# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0001410368-25-011880
**Filing Date:** 2025-9
**Character Count:** 36008
**Document Hash:** 251d08a35d74ca2058daef85b29c2973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-011880.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-011880

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03153
- **FILM NUMBER:** 251346423

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

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

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

## Series and Classes Contracts Data

### 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           |

## Nport-Ex

2025

QUARTERLY

REPORT

LifePoints®

Funds

July

31,

2025

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R5,

S

Aggressive

Strategy

Fund

(formerly,

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Equity

Aggressive

Strategy

Fund

(formerly,

Equity

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

This

Quarterly

Report

reports

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

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

Moderate

Strategy

Fund

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

Balanced

Strategy

Fund

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

Aggressive

Strategy

Fund

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

Equity

Aggressive

Strategy

Fund

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

Notes

to

Quarterly

Report

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

Russell

Investment

Company

LifePoints®

Funds

Quarterly

Report

July

31,

2025

(Unaudited)

Table

of

Contents

Russell

Investment

Company

-

LifePoints®

Funds.

Copyright©

Russell

Investments

2025. All

rights

reserved.

Russell

Investments'

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments'

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

"FTSE

RUSSELL"

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

Investments.

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Conservative

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

40,470

1,192

Domestic

Equities

-

10.4%

Multifactor

U.S.

Equity

Fund

Class

Y

315,114

5,161

U.S.

Small

Cap

Equity

Fund

Class

Y

48,380

1,199

6,360

Fixed

Income

-

75.8%

Investment

Grade

Bond

Fund

Class

Y

634,515

11,631

Long

Duration

Bond

Fund

Class

Y

547,670

4,288

Opportunistic

Credit

Fund

Class

Y

564,184

4,897

Short

Duration

Bond

Fund

Class

Y

274,120

5,197

Strategic

Bond

Fund

Class

Y

2,241,951

20,200

46,213

International

Equities

-

3.9%

Emerging

Markets

Fund

Class

Y

64,510

1,209

Multifactor

International

Equity

Fund

Class

Y

102,365

1,195

2,404

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

498,241

4,868

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$58,087)

61,037

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$58,087)

61,037

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(70) #### Net

#### Assets

#### -

#### 100.0%
60,967

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Conservative

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2025

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

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

1,434

$

$

$

(48)

$

(9)

$

1,192

$

$

—

Multifactor

U.S.

Equity

Fund

7,141

2,076

2,999

(1,224)

5,161

1,508

U.S.

Small

Cap

Equity

Fund

1,434

(170)

1,199

Investment

Grade

Bond

Fund

12,997

1,515

2,795

(97)

11,631

—

Long

Duration

Bond

Fund

6,485

525

2,601

(578)

4,288

—

Opportunistic

Credit

Fund

1,444

4,106

715

4,897

—

Short

Duration

Bond

Fund

7,221

2,543

(61)

5,197

—

Strategic

Bond

Fund

23,820

1,761

5,221

(478)

20,200

858

—

Emerging

Markets

Fund

1,429

585

1,209

—

Global

Equity

Fund

1,430

1,474

(233)

—

Multifactor

International

Equity

Fund

1,436

559

1,195

—

Multi-Strategy

Income

Fund

5,766

511

1,356

(84)

4,868

—

$

72,037

$

12,139

$

21,716

$

(459)

$

(964)

$

61,037

$

2,508

$

1,707

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

1.9%

Global

Real

Estate

Securities

Fund

Class

Y

82,102

2,419

Domestic

Equities

-

15.5%

Multifactor

U.S.

Equity

Fund

Class

Y

1,015,054

16,627

U.S.

Small

Cap

Equity

Fund

Class

Y

98,363

2,437

19,064

Fixed

Income

-

54.3%

Investment

Grade

Bond

Fund

Class

Y

1,282,745

23,513

Long

Duration

Bond

Fund

Class

Y

791,442

6,197

Opportunistic

Credit

Fund

Class

Y

712,970

6,188

Short

Duration

Bond

Fund

Class

Y

228,017

4,323

Strategic

Bond

Fund

Class

Y

2,952,119

26,599

66,820

International

Equities

-

20.4%

Emerging

Markets

Fund

Class

Y

163,194

3,058

Global

Equity

Fund

Class

Y

1,733,560

19,017

Multifactor

International

Equity

Fund

Class

Y

260,324

3,038

25,113

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

1,006,232

9,831

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$112,337)

123,247

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$112,337)

123,247

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(117) #### Net

#### Assets

#### -

#### 100.0%
123,130

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Moderate

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2025

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

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Real

Estate

Securities

Fund

$

3,919

$

$

1,520

$

(296)

$

$

2,419

$

$

—

Multifactor

U.S.

Equity

Fund

19,045

5,016

4,948

(2,941)

16,627

3,986

U.S.

Small

Cap

Equity

Fund

3,276

552

1,008

(596)

2,437

Investment

Grade

Bond

Fund

25,188

1,809

3,333

(175)

23,513

945

—

Long

Duration

Bond

Fund

6,502

534

712

(97)

(30)

6,197

—

Opportunistic

Credit

Fund

2,661

3,908

6,188

—

Short

Duration

Bond

Fund

6,662

2,754

(41)

4,323

—

Strategic

Bond

Fund

27,732

2,017

2,985

(397)

26,599

1,027

—

Emerging

Markets

Fund

2,572

870

739

3,058

—

Global

Equity

Fund

20,325

2,619

4,758

667

19,017

1,127

Multifactor

International

Equity

Fund

3,250

794

3,038

—

Multi-Strategy

Income

Fund

10,562

638

1,296

(25)

(48)

9,831

560

—

$

131,694

$

18,851

$

25,299

$

808

$

(2,807)

$

123,247

$

4,189

$

5,385

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

4.0%

Global

Infrastructure

Fund

Class

Y

1,193,045

12,193

Global

Real

Estate

Securities

Fund

Class

Y

403,171

11,877

24,070

Domestic

Equities

-

20.6%

Multifactor

U.S.

Equity

Fund

Class

Y

5,609,080

91,877

U.S.

Small

Cap

Equity

Fund

Class

Y

732,770

18,158

U.S.

Strategic

Equity

Fund

Class

Y

870,171

15,315

125,350

Fixed

Income

-

33.0%

Investment

Grade

Bond

Fund

Class

Y

5,973,675

109,497

Long

Duration

Bond

Fund

Class

Y

3,882,853

30,403

Opportunistic

Credit

Fund

Class

Y

2,110,618

18,320

Strategic

Bond

Fund

Class

Y

4,724,820

42,571

200,791

International

Equities

-

34.5%

Emerging

Markets

Fund

Class

Y

1,135,422

21,278

Global

Equity

Fund

Class

Y

16,139,602

177,051

Multifactor

International

Equity

Fund

Class

Y

1,026,362

11,978

210,307

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

4,990,787

48,760

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$510,380)

609,278

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$510,380)

609,278

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(448) #### Net

#### Assets

#### -

#### 100.0%
608,830

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Balanced

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2025

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

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,950

$

766

$

2,297

$

$

540

$

12,193

$

$

Global

Real

Estate

Securities

Fund

15,921

941

4,240

(1,160)

11,877

—

Multifactor

U.S.

Equity

Fund

106,581

26,586

26,530

1,575

(16,335)

91,877

2,481

22,517

U.S.

Small

Cap

Equity

Fund

22,378

3,454

4,991

(2,811)

18,158

565

1,897

U.S.

Strategic

Equity

Fund

—

15,324

1,897

1,778

15,315

—

Investment

Grade

Bond

Fund

115,522

10,327

15,646

(789)

109,497

4,383

—

Long

Duration

Bond

Fund

25,065

8,343

2,490

(20)

(495)

30,403

863

—

Opportunistic

Credit

Fund

13,002

6,981

1,818

18,320

665

—

Short

Duration

Bond

Fund

12,994

13,387

(373)

—

—

Strategic

Bond

Fund

35,143

11,705

4,075

(236)

42,571

1,427

—

Emerging

Markets

Fund

19,147

4,166

4,386

2,115

21,278

506

—

Global

Equity

Fund

193,096

17,001

39,468

5,425

997

177,051

2,613

10,821

Multifactor

International

Equity

Fund

19,109

1,299

9,527

1,813

(716)

11,978

956

—

Multi-Strategy

Income

Fund

51,663

3,443

5,918

(148)

(280)

48,760

2,761

—

$

642,571

$

110,717

$

136,670

$

10,004

$

(17,344)

$

609,278

$

18,317

$

35,455

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

4.9%

Global

Infrastructure

Fund

Class

Y

1,162,728

11,883

Global

Real

Estate

Securities

Fund

Class

Y

587,746

17,315

29,198

Domestic

Equities

-

32.8%

Multifactor

U.S.

Equity

Fund

Class

Y

6,631,029

108,616

U.S.

Small

Cap

Equity

Fund

Class

Y

835,589

20,706

U.S.

Strategic

Equity

Fund

Class

Y

3,771,122

66,372

195,694

Fixed

Income

-

14.4%

Long

Duration

Bond

Fund

Class

Y

3,778,292

29,584

Opportunistic

Credit

Fund

Class

Y

1,716,236

14,897

Strategic

Bond

Fund

Class

Y

4,597,835

41,426

85,907

International

Equities

-

40.0%

Emerging

Markets

Fund

Class

Y

1,593,317

29,859

Global

Equity

Fund

Class

Y

15,855,837

173,938

Multifactor

International

Equity

Fund

Class

Y

3,012,215

35,153

238,950

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

4,206,459

47,954

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$482,274)

597,703

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$482,274)

597,703

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(394) #### Net

#### Assets

#### -

#### 100.0%
597,309

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Aggressive

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2025

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

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,329

$

728

$

1,911

$

$

554

$

11,883

$

$

Global

Real

Estate

Securities

Fund

21,183

928

3,829

(45)

(922)

17,315

528

—

Multifactor

U.S.

Equity

Fund

107,723

32,576

17,984

2,552

(16,251)

108,616

2,607

23,040

U.S.

Small

Cap

Equity

Fund

27,285

3,919

6,982

(3,532)

20,706

699

2,347

U.S.

Strategic

Equity

Fund

55,413

19,081

9,518

811

585

66,372

825

4,719

Long

Duration

Bond

Fund

20,780

11,291

2,054

(13)

(420)

29,584

753

—

Opportunistic

Credit

Fund

12,335

3,963

1,510

(2)

14,897

598

—

Strategic

Bond

Fund

54,432

5,050

17,751

(3,234)

2,929

41,426

1,864

—

Emerging

Markets

Fund

27,334

3,376

4,092

2,922

29,859

712

—

Global

Equity

Fund

177,995

13,640

24,183

1,899

4,587

173,938

2,429

10,057

Multifactor

International

Equity

Fund

45,384

2,309

15,682

1,672

1,470

35,153

2,248

—

Multi-Asset

Strategy

Fund

49,144

2,025

5,357

2,047

47,954

1,582

—

$

611,337

$

98,886

$

110,853

$

4,253

$

(5,920)

$

597,703

$

15,235

$

40,373

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Aggressive

Strategy

Fund

Amounts

in

thousands

(except

share

amounts)

#### Shares

#### Fair

#### Value

#### $

#### Investments

#### in

#### Affiliated

#### Funds

#### -

#### 100.1%
Alternative

-

5.4%

Global

Infrastructure

Fund

Class

Y

600,294

6,135

Global

Real

Estate

Securities

Fund

Class

Y

356,558

10,504

16,639

Domestic

Equities

-

38.8%

Multifactor

U.S.

Equity

Fund

Class

Y

3,804,800

62,323

U.S.

Small

Cap

Equity

Fund

Class

Y

493,949

12,240

U.S.

Strategic

Equity

Fund

Class

Y

2,568,799

45,211

119,774

Fixed

Income

-

5.0%

Long

Duration

Bond

Fund

Class

Y

1,174,791

9,199

Opportunistic

Credit

Fund

Class

Y

710,042

6,163

15,362

International

Equities

-

42.9%

Emerging

Markets

Fund

Class

Y

985,060

18,460

Global

Equity

Fund

Class

Y

8,196,932

89,920

Multifactor

International

Equity

Fund

Class

Y

2,078,070

24,251

132,631

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

2,167,379

24,708

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$253,908)

309,114

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$253,908)

309,114

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(243) #### Net

#### Assets

#### -

#### 100.0%
308,871

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

See

accompanying

notes

which

are

an

integral

part

of

this

quarterly

report.

Equity

Aggressive

Strategy

Fund

Transactions

(amounts

in

thousands)

during

the

period

ended

July

31,

2025

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

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

6,236

$

513

$

987

$

$

$

6,135

$

$

Global

Real

Estate

Securities

Fund

13,611

1,046

3,494

(626)

(33)

10,504

—

Multifactor

U.S.

Equity

Fund

62,525

16,587

8,428

835

(9,196)

62,323

1,525

13,555

U.S.

Small

Cap

Equity

Fund

16,804

2,328

4,594

(233)

(2,065)

12,240

1,474

U.S.

Strategic

Equity

Fund

32,835

15,956

4,990

1,051

45,211

518

2,835

Long

Duration

Bond

Fund

7,437

2,743

840

(1)

(140)

9,199

—

Opportunistic

Credit

Fund

6,218

815

905

6,163

—

Emerging

Markets

Fund

18,409

1,414

3,345

1,634

18,460

—

Global

Equity

Fund

90,062

6,626

10,046

655

2,623

89,920

1,245

5,157

Multifactor

International

Equity

Fund

30,319

2,480

10,698

1,006

1,144

24,251

1,543

—

Multi-Asset

Strategy

Fund

24,819

1,676

2,879

(86)

1,178

24,708

813

—

$

309,275

$

52,184

$

51,206

$

2,350

$

(3,489)

$

309,114

$

7,651

$

23,129

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report

#### —

#### July

#### 31,

#### 2025
(Unaudited)

Notes

to

Quarterly

Report

1. #### Significant

#### Accounting

#### Policies
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

funds.

This

Quarterly

Report

reports

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds

in

the

preparation

of

this

Quarterly

Report.

These

policies

are

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

Quarterly

Report.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Security

Valuation

Each

of

the

Funds

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

"Underlying

Funds").

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

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

Funds'

Board

of

Trustees

("Board")

has

designated

Russell

Investment

Management,

LLC

("RIM"),

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940,

as

amended.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

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:

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Quarterly

#### Report,

#### continued

#### —

#### July

#### 31,

#### 2025
(Unaudited)

Notes

to

Quarterly

Report

Equity

securities,

including

common

and

preferred

stock,

short

securities,

ETFs

and

restricted

securities

that

are

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market),

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation

or

official

closing

price,

as

applicable.

To

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

of

the

fair

value

hierarchy.

Investments

in

investment

funds

that

are

not

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

NAV

of

such

investments.

As

of

July

31,

2025,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

2. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

this

Quarterly

Report

was

issued

and

determined

no

events

have

occurred

that

require

disclosure.

For

additional

information

on

the

Funds'

significant

accounting

policies

and

risks,

please

refer

to

the

Funds'

most

recent

semi-annual

or

annual

financial

statements

and

other

information

and

prospectus.

Russell

Investment

Company

Union

Street

th

Floor

Seattle,

WA

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SEATTLE

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 98101

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

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

- **a. Name of Series:** Conservative Strategy Fund

- **b. EDGAR series identifier (if any):** S000001578

- **c. LEI of Series:** D7FRTMXY2CS76ECVES28

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $61085335.19

**Total Liabilities:** $93596.87

**Net Assets:** $60991738.32

**Cash Not Reported:** $35985.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004266 | 0.47%                | 2.00%                | -0.16%               |
| Class ID C000004268 | 0.56%                | 2.13%                | -0.04%               |
| Class ID C000004265 | 0.46%                | 2.16%                | -0.08%               |
| Class ID C000137237 | 0.45%                | 2.14%                | -0.02%               |
| Class ID C000027580 | 0.56%                | 2.12%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $33638.80                | $189700.17                                 |
| Month 2  | $-9693.81                | $1163594.70                                |
| Month 3  | $31863.76                | $-282914.04                                |

### Schedule of Portfolio Investments

| Name                                  | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Long Duration Bond Fund               | Long Duration Bond Fund               | CUSIP: 78250F398<br>LEI: 549300VRXC77M7KZRU37 | Long             | EC               | RF                | US        |    547838 | NS      | $4289575.03   | 7.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Multifactor International Equity Fund | Multifactor International Equity Fund | CUSIP: 78249R289<br>LEI: 5493004SX31W5EXJ2590 | Long             | EC               | RF                | US        |    102365 | NS      | $1194598.42   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Opportunistic Credit Fund             | Opportunistic Credit Fund             | CUSIP: 782494181<br>LEI: QMX8CVY41B3G014K7N60 | Long             | EC               | RF                | US        |    564321 | NS      | $4898307.04   | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Multifactor U.S. Equity Fund          | Multifactor U.S. Equity Fund          | CUSIP: 78249R347<br>LEI: 549300PPT7741EJKD754 | Long             | EC               | RF                | US        |    315114 | NS      | $5161567.98   | 8.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerging Markets Fund                 | Emerging Markets Fund                 | CUSIP: 782494439<br>LEI: TUWQFBBWGP866F5SFO52 | Long             | EC               | RF                | US        |     64510 | NS      | $1208910.11   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Small Cap Equity Fund            | U.S. Small Cap Equity Fund            | CUSIP: 782493266<br>LEI: Z3PZWNK5SYVMTLL03992 | Long             | EC               | RF                | US        |     48380 | NS      | $1198844.51   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Bond Fund                   | Strategic Bond Fund                   | CUSIP: 782493159<br>LEI: XI1M1CDVRC8YNT0B5804 | Long             | EC               | RF                | US        |   2242489 | NS      | $20204825.21  | 33.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Investment Grade Bond Fund            | Investment Grade Bond Fund            | CUSIP: 782493175<br>LEI: 6XE31ODZPBO0SIDX5S75 | Long             | EC               | RF                | US        |    634669 | NS      | $11633488.20  | 19.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Short Duration Bond Fund              | Short Duration Bond Fund              | CUSIP: 782494421<br>LEI: SYIWP2HFI2PTL75P6V57 | Long             | EC               | RF                | US        |    274161 | NS      | $5198086.45   | 8.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Real Estate Securities Fund    | Global Real Estate Securities Fund    | CUSIP: 782478713<br>LEI: 12EWS3SG92VUE6HTB591 | Long             | EC               | RF                | US        |     40470 | NS      | $1192247.67   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Multi-Strategy Income Fund            | Multi-Strategy Income Fund            | CUSIP: 78249R214<br>LEI: 549300A5DFWAE2ARUU44 | Long             | EC               | RF                | US        |    498241 | NS      | $4867816.52   | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** RUSSELL INVESTMENT CO

**Signature:** Ross Erickson

**Name of Signer:** Ross Erickson

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