

1,420

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

10,406

Sany

Heavy

Industry

Co.,

Ltd.

Class

H(Æ)

35,444

Scorpio

Tankers,

Inc.

12,134

987

Siemens

Energy

AG

1,697

SITC

International

Holdings

Co.,

Ltd.

36,000

Spirax

Group

PLC

6,450

636

Star

Bulk

Carriers

Corp.

46,187

1,161

Sterling

Infrastructure,

Inc.(Æ)

Sulzer

AG

1,290

Sung

Kwang

Bend

Co.,

Ltd.

3,231

Techtronic

Industries

Co.,

Ltd.

7,000

Tecnicas

Reunidas

SA(Æ)

6,963

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.

1,373

Thales

SA

541

Tidewater,

Inc.(Æ)

1,101

TransDigm

Group,

Inc.

549

Transurban

Group(Æ)

32,177

Traton

SE

1,204

Trelleborg

AB

Class

B

TrueBlue,

Inc.(Æ)

79,227

Tutor

Perini

Corp.

14,118

1,312

Union

Pacific

Corp.

729

United

Parcel

Service,

Inc.

Class

B

1,538

V2X,

Inc.(Æ)

9,689

657

Veralto

Corp.

1,543

Verisk

Analytics,

Inc.

Class

A

556

Vertiv

Holdings

Co.

Class

A

1,404

Vinci

SA

1,270

Volution

Group

PLC

22,982

Wallenius

Wilhelmsen

ASA

3,832

Waste

Connections,

Inc.

1,037

Waste

Management,

Inc.

2,396

557

WEG

SA

40,448

West

Japan

Railway

Co.

7,200

WSP

Global,

Inc.

898

Wuxi

Lead

Intelligent

Equipment

Co,

Ltd.

Class

H(Æ)

22,044

50,999

Technology

-

15.9%

8x8,

Inc.(Æ)

163,788

AAC

Technologies

Holdings,

Inc.

99,500

Accenture

PLC

Class

A

1,251

Accton

Technology

Corp.

2,000

Adobe,

Inc.(Æ)

1,609

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

685

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Advanced

Micro

Devices,

Inc.(Æ)

Advantest

Corp.

3,000

562

Airbnb,

Inc.

Class

A(Æ)

5,618

789

Akamai

Technologies,

Inc.(Æ)

930

Alchip

Technologies,

Ltd.

1,000

Alphabet,

Inc.

Class

A

18,670

7,184

Alphabet,

Inc.

Class

C

7,505

2,866

Apple,

Inc.

28,123

7,631

Applied

Materials,

Inc.

2,588

1,021

AQ

Group

AB

5,826

ASE

Technology

Holding

Co.,

Ltd.

52,000

823

Asia

Vital

Components

Co.,

Ltd.

9,000

824

ASML

Holding

NV

1,453

2,098

Autodesk,

Inc.(Æ)

520

Baidu,

Inc.

Class

A(Æ)

19,750

Bilibili

,

Inc.

Class

Z(Æ)

8,240

Booking

Holdings,

Inc.

2,725

Broadcom,

Inc.

7,802

3,257

CGI,

Inc.

1,952

Check

Point

Software

Technologies,

Ltd.(Æ)

1,672

Ciena

Corp.(Æ)

Cisco

Systems,

Inc.

7,335

671

Cognizant

Technology

Solutions

Corp.

Class

A

4,045

Constellation

Software,

Inc.

Dassault

Systemes

SE

5,560

DigitalOcean

Holdings,

Inc.(Æ)

1,432

Diodes,

Inc.(Æ)

2,026

Dynatrace,

Inc.(Æ)

3,974

FormFactor

,

Inc.(Æ)

933

Fujitsu,

Ltd.

10,600

GDS

Holdings,

Ltd.

Class

A(Æ)

21,400

Graham

Corp.(Æ)

1,926

Hewlett

Packard

Enterprise

Co.

8,136

Hon

Hai

Precision

Industry

Co.,

Ltd.

109,000

775

Horizon

Robotics(Æ)

139,964

Ichor

Holdings,

Ltd.(Æ)

3,336

Infineon

Technologies

AG

4,691

International

Business

Machines

Corp.

855

Intuit,

Inc.

1,153

INVISIO

AB

6,480

Kanzhun

,

Ltd.

-

ADR

6,820

Keyence

Corp.

3,500

1,603

Kopin

Corp.(Æ)

25,794

Lam

Research

Corp.

2,447

631

Lasertec

Corp.

1,900

527

Leidos

Holdings,

Inc.

1,046

LG

Corp.

Class

H

3,393

LightPath

Technologies,

Inc.

Class

A(Æ)

11,541

Lumentum

Holdings,

Inc.(Æ)

MakeMyTrip,

Ltd.(Æ)

12,471

589

MediaTek,

Inc.

6,000

510

Meta

Platforms,

Inc.

Class

A

3,479

2,129

Micron

Technology,

Inc.

1,505

778

Microsoft

Corp.

15,107

6,160

Motorola

Solutions,

Inc.

546

MSCI,

Inc.

Class

A

1,653

978

Mycronic

AB

5,422

NCR

Voyix

Corp.(Æ)

85,839

591

NEXTDC,

Ltd.(Æ)

19,338

Nice,

Ltd.(Æ)

1,742

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nokia

Oyj

59,640

749

Nordic

Semiconductor

ASA(Æ)

9,828

NVIDIA

Corp.

30,685

6,124

NXP

Semiconductors

NV

1,088

Obic

Co.,

Ltd.

5,300

ON

Semiconductor

Corp.(Æ)

2,229

Onto

Innovation,

Inc.(Æ)

4,359

1,286

Orange

SA

10,611

Palantir

Technologies,

Inc.

Class

A(Æ)

3,224

PAX

Global

Technology,

Ltd.

27,000

PayPal

Holdings,

Inc.

1,306

Pegasystems,

Inc.

22,418

819

Planet

Labs

PBC(Æ)

3,313

QUALCOMM,

Inc.

4,393

789

Red

Violet,

Inc.(Æ)

1,019

Renesas

Electronics

Corp.

17,200

ROBLOX

Corp.

Class

A(Æ)

4,138

Roper

Technologies,

Inc.

Samsung

Electronics

Co.,

Ltd.

30,211

4,583

Seagate

Technology

Holdings

PLC

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

27,897

637

Silicon

Motion

Technology

Corp.

-

ADR

6,342

1,388

SiTime

Corp.(Æ)

SK

Hynix,

Inc.

3,220

2,834

SoftBank

Corp.

332,100

Sony

Group

Corp.

12,800

STMicroelectronics

NV

5,174

SUSS

MicroTec

SE

8,430

760

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

101,000

6,857

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

11,192

4,433

Take-Two

Interactive

Software,

Inc.(Æ)

1,759

TE

Connectivity

PLC

930

Temenos

AG

1,207

Teradata

Corp.(Æ)

70,861

1,867

Teradyne,

Inc.

1,022

TIS,

Inc.

4,100

Tokyo

Electron,

Ltd.

1,300

Tower

Semiconductor,

Ltd.(Æ)

Trip.com

Group,

Ltd.

-

ADR(Æ)

5,811

Tyler

Technologies,

Inc.(Æ)

Uber

Technologies,

Inc.(Æ)

6,532

Ultra

Clean

Holdings,

Inc.(Æ)

31,102

2,431

VeriSign,

Inc.

587

Viavi

Solutions,

Inc.

Class

W(Æ)

3,692

Victory

Giant

Technology

Huizhou

Co.,

Ltd.

Class

A

3,100

Vodafone

Group

PLC

212,417

Wix.com,

Ltd.(Æ)

960

Zhongji

Innolight

Co.,

Ltd.

Class

A

2,100

95,296

Utilities

-

3.4%

Ameren

Corp.

1,814

American

Electric

Power

Co.,

Inc.

4,002

549

AT&T,

Inc.

18,343

Axia

Energia

7,507

Bharti

Airtel,

Ltd.

52,587

1,049

BKV

Corp.(Æ)

68,741

2,167

Canadian

Natural

Resources,

Ltd.

8,380

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

686

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CGN

Power

Co.,

Ltd.

Class

H(Þ)

144,000

Cheniere

Energy,

Inc.

937

China

Gas

Holdings,

Ltd.

38,800

Chunghwa

Telecom

Co.,

Ltd.

127,000

547

CLP

Holdings,

Ltd.

7,500

CMS

Energy

Corp.

1,444

ConocoPhillips

2,092

Consolidated

Edison,

Inc.

2,480

Constellation

Energy

Corp.

Deutsche

Telekom

AG

19,593

634

Dominion

Energy,

Inc.

1,171

DT

Midstream,

Inc.

1,042

DTE

Energy

Co.

751

Duke

Energy

Corp.

3,384

Edison

International

1,395

EDP

SA

39,406

Elisa

Oyj

2,575

Emera,

Inc.

3,606

Empresa

Nacional

de

Telecomunicaciones

SA

28,811

Enbridge,

Inc.

6,830

Engie

SA

8,571

ENN

Energy

Holdings,

Ltd.

6,400

Evergy

,

Inc.

Eversource

Energy

1,244

EVN

AG

15,146

516

Exelon

Corp.

5,533

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

1,113

Hera

SpA

28,956

Iberdrola

SA

10,083

Inpex

Corp.

12,800

KDDI

Corp.

12,700

Keyera

Corp.

4,845

Koninklijke

KPN

NV

36,782

Korea

Electric

Power

Corp.

4,116

KT

Corp.

-

ADR

9,709

LG

Uplus

Corp.

41,133

MTN

Group,

Ltd.

18,846

National

Grid

PLC

56,836

1,017

NextEra

Energy,

Inc.

3,282

NTT,

Inc.

194,800

Orsted

A/S

Class

A(Æ)(Þ)

4,932

PG&E

Corp.

12,628

Power

Assets

Holdings,

Ltd.

23,000

PRIO

SA(Æ)

11,641

Public

Service

Enterprise

Group,

Inc.

2,050

Redeia

Corp.

SA

7,131

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

105,430

Rogers

Communications,

Inc.

Class

B

5,739

RusHydro

PJSC(Æ)(Š)

104,654,642

—

RWE

AG

787

Sempra

4,946

Southern

Co.

(The)

1,654

TC

Energy

Corp.

3,833

Telefonica

SA

35,204

Telstra

Group,

Ltd.

45,962

TELUS

Corp.

10,641

T-Mobile

US,

Inc.

1,257

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UGI

Corp.

1,618

United

Utilities

Group

PLC

17,394

Veolia

Environnement

SA

17,332

733

Verizon

Communications,

Inc.

12,666

608

WEC

Energy

Group,

Inc.

963

Xcel

Energy,

Inc.

4,254

20,575

#### Total

#### Common

#### Stocks
(cost

$296,562)

396,800

#### Preferred

#### Stocks

#### -

#### 0.4%
Consumer

Discretionary

-

0.1%

Porsche

Automobil

Holding

SE

5.767%

(Ÿ)

3,491

Volkswagen

AG

7.549%

(Ÿ)

2,411

Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

3.298%

(Ÿ)

1,392

Energy

-

0.0%

Petroleo

Brasileiro

SA

-

Petrobras

7.708%

(Ÿ)

15,875

Financial

Services

-

0.1%

Itau

Unibanco

Holding

SA

8.606%

(Ÿ)

26,095

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

2.459%

(Ÿ)

706

Producer

Durables

-

0.2%

Danieli

&

C

Officine

Meccaniche

SpA

1.897%

(Ÿ)

12,676

714

KSB

SE

&

Co.

KGaA

2.336%

(Ÿ)

518

580

Localiza

Rent

a

Car

SA

1.268%

(Ÿ)

1,431

1,307

Utilities

-

0.0%

Axia

Energia

0.000%

(Æ)

3,507

#### Total

#### Preferred

#### Stocks
(cost

$1,906)

2,281

#### Short-Term

#### Investments

#### -

#### 6.4%
U.S.

Cash

Management

Fund(@)

38,219,624

(∞)

38,212

#### Total

#### Short-Term

#### Investments
(cost

$38,211)

38,212

#### Total

#### Investments

#### -

#### 97.0%
(identified

cost

$480,527)

582,691

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 3.0%
18,323

#### Net

#### Assets

#### -

#### 100.0%
601,014

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

687

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $15.3%

Abu

Dhabi

Government

International

Bond

12/30/25

200,000

95.65 191

Abu

Dhabi

Government

International

Bond

02/03/26

367,000

78.85 289

Aena

SME

SA

04/27/20

EUR

12,378

17.58 218

Ally

Bank

Auto

Credit-Linked

Notes

10/30/25

2,387,679

100.00 2,388

2,372

Amundi

SA

09/03/25

EUR

778

72.85 57

Angolan

Government

International

Bond

10/07/25

263,000

100.00 263

Bahrain

Government

International

Bond

09/11/24

223,000

103.17 230

Bahrain

Government

International

Bond

04/01/26

251,000

99.93 251

Bolivia

Government

International

Bond

12/07/23

79,337

69.10 55

BRCK

Trust

11/26/25

750,000

100.00 750

748

BX

Commercial

Mortgage

Trust

10/27/25

2,262,501

100.03 2,263

2,253

BX

Commercial

Mortgage

Trust

04/14/26

1,131,000

99.63 1,127

1,124

Carlyle

Euro

CLO

DAC

10/30/25

EUR

3,000,000

115.64 3,469

3,526

CBB

International

Sukuk

Programme

Co.

02/03/26

316,000

95.17 301

CGN

Power

Co.,

Ltd.

09/30/22

HKD

144,000

0.21 31

China

Government

International

Bond

11/05/25

213,000

99.85 213

China

International

Capital

Corp.,

Ltd.

05/17/24

HKD

241,200

2.03 490

627

China

Tower

Corp.,

Ltd.

02/27/25

HKD

89,500

1.31 117

CIFC

Funding,

Ltd.

10/27/25

2,380,000

100.44 2,390

2,383

Coinbase

Global,

Inc.

02/06/26

1,348,000

99.64 1,343

1,343

COOPR

Residential

Mortgage

Trust

10/31/25

1,800,000

100.00 1,800

1,773

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

400,000

100.65 403

Costa

Rica

Government

International

Bond

09/08/25

298,000

103.72 309

Cracker

Barrel

Old

Country

Store,

Inc.

01/22/26

796,000

80.55 641

643

Cryoport

,

Inc.

11/05/25

1,312,000

97.08 1,274

1,272

CVC

Cordatus

Loan

Fund

XVIII

DAC

10/29/25

EUR

2,000,000

116.00 2,320

2,343

Dominican

Republic

Government

International

Bond

02/10/26

933,000

99.31 926

910

Ecuador

Government

International

Bond

01/28/25

88,428

63.35 56

Ecuador

Government

International

Bond

01/26/26

331,000

100.00 331

EDO

Sukuk,

Ltd.

06/03/25

311,000

101.11 314

Egypt

Government

International

Bond

06/28/24

616,000

80.27 494

561

Egypt

Government

International

Bond

02/23/26

200,000

108.63 217

El

Puerto

de

Liverpool

SAB

de

CV

02/04/26

200,000

99.75 199

El

Salvador

Government

International

Bond

07/09/25

150,000

102.83 154

El

Salvador

Government

International

Bond

03/27/26

150,000

84.87 127

Elmwood

CLO,

Ltd.

11/04/25

3,000,000

100.00 3,000

3,003

Export-Import

Bank

of

India

09/20/22

116,000

87.04 101

FIGRE

Trust

11/21/25

1,339,833

100.00 1,340

1,335

Ghana

Government

International

Bond

10/10/24

19,010

91.01 17

Ghana

Government

International

Bond

11/20/24

214,375

92.71 199

GS

Mortgage-Backed

Securities

Trust

10/27/25

1,150,000

100.00 1,150

1,182

Guatemala

Government

International

Bond

03/19/26

200,000

105.24 210

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/14/22

4,340

15.07 65

Hazine

Mustesarligi

Varlik

Kiralama

AS

06/24/25

220,000

99.64 219

Hercules

Capital,

Inc.

02/13/26

1,009,000

97.39 983

984

Hims

+

Hers

Health

04/14/26

375,000

78.62 295

Hoist

Finance

AB

03/13/26

SEK

7,499

15.65 117

Hudson

Yards

Mortgage

Trust

02/05/26

500,000

104.68 523

506

Hungary

Government

International

Bond

07/19/23

204,000

100.90 206

Hungary

Government

International

Bond

03/05/26

525,000

103.73 545

547

Industrial

Subordinated

Trust

01/08/26

200,000

99.80 200

Innovent

Biologics,

Inc.

11/08/24

HKD

64,000

6.64 425

741

InterGlobe

Aviation,

Ltd.

06/10/22

INR

8,723

26.45 231

Ivory

Coast

Government

International

Bond

03/25/25

200,000

97.66 195

Ivory

Coast

Government

International

Bond

02/18/26

226,000

96.74 219

Jordan

Government

International

Bond

04/04/23

246,000

101.79 254

JPMorgan

Mortgage

Trust

11/21/25

1,041,900

100.00 1,042

1,059

JPMorgan

Mortgage

Trust

12/12/25

2,406,769

100.00 2,407

2,390

Kazakhstan

Government

International

Bond

06/24/25

272,000

100.00 272

Kazakhstan

Temir

Zholy

National

Co.

04/22/26

310,000

99.04 307

Kenya

Government

International

Bond

09/16/25

226,000

107.02 242

Khazanah

Global

Sukuk

Berhad

12/17/25

200,000

101.31 203

Kinbane

DAC

11/18/25

EUR

2,350,000

116.38 2,735

2,760

Kuaishou

Technology

11/11/22

HKD

25,400

5.54 141

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

688

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Kuwait

International

Government

Bond

09/30/25

200,000

100.00 200

Lebanon

Government

International

Bond

10/31/22

487,000

15.28 74

Lebanon

Government

International

Bond

07/18/25

27,000

28.10 8

Lenta

International

Co.

PJSC

12/17/18

105,913

—

—

Longfor

Group

Holdings,

Ltd.

02/16/24

HKD

140,000

1.30 183

Madison

Park

Funding,

Ltd.

11/06/25

3,000,000

100.00 3,000

3,004

Match

Group

Financeco

,

Inc.

11/24/25

1,692,000

90.38 1,529

1,539

Mazoon

Assets

Co.

SAOC

08/12/25

250,000

101.21 253

Medacta

Group

SA

11/19/25

CHF

1,007

186.62 188

Medartis

Holding

AG

11/19/25

CHF

1,277

95.62 122

Meituan

01/28/26

HKD

5,500

12.48 69

MHP

SE

03/10/17

9,200

9.34 86

Morocco

Government

International

Bond

12/08/25

200,000

108.14 216

Muthoot

Finance,

Ltd.

03/31/26

200,000

96.36 193

NAC

Kazatomprom

JSC

10/15/19

1,403

13.29 19

Nexi

SpA

07/21/25

EUR

26,863

6.06 163

Nigeria

Government

International

Bond

09/10/25

251,000

107.55 270

Nigeria

Government

International

Bond

11/05/25

200,000

100.00 200

OCP

Euro

CLO

DAC

11/12/25

EUR

3,000,000

116.11 3,483

3,527

Oman

Sovereign

Sukuk

Co.

10/09/25

200,000

100.00 200

Orsted

A/S

10/03/25

DKK

4,932

18.17 90

OVS

SpA

03/06/26

EUR

23,192

5.46 126

Pakistan

Global

Sukuk

Programme

Co.,

Ltd.

(The)

09/03/25

215,000

99.96 215

Paraguay

Government

International

Bond

06/12/25

200,000

101.19 202

Paraguay

Government

International

Bond

02/24/26

200,000

108.81 218

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

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

01/27/26

200,000

99.63 199

Petroleos

de

Venezuela

SA

01/21/25

322,000

37.44 121

Petroleos

de

Venezuela

SA

03/05/26

269,300

33.78 91

Petroleos

de

Venezuela

SA

04/29/26

39,876

38.30 15

Petroleos

del

Peru

SA

09/20/22

216,000

65.90 142

Petronas

Capital,

Ltd.

03/26/25

269,000

100.00 269

Petronas

Capital,

Ltd.

09/10/25

200,000

103.21 206

Porch

Group,

Inc.

06/09/25

797,000

97.79 779

812

Preston

Ridge

Partners

Mortgage

Trust

11/18/25

1,563,000

96.32 1,505

1,484

Preston

Ridge

Partners

Mortgage

Trust

11/18/25

1,100,000

99.38 1,093

1,082

Preston

Ridge

Partners

Mortgage

Trust

11/25/25

2,894,000

95.53 2,765

2,759

Preston

Ridge

Partners

Mortgage

Trust

12/18/25

1,000,000

95.31 953

940

PRET

LLC

11/19/25

1,500,000

100.00 1,500

1,482

Q2

Holdings,

Inc.

02/12/26

1,028,000

99.68 1,025

1,024

RCKT

Mortgage

Trust

11/13/25

2,900,000

100.00 2,900

2,854

Repay

Holdings

04/28/26

282,000

89.42 252

Rexford

Industrial

Realty,

LP

01/05/26

1,433,000

99.91 1,432

1,431

Romanian

Government

International

Bond

04/29/25

394,000

100.11 394

Romanian

Government

International

Bond

02/25/26

356,000

99.94 356

Romanian

Government

International

Bond

04/28/26

96,000

79.23 76

Saudi

Government

International

Bond

11/13/25

461,000

101.81 469

Saudi

Government

International

Bond

01/05/26

539,000

98.12 529

517

Saudi

Government

International

Bond

01/05/26

316,000

99.66 315

SBI

Life

Insurance

Co.,

Ltd.

01/24/25

INR

7,160

17.71 127

Senegal

Government

International

Bond

02/27/25

200,000

80.59 161

Serbia

Government

International

Bond

04/28/26

327,000

97.64 319

Signify

NV

09/02/22

EUR

27,897

24.56 685

637

South

Africa

Government

International

Bond

12/16/25

747,000

98.24 734

712

Sri

Lanka

Government

International

Bond

12/20/24

101,353

70.71 72

Sri

Lanka

Government

International

Bond

12/20/24

44,658

71.25 32

Sri

Lanka

Government

International

Bond

12/20/24

233,688

72.62 170

Stannaway

Park

CLO

DAC

10/30/25

EUR

4,000,000

110.68 4,427

4,686

TORY

Commercial

Mortgage

Trust

01/09/26

753,000

100.00 753

744

Ueno

Bank

SA

03/03/26

200,000

98.79 198

Ukraine

Government

International

Bond

08/30/24

32,665

47.30 15

Ukraine

Government

International

Bond

10/10/24

356,000

59.95 213

Ukraine

Government

International

Bond

01/13/26

181,000

78.86 143

Ukraine

Government

International

Bond

01/28/26

154,000

78.17 120

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

689

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

#### $
Uzbekistan

Government

International

Bond

03/05/26

216,000

107.34 232

Vantage

Data

Centers

Jersey

Borrower

Spv

,

Ltd.

11/20/25

GBP

800,000

130.70 1,046

1,064

VDCM

Commercial

Mortgage

Trust

02/10/26

2,600,000

103.71 2,697

2,654

Venezuela

Government

International

Bond

07/30/24

358,300

17.89 64

Venezuela

Government

International

Bond

03/02/26

192,300

39.38 76

Workiva,

Inc.

04/09/26

515,000

99.06 510

508

WuXi

AppTec

Co.,

Ltd.

12/19/24

HKD

24,300

7.50 182

WuXi

Biologics

(Cayman),

Inc.

04/02/26

HKD

106,500

4.51 480

XPLR

Infrastructure,

LP

09/02/25

1,453,000

99.59 1,447

1,446

Yellow

Cake

PLC

07/08/19

GBP

12,903

2.64 34

Zalando

SE

07/11/25

EUR

33,891

31.30 1,061

836

Zambia

Government

International

Bond

06/28/24

55,151

89.36 49

Zambia

Government

International

Bond

07/10/25

47,373

93.08 44

Ziff

Davis,

Inc.

08/28/25

784,000

97.30 763

775

Zscaler,

Inc.

04/09/26

594,000

91.32 542

540

92,202

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

Australian

Dollar

Currency

Futures

USD

8,056

06/26

British

Pound

Currency

Futures

USD

5,610

06/26

CAC40

Euro

Index

Futures

EUR

644

05/26

(17) Commonwealth

Year

Treasury

Bond

Futures

AUD

12,312

06/26

(128) DAX

Index

Futures

EUR

1,829

06/26

Euro

Currency

Futures

USD

2,940

06/26

FTSE

Index

Futures

GBP

2,698

06/26

(10) FTSE/MIB

Index

Futures

EUR

715

06/26

Hang

Seng

Index

Futures

HKD

3,844

05/26

(4) IBEX

Index

Futures

EUR

534

05/26

(12) Japanese

Yen

Currency

Futures

USD

3,448

06/26

Long

Gilt

Futures

GBP

6,667

06/26

(555) MSCI

Emerging

Markets

Index

Futures

USD

11,930

06/26

1,080

New

Zealand

Dollar

Currency

Futures

USD

3,017

06/26

Norwegian

Krone

Currency

Futures

USD

2,588

06/26

OMXS30

Index

Futures

SEK

2,752

05/26

(6) S&P

500

E-Mini

Index

Futures

USD

86,563

06/26

5,673

S&P/TSX

Index

Futures

CAD

5,556

06/26

SPI

Index

Futures

AUD

4,984

06/26

TOPIX

Index

Futures

JPY

711,360

06/26

United

States

Year

Treasury

Note

Futures

USD

34,176

06/26

(307) United

States

Year

Treasury

Note

Futures

867

USD

93,494

06/26

(1,553)

United

States

Year

Treasury

Note

Futures

USD

34,505

06/26

(432) United

States

Year

Ultra

Treasury

Note

Futures

USD

4,402

06/26

(36) United

States

Treasury

Ultra

Bond

Futures

USD

10,583

06/26

(497) Short

Positions

British

Pound

Currency

Futures

USD

7,310

06/26

(106) Euro

Currency

Futures

USD

19,698

06/26

(177) EURO

STOXX

Index

Futures

EUR

22,601

06/26

(706) Euro-Bund

Futures

EUR

11,282

06/26

FTSE

Index

Futures

GBP

6,434

06/26

Hang

Seng

Index

Futures

HKD

176,806

05/26

Japanese

Year

Government

Bond

Futures

JPY

2,585,200

06/26

Japanese

Yen

Currency

Futures

USD

2,566

06/26

(23) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

690

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

MSCI

Emerging

Markets

Index

Futures

USD

29,498

06/26

(2,665)

Russell

2000

E-Mini

Index

Futures

USD

60,508

06/26

(6,703)

S&P/TSX

Index

Futures

CAD

7,937

06/26

(264) Swedish

Krona

Currency

Futures

USD

8,473

06/26

Swiss

Franc

Currency

Futures

USD

8,519

06/26

United

States

Year

Treasury

Note

Futures

USD

9,321

06/26

United

States

Year

Treasury

Note

Futures

USD

13,588

06/26

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(5,186)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

EUR

USD

05/13/26

—

Bank

of

America

EUR

14,583

USD

17,134

05/13/26

Bank

of

Montreal

HKD

25,448

USD

3,266

06/17/26

Citigroup

HKD

25,448

USD

3,265

06/17/26

HSBC

GBP

820

USD

1,090

06/18/26

(25) JPMorgan

Chase

USD

GBP

06/18/26

—

State

Street

CAD

—

USD

—

05/01/26

—

State

Street

CHF

—

USD

—

05/04/26

—

State

Street

CHF

—

USD

—

05/04/26

—

State

Street

GBP

USD

05/01/26

—

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

26,500

(1.000%)

(2) 06/20/31

1,159

(455) 704

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

1,159

(455) 704

#### 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

27,000

5.000%

(2) 06/20/31

1,059

1,024

2,083

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

1,059

1,024

2,083

Total

Open

Credit

Default

Swap

Contracts

(å)

2,218

569

2,787

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

691

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

$

—

$

12,965

$

—

$

—

$

12,965

Corporate

Bonds

and

Notes

—

61,720

—

—

61,720

International

Debt

—

37,031

—

—

37,031

Mortgage-Backed

Securities

—

15,776

—

—

15,776

Non-US

Bonds

—

17,906

—

—

17,906

Common

Stocks

Consumer

Discretionary

20,628

24,650

—

—

45,278

Consumer

Staples

8,626

5,829

—

—

14,455

Energy

10,257

6,715

—

—

16,972

Financial

Services

51,840

37,531

—

—

89,371

Health

Care

23,329

8,342

—

—

31,671

Materials

and

Processing

16,422

15,761

—

—

32,183

Producer

Durables

28,090

22,909

—

—

50,999

Technology

64,631

30,665

—

—

95,296

Utilities

11,209

9,366

—

—

20,575

Preferred

Stocks

1,841

—

—

2,281

Short-Term

Investments

—

—

—

38,212

38,212

Total

Investments

235,472

309,007

—

38,212

582,691

Other

Financial

Instruments

Assets

Futures

Contracts

9,015

—

—

—

9,015

Foreign

Currency

Exchange

Contracts

—

—

—

Credit

Default

Swap

Contracts

—

2,787

—

—

2,787

Liabilities

Futures

Contracts

(14,201)

—

—

—

(14,201)

Foreign

Currency

Exchange

Contracts

—

(25) —

—

(25) Total

Other

Financial

Instruments

\*

$

(5,186)

$

2,797

$

—

$

—

$

(2,389)

\*

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

April

30,

2026,

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

April

30,

2026,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Angola

................................................................................................

0.1 Argentina

............................................................................................

1,206

0.2 Australia

.............................................................................................

4,136

0.7 See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

692

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Austria

................................................................................................

545

0.1 Bahrain

...............................................................................................

771

0.1 Belgium

..............................................................................................

2,159

0.4 Bermuda

.............................................................................................

607

0.1 Bolivia,

Plurinational

State

of

............................................................

—\*\*

Brazil

..................................................................................................

6,287

1. 0

Canada

................................................................................................

11,292

1.9 Cayman

Islands

..................................................................................

8,389

1.4 Chile

...................................................................................................

1,238

0.2 China

..................................................................................................

20,513

3.4 Colombia

............................................................................................

668

0.1 Congo,

the

Democratic

Republic

of

the

.............................................

—\*\*

Costa

Rica

..........................................................................................

0.1 Czech

Republic

..................................................................................

—\*\*

Denmark

.............................................................................................

2,370

0.4 Dominican

Republic

..........................................................................

910

0.2 Ecuador

..............................................................................................

0.1 Egypt

..................................................................................................

773

0.1 El

Salvador

.........................................................................................

0.1 Finland

...............................................................................................

1,844

0.3 France

.................................................................................................

10,736

1.8 Germany

.............................................................................................

14,398

2.4 Ghana

.................................................................................................

—\*\*

Greece

................................................................................................

2,190

0.4 Guatemala

..........................................................................................

0.1 Hong

Kong

.........................................................................................

4,929

0.8 Hungary

..............................................................................................

756

0.1 India

...................................................................................................

6,865

1.1 Indonesia

............................................................................................

2,280

0.4 Ireland

................................................................................................

17,679

2.9 Israel

...................................................................................................

2,142

0.4 Italy

....................................................................................................

4,207

0.7 Ivory

Coast

.........................................................................................

0.1 Japan

..................................................................................................

15,271

2.5 Jersey

..................................................................................................

1,064

0.2 Jordan

.................................................................................................

—\*\*

Kazakhstan

.........................................................................................

851

0.1 Kenya

.................................................................................................

—\*\*

Kuwait

................................................................................................

—\*\*

Lebanon

..............................................................................................

—\*\*

Macao

.................................................................................................

—\*\*

Malaysia

.............................................................................................

796

0.1 Mexico

...............................................................................................

3,435

0.6 Monaco

..............................................................................................

987

0.2 Morocco

.............................................................................................

—\*\*

Myanmar

............................................................................................

—\*\*

Netherlands

........................................................................................

5,404

0.9 New

Zealand

......................................................................................

—\*\*

Nigeria

................................................................................................

682

0.1 See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

693

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $

#### %

#### of

#### Net

#### Assets
Norway

...............................................................................................

2,292

0.4 Oman

..................................................................................................

772

0.1 Pakistan

..............................................................................................

—\*\*

Panama

...............................................................................................

749

0.1 Paraguay

.............................................................................................

616

0.1 Peru

....................................................................................................

1,048

0.2 Philippines

..........................................................................................

1,447

0.2 Poland

................................................................................................

903

0. 2

Portugal

..............................................................................................

887

0.2 Puerto

Rico

.........................................................................................

1,036

0.2 Romania

.............................................................................................

833

0.1 Russia

.................................................................................................

—

—

Saudi

Arabia

.......................................................................................

1,368

0.2 Senegal

...............................................................................................

—\*\*

Serbia

.................................................................................................

0.1 Singapore

...........................................................................................

3,607

0.6 South

Africa

.......................................................................................

4,016

0.7 South

Korea

.......................................................................................

13,399

2.2 Spain

..................................................................................................

2,932

0.5 Sri

Lanka

............................................................................................

0.1 Sweden

...............................................................................................

3,691

0.6 Switzerland

........................................................................................

6,155

1.0 Taiwan

................................................................................................

17,747

3.0 Thailand

.............................................................................................

2,445

0.4 Turkey

................................................................................................

1,566

0.3 Ukraine

...............................................................................................

588

0.1 United

Arab

Emirates

.........................................................................

0.1 United

Kingdom

.................................................................................

15,416

2.6 United

States

......................................................................................

333,542

55.5 Uruguay

..............................................................................................

578

0.1 Uzbekistan

..........................................................................................

—\*\*

Venezuela,

Bolivarian

Republic

of

....................................................

0.1 Zambia

...............................................................................................

0.1 Total

Investments

...............................................................................

582,691

97.0 \*\*

Less

than

.05%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

694

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

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\*

7,590

—

Credit

default

swap

contracts,

at

fair

value

—

2,787

—

—

Total

$

7,590

$

2,787

$

603

$

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

10,387

$

—

$

$

3,508

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

—

Total

$

10,387

$

—

$

$

3,508

#### 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)

Futures

contracts

$

(5,558)

$

—

$

$

Credit

default

swap

contracts

—

(273) —

—

Foreign

currency

exchange

contracts

—

—

—

Total

$

(5,558)

$

(273) $

810

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(2,370)

$

—

$

$

(3,363)

Credit

default

swap

contracts

—

692

—

—

Foreign

currency

exchange

contracts

—

—

(665) —

Total

$

(2,370)

$

692

$

(442) $

(3,363)

\*

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.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

695

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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

2,787

—

2,787

Total

Financial

and

Derivative

Assets

2,822

—

2,822

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

2,822

$

—

$

2,822

#### 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

$

2,799

$

—

$

992

$

1,807

Bank

of

Montreal

—

—

Citigroup

—

—

JPMorgan

Chase

—

—

Total

$

2,822

$

—

$

992

$

1,830

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

696

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

#### 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
HSBC

$

$

—

$

—

$

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-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

697

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

480,527

Investments,

at

fair

value(>)

........................................................................................................................................................

582,691

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,434

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,658

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

31,965

Variation

margin

on

futures

contracts

..............................................................................................................................

780

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

2,787

Total

assets

...............................................................................................................................................................

622,323

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Due

to

broker(b)(c)(d)

......................................................................................................................................................

12,772

Investments

purchased

.....................................................................................................................................................

1,636

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

5,955

Deferred

capital

gains

tax

liability

...................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

21,309

#### Net

#### Assets

#### ...............................................................................................................................................................
$

601,014

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

698

Multi-Asset

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

110,920

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

489,613

#### Net

#### Assets

#### ...............................................................................................................................................................
$

601,014

(>)

Investments

in

affiliates,

U.S.

Cash

Management

Fund

.....................................................................................................

$

38,212

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

........................................................................................................................................

$

1,436

(a)&nbsp;&nbsp;&nbsp;&nbsp;

Receivable

from

Broker

for

Futures

...................................................................................................................................

$

31,965

(+)&nbsp;&nbsp;&nbsp;&nbsp;Credit

default

swap

contracts

-

premiums

paid

(received)

.................................................................................................

$

2,218

(b)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Options

..................................................................................................................................................

$

11,173

(c)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Futures

...................................................................................................................................................

$

607

(d)&nbsp;&nbsp;&nbsp;&nbsp;

Due

to

Broker

for

Swaps

....................................................................................................................................................

$

992

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

12.44 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

13.20 Class

A

—

Net

assets

...........................................................................................................................................................

$

4,267,973

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

342,987

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

12.18 Class

C

—

Net

assets

...........................................................................................................................................................

$

578,237

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

47,460

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

12.50 Class

M

—

Net

assets

..........................................................................................................................................................

$

127,620,903

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

10,208,836

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

12.48 Class

S

—

Net

assets

............................................................................................................................................................

$

377,233,875

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

30,238,673

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

12.52 Class

Y

—

Net

assets

...........................................................................................................................................................

$

91,313,051

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,293,736

(#)

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.

Multi-Asset

Strategy

Fund

699

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

3,982

Dividends

.........................................................................................................................................................................

3,797

Dividend

distributions

from

affiliated

funds

....................................................................................................................

695

Total

investment

income

.............................................................................................................................................................

8,474

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,093

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

..............................................................................................................................................

3,081

Expense

reductions

..........................................................................................................................................................

(585) Net

expenses

................................................................................................................................................................................

2,496

Net

investment

income

(loss)

.......................................................................................................................................................

5,978

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$31)

...................................................................................................

28,487

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

(4,770)

Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

(273) Foreign

currency-related

transactions

..............................................................................................................................

(169) Net

realized

gain

(loss)

................................................................................................................................................................

23,739

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

$216)

.........................................................

17,186

Futures

contracts

..............................................................................................................................................................

(5,510)

Foreign

currency

exchange

contracts

...............................................................................................................................

(665) Credit

default

swap

contracts

...........................................................................................................................................

692

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

11,919

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

35,658

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

41,636

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

700

Multi-Asset

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2026
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

.......................................................................................................

$

5,978

$

14,412

Net

realized

gain

(loss)

................................................................................................................

23,739

27,248

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................

11,919

37,058

Net

increase

(decrease)

in

net

assets

from

operations

.......................................................................

41,636

78,718

#### Distributions
To

shareholders

Class

A

.....................................................................................................................................

(106) (102) Class

C

.....................................................................................................................................

(16) (14) Class

M

....................................................................................................................................

(3,689)

(4,325)

Class

S

......................................................................................................................................

(10,637)

(13,310)

Class

Y

.....................................................................................................................................

(2,709)

(3,477)

Net

decrease

in

net

assets

from

distributions

.....................................................................................

(17,157)

(21,228)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

............................................................

(10,888)

(59,955)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ...................................................................
13,591

(2,465)

#### Net

#### Assets
Beginning

of

period

...........................................................................................................................

587,423

589,888

End

of

period

......................................................................................................................................

$

601,014

$

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

701

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2026

and

October

31,

2025

were

as

follows:

#### 2026
(Unaudited)

#### 2025

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,658

$

843

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(103) (1,256)

(32) (354) Net

increase

(decrease)

508

591

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(14) (169) (14) (157) Net

increase

(decrease)

(9) (100) 10

Class

M

Proceeds

from

shares

sold

782

9,437

1,815

20,086

Proceeds

from

reinvestment

of

distributions

3,689

4,325

Payments

for

shares

redeemed

(1,173)

(14,132)

(3,290)

(36,390)

Net

increase

(decrease)

(77) (1,006)

(1,081)

(11,979)

Class

S

Proceeds

from

shares

sold

1,382

16,640

3,847

42,621

Proceeds

from

reinvestment

of

distributions

906

10,605

1,214

13,264

Payments

for

shares

redeemed

(2,843)

(34,229)

(8,499)

(94,153)

Net

increase

(decrease)

(555) (6,984)

(3,438)

(38,268)

Class

Y

Proceeds

from

shares

sold

609

2,028

Proceeds

from

reinvestment

of

distributions

2,709

3,477

Payments

for

shares

redeemed

(551) (6,624)

(1,433)

(15,911)

Net

increase

(decrease)

(269) (3,306)

(935) (10,406)

Total

increase

(decrease)

(867) $

(10,888)

(5,391)

$

(59,955)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

702

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

#### A

#### 04/30/26
(ƣ)

#### 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

11.95 10.81 9.11 8.66 11.32 9.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.11

.24

.29

.27

(—)

(Ɵ)

—

(Ɵ)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.72

1.28 1.71 .42

(2.01)

1.81 $

Total

from

Investment

Operations

.83

1.52 2.00 .69

(2.01)

1.81 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.16)

(.38)

(.30)

(.24)

(.11)

(.03)

$

Distributions

from

Net

Realized

Gain

(.18)

—

—

—

(.54)

—

$

Total

Distributions

(.34)

(.38)

(.30)

(.24)

(.65)

(.03)

$

Net

Asset

Value,

End

of

Period

12.44 11.95 10.81 9.11 8.66 11.32 %

Total

Return

(±)(ǿ)

7.13 14.42 22.09 7.89 (18.73)

19.03 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 4,268

3,585

2,668

1,812

1,474

1,980

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.34 1.33 1.35 1.47 1.48 1.44 %

Expenses,

Net

(Ƃ)(ɯ)

1.16 1.15 1.15 1.18 1.16 1.20 %

Net

Investment

Income

(Ƃ)(ɯ)

1.78 2.20 2.82 2.91 (.01)

.03

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### C

#### 04/30/26
(ƣ)

#### 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

11.71 10.60 8.94 8.51 11.16 9.46 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.06

.16

.21

.20

(.07)

(.07)

$

Net

Realized

and

Unrealized

Gain

(Loss)

.70

1.25 1.67 .40

(1.97)

1.78 $

Total

from

Investment

Operations

.76

1.41 1.88 .60

(2.04)

1.71 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.11)

(.30)

(.22)

(.17)

(.07)

(.01)

$

Distributions

from

Net

Realized

Gain

(.18)

—

—

—

(.54)

—

$

Total

Distributions

(.29)

(.30)

(.22)

(.17)

(.61)

(.01)

$

Net

Asset

Value,

End

of

Period

12.18 11.71 10.60 8.94 8.51 11.16 %

Total

Return

(ǿ)

6.79 13.59 21.13 6.98 (19.22)

18.11 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 578

656

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

2.09 2.08 2.10 2.22 2.23 2.19 %

Expenses,

Net

(Ƃ)(ɯ)

1.91 1.90 1.90 1.93 1.91 1.95 %

Net

Investment

Income

(Ƃ)(ɯ)

1.00 1.43 2.07 2.18 (.70)

(.69)

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

703

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### M

#### 04/30/26
(ƣ)

#### 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

12.00 10.86 9.14 8.69 11.34 9.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.28

.33

.30

.03

.05

$

Net

Realized

and

Unrealized

Gain

(Loss)

.73

1.28 1.72 .42

(2.00)

1.79 $

Total

from

Investment

Operations

.86

1.56 2.05 .72

(1.97)

1.84 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.42)

(.33)

(.27)

(.14)

(.05)

$

Distributions

from

Net

Realized

Gain

(.18)

—

—

—

(.54)

—

$

Total

Distributions

(.36)

(.42)

(.33)

(.27)

(.68)

(.05)

$

Net

Asset

Value,

End

of

Period

12.50 12.00 10.86 9.14 8.69 11.34 %

Total

Return

(ǿ)

7.37 14.73 22.63 8.23 (18.38)

19.24 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 127,621

123,443

123,393

103,326

126,529

164,993

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.09 1.08 1.11 1.22 1.23 1.19 %

Expenses,

Net

(Ƃ)(ɯ)

.81

.80

.80

.83

.81

.85

%

Net

Investment

Income

(Ƃ)(ɯ)

2.11 2.56 3.15 3.22 .34

.48

%

Portfolio

Turnover

Rate

(ǿ)

#### Class

#### S

#### 04/30/26
(ƣ)

#### 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

11.98 10.84 9.13 8.68 11.33 9.54 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.12

.27

.32

.30

.02

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

.73

1.27 1.71 .41

(2.00)

1.79 $

Total

from

Investment

Operations

.85

1.54 2.03 .71

(1.98)

1.83 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.17)

(.40)

(.32)

(.26)

(.13)

(.04)

$

Distributions

from

Net

Realized

Gain

(.18)

—

—

—

(.54)

—

$

Total

Distributions

(.35)

(.40)

(.32)

(.26)

(.67)

(.04)

$

Net

Asset

Value,

End

of

Period

12.48 11.98 10.84 9.13 8.68 11.33 %

Total

Return

(ǿ)

7.33 14.65 22.43 8.13 (18.46)

19.22 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 377,234

368,838

370,942

363,486

468,226

656,179

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

1.09 1.08 1.11 1.23 1.23 1.20 %

Expenses,

Net

(Ƃ)(ɯ)

.91

.90

.90

.93

.91

.95

%

Net

Investment

Income

(Ƃ)(ɯ)

2.01 2.46 3.04 3.15 .25

.37

%

Portfolio

Turnover

Rate

(ǿ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

704

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Financial

#### Highlights,

#### continued

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### Class

#### Y

#### 04/30/26
(ƣ)

#### 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

12.02 10.87 9.16 8.71 11.36 9.55 Income

(loss)

from

investment

operations:

—

—

—

—

—

—

$

Net

Investment

Income

(Loss)

(Ƃ)(ƥ)

.13

.29

.34

.32

.04

.04

$

Net

Realized

and

Unrealized

Gain

(Loss)

.73

1.29 1.71 .41

(2.01)

1.82 $

Total

from

Investment

Operations

.86

1.58 2.05 .73

(1.97)

1.86 Less

distributions:

–

–

–

–

–

–

$

Distributions

from

Net

Investment

Income

(.18)

(.43)

(.34)

(.28)

(.14)

(.05)

$

Distributions

from

Net

Realized

Gain

(.18)

—

—

—

(.54)

—

$

Total

Distributions

(.36)

(.43)

(.34)

(.28)

(.68)

(.05)

$

Net

Asset

Value,

End

of

Period

12.52 12.02 10.87 9.16 8.71 11.36 %

Total

Return

(ǿ)

7.41 14.93 22.58 8.32 (18.28)

19.48 –

–

–

–

–

–

#### Ratios/Supplemental

#### Data
–

–

–

–

–

–

$

Net

Assets,

End

of

Period

(000) 91,313

90,901

92,390

86,677

112,849

154,330

Ratio

to

average

net

assets:

–

–

–

–

–

–

%

Expenses,

Gross

(ɯ)

.89

.88

.91

1.03 1.03 .99

%

Expenses,

Net

(Ƃ)(ɯ)

.71

.70

.70

.73

.71

.75

%

Net

Investment

Income

(Ƃ)(ɯ)

2.20 2.65 3.25 3.38 .44

.39

%

Portfolio

Turnover

Rate

(ǿ)

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

705

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2026

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

an

underlying

f

und

which

is

,

or

was

,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

261,320

Administrative

fees

22,696

Distribution

fees

1,236

Shareholder

servicing

fees

Transfer

agent

fees

72,160

Trustees'

fees

2,007

$

359,537

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Dividend

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

82,709

$

211,222

$

255,722

$

$

—

$

38,212

$

695

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

497,322,589

$

110,522,993

$

(27,669,670)

$

82,853,323

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Schedules

#### of

#### Investments

#### —

#### April

#### 30,

#### 2026
(Unaudited)

706

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Schedules

of

Investments

707

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

OBFR

-

Overnight

Bank

Funding

Rate

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

708

Notes

to

Financial

Highlights

(ƣ)

For

the

period

ended

April

30,

2026

(Unaudited).

(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

Growth

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

Growth

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

Growth

Strategy

Fund

no

longer

invests

indirectly

through

a

wholly

owned

subsidiary.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and

/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ǿ)

The

ratios

or

returns

for

periods

less

than

one

year

are

not

annualized.

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(Ɵ)

Less

than

$.01

per

share.

(±)

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.

(∆)

For

the

Sustainable

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
April

30,

2026

1.12%

1.87%

0.83%

0.67%

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
April

30,

2026

0.99%

1.74%

0.64%

0.74%

0.56%

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
April

30,

2026

1.28%

2.03%

0.89%

0.86%

0.99%

0.83%

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

earning

and

profits

computed

on

a

tax

basis.

(Ω)

Less

than

.005%

of

average

net

assets.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

709

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

twenty-nine

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

twenty-four

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

six

months

ended

April

30,

2026. 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

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses.

The

amendments

require

additional

disclosures

regarding

the

nature

and

composition

of

certain

income

statement

expense

captions,

including

disclosures

related

to

selling

expenses.

The

ASU

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026,

and

interim

reporting

periods

beginning

after

December

15,

2027. Early

adoption

is

permitted.

Management

is

currently

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

710

Notes

to

Financial

Statements

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.

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

711

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

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

712

Notes

to

Financial

Statements

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.

The

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

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

International

Equity,

Tax-Managed

Real

Assets,

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities

and

Multi-Asset

Strategy

Funds

had

no

transfers

into

or

out

of

Level

for

the

period

ended

April

30,

2026. The

Emerging

Markets

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

$11,196.

The

Tax-Managed

U.S.

Mid

&

Small

Cap

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

$1,027,557.

The

Tax-Exempt

High

Yield

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

$259,619.

The

Tax-Exempt

High

Yield

Bond

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

$1,484,000.

The

Multi-Strategy

Income

Fund

had

transfers

out

of

Level

into

Level

representing

financial

instruments

for

which

quoted

prices

in

an

active

market

became

observable.

The

amounts

transferred

were

$96,750.

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

713

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

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

714

Notes

to

Financial

Statements

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

April

30,

2026,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2022

through

October

31,

2024,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

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

may

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

amortization

of

premium

for

certain

debt

instruments,

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

#### 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

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

715

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:

(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

April

30,

2026. 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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

716

Notes

to

Financial

Statements

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

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

April

30,

2026,

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

April

30,

2026,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

#### Funds

#### Strategies
Equity

Income

Fund

Sustainable

Equity

Fund

U.S.

Strategic

Equity

Fund

Trade

settlement

Trade

settlement

Trade

settlement

U.S.

Small

Cap

Equity

Fund

Trade

settlement

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

Trade

settlement

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

717

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

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

April

30,

2026,

the

Funds

did

not

enter

into

any

options.

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

April

30,

2026,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

#### Funds

#### Strategies
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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

718

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

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

Tax-Exempt

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

719

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

720

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

April

30,

2026,

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

April

30,

2026,

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

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.

#### Funds

#### Strategies
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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

721

For

the

period

ended

April

30,

2026,

the

Strategic

Bond

Fund

entered

into

interest

rate

swaps

primarily

for

return

enhancement

and

hedging.

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

April

30,

2026,

the

Global

Equity

Fund

entered

into

total

return

swaps

primarily

for

return

enhancement.

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

April

30,

2026,

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

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

722

Notes

to

Financial

Statements

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

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

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

in

short

sale

transactions

that

are

effected

through

State

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

723

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

April

30,

2026,

the

Funds

had

securities

on

loan

through

the

reciprocal

lending

program

with

a

market

value

as

follows:

As

of

April

30,

2026,

the

Funds

held

collateral

for

short

sales

as

follows:

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

(including

as

a

result

of

a

significant

reduction

in

the

number

of

market

participants

or

transactions);

significant

price

volatility;

restrictions

on

foreign

investment;

possible

difficulties

in

the

repatriation

of

investment

income

and

capital

including

as

a

result

of

the

closure

of

securities

markets

in

an

emerging

market

country;

and,

generally,

less

stringent

investor

protection

standards

as

compared

with

investments

in

U.S.

or

other

developed

market

equity

securities.

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.

In

addition,

emerging

market

countries

may

be

subject

to

less

stringent

requirements

regarding

accounting,

auditing,

financial

reporting

and

record

keeping

and

therefore,

all

material

information

may

not

be

available

or

reliable.

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.

#### Funds

#### Amount
U.S.

Strategic

Equity

Fund

$

138,863,547

U.S.

Small

Cap

Equity

Fund

31,103,773

#### Funds

#### Amount
U.S.

Strategic

Equity

Fund

$

203,207,904

U.S.

Small

Cap

Equity

Fund

42,858,072

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

724

Notes

to

Financial

Statements

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

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

725

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

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

726

Notes

to

Financial

Statements

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

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

727

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

April

30,

2026,

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

$

28,399,965

$

43,665,616

Equity

Income

Fund

42,555,052

68,824,418

Sustainable

Equity

Fund

252,175,988

163,074,954

U.S.

Strategic

Equity

Fund

692,585,880

1,197,834,145

U.S.

Small

Cap

Equity

Fund

601,767,737

411,870,770

Multifactor

International

Equity

Fund

32,486,815

68,159,032

International

Developed

Markets

Fund

513,387,535

347,558,297

Global

Equity

Fund

2,135,533,424

672,578,873

Emerging

Markets

Fund

573,982,031

401,356,087

Tax-Managed

U.S.

Large

Cap

Fund

1,894,255,431

1,621,548,220

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

612,975,911

568,692,960

Tax-Managed

International

Equity

Fund

974,478,836

928,504,045

Tax-Managed

Real

Assets

Fund

378,500,876

345,788,984

Opportunistic

Credit

Fund

1,287,037,382

220,652,347

Long

Duration

Bond

Fund

40,365,209

11,514,460

Strategic

Bond

Fund

607,482,800

513,870,174

Investment

Grade

Bond

Fund

202,907,977

168,393,493

Short

Duration

Bond

Fund

232,118,738

221,972,852

Tax-Exempt

High

Yield

Bond

Fund

857,795,764

601,073,250

Tax-Exempt

Bond

Fund

2,496,823,003

2,016,400,827

Global

Infrastructure

Fund

354,232,398

170,292,991

Global

Real

Estate

Securities

Fund

135,938,552

131,871,588

Multi-Strategy

Income

Fund

128,139,092

136,851,118

Multi-Asset

Strategy

Fund

243,739,142

242,652,059

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

728

Notes

to

Financial

Statements

During

the

period

ended

April

30,

2026,

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
Long

Duration

Bond

Fund

139,607,450

82,622,125

Strategic

Bond

Fund

180,113,597

92,589,493

Investment

Grade

Bond

Fund

174,486,421

204,960,032

Short

Duration

Bond

Fund

121,597,958

135,296,480

#### Funds

#### Asset

#### Level

#### Fee
Multifactor

U.S.

Equity

Fund

All

assets

.30

%

Equity

Income

Fund

All

assets

.55

%

Sustainable

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

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

729

#### Funds

#### Asset

#### Level

#### Fee
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

%

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

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

730

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.

\*

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

April

30,

2026. #### Funds

#### Asset

#### Level

#### Fee
Next

$3

billion

.65

%

In

excess

of

$6

billion

.63

%

#### Funds

#### Fee\*
Multifactor

U.S.

Equity

Fund

.05

%

Equity

Income

Fund

.05

Sustainable

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

#### Funds

#### Advisory

#### Administrative
Multifactor

U.S.

Equity

Fund

$

411,158

$

64,595

Equity

Income

Fund

404,293

34,644

Sustainable

Equity

Fund

531,578

45,

525

U.S.

Strategic

Equity

Fund

8,038,221

684,715

U.S.

Small

Cap

Equity

Fund

2,726,011

183,415

Multifactor

International

Equity

Fund

437,949

45,869

International

Developed

Markets

Fund

4,287,588

288,570

Global

Equity

Fund

10,729,134

721,871

Emerging

Markets

Fund

5,005,849

254,943

Tax-Managed

U.S.

Large

Cap

Fund

34,996,987

2,633,027

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

9,033,533

442,895

Tax-Managed

International

Equity

Fund

21,545,041

1,262,642

Tax-Managed

Real

Assets

Fund

5,493,561

308,018

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

731

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

April

30,

2026. 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,

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.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

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

April

30,

2026

was

$74,794.

There

were

no

reimbursements

for

the

period

ended

April

30,

2026. For

the

Sustainable

Equity

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

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,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

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

0.70%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$76,368.

There

were

no

reimbursements

for

the

period

ended

April

30,

2026. For

the

U.S.

Strategic

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.47%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.47%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$1,210,612.

For

the

Multifactor

International

Equity

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-

level

expenses

exceed

0.64%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

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

April

30,

2026

was

$27,861.

There

were

no

reimbursements

for

the

period

ended

April

30,

2026. #### Funds

#### Advisory

#### Administrative
Opportunistic

Credit

Fund

2,284,056

185,410

Long

Duration

Bond

Fund

374,159

117,544

Strategic

Bond

Fund

3,800,784

471,544

Investment

Grade

Bond

Fund

1,258,423

237,237

Short

Duration

Bond

Fund

727,081

97,895

Tax-Exempt

High

Yield

Bond

Fund

5,631,708

564,684

Tax-Exempt

Bond

Fund

9,475,654

1,488,499

Global

Infrastructure

Fund

2,093,702

115,982

Global

Real

Estate

Securities

Fund

1,572,722

92,641

Multi-Strategy

Income

Fund

773,370

68,769

Multi-Asset

Strategy

Fund

2,092,856

136,988

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

732

Notes

to

Financial

Statements

For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.02%

of

its

advisory

fee.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

to

waive

0.02%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$122,503.

For

the

Global

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.68%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.68%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$305,129.

For

the

Emerging

Markets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.83%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.83%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$513,065.

For

the

Tax-Managed

U.S.

Large

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.65%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.65%.

There

were

no

waived

amounts

for

the

period

ended

April

30,

2026. For

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.96%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.96%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$10,720.

For

the

Tax-Managed

International

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.74%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.74%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$1,716,472.

For

the

Tax-Managed

Real

Assets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.76%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.76%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$525,221.

For

the

Opportunistic

Credit

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.476%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.456%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$441,767.

For

the

Long

Duration

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.34%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

There

were

no

waived

amounts

for

the

period

ended

April

30,

2026. There

were

no

reimbursements

for

the

period

ended

April

30,

2026. For

the

Strategic

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.32%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.32%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$598,626.

For

the

Investment

Grade

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.01%

of

its

advisory

fee.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

to

waive

0.01%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$50,337.

For

the

Short

Duration

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.292%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.292%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$120,488.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

733

For

the

Tax-Exempt

High

Yield

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.12%

of

its

advisory

fee.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

to

waive

0.12%

of

its

advisory

fee.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$1,437,883.

For

the

Global

Infrastructure

Fund,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.83%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2026,

RIM

has

contractually

agreed,

until

February

28,

2027,

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

April

30,

2026

was

$404,197.

There

were

no

reimbursements

for

the

period

ended

April

30,

2026. For

the

Global

Real

Estate

Securities

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.72%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.72%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$157,272.

For

the

Multi-Strategy

Income

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.36%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.36%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$248,062.

For

the

Multi-Asset

Strategy

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.54%.

Effective

March

1,

2026,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2027,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.54%.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2026

was

$523,214.

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

April

30,

2026

were

as

follows:

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

734

Notes

to

Financial

Statements

RIFUS

has

contractually

agreed

to

waive,

through

February

28,

2027,

a

portion

of

its

transfer

agency

fees

for

certain

classes

of

certain

Funds

as

set

forth

below:

#### Funds

#### Amount
Multifactor

U.S.

Equity

Fund

$

48,566

Equity

Income

Fund

132,732

Sustainable

Equity

Fund

182,822

U.S.

Strategic

Equity

Fund

2,717,674

U.S.

Small

Cap

Equity

Fund

716,826

Multifactor

International

Equity

Fund

37,598

International

Developed

Markets

Fund

1,176,985

Global

Equity

Fund

2,397,443

Emerging

Markets

Fund

937,941

Tax-Managed

U.S.

Large

Cap

Fund

11,174,182

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

1,879,825

Tax-Managed

International

Equity

Fund

5,359,073

Tax-Managed

Real

Assets

Fund

1,307,458

Opportunistic

Credit

Fund

692,262

Long

Duration

Bond

Fund

396,320

Strategic

Bond

Fund

1,739,441

Investment

Grade

Bond

Fund

838,180

Short

Duration

Bond

Fund

255,756

Tax-Exempt

High

Yield

Bond

Fund

2,396,472

Tax-Exempt

Bond

Fund

6,317,102

Global

Infrastructure

Fund

444,141

Global

Real

Estate

Securities

Fund

337,415

Multi-Strategy

Income

Fund

210,335

Multi-Asset

Strategy

Fund

493,948

#### 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

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

735

For

the

period

ended

April

30,

2026,

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 R6

.02

Strategic

Bond

Fund-Class S

.06

Investment

Grade

Bond

Fund-Class M

.14

Investment

Grade

Bond

Fund-Class R6

.02

Investment

Grade

Bond

Fund-Class S

.04

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

$

1,419

Equity

Income

Fund

20,476

Sustainable

Equity

Fund

29,996

U.S.

Strategic

Equity

Fund

530,065

U.S.

Small

Cap

Equity

Fund

179,822

Multifactor

International

Equity

Fund

1,447

International

Developed

Markets

Fund

334,037

Global

Equity

Fund

214,593

Emerging

Markets

Fund

157,540

Tax-Managed

U.S.

Large

Cap

Fund

1,649,926

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

732,522

Tax-Managed

International

Equity

Fund

842,042

Tax-Managed

Real

Assets

Fund

214,826

Opportunistic

Credit

Fund

432,974

Long

Duration

Bond

Fund

72,294

Strategic

Bond

Fund

699,791

Investment

Grade

Bond

Fund

259,395

Short

Duration

Bond

Fund

155,796

Tax-Exempt

High

Yield

Bond

Fund

596,446

Tax-Exempt

Bond

Fund

2,874,280

Global

Infrastructure

Fund

66,143

Global

Real

Estate

Securities

Fund

35,009

Multi-Strategy

Income

Fund

14,290

Multi-Asset

Strategy

Fund

61,776

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

736

Notes

to

Financial

Statements

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

April

30,

2026:

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

$

—

$

15,268

$

2,383

Equity

Income

Fund

4,263

660

Sustainable

Equity

Fund

—

1,677

U.S.

Strategic

Equity

Fund

—

6,332

1,376

U.S.

Small

Cap

Equity

Fund

—

2,690

International

Developed

Markets

Fund

—

2,336

Global

Equity

Fund

—

3,313

760

Emerging

Markets

Fund

—

7,350

1,459

Tax-Managed

U.S.

Large

Cap

Fund

—

134,061

23,622

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

—

12,725

2,071

Tax-Managed

International

Equity

Fund

—

23,193

4,086

Tax-Managed

Real

Assets

Fund

—

4,612

872

Opportunistic

Credit

Fund

2,790

555

Strategic

Bond

Fund

4,090

912

Investment

Grade

Bond

Fund

—

Short

Duration

Bond

Fund

—

Tax-Exempt

High

Yield

Bond

Fund

—

11,092

2,767

Tax-Exempt

Bond

Fund

15,596

3,182

Global

Infrastructure

Fund

—

2,305

Global

Real

Estate

Securities

Fund

—

3,660

646

Multi-Strategy

Income

Fund

—

3,423

738

Multi-Asset

Strategy

Fund

—

16,162

3,258

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

737

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

April

30,

2026,

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

April

30,

2026,

the

total

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,222,333.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

April

30,

2026

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

April

30,

2026,

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

$

1,057

$

63,194

$

(2,814)

Tax-Exempt

Bond

Fund

30,705

46,589

(2,331)

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Multifactor

International

Equity

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

738

Notes

to

Financial

Statements

6. #### Significant

#### Shareholders
Shareholders

with

significant

record

ownership

may

include

omnibus

accounts,

financial

intermediaries,

or

affiliated

entities.

Shareholder

concentration

may

subject

the

Funds

to

additional

risks,

including

the

potential

for

large

redemptions.

As

of

April

30,

2026,

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

April

30,

2026,

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

10,

2027,

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.

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Multi-Strategy

Income

Fund

12,722,238

—

12,722,238

#### Funds

#### #

#### of

#### Shareholders

#### %
Multifactor

U.S.

Equity

Fund

81.1 Equity

Income

Fund

55.4 Sustainable

Equity

Fund

66.4 U.S.

Strategic

Equity

Fund

74.1 U.S.

Small

Cap

Equity

Fund

54.6 Multifactor

International

Equity

Fund

79.6 International

Developed

Markets

Fund

67.9 Global

Equity

Fund

47.4 Emerging

Markets

Fund

61.1 Tax-Managed

U.S.

Large

Cap

Fund

69.3 Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

80.5 Tax-Managed

International

Equity

Fund

72.3 Tax-Managed

Real

Assets

Fund

71.6 Opportunistic

Credit

Fund

71.5 Long

Duration

Bond

Fund

63.7 Strategic

Bond

Fund

63.5 Investment

Grade

Bond

Fund

75.7 Short

Duration

Bond

Fund

64.3 Tax-Exempt

High

Yield

Bond

Fund

81.1 Tax-Exempt

Bond

Fund

72.2 Global

Infrastructure

Fund

63.2 Global

Real

Estate

Securities

Fund

61.9 Multi-Strategy

Income

Fund

64.4 Multi-Asset

Strategy

Fund

64.7 #### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Notes

to

Financial

Statements

739

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

April

30,

2026. 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.

#### Russell

#### Investment

#### Company

#### Affiliated

#### Brokerage

#### Transactions

#### —

#### April

#### 30,

#### 2026
(Unaudited)

740

Affiliated

Brokerage

Transactions

As

discussed

in

Note

in

the

Notes

to

Financial

Statements

contained

in

this

semi-annual

report,

substantially

all

of

the

equity

transactions

that

Russell

Investment

Management,

LLC

("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

April

30,

2026

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").

#### Funds

#### Affiliated

#### Broker

#### Total

#### Commissions

#### RIIS

#### Net

#### RIIS

#### FX

#### Fees
Multifactor

U.S.

Equity

Fund

RIIS

$

5,035

$

4,681

$

—

Equity

Income

Fund

RIIS

10,244

9,169

—

Sustainable

Equity

Fund

RIIS

43,280

35,988

13,820

U.S.

Strategic

Equity

Fund

RIIS

64,644

58,953

—

U.S.

Small

Cap

Equity

Fund

RIIS

224,056

190,278

Multifactor

International

Equity

Fund

RIIS

26,703

21,050

9,417

International

Developed

Markets

Fund

RIIS

231,006

183,982

46,864

Global

Equity

Fund

RIIS

310,537

249,570

93,752

Emerging

Markets

Fund

RIIS

444,813

274,557

36,557

Tax-Managed

U.S.

Large

Cap

Fund

RIIS

342,524

283,433

—

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

RIIS

407,776

342,731

—

Tax-Managed

International

Equity

Fund

RIIS

658,836

458,676

125,908

Tax-Managed

Real

Assets

Fund

RIIS

209,266

166,369

26,420

Global

Infrastructure

Fund

RIIS

96,423

72,639

20,717

Global

Real

Estate

Securities

Fund

RIIS

54,381

44,194

7,329

Multi-Strategy

Income

Fund

RIIS

19,791

14,855

2,342

Multi-Asset

Strategy

Fund

RIIS

55,654

40,876

8,165

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Agreements

741

#### Quarterly

#### Approval

#### of

#### Money

#### Manager

#### Agreements
At

the

quarterly

Board

of

Trustees

(the

"Board")

meeting

held

on

December

9,

2025,

the

Board

received

proposals

from

Russell

Investment

Management,

LLC

("RIM")

to

approve

new

portfolio

management

contracts

for

the

Sustainable

Equity

Fund.

At

a

special

Board

meeting

held

on

March

18,

2026,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

Emerging

Markets

Fund,

Tax-Managed

International

Equity

Fund,

Multi-Strategy

Income

Fund

and

Multi-Asset

Strategy

Fund

to

be

effective

as

of

the

closing

of

a

change

of

control

for

a

Money

Manager

of

each

of

the

Funds.

With

respect

to

the

evaluation

of

the

terms

of

the

portfolio

management

contracts

for

the

Sustainable

Equity

Fund,

the

Trustees

approved

the

terms

of

the

proposed

portfolio

management

contracts

based

upon

their

consideration

of,

among

other

information,

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

("RIFIS"),

the

Fund's

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

Fund's

Chief

Compliance

Officer

("CCO")

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

Fund.

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

their

May

19,

2025

meeting,

in

connection

with

their

evaluation

and

approval

of

the

Fund's

existing

investment

advisory

agreement

with

RIM,

as

well

as

information

received

throughout

the

course

of

the

year

regarding,

among

other

things,

the

reasonableness

of

the

aggregate

investment

advisory

fees

paid

by

the

Fund,

as

well

as

the

fact

that

the

aggregate

investment

advisory

fee

paid

by

the

Fund

would

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Managers'

investment

advisory

fees

are

paid

by

RIM,

the

Board

voted

to

approve

the

portfolio

management

contracts

with

each

Money

Manager

for

the

Fund.

With

respect

to

the

evaluation

of

the

terms

of

the

portfolio

management

contracts

for

the

Emerging

Markets

Fund,

Tax-Managed

International

Equity

Fund,

Multi-Strategy

Income

Fund

and

Multi-Asset

Strategy

Fund,

the

Trustees

approved

the

terms

of

the

proposed

portfolio

management

contracts

based

upon

their

consideration

of,

among

other

information,

RIM's

recommendation

to

hire

the

Money

Manager

at

the

proposed

fee

rate;

information

as

to

the

reason

for

the

proposed

portfolio

management

contract;

RIM's

evaluation

of

the

quality

of

the

investment

advisory

services

provided

by

the

Money

Manager;

information

as

to

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

RIFIS,

the

Funds'

underwriter;

the

CCO's

prior

evaluation

of

the

Money

Manager's

compliance

program,

policies

and

procedures

in

relation

to

the

Money

Manager's

role

in

the

management

of

each

Fund's

investment

portfolio,

and

prior

certification

that

they

were

consistent

with

applicable

legal

standards;

and

RIM's

belief

that

the

proposed

Money

Manager

fees

were

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered.

Based

substantially

on

RIM's

recommendation,

together

with

their

findings

at

prior

meetings,

including

their

May

19,

2025

meeting,

in

connection

with

their

evaluation

and

approval

of

the

Funds'

existing

investment

advisory

agreement

with

RIM

and

portfolio

management

contracts

with

this

Money

Manager

for

the

Funds,

as

well

as

information

received

throughout

the

course

of

the

year

regarding,

among

other

things,

the

quality

of

services

provided

to

the

Funds

by

the

Money

Manager

and

the

reasonableness

of

the

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Agreements,

#### continued

#### —
(Unaudited)

742

Basis

for

Approval

of

Investment

Advisory

Agreements

aggregate

investment

advisory

fees

paid

by

the

Funds,

as

well

as

the

fact

that

the

aggregate

investment

advisory

fees

paid

by

the

Funds

would

not

increase

or

decrease

as

a

result

of

the

implementation

of

the

proposed

new

portfolio

management

contracts

because

the

Money

Manager's

investment

advisory

fees

are

paid

by

RIM,

the

Board

voted

to

approve

the

portfolio

management

contracts

with

the

Money

Manager

for

the

Funds.

#### Russell

#### Investment

#### Company

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### April

#### 30,

#### 2026
(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

743

#### 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

Equity

Fund

Lazard

Asset

Management

LLC,

New

York,

NY

Mirova

US

LLC,

Boston,

MA

Pzena

Investment

Management,

LLC,

New

York,

NY

Wellington

Management

Company

LLP,

Boston,

MA

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

#### —

#### April

#### 30,

#### 2026
(Unaudited)

744

Adviser,

Money

Managers

and

Service

Providers

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;&nbsp;&nbsp;&nbsp;&nbsp; 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.htm)

(b)&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.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: June 25, 2026

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: June 25, 2026

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: June 25, 2026

## Exhibit 99.906

**Exhibit (b)**

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 April 30, 2026 (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: June 25, 2026

\*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.

## Ex-99.Cert

**Exhibit (a)**

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: June 25, 2026

<u>/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 (a)**

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: June 25, 2026

<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