# EDGAR Filing Document

**Accession Number:** 0000351601
**File Stem:** 0000351601-25-000007
**Filing Date:** 2025-6
**Character Count:** 3352864
**Document Hash:** a72d6ae7e4feb15a1a67c3a98e1f8127
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000351601-25-000007.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000351601-25-000007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 299

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**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:** 251072986

**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

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

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

### 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)

**1301 2nd Avenue 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;">1301 2nd Avenue</span></b></pre>
```

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

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

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

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

(Name and address of agent for service)

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

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

Date of reporting period:&nbsp;&nbsp;&nbsp;&nbsp; **November 1, 2024 to April 30, 2025**

**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](i8c51176f02556159ef1fc5f7.jpg)

#### RCLAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$63,062

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $58

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie82da3036995f18bc6688802.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i16af5fd33b29a0db880d234b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.6% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RCLCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $64 | 1.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$63,062

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $58

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](icca5775cd238e4d346711bda.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ifc96f678f95455fba2df32a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.6% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RCLRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$63,062

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $58

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie72a79476e609a5be1e7b0bd.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](iebbc22778f2d2af14f69e0fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.6% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RCLVX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$63,062

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $58

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i244608cc6672971c964482b8.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i13440aacf82e4168a4fadda8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.6% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RCLSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.35% |

---

# Key Fund Statistics
* Net Assets (thousands)$63,062

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $58

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0e0fd1f44e5032a72d8f92cf.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i59e5581bf603e002aece1a04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 75.5% |
| Domestic Equities | 10.6% |
| Multi-Asset | 8.0% |
| International Equities | 4.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMLAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$121,617

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $107

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iedf5a8ac007711cded0be641.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i380c961b48b8749773bfeb74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.3% |
| International Equities | 21.0% |
| Domestic Equities | 15.8% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMLCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $62 | 1.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,617

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $107

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](icc26125fc94825d6d4a3b4c7.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i76986a4b31c5e8ebed482466.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.3% |
| International Equities | 21.0% |
| Domestic Equities | 15.8% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMLRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $12 | 0.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,617

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $107

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i254f162fe25561d46ca03472.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i43bea99e45d4a51b67bebc8b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.3% |
| International Equities | 21.0% |
| Domestic Equities | 15.8% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMLVX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $37 | 0.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,617

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $107

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i10720de26279ea2ba043665f.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i9d359178c334af6f25a39dbd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.3% |
| International Equities | 21.0% |
| Domestic Equities | 15.8% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMLSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $16 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$121,617

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $107

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib48c04b77ff2394f040e33c6.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i1ff1323d697aeae6978fbdd6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Fixed Income | 53.3% |
| International Equities | 21.0% |
| Domestic Equities | 15.8% |
| Multi-Asset | 8.0% |
| Alternative | 2.0% |
| Other | (0.1)% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RBLAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $28 | 0.56% |

---

# Key Fund Statistics
* Net Assets (thousands)$589,669

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9afa90e3b59248cc96a67e52.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i7cc641d6f14425914ef84ac6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.9% |
| Fixed Income | 32.5% |
| Domestic Equities | 20.7% |
| Multi-Asset | 8.0% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RBLCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.31% |

---

# Key Fund Statistics
* Net Assets (thousands)$589,669

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i537634ccf5ed51985e7cbbc9.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i4685c0020f19906fc30288b6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.9% |
| Fixed Income | 32.5% |
| Domestic Equities | 20.7% |
| Multi-Asset | 8.0% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RBLRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $17 | 0.35% |

---

# Key Fund Statistics
* Net Assets (thousands)$589,669

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie73e1c11ed45b249c225f758.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i3b8d974d72f7f1cbf8ef9f7e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.9% |
| Fixed Income | 32.5% |
| Domestic Equities | 20.7% |
| Multi-Asset | 8.0% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RBLVX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.85% |

---

# Key Fund Statistics
* Net Assets (thousands)$589,669

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic5389889213d2e93f42a8d13.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i4cb237420fc7c1030c35edbe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.9% |
| Fixed Income | 32.5% |
| Domestic Equities | 20.7% |
| Multi-Asset | 8.0% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RBLSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $20 | 0.41% |

---

# Key Fund Statistics
* Net Assets (thousands)$589,669

* Total Number of Portfolio Holdings 13

* Total Advisory Fees Paid (thousands) $525

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i575c41551bcf9fb8fe7a7177.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i2e507036e99f4ed96e3b7cc8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 34.9% |
| Fixed Income | 32.5% |
| Domestic Equities | 20.7% |
| Multi-Asset | 8.0% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RALAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $29 | 0.59% |

---

# Key Fund Statistics
* Net Assets (thousands)$565,697

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $502

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i778e508588e9de034db54b82.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ibc2dc9c115d42598365b36eb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.4% |
| Domestic Equities | 32.6% |
| Fixed Income | 14.1% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RALCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $66 | 1.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$565,697

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $502

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibda848df15f2bb1ef791f2cf.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i965b10bf722407e5522ee51c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.4% |
| Domestic Equities | 32.6% |
| Fixed Income | 14.1% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RALRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$565,697

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $502

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0b15407cb7e8ccb1480718da.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i8dcb26d546cc8487696835dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.4% |
| Domestic Equities | 32.6% |
| Fixed Income | 14.1% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RALVX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.79% |

---

# Key Fund Statistics
* Net Assets (thousands)$565,697

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $502

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1864e225e101673c2a06806c.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i78d21f9b547e0753c7de9503.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.4% |
| Domestic Equities | 32.6% |
| Fixed Income | 14.1% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### RALSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$565,697

* Total Number of Portfolio Holdings 12

* Total Advisory Fees Paid (thousands) $502

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibbeceb2bcdfd2101766efb1e.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i6e2260f09217d9c4fc6014ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 40.4% |
| Domestic Equities | 32.6% |
| Fixed Income | 14.1% |
| 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](i8c51176f02556159ef1fc5f7.jpg)

#### REAAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $29 | 0.58% |

---

# Key Fund Statistics
* Net Assets (thousands)$290,196

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $258

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i23a4224c52957cfc1f7fb55c.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i108b0d79feb55afa2fe787a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 43.4% |
| Domestic Equities | 38.4% |
| Multi-Asset | 8.0% |
| Alternative | 5.5% |
| Fixed Income | 4.8% |
| 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 C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RELCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $66 | 1.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$290,196

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $258

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3f0b1bd6449d820e9da1dc75.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i32f22d022efb1da8ba2ec27e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 43.4% |
| Domestic Equities | 38.4% |
| Multi-Asset | 8.0% |
| Alternative | 5.5% |
| Fixed Income | 4.8% |
| 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 R1
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RELRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $12 | 0.25% |

---

# Key Fund Statistics
* Net Assets (thousands)$290,196

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $258

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i59d308fd5c5ffcefe5410b40.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ifef0799d25b54b79299c0070.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 43.4% |
| Domestic Equities | 38.4% |
| Multi-Asset | 8.0% |
| Alternative | 5.5% |
| Fixed Income | 4.8% |
| 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 R5
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RELVX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $37 | 0.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$290,196

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $258

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i29df3125f24e5166491e51e8.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](i08f16a48e223a10ce155dbba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 43.4% |
| Domestic Equities | 38.4% |
| Multi-Asset | 8.0% |
| Alternative | 5.5% |
| Fixed Income | 4.8% |
| 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 S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RELSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $16 | 0.33% |

---

# Key Fund Statistics
* Net Assets (thousands)$290,196

* Total Number of Portfolio Holdings 11

* Total Advisory Fees Paid (thousands) $258

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i84689cdb60c3f4ac4cc0aa56.jpg)

---

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

---

# Underlying Affiliated Fund Type Exposure

# (% of Net Assets)
![Group By Sector Chart](ib140f91eb3c6f7dae4f113ed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| International Equities | 43.4% |
| Domestic Equities | 38.4% |
| Multi-Asset | 8.0% |
| Alternative | 5.5% |
| Fixed Income | 4.8% |
| 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $45 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i49eb157d6f7da0982f913381.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ifbc905f15244cfa21e37f557.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $81 | 1.66% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib72bbdfd27d611707bc17933.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id8c3a4cb6a8162733cf13979.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $25 | 0.51% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic190a4020bd89b9bfbf4ad2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i578462c02e7a146afb9fbc03.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.49% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i12fd130604d7273bcc84b1d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia142e240a643cd4efa37c011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $32 | 0.66% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibeb80132bcf22129ecacaa42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia2d05c4bb951bf0a8216c046.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTDYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor U.S. Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $23 | 0.46% |

---

# Key Fund Statistics
* Net Assets (thousands)$351,532

* Total Number of Portfolio Holdings 750

* Total Advisory Fees Paid (thousands) $590

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5de7b16dee442e155203e206.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 5.4% |
| Common Stocks | 94.3% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1a40dbcd0e746ccc62a6da15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 33.5% |
| Financial Services | 15.9% |
| Consumer Discretionary | 13.2% |
| Health Care | 9.2% |
| Producer Durables | 7.2% |
| Utilities | 4.0% |
| Consumer Staples | 3.9% |
| Materials and Processing | 3.9% |
| Energy | 3.5% |
| Other | 5.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSQAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.12% |

---

# Key Fund Statistics
* Net Assets (thousands)$155,505

* Total Number of Portfolio Holdings 274

* Total Advisory Fees Paid (thousands) $476

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i86ec6187b3e29cdfc047e423.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 4.8% |
| Common Stocks | 94.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i95a638ffe6504ad237d92fc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.1% |
| Health Care | 13.8% |
| Consumer Staples | 10.9% |
| Producer Durables | 9.2% |
| Technology | 8.1% |
| Utilities | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials and Processing | 7.1% |
| Energy | 6.9% |
| 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### REQSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $92 | 1.87% |

---

# Key Fund Statistics
* Net Assets (thousands)$155,505

* Total Number of Portfolio Holdings 274

* Total Advisory Fees Paid (thousands) $476

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3d6de20a7733a9f557b8406a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 4.8% |
| Common Stocks | 94.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ib424b8f534d2112cf5b274e5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.1% |
| Health Care | 13.8% |
| Consumer Staples | 10.9% |
| Producer Durables | 9.2% |
| Technology | 8.1% |
| Utilities | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials and Processing | 7.1% |
| Energy | 6.9% |
| 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLISX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $41 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$155,505

* Total Number of Portfolio Holdings 274

* Total Advisory Fees Paid (thousands) $476

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4bc58b210219077c4a469261.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 4.8% |
| Common Stocks | 94.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if09715e0acd3058f78e12bd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.1% |
| Health Care | 13.8% |
| Consumer Staples | 10.9% |
| Producer Durables | 9.2% |
| Technology | 8.1% |
| Utilities | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials and Processing | 7.1% |
| Energy | 6.9% |
| 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### REAYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Equity Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.67% |

---

# Key Fund Statistics
* Net Assets (thousands)$155,505

* Total Number of Portfolio Holdings 274

* Total Advisory Fees Paid (thousands) $476

* Portfolio Turnover Rate11%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6fcd168461c801b068108758.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Short-Term Investments | 4.8% |
| Common Stocks | 94.9% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9ebfe453c41be1cb6150853b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.1% |
| Health Care | 13.8% |
| Consumer Staples | 10.9% |
| Producer Durables | 9.2% |
| Technology | 8.1% |
| Utilities | 8.1% |
| Consumer Discretionary | 7.7% |
| Materials and Processing | 7.1% |
| Energy | 6.9% |
| 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**.

#### Sustainable Aware 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](i8c51176f02556159ef1fc5f7.jpg)

#### REQAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Sustainable Aware Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$154,779

* Total Number of Portfolio Holdings 545

* Total Advisory Fees Paid (thousands) $467

* Portfolio Turnover Rate39%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iea27d398df76c74d7b8c3fac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 4.6% |
| Common Stocks | 101.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i60ce7219e64edc5f2dde9527.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Financial Services | 13.9% |
| Producer Durables | 13.6% |
| Health Care | 13.0% |
| Consumer Discretionary | 12.6% |
| Consumer Staples | 5.2% |
| Materials and Processing | 4.2% |
| Utilities | 1.8% |
| Energy | 1.4% |
| Other | (1.1)% |

---

#### 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**.

#### Sustainable Aware 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](i8c51176f02556159ef1fc5f7.jpg)

#### REQCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Sustainable Aware Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 2.04% |

---

# Key Fund Statistics
* Net Assets (thousands)$154,779

* Total Number of Portfolio Holdings 545

* Total Advisory Fees Paid (thousands) $467

* Portfolio Turnover Rate39%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i512a7c2d1a6fd4dd1b97a42a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 4.6% |
| Common Stocks | 101.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibd46e6a530fbe38e9b2aea68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Financial Services | 13.9% |
| Producer Durables | 13.6% |
| Health Care | 13.0% |
| Consumer Discretionary | 12.6% |
| Consumer Staples | 5.2% |
| Materials and Processing | 4.2% |
| Utilities | 1.8% |
| Energy | 1.4% |
| Other | (1.1)% |

---

#### 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**.

#### Sustainable Aware 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](i8c51176f02556159ef1fc5f7.jpg)

#### REQTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Sustainable Aware Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $49 | 1.00% |

---

# Key Fund Statistics
* Net Assets (thousands)$154,779

* Total Number of Portfolio Holdings 545

* Total Advisory Fees Paid (thousands) $467

* Portfolio Turnover Rate39%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idf3d41aa9e911406611cbbed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 4.6% |
| Common Stocks | 101.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic67db65d1b221b251df33b0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Financial Services | 13.9% |
| Producer Durables | 13.6% |
| Health Care | 13.0% |
| Consumer Discretionary | 12.6% |
| Consumer Staples | 5.2% |
| Materials and Processing | 4.2% |
| Utilities | 1.8% |
| Energy | 1.4% |
| Other | (1.1)% |

---

#### 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**.

#### Sustainable Aware 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](i8c51176f02556159ef1fc5f7.jpg)

#### REUYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Sustainable Aware Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $41 | 0.84% |

---

# Key Fund Statistics
* Net Assets (thousands)$154,779

* Total Number of Portfolio Holdings 545

* Total Advisory Fees Paid (thousands) $467

* Portfolio Turnover Rate39%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i12a9d141f6888057b9ef3be7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.1% |
| Securities Sold Short | (5.8)% |
| Short-Term Investments | 4.6% |
| Common Stocks | 101.1% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9ab3596c015f2acff15cdf24.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Financial Services | 13.9% |
| Producer Durables | 13.6% |
| Health Care | 13.0% |
| Consumer Discretionary | 12.6% |
| Consumer Staples | 5.2% |
| Materials and Processing | 4.2% |
| Utilities | 1.8% |
| Energy | 1.4% |
| Other | (1.1)% |

---

#### 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 A
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RSEAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,932,481

* Total Number of Portfolio Holdings 504

* Total Advisory Fees Paid (thousands) $8,677

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2555dcf5f94ebbdeb476e4dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (5.0)% |
| Short-Term Investments | 3.6% |
| Common Stocks | 101.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i87bb4791ab9e12c2ac12768d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.6% |
| Consumer Discretionary | 14.9% |
| Financial Services | 13.8% |
| Health Care | 11.7% |
| Producer Durables | 8.3% |
| Materials and Processing | 5.1% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Utilities | 3.4% |
| Other | (1.2)% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSECX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $89 | 1.84% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,932,481

* Total Number of Portfolio Holdings 504

* Total Advisory Fees Paid (thousands) $8,677

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia7017fee759b04a12fac99dd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (5.0)% |
| Short-Term Investments | 3.6% |
| Common Stocks | 101.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6e12873854b4c5375d3c1e25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.6% |
| Consumer Discretionary | 14.9% |
| Financial Services | 13.8% |
| Health Care | 11.7% |
| Producer Durables | 8.3% |
| Materials and Processing | 5.1% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Utilities | 3.4% |
| Other | (1.2)% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RUSTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $36 | 0.74% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,932,481

* Total Number of Portfolio Holdings 504

* Total Advisory Fees Paid (thousands) $8,677

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia4fb950f8106620aac1c2c77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (5.0)% |
| Short-Term Investments | 3.6% |
| Common Stocks | 101.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1fd8687eb8b6206b30485ca6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.6% |
| Consumer Discretionary | 14.9% |
| Financial Services | 13.8% |
| Health Care | 11.7% |
| Producer Durables | 8.3% |
| Materials and Processing | 5.1% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Utilities | 3.4% |
| Other | (1.2)% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSESX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $41 | 0.84% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,932,481

* Total Number of Portfolio Holdings 504

* Total Advisory Fees Paid (thousands) $8,677

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i690b404c433614fc598a471b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (5.0)% |
| Short-Term Investments | 3.6% |
| Common Stocks | 101.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i1af1e40f92a67ec6f48d9fff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.6% |
| Consumer Discretionary | 14.9% |
| Financial Services | 13.8% |
| Health Care | 11.7% |
| Producer Durables | 8.3% |
| Materials and Processing | 5.1% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Utilities | 3.4% |
| Other | (1.2)% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RUSPX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Strategic Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $32 | 0.66% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,932,481

* Total Number of Portfolio Holdings 504

* Total Advisory Fees Paid (thousands) $8,677

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i490f58c2276de87a12871b88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.2% |
| Securities Sold Short | (5.0)% |
| Short-Term Investments | 3.6% |
| Common Stocks | 101.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if8abc56de317152aff58435a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.6% |
| Consumer Discretionary | 14.9% |
| Financial Services | 13.8% |
| Health Care | 11.7% |
| Producer Durables | 8.3% |
| Materials and Processing | 5.1% |
| Consumer Staples | 4.8% |
| Energy | 3.6% |
| Utilities | 3.4% |
| Other | (1.2)% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLACX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $64 | 1.37% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i574a0357df29ed8c29283008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7a32e7288d28b9b4ca2da003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLECX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 2.12% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9f5ef83313917f0c209de9f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie7304c27a3e442e04bf01fba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RUNTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.98% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic61b1cd33f2aed4d332d6781.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic7ae81a4c50136554e308c9f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSCRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $45 | 0.95% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7aa23b4b8ef1d906508638a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9f9e830a84ba6d695141eadc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLESX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.08% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i63481038c1095dae2684c6b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3f7cd5ea849fca23843ddd5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### REBYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about U.S. Small Cap Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.92% |

---

# Key Fund Statistics
* Net Assets (thousands)$600,478

* Total Number of Portfolio Holdings 1,161

* Total Advisory Fees Paid (thousands) $2,471

* Portfolio Turnover Rate40%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i042939e4b40cd0d4d3b0a6e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Securities Sold Short | (3.7)% |
| Short-Term Investments | 3.7% |
| Common Stocks | 100.0% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia3d46ae6ecde73b6c170627e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.7% |
| Health Care | 19.1% |
| Producer Durables | 15.9% |
| Technology | 12.5% |
| Consumer Discretionary | 10.8% |
| Materials and Processing | 7.8% |
| Energy | 3.9% |
| Utilities | 3.6% |
| Consumer Staples | 2.7% |

---

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

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTITX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$117,256

* Total Number of Portfolio Holdings 763

* Total Advisory Fees Paid (thousands) $302

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](icf35b07f0b6cb8d56b2e9325.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.4% |
| Common Stocks | 92.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i2145e2e3a4ce9da34c716a22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 18.5% |
| Canada | 9.9% |
| United Kingdom | 9.7% |
| Germany | 8.5% |
| United States | 8.0% |
| France | 6.6% |
| Australia | 5.0% |
| Netherlands | 4.1% |
| Switzerland | 3.7% |
| Sweden | 3.1% |
| Other Common Stocks | 15.8% |
| Other | 7.1% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTIRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $44 | 0.84% |

---

# Key Fund Statistics
* Net Assets (thousands)$117,256

* Total Number of Portfolio Holdings 763

* Total Advisory Fees Paid (thousands) $302

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i9270cd44d43ea93861f811bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.4% |
| Common Stocks | 92.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i73086c4d6f6c0b2a798c4c0d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 18.5% |
| Canada | 9.9% |
| United Kingdom | 9.7% |
| Germany | 8.5% |
| United States | 8.0% |
| France | 6.6% |
| Australia | 5.0% |
| Netherlands | 4.1% |
| Switzerland | 3.7% |
| Sweden | 3.1% |
| Other Common Stocks | 15.8% |
| Other | 7.1% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTISX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $53 | 1.02% |

---

# Key Fund Statistics
* Net Assets (thousands)$117,256

* Total Number of Portfolio Holdings 763

* Total Advisory Fees Paid (thousands) $302

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i36046173759c4e41702cf49c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.4% |
| Common Stocks | 92.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3f485799a5c756f36889a4d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 18.5% |
| Canada | 9.9% |
| United Kingdom | 9.7% |
| Germany | 8.5% |
| United States | 8.0% |
| France | 6.6% |
| Australia | 5.0% |
| Netherlands | 4.1% |
| Switzerland | 3.7% |
| Sweden | 3.1% |
| Other Common Stocks | 15.8% |
| Other | 7.1% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTIYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multifactor International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$117,256

* Total Number of Portfolio Holdings 763

* Total Advisory Fees Paid (thousands) $302

* Portfolio Turnover Rate16%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6421283baff5ffa48826a69c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.4% |
| Short-Term Investments | 4.4% |
| Common Stocks | 92.9% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i661fa2ee4077eefbf0d6af15.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 18.5% |
| Canada | 9.9% |
| United Kingdom | 9.7% |
| Germany | 8.5% |
| United States | 8.0% |
| France | 6.6% |
| Australia | 5.0% |
| Netherlands | 4.1% |
| Switzerland | 3.7% |
| Sweden | 3.1% |
| Other Common Stocks | 15.8% |
| Other | 7.1% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLNAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$1,053,176

* Total Number of Portfolio Holdings 548

* Total Advisory Fees Paid (thousands) $3,590

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7aa4da8bd71d0cd5b0e9e9d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.6% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 4.6% |
| Common Stocks | 92.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8092998d5ded950c03f22c97.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.8% |
| United Kingdom | 10.2% |
| United States | 10.2% |
| Germany | 8.7% |
| France | 8.1% |
| Netherlands | 4.4% |
| Canada | 3.7% |
| Switzerland | 3.5% |
| China | 3.2% |
| Italy | 3.1% |
| Other Common Stocks | 21.1% |
| Other | 8.0% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLNCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $104 | 2.03% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,053,176

* Total Number of Portfolio Holdings 548

* Total Advisory Fees Paid (thousands) $3,590

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](if8592c78a82307edd3f307aa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.6% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 4.6% |
| Common Stocks | 92.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3ec821131463a2359e6f51ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.8% |
| United Kingdom | 10.2% |
| United States | 10.2% |
| Germany | 8.7% |
| France | 8.1% |
| Netherlands | 4.4% |
| Canada | 3.7% |
| Switzerland | 3.5% |
| China | 3.2% |
| Italy | 3.1% |
| Other Common Stocks | 21.1% |
| Other | 8.0% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RNTTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$1,053,176

* Total Number of Portfolio Holdings 548

* Total Advisory Fees Paid (thousands) $3,590

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iabe0389069d3df05c0f74959.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.6% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 4.6% |
| Common Stocks | 92.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia84affcf40ebacb80709d915.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.8% |
| United Kingdom | 10.2% |
| United States | 10.2% |
| Germany | 8.7% |
| France | 8.1% |
| Netherlands | 4.4% |
| Canada | 3.7% |
| Switzerland | 3.5% |
| China | 3.2% |
| Italy | 3.1% |
| Other Common Stocks | 21.1% |
| Other | 8.0% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RINTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$1,053,176

* Total Number of Portfolio Holdings 548

* Total Advisory Fees Paid (thousands) $3,590

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i13f768ea4263577b1e621966.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.6% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 4.6% |
| Common Stocks | 92.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4ca6eacae46908f4095357da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.8% |
| United Kingdom | 10.2% |
| United States | 10.2% |
| Germany | 8.7% |
| France | 8.1% |
| Netherlands | 4.4% |
| Canada | 3.7% |
| Switzerland | 3.5% |
| China | 3.2% |
| Italy | 3.1% |
| Other Common Stocks | 21.1% |
| Other | 8.0% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RINYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about International Developed Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$1,053,176

* Total Number of Portfolio Holdings 548

* Total Advisory Fees Paid (thousands) $3,590

* Portfolio Turnover Rate14%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1345a1c9487c9152626ae1e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.6% |
| Preferred Stocks | 0.8% |
| Short-Term Investments | 4.6% |
| Common Stocks | 92.0% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5bee8b5bfb79fe7431b6e9e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 15.8% |
| United Kingdom | 10.2% |
| United States | 10.2% |
| Germany | 8.7% |
| France | 8.1% |
| Netherlands | 4.4% |
| Canada | 3.7% |
| Switzerland | 3.5% |
| China | 3.2% |
| Italy | 3.1% |
| Other Common Stocks | 21.1% |
| Other | 8.0% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGEAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $61 | 1.23% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,884,843

* Total Number of Portfolio Holdings 637

* Total Advisory Fees Paid (thousands) $6,907

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6854f33d60e559ed1ac8d922.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.8% |
| Preferred Stocks | 0.5% |
| Short-Term Investments | 5.5% |
| Common Stocks | 91.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i91ad6d95820d79d5030e00fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 51.8% |
| Japan | 6.9% |
| United Kingdom | 4.9% |
| France | 4.2% |
| Germany | 3.0% |
| Netherlands | 2.6% |
| Taiwan | 2.0% |
| Canada | 1.7% |
| China | 1.3% |
| Hong Kong | 1.3% |
| Other Common Stocks | 11.5% |
| Other | 8.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGECX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.98% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,884,843

* Total Number of Portfolio Holdings 637

* Total Advisory Fees Paid (thousands) $6,907

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7c83a588b8f161a48c20d539.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.8% |
| Preferred Stocks | 0.5% |
| Short-Term Investments | 5.5% |
| Common Stocks | 91.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia40b063c4dd6ef97dbe0ab34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 51.8% |
| Japan | 6.9% |
| United Kingdom | 4.9% |
| France | 4.2% |
| Germany | 3.0% |
| Netherlands | 2.6% |
| Taiwan | 2.0% |
| Canada | 1.7% |
| China | 1.3% |
| Hong Kong | 1.3% |
| Other Common Stocks | 11.5% |
| Other | 8.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGDTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $44 | 0.88% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,884,843

* Total Number of Portfolio Holdings 637

* Total Advisory Fees Paid (thousands) $6,907

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i51d63d17dac62d89458e9d39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.8% |
| Preferred Stocks | 0.5% |
| Short-Term Investments | 5.5% |
| Common Stocks | 91.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i98feae421d7e6065161d39d1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 51.8% |
| Japan | 6.9% |
| United Kingdom | 4.9% |
| France | 4.2% |
| Germany | 3.0% |
| Netherlands | 2.6% |
| Taiwan | 2.0% |
| Canada | 1.7% |
| China | 1.3% |
| Hong Kong | 1.3% |
| Other Common Stocks | 11.5% |
| Other | 8.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGESX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $49 | 0.98% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,884,843

* Total Number of Portfolio Holdings 637

* Total Advisory Fees Paid (thousands) $6,907

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idbb6add93d221612ac812d28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.8% |
| Preferred Stocks | 0.5% |
| Short-Term Investments | 5.5% |
| Common Stocks | 91.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i73c10300d8138adeede36e18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 51.8% |
| Japan | 6.9% |
| United Kingdom | 4.9% |
| France | 4.2% |
| Germany | 3.0% |
| Netherlands | 2.6% |
| Taiwan | 2.0% |
| Canada | 1.7% |
| China | 1.3% |
| Hong Kong | 1.3% |
| Other Common Stocks | 11.5% |
| Other | 8.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RLGYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$1,884,843

* Total Number of Portfolio Holdings 637

* Total Advisory Fees Paid (thousands) $6,907

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6b2d5204abcb09c9ea0c98ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.8% |
| Preferred Stocks | 0.5% |
| Short-Term Investments | 5.5% |
| Common Stocks | 91.2% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia01ca2806ff966a31599ff2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 51.8% |
| Japan | 6.9% |
| United Kingdom | 4.9% |
| France | 4.2% |
| Germany | 3.0% |
| Netherlands | 2.6% |
| Taiwan | 2.0% |
| Canada | 1.7% |
| China | 1.3% |
| Hong Kong | 1.3% |
| Other Common Stocks | 11.5% |
| Other | 8.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### REMAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.45% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8eefd84639843fd23fc5cca5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5268e85b2063fa76a005071f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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 C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### REMCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $110 | 2.20% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i124b5d438cffc7c2725fbfba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i60b88566acbb1d1b1ea7ce74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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 M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMMTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $55 | 1.10% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4df600fd617e5c77b1dc5bda.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9dca3096884836998ab132c2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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 R6
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### REGRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $53 | 1.05% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i26e4f7200f6471bfd1b7c984.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iab6fca328c34190080670a5f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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 S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### REMSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $60 | 1.20% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3010c25333ffb5217a0ca50d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4b747df0e40c2ef46a21adb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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 Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### REMYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Emerging Markets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $51 | 1.02% |

---

# Key Fund Statistics
* Net Assets (thousands)$730,582

* Total Number of Portfolio Holdings 501

* Total Advisory Fees Paid (thousands) $3,402

* Portfolio Turnover Rate33%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ida2e107ba879caf46e89386a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.3% |
| Preferred Stocks | 1.0% |
| Short-Term Investments | 3.4% |
| Common Stocks | 95.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ied9c009b298b8a548571fc66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 28.6% |
| India | 15.5% |
| Taiwan | 13.0% |
| South Korea | 10.1% |
| Brazil | 5.6% |
| Saudi Arabia | 2.7% |
| South Africa | 2.6% |
| Thailand | 1.9% |
| United Arab Emirates | 1.8% |
| Mexico | 1.3% |
| Other Common Stocks | 12.2% |
| Other | 4.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTLAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $56 | 1.16% |

---

# Key Fund Statistics
* Net Assets (thousands)$9,173,066

* Total Number of Portfolio Holdings 381

* Total Advisory Fees Paid (thousands) $30,113

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0318575aa31a945abca3e49c.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id343801a0192d92d7f173894.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Consumer Discretionary | 14.6% |
| Financial Services | 14.0% |
| Health Care | 11.0% |
| Producer Durables | 7.4% |
| Utilities | 4.6% |
| Consumer Staples | 4.4% |
| Materials and Processing | 3.7% |
| Energy | 3.2% |
| Other | 1.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTLCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$9,173,066

* Total Number of Portfolio Holdings 381

* Total Advisory Fees Paid (thousands) $30,113

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie745504b76b3e0525ff02420.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i7cb7a064605c743b4e6698f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Consumer Discretionary | 14.6% |
| Financial Services | 14.0% |
| Health Care | 11.0% |
| Producer Durables | 7.4% |
| Utilities | 4.6% |
| Consumer Staples | 4.4% |
| Materials and Processing | 3.7% |
| Energy | 3.2% |
| Other | 1.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTMTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $39 | 0.81% |

---

# Key Fund Statistics
* Net Assets (thousands)$9,173,066

* Total Number of Portfolio Holdings 381

* Total Advisory Fees Paid (thousands) $30,113

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i634f6a8004140273d09f8d4a.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie42594a3f3857df12917049a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Consumer Discretionary | 14.6% |
| Financial Services | 14.0% |
| Health Care | 11.0% |
| Producer Durables | 7.4% |
| Utilities | 4.6% |
| Consumer Staples | 4.4% |
| Materials and Processing | 3.7% |
| Energy | 3.2% |
| Other | 1.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RETSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Large Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$9,173,066

* Total Number of Portfolio Holdings 381

* Total Advisory Fees Paid (thousands) $30,113

* Portfolio Turnover Rate17%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic7109fa4ac9c70bbc35c7bea.jpg)

---

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

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if6b4232cbf899e0ad2060979.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Technology | 35.4% |
| Consumer Discretionary | 14.6% |
| Financial Services | 14.0% |
| Health Care | 11.0% |
| Producer Durables | 7.4% |
| Utilities | 4.6% |
| Consumer Staples | 4.4% |
| Materials and Processing | 3.7% |
| Energy | 3.2% |
| Other | 1.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTSAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $69 | 1.49% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,482,026

* Total Number of Portfolio Holdings 822

* Total Advisory Fees Paid (thousands) $7,828

* Portfolio Turnover Rate29%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ifb4e7d3d9aa06053f31278d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 96.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i38f5c27fb9a0c907204977e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.2% |
| Producer Durables | 16.3% |
| Health Care | 13.5% |
| Technology | 12.6% |
| Consumer Discretionary | 11.9% |
| Materials and Processing | 10.4% |
| Consumer Staples | 3.3% |
| Utilities | 3.0% |
| Energy | 2.5% |
| Other | 3.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTSCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $103 | 2.21% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,482,026

* Total Number of Portfolio Holdings 822

* Total Advisory Fees Paid (thousands) $7,828

* Portfolio Turnover Rate29%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i68517e6a1a2503e4efa409d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 96.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i235e4dc036b2aee838f78225.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.2% |
| Producer Durables | 16.3% |
| Health Care | 13.5% |
| Technology | 12.6% |
| Consumer Discretionary | 11.9% |
| Materials and Processing | 10.4% |
| Consumer Staples | 3.3% |
| Utilities | 3.0% |
| Energy | 2.5% |
| Other | 3.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTOUX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.11% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,482,026

* Total Number of Portfolio Holdings 822

* Total Advisory Fees Paid (thousands) $7,828

* Portfolio Turnover Rate29%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i37a3650ea91c12231d89d413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 96.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iff1bc067a52fba17c1c8f073.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.2% |
| Producer Durables | 16.3% |
| Health Care | 13.5% |
| Technology | 12.6% |
| Consumer Discretionary | 11.9% |
| Materials and Processing | 10.4% |
| Consumer Staples | 3.3% |
| Utilities | 3.0% |
| Energy | 2.5% |
| Other | 3.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTSSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed U.S. Mid & Small Cap Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $56 | 1.21% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,482,026

* Total Number of Portfolio Holdings 822

* Total Advisory Fees Paid (thousands) $7,828

* Portfolio Turnover Rate29%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia3e3129489fae4d3131ef22f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Short-Term Investments | 2.9% |
| Common Stocks | 96.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ibdd572cdefb549656911f0bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 23.2% |
| Producer Durables | 16.3% |
| Health Care | 13.5% |
| Technology | 12.6% |
| Consumer Discretionary | 11.9% |
| Materials and Processing | 10.4% |
| Consumer Staples | 3.3% |
| Utilities | 3.0% |
| Energy | 2.5% |
| Other | 3.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTNAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.29% |

---

# Key Fund Statistics
* Net Assets (thousands)$4,340,056

* Total Number of Portfolio Holdings 929

* Total Advisory Fees Paid (thousands) $16,589

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i580b21b96f7bb188b7bb1cbe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.7% |
| Short-Term Investments | 3.7% |
| Common Stocks | 93.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i68eca462afbc054918f1e900.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 11.3% |
| China | 10.6% |
| United States | 7.9% |
| United Kingdom | 7.2% |
| Germany | 6.8% |
| France | 6.3% |
| India | 5.3% |
| Taiwan | 4.6% |
| Netherlands | 3.4% |
| Canada | 3.3% |
| Other Common Stocks | 26.6% |
| Other | 6.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTNCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $104 | 2.04% |

---

# Key Fund Statistics
* Net Assets (thousands)$4,340,056

* Total Number of Portfolio Holdings 929

* Total Advisory Fees Paid (thousands) $16,589

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i144a19c0ed98afa588731260.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.7% |
| Short-Term Investments | 3.7% |
| Common Stocks | 93.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iadc255c266b05157f8ca2198.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 11.3% |
| China | 10.6% |
| United States | 7.9% |
| United Kingdom | 7.2% |
| Germany | 6.8% |
| France | 6.3% |
| India | 5.3% |
| Taiwan | 4.6% |
| Netherlands | 3.4% |
| Canada | 3.3% |
| Other Common Stocks | 26.6% |
| Other | 6.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTIUX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.94% |

---

# Key Fund Statistics
* Net Assets (thousands)$4,340,056

* Total Number of Portfolio Holdings 929

* Total Advisory Fees Paid (thousands) $16,589

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8380100a6a0c4f13245cf870.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.7% |
| Short-Term Investments | 3.7% |
| Common Stocks | 93.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i56a1ccf04669e3105feabb1b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 11.3% |
| China | 10.6% |
| United States | 7.9% |
| United Kingdom | 7.2% |
| Germany | 6.8% |
| France | 6.3% |
| India | 5.3% |
| Taiwan | 4.6% |
| Netherlands | 3.4% |
| Canada | 3.3% |
| Other Common Stocks | 26.6% |
| Other | 6.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTNSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed International Equity Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $53 | 1.04% |

---

# Key Fund Statistics
* Net Assets (thousands)$4,340,056

* Total Number of Portfolio Holdings 929

* Total Advisory Fees Paid (thousands) $16,589

* Portfolio Turnover Rate13%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i42cb88810c13b0ef90158824.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.3% |
| Preferred Stocks | 0.7% |
| Short-Term Investments | 3.7% |
| Common Stocks | 93.3% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3d6996b13446a34f7c146fb4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 11.3% |
| China | 10.6% |
| United States | 7.9% |
| United Kingdom | 7.2% |
| Germany | 6.8% |
| France | 6.3% |
| India | 5.3% |
| Taiwan | 4.6% |
| Netherlands | 3.4% |
| Canada | 3.3% |
| Other Common Stocks | 26.6% |
| Other | 6.7% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTXAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $65 | 1.34% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,029,038

* Total Number of Portfolio Holdings 402

* Total Advisory Fees Paid (thousands) $4,392

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibc87a20473c358f505449711.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3a5c2732a5da0cc0baed5618.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.3% |
| Australia | 4.5% |
| Canada | 3.7% |
| France | 3.3% |
| Mexico | 2.8% |
| Spain | 1.9% |
| Brazil | 1.7% |
| United Kingdom | 1.6% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 10.1% |
| Other | 4.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTXCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 2.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,029,038

* Total Number of Portfolio Holdings 402

* Total Advisory Fees Paid (thousands) $4,392

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7560a911d17e71fccae56be7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i0db58240c2d371af7208674b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.3% |
| Australia | 4.5% |
| Canada | 3.7% |
| France | 3.3% |
| Mexico | 2.8% |
| Spain | 1.9% |
| Brazil | 1.7% |
| United Kingdom | 1.6% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 10.1% |
| Other | 4.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTXMX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.99% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,029,038

* Total Number of Portfolio Holdings 402

* Total Advisory Fees Paid (thousands) $4,392

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i00fcdcece0b68631bf23ebd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ia746807e8dbaa2f286a897d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.3% |
| Australia | 4.5% |
| Canada | 3.7% |
| France | 3.3% |
| Mexico | 2.8% |
| Spain | 1.9% |
| Brazil | 1.7% |
| United Kingdom | 1.6% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 10.1% |
| Other | 4.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTXSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Managed Real Assets Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $53 | 1.09% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,029,038

* Total Number of Portfolio Holdings 402

* Total Advisory Fees Paid (thousands) $4,392

* Portfolio Turnover Rate25%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibfe2cd4c76b2cd804aeb1b68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.4% |
| Preferred Stocks | 1.2% |
| Short-Term Investments | 2.7% |
| Common Stocks | 95.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iba365291a2d7550fc8617888.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 63.3% |
| Australia | 4.5% |
| Canada | 3.7% |
| France | 3.3% |
| Mexico | 2.8% |
| Spain | 1.9% |
| Brazil | 1.7% |
| United Kingdom | 1.6% |
| China | 1.5% |
| Argentina | 1.3% |
| Other Common Stocks | 10.1% |
| Other | 4.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGCAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $50 | 1.00% |

---

# Key Fund Statistics
* Net Assets (thousands)$485,862

* Total Number of Portfolio Holdings 1,390

* Total Advisory Fees Paid (thousands) $1,361

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i4e5a4d960f09a1011d5d3083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.5% |
| Common Stocks | 1.3% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 89.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i0c3bf05c65554e2a640f1b89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 30.5% |
| International Debt | 30.0% |
| Mortgage-Backed Securities | 14.2% |
| Non-US Bonds | 11.0% |
| Asset-Backed Securities | 3.7% |
| Other | 10.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGCCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $88 | 1.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$485,862

* Total Number of Portfolio Holdings 1,390

* Total Advisory Fees Paid (thousands) $1,361

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i956246aaae5e060ffa7c1964.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.5% |
| Common Stocks | 1.3% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 89.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i836c8663c7c3bfef56b166a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 30.5% |
| International Debt | 30.0% |
| Mortgage-Backed Securities | 14.2% |
| Non-US Bonds | 11.0% |
| Asset-Backed Securities | 3.7% |
| Other | 10.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGOTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.70% |

---

# Key Fund Statistics
* Net Assets (thousands)$485,862

* Total Number of Portfolio Holdings 1,390

* Total Advisory Fees Paid (thousands) $1,361

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](icfa61ec82697a52ba32404e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.5% |
| Common Stocks | 1.3% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 89.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i0a5467801819e78696d3fbbb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 30.5% |
| International Debt | 30.0% |
| Mortgage-Backed Securities | 14.2% |
| Non-US Bonds | 11.0% |
| Asset-Backed Securities | 3.7% |
| Other | 10.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGCSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $38 | 0.75% |

---

# Key Fund Statistics
* Net Assets (thousands)$485,862

* Total Number of Portfolio Holdings 1,390

* Total Advisory Fees Paid (thousands) $1,361

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7c5fa1c88b0e3f96f07b3cad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.5% |
| Common Stocks | 1.3% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 89.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i04078a6bd83fa4c639a4d4a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 30.5% |
| International Debt | 30.0% |
| Mortgage-Backed Securities | 14.2% |
| Non-US Bonds | 11.0% |
| Asset-Backed Securities | 3.7% |
| Other | 10.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGCYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Opportunistic Credit Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $34 | 0.67% |

---

# Key Fund Statistics
* Net Assets (thousands)$485,862

* Total Number of Portfolio Holdings 1,390

* Total Advisory Fees Paid (thousands) $1,361

* Portfolio Turnover Rate31%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic222e32bdcf97ebd1e0d4807.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.5% |
| Common Stocks | 1.3% |
| Short-Term Investments | 6.8% |
| Long-Term Fixed Income Investments | 89.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](idd7110095c104563b81e1507.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 30.5% |
| International Debt | 30.0% |
| Mortgage-Backed Securities | 14.2% |
| Non-US Bonds | 11.0% |
| Asset-Backed Securities | 3.7% |
| Other | 10.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMHTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $17 | 0.35% |

---

# Key Fund Statistics
* Net Assets (thousands)$401,011

* Total Number of Portfolio Holdings 247

* Total Advisory Fees Paid (thousands) $286

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i51740eddaf4fb5996ac901c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Short-Term Investments | 3.7% |
| Long-Term Fixed Income Investments | 94.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i34bbd201cd2ff32f2805ed12.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 71.3% |
| United States Government Agencies | 16.6% |
| Municipal Bonds | 6.8% |
| Asset-Backed Securities | 0.1% |
| Other | 5.2% |

---

#### 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 S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMHSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$401,011

* Total Number of Portfolio Holdings 247

* Total Advisory Fees Paid (thousands) $286

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7c7630e71d73154c87de9773.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Short-Term Investments | 3.7% |
| Long-Term Fixed Income Investments | 94.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ib675cf4b312a91109b4f979a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 71.3% |
| United States Government Agencies | 16.6% |
| Municipal Bonds | 6.8% |
| Asset-Backed Securities | 0.1% |
| Other | 5.2% |

---

#### 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 Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMHYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Long Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $15 | 0.30% |

---

# Key Fund Statistics
* Net Assets (thousands)$401,011

* Total Number of Portfolio Holdings 247

* Total Advisory Fees Paid (thousands) $286

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie0f8f4753943cb7c8a0ee003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.5% |
| Short-Term Investments | 3.7% |
| Long-Term Fixed Income Investments | 94.8% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i1c60305ca14a0229995c26a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States Government Treasuries | 71.3% |
| United States Government Agencies | 16.6% |
| Municipal Bonds | 6.8% |
| Asset-Backed Securities | 0.1% |
| Other | 5.2% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFDAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $42 | 0.83% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1c73e360dad1cdad1ae6a785.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](iefff343d535ab49579305ae3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFCCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $79 | 1.58% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](id7aafc322fb43c445735df85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i3091ef1b4a558e14f5dd1f6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSYTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $23 | 0.46% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic730d1eb32b99061766eed92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i97b2cef6a93e2d2973953d2d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSBRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $23 | 0.45% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i8c3a4fd8aff8bc152e6e744c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i417d021dbb551e85cd5b92df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFCTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $28 | 0.56% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic93d3866e9aed580947ce91c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i91db6baaa03c8d07d3710f72.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFCYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Strategic Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $21 | 0.42% |

---

# Key Fund Statistics
* Net Assets (thousands)$1,945,907

* Total Number of Portfolio Holdings 976

* Total Advisory Fees Paid (thousands) $3,839

* Portfolio Turnover Rate32%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2833ba68566a310e5838c28c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (0.3)% |
| Short-Term Investments | 15.9% |
| Long-Term Fixed Income Investments | 84.4% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](if07c0d6ef745281c8d640079.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Mortgage-Backed Securities | 26.2% |
| Corporate Bonds and Notes | 25.3% |
| International Debt | 14.6% |
| United States Government Treasuries | 7.1% |
| Non-US Bonds | 6.7% |
| Asset-Backed Securities | 4.5% |
| Other | 15.6% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFAAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0938925930f8fab06a84c7be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i68142aa15d5c2882de3ecde6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFACX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.55% |

---

# Key Fund Statistics
* Net Assets (thousands)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7b5f36270956f91ef29eae04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i67ec47a8167319efcff84057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RIWTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $21 | 0.41% |

---

# Key Fund Statistics
* Net Assets (thousands)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i108ae1fc9b63962de5f9e13f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ide750e247286dd03618c55ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RIGRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $19 | 0.38% |

---

# Key Fund Statistics
* Net Assets (thousands)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](id810cdb0ee3bfa5425cade80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i9a52377ef630c9c13ea2077e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFATX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.51% |

---

# Key Fund Statistics
* Net Assets (thousands)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3ded431ba628d0ea98cef6d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i535f8df230924a1cd8a7e952.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFAYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Investment Grade Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $18 | 0.35% |

---

# Key Fund Statistics
* Net Assets (thousands)$966,889

* Total Number of Portfolio Holdings 798

* Total Advisory Fees Paid (thousands) $1,215

* Portfolio Turnover Rate45%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia12985f501eda4964ec447ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | (2.8)% |
| Short-Term Investments | 10.6% |
| Long-Term Fixed Income Investments | 92.2% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i0cfbd6936b14f84320f9e9b8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 27.0% |
| Mortgage-Backed Securities | 24.2% |
| United States Government Treasuries | 24.2% |
| International Debt | 12.2% |
| Asset-Backed Securities | 4.1% |
| Non-US Bonds | 0.4% |
| Municipal Bonds | 0.1% |
| Other | 7.8% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSBTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.79% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ifed86cbcc8afa25fccf606ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ia273349705c9bb2a28e8d6f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSBCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $77 | 1.54% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie0ebcf365e2274311fe1a016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i3f5b4ff9b105ddf3d89c996a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSDTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $25 | 0.49% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i647098baad1a5852ac270222.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i76e168a095ae105904498e3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RDBRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $25 | 0.49% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i15e3b4d19ef156f1c8544315.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i9149f6c9e9b06e1dc6c7424a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RFBSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.54% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0452dffdd892622f8c634be5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](i989981ea6939b3a10a478fc6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RSBYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Short Duration Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $23 | 0.46% |

---

# Key Fund Statistics
* Net Assets (thousands)$419,000

* Total Number of Portfolio Holdings 572

* Total Advisory Fees Paid (thousands) $761

* Portfolio Turnover Rate53%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i05393a1d87ba9bdf64db6d91.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 9.4% |
| Long-Term Fixed Income Investments | 90.6% |

---

# Long-Term Fixed Income Exposure

# (% of Net Assets)
![Group By Sector Chart](ic2c55743c75cfa8897098468.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds and Notes | 39.2% |
| Mortgage-Backed Securities | 15.4% |
| International Debt | 14.0% |
| Asset-Backed Securities | 12.5% |
| United States Government Treasuries | 9.1% |
| Municipal Bonds | 0.4% |
| Other | 9.4% |

---

#### 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-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](i8c51176f02556159ef1fc5f7.jpg)

#### RTHAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$2,132,228

* Total Number of Portfolio Holdings 2,860

* Total Advisory Fees Paid (thousands) $5,036

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i948537556d1c0dff080435e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.2% |
| Short-Term Investments | 2.7% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i54ee513a394a0986a962e148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 10.8% |
| California | 8.1% |
| New York | 7.6% |
| Puerto Rico | 7.4% |
| Illinois | 7.4% |
| Texas | 6.1% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| New Jersey | 3.6% |
| Colorado | 3.5% |
| Other | 36.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTHCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $81 | 1.64% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,132,228

* Total Number of Portfolio Holdings 2,860

* Total Advisory Fees Paid (thousands) $5,036

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i1650e9fbca999a582a71744c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.2% |
| Short-Term Investments | 2.7% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](ibe9051a6cfbdc2c5a01950ad.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 10.8% |
| California | 8.1% |
| New York | 7.6% |
| Puerto Rico | 7.4% |
| Illinois | 7.4% |
| Texas | 6.1% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| New Jersey | 3.6% |
| Colorado | 3.5% |
| Other | 36.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RHYTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$2,132,228

* Total Number of Portfolio Holdings 2,860

* Total Advisory Fees Paid (thousands) $5,036

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i79b74ca191ec1ef7cfb14bdf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.2% |
| Short-Term Investments | 2.7% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i6f951af0e4ace2b3c1cf332b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 10.8% |
| California | 8.1% |
| New York | 7.6% |
| Puerto Rico | 7.4% |
| Illinois | 7.4% |
| Texas | 6.1% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| New Jersey | 3.6% |
| Colorado | 3.5% |
| Other | 36.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTHSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt High Yield Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $30 | 0.61% |

---

# Key Fund Statistics
* Net Assets (thousands)$2,132,228

* Total Number of Portfolio Holdings 2,860

* Total Advisory Fees Paid (thousands) $5,036

* Portfolio Turnover Rate12%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ie129553d9036a3aa49f17a35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.2% |
| Short-Term Investments | 2.7% |
| Long-Term Fixed Income Investments | 96.1% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i759e13b4b113d709e994a7cf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Florida | 10.8% |
| California | 8.1% |
| New York | 7.6% |
| Puerto Rico | 7.4% |
| Illinois | 7.4% |
| Texas | 6.1% |
| Pennsylvania | 4.6% |
| Ohio | 4.6% |
| New Jersey | 3.6% |
| Colorado | 3.5% |
| Other | 36.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RTEAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$5,773,422

* Total Number of Portfolio Holdings 3,390

* Total Advisory Fees Paid (thousands) $8,670

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i86ccf6c1d4560a3a1d843a29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Long-Term Fixed Income Investments | 99.0% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](if0e0b9b283faccb5a25162e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Illinois | 10.6% |
| Texas | 9.6% |
| New York | 8.5% |
| California | 8.2% |
| Florida | 6.0% |
| Alabama | 4.1% |
| Georgia | 3.5% |
| Puerto Rico | 3.3% |
| Pennsylvania | 3.3% |
| New Jersey | 3.0% |
| Other | 39.9% |

---

#### 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 C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RTECX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$5,773,422

* Total Number of Portfolio Holdings 3,390

* Total Advisory Fees Paid (thousands) $8,670

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibfd1a47999e18d6238a71e18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Long-Term Fixed Income Investments | 99.0% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i71b2abfcc70260dc12b5441b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Illinois | 10.6% |
| Texas | 9.6% |
| New York | 8.5% |
| California | 8.2% |
| Florida | 6.0% |
| Alabama | 4.1% |
| Georgia | 3.5% |
| Puerto Rico | 3.3% |
| Pennsylvania | 3.3% |
| New Jersey | 3.0% |
| Other | 39.9% |

---

#### 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 M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RBCUX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$5,773,422

* Total Number of Portfolio Holdings 3,390

* Total Advisory Fees Paid (thousands) $8,670

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i3ea9d4d674a3687fb5b80fd5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Long-Term Fixed Income Investments | 99.0% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](i27ee9899c102cd555487cedc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Illinois | 10.6% |
| Texas | 9.6% |
| New York | 8.5% |
| California | 8.2% |
| Florida | 6.0% |
| Alabama | 4.1% |
| Georgia | 3.5% |
| Puerto Rico | 3.3% |
| Pennsylvania | 3.3% |
| New Jersey | 3.0% |
| Other | 39.9% |

---

#### 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 S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RLVSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Tax-Exempt Bond Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$5,773,422

* Total Number of Portfolio Holdings 3,390

* Total Advisory Fees Paid (thousands) $8,670

* Portfolio Turnover Rate27%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i7054ff4e85126d458ee9a164.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Long-Term Fixed Income Investments | 99.0% |

---

# State Exposure

# (% of Net Assets)
![Group By Sector Chart](iaabf43337f4ffbe998c10006.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Illinois | 10.6% |
| Texas | 9.6% |
| New York | 8.5% |
| California | 8.2% |
| Florida | 6.0% |
| Alabama | 4.1% |
| Georgia | 3.5% |
| Puerto Rico | 3.3% |
| Pennsylvania | 3.3% |
| New Jersey | 3.0% |
| Other | 39.9% |

---

#### 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 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGIAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $65 | 1.26% |

---

# Key Fund Statistics
* Net Assets (thousands)$349,079

* Total Number of Portfolio Holdings 142

* Total Advisory Fees Paid (thousands) $1,435

* Portfolio Turnover Rate37%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iba9523f724a83c768a2f257e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 4.4% |
| Common Stocks | 94.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i9c3656a21923a0f196acba29.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 40.8% |
| Australia | 7.2% |
| Mexico | 7.0% |
| France | 7.0% |
| Canada | 6.6% |
| Spain | 6.3% |
| United Kingdom | 4.9% |
| Italy | 2.9% |
| China | 2.2% |
| Germany | 2.1% |
| Other Common Stocks | 7.7% |
| Other | 5.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGCIX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $103 | 2.01% |

---

# Key Fund Statistics
* Net Assets (thousands)$349,079

* Total Number of Portfolio Holdings 142

* Total Advisory Fees Paid (thousands) $1,435

* Portfolio Turnover Rate37%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i22cccb087d74eb28a92a057f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 4.4% |
| Common Stocks | 94.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ie8f526f87021ffcb9381c8db.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 40.8% |
| Australia | 7.2% |
| Mexico | 7.0% |
| France | 7.0% |
| Canada | 6.6% |
| Spain | 6.3% |
| United Kingdom | 4.9% |
| Italy | 2.9% |
| China | 2.2% |
| Germany | 2.1% |
| Other Common Stocks | 7.7% |
| Other | 5.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGFTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $47 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$349,079

* Total Number of Portfolio Holdings 142

* Total Advisory Fees Paid (thousands) $1,435

* Portfolio Turnover Rate37%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i5bf5625d2232cc9cec57b548.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 4.4% |
| Common Stocks | 94.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6fce1a361bc5dee2372992d8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 40.8% |
| Australia | 7.2% |
| Mexico | 7.0% |
| France | 7.0% |
| Canada | 6.6% |
| Spain | 6.3% |
| United Kingdom | 4.9% |
| Italy | 2.9% |
| China | 2.2% |
| Germany | 2.1% |
| Other Common Stocks | 7.7% |
| Other | 5.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGISX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $52 | 1.01% |

---

# Key Fund Statistics
* Net Assets (thousands)$349,079

* Total Number of Portfolio Holdings 142

* Total Advisory Fees Paid (thousands) $1,435

* Portfolio Turnover Rate37%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](id85f913df5d024610282a643.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 4.4% |
| Common Stocks | 94.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](id4117304ccffe376802d0124.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 40.8% |
| Australia | 7.2% |
| Mexico | 7.0% |
| France | 7.0% |
| Canada | 6.6% |
| Spain | 6.3% |
| United Kingdom | 4.9% |
| Italy | 2.9% |
| China | 2.2% |
| Germany | 2.1% |
| Other Common Stocks | 7.7% |
| Other | 5.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGIYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Infrastructure Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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)$349,079

* Total Number of Portfolio Holdings 142

* Total Advisory Fees Paid (thousands) $1,435

* Portfolio Turnover Rate37%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ibd83dad4faa4788c4e653a6f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 4.4% |
| Common Stocks | 94.7% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i8d35283b1225ef5ef1efb559.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 40.8% |
| Australia | 7.2% |
| Mexico | 7.0% |
| France | 7.0% |
| Canada | 6.6% |
| Spain | 6.3% |
| United Kingdom | 4.9% |
| Italy | 2.9% |
| China | 2.2% |
| Germany | 2.1% |
| Other Common Stocks | 7.7% |
| Other | 5.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RREAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.36% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i55767aa1fb66490b6a194cf0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i11ff4ec7882b09a1a91ae200.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RRSCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $103 | 2.11% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i65ca980394ef78abe3f0eb0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iae27e6260322baee87fca18a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RETTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.01% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](idd8c8dd8774b3cbac9dfaaaa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i4ac403cc85cc4f697983fc3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RRSRX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $46 | 0.94% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i19185605c1ae87345b7af2d3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i5bc8ecfecf0c6c298bd0fe9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RRESX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.11% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i640d8de3a17bddebcf86597f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if8cf0be575ef6a0724823a30.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RREYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Global Real Estate Securities Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$365,184

* Total Number of Portfolio Holdings 134

* Total Advisory Fees Paid (thousands) $1,514

* Portfolio Turnover Rate35%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ic34b1e833ceced7abe2e45e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| Short-Term Investments | 5.5% |
| Common Stocks | 93.6% |

---

# Country Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if90e07e297153dd97ac1e36b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 59.7% |
| Japan | 9.3% |
| Australia | 5.3% |
| United Kingdom | 4.0% |
| Singapore | 2.9% |
| Hong Kong | 2.6% |
| Germany | 2.4% |
| France | 2.4% |
| Sweden | 1.5% |
| Canada | 1.1% |
| Other Common Stocks | 2.4% |
| Other | 6.4% |

---

#### 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**.

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMYAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $52 | 1.05% |

---

# Key Fund Statistics
* Net Assets (thousands)$283,328

* Total Number of Portfolio Holdings 1,491

* Total Advisory Fees Paid (thousands) $772

* Portfolio Turnover Rate44%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i2f36bb1ccf75a6fd7d343770.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Investments in Other Funds | 0.3% |
| Preferred Stocks | 1.4% |
| Short-Term Investments | 7.2% |
| Long-Term Fixed Income Investments | 35.1% |
| Common Stocks | 52.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i588a5d86e7d8a23766c8b966.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.0% |
| Technology | 8.8% |
| Producer Durables | 7.1% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.1% |
| Materials and Processing | 3.6% |
| Utilities | 3.3% |
| Consumer Staples | 2.6% |
| Energy | 1.7% |
| Other | 47.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMYCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $90 | 1.80% |

---

# Key Fund Statistics
* Net Assets (thousands)$283,328

* Total Number of Portfolio Holdings 1,491

* Total Advisory Fees Paid (thousands) $772

* Portfolio Turnover Rate44%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iff3df749fa1b507bb2520ed4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Investments in Other Funds | 0.3% |
| Preferred Stocks | 1.4% |
| Short-Term Investments | 7.2% |
| Long-Term Fixed Income Investments | 35.1% |
| Common Stocks | 52.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i727c46413c94f93baf694a19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.0% |
| Technology | 8.8% |
| Producer Durables | 7.1% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.1% |
| Materials and Processing | 3.6% |
| Utilities | 3.3% |
| Consumer Staples | 2.6% |
| Energy | 1.7% |
| Other | 47.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RGYTX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.70% |

---

# Key Fund Statistics
* Net Assets (thousands)$283,328

* Total Number of Portfolio Holdings 1,491

* Total Advisory Fees Paid (thousands) $772

* Portfolio Turnover Rate44%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i228307d876dccbc0d83c5899.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Investments in Other Funds | 0.3% |
| Preferred Stocks | 1.4% |
| Short-Term Investments | 7.2% |
| Long-Term Fixed Income Investments | 35.1% |
| Common Stocks | 52.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](if827ea2328256a112482aaf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.0% |
| Technology | 8.8% |
| Producer Durables | 7.1% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.1% |
| Materials and Processing | 3.6% |
| Utilities | 3.3% |
| Consumer Staples | 2.6% |
| Energy | 1.7% |
| Other | 47.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMYSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.80% |

---

# Key Fund Statistics
* Net Assets (thousands)$283,328

* Total Number of Portfolio Holdings 1,491

* Total Advisory Fees Paid (thousands) $772

* Portfolio Turnover Rate44%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i60b2e53158dd8bd51e6d010e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Investments in Other Funds | 0.3% |
| Preferred Stocks | 1.4% |
| Short-Term Investments | 7.2% |
| Long-Term Fixed Income Investments | 35.1% |
| Common Stocks | 52.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i47466930fcee4357ebe367b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.0% |
| Technology | 8.8% |
| Producer Durables | 7.1% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.1% |
| Materials and Processing | 3.6% |
| Utilities | 3.3% |
| Consumer Staples | 2.6% |
| Energy | 1.7% |
| Other | 47.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RMYYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Strategy Income Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.60% |

---

# Key Fund Statistics
* Net Assets (thousands)$283,328

* Total Number of Portfolio Holdings 1,491

* Total Advisory Fees Paid (thousands) $772

* Portfolio Turnover Rate44%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ia4b0c53db7f29599bf060a83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.3% |
| Investments in Other Funds | 0.3% |
| Preferred Stocks | 1.4% |
| Short-Term Investments | 7.2% |
| Long-Term Fixed Income Investments | 35.1% |
| Common Stocks | 52.7% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i3293029ee990f6d3beb9354e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 15.0% |
| Technology | 8.8% |
| Producer Durables | 7.1% |
| Consumer Discretionary | 6.5% |
| Health Care | 4.1% |
| Materials and Processing | 3.6% |
| Utilities | 3.3% |
| Consumer Staples | 2.6% |
| Energy | 1.7% |
| Other | 47.3% |

---

#### 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](i8c51176f02556159ef1fc5f7.jpg)

#### RAZAX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 1.16% |

---

# Key Fund Statistics
* Net Assets (thousands)$555,222

* Total Number of Portfolio Holdings 1,266

* Total Advisory Fees Paid (thousands) $2,040

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i51092e0bac26556f745e4b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.6% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 5.2% |
| Long-Term Fixed Income Investments | 21.8% |
| Common Stocks | 69.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i255c1d1e1c7a897b5983d89a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 17.7% |
| Technology | 12.7% |
| Consumer Discretionary | 9.3% |
| Producer Durables | 7.7% |
| Health Care | 6.2% |
| Materials and Processing | 5.4% |
| Utilities | 4.8% |
| Consumer Staples | 3.2% |
| Energy | 2.2% |
| Other | 30.8% |

---

#### 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 C
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RAZCX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | $95 | 1.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$555,222

* Total Number of Portfolio Holdings 1,266

* Total Advisory Fees Paid (thousands) $2,040

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i0186959e47909d5a756c50f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.6% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 5.2% |
| Long-Term Fixed Income Investments | 21.8% |
| Common Stocks | 69.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iac059c016d51a1b0f023d26f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 17.7% |
| Technology | 12.7% |
| Consumer Discretionary | 9.3% |
| Producer Durables | 7.7% |
| Health Care | 6.2% |
| Materials and Processing | 5.4% |
| Utilities | 4.8% |
| Consumer Staples | 3.2% |
| Energy | 2.2% |
| Other | 30.8% |

---

#### 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 M
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMATX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.81% |

---

# Key Fund Statistics
* Net Assets (thousands)$555,222

* Total Number of Portfolio Holdings 1,266

* Total Advisory Fees Paid (thousands) $2,040

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](i6b5c3033d039a3c9d6212a25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.6% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 5.2% |
| Long-Term Fixed Income Investments | 21.8% |
| Common Stocks | 69.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](ic60db058d7ab31d51c595343.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 17.7% |
| Technology | 12.7% |
| Consumer Discretionary | 9.3% |
| Producer Durables | 7.7% |
| Health Care | 6.2% |
| Materials and Processing | 5.4% |
| Utilities | 4.8% |
| Consumer Staples | 3.2% |
| Energy | 2.2% |
| Other | 30.8% |

---

#### 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 S
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMGSX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.91% |

---

# Key Fund Statistics
* Net Assets (thousands)$555,222

* Total Number of Portfolio Holdings 1,266

* Total Advisory Fees Paid (thousands) $2,040

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](iacd60164bed596c9e4c696cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.6% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 5.2% |
| Long-Term Fixed Income Investments | 21.8% |
| Common Stocks | 69.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](i6791208e6fc60a10f027b656.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 17.7% |
| Technology | 12.7% |
| Consumer Discretionary | 9.3% |
| Producer Durables | 7.7% |
| Health Care | 6.2% |
| Materials and Processing | 5.4% |
| Utilities | 4.8% |
| Consumer Staples | 3.2% |
| Energy | 2.2% |
| Other | 30.8% |

---

#### 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 Y
![An image of a QR code that, when scanned, navigates the user to the following URL: http://connect.rightprospectus.com/russellinvestments](i8c51176f02556159ef1fc5f7.jpg)

#### RMGYX
![Image](i63def5fb5e6b27f85547dee9.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025
![Image](i4654f20eae554424258a4c34.jpg)

This semi-annual shareholder report contains important information about Multi-Asset Strategy Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **https://connect.rightprospectus.com/russellinvestments**. You can also request this information by contacting us at **1-800-787-7354**.

# 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 | 0.71% |

---

# Key Fund Statistics
* Net Assets (thousands)$555,222

* Total Number of Portfolio Holdings 1,266

* Total Advisory Fees Paid (thousands) $2,040

* Portfolio Turnover Rate47%

# Graphical Representation of Holdings

# Asset Type Exposure
![Group By Asset Type Chart](ib028f68225d86554e66ea74d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 3.6% |
| Preferred Stocks | 0.2% |
| Short-Term Investments | 5.2% |
| Long-Term Fixed Income Investments | 21.8% |
| Common Stocks | 69.2% |

---

# Sector Exposure - Common Stocks

# (% of Net Assets)
![Group By Sector Chart](iea40676e08fe512c10a7661d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 17.7% |
| Technology | 12.7% |
| Consumer Discretionary | 9.3% |
| Producer Durables | 7.7% |
| Health Care | 6.2% |
| Materials and Processing | 5.4% |
| Utilities | 4.8% |
| Consumer Staples | 3.2% |
| Energy | 2.2% |
| Other | 30.8% |

---

#### 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**.

**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**

2025

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

LifePoints®

Funds

April

30,

2025

FUND

SHARE

CLASS

Conservative

Strategy

Fund

A,

C,

R1,

R5,

S

Moderate

Strategy

Fund

A,

C,

R1,

R5,

S

Balanced

Strategy

Fund

A,

C,

R1,

R5,

S

Aggressive

Strategy

Fund

(formerly,

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Equity

Aggressive

Strategy

Fund

(formerly,

Equity

Growth

Strategy

Fund)

A,

C,

R1,

R5,

S

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

five

of

these

Funds.

Page

Conservative

Strategy

Fund

(Form

N-CSR

Item

7)

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

Moderate

Strategy

Fund

(Form

N-CSR

Item

7)

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

Balanced

Strategy

Fund

(Form

N-CSR

Item

7)

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

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

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

Equity

Aggressive

Strategy

Fund

(Form

N-CSR

Item

7)

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

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

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

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

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

Adviser

and

Service

Providers

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

Russell

Investment

Company

LifePoints®

Funds

Semi-annual

Financial

Statements

and

Other

Information

April

30,

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.

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,

#### 2025
(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

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

43,404

1,272

Domestic

Equities

-

10.6%

Multifactor

U.S.

Equity

Fund

Class

Y

373,285

5,383

U.S.

Small

Cap

Equity

Fund

Class

Y

56,102

1,258

6,641

Fixed

Income

-

75.5%

Investment

Grade

Bond

Fund

Class

Y

652,990

11,982

Long

Duration

Bond

Fund

Class

Y

557,220

4,424

Opportunistic

Credit

Fund

Class

Y

593,796

5,035

Short

Duration

Bond

Fund

Class

Y

281,363

5,335

Strategic

Bond

Fund

Class

Y

2,305,730

20,821

47,597

International

Equities

-

4.0%

Emerging

Markets

Fund

Class

Y

76,125

1,271

Multifactor

International

Equity

Fund

Class

Y

113,833

1,267

2,538

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

529,040

5,058

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$61,203)

63,106

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$61,203)

63,106

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(44) #### Net

#### Assets

#### -

#### 100.0%
63,062

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

61,203

Investments,

at

fair

value(>)

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

63,106

Receivables:

Fund

shares

sold

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

From

affiliates

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

Total

assets

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

63,3

#### Liabilities
Payables:

Investments

purchased

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

63,062

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

(4,998)

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

67,987

#### Net

#### Assets

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

63,062

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

8.76 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

9.29 Class

A

—

Net

assets

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

$

30,762,601

Class

A

—

Shares

outstanding

($.01

par

value)

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

3,512,859

Net

asset

value

per

share:

Class

C

(#)

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

$

8.48 Class

C

—

Net

assets

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

$

23,908,771

Class

C

—

Shares

outstanding

($.01

par

value)

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

2,821,028

Net

asset

value

per

share:

Class

R1

(#)

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

$

8.91 Class

R1

—

Net

assets

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

$

456,310

Class

R1

—

Shares

outstanding

($.01

par

value)

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

51,236

Net

asset

value

per

share:

Class

R5

(#)

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

$

8.85 Class

R5

—

Net

assets

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

$

2,908,532

Class

R5

—

Shares

outstanding

($.01

par

value)

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

328,722

Net

asset

value

per

share:

Class

S

(#)

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

$

8.89 Class

S

—

Net

assets

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

$

5,025,984

Class

S

—

Shares

outstanding

($.01

par

value)

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

565,275

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliated

funds

$

63,106

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

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

$

1,948

#### 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

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

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

(141) Net

expenses

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

Net

investment

income

(loss)

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

1,673

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

(508) Capital

gain

distributions

from

affiliated

funds

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

1,707

Net

realized

gain

(loss)

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

1,199

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(2,042)

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,042)

Net

realized

and

unrealized

gain

(loss)

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

(843) #### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

830

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,673

$

2,227

Net

realized

gain

(loss)

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

1,199

Net

change

in

unrealized

appreciation

(depreciation)

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

(2,042)

8,219

Net

increase

(decrease)

in

net

assets

from

operations

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

830

10,494

#### Distributions
To

shareholders

Class

A

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

(751) (1,078)

Class

C

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

(523) (779) Class

R1

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

(10) (11) Class

R4(1)

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

—

(55) Class

R5

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

(65) (93) Class

S

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

(137) (206) Net

decrease

in

net

assets

from

distributions

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

(1,486)

(2,222)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(8,242)

(14,930)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(8,898)

(6,658)

#### Net

#### Assets
Beginning

of

period

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

71,960

78,618

End

of

period

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

$

63,062

$

71,960

#### 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).

\*\*&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,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,124

$

2,982

Proceeds

from

reinvestment

of

distributions

747

1,073

Payments

for

shares

redeemed

(649) (5,678)

(778) (6,742)

Net

increase

(decrease)

(435) (3,807)

(317)

(2,687)

Class

C

Proceeds

from

shares

sold

1,313

1,264

Proceeds

from

reinvestment

of

distributions

523

776

Payments

for

shares

redeemed

(588) (4,985)

(1,205)

(10,183)

Net

increase

(decrease)

(372) (3,149)

(965) (8,143)

Class

R1

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(6) (58) (16) (138) Net

increase

(decrease)

(8) (70) Class

R4(1)

Proceeds

from

shares

sold

—\*\*

—\*\*\*

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(5) (4

7)

(328) (2,876)

Net

increase

(decrease)

(5) (4

7)

(306)

(2,690)

Class

R5

Proceeds

from

shares

sold

1,725

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(210) (1,876)

(104) (912) Net

increase

(decrease)

(11) (86) (59) (523) Class

S

Proceeds

from

shares

sold

866

1,069

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(25

5)

(2,291)

(239) (2,091)

Net

increase

(decrease)

(144)

(1,288)

(97) (817) Total

increase

(decrease)

(95

2)

$

(8,242)

(1,752)

$

(14,930)

#### Russell

#### Investment

#### Company

#### Conservative

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(‡)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

8.83 .23

(.10)

.13

(.20)

—

—

October

31,

2024

7.96 .27

.87

1.14 (.27)

—

—

October

31,

2023

8.00 .19

(.04)

.15

(.19)

—

—

October

31,

2022

10.32 .28

(1.88)

(1.60)

(.26)

(.45)

(.01)

October

31,

2021

9.65 .15

.72

.87

(.16)

(.04)

—

October

31,

2020

9.85 .18

(.10)

.08

(.19)

(.09)

—

Class

C

April

30,

2025\*

8.56 .18

(.09)

.09

(.17)

—

—

October

31,

2024

7.73 .20

.84

1.04 (.21)

—

—

October

31,

2023

7.78 .13

(.04)

.09

(.14)

—

—

October

31,

2022

10.07 .22

(1.85)

(1.63)

(.20)

(.45)

(.01)

October

31,

2021

9.47 .08

.70

.78

(.14)

(.04)

—

October

31,

2020

9.71 .11

(.11)

—

(Ɵ)

(.15)

(.09)

—

Class

R1

April

30,

2025\*

8.97 .23

(.08)

.15

(.21)

—

—

October

31,

2024

8.08 .31

.8

1.18 (.29)

—

—

October

31,

2023

8.12 .23

(.05)

.18

(.22)

—

—

October

31,

2022

10.45 .40

(1.99)

(1.59)

(.27)

(.45)

(.02)

October

31,

2021

9.75 .21

.69

.90

(.16)

(.04)

—

October

31,

2020

9.94 .21

(.11)

.10

(.20)

(.09)

—

Class

R5

April

30,

2025\*

8.92 .22

(.10)

.12

(.19)

—

—

October

31,

2024

8.04 .26

.87

1.13 (.25)

—

—

October

31,

2023

8.08 .20

(.06)

.14

(.18)

—

—

October

31,

2022

10.42 .28

(1.92)

(1.64)

(.24)

(.45)

(.01)

October

31,

2021

9.75 .14

.72

.86

(.15)

(.04)

—

October

31,

2020

9.96 .15

(.10)

.05

(.17)

(.09)

—

Class

S

April

30,

2025\*

8.96 .25

(.11)

.14

(.21)

—

—

October

31,

2024

8.07 .29

.88

1.17 (.28)

—

—

October

31,

2023

8.11 .23

(.06)

.17

(.21)

—

—

October

31,

2022

10.44 .32

(1.92)

(1.60)

(.27)

(.45)

(.01)

October

31,

2021

9.75 .18

.71

.89

(.16)

(.04)

—

October

31,

2020

9.94 .20

(.10)

.10

(.20)

(.09)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Conservative

Strategy

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

(≠)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

(≠)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(‡)(ǿ)(Ƃ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.20)

8.76 1.49 30,763

.96

.54

5.27 16

(.27)

8.83 14.37 34,866

.93

.52

3.11 6

(.19)

7.96 1.86 33,933

.91

.49

2.33 35

(.72)

8.00 (16.58)

36,149

.86

.49

3.14 8

(.20)

10.32 9.05 50,481

.84

.49

1.50 51

(.28)

9.65 .76

49,281

.84

.49

1.89 52

(.17)

8.48 1.12 23,909

1.71 1.29 4.35 16

(.21)

8.56 13.52 27,330

1.68 1.27 2.39 6

(.14)

7.73 1.09 32,126

1.66 1.24 1.65 35

(.66)

7.78 (17.21)

39,763

1.61 1.24 2.48 8

(.18)

10.07 8.25 61,402

1.59 1.24 .78

(.24)

9.47 (—)

69,247

1.59 1.24 1.14 52

(.21)

8.91 1.70 456

.71

.22

5.23 16

(.29)

8.97 14.72 326

.68

.20

3.48 6

(.22)

8.08 2.13 358

.66

.17

2.76 35

(.74)

8.12 (16.26)

.60

.17

4.21 8

(.20)

10.45 9.36 1,994

.59

.17

2.05 51

(.29)

9.75 1.03 3,442

.59

.17

2.12 52

(.19)

8.85 1.40 2,908

1.21 .72

4.99 16

(.25)

8.92 14.16 3,030

.

.

.

(.18)

8.04 1.65 3,206

1.16 .67

2.33 35

(.70)

8.08 (16.73)

4,231

1.11 .67

3.10 8

(.19)

10.42 8.90 6,087

1.09 .67

1.38 51

(.26)

9.75 .53

6,510

1.09 .67

1.59 52

(.21)

8.89 1.54 5,026

.71

.35

5.68 16

(.28)

8.96 14.61 6,361

.68

.33

3.34 6

(.21)

8.07 2.00 6,509

.66

.30

2.73 35

(.73)

8.11 (16.36)

10,320

.61

.30

3.53 8

(.20)

10.44 9.21 20,922

.59

.30

1.77 51

(.29)

9.75 .95

22,557

.59

.30

2.04 52

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

2,197

Distribution

fees

21,618

Shareholder

servicing

fees

5,490

Transfer

agent

fees

6,270

Trustees'

fees

$

35,900

#### 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

$

$

$

(26)

$

(40)

$

1,272

$

$

—

Multifactor

U.S.

Equity

Fund

7,141

1,995

2,013

(1,834)

5,383

1,508

U.S.

Small

Cap

Equity

Fund

1,434

(291)

1,258

Investment

Grade

Bond

Fund

12,997

1,338

2,281

(77)

11,982

—

Long

Duration

Bond

Fund

6,485

2,432

(540)

4,424

—

Opportunistic

Credit

Fund

1,444

4,055

(54)

5,035

—

Short

Duration

Bond

Fund

7,221

2,324

(57)

5,335

—

Strategic

Bond

Fund

23,820

1,445

4,333

(394)

20,821

639

—

Emerging

Markets

Fund

1,429

(34)

1,271

—

Global

Equity

Fund

1,430

1,474

(233)

—

Multifactor

International

Equity

Fund

1,436

(9)

1,267

—

Multi-Strategy

Income

Fund

5,766

971

(175)

5,058

—

$

72,037

$

11,175

$

17,556

$

(508)

$

(2,042)

$

63,106

$

1,948

$

1,707

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

62,985,462

$

178,640

$

(57,901)

$

120,739

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(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

#### -

#### 100.1%
Alternative

-

2.0%

Global

Real

Estate

Securities

Fund

Class

Y

84,589

2,478

Domestic

Equities

-

15.8%

Multifactor

U.S.

Equity

Fund

Class

Y

1,157,372

16,689

U.S.

Small

Cap

Equity

Fund

Class

Y

110,273

2,474

19,163

Fixed

Income

-

53.3%

Investment

Grade

Bond

Fund

Class

Y

1,240,722

22,767

Long

Duration

Bond

Fund

Class

Y

761,356

6,045

Opportunistic

Credit

Fund

Class

Y

706,705

5,993

Short

Duration

Bond

Fund

Class

Y

219,193

4,156

Strategic

Bond

Fund

Class

Y

2,855,731

25,787

64,748

International

Equities

-

21.0%

Emerging

Markets

Fund

Class

Y

186,911

3,121

Global

Equity

Fund

Class

Y

1,952,497

19,291

Multifactor

International

Equity

Fund

Class

Y

281,321

3,131

25,543

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

1,020,343

9,755

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$115,269)

121,687

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$115,269)

121,687

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

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

#### Assets

#### -

#### 100.0%
121,617

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

115,269

Investments,

at

fair

value(>)

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

121,687

Receivables:

Investments

sold

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

Fund

shares

sold

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

From

affiliates

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

Prepaid

expenses

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

Total

assets

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

121,728

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

121,617

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

2,660

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

118,827

#### Net

#### Assets

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

121,617

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

9.46 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

10.04 Class

A

—

Net

assets

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

$

66,097,586

Class

A

—

Shares

outstanding

($.01

par

value)

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

6,986,311

Net

asset

value

per

share:

Class

C

(#)

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

$

9.01 Class

C

—

Net

assets

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

$

32,668,785

Class

C

—

Shares

outstanding

($.01

par

value)

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

3,624,605

Net

asset

value

per

share:

Class

R1

(#)

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

$

9.63 Class

R1

—

Net

assets

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

$

1,813,254

Class

R1

—

Shares

outstanding

($.01

par

value)

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

188,337

Net

asset

value

per

share:

Class

R5

(#)

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

$

9.47 Class

R5

—

Net

assets

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

$

4,030,172

Class

R5

—

Shares

outstanding

($.01

par

value)

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

425,768

Net

asset

value

per

share:

Class

S

(#)

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

$

9.59 Class

S

—

Net

assets

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

$

17,007,139

Class

S

—

Shares

outstanding

($.01

par

value)

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

1,773,959

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliated

funds

$

121,687

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

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

$

3,344

#### 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

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

639

Expense

reductions

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

(202) Net

expenses

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

Net

investment

income

(loss)

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

2,907

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

Capital

gain

distributions

from

affiliated

funds

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

5,385

Net

realized

gain

(loss)

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

5,533

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(7,345)

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,345)

Net

realized

and

unrealized

gain

(loss)

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

(1,812)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

1,095

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

2,907

$

3,306

Net

realized

gain

(loss)

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

5,533

1,842

Net

change

in

unrealized

appreciation

(depreciation)

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

(7,345)

18,660

Net

increase

(decrease)

in

net

assets

from

operations

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

1,095

23,808

#### Distributions
To

shareholders

Class

A

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

(1,349)

(1,751)

Class

C

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

(657) (860) Class

R1

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

(33) (35) Class

R4(1)

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

—

(98) Class

R5

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

(80) (92) Class

S

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

(365) (505) Net

decrease

in

net

assets

from

distributions

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

(2,484)

(3,341)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(8,580)

(26,115)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(9,969)

(5,648)

#### Net

#### Assets
Beginning

of

period

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

131,586

137,234

End

of

period

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

$

121,617

$

131,586

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification).

\*\*&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,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,166

$

4,552

Proceeds

from

reinvestment

of

distributions

1,345

1,744

Payments

for

shares

redeemed

(585) (5,618)

(1,414)

(13,040)

Net

increase

(decrease)

(216) (2,107)

(747) (6,744)

Class

C

Proceeds

from

shares

sold

1,319

Proceeds

from

reinvestment

of

distributions

657

859

Payments

for

shares

redeemed

(771) (7,040)

(1,340)

(11,907)

Net

increase

(decrease)

(643) (5,885)

(1,095)

(9,729)

Class

R1

Proceeds

from

shares

sold

666

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(9) (92) (49) (463) Net

increase

(decrease)

607

(34) (321) Class

R4(1)

Proceeds

from

shares

sold

—\*\*

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(25) (244) (662) (6,216)

Net

increase

(decrease)

(25) (241) (617) (5,799)

Class

R5

Proceeds

from

shares

sold

1,049

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(95) (911) (86) (802) Net

increase

(decrease)

(33) (310) Class

S

Proceeds

from

shares

sold

948

Proceeds

from

reinvestment

of

distributions

504

Payments

for

shares

redeemed

(202) (1,967)

(501) (4,664)

Net

increase

(decrease)

(120) (1,172)

(346) (3,212)

Total

increase

(decrease)

(920)

$

(8,

580)

(2,872)

$

(26,115)

#### Russell

#### Investment

#### Company

#### Moderate

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(‡)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

9.57 .23

(.15)

.08

(.19)

—

October

31,

2024

8.27 .24

1.30 1.54 (.24)

—

October

31,

2023

8.32 .23

.05

.28

(.22)

(.11)

October

31,

2022

11.11 .37

(2.09)

(1.72)

(.37)

(.70)

October

31,

2021

9.59 .18

1.46 1.64 (.12)

—

October

31,

2020

10.40 .21

(.62)

(.41)

(.17)

(.23)

Class

C

April

30,

2025\*

9.13 .18

(.13)

.05

(.17)

—

October

31,

2024

7.91 .16

1.24 1.40 (.18)

—

October

31,

2023

7.99 .16

.04

.20

(.17)

(.11)

October

31,

2022

10.73 .28

(1.99)

(1.71)

(.33)

(.70)

October

31,

2021

9.32 .10

1.41 1.51 (.10)

—

October

31,

2020

10.17 .13

(.60)

(.47)

(.15)

(.23)

Class

R1

April

30,

2025\*

9.73 .24

(.14)

.10

(.20)

—

October

31,

2024

8.40 .27

1.32 1.59 (.26)

—

October

31,

2023

8.45 .26

.04

.30

(.24)

(.11)

October

31,

2022

11.25 .39

(2.10)

(1.71)

(.39)

(.70)

October

31,

2021

9.70 .22

1.45 1.67 (.12)

—

October

31,

2020

10.50 .23

(.63)

(.40)

(.17)

(.23)

Class

R5

April

30,

2025\*

9.58 .22

(.15)

.07

(.18)

—

October

31,

2024

8.28 .21

1.31 1.52 (.22)

—

October

31,

2023

8.34 .23

.02

.25

(.20)

(.11)

October

31,

2022

11.13 .36

(2.09)

(1.73)

(.36)

(.70)

October

31,

2021

9.63 .15

1.46 1.61 (.11)

—

October

31,

2020

10.46 .18

(.62)

(.44)

(.16)

(.23)

Class

S

April

30,

2025\*

9.69 .25

(.15)

.10

(.20)

—

October

31,

2024

8.37 .26

1.31 1.57 (.25)

—

October

31,

2023

8.42 .25

.04

.29

(.23)

(.11)

October

31,

2022

11.22 .41

(2.12)

(1.71)

(.39)

(.70)

October

31,

2021

9.68 .22

1.44 1.66 (.12)

—

October

31,

2020

10.48 .23

(.63)

(.40)

(.17)

(.23)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Moderate

Strategy

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)(≠)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(≠)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(‡)(ǿ)(Ƃ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.19)

9.46 .89

66,098

.83

.50

4.85 13

(.24)

9.57 18.69 68,913

.82

.50

2.56 4

(.33)

8.27 3.33 65,753

.83

.49

2.69 40

(1.07)

8.32 (17.00)

72,796

.81

.49

3.87 8

(.12)

11.11 17.18 100,956

.80

.49

1.70 53

(.40)

9.59 (4.16)

95,780

.79

.49

2.12 52

(.17)

9.01 .53

32,669

1.58 1.25 3.88 13

(.18)

9.13 17.75 38,976

1.57 1.25 1.83 4

(.28)

7.91 2.52 42,428

1.58 1.24 1.98 40

(1.03)

7.99 (17.59)

50,723

1.56 1.24 3.06 8

(.10)

10.73 16.26 74,867

1.55 1.24 .94

(.38)

9.32 (4.86)

83,799

1.54 1.24 1.39 52

(.20)

9.63 1.08 1,813

.58

.25

4.90 13

(.26)

9.73 19.01 1,233

.58

.25

2.89 4

(.35)

8.40 3.51 1,355

.58

.24

2.96 40

(1.09)

8.45 (16.70)

1,425

.56

.24

4.12 8

(.12)

11.25 17.37 1,851

.54

.24

2.04 53

(.40)

9.70 (3.95)

3,208

.54

.24

2.31 52

(.18)

9.47 .79

4,030

1.08 .75

4.62 13

(.22)

9.58 18.40 3,870

1.07 .75

2.29 4

(.31)

8.28 2.98 3,619

1.08 .74

2.69 40

(1.06)

8.34 (17.13)

5,117

1.06 .74

3.76 8

(.11)

11.13 16.82 7,431

1.05 .74

1.41 53

(.39)

9.63 (4.43)

6,881

1.04 .74

1.81 52

(.20)

9.59 1.06 17,007

.58

.33

5.24 13

(.25)

9.69 18.87 18,358

.57

.33

2.76 4

(.34)

8.37 3.44 18,760

.58

.32

2.88 40

(1.09)

8.42 (16.81)

20,928

.56

.32

4.30 8

(.12)

11.22 17.28 35,516

.55

.32

2.07 53

(.40)

9.68 (3.98)

46,826

.54

.32

2.36 52

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

4,174

Distribution

fees

34,067

Shareholder

servicing

fees

7,464

Transfer

agent

fees

12,890

Trustees'

fees

$

59,065

#### 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

$

$

1,404

$

(257)

$

$

2,478

$

$

—

Multifactor

U.S.

Equity

Fund

19,045

4,950

2,656

(5,048)

16,689

3,986

U.S.

Small

Cap

Equity

Fund

3,276

539

706

(757)

2,474

Investment

Grade

Bond

Fund

25,188

877

3,165

(156)

22,767

713

—

Long

Duration

Bond

Fund

6,502

675

(91)

6,045

—

Opportunistic

Credit

Fund

2,661

3,770

(73)

5,993

—

Short

Duration

Bond

Fund

6,662

2,724

(42)

4,156

—

Strategic

Bond

Fund

27,732

974

2,804

(375)

25,787

752

—

Emerging

Markets

Fund

2,572

860

(25)

3,121

—

Global

Equity

Fund

20,325

2,581

2,400

(1,412)

19,291

1,127

Multifactor

International

Equity

Fund

3,250

528

3,131

—

Multi-Strategy

Income

Fund

10,562

503

1,024

(23)

(263)

9,755

—

$

131,694

$

15,945

$

18,755

$

$

(7,345)

$

121,687

$

3,344

$

5,385

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

116,845,787

$

7,760,492

$

(2,919,017)

$

4,841,475

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(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

1,192,451

11,829

Global

Real

Estate

Securities

Fund

Class

Y

406,433

11,909

23,738

Domestic

Equities

-

20.7%

Multifactor

U.S.

Equity

Fund

Class

Y

6,185,155

89,190

U.S.

Small

Cap

Equity

Fund

Class

Y

793,495

17,798

U.S.

Strategic

Equity

Fund

Class

Y

960,387

14,848

121,836

Fixed

Income

-

32.5%

Investment

Grade

Bond

Fund

Class

Y

5,679,615

104,221

Long

Duration

Bond

Fund

Class

Y

3,676,804

29,194

Opportunistic

Credit

Fund

Class

Y

2,048,769

17,374

Strategic

Bond

Fund

Class

Y

4,492,634

40,568

191,357

International

Equities

-

34.9%

Emerging

Markets

Fund

Class

Y

1,251,500

20,900

Global

Equity

Fund

Class

Y

17,524,666

173,144

Multifactor

International

Equity

Fund

Class

Y

1,074,805

11,962

206,006

Multi-Asset

-

8.0%

Multi-Strategy

Income

Fund

Class

Y

4,927,018

47,102

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$525,162)

590,039

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$525,162)

590,039

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(370) #### Net

#### Assets

#### -

#### 100.0%
589,669

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

525,162

Investments,

at

fair

value(>)

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

590,039

Receivables:

Investments

sold

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

560

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

590,690

#### Liabilities
Payables:

Fund

shares

redeemed

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

612

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

1,021

#### Net

#### Assets

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

589,669

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

77,10

Shares

of

beneficial

interest

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

558

Additional

paid-in

capital

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

512,00

#### Net

#### Assets

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

589,669

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

10.69 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

11.34 Class

A

—

Net

assets

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

$

307,567,419

Class

A

—

Shares

outstanding

($.01

par

value)

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

28,776,865

Net

asset

value

per

share:

Class

C

(#)

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

$

10.12 Class

C

—

Net

assets

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

$

166,792,250

Class

C

—

Shares

outstanding

($.01

par

value)

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

16,473,905

Net

asset

value

per

share:

Class

R1

(#)

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

$

10.95 Class

R1

—

Net

assets

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

$

11,810,447

Class

R1

—

Shares

outstanding

($.01

par

value)

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

1,078,558

Net

asset

value

per

share:

Class

R5

(#)

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

$

10.67 Class

R5

—

Net

assets

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

$

15,805,005

Class

R5

—

Shares

outstanding

($.01

par

value)

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

1,480,687

Net

asset

value

per

share:

Class

S

(#)

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

$

10.93 Class

S

—

Net

assets

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

$

87,694,355

Class

S

—

Shares

outstanding

($.01

par

value)

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

8,022,880

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliated

funds

$

590,039

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

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

$

15,23

#### Expenses
Advisory

fees

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

525

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

669

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

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

2,761

Expense

reductions

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

(413) Net

expenses

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

2,348

Net

investment

income

(loss)

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

12,88

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

5,763

Capital

gain

distributions

from

affiliated

funds

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

35,455

Net

realized

gain

(loss)

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

41,218

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(51,552)

Net

change

in

unrealized

appreciation

(depreciation)

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

(51,552)

Net

realized

and

unrealized

gain

(loss)

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

(10,334)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

2,55

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

12,88

$

11,569

Net

realized

gain

(loss)

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

41,218

13,170

Net

change

in

unrealized

appreciation

(depreciation)

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

(51,552)

111,318

Net

increase

(decrease)

in

net

assets

from

operations

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

2,55

136,057

#### Distributions
To

shareholders

Class

A

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

(2,432)

(6,165)

Class

C

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

(1,253)

(2,994)

Class

R1

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

(94) (190) Class

R4(1)

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

—

(228) Class

R5

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

(122) (292) Class

S

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

(691) (1,764)

Net

decrease

in

net

assets

from

distributions

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

(4,592)

(11,633)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(50,40

3)

(121,099)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(52,444)

3,325

#### Net

#### Assets
Beginning

of

period

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

642,113

638,788

End

of

period

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

$

589,669

$

642,113

#### 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).

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

966

$

10,512

1,747

$

18,330

Proceeds

from

reinvestment

of

distributions

2,419

578

6,134

Payments

for

shares

redeemed

(3,338)

(36,090)

(6,586)

(67,071)

Net

increase

(decrease)

(2,141)

(23,159)

(4,261)

(42,607)

Class

C

Proceeds

from

shares

sold

3,129

610

5,943

Proceeds

from

reinvestment

of

distributions

1,247

2,989

Payments

for

shares

redeemed

(2,602)

(26,759)

(5,353)

(52,555)

Net

increase

(decrease)

(2,169)

(22,383)

(4,446)

(43,623)

Class

R1

Proceeds

from

shares

sold

2,993

815

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(69) (756) (117) (1,240)

Net

increase

(decrease)

2,331

(21) (235) Class

R4(1)

Proceeds

from

shares

sold

1,073

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(173) (1,914)

(2,393)

(24,768)

Net

increase

(decrease)

(171) (1,895)

(2,266)

(23,467)

Class

R5

Proceeds

from

shares

sold

755

3,255

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(270) (2,897)

(318) (3,253)

Net

increase

(decrease)

(188) (2,020)

Class

S

Proceeds

from

shares

sold

685

7,649

644

6,787

Proceeds

from

reinvestment

of

distributions

689

1,758

Payments

for

shares

redeemed

(1,051)

(11,615)

(1,914)

(20,006)

Net

increase

(decrease)

(301) (3,277)

(1,108)

(11,461)

Total

increase

(decrease)

(4,

764)

$

(50,403)

(12,074)

$

(121,099)

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(‡)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

10.72 .24

(.19)

.05

(.08)

—

October

31,

2024

8.89 .20

1.83 2.03 (.20)

—

October

31,

2023

8.81 .17

.29

.46

(.16)

(.22)

October

31,

2022

12.40 .38

(2.25)

(1.87)

(.40)

(1.32)

October

31,

2021

9.93 .25

2.45 2.70 (.23)

—

October

31,

2020

11.08 .27

(.92)

(.65)

(.23)

(.27)

Class

C

April

30,

2025

\*

10.19 .16

(.15)

.01

(.08)

—

October

31,

2024

8.48 .11

1.75 1.86 (.15)

—

October

31,

2023

8.44 .09

.29

.38

(.12)

(.22)

October

31,

2022

11.97 .29

(2.16)

(1.87)

(.34)

(1.32)

October

31,

2021

9.59 .14

2.39 2.53 (.15)

—

October

31,

2020

10.74 .19

(.90)

(.71)

(.17)

(.27)

Class

R1

April

30,

2025

\*

10.98 .27

(.21)

.06

(.09)

—

October

31,

2024

9.09 .22

1.88 2.10 (.21)

—

October

31,

2023

8.99 .20

.29

.49

(.17)

(.22)

October

31,

2022

12.62 .41

(2.30)

(1.89)

(.42)

(1.32)

October

31,

2021

10.10 .30

2.47 2.77 (.25)

—

October

31,

2020

11.26 .29

(.93)

(.64)

(.25)

(.27)

Class

R5

April

30,

2025

\*

10.72 .23

(.20)

.03

(.08)

—

October

31,

2024

8.90 .17

1.83 2.00 (.18)

—

October

31,

2023

8.82 .16

.28

.44

(.14)

(.22)

October

31,

2022

12.42 .37

(2.28)

(1.91)

(.37)

(1.32)

October

31,

2021

9.95 .21

2.46 2.67 (.20)

—

October

31,

2020

11.11 .23

(.92)

(.69)

(.20)

(.27)

Class

S

April

30,

2025

\*

10.96 .27

(.21)

.06

(.09)

—

October

31,

2024

9.08 .22

1.87 2.09 (.21)

—

October

31,

2023

8.98 .19

.30

.49

(.17)

(.22)

October

31,

2022

12.61 .43

(2.32)

(1.89)

(.42)

(1.32)

October

31,

2021

10.09 .29

2.48 2.77 (.25)

—

October

31,

2020

11.25 .33

(.98)

(.65)

(.24)

(.27)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)(≠)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(≠)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(‡)(ǿ)(Ƃ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.08)

10.69 .52

307,568

.71

.56

4.48 16

(.20)

10.72 22.84 331,560

.71

.53

1.94 3

(.38)

8.89 5.21 312,806

.73

.47

1.80 37

(1.72)

8.81 (17.35)

340,785

.74

.47

3.71 8

(.23)

12.40 27.33 469,854

.73

.47

2.09 59

(.50)

9.93 (6.10)

419,101

.73

.47

2.66 37

(.08)

10.12 .07

166,792

1.46 1.31 3.19 16

(.15)

10.19 21.95 190,014

1.46 1.28 1.18 3

(.34)

8.48 4.44 195,869

1.48 1.22 1.06 37

(1.66)

8.44 (18.03)

230,023

1.49 1.22 3.02 8

(.15)

11.97 26.49 345,256

1.48 1.22 1.20 59

(.44)

9.59 (6.88)

343,712

1.48 1.22 1.86 37

(.09)

10.95 .53

11,810

.46

.35

4.96 16

(.21)

10.98 23.15 9,584

.46

.32

2.11 3

(.39)

9.09 5.47 8,129

.48

.26

2.07 37

(1.74)

8.99 (17.21)

8,608

.49

.26

3.98 8

(.25)

12.62 27.59 12,249

.48

.26

2.49 59

(.52)

10.10 (5.88)

16,852

.48

.26

2.78 37

(.08)

10.67 .29

15,805

.96

.85

4.29 16

(.18)

10.72 22.47 17,894

.96

.82

1.65 3

(.36)

8.90 4.97 14,598

.98

.76

1.70 37

(1.69)

8.82 (17.64)

21,682

.99

.76

3.68 8

(.20)

12.42 26.93 32,161

.98

.76

1.79 59

(.47)

9.95 (6.41)

30,254

.98

.76

2.28 37

(.09)

10.93 .52

87,694

.46

.41

4.89 16

(.21)

10.96 23.02 91,226

.46

.38

2.09 3

(.39)

9.08 5.44 85,628

.48

.32

1.98 37

(1.74)

8.98 (17.27)

95,302

.49

.32

4.18 8

(.25)

12.61 27.56 157,073

.48

.32

2.38 59

(.51)

10.09 (5.96)

166,658

.48

.32

3.11 37

#### Russell

#### Investment

#### Company

#### Balanced

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Balanced

Strategy

Fund

193,096

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

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,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

57,108

Administrative

fees

20,224

Distribution

fees

166,246

Shareholder

servicing

fees

36,847

Transfer

agent

fees

55,557

Trustees'

fees

1,866

$

337,848

#### 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

$

566

$

2,103

$

$

$

11,829

$

$

Global

Real

Estate

Securities

Fund

15,921

772

3,973

(1,107)

11,909

—

Multifactor

U.S.

Equity

Fund

106,581

26,338

17,272

1,374

(27,831)

89,190

2,233

22,517

U.S.

Small

Cap

Equity

Fund

22,378

3,451

3,518

(4,619)

17,798

565

1,897

U.S.

Strategic

Equity

Fund

—

15,290

(1)

(94)

14,848

—

Investment

Grade

Bond

Fund

115,522

4,134

14,802

(715)

104,221

3,317

—

Long

Duration

Bond

Fund

25,065

6,516

2,266

(18)

(103)

29,194

584

—

Opportunistic

Credit

Fund

13,002

6,261

1,626

(267)

17,374

510

—

Short

Duration

Bond

Fund

12,994

13,388

(373)

—

—

Strategic

Bond

Fund

35,143

9,311

3,760

(234)

40,568

992

—

Emerging

Markets

Fund

19,147

4,166

2,299

(153)

20,900

506

—

Global

Equity

Fund

17,002

24,811

2,014

(14,157)

173,144

2,613

10,821

Multifactor

International

Equity

Fund

19,109

1,296

8,962

1,659

(1,140)

11,962

956

—

Multi-Strategy

Income

Fund

51,663

2,352

5,453

(145)

(1,315)

47,102

2,180

—

$

642,571

$

97,837

$

104,580

$

5,763

$

(51,552)

$

590,039

$

15,233

$

35,455

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

532,681,407

$

61,262,670

$

(3,905,450)

$

57,357,220

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(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

1,142,887

11,337

Global

Real

Estate

Securities

Fund

Class

Y

584,193

17,117

28,454

Domestic

Equities

-

32.6%

Multifactor

U.S.

Equity

Fund

Class

Y

7,081,872

102,121

U.S.

Small

Cap

Equity

Fund

Class

Y

886,067

19,874

U.S.

Strategic

Equity

Fund

Class

Y

4,025,437

62,233

184,228

Fixed

Income

-

14.1%

Long

Duration

Bond

Fund

Class

Y

3,475,613

27,596

Opportunistic

Credit

Fund

Class

Y

1,614,220

13,689

Strategic

Bond

Fund

Class

Y

4,244,684

38,330

79,615

International

Equities

-

40.4%

Emerging

Markets

Fund

Class

Y

1,713,055

28,608

Global

Equity

Fund

Class

Y

16,748,089

165,471

Multifactor

International

Equity

Fund

Class

Y

3,096,483

34,464

228,543

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

4,176,733

45,192

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$497,985)

566,032

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$497,985)

566,032

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(335) #### Net

#### Assets

#### -

#### 100.0%
565,697

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

497,985

Investments,

at

fair

value(>)

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

566,032

Receivables:

Investments

sold

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

Fund

shares

sold

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

Prepaid

expenses

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

Total

assets

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

566,549

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

852

#### Net

#### Assets

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

565,697

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

110,334

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

454,897

#### Net

#### Assets

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

565,697

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

12.34 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

13.09 Class

A

—

Net

assets

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

$

321,700,026

Class

A

—

Shares

outstanding

($.01

par

value)

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

26,072,078

Net

asset

value

per

share:

Class

C

(#)

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

$

11.35 Class

C

—

Net

assets

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

$

136,575,494

Class

C

—

Shares

outstanding

($.01

par

value)

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

12,031,404

Net

asset

value

per

share:

Class

R1

(#)

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

$

12.72 Class

R1

—

Net

assets

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

$

4,907,439

Class

R1

—

Shares

outstanding

($.01

par

value)

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

385,904

Net

asset

value

per

share:

Class

R5

(#)

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

$

12.31 Class

R5

—

Net

assets

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

$

10,833,369

Class

R5

—

Shares

outstanding

($.01

par

value)

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

879,737

Net

asset

value

per

share:

Class

S

(#)

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

$

12.69 Class

S

—

Net

assets

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

$

91,681,055

Class

S

—

Shares

outstanding

($.01

par

value)

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

7,226,018

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliated

funds

$

566,032

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

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

$

13,245

#### Expenses
Advisory

fees

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

502

Administrative

fees

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

Custodian

fees

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

Distribution

fees

-

Class

A

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

Distribution

fees

-

Class

C

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

544

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

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

2,552

Expense

reductions

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

(388) Net

expenses

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

2,164

Net

investment

income

(loss)

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

11,081

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

2,299

Capital

gain

distributions

from

affiliated

funds

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

40,373

Net

realized

gain

(loss)

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

42,672

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(53,783)

Net

change

in

unrealized

appreciation

(depreciation)

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

(53,783)

Net

realized

and

unrealized

gain

(loss)

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

(11,111)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(30) #### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

11,081

$

9,481

Net

realized

gain

(loss)

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

42,672

19,071

Net

change

in

unrealized

appreciation

(depreciation)

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

(53,783)

119,819

Net

increase

(decrease)

in

net

assets

from

operations

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

(30) 148,371

#### Distributions
To

shareholders

Class

A

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

(6,810)

(5,386)

Class

C

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

(3,090)

(2,018)

Class

R1

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

(90) (67) Class

R4(1)

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

—

(186) Class

R5

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

(237) (210) Class

S

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

(1,863)

(1,586)

Net

decrease

in

net

assets

from

distributions

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

(12,090)

(9,453)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(33,092)

(133,098)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(45,212)

5,820

#### Net

#### Assets
Beginning

of

period

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

610,909

605,089

End

of

period

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

$

565,697

$

610,909

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification).

\*\*&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,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

555

$

7,065

1,251

$

15,263

Proceeds

from

reinvestment

of

distributions

548

6,771

5,355

Payments

for

shares

redeemed

(2,528)

(31,933)

(4,271)

(50,933)

Net

increase

(decrease)

(1,425)

(18,097)

(2,587)

(30,315)

Class

C

Proceeds

from

shares

sold

1,155

4,731

Proceeds

from

reinvestment

of

distributions

3,087

2,014

Payments

for

shares

redeemed

(1,491)

(17,424)

(3,637)

(40,541)

Net

increase

(decrease)

(1,120)

(13,182)

(3,030)

(33,796)

Class

R1

Proceeds

from

shares

sold

1,251

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(33) (433) (23) (274) Net

increase

(decrease)

908

Class

R4(1)

Proceeds

from

shares

sold

—

\*\*

887

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(20) (264) (1,806)

(22,010)

Net

increase

(decrease)

(20) (260) (1,716)

(20,937)

Class

R5

Proceeds

from

shares

sold

917

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(22

0)

(2,807)

(314) (3,825)

Net

increase

(decrease)

(16

5)

(2,119)

(219) (2,698)

Class

S

Proceeds

from

shares

sold

6,467

571

7,017

Proceeds

from

reinvestment

of

distributions

1,861

1,577

Payments

for

shares

redeemed

(669) (8,670)

(4,569)

(54,024)

Net

increase

(decrease)

(27) (342) (3,873)

(45,430)

Total

increase

(decrease)

(2,68

7)

$

(33,092)

(11,419)

$

(133,098)

#### Russell

#### Investment

#### Company

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(‡)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

12.60 .26

(.27)

(.01)

(.08)

(.17)

—

October

31,

2024

10.11 .19

2.49 2.68 (.19)

—

—

October

31,

2023

9.90 .15

.52

.67

(.1

3)

(.31)

(.02)

October

31,

2022

14.22 .45

(2.57)

(2.12)

(.48)

(1.72)

—

October

31,

2021

10.62 .26

3.51 3.77 (.16)

(.01)

—

October

31,

2020

12.18 .28

(1.02)

(.74)

(.22)

(.60)

—

(Ɵ)

Class

C

April

30,

2025\*

11.64 .13

(.17)

(.04)

(.08)

(.17)

—

October

31,

2024

9.39 .09

2.30 2.39 (.14)

—

—

October

31,

2023

9.26 .07

.49

.56

(.11)

(.31)

(.01)

October

31,

2022

13.48 .33

(2.40)

(2.07)

(.43)

(1.72)

—

October

31,

2021

10.09 .12

3.38 3.50 (.10)

(.01)

—

October

31,

2020

11.63 .17

(.95)

(.78)

(.16)

(.60)

—

(Ɵ)

Class

R1

April

30,

2025\*

12.96 .30

(.28)

.02

(.09)

(.17)

—

October

31,

2024

10.39 .23

2.56 2.79 (.22)

—

—

October

31,

2023

10.14 .23

.49

.72

(.14)

(.31)

(.02)

October

31,

2022

14.51 .49

(2.63)

(2.14)

(.51)

(1.72)

—

October

31,

2021

10.82 .32

3.57 3.89 (.19)

(.01)

—

October

31,

2020

12.40 .31

(1.04)

(.73)

(.25)

(.60)

—

(Ɵ)

Class

R5

April

30,

2025\*

12.59 .25

(.28)

(.03)

(.08)

(.17)

—

October

31,

2024

10.11 .17

2.49 2.66 (.18)

—

—

October

31,

2023

9.91 .15

.50

.65

(.13)

(.31)

(.01)

October

31,

2022

14.24 .47

(2.62)

(2.15)

(.46)

(1.72)

—

October

31,

2021

10.63 .23

3.53 3.76 (.14)

(.01)

—

October

31,

2020

12.20 .24

(1.01)

(.77)

(.20)

(.60)

—

(Ɵ)

Class

S

April

30,

2025\*

12.94 .30

(.29)

.01

(.09)

(.17)

—

October

31,

2024

10.37 .27

2.51 2.78 (.21)

—

—

October

31,

2023

10.13 .19

.52

.71

(.14)

(.31)

(.02)

October

31,

2022

14.50 .51

(2.65)

(2.14)

(.51)

(1.72)

—

October

31,

2021

10.81 .31

3.57 3.88 (.18)

(.01)

—

October

31,

2020

12.39 .29

(1.02)

(.73)

(.25)

(.60)

—

(Ɵ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Aggressive

Strategy

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)(≠)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(≠)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(‡)(ǿ)(Ƃ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.25)

12.34 (.03)

321,700

.72

.59

4.10 14

(.19)

12.60 26.58 346,436

.72

.57

1.59 3

(.46)

10.11 6.85 304,194

.74

.55

1.45 30

(2.20)

9.90 (17.53)

308,433

.74

.55

3.98 10

(.17)

14.22 35.55 421,040

.74

.57

1.97 61

(.82)

10.62 (6.60)

349,360

.74

.57

2.50 40

(.25)

11.35 (.38)

136,576

1.47 1.34 2.29 14

(.14)

11.64 25.49 153,149

1.47 1.32 .81

(.43)

9.39 6.14 151,867

1.49 1.30 .69

(2.15)

9.26 (18.22)

173,038

1.49 1.30 3.11 10

(.11)

13.48 34.70 247,152

1.49 1.32 .94

(.76)

10.09 (7.33)

226,670

1.49 1.32 1.67 40

(.26)

12.72 .16

4,907

.47

.29

4.60 14

(.22)

12.96 26.86 4,098

.47

.27

1.8 7

(.47)

10.39 7.21 3,220

.49

.25

2.15 30

(2.23)

10.14 (17.29)

4,899

.49

.25

4.24 10

(.20)

14.51 35.98 6,672

.49

.27

2.39 61

(.85)

10.82 (6.35)

6,931

.49

.27

2.80 40

(.25)

12.31 (.20)

10,833

.96

.79

3.97 14

(.18)

12.59 26.32 13,156

.97

.77

1.39 3

(.45)

10.11 6.63 12,77

.99

.75

1.4 2

(2.18)

9.91 (17.71)

19,144

.99

.75

4.14 10

(.15)

14.24 35.44 29,994

.99

.77

1.73 61

(.80)

10.63 (6.86)

23,354

.99

.77

2.26 40

(.26)

12.69 .08

91,681

.47

.34

4.70 14

(.21)

12.94 26.88 93,820

.47

.32

2.21 3

(.47)

10.37 7.10 115,355

.49

.30

1.77 30

(2.23)

10.13 (17.34)

121,694

.49

.30

4.38 10

(.19)

14.50 35.98 168,847

.49

.32

2.31 61

(.85)

10.81 (6.40)

145,026

.49

.32

2.60 40

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

18,063

Administrative

fees

19,191

Distribution

fees

148,228

Shareholder

servicing

fees

29,419

Transfer

agent

fees

89,714

Trustees'

fees

1,578

$

306,193

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
Global

Infrastructure

Fund

$

12,329

$

$

1,818

$

$

$

11,337

$

$

Global

Real

Estate

Securities

Fund

21,183

3,460

(43)

(1,014)

17,117

—

Multifactor

U.S.

Equity

Fund

107,723

32,286

10,628

2,380

(29,640)

102,121

2,317

23,040

U.S.

Small

Cap

Equity

Fund

27,285

3,918

5,753

(19)

(5,557)

19,874

699

2,347

U.S.

Strategic

Equity

Fund

55,413

18,935

5,080

525

(7,560)

62,233

678

4,719

Long

Duration

Bond

Fund

20,780

8,694

1,812

(10)

(56)

27,596

—

Opportunistic

Credit

Fund

12,335

2,957

1,375

(2)

(226)

13,689

—

Strategic

Bond

Fund

54,432

1,547

17,407

(3,183)

2,941

38,330

1,448

—

Emerging

Markets

Fund

27,334

3,377

1,937

(210)

28,608

712

—

Global

Equity

Fund

177,995

13,640

14,717

786

(12,233)

165,471

2,429

10,057

Multifactor

International

Equity

Fund

45,384

2,308

14,708

1,509

(29)

34,464

2,248

—

Multi-Asset

Strategy

Fund

49,144

1,170

4,841

(415)

45,192

1,167

—

$

611,337

$

89,715

$

83,536

$

2,299

$

(53,783)

$

566,032

$

13,245

$

40,373

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

505,622,008

$

66,584,206

$

(6,173,862)

$

60,410,344

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(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

#### -

#### 100.1%
Alternative

-

5.5%

Global

Infrastructure

Fund

Class

Y

584,718

5,801

Global

Real

Estate

Securities

Fund

Class

Y

348,984

10,225

16,026

Domestic

Equities

-

38.4%

Multifactor

U.S.

Equity

Fund

Class

Y

4,017,491

57,932

U.S.

Small

Cap

Equity

Fund

Class

Y

518,459

11,629

U.S.

Strategic

Equity

Fund

Class

Y

2,705,901

41,833

111,394

Fixed

Income

-

4.8%

Long

Duration

Bond

Fund

Class

Y

1,063,461

8,444

Opportunistic

Credit

Fund

Class

Y

658,367

5,583

14,027

International

Equities

-

43.4%

Emerging

Markets

Fund

Class

Y

1,052,680

17,580

Global

Equity

Fund

Class

Y

8,574,987

84,721

Multifactor

International

Equity

Fund

Class

Y

2,118,737

23,582

125,883

Multi-Asset

-

8.0%

Multi-Asset

Strategy

Fund

Class

Y

2,129,892

23,045

#### Total

#### Investments

#### in

#### Affiliated

#### Funds
(cost

$262,617)

290,375

#### Total

#### Investments

#### -

#### 100.1%
(identified

cost

$262,617)

290,375

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.1)%
(179) #### Net

#### Assets

#### -

#### 100.0%
290,196

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

262,617

Investments,

at

fair

value(>)

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

290,375

Receivables:

Investments

sold

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

Fund

shares

sold

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

From

affiliates

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

Prepaid

expenses

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

Total

assets

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

290,448

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

290,196

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

49,096

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

240,902

#### Net

#### Assets

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

290,196

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

15.40 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

16.34 Class

A

—

Net

assets

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

$

119,250,274

Class

A

—

Shares

outstanding

($.01

par

value)

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

7,741,084

Net

asset

value

per

share:

Class

C

(#)

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

$

12.90 Class

C

—

Net

assets

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

$

79,696,484

Class

C

—

Shares

outstanding

($.01

par

value)

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

6,175,984

Net

asset

value

per

share:

Class

R1

(#)

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

$

15.70 Class

R1

—

Net

assets

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

$

3,349,990

Class

R1

—

Shares

outstanding

($.01

par

value)

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

213,406

Net

asset

value

per

share:

Class

R5

(#)

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

$

14.67 Class

R5

—

Net

assets

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

$

4,177,455

Class

R5

—

Shares

outstanding

($.01

par

value)

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

284,789

Net

asset

value

per

share:

Class

S

(#)

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

$

15.62 Class

S

—

Net

assets

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

$

83,721,830

Class

S

—

Shares

outstanding

($.01

par

value)

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

5,359,128

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliated

funds

$

290,375

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Income

distributions

from

affiliated

funds

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

$

6,849

#### 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

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

1,350

Expense

reductions

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

(254) Net

expenses

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

1,096

Net

investment

income

(loss)

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

5,753

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

in

affiliated

funds

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

1,360

Capital

gain

distributions

from

affiliated

funds

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

23,129

Net

realized

gain

(loss)

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

24,489

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

in

affiliated

funds

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

(31,139)

Net

change

in

unrealized

appreciation

(depreciation)

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

(31,139)

Net

realized

and

unrealized

gain

(loss)

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

(6,650)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(897) #### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

5,753

$

3,626

Net

realized

gain

(loss)

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

24,489

6,521

Net

change

in

unrealized

appreciation

(depreciation)

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

(31,139)

65,185

Net

increase

(decrease)

in

net

assets

from

operations

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

(897) 75,332

#### Distributions
To

shareholders

Class

A

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

(693) (1,827)

Class

C

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

(472) (870) Class

R1

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

(20) (33) Class

R4(1)

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

—

(67) Class

R5

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

(25) (55) Class

S

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

(480) (760) Net

decrease

in

net

assets

from

distributions

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

(1,690)

(3,612)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(16,277)

(36,835)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(18,864)

34,885

#### Net

#### Assets
Beginning

of

period

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

309,060

274,175

End

of

period

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

$

290,196

$

309,060

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

(1) For

the

period

November

1,

2024

to

December

11,

2024

(date

of

reclassification).

\*\*&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,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,197

$

5,518

Proceeds

from

reinvestment

of

distributions

686

1,814

Payments

for

shares

redeemed

(2,597)

(40,696)

(1,129)

(16,551)

Net

increase

(decrease)

(2,412)

(37,813)

(634) (9,219)

Class

C

Proceeds

from

shares

sold

1,381

4,747

Proceeds

from

reinvestment

of

distributions

861

Payments

for

shares

redeemed

(619) (8,209)

(1,575)

(19,441)

Net

increase

(decrease)

(477) (6,359)

(1,116)

(13,833)

Class

R1

Proceeds

from

shares

sold

1,023

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(15) (228) (27) (380) Net

increase

(decrease)

815

(8) (100) Class

R4(1)

Proceeds

from

shares

sold

—\*\*

896

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(43) (677) (660) (9,631)

Net

increase

(decrease)

(43) (675) (593) (8,668)

Class

R5

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(35) (517) (118) (1,660)

Net

increase

(decrease)

(11) (160) (83) (1,163)

Class

S

Proceeds

from

shares

sold

2,116

33,620

6,792

Proceeds

from

reinvestment

of

distributions

755

Payments

for

shares

redeemed

(388) (6,184)

(762) (11,399)

Net

increase

(decrease)

1,760

27,915

(253) (3,852)

Total

increase

(decrease)

(1,134)

$

(16,277)

(2,687)

$

(36,835)

#### Russell

#### Investment

#### Company

#### Equity

#### Aggressive

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(‡)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

15.54 .42

(.47)

(.05)

(.09)

—

—

October

31,

2024

12.23 .20

3.29 3.49 (.18)

—

—

October

31,

2023

11.90 .19

.69

.88

(.16)

(.38)

(.01)

October

31,

2022

15.88 .59

(3.18)

(2.59)

(.56)

(.83)

—

October

31,

2021

11.52 .27

4.23 4.50 (.14)

—

—

October

31,

2020

13.16 .32

(1.39)

(1.07)

(.30)

(.27)

—

Class

C

April

30,

2025\*

13.07 .08

(.17)

(.09)

(.08)

—

—

October

31,

2024

10.34 .06

2.79 2.85 (.12)

—

—

October

31,

2023

10.17 .07

.60

.67

(.11)

(.38)

(.01)

October

31,

2022

13.81 .37

(2.68)

(2.31)

(.50)

(.83)

—

October

31,

2021

10.07 .02

3.80 3.82 (.08)

—

—

October

31,

2020

11.59 .16

(1.17)

(1.01)

(.24)

(.27)

—

Class

R1

April

30,

2025\*

15.82 .42

(.45)

(.03)

(.09)

—

—

October

31,

2024

12.43 .25

3.35 3.60 (.21)

—

—

October

31,

2023

12.06 .24

.71

.95

(.18)

(.38)

(.02)

October

31,

2022

16.08 .66

(3.25)

(2.59)

(.60)

(.83)

—

October

31,

2021

11.66 .38

4.21 4.59 (.17)

—

—

October

31,

2020

13.31 .35

(1.38)

(1.03)

(.35)

(.27)

—

Class

R5

April

30,

2025\*

14.81 .29

(.35)

(.06)

(.08)

—

—

October

31,

2024

11.68 .18

3.11 3.29 (.16)

—

—

October

31,

2023

11.38 .17

.67

.84

(.15)

(.38)

(.01)

October

31,

2022

15.26 .49

(3.00)

(2.51)

(.54)

(.83)

—

October

31,

2021

11.08 .19

4.11 4.30 (.12)

—

—

October

31,

2020

12.68 .26

(1.30)

(1.04)

(.29)

(.27)

—

Class

S

April

30,

2025\*

15.74 .31

(.34)

(.03)

(.09)

—

—

October

31,

2024

12.38 .24

3.32 3.56 (.20)

—

—

October

31,

2023

12.02 .23

.70

.93

(.17)

(.38)

(.02)

October

31,

2022

16.02 .68

(3.26)

(2.58)

(.59)

(.83)

—

October

31,

2021

11.62 .32

4.25 4.57 (.17)

—

—

October

31,

2020

13.27 .43

(1.48)

(1.05)

(.33)

(.27)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Aggressive

Strategy

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)(≠)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(≠)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(‡)(ǿ)(Ƃ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.09)

15.40 (.31)

119,250

.74

.58

5.35 12

(.18)

15.54 28.55 157,804

.75

.57

1.36 4

(.55)

12.23 7.53 131,965

.77

.54

1.48 35

(1.39)

11.90 (17.79)

123,791

.77

.55

4.34 10

(.14)

15.88 39.19 161,572

.77

.57

1.85 66

(.57)

11.52 (8.24)

132,157

.78

.57

2.68 42

(.08)

12.90 (.70)

79,697

1. 50

1.33 1.18 12

(.12)

13.07 27.62 86,957

1.50 1.32 .48

(.50)

10.34 6.74 80,364

1.52 1.29 .62

(1.33)

10.17 (18.39)

90,793

1.52 1.30 3.15 10

(.08)

13.81 38.02 125,995

1.52 1.32 .14

(.51)

10.07 (8.93)

108,096

1.53 1.32 1.54 42

(.09)

15.70 (.15)

3,350

.50

.25

5.34 12

(.21)

15.82 28.99 2,593

.50

.24

1.71 4

(.58)

12.43 7.99 2,142

.52

.21

1.90 35

(1.43)

12.06 (17.57)

2,629

.52

.22

4.80 10

(.17)

16.08 39.55 3,145

.52

.24

2.56 66

(.62)

11.66 (7.90)

5,005

.53

.24

2.93 42

(.08)

14.67 (.36)

4,177

1.00 .75

3.84 12

(.16)

14.81 28.25 4,388

1.00 .74

1.26 4

(.54)

11.68 7.48 4,425

1.02 .71

1.38 35

(1.37)

11.38 (17.98)

6,567

1.02 .72

3.78 10

(.12)

15.26 38.94 7,713

1.02 .74

1.37 66

(.56)

11.08 (8.38)

6,605

1.03 .74

2.39 42

(.09)

15.62 (.18)

83,722

.50

.33

3.88 12

(.20)

15.74 28.80 56,671

.50

.32

1.61 4

(.57)

12.38 7.88 47,682

.52

.29

1.80 35

(1.42)

12.02 (17.57)

52,542

.52

.30

4.96 10

(.17)

16.02 39.45 78,256

.52

.32

2.17 66

(.60)

11.62 (8.03)

71,250

.52

.32

3.52 42

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

Underlying

Funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Administrative

fees

$

9,804

Distribution

fees

72,142

Shareholder

servicing

fees

16,688

Transfer

agent

fees

45,672

Trustees'

fees

$

144,732

#### 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

$

$

922

$

$

$

5,801

$

$

Global

Real

Estate

Securities

Fund

13,611

650

3,326

(567)

(143)

10,225

—

Multifactor

U.S.

Equity

Fund

62,525

16,419

4,897

724

(16,839)

57,932

1,358

13,555

U.S.

Small

Cap

Equity

Fund

16,804

2,321

3,989

(251)

(3,256)

11,629

1,474

U.S.

Strategic

Equity

Fund

32,835

15,850

2,546

(4,496)

41,833

2,835

Long

Duration

Bond

Fund

7,437

1,730

692

(32)

8,444

—

Opportunistic

Credit

Fund

6,218

822

(122)

5,583

—

Emerging

Markets

Fund

18,409

1,366

2,071

(254)

17,580

—

Global

Equity

Fund

90,062

6,625

6,023

(6,146)

84,721

1,245

5,157

Multifactor

International

Equity

Fund

30,319

2,375

10,125

925

23,582

1,543

—

Multi-Asset

Strategy

Fund

24,819

846

2,469

(87)

(64)

23,045

598

—

$

309,275

$

48,761

$

37,882

$

1,360

$

(31,139)

$

290,375

$

6,849

$

23,129

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

265,324,585

$

25,744,109

$

(694,146)

$

25,049,963

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Highlights

\*

For

the

period

ended

April

30,

2025

(Unaudited)

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(‡)

Recognition

of

net

investment

income

by

the

Fund

is

affected

by

the

timing

of

the

declaration

of

dividends

by

the

Underlying

Funds

in

which

the

Fund

invests.

(ǿ)

The

ratios

or

returns

for

periods

less

than

one

year

are

not

annualized.

(±)

Total

return

for

Class

A

does

not

reflect

a

front-end

sales

charge.

If

sales

charges

were

included,

the

total

return

would

be

lower.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(≠)

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,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

five

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

April

30,

2025. Each

of

the

Funds

listed

in

the

table

below

is

a

"fund

of

funds"

and

diversifies

its

assets

by

investing

in

shares

of

several

other

RIC

funds

(the

"Underlying

Funds").

These

financial

statements

should

be

read

in

conjunction

with

the

financial

statements

of

the

Underlying

Funds,

which

can

be

obtained

at

russellinvestments.com.

Each

Fund

seeks

to

achieve

its

specific

investment

objective

by

investing

in

different

combinations

of

Underlying

Funds.

The

following

table

shows

each

Fund's

approximate

target

strategic

asset

allocation

to

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

as

of

April

30,

2025. The

equity

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multifactor

U.S.

Equity,

U.S.

Strategic

Equity,

Sustainable

Aware

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

Global

Equity

and

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond

and

Short

Duration

Bond

Funds.

The

multi-asset

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds.

The

alternative

Underlying

Funds

in

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

of

investing

in

combinations

of

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

to

result

in

investment

diversification

that

an

investor

could

otherwise

achieve

only

by

holding

numerous

individual

investments.

Russell

Investment

Management,

LLC

("RIM"),

the

Funds'

investment

adviser,

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

to

the

Underlying

Funds

in

which

a

Fund

invests,

from

time

to

time.

RIM's

allocation

decisions

are

generally

based

on

RIM's

outlook

on

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

a

Fund's

target

strategic

asset

allocation

by

up

to

+/-

5%

at

the

equity,

fixed

income,

multi-asset

or

alternative

asset

class

level

based

on

RIM's

capital

markets

research.

A

Fund's

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

at

any

point

in

time

due

to

market

movements

and/or

due

to

the

implementation

over

a

period

of

time

of

a

change

to

the

target

strategic

asset

allocation

including

the

addition

of

a

new

Underlying

Fund.

A

Fund's

target

strategic

asset

allocation

and

the

Underlying

Funds

in

which

a

Fund

may

invest

may

be

changed

from

time

to

time

without

shareholder

notice

or

approval.

\*

As

described

above,

actual

asset

allocation

may

vary.

#

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

of

traditional

broad

market

equity

or

fixed

income

funds.

2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

#### 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%

5%

Multi-Asset

8%

8%

8%

8%

8%

Alternative#

2%

2%

4%

5%

5.5%

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

In

this

reporting

period,

the

Funds

adopted

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

operating

results.

Topic

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.

The

Funds'

adviser,

RIM,

serves

as

the

CODM.

Since

RIM

evaluates

each

Fund

holistically,

each

Fund

is

a

single

reporting

segment.

RIM

uses

total

returns,

Fund

expense

information,

and

share

transactions

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

Funds'

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

("ASU"),

ASU

2023-09,

Improvements

to

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Underlying

Funds.

With

respect

to

an

Underlying

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Underlying

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

shares

of

the

Underlying

Funds

at

the

current

net

asset

value

("NAV")

per

share

of

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

It

establishes

a

fair

value

hierarchy

that

prioritizes

inputs

to

valuation

methods,

requires

a

separate

disclosure

of

the

fair

value

hierarchy

for

each

major

category

of

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

1,

2,

and

3).

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Levels

1,

and

of

the

fair

value

hierarchy

are

defined

as

follows:

Level

—

Quoted

prices

(unadjusted)

in

active

markets

or

exchanges

for

identical

assets

and

liabilities.

Level

—

Inputs

other

than

quoted

prices

included

within

Level

that

are

observable,

which

may

include,

but

are

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

and

inputs

such

as

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

or

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

by

RIM,

that

are

used

in

determining

the

fair

value

of

investments.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(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:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

registered

open-end

investment

companies,

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

without

further

adjustment

as

a

practical

expedient.

As

of

April

30,

2025,

all

investments

held

were

classified

as

Level

within

the

fair

value

hierarchy.

Investment

Transactions

Investment

transactions

are

reflected

as

of

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

in

the

financial

statements

to

be

different

from

the

NAV

at

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

if

applicable,

are

recorded

on

the

basis

of

specific

identified

cost

incurred.

Investment

Income

Distributions

of

income

and

capital

gains

from

the

Funds

or

Underlying

Funds

are

recorded

on

the

ex-dividend

date.

Federal

Income

Taxes

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

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,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2021

through

October

31,

2023,

no

examinations

are

in

progress

or

anticipated

at

this

time.

The

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

Dividends

and

Distributions

to

Shareholders

Income

dividends,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

dividends

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

the

Underlying

Funds

sold

at

a

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.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

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

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

economies

and

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

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

Funds

the

same

impact

on

all

types

of

securities

and

may

expose

an

Underlying

Fund

to

greater

market

and

liquidity

risk

and

potential

difficulty

in

valuing

portfolio

instruments

held

by

an

Underlying

Fund.

This

could

cause

an

Underlying

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

("public

health

events")

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Underlying

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

an

Underlying

Fund's

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

an

Underlying

Fund's

investments

and

performance.

3. #### Investment

#### Transactions
Underlying

Funds

During

the

period

ended

April

30,

2025,

purchases

and

sales

of

Underlying

Funds

were

as

follows:

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser,

Administrator,

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

shows

the

total

amount

of

each

of

these

fees

paid

by

the

Funds

for

the

period

ended

April

30,

2025:

#### Purchases

#### Sales
Conservative

Strategy

Fund

$

11,175,308

$

17,556,203

Moderate

Strategy

Fund

15,945,392

18,755,439

Balanced

Strategy

Fund

97,837,090

104,579,791

Aggressive

Strategy

Fund

89,715,494

83,536,168

Equity

Aggressive

Strategy

Fund

48,760,579

37,881,961

#### Funds

#### Advisory

#### Administrative
Conservative

Strategy

Fund

$

57,522

$

14,381

Moderate

Strategy

Fund

106,936

26,734

Balanced

Strategy

Fund

525,376

131,344

Aggressive

Strategy

Fund

502,373

125,593

Equity

Aggressive

Strategy

Fund

257,754

64,438

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

Waivers

and

Reimbursements

RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Conservative

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.05%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.05%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.13%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

0.13%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Aggressive

Strategy

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Direct

Fund-level

expenses

do

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

or

the

expenses

of

other

investment

companies

in

which

the

Fund

invests,

including

the

Underlying

Funds,

which

are

borne

indirectly

by

the

Fund.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

as

transfer

agent

and

provides

dividend

disbursing

services

to

the

Funds.

For

this

service,

RIFUS

is

paid

a

fee

based

upon

the

average

daily

net

assets

of

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

Transfer

agency

fees

are

class-level

expenses

and

may

differ

by

class.

RIFUS

retains

a

portion

of

this

fee

for

services

provided

to

the

Funds

and

pays

the

balance

to

unaffiliated

agents

who

assist

in

providing

these

services.

Transfer

agency

fees

paid

by

the

Funds

presented

herein

for

the

period

ended

April

30,

2025

were

as

follows:

#### Funds

#### Amount
Conservative

Strategy

Fund

$

67,673

Moderate

Strategy

Fund

125,805

Balanced

Strategy

Fund

618,079

Aggressive

Strategy

Fund

591,026

Equity

Aggressive

Strategy

Fund

303,236

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

RIFUS

has

contractually

agreed

to

waive,

through

February

28,

2026,

a

portion

of

its

transfer

agency

fees

for

certain

classes

of

certain

Funds

as

set

forth

below:

As

of

April

30,

2025,

RIM

and

RIFUS

waived

and

reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

to

recover

amounts

waived

or

reimbursed

from

previous

periods.

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

The

Investment

Company

has

distribution

plans

pursuant

to

Rule

12b-1

(the

"Plans")

under

the

Investment

Company

Act.

Under

the

Plans,

the

Investment

Company

is

authorized

to

make

payments

to

the

Distributor

or

any

selling

agents,

as

defined

in

the

Plans,

for

sales

support

services

provided,

and

related

expenses

incurred

which

are

primarily

intended

to

result

in

the

sale

of

the

Class

A,

Class

C

and

Class

R5

Shares

subject

to

the

Plan.

12b-1

distribution

payments

are

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

A

and

Class

R5

Shares

and

0.75%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

Shares

on

an

annual

basis.

In

addition,

the

Investment

Company

has

adopted

shareholder

services

plans

under

which

the

Funds

may

make

payments

to

the

Distributor

or

any

servicing

agent

for

any

activities

or

expenses

primarily

intended

to

assist,

support

or

service

the

servicing

agents'

clients

who

beneficially

own

Class

C

and

Class

R5

Shares

of

the

Funds.

The

shareholder

servicing

payments

will

not

exceed

0.25%

of

the

average

daily

net

assets

of

a

Fund's

Class

C

and

Class

R5

Shares

on

an

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

("CDSC")

and

asset-based

sales

charges

on

Class

A,

Class

C

and

Class

R5

Shares

of

the

Funds

may

not

exceed

7.25%,

6.25%

and

6.25%,

respectively,

of

total

gross

sales,

subject

to

certain

exclusions.

Pursuant

to

the

rules

of

the

Financial

Industry

Regulatory

Authority,

Inc.

("FINRA"),

these

limitations

are

imposed

at

the

class

level

on

each

class

of

shares

of

each

Fund

rather

than

on

a

per

shareholder

basis.

Therefore,

long-term

shareholders

of

Class

A,

Class

C

or

Class

R5

Shares

may

pay

more

than

the

economic

equivalent

of

the

maximum

sales

charges

permitted

by

FINRA.

Aggregate

initial

sales

charges

and

CDSC

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment,

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

The

Distributor

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

Class

A

Shares

for

the

period

ended

April

30,

2025:

#### Funds/Classes

#### Waivers
Conservative

Strategy

Fund

–

Class

A

&

C

0.08%

Conservative

Strategy

Fund

–

Class

S

0.02%

Conservative

Strategy

Fund

–

Class

R1

&

R5

0.15%

Moderate

Strategy

Fund

–

Class

A,

C,

R1

&

R5

0.08%

Balanced

Strategy

Fund

–

Class

A

&

C

0.10%

Balanced

Strategy

Fund

–

Class

R1

&

R5

0.06%

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.05%

Equity

Aggressive

Strategy

Fund

–

Class

R1

&

R5

0.08%

#### Funds

#### RIM

#### Waiver

#### RIM

#### Reimbursement

#### RIFUS

#### Waiver

#### Total
Conservative

Strategy

Fund

$

57,522

$

57,409

$

26,484

$

141,415

Moderate

Strategy

Fund

106,936

51,403

43,291

201,630

Balanced

Strategy

Fund

154,52

—

258,782

413,305

Aggressive

Strategy

Fund

384,168

—

4,021

388,189

Equity

Aggressive

Strategy

Fund

250,634

—

3,104

253,738

#### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

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,

2025,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,149,000.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

April

30,

2025

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

April

30,

2025,

there

were

no

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains

in

each

succeeding

period.

6. #### Record

#### Ownership
As

of

April

30,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

April

30,

2025. 8. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Funds

#### CDSC

#### Retained

#### by

#### Distributor

#### Aggregate

#### Front-End

#### Sales

#### Charges

#### Front-End

#### Sales

#### Charges

#### Retained

#### by

#### Distributor
Conservative

Strategy

Fund

$

$

608

$

Moderate

Strategy

Fund

—

4,246

582

Balanced

Strategy

Fund

39,634

6,981

Aggressive

Strategy

Fund

—

63,665

11,344

Equity

Aggressive

Strategy

Fund

—

22,197

3,880

#### Funds

#### #

#### of

#### Shareholders

#### %
Co

nservative

Strategy

Fund

70.6 Moderate

Strategy

Fund

59.1 Balanced

Strategy

Fund

69.3 Aggressive

Strategy

Fund

61.7 Equity

Aggressive

Strategy

Fund

64.6 #### Russell

#### Investment

#### Company

#### LifePoints

####®

#### Funds

#### Adviser

#### and

#### Service

#### Providers

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Adviser

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

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

1301

Second

Avenue

Seattle,

WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle,

WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries
1301

Second

Avenue

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

1301

Second

Avenue

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

1301

Second

Avenue

Seattle,

Washington

98101

800-787-7354

Fax:

206-505-3495

https://russellinvestments.com

2025

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

Russell

Investment

Company

April

30,

2025

FUND

SHARE

CLASS

#### U.S.

#### Equity

#### Funds
Multifactor

U.S.

Equity

Fund

A,

C,

M,

R6,

S,

Y

Equity

Income

Fund

A,

C,

S,

Y

Sustainable

Aware

Equity

Fund

(formerly,

Sustainable

Equity

Fund)

A,

C,

S,

Y

U.S.

Strategic

Equity

Fund

A,

C,

M,

S,

Y

U.S.

Small

Cap

Equity

Fund

A,

C,

M,

R6,

S,

Y

#### International

#### and

#### Global

#### Equity

#### Funds
Multifactor

International

Equity

Fund

M,

R6,

S,

Y

International

Developed

Markets

Fund

A,

C,

M,

S,

Y

Global

Equity

Fund

A,

C,

M,

S,

Y

Emerging

Markets

Fund

A,

C,

M,

R6,

S,

Y

#### Tax-Managed

#### Equity

#### Funds
Tax-Managed

U.S.

Large

Cap

Fund

A,

C,

M,

S

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

A,

C,

M,

S

Tax-Managed

International

Equity

Fund

A,

C,

M,

S

Tax-Managed

Real

Assets

Fund

A,

C,

M,

S

#### Fixed

#### Income

#### Funds
Opportunistic

Credit

Fund

A,

C,

M,

S,

Y

Long

Duration

Bond

Fund

M,

S,

Y

Strategic

Bond

Fund

A,

C,

M,

R6,

S,

Y

Investment

Grade

Bond

Fund

A,

C,

M,

R6,

S,

Y

Short

Duration

Bond

Fund

A,

C,

M,

R6,

S,

Y

#### Tax

#### Exempt

#### Fixed

#### Income

#### Funds
Tax-Exempt

High

Yield

Bond

Fund

A,

C,

M,

S

Tax-Exempt

Bond

Fund

A,

C,

M,

S

#### Alternative

#### Funds
Global

Infrastructure

Fund

A,

C,

M,

S,

Y

Global

Real

Estate

Securities

Fund

A,

C,

M,

R6,

S,

Y

#### Specialty

#### Funds
Multi-Strategy

Income

Fund

A,

C,

M,

S,

Y

Multi-Asset

Strategy

Fund

(formerly,

Multi-Asset

Growth

Strategy

Fund)

A,

C,

M,

S,

Y

Russell

Investment

Company

Russell

Investment

Company

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

Funds.

These

financial

statements

report

on

of

these

Funds.

Page

Multifactor

U.S.

Equity

Fund

(Form

N-CSR

item

7)

Equity

Income

Fund

(Form

N-CSR

Item

7)

Sustainable

Aware

Equity

Fund

(Form

N-CSR

Item

7)

U.S.

Strategic

Equity

Fund

(Form

N-CSR

item

7)

U.S.

Small

Cap

Equity

Fund

(Form

N-CSR

item

7)

Multifactor

International

Equity

Fund

(Form

N-CSR

Item

7)

International

Developed

Markets

Fund

(Form

N-CSR

Item

7)

Global

Equity

Fund

(Form

N-CSR

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)

529

Global

Infrastructure

Fund

(Form

N-CSR

Item

7)

619

Global

Real

Estate

Securities

Fund

(Form

N-CSR

Item

7)

635

Multi-Strategy

Income

Fund

(Form

N-CSR

Item

7)

649

Multi-Asset

Strategy

Fund

(Form

N-CSR

item

7)

691

Notes

to

Schedules

of

Investments

(Form

N-CSR

Item

7)

725

Notes

to

Financial

Highlights

(Form

N-CSR

Item

7)

727

Notes

to

Financial

Statements

(Form

N-CSR

Item

7)

728

Affiliated

Brokerage

Transactions

(Form

N-CSR

Item

7)

760

Basis

for

Approval

of

Investment

Advisory

Contracts

(Form

N-CSR

Item

11)

761

Adviser,

Money

Managers

and

Service

Providers

762

Russell

Investment

Company

Semi-annual

Financial

Statements

and

Other

Information

April

30,

2025

(Unaudited)

Table

of

Contents

Russell

Investment

Company

Copyright©

Russell

Investments

2025. All

rights

reserved.

Russell

Investments'

ownership

is

composed

of

a

majority

stake

held

by

funds

managed

by

TA

Associates

Management,

L.P.,

with

a

significant

minority

stake

held

by

funds

managed

by

Reverence

Capital

Partners,

L.P.

Certain

of

Russell

Investments'

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

is

the

owner

of

the

Russell

trademarks

contained

in

this

material

and

all

trademark

rights

related

to

the

Russell

trademarks,

which

the

members

of

the

Russell

Investments

group

of

companies

are

permitted

to

use

under

license

from

Frank

Russell

Company.

The

members

of

the

Russell

Investments

group

of

companies

are

not

affiliated

in

any

manner

with

Frank

Russell

Company

or

any

entity

operating

under

the

"FTSE

RUSSELL"

brand.

Fund

objectives,

risks,

charges

and

expenses

should

be

carefully

considered

before

investing.

A

prospectus

containing

this

and

other

important

information

must

precede

or

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

of

Rus-

sell

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.3%
Consumer

Discretionary

-

13.2%

Amazon.com,

Inc.(Æ)

59,559

10,984

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

796

Bath

&

Body

Works,

Inc.

1,920

Best

Buy

Co.,

Inc.

3,216

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

2,758

BorgWarner,

Inc.

1,819

Boyd

Gaming

Corp.

958

Burlington

Stores,

Inc.(Æ)

692

Carnival

Corp.(Æ)

11,699

Carvana

Co.(Æ)

1,243

Cava

Group,

Inc.(Æ)

903

Charter

Communications,

Inc.

Class

A(Æ)

962

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

7,670

Choice

Hotels

International,

Inc.

539

Comcast

Corp.

Class

A

41,961

1,435

Costco

Wholesale

Corp.

2,661

2,646

Coupang,

Inc.(Æ)

17,597

Crocs,

Inc.(Æ)

1,308

Curtiss-Wright

Corp.

710

Deckers

Outdoor

Corp.(Æ)

2,703

Dick's

Sporting

Goods,

Inc.

Dollar

General

Corp.

3,709

Dollar

Tree,

Inc.(Æ)

2,849

Domino's

Pizza,

Inc.

DR

Horton,

Inc.

3,934

DraftKings,

Inc.

Class

A(Æ)

1,830

Duolingo,

Inc.(Æ)

547

Dutch

Bros,

Inc.

Class

A(Æ)

1,323

eBay,

Inc.

2,933

Expedia

Group,

Inc.

1,323

FactSet

Research

Systems,

Inc.

526

Ferguson

Enterprises,

Inc.

1,029

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

Ford

Motor

Co.

39,630

Fox

Corp.

Class

A

7,462

Fox

Corp.

Class

B

2,025

Freshpet,

Inc.(Æ)

646

Gap,

Inc.

(The)

5,806

Garmin,

Ltd.

2,093

General

Motors

Co.

16,813

761

Genuine

Parts

Co.

1,657

Hasbro,

Inc.

1,334

Hilton

Worldwide

Holdings,

Inc.

947

Home

Depot,

Inc.

(The)

5,636

2,032

Hubbell,

Inc.

Class

B

1,016

Interpublic

Group

of

Cos.,

Inc.

(The)

3,570

Las

Vegas

Sands

Corp.

1,986

Lennar

Corp.

Class

A

2,387

Liberty

Broadband

Corp.

Class

C(Æ)

1,505

Liberty

Media

Corp.

Class

C(Æ)

1,527

Lithia

Motors,

Inc.

Class

A

Live

Nation

Entertainment,

Inc.(Æ)

808

Lowe's

Cos.,

Inc.

2,299

514

Lululemon

Athletica,

Inc.(Æ)

873

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Macy's,

Inc.

6,087

Mattel,

Inc.(Æ)

7,628

McDonald's

Corp.

1,583

506

MGM

Resorts

International(Æ)

2,433

Netflix,

Inc.

Class

B(Æ)

2,294

2,596

New

York

Times

Co.

(The)

Class

A

1,857

Nexstar

Media

Group,

Inc.

Class

A

NIKE,

Inc.

Class

B

3,703

Nordstrom,

Inc.

3,172

Norton

LifeLock

Inc.

3,315

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

5,559

NVR,

Inc.(Æ)

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

869

Omnicom

Group,

Inc.

2,818

O'Reilly

Automotive,

Inc.(Æ)

Paramount

Global

Class

B

8,551

Planet

Fitness,

Inc.

Class

A(Æ)

1,108

PulteGroup,

Inc.

4,910

504

PVH

Corp.

915

Ralph

Lauren

Corp.

Class

A

605

RB

Global,

Inc.

1,614

Restoration

Hardware(Æ)

Ross

Stores,

Inc.

1,901

Royal

Caribbean

Cruises,

Ltd.

1,915

Service

Corp.

International

1,165

SharkNinja,

Inc.(Æ)

1,133

Skechers

USA,

Inc.

Class

A(Æ)

2,858

Somnigroup

International,

Inc.

1,425

Tapestry,

Inc.

5,521

Target

Corp.

5,222

505

Tesla,

Inc.(Æ)

16,970

4,788

Texas

Roadhouse,

Inc.

Class

A

1,242

Thor

Industries,

Inc.

1,181

TJX

Cos.,

Inc.

(The)

7,516

967

Toll

Brothers,

Inc.

1,942

Tractor

Supply

Co.

4,462

Travel

+

Leisure

Co.

2,210

Ulta

Beauty,

Inc.(Æ)

VF

Corp.

3,297

Walmart,

Inc.

25,221

2,453

Walt

Disney

Co.

(The)

5,171

Whirlpool

Corp.

598

Williams-Sonoma,

Inc.

1,961

YETI

Holdings,

Inc.(Æ)

2,278

Yum!

Brands,

Inc.

1,045

Zillow

Group,

Inc.(Æ)

2,182

46,439

Consumer

Staples

-

3.9%

Albertsons

Cos.,

Inc.

Class

A

5,977

Altria

Group,

Inc.

11,995

709

Archer-Daniels-Midland

Co.

6,798

BellRing

Brands,

Inc.(Æ)

2,448

Bunge,

Ltd.

1,119

Campbell

Co.

(The)

3,300

Casey's

General

Stores,

Inc.

715

Church

&

Dwight

Co.,

Inc.

2,327

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Clorox

Co.

(The)

1,720

Coca-Cola

Co.

(The)

13,820

1,003

Coca-Cola

Consolidated,

Inc.

Colgate-Palmolive

Co.

2,035

Conagra

Brands,

Inc.

7,461

CVS

Health

Corp.

10,995

733

elf

Beauty,

Inc.(Æ)

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

1,212

Flowers

Foods,

Inc.

4,901

General

Mills,

Inc.

7,264

Hershey

Co.

(The)

1,211

Hormel

Foods

Corp.

4,375

Ingredion,

Inc.

1,851

JM

Smucker

Co.

(The)

1,686

Kellanova

2,838

Kenvue,

Inc.

3,625

Keurig

Dr

Pepper,

Inc.

13,563

Kimberly-Clark

Corp.

2,218

Kraft

Heinz

Co.

(The)

10,748

Kroger

Co.

(The)

11,794

852

McCormick

&

Co.,

Inc.

1,227

Molson

Coors

Beverage

Co.

Class

B

2,296

Mondelez

International,

Inc.

Class

A

10,299

702

Monster

Beverage

Corp.(Æ)

5,303

PepsiCo,

Inc.

4,602

624

Performance

Food

Group

Co.(Æ)

1,343

Philip

Morris

International,

Inc.

6,487

1,112

Post

Holdings,

Inc.(Æ)

969

Procter

&

Gamble

Co.

(The)

11,213

1,823

Sysco

Corp.

1,358

Tyson

Foods,

Inc.

Class

A

4,099

US

Foods

Holding

Corp.(Æ)

2,844

Walgreens

Boots

Alliance,

Inc.

7,568

13,840

Energy

-

3.5%

Baker

Hughes

Co.

6,770

Chevron

Corp.

13,574

1,847

Coterra

Energy,

Inc.

14,818

Devon

Energy

Corp.

8,756

Diamondback

Energy,

Inc.

2,707

Eaton

Corp.

PLC

2,196

646

EOG

Resources,

Inc.

6,487

716

EQT

Corp.

2,549

Exxon

Mobil

Corp.

31,696

3,348

First

Solar,

Inc.(Æ)

Halliburton

Co.

7,611

Hess

Corp.

2,566

HF

Sinclair

Corp.

3,158

Kinder

Morgan,

Inc.

8,147

Marathon

Petroleum

Corp.

2,749

Matador

Resources

Co.

1,878

Occidental

Petroleum

Corp.

5,562

ONEOK,

Inc.

2,577

Phillips

3,517

Range

Resources

Corp.

5,073

Schlumberger

NV

10,968

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Targa

Resources

Corp.

1,855

TechnipFMC

PLC

5,288

Texas

Pacific

Land

Corp.

Valero

Energy

Corp.

3,769

Weatherford

International

PLC

1,431

Williams

Cos.,

Inc.

(The)

7,696

12,273

Financial

Services

-

15.9%

Affirm

Holdings,

Inc.(Æ)

2,312

Aflac,

Inc.

8,616

936

Allstate

Corp.

(The)

3,705

735

Ally

Financial,

Inc.

2,437

American

Express

Co.

2,694

718

American

Financial

Group,

Inc.

1,712

American

Homes

Rent

Class

A(ö)

2,149

American

International

Group,

Inc.

3,964

American

Tower

Corp.(ö)

722

Ameriprise

Financial,

Inc.

602

Aon

PLC

Class

A

1,330

Apollo

Global

Management,

Inc.

2,719

Arch

Capital

Group,

Ltd.

4,191

Ares

Management

Corp.

Class

A

510

Arthur

J

Gallagher

&

Co.

915

Assurant,

Inc.

1,120

Assured

Guaranty,

Ltd.

571

AvalonBay

Communities,

Inc.(ö)

1,103

Axis

Capital

Holdings,

Ltd.

842

Bank

of

America

Corp.

36,563

1,458

Bank

of

New

York

Mellon

Corp.

(The)

8,652

696

Berkshire

Hathaway,

Inc.

Class

B(Æ)

10,881

5,802

BlackRock,

Inc.

614

561

Blackstone,

Inc.

Class

A

1,684

Blue

Owl

Capital,

Inc.

5,065

Brixmor

Property

Group,

Inc.(ö)

2,908

Brown

&

Brown,

Inc.

4,191

Capital

One

Financial

Corp.

4,075

735

Carlyle

Group,

Inc.

(The)

1,842

Cboe

Global

Markets,

Inc.

622

CBRE

Group,

Inc.

Class

A(Æ)

2,680

Charles

Schwab

Corp.

(The)

2,363

Chubb,

Ltd.

3,987

1,141

Cincinnati

Financial

Corp.

1,967

Citigroup,

Inc.

14,564

996

Citizens

Financial

Group,

Inc.

3,560

CME

Group,

Inc.

Class

A

1,532

Coinbase

Global,

Inc.

Class

A(Æ)

1,110

Columbia

Banking

System,

Inc.

3,183

Comerica,

Inc.

1,941

Commerce

Bancshares,

Inc.

2,697

Corebridge

Financial,

Inc.

2,500

Crown

Castle,

Inc.(ö)

1,505

CubeSmart(ö)

1,353

Cullen/Frost

Bankers,

Inc.

1,061

Discover

Financial

Services

2,688

East

West

Bancorp,

Inc.

2,122

Equinix,

Inc.(ö)

510

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Equitable

Holdings,

Inc.

3,416

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

1,554

Equity

Residential(ö)

1,450

Essex

Property

Trust,

Inc.(ö)

604

Evercore,

Inc.

Class

A

Everest

Re

Group,

Ltd.

678

Extra

Space

Storage,

Inc.(ö)

707

Fidelity

National

Financial,

Inc.

1,068

Fifth

Third

Bancorp

7,583

First

American

Financial

Corp.

870

First

Citizens

BancShares,

Inc.

Class

A

First

Horizon

Corp.

8,093

Gaming

and

Leisure

Properties,

Inc.(ö)

4,213

Globe

Life,

Inc.

2,321

Goldman

Sachs

Group,

Inc.

(The)

2,452

1,343

Hanover

Insurance

Group,

Inc.

(The)

820

Hartford

Financial

Services

Group,

Inc.

(The)

4,522

555

Host

Hotels

&

Resorts,

Inc.(ö)

8,665

Houlihan

Lokey,

Inc.

Class

A

1,324

Huntington

Bancshares,

Inc.

16,108

Interactive

Brokers

Group,

Inc.

Class

A

1,127

Intercontinental

Exchange,

Inc.

1,295

Invitation

Homes,

Inc.(ö)

2,929

Janus

Henderson

Group

PLC

1,924

Jefferies

Financial

Group,

Inc.

2,195

Jones

Lang

LaSalle,

Inc.(Æ)

974

JPMorgan

Chase

&

Co.

18,479

4,520

Kemper

Corp.

1,173

KeyCorp

7,945

Kimco

Realty

Corp.(ö)

5,866

Kinsale

Capital

Group,

Inc.

KKR

&

Co.,

Inc.

Class

A

2,451

Lazard,

Inc.

1,495

Lincoln

National

Corp.

2,213

Loews

Corp.

1,908

LPL

Financial

Holdings,

Inc.

1,305

M&T

Bank

Corp.

2,044

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

986

MasterCard,

Inc.

Class

A

5,244

2,874

MetLife,

Inc.

5,386

MGIC

Investment

Corp.

3,554

Mid-America

Apartment

Communities,

Inc.

(ö)

644

Morgan

Stanley

10,102

1,166

Morningstar,

Inc.

Nasdaq,

Inc.

3,885

NET

Lease

Office

Properties(Æ)(ö)

—

Northern

Trust

Corp.

3,691

NU

Holdings,

Ltd.

Class

A(Æ)

20,209

Old

Republic

International

Corp.

5,400

Omega

Healthcare

Investors,

Inc.(ö)

3,500

OneMain

Holdings,

Inc.

2,166

Pinnacle

Financial

Partners,

Inc.

1,178

PNC

Financial

Services

Group,

Inc.

(The)

4,246

682

Primerica,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Principal

Financial

Group,

Inc.

2,911

Progressive

Corp.

(The)

4,683

1,319

Prologis,

Inc.(ö)

1,584

Prosperity

Bancshares,

Inc.

1,736

Prudential

Financial,

Inc.

2,934

Public

Storage(ö)

Raymond

James

Financial,

Inc.

2,905

Realty

Income

Corp.(ö)

2,577

Regency

Centers

Corp.(ö)

2,789

Regions

Financial

Corp.

12,022

Reinsurance

Group

of

America,

Inc.

Class

A

RenaissanceRe

Holdings,

Ltd.

1,008

RLI

Corp.

1,652

Robinhood

Markets,

Inc.

Class

A(Æ)

7,058

Ryan

Specialty

Holdings,

Inc.

Class

A

1,330

SBA

Communications

Corp.(ö)

697

SEI

Investments

Co.

2,168

SoFi

Technologies,

Inc.(Æ)

11,697

State

Street

Corp.

5,465

Stifel

Financial

Corp.

1,593

Synchrony

Financial

6,219

Synovus

Financial

Corp.

2,118

T

Rowe

Price

Group,

Inc.

2,103

Tradeweb

Markets,

Inc.

Class

A

1,736

Travelers

Cos.,

Inc.

(The)

3,850

1,017

Truist

Financial

Corp.

13,295

510

Unum

Group

3,689

US

Bancorp

17,735

715

Ventas,

Inc.(ö)

3,347

VICI

Properties,

Inc.(ö)

11,489

Visa,

Inc.

Class

A

10,074

3,481

Vornado

Realty

Trust(ö)

1,849

Voya

Financial,

Inc.

774

W.R.

Berkley

Corp.

5,904

Webster

Financial

Corp.

1,472

Welltower,

Inc.(ö)

3,197

Western

Alliance

Bancorp

957

Western

Union

Co.

(The)

6,292

White

Mountains

Insurance

Group,

Ltd.

Willis

Towers

Watson

PLC

646

Wintrust

Financial

Corp.

813

WP

Carey,

Inc.(ö)

3,613

XP,

Inc.

Class

A

6,822

Zions

Bancorp

NA

2,116

55,844

Health

Care

-

9.2%

Abbott

Laboratories

6,436

842

AbbVie,

Inc.

7,827

1,527

ABIOMED,

Inc.(Š)

505

—

Agilent

Technologies,

Inc.

2,071

Align

Technology,

Inc.(Æ)

603

Alnylam

Pharmaceuticals,

Inc.(Æ)

1,192

Amgen,

Inc.

842

Baxter

International,

Inc.

7,161

Becton

Dickinson

&

Co.

675

Biogen,

Inc.(Æ)

2,221

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Boston

Scientific

Corp.(Æ)

10,194

1,049

Bristol-Myers

Squibb

Co.

5,758

Cardinal

Health,

Inc.

2,428

Cencora,

Inc.

Class

A

1,125

Centene

Corp.(Æ)

4,836

Charles

River

Laboratories

International,

Inc.(Æ)

543

Chemed

Corp.

Cigna

Group

(The)

2,888

982

Cooper

Cos,

Inc.

(The)(Æ)

727

Danaher

Corp.

1,175

DaVita,

Inc.(Æ)

802

DexCom,

Inc.(Æ)

1,645

Doximity,

Inc.

Class

A(Æ)

2,057

Edwards

Lifesciences

Corp.(Æ)

2,255

Elanco

Animal

Health,

Inc.(Æ)

6,356

Elevance

Health,

Inc.

2,698

1,135

Eli

Lilly

&

Co.

4,297

3,863

Encompass

Health

Corp.

1,917

Exelixis,

Inc.(Æ)

6,122

GE

HealthCare

Technologies,

Inc.

976

Gilead

Sciences,

Inc.

7,842

836

Globus

Medical,

Inc.

Class

A(Æ)

2,296

HCA

Healthcare,

Inc.

1,414

Henry

Schein,

Inc.(Æ)

2,673

Hologic,

Inc.(Æ)

3,818

Humana,

Inc.

1,105

IDEXX

Laboratories,

Inc.(Æ)

573

Illumina,

Inc.(Æ)

1,368

Incyte

Corp.(Æ)

2,220

Inspire

Medical

Systems,

Inc.(Æ)

701

Insulet

Corp.(Æ)

816

Intuitive

Surgical,

Inc.(Æ)

1,992

1,027

Jazz

Pharmaceuticals

PLC(Æ)

803

Johnson

&

Johnson

12,196

1,906

Labcorp

Holdings,

Inc.

698

Masimo

Corp.(Æ)

910

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

9,227

782

Merck

&

Co.,

Inc.

12,592

1,073

Molina

Healthcare,

Inc.(Æ)

1,062

Natera,

Inc.(Æ)

1,207

Neurocrine

Biosciences,

Inc.(Æ)

1,140

Penumbra,

Inc.(Æ)

618

Pfizer,

Inc.

43,467

1,061

QIAGEN

N

V(Æ)

993

Quest

Diagnostics,

Inc.

1,208

Regeneron

Pharmaceuticals,

Inc.

974

583

ResMed,

Inc.

1,943

Royalty

Pharma

PLC

Class

A

1,509

Solventum

Corp.(Æ)

2,932

STERIS

PLC

Stryker

Corp.

2,316

866

Teleflex,

Inc.

778

Tenet

Healthcare

Corp.(Æ)

2,041

Thermo

Fisher

Scientific,

Inc.

798

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

Therapeutics

Corp.(Æ)

802

UnitedHealth

Group,

Inc.

4,586

1,887

Universal

Health

Services,

Inc.

Class

B

1,268

Veeva

Systems,

Inc.

Class

A(Æ)

2,274

531

Vertex

Pharmaceuticals,

Inc.(Æ)

1,339

682

Viatris,

Inc.

12,603

Waters

Corp.(Æ)

897

West

Pharmaceutical

Services,

Inc.

Zimmer

Biomet

Holdings,

Inc.

2,267

Zoetis,

Inc.

Class

A

2,275

32,123

Materials

and

Processing

-

3.9%

AAON,

Inc.

1,414

Acuity,

Inc.

767

Advanced

Drainage

Systems,

Inc.

585

Air

Products

&

Chemicals,

Inc.

578

Albemarle

Corp.

769

Alcoa

Corp.

2,268

Amcor

PLC

35,785

AptarGroup,

Inc.

1,257

Armstrong

World

Industries,

Inc.

1,161

Axalta

Coating

Systems,

Ltd.(Æ)

5,241

AZEK

Co.,

Inc.

(The)(Æ)

2,220

Ball

Corp.

4,369

Builders

FirstSource,

Inc.(Æ)

2,050

Carrier

Global

Corp.

3,014

Celanese

Corp.

Class

A

922

CF

Industries

Holdings,

Inc.

4,175

Copart,

Inc.(Æ)

6,135

CRH

PLC

7,294

696

Crown

Holdings,

Inc.

2,174

Darling

Ingredients,

Inc.(Æ)

3,004

Dow,

Inc.

7,050

DuPont

de

Nemours,

Inc.

3,622

Eastman

Chemical

Co.

1,561

Ecolab,

Inc.

1,827

Fastenal

Co.

4,636

FMC

Corp.

980

Fortune

Brands

Innovations,

Inc.

1,357

Freeport-McMoRan,

Inc.

3,240

General

Electric

Co.

2,822

569

Graphic

Packaging

Holding

Co.

5,271

International

Flavors

&

Fragrances,

Inc.

974

International

Paper

Co.

4,122

ITT,

Inc.

1,901

Johnson

Controls

International

PLC

1,328

Lennox

International,

Inc.

726

Linde

PLC

1,036

LKQ

Corp.

3,445

Louisiana-Pacific

Corp.

1,057

LyondellBasell

Industries

Class

A

2,407

Martin

Marietta

Materials,

Inc.

Masco

Corp.

757

MDU

Resources

Group,

Inc.

3,621

Mohawk

Industries,

Inc.(Æ)

556

Mosaic

Co.

(The)

3,511

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NewMarket

Corp.

Nucor

Corp.

3,511

Owens

Corning

1,507

Packaging

Corp.

of

America

1,891

Pool

Corp.

PPG

Industries,

Inc.

2,104

Reliance,

Inc.

839

Royal

Gold,

Inc.

852

RPM

International,

Inc.

3,167

Sealed

Air

Corp.

2,698

Sherwin-Williams

Co.

(The)

947

Silgan

Holdings,

Inc.

1,496

Simpson

Manufacturing

Co.,

Inc.

540

Smurfit

WestRock

PLC

11,283

Sonoco

Products

Co.

1,272

Southern

Copper

Corp.

783

Steel

Dynamics,

Inc.

2,250

Trane

Technologies

PLC

2,219

851

Trex

Co.,

Inc.(Æ)

1,007

United

States

Steel

Corp.

2,451

Valmont

Industries,

Inc.

532

Vulcan

Materials

Co.

868

Watsco,

Inc.

13,749

Producer

Durables

-

7.2%

AECOM

2,201

AGCO

Corp.

507

Alaska

Air

Group,

Inc.(Æ)

1,424

Allison

Transmission

Holdings,

Inc.

Class

A

2,063

American

Airlines

Group,

Inc.(Æ)

3,856

AMETEK,

Inc.

1,610

Amphenol

Corp.

Class

A

12,494

961

AO

Smith

Corp.

1,463

Aptiv

PLC(Æ)

2,408

Automatic

Data

Processing,

Inc.

1,528

Avery

Dennison

Corp.

1,008

Block,

Inc.

Class

A(Æ)

2,411

Booz

Allen

Hamilton

Holding

Corp.

Class

A

567

BWX

Technologies,

Inc.

1,473

C.H.

Robinson

Worldwide,

Inc.

2,069

Carlisle

Cos.,

Inc.

527

Caterpillar,

Inc.

1,693

524

Cintas

Corp.

3,857

816

CNH

Industrial

NV

5,842

Comfort

Systems

USA,

Inc.

644

Corpay,

Inc.(Æ)

973

CoStar

Group,

Inc.(Æ)

1,035

Crane

Co.

808

CSX

Corp.

4,352

Cummins,

Inc.

1,438

Deere

&

Co.

Delta

Air

Lines,

Inc.

11,515

Donaldson

Co.,

Inc.

1,885

Dover

Corp.

1,250

EMCOR

Group,

Inc.

760

Emerson

Electric

Co.

4,254

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Equifax,

Inc.

Expeditors

International

of

Washington,

Inc.

1,958

FedEx

Corp.

2,790

587

Flowserve

Corp.

2,897

Fortive

Corp.

1,321

FTI

Consulting,

Inc.(Æ)

647

Gartner,

Inc.(Æ)

Gates

Industrial

Corp.

PLC(Æ)

3,733

Generac

Holdings,

Inc.(Æ)

1,223

General

Dynamics

Corp.

1,046

Gentex

Corp.

4,499

Global

Payments,

Inc.

2,834

Graco,

Inc.

2,430

GXO

Logistics,

Inc.(Æ)

1,739

H&R

Block,

Inc.

943

Heico

Corp.

671

Honeywell

International,

Inc.

1,099

Howmet

Aerospace,

Inc.

4,024

558

Huntington

Ingalls

Industries,

Inc.

IDEX

Corp.

Illinois

Tool

Works,

Inc.

963

Ingersoll

Rand,

Inc.

2,113

Jacobs

Solutions,

Inc.

605

JB

Hunt

Transport

Services,

Inc.

959

Keysight

Technologies,

Inc.(Æ)

1,557

Kirby

Corp.(Æ)

704

Knight-Swift

Transportation

Holdings,

Inc.

1,725

L3Harris

Technologies,

Inc.

917

Landstar

System,

Inc.

Lincoln

Electric

Holdings,

Inc.

894

MarketAxess

Holdings,

Inc.

MasTec,

Inc.(Æ)

832

Mettler-Toledo

International,

Inc.(Æ)

Middleby

Corp.

(The)(Æ)

Moody's

Corp.

888

MSA

Safety,

Inc.

679

MSC

Industrial

Direct

Co.,

Inc.

Class

A

1,007

Murphy

USA,

Inc.

Nordson

Corp.

Norfolk

Southern

Corp.

1,426

Northrop

Grumman

Corp.

Old

Dominion

Freight

Line,

Inc.

1,145

Oshkosh

Corp.

744

Otis

Worldwide

Corp.

1,311

PACCAR,

Inc.

6,328

571

Parker-Hannifin

Corp.

853

516

Paychex,

Inc.

3,692

543

Paylocity

Holding

Corp.(Æ)

PayPal

Holdings,

Inc.(Æ)

3,359

Pentair

PLC

2,979

Quanta

Services,

Inc.

1,332

Republic

Services,

Inc.

Class

A

1,727

Robert

Half,

Inc.

1,622

Rockwell

Automation,

Inc.

Rollins,

Inc.

3,102

Ryder

System,

Inc.

982

S&P

Global,

Inc.

1,105

553

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Saia,

Inc.(Æ)

Snap-on,

Inc.

1,603

503

Southwest

Airlines

Co.

2,566

Stanley

Black

&

Decker,

Inc.

1,306

Teledyne

Technologies,

Inc.(Æ)

Tetra

Tech,

Inc.

1,936

Textron,

Inc.

2,363

Toast,

Inc.

Class

A(Æ)

8,527

TopBuild

Corp.(Æ)

532

Toro

Co.

(The)

1,187

Trade

Desk,

Inc.

(The)

Class

A(Æ)

4,166

TransDigm

Group,

Inc.

TransUnion

1,658

Trimble

Navigation,

Ltd.(Æ)

3,452

Union

Pacific

Corp.

1,024

United

Airlines,

Inc.(Æ)

4,613

United

Parcel

Service,

Inc.

Class

B

3,347

United

Rentals,

Inc.

Veralto

Corp.

1,922

Verisk

Analytics,

Inc.

Class

A

989

Vertiv

Holdings

Co.

Class

A

4,833

Vontier

Corp.

2,378

W.W.

Grainger,

Inc.

525

538

Waste

Management,

Inc.

914

WESCO

International,

Inc.

819

Westinghouse

Air

Brake

Technologies

Corp.

2,359

Woodward,

Inc.

XPO,

Inc.(Æ)

1,737

Xylem,

Inc.

1,562

Zebra

Technologies

Corp.

Class

A(Æ)

816

25,349

Technology

-

33.5%

Accenture

PLC

Class

A

2,372

710

Adobe,

Inc.(Æ)

1,275

Advanced

Micro

Devices,

Inc.(Æ)

2,585

Airbnb,

Inc.

Class

A(Æ)

1,573

Akamai

Technologies,

Inc.(Æ)

4,354

Allegion

PLC

1,761

Alphabet,

Inc.

Class

A

54,933

8,723

Alphabet,

Inc.

Class

C

11,781

1,895

Amdocs,

Ltd.

3,754

Amkor

Technology,

Inc.

2,896

Analog

Devices,

Inc.

1,291

ANSYS,

Inc.(Æ)

Appfolio,

Inc.

Class

A(Æ)

Apple,

Inc.

91,701

19,486

Applied

Materials,

Inc.

3,534

533

AppLovin

Corp.

Class

A(Æ)

2,528

681

Arista

Networks,

Inc.(Æ)

8,679

714

Arrow

Electronics,

Inc.(Æ)

938

Astera

Labs,

Inc.(Æ)

886

Atlassian

Corp.

Class

A(Æ)

2,006

Autodesk,

Inc.(Æ)

2,086

572

Avnet,

Inc.

2,640

Bentley

Systems,

Inc.

Class

B

2,353

BILL

Holdings,

Inc.(Æ)

1,598

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bio

Techne

Corp.

1,097

Booking

Holdings,

Inc.

678

Broadcom,

Inc.

26,875

5,173

Broadridge

Financial

Solutions,

Inc.

CACI

International,

Inc.

Class

A(Æ)

580

Cadence

Design

Systems,

Inc.(Æ)

1,376

CDW

Corp.

594

Ciena

Corp.(Æ)

1,324

Cirrus

Logic,

Inc.(Æ)

1,237

Cisco

Systems,

Inc.

30,658

1,770

Cloudflare,

Inc.

Class

A(Æ)

2,818

Cognizant

Technology

Solutions

Corp.

Class

A

11,900

875

Coherent

Corp.(Æ)

1,160

Confluent,

Inc.

Class

A(Æ)

3,052

Corning,

Inc.

2,643

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

1,717

736

Datadog,

Inc.

Class

A(Æ)

2,479

Dayforce,

Inc.(Æ)

1,834

DocuSign,

Inc.(Æ)

3,622

DoorDash,

Inc.

Class

A(Æ)

3,934

759

Dropbox,

Inc.

Class

A(Æ)

2,500

DXC

Technology

Co.(Æ)

3,068

Dynatrace,

Inc.(Æ)

5,436

Electronic

Arts,

Inc.

2,680

Entegris,

Inc.

639

EPAM

Systems,

Inc.(Æ)

981

F5,

Inc.(Æ)

1,177

Fair

Isaac

Corp.(Æ)

Fidelity

National

Information

Services,

Inc.

3,918

Fiserv,

Inc.(Æ)

3,617

668

Fortinet,

Inc.(Æ)

5,885

611

GCI

Liberty,

Inc.(Æ)(Š)

7,417

—

Genpact,

Ltd.

4,919

Gitlab,

Inc.

Class

A(Æ)

1,763

Globant

SA(Æ)

549

GoDaddy,

Inc.

Class

A(Æ)

1,203

Guidewire

Software,

Inc.(Æ)

930

Hewlett

Packard

Enterprise

Co.

19,747

HP,

Inc.

14,798

HubSpot,

Inc.(Æ)

Intel

Corp.

7,264

International

Business

Machines

Corp.

3,546

858

Intuit,

Inc.

960

602

Jabil,

Inc.

2,160

Jack

Henry

&

Associates,

Inc.

893

Juniper

Networks,

Inc.

3,824

KLA

Corp.

Kyndryl

Holdings,

Inc.(Æ)

2,114

Lam

Research

Corp.

23,918

1,714

Lattice

Semiconductor

Corp.(Æ)

1,297

Leidos

Holdings,

Inc.

3,319

Lyft,

Inc.

Class

A(Æ)

5,702

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

954

Manhattan

Associates,

Inc.(Æ)

1,032

Maplebear,

Inc.(Æ)

2,511

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Marvell

Technology,

Inc.

4,199

Match

Group,

Inc.

3,272

Meta

Platforms,

Inc.

Class

A

13,649

7,493

Microchip

Technology,

Inc.

1,842

Micron

Technology,

Inc.

6,238

Microsoft

Corp.

48,532

19,183

MicroStrategy,

Inc.

Class

A(Æ)

1,002

MongoDB,

Inc.(Æ)

590

Monolithic

Power

Systems,

Inc.

Motorola

Solutions,

Inc.

1,044

MSCI,

Inc.

Class

A

NetApp,

Inc.

1,899

Nutanix,

Inc.

Class

A(Æ)

4,300

NVIDIA

Corp.

152,776

16,640

ON

Semiconductor

Corp.(Æ)

8,970

Onto

Innovation,

Inc.(Æ)

549

Oracle

Corp.

5,718

805

Palantir

Technologies,

Inc.

Class

A(Æ)

12,265

1,453

Palo

Alto

Networks,

Inc.(Æ)

4,458

833

Paycom

Software,

Inc.

766

Pegasystems,

Inc.

883

Pinterest,

Inc.

Class

A(Æ)

5,219

Procore

Technologies,

Inc.(Æ)

1,843

PTC,

Inc.(Æ)

984

Pure

Storage,

Inc.

Class

A(Æ)

4,757

Qorvo,

Inc.(Æ)

2,384

QUALCOMM,

Inc.

4,451

661

ROBLOX

Corp.

Class

A(Æ)

3,414

Roper

Technologies,

Inc.

Salesforce,

Inc.

3,768

1,013

Sandisk

Corp.(Æ)

Science

Applications

International

Corp.

741

ServiceNow,

Inc.(Æ)

1,168

1,115

Skyworks

Solutions,

Inc.

3,739

Snowflake,

Inc.

Class

A(Æ)

661

Spotify

Technology

SA(Æ)

1,167

717

SS&C

Technologies

Holdings,

Inc.

4,870

Super

Micro

Computer,

Inc.(Æ)

13,077

Synopsys,

Inc.(Æ)

741

TD

SYNNEX

Corp.

1,573

Teradyne,

Inc.

1,467

Texas

Instruments,

Inc.

3,505

561

Twilio,

Inc.

Class

A(Æ)

1,698

Tyler

Technologies,

Inc.(Æ)

568

Uber

Technologies,

Inc.(Æ)

2,831

Universal

Display

Corp.

549

VeriSign,

Inc.

636

Western

Digital

Corp.

1,279

Workday,

Inc.

Class

A(Æ)

1,370

Zoom

Video

Communications,

Inc.

Class

A(Æ)

3,778

Zscaler,

Inc.(Æ)

526

117,685

Utilities

-

4.0%

Alliant

Energy

Corp.

2,001

Ameren

Corp.

1,294

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
American

Electric

Power

Co.,

Inc.

6,257

678

American

Water

Works

Co.,

Inc.

655

APA

Corp.

5,975

AT&T,

Inc.

77,733

2,153

Atmos

Energy

Corp.

1,597

Cheniere

Energy,

Inc.

1,089

Chord

Energy

Corp.

845

Civitas

Resources,

Inc.

1,545

CMS

Energy

Corp.

1,242

ConocoPhillips

12,888

1,149

Consolidated

Edison,

Inc.

3,870

Constellation

Energy

Corp.

1,301

Dominion

Energy,

Inc.

5,466

DTE

Energy

Co.

2,872

Duke

Energy

Corp.

2,474

Edison

International

1,116

Entergy

Corp.

6,893

573

Essential

Utilities,

Inc.

2,076

Eversource

Energy

2,150

Exelon

Corp.

12,504

586

Expand

Energy

Corp.

1,713

FirstEnergy

Corp.

5,255

NextEra

Energy,

Inc.

3,198

NiSource,

Inc.

4,166

NRG

Energy,

Inc.

3,006

Ovintiv,

Inc.

4,430

Permian

Resources

Corp.

12,658

PG&E

Corp.

19,393

Pinnacle

West

Capital

Corp.

2,033

PPL

Corp.

3,759

Public

Service

Enterprise

Group,

Inc.

1,235

Sempra

Energy

2,689

Southern

Co.

(The)

2,312

T-Mobile

US,

Inc.

3,165

782

UGI

Corp.

5,025

Verizon

Communications,

Inc.

35,525

1,565

Vistra

Corp.

2,500

WEC

Energy

Group,

Inc.

1,957

Xcel

Energy,

Inc.

2,974

14,120

#### Total

#### Common

#### Stocks
(cost

$156,409)

331,422

#### Short-Term

#### Investments

#### -

#### 5.4%
U.S.

Cash

Management

Fund(@)

19,035,023

(∞)

19,029

#### Total

#### Short-Term

#### Investments
(cost

$19,029)

19,029

#### Total

#### Investments

#### -

#### 99.7%
(identified

cost

$175,438)

350,451

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.3%
1,081

#### Net

#### Assets

#### -

#### 100.0%
351,532

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,

#### 2025
(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

16,482

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

46,439

$

—

$

—

$

—

$

46,439

.2

Consumer

Staples

13,840

—

—

—

13,840

.9

Energy

12,273

—

—

—

12,273

.5

Financial

Services

55,844

—

—

—

55,844

.9

Health

Care

32,123

—

—

—

32,123

.2

Materials

and

Processing

13,749

—

—

—

13,749

.9

Producer

Durables

25,349

—

—

—

25,349

.2

Technology

117,685

—

—

—

117,685

.5

Utilities

14,120

—

—

—

14,120

.0

Short-Term

Investments

—

—

—

19,029

19,029

.4

Total

Investments

331,422

—

—

19,029

350,451

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

—

\*

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

$

(1,566)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

175,438

Investments,

at

fair

value(>)

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

350,451

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

From

broker(a)

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

1,231

Variation

margin

on

futures

contracts

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

Prepaid

expenses

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

Total

assets

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

352,005

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

#### Net

#### Assets

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

351,532

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

216,91

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

134,3

#### Net

#### Assets

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

351,532

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

14.28 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

15.15 Class

A

—

Net

assets

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

$

9,556,581

Class

A

—

Shares

outstanding

($.01

par

value)

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

669,060

Net

asset

value

per

share:

Class

C

(#)

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

$

14.51 Class

C

—

Net

assets

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

$

4,336,143

Class

C

—

Shares

outstanding

($.01

par

value)

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

298,883

Net

asset

value

per

share:

Class

M

(#)

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

$

14.44 Class

M

—

Net

assets

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

$

1,139,165

Class

M

—

Shares

outstanding

($.01

par

value)

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

78,898

Net

asset

value

per

share:

Class

R6

(#)

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

$

14.43 Class

R6

—

Net

assets

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

$

435,472

Class

R6

—

Shares

outstanding

($.01

par

value)

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

30,172

Net

asset

value

per

share:

Class

S

(#)

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

$

14.41 Class

S

—

Net

assets

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

$

31,502,722

Class

S

—

Shares

outstanding

($.01

par

value)

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

2,185,663

Net

asset

value

per

share:

Class

Y

(#)

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

$

14.42 Class

Y

—

Net

assets

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

$

304,562,311

Class

Y

—

Shares

outstanding

($.01

par

value)

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

21,121,798

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

19,029

(a) Receivable

from

Broker

for

Futures

$

1,231

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,664

Dividends

from

affiliated

funds

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

Interest

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

Total

investment

income

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

3,002

#### Expenses
Advisory

fees

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

590

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

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

995

Expense

reductions

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

(1) Net

expenses

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

994

Net

investment

income

(loss)

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

2,008

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

45,175

Investments

in

affiliated

funds

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

(4) Futures

contracts

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

(1,566)

Net

realized

gain

(loss)

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

43,605

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(52,345)

Futures

contracts

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(52,21

6)

Net

realized

and

unrealized

gain

(loss)

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

(8,611)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(6,603)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

2,008

$

5,318

Net

realized

gain

(loss)

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

43,605

125,605

Net

change

in

unrealized

appreciation

(depreciation)

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

(52,21

6)

32,176

Net

increase

(decrease)

in

net

assets

from

operations

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

(6,60

3)

163,099

#### Distributions
To

shareholders

Class

A

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

(2,306)

(347) Class

C

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

(1,009)

(131) Class

M

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

(356) (593) Class

R6

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

(109) (16) Class

S

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

(13,526)

(3,209)

Class

Y

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

(81,240)

(19,986)

Net

decrease

in

net

assets

from

distributions

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

(98,546)

(24,282)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

35,55

(245,142)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(69,597)

(106,325)

#### Net

#### Assets
Beginning

of

period

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

421,129

527,454

End

of

period

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

$

351,532

$

421,129

#### Russell

#### Investment

#### Company

#### Multifactor

#### U.S.

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

\*\*&nbsp;&nbsp;&nbsp;&nbsp; Less

than

500

shares.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp; Less

than

$500.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,416

$

587

Proceeds

from

reinvestment

of

distributions

2,306

Payments

for

shares

redeemed

(55) (860) (10

7)

(1,895)

Net

increase

(decrease)

2,862

(5

2)

(961) Class

C

Proceeds

from

shares

sold

823

902

Proceeds

from

reinvestment

of

distributions

1,003

Payments

for

shares

redeemed

(42) (680) (65) (1,118)

Net

increase

(decrease)

1,146

(5) (86) Class

M

Proceeds

from

shares

sold

1,658

Proceeds

from

reinvestment

of

distributions

592

Payments

for

shares

redeemed

(26) (422) (952) (16,865)

Net

increase

(decrease)

(13) (818) (14,615)

Class

R6

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(—)

\*\*

(—)\*\*\*

(1) (7) Net

increase

(decrease)

Class

S

Proceeds

from

shares

sold

2,902

788

13,730

Proceeds

from

reinvestment

of

distributions

884

13,526

3,209

Payments

for

shares

redeemed

(1,841)

(28,008)

(2,684)

(47,832)

Net

increase

(decrease)

(776) (11,580)

(1,702)

(30,893)

Class

Y

Proceeds

from

shares

sold

996

14,123

3,258

Proceeds

from

reinvestment

of

distributions

5,311

81,16

1,201

19,966

Payments

for

shares

redeemed

(3,125)

(52,269)

(12,528)

(221,831)

Net

increase

(decrease)

3,182

43,02

(11,129)

(198,607)

Total

increase

(decrease)

2,678

$

35,55

(13,705)

$

(245,142)

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.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

19.26 .05

(.30)

(.25)

(.14)

(4.59)

October

31,

2024

14.78 .11

5.02 5.13 (.08)

(.57)

October

31,

2023

14.41 .14

.97

1.11 (.13)

(.61)

October

31,

2022

17.74 .13

(2.35)

(2.22)

(.15)

(.96)

October

31,

2021

12.83 .11

5.21 5.32 (.13)

(.28)

October

31,

2020

13.16 .14

.37

.51

(.16)

(.68)

Class

C

April

30,

2025\*

19.49 (.01)

(.30)

(.31)

(.08)

(4.59)

October

31,

2024

15.00 (.02)

5.08 5.06 —

(.57)

October

31,

2023

14.62 .02

1.00 1.02 (.03)

(.61)

October

31,

2022

17.95 .01

(2.38)

(2.37)

—

(.96)

October

31,

2021

12.99 (.01)

5.27 5.26 (.02)

(.28)

October

31,

2020

13.26 .04

.39

.43

(.02)

(.68)

Class

M

April

30,

2025\*

19.42 .08

(.30)

(.22)

(.17)

(4.59)

October

31,

2024

14.91 .20

5.04 5.24 (.16)

(.57)

October

31,

2023

14.52 .20

1.00 1.20 (.20)

(.61)

October

31,

2022

17.86 .20

(2.38)

(2.18)

(.20)

(.96)

October

31,

2021

12.91 .17

5.24 5.41 (.18)

(.28)

October

31,

2020

13.22 .19

.37

.56

(.19)

(.68)

Class

R6

April

30,

2025\*

19.42 .08

(.31)

(.23)

(.17)

(4.59)

October

31,

2024

14.91 .19

5.05 5.24 (.16)

(.57)

October

31,

2023

14.52 .20

1.00 1.20 (.20)

(.61)

October

31,

2022

17.86 .20

(2.37)

(2.17)

(.21)

(.96)

October

31,

2021

12.90 .18

5.25 5.43 (.19)

(.28)

October

31,

2020

13.22 .19

.37

.56

(.20)

(.68)

Class

S

April

30,

2025\*

19.40 .07

(.31)

(.24)

(.16)

(4.59)

October

31,

2024

14.89 .16

5.05 5.21 (.13)

(.57)

October

31,

2023

14.51 .18

.98

1.16 (.17)

(.61)

October

31,

2022

17.84 .17

(2.36)

(2.19)

(.18)

(.96)

October

31,

2021

12.89 .15

5.24 5.39 (.16)

(.28)

October

31,

2020

13.20 .18

.36

.54

(.17)

(.68)

Class

Y

April

30,

2025\*

19.40 .09

(.30)

(.21)

(.18)

(4.59)

October

31,

2024

14.90 .20

5.04 5.24 (.17)

(.57)

October

31,

2023

14.51 .21

.99

1.20 (.20)

(.61)

October

31,

2022

17.85 .20

(2.37)

(2.17)

(.21)

(.96)

October

31,

2021

12.90 .18

5.24 5.42 (.19)

(.28)

October

31,

2020

13.21 .20

.37

.57

(.20)

(.68)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

U.S.

Equity

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)

(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)

(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)

(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(4.73)

14.28 (2.70)

9,557

.91

.91

.62

(.65)

19.26 35.50 9,297

.88

.86

.64

(.74)

14.78 8.12 7,896

.87

.80

.92

(1.11)

14.41 (13.28)

8,515

.86

.80

.84

(.41)

17.74 42.16 10,672

.86

.81

.68

(.84)

12.83 3.94 8,102

.87

.80

1.09 51

(4.67)

14.51 (3.01)

4,336

1.66 1.66 (.13)

(.57)

19.49 34.44 4,323

1.63 1.61 (.11)

(.64)

15.00 7.34 3,407

1.62 1.55 .15

(.96)

14.62 (13.94)

2,609

1.62 1.55 .09

(.30)

17.95 41.06 2,922

1.61 1.56 (.08)

(.70)

12.99 3.18 1,886

1.62 1.55 .33

(4.76)

14.44 (2.46)

1,139

.66

.51

1.02 12

(.73)

19.42 35.94 1,518

.63

.44

1.17 19

(.81)

14.91 8.64 13,360

.62

.40

1.31 16

(1.16)

14.52 (12.96)

11,640

.62

.40

1.25 22

(.46)

17.86 42.64 22,361

.61

.41

1.07 37

(.87)

12.91 4.40 8,492

.62

.40

1.46 51

(4.76)

14.43 (2.50)

.51

.49

1.04 12

(.73)

19.42 36.00 440

.48

.44

1.05 19

(.81)

14.91 8.67 320

.47

.38

1.36 16

(1.17)

14.52 (12.94)

.47

.38

1.26 22

(.47)

17.86 42.78 442

.46

.39

1.09 37

(.88)

12.90 4.35 285

.47

.38

1.50 51

(4.75)

14.41 (2.61)

31,503

.66

.66

.87

(.70)

19.40 35.81 57,442

.63

.61

.91

(.78)

14.89 8.41 69,450

.62

.55

1.17 16

(1.14)

14.51 (13.05)

71,665

.61

.55

1.08 22

(.44)

17.84 42.49 126,658

.61

.56

.93

(.85)

12.89 4.20 104,019

.61

.55

1.41 51

(4.77)

14.42 (2.42)

304,562

.46

.46

1.07 12

(.74)

19.40 35.98 348,109

.43

.41

1.11 19

(.81)

14.90 8.70 433,021

.42

.35

1.37 16

(1.17)

14.51 (12.93)

463,734

.42

.35

1.28 22

(.47)

17.85 42.74 634,212

.41

.36

1.11 37

(.88)

12.90 4.46 365,346

.42

.35

1.58 51

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

85,821

Administrative

fees

13,769

Distribution

fees

4,462

Shareholder

servicing

fees

857

Transfer

agent

fees

10,112

Trustees'

fees

2,96

$

117,987

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

10,067

$

96,113

$

87,147

$

(4)

$

—

$

19,029

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

177,289,354

$

180,501,768

$

(7,266,373)

$

173,235,395

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.9%
Consumer

Discretionary

-

7.7%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

4,333

Best

Buy

Co.,

Inc.

3,158

Carter's,

Inc.

2,292

Comcast

Corp.

Class

A

66,590

2,277

Dollar

General

Corp.

13,651

1,279

eBay,

Inc.

5,997

Ferguson

Enterprises,

Inc.

809

Garmin,

Ltd.

1,419

General

Motors

Co.

9,464

Home

Depot,

Inc.

(The)

638

Hubbell,

Inc.

Class

B

631

Kohl's

Corp.

7,449

Lennar

Corp.

Class

A

3,565

Lowe's

Cos.,

Inc.

537

McDonald's

Corp.

975

New

York

Times

Co.

(The)

Class

A

5,441

NIKE,

Inc.

Class

B

2,588

PulteGroup,

Inc.

2,164

Ralph

Lauren

Corp.

Class

A

873

RB

Global,

Inc.

3,001

RTX

Corp.

2,254

Target

Corp.

2,957

TJX

Cos.,

Inc.

(The)

2,612

TKO

Group

Holdings,

Inc.

2,718

Walmart,

Inc.

13,774

1,340

Walt

Disney

Co.

(The)

9,520

866

Warner

Music

Group

Corp.

Class

A

19,750

601

12,016

Consumer

Staples

-

10.9%

Altria

Group,

Inc.

4,675

Ambev

SA

-

ADR

207,883

526

Archer-Daniels-Midland

Co.

8,069

Church

&

Dwight

Co.,

Inc.

1,433

Coca-Cola

Co.

(The)

7,448

540

Coca-Cola

Europacific

Partners

PLC

10,266

932

Colgate-Palmolive

Co.

2,844

Conagra

Brands,

Inc.

24,952

617

CVS

Health

Corp.

47,127

3,144

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

9,113

546

Hershey

Co.

(The)

561

Kraft

Heinz

Co.

(The)

27,816

810

Kroger

Co.

(The)

27,144

1,960

Molson

Coors

Beverage

Co.

Class

B

15,789

908

Mondelez

International,

Inc.

Class

A

2,979

PepsiCo,

Inc.

1,972

Philip

Morris

International,

Inc.

12,647

2,167

Procter

&

Gamble

Co.

(The)

10,409

1,692

Tyson

Foods,

Inc.

Class

A

19,615

1,201

Walgreens

Boots

Alliance,

Inc.

30,792

17,011

Energy

-

6.9%

BP

PLC

-

ADR

16,643

Canadian

Natural

Resources,

Ltd.

22,848

656

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chevron

Corp.

4,553

620

Coterra

Energy,

Inc.

9,495

Devon

Energy

Corp.

8,006

Eaton

Corp.

PLC

1,545

Enbridge,

Inc.

22,255

1,039

EOG

Resources,

Inc.

2,778

Exxon

Mobil

Corp.

12,347

1,304

Hess

Corp.

9,871

1,274

Kinder

Morgan,

Inc.

6,088

Magna

International,

Inc.

Class

A

9,660

ONEOK,

Inc.

2,669

Phillips

9,672

1,007

Plains

GP

Holdings,

LP

Class

A

56,766

1,058

Schlumberger

NV

10,349

Shell

PLC

-

ADR

10,133

653

Valero

Energy

Corp.

2,803

10,690

Financial

Services

-

23.1%

AerCap

Holdings

NV

12,113

1,284

Aflac,

Inc.

2,751

AGNC

Investment

Corp.(ö)

29,016

Allstate

Corp.

(The)

7,394

1,467

American

Express

Co.

643

American

Financial

Group,

Inc.

1,740

American

International

Group,

Inc.

2,408

Annaly

Capital

Management,

Inc.(ö)

61,874

1,213

Aon

PLC

Class

A

Arch

Capital

Group,

Ltd.

2,802

AvalonBay

Communities,

Inc.(ö)

870

Bank

of

America

Corp.

41,156

1,641

Bank

of

Nova

Scotia

(The)

13,883

694

Berkshire

Hathaway,

Inc.

Class

B(Æ)

4,327

2,307

BlackRock,

Inc.

579

529

Brown

&

Brown,

Inc.

2,475

CBRE

Group,

Inc.

Class

A(Æ)

1,657

Charles

Schwab

Corp.

(The)

3,229

Chubb,

Ltd.

6,036

1,727

Citigroup,

Inc.

29,964

2,049

CME

Group,

Inc.

Class

A

1,457

Crown

Castle,

Inc.(ö)

1,980

Digital

Realty

Trust,

Inc.(ö)

1,300

Equinix,

Inc.(ö)

Evercore,

Inc.

Class

A

744

Everest

Re

Group,

Ltd.

1,650

592

Extra

Space

Storage,

Inc.(ö)

1,505

Goldman

Sachs

Group,

Inc.

(The)

Hartford

Financial

Services

Group,

Inc.

(The)

2,045

Healthcare

Realty

Trust,

Inc.(ö)

11,408

Host

Hotels

&

Resorts,

Inc.(ö)

29,124

Houlihan

Lokey,

Inc.

Class

A

1,587

Howard

Hughes

Holdings,

Inc.(Æ)

5,015

Intercontinental

Exchange,

Inc.

1,546

Invitation

Homes,

Inc.(ö)

4,537

JPMorgan

Chase

&

Co.

14,868

3,637

Lazard,

Inc.

1,661

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
M&T

Bank

Corp.

3,011

511

Marsh

&

McLennan

Cos.,

Inc.

1,512

Mid-America

Apartment

Communities,

Inc.

(ö)

7,028

1,122

Northern

Trust

Corp.

10,205

959

Old

Republic

International

Corp.

6,219

Park

Hotels

&

Resorts,

Inc.(ö)

12,221

PNC

Financial

Services

Group,

Inc.

(The)

997

Principal

Financial

Group,

Inc.

1,726

Progressive

Corp.

(The)

1,411

Prologis,

Inc.(ö)

15,997

1,635

Public

Storage(ö)

5,135

1,543

Realty

Income

Corp.(ö)

4,165

Regions

Financial

Corp.

6,826

RLI

Corp.

2,722

SEI

Investments

Co.

2,976

Simon

Property

Group,

Inc.(ö)

1,024

T

Rowe

Price

Group,

Inc.

2,646

Tradeweb

Markets,

Inc.

Class

A

2,734

Travelers

Cos.,

Inc.

(The)

963

Truist

Financial

Corp.

4,082

Wells

Fargo

&

Co.

27,835

1,977

Welltower,

Inc.(ö)

3,027

Willis

Towers

Watson

PLC

2,789

858

XP,

Inc.

Class

A

10,401

35,854

Health

Care

-

13.8%

Abbott

Laboratories

6,032

789

AbbVie,

Inc.

3,768

735

Amgen,

Inc.

614

AstraZeneca

PLC

-

ADR

5,339

Becton

Dickinson

&

Co.

771

BioMarin

Pharmaceutical,

Inc.(Æ)

1,147

Bio-Techne

Corp.

970

Boston

Scientific

Corp.(Æ)

5,367

552

Bristol-Myers

Squibb

Co.

5,373

Danaher

Corp.

1,753

Doximity,

Inc.

Class

A(Æ)

3,373

Elevance

Health,

Inc.

Genmab

A/S

-

ADR(Æ)

17,667

Gilead

Sciences,

Inc.

5,331

568

GSK

PLC

-

ADR

19,280

768

Humana,

Inc.

6,416

1,683

Icon

PLC(Æ)

3,573

541

Jazz

Pharmaceuticals

PLC(Æ)

4,303

503

Johnson

&

Johnson

8,131

1,271

Medtronic

PLC

22,108

1,874

Merck

&

Co.,

Inc.

16,232

1,383

Organon

&

Co.

17,621

Pfizer,

Inc.

26,998

659

Qiagen

N.V(Æ)

7,017

Regeneron

Pharmaceuticals,

Inc.

ResMed,

Inc.

1,188

Royalty

Pharma

PLC

Class

A

13,560

Sanofi

SA

-

ADR

33,437

1,837

Sarepta

Therapeutics,

Inc.(Æ)

4,104

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Smith

&

Nephew

PLC

-

ADR

37,426

1,049

STERIS

PLC

1,096

Stryker

Corp.

931

Thermo

Fisher

Scientific,

Inc.

821

UnitedHealth

Group,

Inc.

4,316

1,776

Vertex

Pharmaceuticals,

Inc.(Æ)

Viatris,

Inc.

44,771

West

Pharmaceutical

Services,

Inc.

21,535

Materials

and

Processing

-

7.1%

Air

Products

&

Chemicals,

Inc.

6,240

1,692

AptarGroup,

Inc.

1,518

Carrier

Global

Corp.

4,354

Celanese

Corp.

Class

A

13,972

622

CRH

PLC

1,827

Crown

Holdings,

Inc.

6,838

659

Dow,

Inc.

4,671

DuPont

de

Nemours,

Inc.

14,435

953

Ecolab,

Inc.

913

Fastenal

Co.

2,585

FMC

Corp.

24,154

1,013

Freeport-McMoRan,

Inc.

17,008

613

General

Electric

Co.

2,020

International

Flavors

&

Fragrances,

Inc.

7,065

554

International

Paper

Co.

4,181

Johnson

Controls

International

PLC

11,706

982

Linde

PLC

1,168

529

LyondellBasell

Industries

NV

Class

A

2,167

Newmont

Corp.

3,890

Packaging

Corp.

of

America

1,134

Royal

Gold,

Inc.

1,829

Trane

Technologies

PLC

968

Watsco,

Inc.

622

11,003

Producer

Durables

-

9.2%

3M

Co.

2,743

AMETEK,

Inc.

757

Amphenol

Corp.

Class

A

5,037

AO

Smith

Corp.

2,751

Caterpillar,

Inc.

1,187

Cintas

Corp.

932

CoStar

Group,

Inc.(Æ)

1,780

Crane

Co.

1,483

Cummins,

Inc.

916

Delta

Air

Lines,

Inc.

14,530

605

EMCOR

Group,

Inc.

770

Emerson

Electric

Co.

2,054

Equifax,

Inc.

968

FedEx

Corp.

2,949

620

Fortive

Corp.

10,892

759

FTI

Consulting,

Inc.(Æ)

1,215

GE

Vernova,

Inc.

General

Dynamics

Corp.

5,180

1,410

Global

Payments,

Inc.

19,061

1,455

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Graco,

Inc.

2,015

Honeywell

International,

Inc.

1,396

Illinois

Tool

Works,

Inc.

799

JB

Hunt

Transport

Services,

Inc.

1,134

L3Harris

Technologies,

Inc.

3,517

774

Nordson

Corp.

Parker-Hannifin

Corp.

573

Paychex,

Inc.

2,551

Quanta

Services,

Inc.

903

Regal

Rexnord

Corp.

4,364

Republic

Services,

Inc.

Class

A

808

S&P

Global,

Inc.

1,063

532

Saia,

Inc.(Æ)

Snap-on,

Inc.

693

Southwest

Airlines

Co.

4,260

Union

Pacific

Corp.

975

United

Parcel

Service,

Inc.

Class

B

3,793

United

Rentals,

Inc.

522

Vontier

Corp.

15,936

507

Xylem,

Inc.

1,919

14,231

Technology

-

8.1%

Accenture

PLC

Class

A

1,815

543

Adobe,

Inc.(Æ)

1,554

583

Advanced

Micro

Devices,

Inc.(Æ)

787

Alphabet,

Inc.

Class

A

4,079

648

Analog

Devices,

Inc.

2,130

ANSYS,

Inc.(Æ)

603

Applied

Materials,

Inc.

1,147

Broadridge

Financial

Solutions,

Inc.

726

Cisco

Systems,

Inc.

13,960

806

Cognizant

Technology

Solutions

Corp.

Class

A

3,050

DoorDash,

Inc.

Class

A(Æ)

1,831

Electronic

Arts,

Inc.

1,997

Fidelity

National

Information

Services,

Inc.

16,534

1,304

Globant

SA(Æ)

565

Hewlett

Packard

Enterprise

Co.

13,441

Intel

Corp.

16,474

International

Business

Machines

Corp.

2,788

674

Marvell

Technology,

Inc.

2,822

Microchip

Technology,

Inc.

17,404

802

Micron

Technology,

Inc.

8,747

673

Motorola

Solutions,

Inc.

NetApp,

Inc.

1,306

ON

Semiconductor

Corp.(Æ)

14,160

562

Oracle

Corp.

4,411

621

QUALCOMM,

Inc.

1,544

Roper

Technologies,

Inc.

561

Salesforce,

Inc.

3,760

1,010

Skyworks

Solutions,

Inc.

1,310

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

2,061

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Texas

Instruments,

Inc.

3,134

502

12,639

Utilities

-

8.1%

AT&T,

Inc.

85,131

2,358

Brookfield

Renewable

Corp.

6,502

Chord

Energy

Corp.

1,798

Civitas

Resources,

Inc.

3,898

ConocoPhillips

8,883

792

Dominion

Energy,

Inc.

2,544

Edison

International

9,781

524

Entergy

Corp.

18,117

1,507

FirstEnergy

Corp.

15,846

680

NextEra

Energy,

Inc.

2,720

NRG

Energy,

Inc.

9,126

1,000

Pinnacle

West

Capital

Corp.

14,236

1,355

Sempra

Energy

8,082

600

Southern

Co.

(The)

1,721

T-Mobile

US,

Inc.

847

Verizon

Communications,

Inc.

13,463

593

Xcel

Energy,

Inc.

29,291

2,071

12,620

#### Total

#### Common

#### Stocks
(cost

$108,999)

147,599

#### Short-Term

#### Investments

#### -

#### 4.8%
U.S.

Cash

Management

Fund(@)

7,397,131

(∞)

7,395

#### Total

#### Short-Term

#### Investments
(cost

$7,396)

7,395

#### Total

#### Investments

#### -

#### 99.7%
(identified

cost

$116,395)

154,994

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.3%
511

#### Net

#### Assets

#### -

#### 100.0%
155,505

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,

#### 2025
(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

6,984

06/25

(181) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(181) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

12,016

$

—

$

—

$

—

$

12,016

.7

Consumer

Staples

17,011

—

—

—

17,011

.9

Energy

10,690

—

—

—

10,690

.9

Financial

Services

35,854

—

—

—

35,854

.1

Health

Care

21,535

—

—

—

21,535

.8

Materials

and

Processing

11,003

—

—

—

11,003

.1

Producer

Durables

14,231

—

—

—

14,231

.2

Technology

12,639

—

—

—

12,639

.1

Utilities

12,620

—

—

—

12,620

.1

Short-Term

Investments

—

—

—

7,395

7,395

.8

Total

Investments

147,599

—

—

7,395

154,994

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(181)

—

—

—

(181)

(0

.1)

Total

Other

Financial

Instruments

\*

$

(181)

$

—

$

—

$

—

$

(181)

\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(145) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(213)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

116,395

Investments,

at

fair

value(>)

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

154,994

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Fund

shares

sold

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

From

broker(a)

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

733

Prepaid

expenses

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

Total

assets

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

156,022

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Total

liabilities

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

517

#### Net

#### Assets

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

155,505

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

45,344

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

110,092

#### Net

#### Assets

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

155,505

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

22.98 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

24.38 Class

A

—

Net

assets

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

$

16,326,379

Class

A

—

Shares

outstanding

($.01

par

value)

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

710,347

Net

asset

value

per

share:

Class

C

(#)

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

$

21.46 Class

C

—

Net

assets

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

$

15,473,571

Class

C

—

Shares

outstanding

($.01

par

value)

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

721,065

Net

asset

value

per

share:

Class

S

(#)

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

$

22.78 Class

S

—

Net

assets

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

$

110,614,744

Class

S

—

Shares

outstanding

($.01

par

value)

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

4,856,050

Net

asset

value

per

share:

Class

Y

(#)

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

$

22.70 Class

Y

—

Net

assets

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

$

13,090,202

Class

Y

—

Shares

outstanding

($.01

par

value)

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

576,589

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

7,395

(a) Receivable

from

Broker

for

Futures

$

733

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,312

Dividends

from

affiliated

funds

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

Interest

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

Total

investment

income

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

2,515

#### 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

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

932

Expense

reductions

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

(113) Net

expenses

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

819

Net

investment

income

(loss)

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

1,696

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

9,000

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

(145) Net

realized

gain

(loss)

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

8,854

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(13,358)

Investments

in

affiliated

funds

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

(2) Futures

contracts

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

(213) Net

change

in

unrealized

appreciation

(depreciation)

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

(13,573)

Net

realized

and

unrealized

gain

(loss)

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

(4,719)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(3,023)

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,696

$

3,424

Net

realized

gain

(loss)

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

8,854

23,820

Net

change

in

unrealized

appreciation

(depreciation)

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

(13,573)

18,280

Net

increase

(decrease)

in

net

assets

from

operations

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

(3,023)

45,524

#### Distributions
To

shareholders

Class

A

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

(2,169)

(1,949)

Class

C

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

(2,231)

(2,050)

Class

S

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

(17,217)

(16,844)

Class

Y

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

(1,702)

(1,499)

Net

decrease

in

net

assets

from

distributions

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

(23,319)

(22,342)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(6,176)

(7,832)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(32,518)

15,350

#### Net

#### Assets
Beginning

of

period

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

188,023

172,673

End

of

period

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

$

155,505

$

188,023

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,475

$

1,072

Proceeds

from

reinvestment

of

distributions

2,162

1,942

Payments

for

shares

redeemed

(69) (1,650)

(166) (4,230)

Net

increase

(decrease)

1,987

(43) (1,216)

Class

C

Proceeds

from

shares

sold

856

Proceeds

from

reinvestment

of

distributions

2,227

2,049

Payments

for

shares

redeemed

(91) (2,040)

(164) (3,894)

Net

increase

(decrease)

555

(37) (989) Class

S

Proceeds

from

shares

sold

3,396

7,521

Proceeds

from

reinvestment

of

distributions

739

16,877

702

16,634

Payments

for

shares

redeemed

(1,289)

(30,594)

(1,204)

(30,497)

Net

increase

(decrease)

(407) (10,321)

(201) (6,342)

Class

Y

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

1,702

1,499

Payments

for

shares

redeemed

(10) (244) (33) (829) Net

increase

(decrease)

1,603

715

Total

increase

(decrease)

(226) $

(6,176)

(249) $

(7,832)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### Russell

#### Investment

#### Company

#### Equity

#### Income

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

26.85 .22

(.78)

(.56)

(.32)

(2.99)

October

31,

2024

23.79 .41

5.69 6.10 (.32)

(2.72)

October

31,

2023

27.74 .38

.28

.66

(.36)

(4.25)

October

31,

2022

33.38 .30

(2.62)

(2.32)

(.28)

(3.04)

October

31,

2021

23.86 .22

10.11 10.33 (.24)

(.57)

October

31,

2020

24.71 .32

(.83)

(.51)

(.34)

—

Class

C

April

30,

2025\*

25.29 .12

(.73)

(.61)

(.23)

(2.99)

October

31,

2024

22.57 .21

5.37 5.58 (.14)

(2.72)

October

31,

2023

26.55 .18

.27

.45

(.18)

(4.25)

October

31,

2022

32.11 .07

(2.51)

(2.44)

(.08)

(3.04)

October

31,

2021

23.00 (.01)

9.75 9.74 (.06)

(.57)

October

31,

2020

23.82 .14

(.80)

(.66)

(.16)

—

Class

S

April

30,

2025\*

26.64 .25

(.76)

(.51)

(.36)

(2.99)

October

31,

2024

23.62 .48

5.65 6.13 (.39)

(2.72)

October

31,

2023

27.59 .45

.26

.71

(.43)

(4.25)

October

31,

2022

33.23 .38

(2.61)

(2.23)

(.37)

(3.04)

October

31,

2021

23.75 .30

10.08 10.38 (.33)

(.57)

October

31,

2020

24.60 .39

(.83)

(.44)

(.41)

—

Class

Y

April

30,

2025\*

26.56 .27

(.76)

(.49)

(.38)

(2.99)

October

31,

2024

23.56 .52

5.63 6.15 (.43)

(2.72)

October

31,

2023

27.53 .49

.26

.75

(.47)

(4.25)

October

31,

2022

33.17 .42

(2.60)

(2.18)

(.42)

(3.04)

October

31,

2021

23.71 .35

10.06 10.41 (.38)

(.57)

October

31,

2020

24.57 .42

(.83)

(.41)

(.45)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Equity

Income

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(3.31)

22.98 (2.07)

16,326

1.22 1.12 1.78 11

(3.04)

26.85 27.35 16,872

1.20 1.13 1.63 35

(4.61)

23.79 2.47 15,970

1.19 1.14 1.50 31

(3.32)

27.74 (7.76)

19,714

1.17 1.12 .99

(.81)

33.38 44.01 23,189

1.16 1.11 .71

(.34)

23.86 (2.02)

17,484

1.18 1.13 1.35 33

(3.22)

21.46 (2.41)

15,474

1.97 1.87 1.04 11

(2.86)

25.29 26.41 17,533

1.95 1.88 .88

(4.43)

22.57 1.70 16,485

1.94 1.89 .74

(3.12)

26.55 (8.49)

19,593

1.92 1.87 .24

(.63)

32.11 42.96 23,097

1.91 1.86 (.04)

(.16)

23.00 (2.75)

18,971

1.93 1.88 .60

(3.35)

22.78 (1.90)

110,615

.97

.83

2.08 11

(3.11)

26.64 27.75 140,204

.95

.84

1.92 35

(4.68)

23.62 2.72 129,070

.94

.85

1.79 31

(3.41)

27.59 (7.51)

171,669

.92

.83

1.28 39

(.90)

33.23 44.45 187,082

.91

.82

1.00 19

(.41)

23.75 (1.73)

150,164

.93

.84

1.64 33

(3.37)

22.70 (1.82)

13,090

.78

.67

2.23 11

(3.15)

26.56 27.92 13,414

.75

.68

2.07 35

(4.72)

23.56 2.89 11,148

.74

.69

1.97 31

(3.46)

27.53 (7.38)

17,636

.72

.67

1.44 39

(.95)

33.17 44.67 20,411

.71

.66

1.17 19

(.45)

23.71 (1.60)

22,038

.73

.68

1.79 33

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

52,848

Administrative

fees

6,024

Distribution

fees

12,760

Shareholder

servicing

fees

3,160

Transfer

agent

fees

19,448

Trustees'

fees

$

94,713

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

4,830

$

25,899

$

23,331

$

(1)

$

(2)

$

7,395

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

118,268,329

$

42,921,643

$

(6,376,702)

$

36,544,941

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 101.1%
Consumer

Discretionary

-

12.6%

Amazon.com,

Inc.(Æ)

28,679

5,289

Atmus

Filtration

Technologies,

Inc.

2,469

AutoZone,

Inc.(Æ)

Axon

Enterprise,

Inc.(Æ)

Best

Buy

Co.,

Inc.

867

Boyd

Gaming

Corp.

2,555

Central

Garden

&

Pet

Co.

Class

A(Æ)

1,209

Charter

Communications,

Inc.

Class

A(Æ)

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

10,417

526

Columbia

Sportswear

Co.(Ð)

500

Comcast

Corp.

Class

A

35,076

1,200

Costco

Wholesale

Corp.

545

542

Deckers

Outdoor

Corp.(Æ)

Dollar

General

Corp.

803

Domino's

Pizza,

Inc.(Û)

661

DR

Horton,

Inc.

977

eBay,

Inc.

17,266

1,177

Expedia

Group,

Inc.

FactSet

Research

Systems,

Inc.

Ford

Motor

Co.(Û)

44,056

Fox

Corp.

Class

A

936

Garmin,

Ltd.

General

Motors

Co.

1,742

Grand

Canyon

Education,

Inc.(Æ)

632

Home

Depot,

Inc.

(The)

1,156

Hubbell,

Inc.

Class

B

Lennar

Corp.

Class

A

Leonardo

DRS,

Inc.

2,092

Life

Time

Group

Holdings,

Inc.(Æ)

2,712

Live

Nation

Entertainment,

Inc.(Æ)(Ð)

2,021

Lowe's

Cos.,

Inc.

1,604

Lululemon

Athletica,

Inc.(Æ)

Madison

Square

Garden

Sports

Corp.

Class

A(Æ)(Ð)

McDonald's

Corp.

Netflix,

Inc.

Class

B(Æ)

876

991

Nike

,

Inc.

Class

B

1,284

NVR,

Inc.(Æ)(Û)

Omnicom

Group,

Inc.

9,644

734

O'Reilly

Automotive,

Inc.(Æ)

647

PriceSmart,

Inc.

716

PulteGroup,

Inc.

903

Ross

Stores,

Inc.

2,867

Service

Corp.

International

1,548

Somnigroup

International,

Inc.

5,613

Tapestry,

Inc.

Target

Corp.

997

Tesla,

Inc.(Æ)

1,933

545

Texas

Roadhouse,

Inc.

Class

A(Û)

1,001

TJX

Cos.,

Inc.

(The)

1,819

Tractor

Supply

Co.(Ð)

9,392

Ulta

Beauty,

Inc.(Æ)

Walmart,

Inc.

5,211

507

Walt

Disney

Co.

(The)

2,853

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yum!

Brands,

Inc.

5,490

826

19,472

Consumer

Staples

-

5.2%

Archer-Daniels-Midland

Co.

677

Bunge,

Ltd.(Û)

1,930

Cal-Maine

Foods,

Inc.

1,329

Campbell

Co.

(The)

16,465

600

Church

&

Dwight

Co.,

Inc.

Clorox

Co.

(The)

2,675

Coca-Cola

Co.

(The)

7,236

525

Colgate-Palmolive

Co.(Û)

4,500

Conagra

Brands,

Inc.

2,207

Constellation

Brands,

Inc.

Class

A

1,367

CVS

Health

Corp.

1,262

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

General

Mills,

Inc.

1,442

Hershey

Co.

(The)

549

JM

Smucker

Co.

(The)

507

Kellanova

567

Kenvue,

Inc.

11,043

Keurig

Dr

Pepper,

Inc.

8,956

Kimberly-Clark

Corp.(Û)

10,341

1,363

Kraft

Heinz

Co.

(The)

2,311

Kroger

Co.

(The)

2,920

Lancaster

Colony

Corp.

545

McCormick

&

Co.,

Inc.

Mondelez

International,

Inc.

Class

A

4,969

Monster

Beverage

Corp.(Æ)

2,159

PepsiCo,

Inc.

1,609

Pilgrim's

Pride

Corp.

3,532

Procter

&

Gamble

Co.

(The)

3,413

555

Reynolds

Consumer

Products,

Inc.

2,082

Sysco

Corp.

4,226

Tyson

Foods,

Inc.

Class

A

5,177

Unilever

PLC

-

ADR

9,274

589

Co.(Ð)

8,059

Energy

-

1.4%

Chevron

Corp.

2,035

Coterra

Energy,

Inc.(Û)

13,345

Devon

Energy

Corp.

996

Diamondback

Energy,

Inc.

Eaton

Corp.

PLC

EOG

Resources,

Inc.

1,263

Exxon

Mobil

Corp.

4,573

Hess

Corp.

HF

Sinclair

Corp.(Û)

4,484

Kinder

Morgan,

Inc.

2,931

Phillips

66(Û)

4,666

Schlumberger

NV

1,314

Valero

Energy

Corp.

536

World

Kinect

Corp.

920

2,214

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Financial

Services

-

13.9%

Aflac,

Inc.

930

Allstate

Corp.

(The)

Ally

Financial,

Inc.(Û)

6,232

American

Express

Co.(Û)

5,511

1,468

American

International

Group,

Inc.

American

Tower

Corp.(ö)

2,786

628

Aon

PLC

Class

A

2,521

894

Arch

Capital

Group,

Ltd.

1,482

Arthur

J

Gallagher

&

Co.

Assurant,

Inc.

AvalonBay

Communities,

Inc.(ö)

Bank

of

America

Corp.

4,791

Bank

of

New

York

Mellon

Corp.

(The)

1,683

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,496

1,331

BlackRock,

Inc.

561

513

BOK

Financial

Corp.

1,271

Brighthouse

Financial,

Inc.(Æ)

2,779

Brown

&

Brown,

Inc.

648

Camden

Property

Trust(ö)(Û)

1,965

Capital

One

Financial

Corp.

Carlyle

Group,

Inc.

(The)

6,533

Cboe

Global

Markets,

Inc.

Chubb,

Ltd.

3,453

988

Citigroup,

Inc.

1,395

Citizens

Financial

Group,

Inc.

1,126

CME

Group,

Inc.

Class

A

CNA

Financial

Corp.

1,154

Comerica,

Inc.

2,102

Corebridge

Financial,

Inc.

4,455

Crown

Castle,

Inc.(ö)

Cullen/Frost

Bankers,

Inc.(Ð)

1,485

Curbline

Properties

Corp.(ö)

1,947

Discover

Financial

Services

Enact

Holdings,

Inc.

1,053

Equinix,

Inc.(ö)

Equity

Residential(ö)

Erie

Indemnity

Co.

Class

A

Essex

Property

Trust,

Inc.(ö)(Û)

1,109

Everest

Re

Group,

Ltd.(Û)

973

Fifth

Third

Bancorp

1,149

Genworth

Financial,

Inc.

Class

A(Æ)

10,948

Globe

Life,

Inc.

1,225

Goldman

Sachs

Group,

Inc.

(The)

Hanover

Insurance

Group,

Inc.

(The)

960

Hartford

Financial

Services

Group,

Inc.

(The)

1,205

Horace

Mann

Educators

Corp.

750

Houlihan

Lokey,

Inc.

Class

A(Ð)(Û)

1,281

Howard

Hughes

Holdings,

Inc.(Æ)

1,437

Huntington

Bancshares,

Inc.

3,401

Interactive

Brokers

Group,

Inc.

Class

A(Û)

1,928

Intercontinental

Exchange,

Inc.

Invitation

Homes,

Inc.(ö)

1,030

JPMorgan

Chase

&

Co.(Û)

5,823

1,424

M&T

Bank

Corp.

Marsh

&

McLennan

Cos.,

Inc.

1,438

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MasterCard,

Inc.

Class

A

1,138

624

MetLife,

Inc.(Û)

4,896

Mid-America

Apartment

Communities,

Inc.

(ö)

Morgan

Stanley

760

Nasdaq,

Inc.

609

Northern

Trust

Corp.(Û)

2,356

Old

Republic

International

Corp.

4,789

PNC

Financial

Services

Group,

Inc.

(The)

Popular,

Inc.

1,909

Primerica,

Inc.

511

Progressive

Corp.

(The)

860

Prudential

Financial,

Inc.(Ð)

2,539

Public

Storage(ö)

Raymond

James

Financial,

Inc.

633

Realty

Income

Corp.(ö)

817

Regions

Financial

Corp.

1,897

Reinsurance

Group

of

America,

Inc.

Class

A

1,682

Remitly

Global,

Inc.(Æ)(Ð)

3,442

RLI

Corp.(Ð)

1,582

Ryan

Specialty

Holdings,

Inc.

Class

A

1,870

SEI

Investments

Co.

6,486

508

Selective

Insurance

Group,

Inc.(Ð)

785

SLM

Corp.

6,622

State

Street

Corp.

2,777

StoneX

Group,

Inc.(Æ)

1,131

Sunstone

Hotel

Investors,

Inc.(ö)

5,267

Synchrony

Financial

890

Texas

Capital

Bancshares,

Inc.(Æ)(Ð)

1,634

Travelers

Cos.,

Inc.

(The)(Û)

2,407

636

Truist

Financial

Corp.

1,201

UL

Solutions,

Inc.

Class

A(Ð)

1,611

US

Bancorp

7,221

VICI

Properties,

Inc.(ö)

1,508

Visa,

Inc.

Class

A

8,552

2,955

W.R.

Berkley

Corp.

2,234

21,603

Health

Care

-

13.0%

Abbott

Laboratories

4,470

584

AbbVie,

Inc.

1,752

Agilent

Technologies,

Inc.

515

Align

Technology,

Inc.(Æ)

Amgen,

Inc.

3,563

1,037

Becton

Dickinson

&

Co.

Biogen,

Inc.(Æ)(Û)

2,035

Boston

Scientific

Corp.(Æ)

1,010

Bristol-Myers

Squibb

Co.

3,360

Cardinal

Health,

Inc.

2,883

Cencora,

Inc.

Class

A

2,010

588

Centene

Corp.(Æ)

3,819

Chemed

Corp.

Cigna

Group

(The)

Danaher

Corp.

7,943

1,583

Edwards

Lifesciences

Corp.(Æ)

7,653

578

Elevance

Health,

Inc.

1,089

Eli

Lilly

&

Co.

589

530

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Exelixis,

Inc.(Æ)

7,573

GE

HealthCare

Technologies,

Inc.(Ð)

5,367

Gilead

Sciences,

Inc.

1,702

HCA

Healthcare,

Inc.

Henry

Schein,

Inc.(Æ)

1,128

Hologic,

Inc.(Æ)

Humana,

Inc.

1,175

IDEXX

Laboratories,

Inc.(Æ)

Illumina,

Inc.(Æ)(Û)

2,579

Incyte

Corp.(Æ)(Û)

3,977

Intuitive

Surgical,

Inc.(Æ)

Johnson

&

Johnson

10,477

1,638

Labcorp

Holdings,

Inc.

McKesson

Corp.(Ð)

829

591

Medtronic

PLC

13,805

1,170

Merck

&

Co.,

Inc.(Û)

19,385

1,652

Molina

Healthcare,

Inc.(Æ)

1,330

Neurocrine

Biosciences,

Inc.(Æ)(Û)

1,829

Novo

Nordisk

A/S

-

ADR

10,187

677

Pfizer,

Inc.

3,715

Quest

Diagnostics,

Inc.

Regeneron

Pharmaceuticals,

Inc.

ResMed,

Inc.

STERIS

PLC

688

Stryker

Corp.

2,394

895

Teleflex,

Inc.

671

Thermo

Fisher

Scientific,

Inc.

2,145

920

UnitedHealth

Group,

Inc.

3,514

1,446

Universal

Health

Services,

Inc.

Class

B

Vertex

Pharmaceuticals,

Inc.(Æ)

Waters

Corp.(Æ)

Waystar

Holding

Corp.(Æ)

2,403

West

Pharmaceutical

Services,

Inc.

Zimmer

Biomet

Holdings,

Inc.

692

Zoetis,

Inc.

Class

A

819

20,138

Materials

and

Processing

-

4.2%

Acuity,

Inc.

524

Amcor

PLC

3,543

AptarGroup,

Inc.

1,055

Ball

Corp.(Û)

4,854

Builders

FirstSource,

Inc.(Æ)

Copart,

Inc.(Æ)

1,831

Crown

Holdings,

Inc.(Û)

3,216

Dow,

Inc.

909

Ecolab,

Inc.

2,287

575

Fastenal

Co.

1,878

General

Electric

Co.

2,098

Huntsman

Corp.

7,188

Lennox

International,

Inc.

Linde

PLC

2,473

1,121

Louisiana-Pacific

Corp.

1,448

LyondellBasell

Industries

NV

Class

A(Ð)

2,739

Masco

Corp.

9,808

594

MDU

Resources

Group,

Inc.

6,347

Nucor

Corp.

591

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Packaging

Corp.

of

America

508

Pool

Corp.

PPG

Industries,

Inc.

7,835

853

Reliance,

Inc.(Û)

569

Sherwin-Williams

Co.

(The)

Smurfit

WestRock

PLC

1,901

Sonoco

Products

Co.

651

Steel

Dynamics,

Inc.

614

Trane

Technologies

PLC

Watsco,

Inc.

Westlake

Corp.(Û)

1,423

6,487

Producer

Durables

-

13.6%

Alarm.com

Holdings,

Inc.(Æ)(Ð)

1,538

AMETEK,

Inc.

4,824

818

Amphenol

Corp.

Class

A

12,822

987

Automatic

Data

Processing,

Inc.(Û)

2,232

671

Avery

Dennison

Corp.

C.H.

Robinson

Worldwide,

Inc.

Canadian

Pacific

Kansas

City,

Ltd.

11,648

844

Caterpillar,

Inc.

Cintas

Corp.

1,041

CSX

Corp.

1,356

Cummins,

Inc.

2,566

754

Deere

&

Co.

Dover

Corp.

527

Emerson

Electric

Co.

628

Equifax,

Inc.

3,372

877

Expeditors

International

of

Washington,

Inc.

786

FedEx

Corp.

564

Flowserve

Corp.

6,378

Fortive

Corp.

1,037

FTI

Consulting,

Inc.(Æ)

902

Gartner,

Inc.(Æ)

1,748

736

General

Dynamics

Corp.

Gentex

Corp.

16,378

Global

Payments,

Inc.

1,985

Graco,

Inc.

3,066

Heico

Corp.

1,367

Honeywell

International,

Inc.

Huntington

Ingalls

Industries,

Inc.

620

IDEX

Corp.

Illinois

Tool

Works,

Inc.(Û)

1,187

Ingersoll

Rand,

Inc.

Insperity,

Inc.

586

Jacobs

Solutions,

Inc.

1,652

JB

Hunt

Transport

Services,

Inc.(Û)

1,671

Keysight

Technologies,

Inc.(Æ)

L3Harris

Technologies,

Inc.

Landstar

System,

Inc.(Ð)

1,119

Lockheed

Martin

Corp.(Û)

1,154

551

ManpowerGroup,

Inc.

2,383

MarketAxess

Holdings,

Inc.

Mettler-Toledo

International,

Inc.(Æ)

667

714

Moody's

Corp.

2,252

1,020

Norfolk

Southern

Corp.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Northrop

Grumman

Corp.

1,076

523

Old

Dominion

Freight

Line,

Inc.

Otis

Worldwide

Corp.

4,925

PACCAR,

Inc.

992

Parker-Hannifin

Corp.

Paychex,

Inc.

948

PayPal

Holdings,

Inc.(Æ)

559

Pentair

PLC

731

Republic

Services,

Inc.

Class

A

Robert

Half,

Inc.

2,074

Rockwell

Automation,

Inc.

Rollins,

Inc.(Ð)

5,991

Ryder

System,

Inc.

978

S&P

Global,

Inc.

1,997

999

Schneider

National,

Inc.

Class

B

3,832

Snap-on,

Inc.

Teledyne

Technologies,

Inc.(Æ)

Tetra

Tech,

Inc.

5,044

Textron,

Inc.

1,433

TransDigm

Group,

Inc.

1,081

1,528

Trimble

Navigation,

Ltd.(Æ)

TriNet

Group,

Inc.

795

Union

Pacific

Corp.

United

Parcel

Service,

Inc.

Class

B

797

United

Rentals,

Inc.

Veralto

Corp.

6,319

606

Verisk

Analytics,

Inc.

Class

A

1,302

W.W.

Grainger,

Inc.

Waste

Management,

Inc.

5,016

1,171

Werner

Enterprises,

Inc.

2,965

Westinghouse

Air

Brake

Technologies

Corp.

4,452

822

Zebra

Technologies

Corp.

Class

A(Æ)(Û)

21,027

Technology

-

35.4%

Accenture

PLC

Class

A

810

Adobe,

Inc.(Æ)

1,877

704

Airbnb,

Inc.

Class

A(Æ)(Û)

2,740

Akamai

Technologies,

Inc.(Æ)

869

Alkami

Technology,

Inc.(Æ)

1,069

Alphabet,

Inc.

Class

A

8,596

1,365

Alphabet,

Inc.

Class

C

16,623

2,674

Amdocs,

Ltd.

12,115

1,073

Analog

Devices,

Inc.

3,399

663

Appfolio,

Inc.

Class

A(Æ)(Ð)

Apple,

Inc.(Û)

38,780

8,241

Applied

Materials,

Inc.

653

Arista

Networks,

Inc.(Æ)

1,320

ARM

Holdings

PLC

-

ADR(Æ)

4,402

502

Atlassian

Corp.

Class

A(Æ)

821

Autodesk,

Inc.(Æ)

3,670

1,006

Booking

Holdings,

Inc.(Û)

642

Broadcom,

Inc.

7,720

1,486

Cadence

Design

Systems,

Inc.(Æ)

Cirrus

Logic,

Inc.(Æ)(Û)

3,426

Cisco

Systems,

Inc.

6,078

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cognizant

Technology

Solutions

Corp.

Class

A

2,708

CommVault

Systems,

Inc.(Æ)

766

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

Dropbox,

Inc.

Class

A(Æ)(Ð)

9,839

Electronic

Arts,

Inc.

3,959

574

F5,

Inc.(Æ)

Fidelity

National

Information

Services,

Inc.

Fiserv,

Inc.(Æ)

601

Fortinet,

Inc.(Æ)(Û)

5,917

614

Guidewire

Software,

Inc.(Æ)

647

Hewlett

Packard

Enterprise

Co.

3,161

HP,

Inc.

1,860

InterDigital,

Inc.

International

Business

Machines

Corp.

551

Intuit,

Inc.

3,284

2,061

IPG

Photonics

Corp.(Æ)(Û)

873

Jabil,

Inc.

Jack

Henry

&

Associates,

Inc.

Juniper

Networks,

Inc.

993

KBR,

Inc.

2,475

KLA

Corp.

Lam

Research

Corp.

3,321

Leidos

Holdings,

Inc.

Lyft,

Inc.

Class

A(Æ)

11,424

Maplebear,

Inc.(Æ)(Ð)

3,908

Meta

Platforms,

Inc.

Class

A(Û)

5,745

3,154

Microchip

Technology,

Inc.

4,380

Microsoft

Corp.(Û)

19,675

7,777

Monolithic

Power

Systems,

Inc.

Motorola

Solutions,

Inc.

MSCI,

Inc.

Class

A(Û)

NetApp,

Inc.

9,289

834

Nutanix,

Inc.

Class

A(Æ)

6,296

NVIDIA

Corp.(Û)

57,984

6,316

ON

Semiconductor

Corp.(Æ)

527

Oracle

Corp.

5,996

844

Palantir

Technologies,

Inc.

Class

A(Æ)

670

Palo

Alto

Networks,

Inc.(Æ)

Pegasystems,

Inc.

1,241

QUALCOMM,

Inc.

6,741

1,001

Rapid7,

Inc.(Æ)

2,232

Roper

Technologies,

Inc.

1,185

664

Salesforce,

Inc.

6,416

1,724

SAP

SE

-

ADR

3,042

889

ServiceNow,

Inc.(Æ)

1,083

1,034

Skyworks

Solutions,

Inc.

Super

Micro

Computer,

Inc.(Æ)

620

Synopsys,

Inc.(Æ)

1,947

894

TE

Connectivity

PLC

1,531

Teradata

Corp.(Æ)

3,456

Teradyne,

Inc.

Texas

Instruments,

Inc.

845

Twilio,

Inc.

Class

A(Æ)

2,428

VeriSign,

Inc.

1,965

554

Workday,

Inc.

Class

A(Æ)

2,791

684

Workiva,

Inc.(Æ)

973

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Yelp,

Inc.

Class

A(Æ)

3,536

Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,437

54,797

Utilities

-

1.8%

American

Water

Works

Co.,

Inc.

AT&T,

Inc.

7,943

Atmos

Energy

Corp.

Avista

Corp.

1,945

California

Water

Service

Group(Ð)

1,314

ConocoPhillips

2,321

Consolidated

Edison,

Inc.

821

Duke

Energy

Corp.

Edison

International

Eversource

Energy

528

Exelon

Corp.

2,581

FirstEnergy

Corp.

657

Gulfport

Energy

Corp.(Æ)

654

NiSource,

Inc.(Û)

3,329

NRG

Energy,

Inc.

—

PG&E

Corp.

2,472

Pinnacle

West

Capital

Corp.(Û)

2,910

Public

Service

Enterprise

Group,

Inc.(Ð)

5,442

Sempra

Energy

Southwest

Gas

Holdings,

Inc.(Ð)

1,468

T-Mobile

US,

Inc.

520

Verizon

Communications,

Inc.(Û)

11,820

521

2,736

#### Total

#### Common

#### Stocks
(cost

$110,213)

156,533

#### Short-Term

#### Investments

#### -

#### 4.6%
U.S.

Cash

Management

Fund(@)

7,165,859

(∞)

7,164

#### Total

#### Short-Term

#### Investments
(cost

$7,164)

7,164

#### Total

#### Investments

#### -

#### 105.7%
(identified

cost

$117,377)

163,697

#### Securities

#### Sold

#### Short

#### -

#### (5.8)%
Consumer

Discretionary

-

(0.8)%

Advanced

Energy

Industries,

Inc.

(395) (38) Archer

Aviation,

Inc.

Class

A(Æ)

(1,754)

(15) Asbury

Automotive

Group,

Inc.(Æ)

(268) (58) Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(3,418)

(136) Caesars

Entertainment,

Inc.(Æ)

(4,823)

(130) Crocs,

Inc.(Æ)

(1,016)

(98) Dutch

Bros,

Inc.

Class

A(Æ)

(2,905)

(174) Hilton

Grand

Vacations,

Inc.(Æ)

(2,147)

(72) Joby

Aviation,

Inc.(Æ)

(6,496)

(41) Lithia

Motors,

Inc.

Class

A

(578) (169) Tapestry,

Inc.

(2,401)

(170) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Warner

Bros.

Discovery,

Inc.(Æ)

(14,161)

(123) (1,224)

Energy

-

(0.4)%

Cleanspark,

Inc.(Æ)

(2,214)

(18) Core

Natural

Resources

Inc.

(1,503)

(108) EQT

Corp.

(3,574)

(177) Patterson-UTI

Energy,

Inc.

(15,012)

(85) Peabody

Energy

Corp.

(3,379)

(42) Uranium

Energy

Corp.(Æ)

(15,098)

(79) Warrior

Met

Coal,

Inc.

(1,543)

(74) (583) Financial

Services

-

(1.1)%

AGNC

Investment

Corp.(ö)

(19,490)

(172) Apollo

Global

Management,

Inc.

(1,344)

(183) Arthur

J

Gallagher

&

Co.

(527) (169) BGC

Group,

Inc.

Class

A

(9,901)

(90) Cboe

Global

Markets,

Inc.

(789) (175) Global

Net

Lease,

Inc.(ö)

(10,414)

(79) HA

Sustainable

Infrastructure

Capital,

Inc.

(1,270)

(32) Iron

Mountain,

Inc.(ö)

(210) (19) Old

National

Bancorp

(4,651)

(96) Realty

Income

Corp.(ö)

(3,532)

(204) Shift4

Payments,

Inc.

Class

A(Æ)

(1,768)

(145) T

Rowe

Price

Group,

Inc.

(1,696)

(150) UWM

Holdings

Corp.

(13,680)

(64) WesBanco,

Inc.

(3,001)

(89) (1,667)

Health

Care

-

(0.6)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(2,836)

(66) Avantor,

Inc.(Æ)

(9,306)

(121) Avidity

Biosciences,

Inc.(Æ)

(1,242)

(41) Axsome

Therapeutics,

Inc.(Æ)

(982) (110) Globus

Medical,

Inc.

Class

A(Æ)

(510) (37) Madrigal

Pharmaceuticals,

Inc.(Æ)

(52) (17) Neogen

Corp.(Æ)

(9,442)

(48) Nuvalent,

Inc.

Class

A(Æ)

(828) (64) PROCEPT

BioRobotics

Corp.(Æ)

(633) (34) Protagonist

Therapeutics,

Inc.(Æ)

(1,690)

(77) RadNet,

Inc.(Æ)

(1,614)

(84) Revolution

Medicines,

Inc.(Æ)

(2,255)

(91) Rhythm

Pharmaceuticals,

Inc.(Æ)

(387) (25) Soleno

Therapeutics,

Inc.(Æ)

(389) (29) Stryker

Corp.

(23) (9) Vaxcyte,

Inc.(Æ)

(1,110)

(40) Zimmer

Biomet

Holdings,

Inc.

(143) (15) (908) Materials

and

Processing

-

(0.6)%

Air

Products

&

Chemicals,

Inc.

(556) (151) Alcoa

Corp.

(3,946)

(97) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Freeport-McMoRan,

Inc.

(4,765)

(172) International

Paper

Co.

(3,096)

(141) Modine

Manufacturing

Co.(Æ)

(336) (27) Newmont

Corp.

(3,582)

(189) OPENLANE,

Inc.(Æ)

(7,261)

(134) VSE

Corp.

(503) (58) (969) Producer

Durables

-

(0.9)%

Casella

Waste

Systems,

Inc.

Class

A(Æ)

(1,166)

(137) Dorman

Products,

Inc.(Æ)

(924) (105) ESCO

Technologies,

Inc.

(416) (65) First

Advantage

Corp.(Æ)

(8,994)

(127) GXO

Logistics,

Inc.(Æ)

(2,971)

(108) Howmet

Aerospace,

Inc.

(1,415)

(196) JBT

Marel

Corp.

(462) (49) MARA

Holdings,

Inc.(Æ)

(1,314)

(17) Mercury

Systems,

Inc.(Æ)

(883) (44) OSI

Systems,

Inc.(Æ)

(611) (125) RBC

Bearings,

Inc.(Æ)

(644) (212) S&P

Global,

Inc.

(417) (208) Zurn

Elkay

Water

Solutions

Corp.

(1,795)

(61) (1,454)

Technology

-

(1.1)%

Analog

Devices,

Inc.

(914) (178) Cisco

Systems,

Inc.

(2,599)

(150) Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(6,014)

(137) Coherent

Corp.(Æ)

(1,428)

(92) Gen

Digital,

Inc.

(7,528)

(195) Impinj,

Inc.(Æ)

(374) (34) IonQ,

Inc.(Æ)

(522) (14) Microchip

Technology,

Inc.

(3,045)

(140) Motorola

Solutions,

Inc.

(345) (152) Oracle

Corp.

(1,193)

(168) PAR

Technology

Corp.(Æ)

(1,671)

(98) Progress

Software

Corp.

(1,218)

(73) Take-Two

Interactive

Software,

Inc.(Æ)

(823) (192) Unity

Software,

Inc.(Æ)

(6,106)

(129) (1,752)

Utilities

-

(0.3)%

APA

Corp.

(585) (9) Crescent

Energy

Co.

Class

A

(9,936)

(82) Expand

Energy

Corp.

(1,672)

(174) New

Fortress

Energy,

Inc.

(5,661)

(31) NextDecade

Corp.(Æ)

(2,514)

(19) Permian

Resources

Corp.

(1,260)

(15) Sable

Offshore

Corp.(Æ)

(1,738)

(32) UGI

Corp.

(4,910)

(161) (523) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$9,325)

(9,080)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%

#### Net

#### Assets

#### -

#### 100.0%
154,779

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

6,704

06/25

(245) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(245) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

19,472

$

—

$

—

$

—

$

19,472

.6

Consumer

Staples

8,059

—

—

—

8,059

.2

Energy

2,214

—

—

—

2,214

.4

Financial

Services

21,603

—

—

—

21,603

.9

Health

Care

20,138

—

—

—

20,138

.0

Materials

and

Processing

6,487

—

—

—

6,487

.2

Producer

Durables

21,027

—

—

—

21,027

.6

Technology

54,797

—

—

—

54,797

.4

Utilities

2,736

—

—

—

2,736

.8

Short-Term

Investments

—

—

—

7,164

7,164

.6

Total

Investments

156,533

—

—

7,164

163,697

.7

Securities

Sold

Short

\*

(9,080)

—

—

—

(9,080)

(5

.8)

Other

Assets

and

Liabilities,

Net

.1

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(245)

—

—

—

(245)

(0

.2)

Total

Other

Financial

Instruments

\*\*

$

(245)

$

—

$

—

$

—

$

(245)

\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(240) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(282) 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

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

$

9,080

$

—

$

9,080

Total

Financial

and

Derivative

Liabilities

9,080

—

9,080

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

9,080

$

—

$

9,080

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
State

Street

$

9,080

$

—

$

9,080

$

—

Total

$

9,080

$

—

$

9,080

$

—

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

117,377

Investments,

at

fair

value(>)

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

163,697

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

Fund

shares

sold

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

From

broker(a)

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

775

Prepaid

expenses

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

Total

assets

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

164,689

#### Liabilities
Payables:

Investments

purchased

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

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

Securities

sold

short,

at

fair

value(‡)

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

9,080

Total

liabilities

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

9,910

#### Net

#### Assets

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

154,779

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

52,928

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

101,814

#### Net

#### Assets

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

154,779

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

41.96 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

44.52 Class

A

—

Net

assets

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

$

17,686,499

Class

A

—

Shares

outstanding

($.01

par

value)

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

421,491

Net

asset

value

per

share:

Class

C

(#)

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

$

39.37 Class

C

—

Net

assets

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

$

18,188,608

Class

C

—

Shares

outstanding

($.01

par

value)

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

461,981

Net

asset

value

per

share:

Class

S

(#)

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

$

42.26 Class

S

—

Net

assets

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

$

109,170,498

Class

S

—

Shares

outstanding

($.01

par

value)

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

2,583,105

Net

asset

value

per

share:

Class

Y

(#)

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

$

42.12 Class

Y

—

Net

assets

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

$

9,733,646

Class

Y

—

Shares

outstanding

($.01

par

value)

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

231,105

Amounts

in

thousands

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

9,325

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

7,164

(a) Receivable

from

Broker

for

Futures

$

775

(#)

Net

asset

value

per

share

equals

class

level

net

assets

divided

by

class

level

shares

of

beneficial

interest

outstanding.

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

1,314

Dividends

from

affiliated

funds

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

Interest

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

Total

investment

income

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

1,500

#### 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

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

Dividends

from

securities

sold

short

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

Interest

expense

paid

on

securities

sold

short

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

Miscellaneous

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

Expenses

before

reductions

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

1,098

Expense

reductions

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

(123) Net

expenses

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

975

Net

investment

income

(loss)

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

525

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

11,672

Futures

contracts

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

(240) Securities

sold

short

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

(343) Net

realized

gain

(loss)

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

11,089

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(16,597)

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

(282) Securities

sold

short

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

843

Net

change

in

unrealized

appreciation

(depreciation)

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

(16,037)

Net

realized

and

unrealized

gain

(loss)

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

(4,948)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(4,423)

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

525

$

809

Net

realized

gain

(loss)

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

11,089

21,283

Net

change

in

unrealized

appreciation

(depreciation)

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

(16,037)

25,047

Net

increase

(decrease)

in

net

assets

from

operations

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

(4,423)

47,139

#### Distributions
To

shareholders

Class

A

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

(2,356)

(1,149)

Class

C

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

(2,619)

(1,385)

Class

S

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

(15,867)

(8,682)

Class

Y

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

(1,240)

(607) Net

decrease

in

net

assets

from

distributions

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

(22,082)

(11,823)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(600) (21,228)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(27,105)

14,088

#### Net

#### Assets
Beginning

of

period

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

181,884

167,796

End

of

period

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

$

154,779

$

181,884

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

577

$

1,084

Proceeds

from

reinvestment

of

distributions

2,314

1,135

Payments

for

shares

redeemed

(35) (1,556)

(58) (2,656)

Net

increase

(decrease)

1,335

(9) (437) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

2,615

1,385

Payments

for

shares

redeemed

(47) (1,977)

(84) (3,696)

Net

increase

(decrease)

711

(45) (2,081)

Class

S

Proceeds

from

shares

sold

1,002

3,174

Proceeds

from

reinvestment

of

distributions

15,310

8,458

Payments

for

shares

redeemed

(445) (20,352)

(651) (30,082)

Net

increase

(decrease)

(75) (4,040)

(386) (18,450)

Class

Y

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

1,240

607

Payments

for

shares

redeemed

(2) (84) (20) (907) Net

increase

(decrease)

1,394

(5) (260) Total

increase

(decrease)

$

(600) (445) $

(21,228)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

49.36 .10

(1.37)

(1.27)

(.29)

(5.84)

October

31,

2024

40.66 .13

11.51 11.64 (.09)

(2.85)

October

31,

2023

43.52 .16

1.83 1.99 (.15)

(4.70)

October

31,

2022

59.98 .11

(4.92)

(4.81)

(.09)

(11.56)

October

31,

2021

51.21 .11

16.63 16.74 (.33)

(7.64)

October

31,

2020

54.96 .25

2.34 2.59 (.25)

(6.09)

Class

C

April

30,

2025\*

46.68 (.06)

(1.28)

(1.34)

(.13)

(5.84)

October

31,

2024

38.80 (.20)

10.94 10.74 (.01)

(2.85)

October

31,

2023

41.89 (.15)

1.76 1.61 —

(4.70)

October

31,

2022

58.42 (.24)

(4.73)

(4.97)

—

(11.56)

October

31,

2021

50.27 (.29)

16.27 15.98 (.19)

(7.64)

October

31,

2020

54.23 (.13)

2.30 2.17 (.04)

(6.09)

Class

S

April

30,

2025\*

49.67 .17

(1.38)

(1.21)

(.36)

(5.84)

October

31,

2024

40.82 .27

11.56 11.83 (.13)

(2.85)

October

31,

2023

43.66 .28

1.83 2.11 (.25)

(4.70)

October

31,

2022

60.11 .25

(4.93)

(4.68)

(.21)

(11.56)

October

31,

2021

51.29 .28

16.65 16.93 (.47)

(7.64)

October

31,

2020

55.06 .39

2.33 2.72 (.40)

(6.09)

Class

Y

April

30,

2025\*

49.52 .21

(1.37)

(1.16)

(.40)

(5.84)

October

31,

2024

40.66 .34

11.51 11.85 (.14)

(2.85)

October

31,

2023

43.51 .35

1.82 2.17 (.32)

(4.70)

October

31,

2022

59.95 .33

(4.92)

(4.59)

(.29)

(11.56)

October

31,

2021

51.18 .37

16.60 16.97 (.56)

(7.64)

October

31,

2020

54.95 .33

2.47 2.80 (.48)

(6.09)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(∆)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(6.13)

41.96 (3.08)

17,686

1.41 1.29 .46

(2.94)

49.36 29.62 19,252

1.49 1.39 .29

(4.85)

40.66 5.09 16,229

1.45 1.36 .38

(11.65)

43.52 (10.28)

18,283

1.37 1.29 .24

(7.97)

59.98 35.97 24,380

1.33 1.28 .21

(6.34)

51.21 4.75 19,682

1.42 1.38 .48

(5.97)

39.37 (3.46)

18,189

2.16 2.04 (.28)

(2.86)

46.68 28.67 20,744

2.24 2.14 (.46)

(4.70)

38.80 4.28 18,994

2.20 2.11 (.37)

(11.56)

41.89 (10.94)

22,260

2.12 2.04 (.52)

(7.83)

58.42 34.97 31,130

2.08 2.03 (.54)

(6.13)

50.27 3.96 26,788

2.17 2.13 (.27)

(6.20)

42.26 (2.96)

109,170

1.16 1.00 .77

(2.98)

49.67 30.01 132,043

1.24 1.10 .58

(4.95)

40.82 5.37 124,288

1.20 1.07 .67

(11.77)

43.66 (10.00)

165,484

1.12 1.00 .53

(8.11)

60.11 36.37 225,751

1.08 .99

.50

(6.49)

51.29 5.03 201,214

1.17 1.09 .77

(6.24)

42.12 (2.86)

9,734

.96

.84

.91

(2.99)

49.52 30.22 9,845

1.04 .94

.74

(5.02)

40.66 5.54 8,285

1.01 .92

.83

(11.85)

43.51 (9.86)

8,066

.92

.84

.69

(8.20)

59.95 36.57 11,331

.88

.83

.66

(6.57)

51.18 5.21 10,941

.90

.87

.64

#### Russell

#### Investment

#### Company

#### Sustainable

#### Aware

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Sustainable

Aware

Equity

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

49,988

Administrative

fees

5,982

Distribution

fees

14,495

Shareholder

servicing

fees

3,657

Transfer

agent

fees

19,861

Trustees'

fees

$

94,419

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

5,531

$

28,175

$

26,541

$

—

$

(1)

$

7,164

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,

917

,

960

$

48,

,

711

$

(5

,

952

,

832)

$

42,

,

879

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 101.2%
Consumer

Discretionary

-

14.9%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

38,564

2,677

Amazon.com,

Inc.(Æ)

572,394

105,561

Axon

Enterprise,

Inc.(Æ)

4,218

2,587

Boot

Barn

Holdings,

Inc.(Æ)(Ð)

9,654

1,007

Central

Garden

&

Pet

Co.

Class

A(Æ)

6,209

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

404,104

20,415

Columbia

Sportswear

Co.

33,479

2,081

Comcast

Corp.

Class

A

314,237

10,747

Costco

Wholesale

Corp.

27,645

27,493

Coupang,

Inc.(Æ)

439,057

10,261

Deckers

Outdoor

Corp.(Æ)(Ð)

43,505

4,822

Dick's

Sporting

Goods,

Inc.

15,816

2,969

Dollar

General

Corp.(Ð)

170,034

15,930

Domino's

Pizza,

Inc.(Û)

5,916

2,901

DR

Horton,

Inc.

31,879

4,028

eBay,

Inc.

52,713

3,593

Expedia

Group,

Inc.

7,150

1,122

FactSet

Research

Systems,

Inc.

8,199

3,544

Garmin,

Ltd.(Û)

50,311

9,402

General

Motors

Co.

224,046

10,136

Home

Depot,

Inc.

(The)

27,830

10,032

Hubbell,

Inc.

Class

B

10,855

3,942

Lear

Corp.

51,541

4,420

Leonardo

DRS,

Inc.

34,540

1,277

Life

Time

Group

Holdings,

Inc.(Æ)

58,644

1,798

Live

Nation

Entertainment,

Inc.(Æ)

51,030

6,759

Lowe's

Cos.,

Inc.

58,153

13,001

Marriott

International,

Inc.

Class

A

20,445

4,878

McDonald's

Corp.

40,667

12,999

Meritage

Homes

Corp.

25,652

1,748

Netflix,

Inc.

Class

B(Æ)

8,475

9,591

NVR,

Inc.(Æ)(Û)

1,299

9,256

O'Reilly

Automotive,

Inc.(Æ)

16,861

23,862

PriceSmart,

Inc.

1,350

PulteGroup,

Inc.

36,749

3,770

Ross

Stores,

Inc.

29,197

4,058

Royal

Caribbean

Cruises,

Ltd.

12,104

2,601

Skechers

USA,

Inc.

Class

A(Æ)

53,438

2,566

Target

Corp.(Û)

89,262

8,632

Tesla,

Inc.(Æ)

69,576

19,632

Texas

Roadhouse,

Inc.

Class

A

17,096

2,837

TJX

Cos.,

Inc.

(The)

44,579

5,736

Tractor

Supply

Co.(Ð)

150,547

7,621

TripAdvisor,

Inc.(Æ)

42,905

534

Ulta

Beauty,

Inc.(Æ)

4,154

1,643

Walmart,

Inc.

204,442

19,882

Walt

Disney

Co.

(The)

37,931

3,450

Williams-Sonoma,

Inc.

17,461

2,697

Wingstop,

Inc.

26,542

7,004

437,823

Consumer

Staples

-

4.8%

Altria

Group,

Inc.

102,876

6,085

Ambev

SA

-

ADR

1,571,671

3,976

Archer-Daniels-Midland

Co.

138,194

6,599

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Church

&

Dwight

Co.,

Inc.

29,021

2,883

Coca-Cola

Co.

(The)

94,469

6,854

Colgate-Palmolive

Co.

43,679

4,027

Conagra

Brands,

Inc.

322,239

7,962

CVS

Health

Corp.

276,325

18,434

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

53,470

3,206

Hershey

Co.

(The)

21,854

3,654

Kenvue,

Inc.

64,769

1,529

Kimberly-Clark

Corp.

36,560

4,818

Kroger

Co.

(The)

258,063

18,635

Lancaster

Colony

Corp.

1,352

Mondelez

International,

Inc.

Class

A

72,070

4,910

Monster

Beverage

Corp.(Æ)

181,043

10,884

PepsiCo,

Inc.

33,233

4,506

Philip

Morris

International,

Inc.

37,170

6,369

Pilgrim's

Pride

Corp.(Û)

63,719

3,478

Procter

&

Gamble

Co.

(The)

59,767

9,716

Tyson

Foods,

Inc.

Class

A(Û)

216,351

13,249

141,994

Energy

-

3.6%

Baker

Hughes

Co.

284,467

10,070

BP

PLC

-

ADR

131,854

3,621

Canadian

Natural

Resources,

Ltd.

185,054

5,309

Chevron

Corp.

49,508

6,736

Coterra

Energy,

Inc.

128,158

3,147

Devon

Energy

Corp.

60,136

1,829

Eaton

Corp.

PLC

42,723

12,576

EOG

Resources,

Inc.(Û)

62,786

6,927

Exxon

Mobil

Corp.

196,844

20,793

Halliburton

Co.(Û)

80,475

1,595

Kinder

Morgan,

Inc.

149,505

3,932

Marathon

Petroleum

Corp.

25,863

3,554

Phillips

66(Û)

67,727

7,048

Schlumberger

NV

78,099

2,597

Shell

PLC

-

ADR

80,090

5,164

Valero

Energy

Corp.

50,337

5,844

Williams

Cos.,

Inc.

(The)

63,469

3,717

World

Kinect

Corp.

9,020

104,685

Financial

Services

-

13.8%

AerCap

Holdings

Ltd.

/

AerCap

Global

Aviation

Trust

95,950

10,171

Affiliated

Managers

Group,

Inc.

17,613

2,917

Aflac,

Inc.

40,232

4,372

Allstate

Corp.

(The)

21,924

4,350

Ally

Financial,

Inc.

215,971

7,054

American

Express

Co.

49,252

13,121

Ameriprise

Financial,

Inc.

15,282

7,198

Annaly

Capital

Management,

Inc.(ö)

368,266

7,218

Apollo

Global

Management,

Inc.

36,860

5,031

Arthur

J

Gallagher

&

Co.

28,131

9,021

Axis

Capital

Holdings,

Ltd.

29,398

2,832

Bank

of

America

Corp.

376,396

15,011

Bank

of

New

York

Mellon

Corp.

(The)

37,206

2,992

BlackRock,

Inc.

4,391

4,015

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
BOK

Financial

Corp.

11,834

1,103

Bread

Financial

Holdings,

Inc.

52,497

2,491

Brighthouse

Financial,

Inc.(Æ)

41,253

2,402

Camden

Property

Trust(ö)(Û)

61,968

7,052

Carlyle

Group,

Inc.

(The)

193,557

7,479

Cboe

Global

Markets,

Inc.

3,111

690

CBRE

Group,

Inc.

Class

A(Æ)

27,980

3,419

Chubb,

Ltd.

16,153

4,621

Cincinnati

Financial

Corp.

29,287

4,077

Citigroup,

Inc.

264,170

18,064

CNA

Financial

Corp.

12,800

616

Corebridge

Financial,

Inc.

242,304

7,179

Cullen/Frost

Bankers,

Inc.(Ð)(Û)

24,401

2,842

Enact

Holdings,

Inc.

2,875

Equinix,

Inc.(ö)

4,445

3,826

Essex

Property

Trust,

Inc.(ö)(Û)

24,531

6,848

Federated

Hermes,

Inc.

Class

B

15,920

647

First

American

Financial

Corp.

52,281

3,179

First

Industrial

Realty

Trust,

Inc.(ö)

11,650

554

Gaming

and

Leisure

Properties,

Inc.(ö)

19,735

945

Globe

Life,

Inc.

44,350

5,470

Goldman

Sachs

Group,

Inc.

(The)

8,011

4,386

Hanover

Insurance

Group,

Inc.

(The)

17,975

2,986

Hartford

Financial

Services

Group,

Inc.

(The)

32,846

4,029

Hilltop

Holdings,

Inc.

1,940

Host

Hotels

&

Resorts,

Inc.(ö)

218,256

3,082

Houlihan

Lokey,

Inc.

Class

A(Û)

2,672

Howard

Hughes

Holdings,

Inc.(Æ)(Ð)

57,273

3,810

Interactive

Brokers

Group,

Inc.

Class

A(Û)

50,133

8,615

Intercontinental

Exchange,

Inc.

11,239

1,888

InvenTrust

Properties

Corp.(ö)

7,440

JPMorgan

Chase

&

Co.

80,076

19,588

M&T

Bank

Corp.

22,517

3,822

Marsh

&

McLennan

Cos.,

Inc.

15,630

3,524

MasterCard,

Inc.

Class

A

86,976

47,668

Mercury

General

Corp.

1,828

Morgan

Stanley

76,931

8,879

NU

Holdings,

Ltd.

Class

A(Æ)

40,641

505

PNC

Financial

Services

Group,

Inc.

(The)

23,764

3,819

Popular,

Inc.

38,507

3,674

Progressive

Corp.

(The)

24,605

6,932

Prologis,

Inc.(ö)

26,515

2,710

Public

Storage(ö)

5,005

1,504

Raymond

James

Financial,

Inc.

21,079

2,889

Reinsurance

Group

of

America,

Inc.

Class

A

32,009

5,996

RLI

Corp.(Ð)

21,588

1,598

SEI

Investments

Co.

7,200

564

Selective

Insurance

Group,

Inc.

19,645

1,714

Synchrony

Financial(Û)

157,520

8,183

Synovus

Financial

Corp.(Û)

35,020

1,517

Travelers

Cos.,

Inc.

(The)(Û)

73,772

19,485

US

Bancorp

151,325

6,104

Visa,

Inc.

Class

A

45,408

15,688

W.R.

Berkley

Corp.

55,497

3,979

Wells

Fargo

&

Co.

259,073

18,397

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Willis

Towers

Watson

PLC

21,730

6,688

403,931

Health

Care

-

11.7%

Abbott

Laboratories

47,238

6,176

AbbVie,

Inc.

79,080

15,428

Acadia

Pharmaceuticals,

Inc.(Æ)(Ð)

100,956

1,474

Agilent

Technologies,

Inc.

89,459

9,626

Align

Technology,

Inc.(Æ)

35,180

6,097

Alnylam

Pharmaceuticals,

Inc.(Æ)(Û)

9,880

2,601

Amgen,

Inc.(Û)

15,185

4,418

AstraZeneca

PLC

-

ADR

41,645

2,990

Blueprint

Medicines

Corp.(Æ)

27,078

2,423

Boston

Scientific

Corp.(Æ)

49,234

5,065

Bristol-Myers

Squibb

Co.

54,853

2,754

Centene

Corp.(Æ)

60,559

3,624

Cigna

Group

(The)

12,575

4,276

Corcept

Therapeutics,

Inc.(Æ)

45,087

3,241

Danaher

Corp.

18,608

3,709

Edwards

Lifesciences

Corp.(Æ)

215,102

16,238

Elevance

Health,

Inc.

29,636

12,464

Eli

Lilly

&

Co.

21,849

19,641

Encompass

Health

Corp.

43,823

5,127

Exelixis,

Inc.(Æ)

62,263

2,438

GE

HealthCare

Technologies,

Inc.(Ð)

97,165

6,834

Genmab

A/S

-

ADR(Æ)

138,075

2,920

Gilead

Sciences,

Inc.

42,941

4,575

GSK

PLC

-

ADR

148,254

5,908

HCA

Healthcare,

Inc.

6,606

2,280

Humana,

Inc.

22,092

5,793

Icon

PLC(Æ)

29,125

4,411

IDEXX

Laboratories,

Inc.(Æ)

35,997

15,574

Illumina,

Inc.(Æ)

32,967

2,558

Incyte

Corp.(Æ)

104,517

6,549

Intuitive

Surgical,

Inc.(Æ)

8,783

4,530

Jazz

Pharmaceuticals

PLC(Æ)

32,781

3,834

Johnson

&

Johnson

87,739

13,714

LifeStance

Health

Group,

Inc.(Æ)

21,000

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)(Ð)

2,388

McKesson

Corp.(Ð)

12,769

9,102

Medpace

Holdings,

Inc.(Æ)(Ð)

7,083

2,184

Medtronic

PLC

134,406

11,392

Merck

&

Co.,

Inc.

70,486

6,005

Moderna,

Inc.(Æ)(Ð)

31,590

902

Molina

Healthcare,

Inc.(Æ)

—

Natera,

Inc.(Æ)

26,327

3,974

Organon

&

Co.

133,307

1,724

Pfizer,

Inc.

302,875

7,393

QIAGEN

NV(Æ)

94,802

4,053

Regeneron

Pharmaceuticals,

Inc.(Û)

21,209

12,699

Royalty

Pharma

PLC

Class

A

107,479

3,527

Sanofi

SA

-

ADR

71,325

3,919

Sarepta

Therapeutics,

Inc.(Æ)

34,676

2,164

Stryker

Corp.

34,234

12,801

Thermo

Fisher

Scientific,

Inc.

4,399

1,887

UnitedHealth

Group,

Inc.

63,476

26,117

Veeva

Systems,

Inc.

Class

A(Æ)

24,812

5,798

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vertex

Pharmaceuticals,

Inc.(Æ)

18,277

9,312

Viatris,

Inc.

343,776

2,895

Waystar

Holding

Corp.(Æ)

6,480

West

Pharmaceutical

Services,

Inc.

13,398

2,831

Zoetis,

Inc.

Class

A

22,096

3,456

344,066

Materials

and

Processing

-

5.1%

Boise

Cascade

Co.

11,636

1,085

Builders

FirstSource,

Inc.(Æ)(Û)

14,179

1,696

Carrier

Global

Corp.

60,894

3,808

Celanese

Corp.

Class

A

111,502

4,963

Commercial

Metals

Co.

20,440

910

Copart,

Inc.(Æ)

284,773

17,380

CRH

PLC

41,967

4,004

Crown

Holdings,

Inc.(Û)

129,571

12,482

DuPont

de

Nemours,

Inc.(Û)

14,406

951

Ecolab,

Inc.

13,335

3,353

Fastenal

Co.

56,173

4,548

FMC

Corp.

191,069

8,010

Freeport-McMoRan,

Inc.

127,324

4,587

General

Electric

Co.

15,984

3,221

Huntsman

Corp.

164,051

2,184

Lennox

International,

Inc.(Û)

13,807

7,549

Linde

PLC

24,143

10,942

Louisiana-Pacific

Corp.

48,236

4,163

LyondellBasell

Industries

NV

Class

A(Ð)

(Û)

33,962

1,977

Martin

Marietta

Materials,

Inc.

11,686

6,123

Masco

Corp.(Û)

3,399

MDU

Resources

Group,

Inc.(Û)

6,650

Nucor

Corp.

27,373

3,268

Packaging

Corp.

of

America

23,714

4,402

Reliance,

Inc.(Û)

5,153

1,485

Sherwin-Williams

Co.

(The)

9,896

3,493

Southern

Copper

Corp.(Ð)

67,569

6,049

Trane

Technologies

PLC

26,159

10,027

Vulcan

Materials

Co.

33,903

8,894

Watsco,

Inc.(Ð)

8,007

3,682

Westlake

Corp.(Û)

39,339

3,636

149,192

Producer

Durables

-

8.3%

3M

Co.

12,131

1,685

Ametek,

Inc.

19,961

3,385

Amphenol

Corp.

Class

A

64,336

4,951

ArcBest

Corp.

14,148

828

Automatic

Data

Processing,

Inc.

14,489

4,355

Brady

Corp.

Class

A

1,310

Caterpillar,

Inc.

10,473

3,239

Cintas

Corp.

22,620

4,788

Comfort

Systems

USA,

Inc.

15,378

6,114

CSX

Corp.

143,383

4,025

Cummins,

Inc.

12,217

3,590

Deere

&

Co.

14,406

6,678

Delta

Air

Lines,

Inc.

121,420

5,055

Donaldson

Co.,

Inc.

57,841

3,802

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dover

Corp.

18,776

3,204

EMCOR

Group,

Inc.(Û)

18,093

7,250

Expeditors

International

of

Washington,

Inc.

(Û)

43,756

4,809

FedEx

Corp.

29,498

6,204

Fortive

Corp.

45,194

3,150

FTI

Consulting,

Inc.(Æ)(Û)

27,552

4,581

General

Dynamics

Corp.

14,669

3,992

Global

Payments,

Inc.

152,564

11,642

Graco,

Inc.(Ð)(Û)

42,636

3,480

Howmet

Aerospace,

Inc.

51,129

7,085

Hub

Group,

Inc.

Class

A

1,220

Huntington

Ingalls

Industries,

Inc.

35,081

8,081

Illinois

Tool

Works,

Inc.(Û)

6,542

1,569

Insperity,

Inc.

24,684

1,605

JB

Hunt

Transport

Services,

Inc.(Û)

69,163

9,031

Knight-Swift

Transportation

Holdings,

Inc.

44,400

1,739

Landstar

System,

Inc.(Ð)

28,545

3,829

Magna

International,

Inc.

Class

A

76,544

2,661

ManpowerGroup,

Inc.

43,753

1,884

MasTec,

Inc.(Æ)(Û)

19,707

2,509

Mettler-Toledo

International,

Inc.(Æ)

616

659

Northrop

Grumman

Corp.

15,354

7,470

Old

Dominion

Freight

Line,

Inc.

8,677

1,330

Otis

Worldwide

Corp.(Û)

42,658

4,107

PACCAR,

Inc.

33,767

3,046

Parker-Hannifin

Corp.

5,510

3,334

Paychex,

Inc.

25,517

3,754

Pentair

PLC

39,791

3,610

Powell

Industries,

Inc.(Ð)

2,966

543

Primoris

Services

Corp.

22,390

1,343

Regal

Rexnord

Corp.

35,715

3,780

Republic

Services,

Inc.

Class

A

14,242

3,571

Robert

Half,

Inc.(Û)

47,869

2,121

Rollins,

Inc.(Û)

162,407

9,278

Ryder

System,

Inc.

19,459

2,679

S&P

Global,

Inc.

6,951

3,476

Schneider

National,

Inc.

Class

B(Ð)

68,200

1,466

Scotts

Miracle-Gro

Co.

(The)

Class

A

51,500

2,595

Snap-on,

Inc.

11,420

3,584

Tetra

Tech,

Inc.(Û)

97,760

3,049

Trade

Desk,

Inc.

(The)

Class

A(Æ)

70,583

3,785

TransUnion

106,642

8,847

TriNet

Group,

Inc.(Û)

30,080

2,356

United

Parcel

Service,

Inc.

Class

B

23,115

2,203

United

Rentals,

Inc.

5,002

3,159

Vontier

Corp.

121,707

3,871

W.W.

Grainger,

Inc.

3,590

3,677

Waste

Management,

Inc.

14,696

3,429

Werner

Enterprises,

Inc.

9,820

XPO,

Inc.(Æ)

19,091

2,026

Xylem,

Inc.

28,911

3,486

242,807

Technology

-

35.6%

Accenture

PLC

Class

A

16,519

4,942

Adobe,

Inc.(Æ)(Û)

44,728

16,772

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alkami

Technology,

Inc.(Æ)

13,892

Alphabet,

Inc.

Class

A

288,366

45,793

Alphabet,

Inc.

Class

C(Û)

121,887

19,610

Amkor

Technology,

Inc.(Û)

79,288

1,384

Appfolio,

Inc.

Class

A(Æ)(Ð)

9,274

1,915

Apple,

Inc.(Û)

841,510

178,821

Applied

Materials,

Inc.

10,245

1,544

AppLovin

Corp.

Class

A(Æ)

8,518

2,294

Arista

Networks,

Inc.(Æ)(Û)

154,471

12,708

Asana,

Inc.

Class

A(Æ)

35,200

568

ASML

Holding

NV

Class

G

2,183

1,458

Atlassian

Corp.

Class

A(Æ)

36,253

8,277

Blackbaud,

Inc.(Æ)(Ð)

6,880

Booking

Holdings,

Inc.(Û)

3,057

15,589

Broadcom,

Inc.

259,784

50,001

Cadence

Design

Systems,

Inc.(Æ)

9,454

2,815

CDW

Corp.

9,569

1,536

Cirrus

Logic,

Inc.(Æ)(Û)

31,659

3,041

Cisco

Systems,

Inc.

152,219

8,788

Cognizant

Technology

Solutions

Corp.

Class

A

51,333

3,777

Datadog,

Inc.

Class

A(Æ)

83,316

8,512

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

40,364

1,247

DoorDash,

Inc.

Class

A(Æ)

17,401

3,356

Dropbox,

Inc.

Class

A(Æ)(Ð)

263,456

7,522

EPAM

Systems,

Inc.(Æ)

31,657

4,967

Fiserv,

Inc.(Æ)

24,819

4,581

Hewlett

Packard

Enterprise

Co.

92,845

1,506

HP,

Inc.

110,231

2,819

International

Business

Machines

Corp.

18,650

4,510

Intuit,

Inc.

36,837

23,114

IPG

Photonics

Corp.(Æ)

13,447

805

Jabil,

Inc.(Û)

47,380

6,944

KBR,

Inc.(Û)

95,115

5,023

Lam

Research

Corp.(Û)

231,184

16,569

Life360,

Inc.(Æ)

4,320

Lyft,

Inc.

Class

A(Æ)

332,091

4,118

Manhattan

Associates,

Inc.(Æ)

26,834

4,760

Marqeta,

Inc.

Class

A(Æ)

21,800

Match

Group,

Inc.

164,180

4,870

Meta

Platforms,

Inc.

Class

A(Û)

140,443

77,103

Micron

Technology,

Inc.

65,393

5,032

Microsoft

Corp.

455,243

179,939

Monolithic

Power

Systems,

Inc.

4,760

2,823

Motorola

Solutions,

Inc.

10,616

4,675

MSCI,

Inc.

Class

A(Û)

5,378

2,932

NCR

Atleos

Corp.(Æ)(Ð)

36,647

1,023

NetApp,

Inc.

30,848

2,769

NVIDIA

Corp.(Û)

1,218,008

132,665

NXP

Semiconductors

NV

40,657

7,493

ON

Semiconductor

Corp.(Æ)

126,325

5,015

Oracle

Corp.

38,850

5,467

Palantir

Technologies,

Inc.

Class

A(Æ)

35,040

4,150

Palo

Alto

Networks,

Inc.(Æ)

52,610

9,834

Pegasystems,

Inc.

48,168

4,435

Playtika

Holding

Corp.

42,235

QUALCOMM,

Inc.

22,285

3,308

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Rapid7,

Inc.(Æ)

39,640

936

RingCentral,

Inc.

Class

A(Æ)

64,692

1,650

Roblox

Corp.

Class

A(Æ)(Û)

108,784

7,294

Roku,

Inc.(Æ)

70,035

4,775

Roper

Technologies,

Inc.

4,256

2,384

Salesforce,

Inc.

76,369

20,521

Semtech

Corp.(Æ)(Ð)(Û)

12,821

ServiceNow,

Inc.(Æ)

17,249

16,473

Spotify

Technology

SA(Æ)(Û)

12,955

7,954

Synopsys,

Inc.(Æ)

4,434

2,035

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

17,074

2,846

Teradata

Corp.(Æ)

64,190

1,380

Teradyne,

Inc.(Ð)

46,318

3,437

Texas

Instruments,

Inc.

24,118

3,860

Tyler

Technologies,

Inc.(Æ)

13,823

7,510

Uber

Technologies,

Inc.(Æ)

106,503

8,628

Ubiquiti,

Inc.(Û)

2,971

970

UiPath,

Inc.

Class

A(Æ)

370,320

4,422

VeriSign,

Inc.

32,339

9,123

Workiva,

Inc.(Æ)

3,850

1,043,695

Utilities

-

3.4%

AT&T,

Inc.

750,055

20,777

Comstock

Resources,

Inc.(Æ)

23,439

ConocoPhillips

78,988

7,039

Constellation

Energy

Corp.

14,051

3,140

Edison

International

73,963

3,958

Entergy

Corp.

32,940

2,740

Exelon

Corp.

83,271

3,905

FirstEnergy

Corp.

125,256

5,371

Gulfport

Energy

Corp.(Æ)

3,951

682

NextEra

Energy,

Inc.

131,092

8,767

NRG

Energy,

Inc.

71,315

7,815

PG&E

Corp.

338,155

5,586

Pinnacle

West

Capital

Corp.(Û)

21,789

2,074

Sempra

Energy

65,741

4,883

Southern

Co.

(The)

64,233

5,902

T-Mobile

US,

Inc.

17,061

4,213

Verizon

Communications,

Inc.

119,618

5,270

Xcel

Energy,

Inc.

86,774

6,135

98,685

#### Total

#### Common

#### Stocks
(cost

$2,050,940)

2,966,878

#### Short-Term

#### Investments

#### -

#### 3.6%
U.S.

Cash

Management

Fund(@)

105,938,273

(∞)

105,906

#### Total

#### Short-Term

#### Investments
(cost

$105,911)

105,906

#### Total

#### Investments

#### -

#### 104.8%
(identified

cost

$2,156,851)

3,072,784

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Securities

#### Sold

#### Short

#### -

#### (5.0)%
Consumer

Discretionary

-

(0.8)%

Advanced

Energy

Industries,

Inc.

(2,457)

(239) Asbury

Automotive

Group,

Inc.(Æ)

(7,010)

(1,529)

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(32,544)

(1,297)

Charter

Communications,

Inc.

Class

A(Æ)

(6,390)

(2,504)

Dutch

Bros,

Inc.

Class

A(Æ)

(48,139)

(2,876)

Hilton

Grand

Vacations,

Inc.(Æ)

(63,269)

(2,128)

Joby

Aviation,

Inc.(Æ)

(174,871)

(1,102)

Liberty

Media

Corp.

Class

C(Æ)

(11,305)

(808) Lithia

Motors,

Inc.

Class

A

(8,426)

(2,467)

Planet

Fitness,

Inc.

Class

A(Æ)

(26,022)

(2,462)

Somnigroup

International,

Inc.

(40,406)

(2,467)

Warner

Bros.

Discovery,

Inc.(Æ)

(316,108)

(2,741)

(22,620)

Consumer

Staples

-

(0.1)%

Celsius

Holdings,

Inc.(Æ)

(930) (33) Grocery

Outlet

Holding

Corp.(Æ)

(143,655)

(2,412)

Simply

Good

Foods

Co.

(The)(Æ)

(22,992)

(830) Warby

Parker,

Inc.

Class

A(Æ)

(41,481)

(685) (3,960)

Energy

-

(0.3)%

First

Solar,

Inc.(Æ)

(20,208)

(2,543)

Kodiak

Gas

Services,

Inc.

(35,062)

(1,192)

Patterson-UTI

Energy,

Inc.

(68,087)

(384) Uranium

Energy

Corp.(Æ)

(235,555)

(1,237)

Warrior

Met

Coal,

Inc.

(53,018)

(2,535)

(7,891)

Financial

Services

-

(0.7)%

AGNC

Investment

Corp.(ö)

(56,523)

(499) Apollo

Global

Management,

Inc.

(23,002)

(3,139)

Axos

Financial,

Inc.(Æ)

(22,493)

(1,428)

BGC

Group,

Inc.

Class

A

(172,431)

(1,562)

HA

Sustainable

Infrastructure

Capital,

Inc.

(78,854)

(1,970)

Independence

Realty

Trust,

Inc.(ö)

(41,740)

(811) LPL

Financial

Holdings,

Inc.

(8,088)

(2,587)

Old

National

Bancorp

(137,317)

(2,827)

Shift4

Payments,

Inc.

Class

A(Æ)

(32,205)

(2,634)

SoFi

Technologies,

Inc.(Æ)

(14,739)

(185) UWM

Holdings

Corp.

(302,357)

(1,421)

(19,063)

Health

Care

-

(0.6)%

Acadia

Healthcare

Co.,

Inc.(Æ)

(98,963)

(2,316)

Agios

Pharmaceuticals,

Inc.(Æ)

(42,461)

(1,261)

Avantor,

Inc.(Æ)

(33,328)

(433) Avidity

Biosciences,

Inc.(Æ)

(23,299)

(761) Axsome

Therapeutics,

Inc.(Æ)

(6,707)

(753) Azenta,

Inc.(Æ)

(37,025)

(975) Crinetics

Pharmaceuticals,

Inc.(Æ)

(46,421)

(1,550)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Globus

Medical,

Inc.

Class

A(Æ)

(4,408)

(316) HealthEquity,

Inc.(Æ)

(9,201)

(789) Immunovant,

Inc.(Æ)

(6,840)

(110) Insmed,

Inc.(Æ)

(19,440)

(1,400)

Neogen

Corp.(Æ)

(159,650)

(806) PROCEPT

BioRobotics

Corp.(Æ)

(24,576)

(1,327)

Protagonist

Therapeutics,

Inc.(Æ)

(11,069)

(507) RadNet,

Inc.(Æ)

(36,720)

(1,923)

Revolution

Medicines,

Inc.(Æ)

(41,495)

(1,675)

Tarsus

Pharmaceuticals,

Inc.(Æ)

(8,700)

(452) Vaxcyte,

Inc.(Æ)

(33,472)

(1,200)

(18,554)

Materials

and

Processing

-

(0.0)%

Alcoa

Corp.

(26,000)

(638) Cleveland-Cliffs,

Inc.(Æ)

(30,514)

(251) (889) Producer

Durables

-

(1.1)%

AeroVironment,

Inc.(Æ)

(13,675)

(2,072)

Alight,

Inc.

Class

A

(407,838)

(2,084)

Bloom

Energy

Corp.

Class

A(Æ)

(23,217)

(425) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(25,367)

(2,979)

First

Advantage

Corp.(Æ)

(151,247)

(2,133)

H&R

Block,

Inc.

(5,540)

(335) Howmet

Aerospace,

Inc.

(24,456)

(3,389)

JBT

Marel

Corp.

(17,800)

(1,874)

Loar

Holdings,

Inc.(Æ)

(37,654)

(3,561)

Mercury

Systems,

Inc.(Æ)

(26,604)

(1,330)

Mirion

Technologies,

Inc.(Æ)

(122,142)

(1,927)

OSI

Systems,

Inc.(Æ)

(16,085)

(3,293)

RBC

Bearings,

Inc.(Æ)

(7,880)

(2,589)

Tidewater,

Inc.(Æ)

(29,830)

(1,080)

Vertiv

Holdings

Co.

Class

A

(32,528)

(2,777)

Willscot

Holdings

Corp.

(62,523)

(1,571)

Zurn

Elkay

Water

Solutions

Corp.

(1,619)

(55) (33,474)

Technology

-

(1.1)%

Advanced

Micro

Devices,

Inc.(Æ)

(6,058)

(590) Analog

Devices,

Inc.

(15,111)

(2,945)

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(101,069)

(2,298)

Coherent

Corp.(Æ)

(43,101)

(2,772)

Concentrix

Corp.

(49,167)

(2,511)

EchoStar

Corp.

Class

A(Æ)

(40,578)

(912) Gen

Digital,

Inc.

(112,493)

(2,910)

Impinj,

Inc.(Æ)

(14,647)

(1,349)

Lattice

Semiconductor

Corp.(Æ)

(57,358)

(2,807)

Lumentum

Holdings,

Inc.

Class

E(Æ)

(45,156)

(2,666)

Marvell

Technology,

Inc.

(36,515)

(2,131)

Micron

Technology,

Inc.

(1,877)

(144) 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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
nCino,

Inc.(Æ)

(17,719)

(411) PAR

Technology

Corp.(Æ)

(19,935)

(1,164)

Progress

Software

Corp.

(18,043)

(1,082)

Rambus,

Inc.(Æ)

(32,134)

(1,568)

TTM

Technologies,

Inc.(Æ)

(33,796)

(677) Unity

Software,

Inc.(Æ)

(136,673)

(2,880)

Wolfspeed,

Inc.(Æ)

(338,435)

(1,202)

(33,019)

Utilities

-

(0.3)%

Expand

Energy

Corp.

(23,169)

(2,407)

New

Fortress

Energy,

Inc.

(186,147)

(1,011)

Otter

Tail

Corp.

(8,192)

(650) Sable

Offshore

Corp.(Æ)

(59,279)

(1,106)

Talen

Energy

Corp.(Æ)

(2,710)

(583) UGI

Corp.

(69,103)

(2,266)

(8,023)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$150,942)

(147,493)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.2%
7,190

#### Net

#### Assets

#### -

#### 100.0%
2,932,481

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,

#### 2025
(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

105,315

06/25

(2,340)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(2,340)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

437,823

$

—

$

—

$

—

$

437,823

.9

Consumer

Staples

141,994

—

—

—

141,994

.8

Energy

104,685

—

—

—

104,685

.6

Financial

Services

403,931

—

—

—

403,931

.8

Health

Care

344,066

—

—

—

344,066

.7

Materials

and

Processing

149,192

—

—

—

149,192

.1

Producer

Durables

242,807

—

—

—

242,807

.3

Technology

1,043,695

—

—

—

1,043,695

.6

Utilities

98,685

—

—

—

98,685

.4

Short-Term

Investments

—

—

—

105,906

105,906

.6

Total

Investments

2,966,878

—

—

105,906

3,072,784

.8

Securities

Sold

Short

\*

(147,493)

—

—

—

(147,493)

(5

.0)

Other

Assets

and

Liabilities,

Net

.2

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(2,340)

—

—

—

(2,340)

(0

.1)

Total

Other

Financial

Instruments

\*\*

$

(2,340)

$

—

$

—

$

—

$

(2,340)

\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

2,340

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(7,254)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(559) \*

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.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

$

147,493

$

—

$

147,493

Total

Financial

and

Derivative

Liabilities

147,493

—

147,493

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

147,493

$

—

$

147,493

#### 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

$

147,493

$

—

$

147,493

$

—

Total

$

147,493

$

—

$

147,493

$

—

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

2,156,851

Investments,

at

fair

value(>)

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

3,072,784

Receivables:

Dividends

and

interest

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

1,521

Dividends

from

affiliated

funds

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

Investments

sold

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

2,268

Fund

shares

sold

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

1,793

From

broker(a)

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

10,675

Prepaid

expenses

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

Total

assets

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

3,089,439

#### Liabilities
Payables:

Investments

purchased

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

3,606

Fund

shares

redeemed

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

1,524

Accrued

fees

to

affiliates

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

1,573

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

2,339

Securities

sold

short,

at

fair

value(‡)

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

147,493

Total

liabilities

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

156,958

#### Net

#### Assets

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

2,932,481

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

1,054,16

Shares

of

beneficial

interest

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

1,894

Additional

paid-in

capital

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

1,876,42

#### Net

#### Assets

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

2,932,481

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

15.44 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

16.38 Class

A

—

Net

assets

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

$

22,807,153

Class

A

—

Shares

outstanding

($.01

par

value)

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

1,476,699

Net

asset

value

per

share:

Class

C

(#)

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

$

15.07 Class

C

—

Net

assets

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

$

5,700,422

Class

C

—

Shares

outstanding

($.01

par

value)

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

378,371

Net

asset

value

per

share:

Class

M

(#)

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

$

15.46 Class

M

—

Net

assets

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

$

540,448,176

Class

M

—

Shares

outstanding

($.01

par

value)

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

34,950,738

Net

asset

value

per

share:

Class

S

(#)

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

$

15.49 Class

S

—

Net

assets

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

$

2,185,684,578

Class

S

—

Shares

outstanding

($.01

par

value)

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

141,110,399

Net

asset

value

per

share:

Class

Y

(#)

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

$

15.46 Class

Y

—

Net

assets

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

$

177,840,663

Class

Y

—

Shares

outstanding

($.01

par

value)

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

11,500,416

Amounts

in

thousands

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

150,942

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

105,906

(a) Receivable

from

Broker

for

Futures

$

10,675

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

22,259

Dividends

from

affiliated

funds

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

2,123

Interest

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

Total

investment

income

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

24,484

#### Expenses
Advisory

fees

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

8,677

Administrative

fees

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

754

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

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

581

Transfer

agent

fees

-

Class

S

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

2,382

Transfer

agent

fees

-

Class

Y

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

-

Class

C

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

Trustees'

fees

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

Printing

fees

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

Dividends

from

securities

sold

short

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

881

Interest

expense

paid

on

securities

sold

short

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

758

Miscellaneous

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

Expenses

before

reductions

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

14,772

Expense

reductions

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

(1,860)

Net

expenses

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

12,912

Net

investment

income

(loss)

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

11,572

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

192,907

Investments

in

affiliated

funds

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

(6) Futures

contracts

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

(7,254)

Securities

sold

short

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

(9,000)

Net

realized

gain

(loss)

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

176,647

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(309,613)

Investments

in

affiliated

funds

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

(7) Futures

contracts

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

(559) Securities

sold

short

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

22,03

Net

change

in

unrealized

appreciation

(depreciation)

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

(288,14

6)

Net

realized

and

unrealized

gain

(loss)

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

(111,

499)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(99,92

7)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

11,572

$

22,815

Net

realized

gain

(loss)

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

176,647

310,171

Net

change

in

unrealized

appreciation

(depreciation)

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

(288,14

6)

593,740

Net

increase

(decrease)

in

net

assets

from

operations

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

(99,92

7)

926,726

#### Distributions
To

shareholders

Class

A

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

(2,260)

(599) Class

C

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

(643) (189) Class

M

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

(57,621)

(22,990)

Class

S

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

(242,999)

(90,937)

Class

Y

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

(15,415)

(6,246)

Net

decrease

in

net

assets

from

distributions

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

(318,93

8)

(120,961)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

110,02

(401,965)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(308,842)

403,800

#### Net

#### Assets
Beginning

of

period

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

3,241,323

2,837,523

End

of

period

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

$

2,932,481

$

3,241,323

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

5,877

$

5,579

Proceeds

from

reinvestment

of

distributions

2,260

599

Payments

for

shares

redeemed

(219) (3,556)

(223) (3,665)

Net

increase

(decrease)

4,581

2,513

Class

C

Proceeds

from

shares

sold

1,103

Proceeds

from

reinvestment

of

distributions

643

Payments

for

shares

redeemed

(52) (849) (74) (1,202)

Net

increase

(decrease)

Class

M

Proceeds

from

shares

sold

3,395

56,597

5,863

97,463

Proceeds

from

reinvestment

of

distributions

3,513

57,59

1,502

22,990

Payments

for

shares

redeemed

(7,749)

(135,834)

(8,762)

(143,410)

Net

increase

(decrease)

(841) (21,64

2)

(1,397)

(22,957)

Class

S

Proceeds

from

shares

sold

9,530

167,117

10,328

168,257

Proceeds

from

reinvestment

of

distributions

14,771

242,678

5,936

90,793

Payments

for

shares

redeemed

(19,28

4)

(325,783)

(38,565)

(619,076)

Net

increase

(decrease)

5,01

84,012

(22,301)

(360,026)

Class

Y

Proceeds

from

shares

sold

2,660

41,390

Proceeds

from

reinvestment

of

distributions

940

15,415

6,246

Payments

for

shares

redeemed

(821) (13,805)

(1,711)

(27,854)

Net

increase

(decrease)

2,779

43,000

(1,302)

(21,585)

Total

increase

(decrease)

7,22

$

110,02

(24,830)

$

(401,965)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Strategic

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

17.75 .04

(.59)

(.55)

(.07)

(1.69)

October

1,

2024

13.68 .07

4.58 4.65 (.07)

(.51)

October

31,

2023

13.31 .09

1.12 1.21 (.09)

(.75)

October

31,

2022

17.88 .06

(3.31)

(3.25)

(.06)

(1.26)

October

31,

2021

12.88 .02

5.02 5.04 (.04)

—

October

31,

2020

12.18 .07

1.23 1.30 (.07)

(.53)

Class

C

April

30,

2025\*

17.36 (.02)

(.57)

(.59)

(.01)

(1.69)

October

31,

2024

13.44 (.05)

4.49 4.44 (.01)

(.51)

October

31,

2023

13.11 (.01)

1.09 1.08 —

(.75)

October

31,

2022

17.68 (.05)

(3.26)

(3.31)

—

(1.26)

October

31,

2021

12.80 (.10)

4.99 4.89 (.01)

—

October

31,

2020

12.12 (.02)

1.23 1.21 —

(Ɵ)

(.53)

Class

M

April

30,

2025\*

17.77 .07

(.59)

(.52)

(.10)

(1.69)

October

31,

2024

13.69 .13

4.58 4.71 (.12)

(.51)

October

31,

2023

13.32 .14

1.12 1.26 (.14)

(.75)

October

31,

2022

17.90 .11

(3.31)

(3.20)

(.12)

(1.26)

October

31,

2021

12.88 .08

5.04 5.12 (.10)

—

October

31,

2020

12.19 .11

1.23 1.34 (.12)

(.53)

Class

S

April

30,

2025\*

17.80 .06

(.59)

(.53)

(.09)

(1.69)

October

31,

2024

13.71 .11

4.59 4.70 (.10)

(.51)

October

31,

2023

13.34 .12

1.12 1.24 (.12)

(.75)

October

31,

2022

17.92 .10

(3.32)

(3.22)

(.10)

(1.26)

October

31,

2021

12.90 .07

5.03 5.10 (.08)

—

October

31,

2020

12.20 .10

1.23 1.33 (.10)

(.53)

Class

Y

April

30,

2025\*

17.77 .07

(.59)

(.52)

(.10)

(1.69)

October

31,

2024

13.69 .14

4.58 4.72 (.13)

(.51)

October

31,

2023(ƶ)

.

.

(.

1)

(.8

0)

(.0

3)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Strategic

Equity

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(∆)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(1.76)

15.44 (3.69)

22,807

1.19 1.09 .46

(.58)

17.75 34.67 21,457

1.24 1.10 .43

(.84)

13.68 9.67 14,309

1.39 1.12 .63

(1.32)

13.31 (19.47)

11,144

1.26 1.00 .41

(.04)

17.88 39.21 12,928

1.25 .99

.15

(.60)

12.88 11.04 7,696

1.25 .99

.61

(1.70)

15.07 (3.98)

5,700

1.94 1.84 (.29)

(.52)

17.36 33.69 6,499

2.00 1.85 (.31)

(.75)

13.44 8.80 4,938

2.14 1.87 (.10)

(1.26)

13.11 (20.06)

5,302

2.01 1.75 (.34)

(.01)

17.68 38.18 7,142

2.00 1.74 (.60)

(.53)

12.80 10.27 5,116

2.00 1.74 (.15)

(1.79)

15.46 (3.51)

540,448

.94

.74

.82

(.63)

17.77 35.16 636,086

1.00 .75

.79

(.89)

13.69 10.03 509,184

1.14 .77

1.00 57

(1.38)

13.32 (19.20)

525,351

1.01 .65

.76

(.10)

17.90 39.83 704,072

.99

.64

.50

(.65)

12.88 11.38 310,844

1.00 .64

.94

(1.78)

15.49 (3.55)

2,185,685

.94

.84

.71

(.61)

17.80 35.05 2,422,271

1.00 .85

.70

(.87)

13.71 9.90 2,171,846

1.14 .87

.90

(1.36)

13.34 (19.27)

2,526,335

1.01 .75

.66

(.08)

17.92 39.62 3,565,540

.99

.74

.40

(.63)

12.90 11.34 2,543,965

1.00 .74

.86

(1.79)

15.46 (3.47)

177,841

.75

.66

.89

(.64)

17.77 35.26 155,010

.80

.67

.87

(.03)

.

(5.50)

,

.

.6

.

#### 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

for

the

period

ended

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,096,932

Administrative

fees

112,230

Distribution

fees

7,930

Shareholder

servicing

fees

1,139

Transfer

agent

fees

352,303

Trustees'

fees

2,940

$

1,573,474

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

109,156

$

483,197

$

486,434

$

(6)

$

(7)

$

105,906

$

2,123

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,050

,

,0

$

988,

,

638

$

(11

,

,

596)

$

872

,

,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 100.0%
Consumer

Discretionary

-

10.8%

1-800-Flowers.com,

Inc.

Class

A(Æ)

13,273

Abercrombie

&

Fitch

Co.

Class

A(Æ)

4,038

Academy

Sports

&

Outdoors,

Inc.

7,956

Accel

Entertainment,

Inc.(Æ)

4,092

Adtalem

Global

Education,

Inc.(Æ)

5,667

602

Advance

Auto

Parts,

Inc.

7,626

AerSale

Corp.(Æ)

73,056

509

AMC

Networks,

Inc.

Class

A(Æ)

4,916

American

Axle

&

Manufacturing

Holdings,

Inc.(Æ)(Ð)

136,758

522

American

Eagle

Outfitters,

Inc.

21,702

American

Outdoor

Brands,

Inc.(Æ)

695

American

Public

Education,

Inc.(Æ)

32,092

754

Asbury

Automotive

Group,

Inc.(Æ)

2,043

Atkore

,

Inc.

3,197

Atmus

Filtration

Technologies,

Inc.

7,748

Axon

Enterprise,

Inc.(Æ)

1,160

711

Bath

&

Body

Works,

Inc.

11,504

Beazer

Homes

USA,

Inc.(Æ)

9,844

Blade

Air

Mobility,

Inc.(Æ)

255,520

677

BlueLinx

Holdings,

Inc.(Æ)

6,520

Boot

Barn

Holdings,

Inc.(Æ)

18,803

1,962

BorgWarner,

Inc.

20,575

584

Brilliant

Earth

Group,

Inc.

Class

A(Æ)

226,307

Brinker

International,

Inc.(Æ)

5,798

779

Brunswick

Corp.

10,677

Cadre

Holdings,

Inc.

23,952

698

Carriage

Services,

Inc.

Class

A

1,774

Cavco

Industries,

Inc.(Æ)

785

Celestica,

Inc.(Æ)

2,222

Central

Garden

&

Pet

Co.

Class

A(Æ)

1,921

Century

Communities,

Inc.

7,774

Chegg

,

Inc.(Æ)

9,904

Clarus

Corp.

506,413

1,666

Columbia

Sportswear

Co.(Ð)

5,228

Cooper-Standard

Holdings,

Inc.(Æ)

2,957

Coty,

Inc.

Class

A(Æ)(Û)

57,508

CTS

Corp.

5,536

Dana

Holding

Corp.

37,408

514

Dave

&

Buster's

Entertainment,

Inc.(Æ)

14,305

Denny's

Corp.(Æ)

164,331

606

Designer

Brands,

Inc.

Class

A

14,397

Douglas

Dynamics,

Inc.

62,747

1,505

Driven

Brands

Holdings,

Inc.(Æ)(Ð)

33,853

559

Duolingo

,

Inc.(Æ)(Ð)

2,782

1,084

FIGS,

Inc.

Class

A(Æ)

21,791

FirstCash

Holdings,

Inc.

1,919

Foot

Locker,

Inc.(Æ)

36,129

Forestar

Group,

Inc.(Æ)

4,242

Freshpet

,

Inc.(Æ)

5,484

Funko

,

Inc.

Class

A(Æ)

12,978

Genesco,

Inc.(Æ)(Ð)

3,088

Genius

Sports,

Ltd.(Æ)

83,024

896

Gentherm

,

Inc.(Æ)

8,516

G-III

Apparel

Group,

Ltd.(Æ)

18,451

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Gildan

Activewear

,

Inc.

Class

A

15,167

700

GMS,

Inc.(Æ)

5,276

Golden

Entertainment,

Inc.

46,135

1,186

GoPro,

Inc.

Class

A(Æ)

21,191

Grand

Canyon

Education,

Inc.(Æ)

819

Green

Brick

Partners,

Inc.(Æ)

19,780

1,167

Group

Automotive,

Inc.

1,192

Haverty

Furniture

Cos.,

Inc.

38,831

705

HealthStream

,

Inc.(Ð)

1,271

International

Game

Technology

PLC

55,173

905

Johnson

Outdoors,

Inc.

Class

A

36,018

822

KB

Home

11,964

646

Kontoor

Brands,

Inc.

6,184

Kura

Sushi

USA,

Inc.

Class

A(Æ)

35,665

2,100

Landsea

Homes

Corp.(Æ)

111,643

681

La-Z-Boy,

Inc.

10,593

Lear

Corp.(Û)

5,995

514

Legacy

Education,

Inc.(Æ)

49,980

Leonardo

DRS,

Inc.

22,833

844

Leslie's,

Inc.(Æ)

23,970

Life

Time

Group

Holdings,

Inc.(Æ)

13,453

Lincoln

Educational

Services

Corp.(Æ)

44,671

755

M/I

Homes,

Inc.(Æ)

2,434

Madison

Square

Garden

Entertainment

Corp.(Æ)

8,421

Magnite

,

Inc.(Æ)(Ð)

22,414

Malibu

Boats,

Inc.

Class

A(Æ)

3,328

Marine

Products

Corp.

76,978

647

MasterCraft

Boat

Holdings,

Inc.(Æ)

2,923

Matthews

International

Corp.

Class

A

28,556

584

Meritage

Homes

Corp.

11,173

761

Mister

Car

Wash,

Inc.(Æ)

10,096

Motorcar

Parts

of

America,

Inc.(Æ)

11,914

Movado

Group,

Inc.

2,765

Newell

Brands

Inc.

227,228

1,086

OneSpaWorld

Holdings,

Ltd.

114,977

1,920

OptimizeRx

Corp.(Æ)

15,151

Papa

John's

International,

Inc.

68,415

2,362

Perdoceo

Education

Corp.

17,492

Polaris,

Inc.(Ð)

9,092

QuinStreet

,

Inc.(Æ)

67,724

1,187

Reservoir

Media,

Inc.(Æ)

136,649

1,025

REV

Group,

Inc.

4,625

Rocket

Lab

USA,

Inc.(Æ)

3,855

Rush

Street

Interactive,

Inc.(Æ)

104,639

1,269

Scholastic

Corp.

5,538

Shake

Shack,

Inc.

Class

A(Æ)

5,504

SharkNinja

,

Inc.(Æ)(Ð)

6,630

534

Shoe

Carnival,

Inc.

12,151

Signet

Jewelers,

Ltd.

6,099

Smith

&

Wesson

Brands,

Inc.

30,721

Sonic

Automotive,

Inc.

Class

A(Û)

5,182

Sportradar

Holding

AG

Class

A(Æ)

5,940

Steven

Madden,

Ltd.

9,211

Stitch

Fix,

Inc.

Class

A(Æ)(Ð)

99,477

Stride,

Inc.(Æ)

6,206

883

Super

Group

SGHC,

Ltd.

14,834

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Superior

Group

of

Cos.,

Inc.

665

Taylor

Morrison

Home

Corp.

Class

A(Æ)

4,236

TEGNA,

Inc.

38,648

627

Texas

Roadhouse,

Inc.

Class

A

12,469

2,069

Thor

Industries,

Inc.

7,978

578

Toll

Brothers,

Inc.

9,219

930

Tri

Pointe

Homes,

Inc.(Æ)

15,516

TripAdvisor,

Inc.(Æ)

24,412

Udemy

,

Inc.(Æ)

14,235

Under

Armour

,

Inc.

Class

C(Æ)

53,487

Universal

Electronics,

Inc.(Æ)

1,018

Universal

Technical

Institute,

Inc.(Æ)

21,428

601

Urban

Outfitters,

Inc.(Æ)

7,998

Victoria's

Secret

&

Co.(Æ)

21,673

Visteon

Corp.(Æ)

4,047

Wabash

National

Corp.

47,995

Wayfair,

Inc.

Class

A(Æ)

6,974

Whirlpool

Corp.

3,450

Wingstop

,

Inc.

6,037

1,593

Winnebago

Industries,

Inc.

20,776

661

Wolverine

World

Wide,

Inc.

12,147

Wyndham

Hotels

&

Resorts,

Inc.

2,364

Ziff

Davis,

Inc.(Æ)

9,989

Zillow

Group,

Inc.

Class

A(Æ)(Û)

4,223

Zumiez

,

Inc.(Æ)

4,536

65,108

Consumer

Staples

-

2.7%

Andersons,

Inc.

(The)

1,135

Beauty

Health

Co.

(The)(Æ)

17,962

Calavo

Growers,

Inc.

66,025

1,824

Dole

PLC

10,047

Edgewell

Personal

Care

Co.

8,051

Grocery

Outlet

Holding

Corp.(Æ)

38,270

642

Helen

of

Troy,

Ltd.(Æ)

9,991

Herbalife,

Ltd.(Æ)

36,336

J&J

Snack

Foods

Corp.

8,777

1,137

John

B

Sanfilippo

&

Son,

Inc.

3,108

Lifevantage

Corp.

15,789

Medifast

,

Inc.(Æ)

2,092

National

Beverage

Corp.

3,740

National

Vision

Holdings,

Inc.(Æ)

69,175

854

Nomad

Foods,

Ltd.

24,603

Pilgrim's

Pride

Corp.(Û)

9,399

513

Quanex

Building

Products

Corp.

145,241

2,388

SpartanNash

Co.

5,841

Sprouts

Farmers

Market,

Inc.(Æ)

15,548

2,659

United

Natural

Foods,

Inc.(Æ)

2,266

USANA

Health

Sciences,

Inc.(Æ)

3,617

Vita

Coco

Co.,

Inc.

(The)(Æ)

52,244

1,727

Vital

Farms,

Inc.(Æ)

53,421

1,829

Weis

Markets,

Inc.

3,506

Zevia

PBC

Class

A(Æ)

29,633

16,305

Energy

-

3.9%

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aris

Water

Solutions,

Inc.

Class

A

124,655

3,111

Berry

Corporation

26,862

ChampionX

Corp.

11,912

CVR

Energy,

Inc.

12,724

Delek

US

Holdings,

Inc.

191,623

2,495

DNOW,

Inc.(Æ)

37,162

590

Expro

Group

Holdings

NV(Æ)

12,486

Hallador

Energy

Co.(Æ)

35,140

Helmerich

&

Payne,

Inc.

41,101

776

HF

Sinclair

Corp.(Û)

60,550

1,821

Liberty

Energy,

Inc.

Class

A

39,673

Matador

Resources

Co.(Û)

5,877

Matrix

Service

Co.(Æ)

79,765

925

Murphy

Oil

Corp.(Ð)

18,754

National

Energy

Servicees

Reunited

Corp.

(Æ)

40,615

Natural

Gas

Services

Group,

Inc.(Æ)

35,438

637

NPK

International,

Inc.(Æ)

132,590

766

Oceaneering

International,

Inc.(Æ)

34,104

605

Patterson-UTI

Energy,

Inc.

173,478

978

PBF

Energy,

Inc.

Class

A

12,419

ProPetro

Holding

Corp.(Æ)

17,613

Ramaco

Resources,

Inc.

Class

A

22,246

Ramaco

Resources,

Inc.

Class

B

Range

Resources

Corp.

7,065

Ranger

Energy

Services,

Inc.

Class

A

29,404

REX

American

Resources

Corp.(Æ)

8,812

RPC,

Inc.

20,664

Select

Water

Solutions,

Inc.

Class

A

181,535

1,547

SM

Energy

Co.

20,939

Solaris

Energy

Infrastructure,

Inc.

Class

A

21,372

SunCoke

Energy,

Inc.

11,906

TechnipFMC

PLC(Û)

39,098

1,101

TETRA

Technologies,

Inc.(Æ)

300,002

855

United

States

Antimony

Corp.(Æ)

79,327

VAALCO

Energy,

Inc.

110,326

W&T

Offshore,

Inc.(Ð)

509,161

586

Warrior

Met

Coal,

Inc.

15,223

728

World

Kinect

Corp.(Ð)

14,853

23,607

Financial

Services

-

23.7%

1st

Source

Corp.

5,301

Acadia

Realty

Trust(ö)

41,263

788

Agree

Realty

Corp.(ö)

13,923

1,081

Air

Lease

Corp.

Class

A

12,893

603

Ally

Financial,

Inc.(Û)

31,288

1,022

Alpine

Income

Property

Trust,

Inc.(ö)

96,643

1,493

Americold

Realty

Trust,

Inc.(ö)

31,366

607

Ameris

Bancorp

8,287

Atlantic

Union

Bankshares

Corp.

10,438

Atlanticus

Holdings

Corp.(Æ)(Ð)

609

Axis

Capital

Holdings,

Ltd.

4,925

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

15,468

644

Bancorp,

Inc.

(The)(Æ)

10,888

526

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

(Ð)

14,728

592

Bank

OZK

9,652

BankUnited

,

Inc.

2,186

Banner

Corp.

5,440

BGC

Group,

Inc.

Class

A

110,702

1,003

BOK

Financial

Corp.

3,784

Bowhead

Specialty

Holdings,

Inc.(Æ)

13,053

525

Bread

Financial

Holdings,

Inc.

17,704

840

Brighthouse

Financial,

Inc.(Æ)

9,151

533

Brixmor

Property

Group,

Inc.(ö)

40,494

1,009

Broadstone

Net

Lease,

Inc.(ö)

40,870

661

Business

First

Bancshares,

Inc.

80,779

1,862

Cadence

Bank

29,253

856

Camden

Property

Trust(ö)(Û)

10,791

1,228

Capital

Bancorp,

Inc.

36,823

1,163

Capital

City

Bank

Group,

Inc.

32,381

1,183

Cathay

General

Bancorp

10,557

Centerspace

(ö)

7,632

Central

Pacific

Financial

Corp.

20,317

522

Chatham

Lodging

Trust(ö)

3,793

City

Holding

Co.

3,108

Claros

Mortgage

Trust,

Inc.(ö)

19,307

CNO

Financial

Group,

Inc.

24,808

941

Columbia

Banking

System,

Inc.

39,459

885

Comerica,

Inc.(Û)

15,722

845

Community

Bank

System,

Inc.

24,310

1,327

Community

Healthcare

Trust,

Inc.(ö)

114,190

1,950

Compass,

Inc.

Class

A(Æ)

69,813

539

COPT

Defense

Properties(ö)

16,696

Corebridge

Financial,

Inc.(Û)

4,878

CTO

Realty

Growth,

Inc.(ö)

123,574

2,258

Cullen/Frost

Bankers,

Inc.(Ð)(Û)

7,452

868

Cushman

&

Wakefield

PLC(Æ)

73,451

688

Dave,

Inc.(Æ)

5,180

DiamondRock

Hospitality

Co.(ö)

71,041

521

Dime

Community

Bancshares,

Inc.

24,983

642

Diversified

Healthcare

Trust(Ð)(ö)

6,443

Donegal

Group,

Inc.

Class

A

541

Eastern

Bankshares

,

Inc.

24,368

Employers

Holdings,

Inc.

Enova

International,

Inc.(Æ)

7,315

671

Enterprise

Financial

Services

Corp.

15,867

825

Esquire

Financial

Holdings,

Inc.

13,589

1,127

Essent

Group,

Ltd.

7,219

Essential

Properties

Realty

Trust,

Inc.(ö)

11,804

Evercore

,

Inc.

Class

A(Û)

1,360

eXp

World

Holdings,

Inc.(Ð)

12,786

EZCORP,

Inc.

Class

A(Æ)

51,908

850

Federal

Agricultural

Mortgage

Corp.

Class

C

3,165

555

Fidelis

Insurance

Holdings,

Ltd.

5,556

First

American

Financial

Corp.

22,978

1,397

First

BanCorp

44,817

880

First

Commonwealth

Financial

Corp.

36,490

559

First

Financial

Corp.

6,622

First

Foundation,

Inc.(Ð)

6,889

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
First

Internet

Bancorp

1,729

First

Interstate

BancSystem

,

Inc.

Class

A

11,578

First

Merchants

Corp.

11,742

First

Mid

Bancshares,

Inc.

33,216

1,110

Flagstar

Financial,

Inc.

54,772

641

Four

Corners

Property

Trust,

Inc.(ö)

18,690

522

FTAI

Aviation,

Ltd.

11,965

1,282

Fulton

Financial

Corp.

19,770

Genworth

Financial,

Inc.

Class

A(Æ)

98,112

673

German

American

Bancorp,

Inc.

41,621

1,578

Getty

Realty

Corp.(ö)

28,464

797

Glacier

Bancorp,

Inc.

17,506

714

Globe

Life,

Inc.(Û)

8,414

1,038

Guaranty

Bancshares,

Inc.

27,943

1,103

HA

Sustainable

Infrastructure

Capital,

Inc.

52,852

1,320

Hamilton

Lane,

Inc.

Class

A

2,511

Hancock

Holding

Co.

8,256

Hanover

Insurance

Group,

Inc.

(The)

9,809

1,629

Healthcare

Realty

Trust,

Inc.(ö)

56,205

873

Heritage

Financial

Corp.

35,790

817

Heritage

Insurance

Holdings,

Inc.(Æ)

3,533

Hilltop

Holdings,

Inc.

11,532

Home

BancShares

,

Inc.

51,401

1,426

Horace

Mann

Educators

Corp.

52,026

2,161

Horizon

Bancorp,

Inc.

49,281

723

Houlihan

Lokey

,

Inc.

Class

A(Û)

500

Howard

Hughes

Holdings,

Inc.(Æ)(Ð)

6,089

Independence

Realty

Trust,

Inc.(ö)

29,067

565

Independent

Bank

Corp.

55,422

2,569

Innovative

Industrial

Properties,

Inc.(ö)

3,264

International

Bancshares

Corp.

7,865

International

Money

Express,

Inc.(Æ)

6,316

InvenTrust

Properties

Corp.(ö)

7,151

Jackson

Financial,

Inc.

Class

A(Û)

9,535

743

James

River

Group

Holdings,

Ltd.

8,442

John

Wiley

&

Sons,

Inc.

Class

A

7,662

Kearny

Financial

Corp.

4,292

Kemper

Corp.

37,766

2,233

Kennedy-Wilson

Holdings,

Inc.

11,527

Kite

Realty

Group

Trust(ö)

38,093

825

Lazard,

Inc.

22,221

864

Legacy

Housing

Corp.(Æ)

18,109

Legalzoom.com,

Inc.(Æ)

37,021

LendingClub

Corp.(Æ)

45,442

LendingTree

,

Inc.(Æ)

4,096

Live

Oak

Bancshares,

Inc.

10,904

Macerich

Co.

(The)(ö)

37,538

550

Marcus

&

Millichap,

Inc.

58,518

1,779

Marex

Group

PLC

19,583

869

McGrath

RentCorp

2,747

Mercury

General

Corp.

Metropolitan

Bank

Holding

Corp.(Æ)

35,402

2,192

Moelis

&

Co.

Class

A

6,310

Mr.

Cooper

Group,

Inc.(Æ)

4,454

530

National

Bank

Holdings

Corp.

Class

A

19,475

704

NBT

Bancorp,

Inc.

46,630

1,974

NerdWallet

,

Inc.

Class

A(Æ)

9,576

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NETSTREIT

Corp.(ö)

266,040

4,328

Newmark

Group,

Inc.

Class

A

73,053

803

NexPoint

Residential

Trust,

Inc.(ö)

35,442

1,321

NMI

Holdings,

Inc.

Class

A(Æ)

12,399

NNN

REIT,

Inc.(ö)

19,359

796

Northeast

Bank

16,466

1,364

Northpointe

Bancshares,

Inc.

47,248

650

OceanFirst

Financial

Corp.

40,930

678

OFG

Bancorp

18,221

717

Onity

Group,

Inc.(Æ)

19,040

714

Origin

Bancorp,

Inc.

30,249

969

OUTFRONT

Media,

Inc.(ö)

32,407

Pacific

Premier

Bancorp,

Inc.

13,309

Palomar

Holdings,

Inc.(Æ)

3,629

526

Park

Hotels

&

Resorts,

Inc.(Ð)(ö)

10,794

PennyMac

Financial

Services,

Inc.

4,961

Perella

Weinberg

Partners

101,000

1,734

Piper

Sandler

Cos.

1,065

Plymouth

Industrial

REIT,

Inc.(ö)

43,428

646

Popular,

Inc.

13,132

1,253

PotlatchDeltic

Corp.(ö)

53,530

2,055

PRA

Group,

Inc.(Æ)

9,660

Preferred

Bank

5,061

Prosperity

Bancshares,

Inc.

23,895

1,622

Radian

Group,

Inc.

13,601

RE/MAX

Holdings,

Inc.

Class

A(Æ)

50,083

Real

Brokerage,

Inc.

(The)(Æ)

22,292

Red

River

Bancshares,

Inc.

6,104

Regional

Management

Corp.(Ð)

Reinsurance

Group

of

America,

Inc.

Class

A

6,511

1,220

Renasant

Corp.

45,967

1,474

RLI

Corp.

7,826

579

RMR

Group,

Inc.

(The)

Class

A

862

Ryman

Hospitality

Properties,

Inc.(ö)

5,214

Safety

Insurance

Group,

Inc.

4,187

Seacoast

Banking

Corp.

of

Florida

63,115

1,496

Selective

Insurance

Group,

Inc.

5,577

ServisFirst

Bancshares,

Inc.

8,881

633

Simmons

First

National

Corp.

Class

A

15,105

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

10,425

553

SL

Green

Realty

Corp.(ö)

13,324

701

SLM

Corp.(Û)

35,450

1,025

SmartFinancial

,

Inc.

30,945

941

South

Plains

Financial,

Inc.

32,293

1,089

SouthState

Corp.

4,515

Stewart

Information

Services

Corp.

5,750

Stock

Yards

Bancorp,

Inc.

17,531

1,276

Sunstone

Hotel

Investors,

Inc.(ö)

6,759

Texas

Capital

Bancshares,

Inc.(Æ)

5,425

Third

Coast

Bancshares,

Inc.(Æ)

604

Tiptree,

Inc.

Class

A

21,026

Towne

Bank

40,800

1,344

TriCo

Bancshares

25,560

986

Triumph

Financial,

Inc.(Æ)

34,518

1,844

Trupanion

,

Inc.(Æ)

4,638

UL

Solutions,

Inc.

Class

A

21,569

1,234

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
UMB

Financial

Corp.

4,670

UMH

Properties,

Inc.(ö)

127,561

2,254

United

Bankshares

,

Inc.

10,997

United

Community

Banks,

Inc.

15,274

Universal

Insurance

Holdings,

Inc.

4,355

Unum

Group(Û)

14,631

1,136

Valley

National

Bancorp

47,067

Vestis

Corp.

11,394

Walker

&

Dunlop,

Inc.

10,223

782

Webster

Financial

Corp.

19,510

923

WesBanco

,

Inc.

38,332

1,142

Westamerica

BanCorp

30,713

1,487

Westwood

Holdings

Group,

Inc.

61,192

1,022

William

Penn

Bancorp

104,594

1,289

Wintrust

Financial

Corp.

3,169

Xenia

Hotels

&

Resorts,

Inc.(ö)

16,214

Zions

Bancorp

NA

9,725

142,409

Health

Care

-

19.1%

10X

Genomics,

Inc.

Class

A(Æ)

20,981

Acadia

Pharmaceuticals,

Inc.(Æ)(Ð)

25,913

AdaptHealth

Corp.(Æ)

65,395

557

Adaptive

Biotechnologies

Corp.(Æ)

41,347

ADMA

Biologics,

Inc.(Æ)

339,432

8,079

Akebia

Therapeutics,

Inc.(Æ)(Ð)

39,937

Akero

Therapeutics,

Inc.(Æ)

21,044

960

Aldeyra

Therapeutics,

Inc.(Æ)(Ð)

8,105

Alector

,

Inc.(Æ)(Ð)

13,941

Align

Technology,

Inc.(Æ)

Alignment

Healthcare,

Inc.(Æ)

9,911

ANI

Pharmaceuticals,

Inc.(Æ)

63,424

4,492

Arcellx

,

Inc.(Æ)

21,948

1,426

Arcturus

Therapeutics

Holdings,

Inc.(Æ)

3,465

Arcus

Biosciences,

Inc.(Æ)

12,300

Artivion

,

Inc.(Æ)

11,262

Arvinas

,

Inc.(Æ)

1,050

Ascendis

Pharma

A/S

-

ADR(Æ)

4,163

710

Astrana

Health,

Inc.(Æ)(Ð)

6,339

AtriCure

,

Inc.(Æ)

20,871

624

Aurinia

Pharmaceuticals,

Inc.(Æ)(Ð)

21,226

Axogen

,

Inc.(Æ)(Ð)

25,353

Beam

Therapeutics,

Inc.(Æ)(Ð)

7,955

BioLife

Solutions,

Inc.(Æ)(Ð)

80,309

1,936

Blueprint

Medicines

Corp.(Æ)

26,191

2,344

BridgeBio

Pharma,

Inc.(Æ)

40,113

1,539

Butterfly

Network,

Inc.(Æ)

115,675

CareDx

,

Inc.(Æ)

94,343

1,593

Caribou

Biosciences,

Inc.(Æ)

6,658

Catalyst

Pharmaceuticals,

Inc.(Æ)

17,851

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

24,549

Chemed

Corp.

2,618

1,522

CinCor

Pharma,

Inc.(Æ)(Š)

16,575

Concentra

Group

Holdings

Parent,

Inc.

12,689

CONMED

Corp.

11,104

545

Contra

Inhibrx

,

Inc.(Æ)(Š)

21,895

Corcept

Therapeutics,

Inc.(Æ)(Ð)

21,801

1,567

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CorVel

Corp.(Æ)

3,654

Crinetics

Pharmaceuticals,

Inc.(Æ)

26,307

878

Cytek

Biosciences,

Inc.(Æ)

5,621

CytomX

Therapeutics,

Inc.(Æ)

6,858

Embecta

Corp.

78,606

958

Enanta

Pharmaceuticals,

Inc.(Æ)

4,138

Enliven

Therapeutics,

Inc.(Æ)

18,220

Enovis

Corp.

Class

W(Æ)

29,356

1,015

Ensign

Group,

Inc.

(The)

3,404

Entrada

Therapeutics,

Inc.(Æ)

657

Exelixis

,

Inc.(Æ)(Û)

36,236

1,419

Fate

Therapeutics,

Inc.(Æ)

23,911

Fulgent

Genetics,

Inc.(Æ)

4,282

GeneDx

Holdings

Corp.(Æ)

13,167

880

Glaukos

Corp.(Æ)

9,082

856

GoodRx

Holdings,

Inc.

Class

A(Æ)

19,706

GRAIL,

Inc.(Æ)

3,794

Guardant

Health,

Inc.(Æ)

27,148

1,282

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

4,538

Haemonetics

Corp.(Æ)

4,431

Halozyme

Therapeutics,

Inc.(Æ)

24,211

1,487

HealthEquity

,

Inc.(Æ)

25,454

2,182

Heron

Therapeutics,

Inc.(Æ)

6,300

Illumina,

Inc.(Æ)(Û)

1,815

Incyte

Corp.(Æ)(Û)

2,690

InfuSystem

Holdings,

Inc.(Æ)

117,256

553

Inmode

,

Ltd.(Æ)

31,924

Innoviva

,

Inc.(Æ)

73,186

1,368

Inogen

,

Inc.(Æ)

2,757

Insmed

,

Inc.(Æ)

48,314

3,479

Inspire

Medical

Systems,

Inc.(Æ)(Ð)

4,296

680

Insulet

Corp.(Æ)

2,177

549

Integer

Holdings

Corp.(Æ)

1,898

Integra

LifeSciences

Holdings

Corp.(Æ)

15,884

iRadimed

Corp.

54,152

2,838

iRhythm

Technologies,

Inc.(Æ)

6,662

712

Ironwood

Pharmaceuticals,

Inc.

Class

A(Æ)

29,475

iTeos

Therapeutics,

Inc.(Æ)

6,954

Janux

Therapeutics,

Inc.(Æ)

15,363

510

Joint

Corp.

(The)(Æ)

42,596

Kodiak

Sciences,

Inc.(Æ)(Ð)

4,335

KORU

Medical

Systems,

Inc.(Æ)

30,705

Krystal

Biotech,

Inc.(Æ)

3,971

675

Kura

Oncology,

Inc.(Æ)

22,362

Lantheus

Holdings,

Inc.(Æ)

4,795

500

LeMaitre

Vascular,

Inc.

55,168

5,006

LifeStance

Health

Group,

Inc.(Æ)

25,164

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

36,066

3,962

Madrigal

Pharmaceuticals,

Inc.(Æ)

5,061

1,690

MannKind

Corp.(Æ)

31,427

Maravai

LifeSciences

Holdings,

Inc.

Class

A(Æ)(Ð)

15,485

Masimo

Corp.(Æ)

3,612

581

Medpace

Holdings,

Inc.(Æ)(Û)

5,490

1,693

Merit

Medical

Systems,

Inc.(Æ)

13,763

1,300

MiMedx

Group,

Inc.(Æ)

7,991

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mirum

Pharmaceuticals,

Inc.(Æ)

25,741

1,118

Myomo

,

Inc.(Æ)

15,695

Myriad

Genetics,

Inc.(Æ)

23,718

Natera

,

Inc.(Æ)

8,950

1,351

National

HealthCare

Corp.

4,678

Nektar

Therapeutics(Æ)

12,624

Neurocrine

Biosciences,

Inc.(Æ)(Û)

7,405

797

Nuvalent

,

Inc.

Class

A(Æ)

16,113

1,237

Omnicell

,

Inc.(Æ)

17,253

539

Option

Care

Health,

Inc.(Æ)

12,881

OraSure

Technologies,

Inc.(Æ)(Ð)

13,035

Organon

&

Co.

78,670

1,017

Orthofix

Medical,

Inc.(Æ)

57,876

805

Oscar

Health,

Inc.

Class

A(Æ)(Ð)

8,441

Pacira

BioSciences

,

Inc.(Æ)

10,893

PACS

Group,

Inc.(Æ)

9,704

Pediatrix

Medical

Group,

Inc.(Æ)

45,535

587

Pennpant

Group,

Inc.

(The)(Æ)

70,988

1,819

Penumbra,

Inc.(Æ)

2,088

611

Perrigo

Co.

PLC

81,589

2,098

Personalis

,

Inc.(Æ)

3,223

Phathom

Pharmaceuticals,

Inc.(Æ)(Ð)

12,493

Phibro

Animal

Health

Corp.

Class

A

47,083

876

Phreesia

,

Inc.(Æ)

30,023

749

Prestige

Brands

Holdings,

Inc.(Æ)

5,853

PROCEPT

BioRobotics

Corp.(Æ)

12,067

651

Prothena

Corp.

PLC(Æ)

6,050

Quipt

Home

Medical

Corp.(Æ)

302,546

650

Radius

Health,

Inc.(Æ)(Š)

85,858

—

RadNet

,

Inc.(Æ)

7,710

Repligen

Corp.(Æ)

7,328

1,011

Revolution

Medicines,

Inc.(Æ)

42,365

1,711

Rhythm

Pharmaceuticals,

Inc.(Æ)

20,894

1,362

Rigel

Pharmaceuticals,

Inc.(Æ)

2,482

Sage

Therapeutics,

Inc.(Æ)

17,836

Sangamo

Therapeutics,

Inc.(Æ)

1,166

Scholar

Rock

Holding

Corp.(Æ)

29,359

966

Select

Medical

Holdings

Corp.

37,980

693

SI-BONE,

Inc.(Æ)

29,912

SIGA

Technologies,

Inc.

2,000

Soleno

Therapeutics,

Inc.(Æ)

10,953

820

SpringWorks

Therapeutics,

Inc.(Æ)

22,452

1,040

Stevanato

Group

SpA

22,303

Stoke

Therapeutics,

Inc.(Æ)(Ð)

5,100

Summit

Therapeutics,

Inc.(Æ)

38,764

935

Supernus

Pharmaceuticals,

Inc.(Æ)

16,421

533

Tandem

Diabetes

Care,

Inc.(Æ)

31,784

536

Tarsus

Pharmaceuticals,

Inc.(Æ)

24,962

1,296

Teleflex,

Inc.

6,106

837

Tenet

Healthcare

Corp.(Æ)

2,346

Terns

Pharmaceuticals,

Inc.(Æ)

3,107

TG

Therapeutics,

Inc.(Æ)

60,025

2,732

Theravance

Biopharma,

Inc.(Æ)

1,000

Travere

Therapeutics,

Inc.(Æ)

36,490

759

Twist

Bioscience

Corp.(Æ)

17,164

658

Tyra

Biosciences,

Inc.(Æ)(Ð)

3,152

UFP

Technologies,

Inc.(Æ)

9,447

1,970

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
uniQure

NV(Æ)

16,417

Vanda

Pharmaceuticals,

Inc.(Æ)

9,288

Varex

Imaging

Corp.(Æ)

9,840

Vera

Therapeutics,

Inc.(Æ)

25,771

602

Veracyte

,

Inc.(Æ)

9,566

Verona

Pharma

PLC

-

ADR(Æ)

14,082

1,015

Verve

Therapeutics,

Inc.(Æ)

9,169

Viemed

Healthcare,

Inc.(Æ)

61,882

Vir

Biotechnology,

Inc.(Æ)

14,026

Viridian

Therapeutics,

Inc.(Æ)

13,140

Waystar

Holding

Corp.(Æ)

10,251

Xencor

,

Inc.(Æ)

8,237

Xenon

Pharmaceuticals,

Inc.(Æ)

10,436

Xeris

Biopharma

Holdings,

Inc.(Æ)

22,900

Zentalis

Pharmaceuticals,

Inc.(Æ)

14,484

Zimvie

,

Inc.(Æ)

47,831

114,754

Materials

and

Processing

-

7.8%

AAON,

Inc.

19,178

1,750

Acuity,

Inc.

3,702

902

AdvanSix

,

Inc.

72,572

1,555

Alcoa

Corp.

12,565

Algoma

Steel

Group,

Inc.

98,432

504

American

Vanguard

Corp.

4,687

Ardagh

Metal

Packaging

SA

20,456

Ashland,

Inc.

24,356

1,325

Avient

Corp.

26,915

897

AZEK

Co.,

Inc.

(The)(Æ)

20,362

1,009

Balchem

Corp.

1,619

Belden,

Inc.

6,157

635

Boise

Cascade

Co.

5,805

542

BrightView

Holdings,

Inc.(Æ)

46,792

642

Cabot

Corp.

4,207

Capstone

Copper

Corp.(Æ)

96,998

Carpenter

Technology

Corp.

2,025

Century

Aluminum

Co.(Æ)

28,037

Clearwater

Paper

Corp.(Æ)

4,750

Codexis

,

Inc.(Æ)

12,403

Commercial

Metals

Co.

22,987

1,024

Constellium

SE(Æ)

77,259

781

Crown

Holdings,

Inc.(Û)

12,358

1,190

ERO

Copper

Corp.(Æ)

40,677

507

Fabrinet

(Æ)

2,828

580

Ferroglobe

PLC

579,508

2,023

FMC

Corp.(Ð)

14,423

605

Global

Industrial

Co.

1,000

Greif,

Inc.

Class

A

20,928

1,098

H.B.

Fuller

Co.

3,953

Healthcare

Services

Group,

Inc.(Æ)

5,700

Hecla

Mining

Co.

49,038

Hudson

Technologies,

Inc.(Æ)

33,840

Huntsman

Corp.

120,316

1,601

Installed

Building

Products,

Inc.

1,797

Insteel

Industries,

Inc.

13,062

JELD-WEN

Holding,

Inc.(Æ)(Ð)

21,363

Karat

Packaging,

Inc.

46,293

1,221

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Knife

River

Corp.(Æ)

8,407

785

Koppers

Holdings,

Inc.

22,789

571

Kronos

Worldwide,

Inc.

78,872

608

Lennox

International,

Inc.(Û)

2,013

1,101

Lithium

Argentina

AG(Æ)

112,840

Louisiana-Pacific

Corp.

11,464

990

Masterbrand,

Inc.(Æ)

27,113

Mativ

Holdings,

Inc.

84,002

MDU

Resources

Group,

Inc.(Û)

45,666

783

Minerals

Technologies,

Inc.

6,803

MRC

Global,

Inc.(Æ)

41,091

Myers

Industries,

Inc.

84,879

891

Northwest

Pipe

Co.(Æ)

31,844

1,349

O-I

Glass,

Inc.(Æ)

25,912

Olympic

Steel,

Inc.

9,652

Origin

Materials,

Inc.(Æ)

1,922

Orion

SA(Ð)

9,550

Perimeter

Solutions,

Inc.(Æ)

23,979

Quaker

Chemical

Corp.

5,966

632

Ranpak

Holdings

Corp.(Æ)

102,029

Rayonier

Advanced

Materials,

Inc.(Æ)

102,379

Reliance,

Inc.(Û)

3,348

965

Resolute

Forest

Products,

Inc.(Æ)(Š)

33,567

Rogers

Corp.(Æ)

2,655

Rush

Enterprises,

Inc.

Class

A

8,475

ScanSource

,

Inc.(Æ)(Û)

680

Silgan

Holdings,

Inc.

3,754

Simpson

Manufacturing

Co.,

Inc.

5,266

809

Sonoco

Products

Co.

19,085

783

SPX

Technologies,

Inc.(Æ)

4,364

585

SSR

Mining,

Inc.(Æ)

5,100

Stepan

Co.

42,009

2,124

Sylvamo

Corp.

3,022

Taseko

Mines,

Ltd.(Æ)

377,017

860

thyssenkrupp

AG

23,913

Timken

Co.

(The)

3,533

TimkenSteel

Corp.(Æ)

67,598

855

Trex

Co.,

Inc.(Æ)(Ð)

11,127

643

Unifi,

Inc.(Æ)

1,404

United

States

Lime

&

Minerals,

Inc.

3,019

Worthington

Industries,

Inc.

7,425

Worthington

Steel,

Inc.

33,351

856

46,664

Producer

Durables

-

15.9%

ABM

Industries,

Inc.

20,041

977

ACCO

Brands

Corp.

2,000

ADT,

Inc.

68,297

548

Alight,

Inc.

Class

A

44,016

Allegiant

Travel

Co.

Class

A(Æ)

2,841

Allient

,

Inc.

15,513

Allison

Transmission

Holdings,

Inc.

Class

A

1,578

AMN

Healthcare

Services,

Inc.(Æ)

25,601

523

Applied

Industrial

Technologies,

Inc.

1,977

ArcBest

Corp.

11,266

659

Arcosa

,

Inc.

5,842

Ardmore

Shipping

Corp.

134,055

1,279

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Argan

,

Inc.

4,069

623

ASGN,

Inc.(Æ)

4,032

Astec

Industries,

Inc.

29,885

1,083

Aurora

Innovation,

Inc.(Æ)

13,529

Barrett

Business

Services,

Inc.

3,569

Bloom

Energy

Corp.

Class

A(Æ)

5,334

Bowman

Consulting

Group,

Ltd.(Æ)

35,262

780

Brink's

Co.

(The)

4,610

Casella

Waste

Systems,

Inc.

Class

A(Æ)

15,403

1,809

CECO

Environmental

Corp.(Æ)

45,890

1,092

Chart

Industries,

Inc.(Æ)

1,511

Comfort

Systems

USA,

Inc.(Û)

1,074

Construction

Partners,

Inc.

Class

A(Æ)

1,936

CoreCivic

,

Inc.(Æ)

37,246

843

Covenant

Logistics

Group,

Inc.

Class

A

46,172

919

CRA

International,

Inc.

502

Cross

Country

Healthcare,

Inc.(Æ)

21,961

CryoPort

,

Inc.(Æ)

4,188

Custom

Truck

One

Source,

Inc.(Æ)

188,904

761

Deluxe

Corp.

114,001

1,664

DHT

Holdings,

Inc.

44,935

Dycom

Industries,

Inc.(Æ)

2,319

Eastman

Kodak

Co.(Æ)

98,453

619

Embraer

SA

-

ADR(Æ)

6,158

EMCOR

Group,

Inc.

2,138

857

Energy

Recovery,

Inc.(Æ)

7,195

EnerSys

26,427

2,289

Ennis,

Inc.

12,550

Enviri

Corp.(Æ)(Ð)

3,475

ESCO

Technologies,

Inc.

2,239

EVERTEC,

Inc.

9,381

ExlService

Holdings,

Inc.(Æ)

Exponent,

Inc.

4,919

Federal

Signal

Corp.

19,248

1,567

Ferroglobe

Representation

and

Warranty

Insurance

Trust(Æ)(Š)

98,500

—

First

Advantage

Corp.(Æ)

5,541

Flowserve

Corp.

18,624

842

Fluor

Corp.(Æ)

42,690

1,490

Franklin

Covey

Co.(Æ)

2,062

Franklin

Electric

Co.,

Inc.

3,865

FTI

Consulting,

Inc.(Æ)(Û)

6,110

1,016

GEO

Group,

Inc.

(The)(Æ)

24,603

770

Graco

,

Inc.(Û)

11,308

923

Green

Dot

Corp.

Class

A(Æ)

12,654

GXO

Logistics,

Inc.(Æ)

16,027

581

Heartland

Express,

Inc.(Ð)

4,294

Heidrick

&

Struggles

International,

Inc.

4,256

Herc

Holdings,

Inc.

Class

W(Ð)

5,359

587

Hillman

Solutions

Corp.(Æ)

39,184

HNI

Corp.

7,783

Holley,

Inc.(Æ)

187,184

Hub

Group,

Inc.

Class

A

8,706

Huntington

Ingalls

Industries,

Inc.

6,149

1,416

Hyster

-Yale,

Inc.

1,960

I3

Verticals,

Inc.

Class

A(Æ)

146,099

3,670

Insperity

,

Inc.

6,615

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Integrated

Electrical

Services,

Inc.(Æ)

583

International

Seaways,

Inc.

6,458

Kelly

Services,

Inc.

Class

A

8,687

Kennametal,

Inc.

13,314

Kforce

,

Inc.

1,970

Knight-Swift

Transportation

Holdings,

Inc.

11,280

Korn

&

Ferry

International

7,089

Lamb

Weston

Holdings,

Inc.

23,637

1,248

Landstar

System,

Inc.(Û)

4,440

596

Latham

Group,

Inc.(Æ)

31,589

Limbach

Holdings,

Inc.(Æ)

24,758

2,370

Mama's

Creations,

Inc.(Æ)

67,387

Manitowoc

Co.,

Inc.

(The)(Æ)

47,508

ManpowerGroup

,

Inc.

9,158

MARA

Holdings,

Inc.(Æ)

19,171

Marten

Transport,

Ltd.

141,515

1,817

MasTec

,

Inc.(Æ)

2,567

Matson,

Inc.

3,625

Maximus,

Inc.

3,311

Mayville

Engineering

Co.,

Inc.(Æ)

1,293

Mercury

Systems,

Inc.(Æ)

7,261

Mesa

Laboratories,

Inc.

27,266

3,142

MillerKnoll

,

Inc.

128,595

2,109

Mitek

Systems,

Inc.(Æ)

70,640

585

MSA

Safety,

Inc.

3,385

533

MSC

Industrial

Direct

Co.,

Inc.

Class

A

13,520

1,034

Mueller

Industries,

Inc.

3,797

MYR

Group,

Inc.(Æ)

8,374

1,024

National

CineMedia

,

Inc.

144,386

827

Orion

Group

Holdings,

Inc.(Æ)(Ð)

164,145

1,049

Paylocity

Holding

Corp.(Æ)

8,092

1,555

Paymentus

Holdings,

Inc.

Class

A(Æ)

7,927

Payoneer

Global,

Inc.(Æ)

48,303

Paysafe

,

Ltd.(Æ)

6,088

PHINIA,

Inc.

3,781

Pitney

Bowes,

Inc.

80,046

695

Powell

Industries,

Inc.(Ð)

1,595

Primoris

Services

Corp.

6,589

Priority

Technology

Holdings,

Inc.(Æ)(Ð)

50,473

Proficient

Auto

Logistics,

Inc.(Æ)

166,232

1,381

PROG

Holdings,

Inc.

19,537

515

Proto

Labs,

Inc.(Æ)

7,121

Radiant

Logistics,

Inc.(Æ)

108,435

634

Regal

Rexnord

Corp.

5,023

532

Repay

Holdings

Corp.(Æ)

281,735

1,127

Resources

Connection,

Inc.

297,602

1,707

Riot

Blockchain

,

Inc.(Æ)

55,386

Robert

Half,

Inc.(Û)

43,956

1,947

Ryder

System,

Inc.

4,831

665

Ryerson

Holding

Corp.

20,364

Saia,

Inc.(Æ)

4,461

1,089

Schneider

National,

Inc.

Class

B

45,653

981

Scorpio

Tankers,

Inc.

22,533

849

Scotts

Miracle-

Gro

Co.

(The)

Class

A

16,789

846

Sezzle

,

Inc.(Æ)

3,954

Shyft

Group,

Inc.

(The)

7,854

Skyline

Champion

Corp.(Æ)

17,615

1,524

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
SkyWest,

Inc.(Æ)

7,802

696

Sleep

Number

Corp.(Æ)

6,184

Star

Bulk

Carriers

Corp.

31,612

Steelcase,

Inc.

Class

A

13,765

Sterling

Infrastructure,

Inc.(Æ)

5,044

754

StoneCo

,

Ltd.

Class

A(Æ)

47,800

672

Stoneridge,

Inc.(Æ)(Ð)

123,779

Sun

Country

Airlines

Holdings,

Inc.(Æ)

75,144

736

Teekay

Tankers,

Ltd.

Class

A

29,597

1,260

Tennant

Co.

16,168

1,167

Terex

Corp.

6,449

Tetra

Tech,

Inc.(Û)

28,857

900

Thermon

Group

Holdings,

Inc.(Æ)

13,572

Tidewater,

Inc.(Æ)

3,124

Titan

Machinery,

Inc.(Æ)

23,052

TopBuild

Corp.(Æ)

1,326

TriNet

Group,

Inc.(Û)

7,672

601

TrueBlue

,

Inc.(Æ)(Ð)

51,207

Tutor

Perini

Corp.(Æ)

46,883

1,006

UFP

Industries,

Inc.

5,413

535

UniFirst

Corp.

1,860

V2X,

Inc.(Æ)

7,610

Watts

Water

Technologies,

Inc.

Class

A

990

Werner

Enterprises,

Inc.

96,961

2,391

WESCO

International,

Inc.

792

Willscot

Holdings

Corp.

33,909

852

Xerox

Holdings

Corp.

32,430

ZipRecruiter,

Inc.

Class

A(Æ)

20,523

95,504

Technology

-

12.5%

8x8,

Inc.(Æ)

279,699

ACI

Worldwide,

Inc.(Æ)

13,374

714

ACM

Research,

Inc.

Class

A(Æ)

41,193

802

ADTRAN

Holdings,

Inc.(Æ)(Û)

12,170

Alkami

Technology,

Inc.(Æ)

5,209

Alpha

&

Omega

Semiconductor,

Ltd.(Æ)

32,578

613

Ambarella

,

Inc.(Æ)

13,975

671

Amkor

Technology,

Inc.(Û)

26,116

Appfolio

,

Inc.

Class

A(Æ)(Ð)

9,353

1,932

Appian

Corp.

Class

A(Æ)

27,555

856

Arteris

,

Inc.(Æ)

Asana,

Inc.

Class

A(Æ)(Ð)

13,984

AvePoint

,

Inc.(Æ)

46,729

764

Aviat

Networks,

Inc.(Æ)

2,114

AvidXchange

Holdings,

Inc.(Æ)

34,090

Axcelis

Technologies,

Inc.(Æ)

3,376

Bandwidth,

Inc.

Class

A(Æ)

4,617

Benchmark

Electronics,

Inc.

17,112

557

BigCommerce

Holdings,

Inc.(Æ)(Ð)

19,552

BlackBerry,

Ltd.(Æ)

27,017

Blend

Labs,

Inc.

Class

A(Æ)

205,528

689

Box,

Inc.

Class

A(Æ)

27,494

858

Bumble,

Inc.

Class

A(Æ)

27,564

C3.ai,

Inc.

Class

A(Æ)

26,793

590

Calix,

Inc.(Æ)(Û)

19,232

787

Cargurus

,

Inc.(Æ)

24,425

683

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cars.com,

Inc.(Æ)

48,051

559

Cellebrite

DI,

Ltd.(Æ)

8,324

Ciena

Corp.(Æ)

4,553

Cirrus

Logic,

Inc.(Æ)(Û)

8,528

819

Coherent

Corp.(Æ)

3,954

CommScope

Holding

Co.,

Inc.(Æ)

13,609

CommVault

Systems,

Inc.(Æ)

4,718

789

Conduent

,

Inc.(Æ)

14,592

Consensus

Cloud

Solutions,

Inc.

Class

W(Æ)

16,222

Couchbase

,

Inc.(Æ)

8,334

Crane

NXT

Co.

9,444

Credo

Technology

Group

Holding,

Ltd.(Æ)

7,349

CSG

Systems

International,

Inc.

5,479

CyberArk

Software,

Ltd.(Æ)

1,581

557

Daktronics,

Inc.(Æ)

40,203

510

Digital

Turbine,

Inc.(Æ)

285,960

858

DigitalOcean

Holdings,

Inc.(Æ)(Ð)

10,582

Diodes,

Inc.(Æ)

11,313

Domo,

Inc.

Class

B(Æ)(Ð)

5,297

Dropbox,

Inc.

Class

A(Æ)(Ð)

23,800

679

DXC

Technology

Co.(Æ)

30,012

E2open

Parent

Holdings,

Inc.(Æ)(Ð)

5,649

EPAM

Systems,

Inc.(Æ)

ePlus

,

Inc.(Æ)

6,933

Etsy,

Inc.(Æ)(Û)

17,010

740

Eventbrite,

Inc.

Class

A(Æ)

17,837

EverQuote

,

Inc.

Class

A(Æ)

13,577

Extreme

Networks,

Inc.(Æ)

14,554

Fastly

,

Inc.

Class

A(Æ)

72,303

FormFactor

,

Inc.(Æ)

10,152

Graham

Corp.(Æ)

5,897

Guidewire

Software,

Inc.(Æ)

5,596

1,146

IBEX

Holdings,

Ltd.(Æ)

3,053

IDT

Corp.

Class

B

8,087

Insight

Enterprises,

Inc.(Æ)

1,854

Integral

Ad

Science

Holding

LLC(Æ)

18,955

IonQ

,

Inc.(Æ)

2,986

Ituran

Location

and

Control,

Ltd.

15,974

574

Jabil,

Inc.(Û)

9,054

1,327

Kaltura

,

Inc.(Æ)

616,536

1,326

KBR,

Inc.(Û)

25,814

1,363

Kulicke

&

Soffa

Industries,

Inc.

7,496

Kyndryl

Holdings,

Inc.(Æ)

21,604

700

Lumentum

Holdings,

Inc.

Class

E(Æ)

5,158

Lyft,

Inc.

Class

A(Æ)

62,030

769

Manhattan

Associates,

Inc.(Æ)(Û)

6,123

1,086

Maplebear

,

Inc.(Æ)(Ð)(Û)

26,861

1,071

Marqeta

,

Inc.

Class

A(Æ)

84,627

Match

Group,

Inc.(Û)

33,282

987

MaxLinear

,

Inc.

Class

A(Æ)(Ð)

14,132

MediaAlpha

,

Inc.

Class

A(Æ)

5,541

MeridianLink

,

Inc.(Æ)

3,187

monday.com,

Ltd.(Æ)

1,884

529

Napco

Security

Technologies,

Inc.(Û)

33,625

768

nCino

,

Inc.(Æ)

82,247

1,908

NCR

Atleos

Corp.(Æ)(Ð)

6,526

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NCR

Voyix

Corp.(Æ)

37,608

NETGEAR,

Inc.(Æ)(Û)

6,447

Nextdoor

Holdings,

Inc.(Æ)

10,025

nLight

,

Inc.(Æ)(Ð)

4,290

Novanta

,

Inc.(Æ)

3,070

Nutanix

,

Inc.

Class

A(Æ)

20,565

1,413

NVE

Corp.

25,105

1,459

Oddity

Tech,

Ltd.

Class

A(Æ)

5,193

Okta

,

Inc.(Æ)

2,455

Olo

,

Inc.

Class

A(Æ)

96,296

597

ON24,

Inc.(Æ)

3,129

Onestream

,

Inc.(Æ)

12,761

Ooma

,

Inc.(Æ)(Ð)

52,483

642

Opendoor

Technologies,

Inc.(Æ)

47,373

Outbrain

,

Inc.(Æ)

1,118

PAR

Technology

Corp.(Æ)

7,334

PC

Connection,

Inc.(Û)

500

PDF

Solutions,

Inc.(Æ)

94,258

1,730

Pegasystems

,

Inc.

40,052

3,688

Photronics

,

Inc.(Æ)

19,269

Porch

Group,

Inc.(Æ)

158,519

919

Power

Integrations,

Inc.

5,603

Powerfleet

,

Inc.(Æ)

69,137

PROS

Holdings,

Inc.(Æ)

14,318

PubMatic,

Inc.

Class

A(Æ)

9,043

Pure

Storage,

Inc.

Class

A(Æ)(Ð)

6,272

Qualys

,

Inc.(Æ)

3,121

Rackspace

Technology,

Inc.(Æ)

289,703

Radcom

,

Ltd.(Æ)

31,434

Rambus,

Inc.(Æ)

10,116

Rapid7,

Inc.(Æ)

16,689

Red

Violet,

Inc.

14,378

562

Ribbon

Communications,

Inc.(Æ)(Û)

9,282

RingCentral,

Inc.

Class

A(Æ)

17,506

Roku,

Inc.(Æ)(Û)

11,710

798

Sanmina

Corp.(Æ)

7,076

543

SEMrush

Holdings,

Inc.

Class

A(Æ)

1,708

Semtech

Corp.(Æ)

3,710

Silicon

Laboratories,

Inc.(Æ)(Ð)

8,209

835

Silicon

Motion

Technology

Corp.

-

ADR

17,438

863

SimilarWeb

,

Ltd.(Æ)

15,005

Simulations

Plus,

Inc.

31,101

1,068

SiTime

Corp.(Æ)

2,619

Sonos

,

Inc.(Æ)

36,602

SPS

Commerce,

Inc.(Æ)

3,090

Synaptics

,

Inc.(Æ)

4,487

TaskUS

,

Inc.

Class

A(Æ)

2,175

Telos

Corp.(Æ)

6,217

Tenable

Holdings,

Inc.(Æ)

14,058

Teradata

Corp.(Æ)

38,220

822

Tower

Semiconductor,

Ltd.(Æ)

19,971

715

TrueCar

,

Inc.(Æ)

254,850

TTM

Technologies,

Inc.(Æ)

24,426

Ubiquiti,

Inc.(Û)

UiPath

,

Inc.

Class

A(Æ)

77,464

925

Unisys

Corp.(Æ)

11,461

Upland

Software,

Inc.(Æ)

502

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Varonis

Systems,

Inc.(Æ)

7,566

Verint

Systems,

Inc.(Æ)

24,012

Vimeo,

Inc.(Æ)

269,046

1,356

Vishay

Intertechnology

,

Inc.

179,828

2,336

Vivid

Seats,

Inc.

Class

A(Æ)

216,115

607

VTEX

Class

A(Æ)

68,433

Weave

Communications,

Inc.(Æ)

10,245

Wix.com,

Ltd.(Æ)

1,089

Workiva

,

Inc.(Æ)

16,863

1,269

Xperi

,

Inc.(Æ)

8,144

Yelp,

Inc.

Class

A(Æ)

7,600

Yext

,

Inc.(Æ)(Ð)

14,894

Zeta

Global

Holdings

Corp.

Class

A(Æ)

44,832

586

74,850

Utilities

-

3.6%

Artesian

Resources

Corp.

Class

A

35,155

1,249

Avista

Corp.

7,732

BKV

Corp.(Æ)

27,378

Black

Hills

Corp.

7,672

California

Resources

Corp.

6,948

CNX

Resources

Corp.(Æ)

15,031

Comstock

Resources,

Inc.(Æ)(Ð)(Û)

15,105

Evolution

Petroleum

Corp.

261,401

1,095

Excelerate

Energy,

Inc.

Class

A(Û)

142,109

3,635

Golar

LNG,

Ltd.

13,845

588

Gulfport

Energy

Corp.(Æ)(Û)

5,528

954

IDACORP,

Inc.

10,232

1,208

Infinity

Natural

Resources,

Inc.

Class

A(Æ)

31,721

Lumen

Technologies,

Inc.(Æ)

75,565

Magnolia

Oil

&

Gas

Corp.

Class

A

45,912

943

Middlesex

Water

Co.

9,258

584

New

Jersey

Resources

Corp.

6,931

Northwestern

Energy

Group,

Inc.

14,322

834

ONE

Gas,

Inc.

5,256

Permian

Resources

Corp.

85,313

1,007

Portland

General

Electric

Co.

27,721

1,168

RGC

Resources,

Inc.

23,743

SandRidge

Energy,

Inc.

29,974

Southwest

Gas

Holdings,

Inc.

4,544

Spire,

Inc.

16,557

1,267

Talen

Energy

Corp.(Æ)

722

Talos

Energy,

Inc.(Æ)

43,960

Unitil

Corp.

13,310

781

Vital

Energy,

Inc.(Æ)

10,800

York

Water

Co.

(The)

18,917

666

21,437

#### Total

#### Common

#### Stocks
(cost

$591,127)

600,638

#### Short-Term

#### Investments

#### -

#### 3.7%
U.S.

Cash

Management

Fund(@)

22,226,683

(∞)

22,220

#### Total

#### Short-Term

#### Investments
(cost

$22,221)

22,220

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 103.7%
(identified

cost

$613,348)

622,858

#### Securities

#### Sold

#### Short

#### -

#### (3.7)%
Consumer

Discretionary

-

(0.4)%

Advanced

Energy

Industries,

Inc.

(871) (85) Altice

USA,

Inc.

Class

A(Æ)

(16,676)

(41) Asbury

Automotive

Group,

Inc.(Æ)

(1,156)

(252) Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

(1,020)

(41) Beyond,

Inc.(Æ)

(5,500)

(22) Clear

Channel

Outdoor

Holdings,

Inc.(Æ)

(25,311)

(25) Dutch

Bros,

Inc.

Class

A(Æ)

(6,643)

(397) EVE

Holding,

Inc.(Æ)

(3,124)

(11) GrowGeneration

Corp.(Æ)

(2,000)

(2) Hilton

Grand

Vacations,

Inc.(Æ)

(2,999)

(101) Jack

in

the

Box,

Inc.

(2,905)

(76) Joby

Aviation,

Inc.(Æ)

(58,014)

(366) LGI

Homes,

Inc.(Æ)

(262) (14) Lithia

Motors,

Inc.

Class

A

(1,310)

(384) Portillo's,

Inc.

Class

A(Æ)

(1,355)

(14) Potbelly

Corp.(Æ)

(1,200)

(10) Tapestry,

Inc.

(5,283)

(373) Topgolf

Callaway

Brands

Corp.(Æ)

(32,708)

(216) (2,430)

Consumer

Staples

-

(0.0)%

Alico

,

Inc.

(512) (15) Cadiz,

Inc.(Æ)

(5,388)

(15) Olaplex

Holdings,

Inc.(Æ)

(25,255)

(33) Quanex

Building

Products

Corp.

(7,835)

(129) Westrock

Coffee

Co.(Æ)

(3,942)

(23) (215) Energy

-

(0.2)%

Aemetis

,

Inc.(Æ)

(4,271)

(5) ASP

Isotopes,

Inc.(Æ)

(6,628)

(35) Centrus

Energy

Corp.

Class

A(Æ)

(1,043)

(72) Cleanspark

,

Inc.(Æ)

(985) (8) Enphase

Energy,

Inc.(Æ)

(172) (8) First

Solar,

Inc.(Æ)

(153) (19) Innovex

International,

Inc.(Æ)

(350) (5) Kodiak

Gas

Services,

Inc.

(5,261)

(179) Shoals

Technologies

Group,

Inc.

Class

A(Æ)

(51,811)

(187) Sitio

Royalties

Corp.

Class

A

(8,220)

(140) Solaris

Energy

Infrastructure,

Inc.

Class

A

(3,086)

(65) Sunnova

Energy

International,

Inc.(Æ)

(38,876)

(7) T1

Energy,

Inc.(Æ)

(25,165)

(31) TPI

Composites,

Inc.(Æ)

(6,554)

(6) Uranium

Energy

Corp.(Æ)

(75,780)

(398) Warrior

Met

Coal,

Inc.

(4,659)

(223) (1,388)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Financial

Services

-

(0.4)%

AGNC

Investment

Corp.(ö)

(17,455)

(154) AirSculpt

Technologies,

Inc.(Æ)

(4,560)

(10) Applied

Digital

Corp.(Æ)

(6,888)

(31) BGC

Group,

Inc.

Class

A

(22,216)

(201) Burke

&

Herbert

Financial

Services

Corp.

(901) (50) California

BanCorp

(Æ)

(1,194)

(17) Cipher

Mining,

Inc.(Æ)

(11,908)

(34) Dynex

Capital,

Inc.(ö)

(14,029)

(173) Ellington

Financial,

Inc.(ö)

(774) (10) FTAI

Infrastructure,

Inc.

(1,600)

(7) Glacier

Bancorp,

Inc.

(4,545)

(185) Global

Net

Lease,

Inc.(ö)

(27,830)

(210) HA

Sustainable

Infrastructure

Capital,

Inc.

(10,399)

(260) Independence

Realty

Trust,

Inc.(ö)

(2,279)

(44) MBIA,

Inc.(Æ)

(6,334)

(30) Old

National

Bancorp

(19,208)

(396) Ready

Capital

Corp.(ö)

(17,194)

(77) Rithm

Property

Trust,

Inc.(ö)

(1,000)

(3) Shift4

Payments,

Inc.

Class

A(Æ)

(4,399)

(360) Sky

Harbour

Group

Corp.(Æ)

(1,621)

(17) UWM

Holdings

Corp.

(14,531)

(68) WisdomTree

,

Inc.

(4,372)

(38) (2,375)

Health

Care

-

(0.7)%

4D

Molecular

Therapeutics,

Inc.(Æ)

(3,789)

(13) Acadia

Healthcare

Co.,

Inc.(Æ)

(7,422)

(174) Apogee

Therapeutics,

Inc.(Æ)

(4,732)

(186) ArriVent

Biopharma,

Inc.(Æ)

(1,120)

(24) Astria

Therapeutics,

Inc.(Æ)

(2,680)

(14) aTyr

Pharma,

Inc.(Æ)

(5,172)

(18) Avidity

Biosciences,

Inc.(Æ)

(8,508)

(278) Axsome

Therapeutics,

Inc.(Æ)

(2,835)

(318) Black

Diamond

Therapeutics,

Inc.(Æ)

(5,600)

(10) CARGO

Therapeutics,

Inc.(Æ)

(4,908)

(22) Celcuity

,

Inc.(Æ)

(2,298)

(26) CG

Oncology,

Inc.(Æ)

(8,027)

(216) ClearPoint

Neuro,

Inc.(Æ)

(1,445)

(21) Climb

Bio,

Inc.(Æ)

(455) (1) Coherus

BioSciences

,

Inc.(Æ)

(14,800)

(15) Corbus

Pharmaceuticals

Holdings,

Inc.(Æ)

(3,755)

(28) Crinetics

Pharmaceuticals,

Inc.(Æ)

(5,950)

(199) Day

One

Biopharmaceuticals,

Inc.(Æ)

(4,017)

(31) Dianthus

Therapeutics,

Inc.(Æ)

(2,125)

(46) Edgewise

Therapeutics,

Inc.(Æ)

(4,151)

(68) Eledon

Pharmaceuticals,

Inc.(Æ)

(4,581)

(14) ETON

Pharmaceuticals,

Inc.(Æ)

(1,532)

(26) Geron

Corp.(Æ)

(149,181)

(210) Globus

Medical,

Inc.

Class

A(Æ)

(1,093)

(78) 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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Immunovant

,

Inc.(Æ)

(1,267)

(20) Inhibikase

Therapeutics,

Inc.(Æ)

(1,714)

(4) Inhibrx

Biosciences,

Inc.(Æ)

(1,358)

(17) INmune

Bio,

Inc.(Æ)

(2,094)

(16) Inozyme

Pharma,

Inc.(Æ)

(7,000)

(8) Insmed

,

Inc.(Æ)

(6,329)

(456) Joint

Corp.

(The)(Æ)

(1,922)

(19) KalVista

Pharmaceuticals,

Inc.(Æ)

(3,757)

(52) Lexeo

Therapeutics,

Inc.(Æ)

(4,287)

(17) Lexicon

Pharmaceuticals,

Inc.(Æ)

(24,129)

(18) Lifecore

Biomedical,

Inc.(Æ)

(2,000)

(14) Multiplan

Corp.(Æ)

(587) (13) Neogen

Corp.(Æ)

(17,210)

(87) Oruka

Therapeutics,

Inc.

(1,036)

(11) Perspective

Therapeutics,

Inc.(Æ)

(2,408)

(6) PROCEPT

BioRobotics

Corp.(Æ)

(3,359)

(181) Protagonist

Therapeutics,

Inc.(Æ)

(2,760)

(126) RadNet

,

Inc.(Æ)

(4,895)

(256) Replimune

Group,

Inc.(Æ)

(6,497)

(64) Revolution

Medicines,

Inc.(Æ)

(10,326)

(417) Savara

,

Inc.(Æ)

(11,651)

(37) TScan

Therapeutics,

Inc.(Æ)

(2,000)

(3) Vaxcyte

,

Inc.(Æ)

(5,681)

(204) Viridian

Therapeutics,

Inc.(Æ)

(7,048)

(95) (4,177)

Materials

and

Processing

-

(0.2)%

Alcoa

Corp.

(14,696)

(360) Compass

Minerals

International,

Inc.(Æ)

(9,229)

(124) Contango

ORE,

Inc.(Æ)

(1,947)

(28) Dakota

Gold

Corp.(Æ)

(6,027)

(16) Ivanhoe

Electric,

Inc.(Æ)

(13,819)

(87) LSI

Industries,

Inc.

(2,372)

(36) Modine

Manufacturing

Co.(Æ)

(923) (76) VSE

Corp.

(1,792)

(205) (932) Producer

Durables

-

(0.7)%

908

Devices,

Inc.(Æ)

(7,084)

(39) AeroVironment

,

Inc.(Æ)

(2,140)

(324) American

Superconductor

Corp.(Æ)

(12,138)

(241) Bloom

Energy

Corp.

Class

A(Æ)

(712) (13) Casella

Waste

Systems,

Inc.

Class

A(Æ)

(4,179)

(491) Commercial

Vehicle

Group,

Inc.(Æ)

(1,000)

(1) Deluxe

Corp.

(4,410)

(64) Dorman

Products,

Inc.(Æ)

(815) (92) First

Advantage

Corp.(Æ)

(9,380)

(132) Forward

Air

Corp.(Æ)

(8,003)

(118) I3

Verticals,

Inc.

Class

A(Æ)

(2,544)

(64) indie

Semiconductor,

Inc.

Class

A(Æ)

(19,120)

(38) JBT

Marel

Corp.

(3,062)

(322) Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Loar

Holdings,

Inc.(Æ)

(828) (78) Mercury

Systems,

Inc.(Æ)

(3,545)

(177) Mirion

Technologies,

Inc.(Æ)

(12,944)

(204) Montrose

Environmental

Group,

Inc.(Æ)

(3,000)

(44) National

CineMedia

,

Inc.

(1,635)

(9) NET

Power,

Inc.(Æ)

(4,407)

(8) NuScale

Power

Corp.(Æ)

(20,650)

(342) OSI

Systems,

Inc.(Æ)

(921) (189) Proficient

Auto

Logistics,

Inc.(Æ)

(1,700)

(14) RBC

Bearings,

Inc.(Æ)

(1,421)

(467) Tidewater,

Inc.(Æ)

(2,202)

(80) Willscot

Holdings

Corp.

(972) (25) Zurn

Elkay

Water

Solutions

Corp.

(8,812)

(299) (3,875)

Technology

-

(0.9)%

Aehr

Test

Systems(Æ)

(1,301)

(11) Allegro

MicroSystems

,

Inc.(Æ)

(7,693)

(147) Applied

Optoelectronics,

Inc.(Æ)

(2,283)

(29) BlackSky

Technology,

Inc.(Æ)

(2,864)

(24) Cantaloupe,

Inc.(Æ)

(6,594)

(53) CEVA,

Inc.(Æ)

(3,527)

(92) Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

(15,706)

(357) Coherent

Corp.(Æ)

(6,786)

(437) Concentrix

Corp.

(3,906)

(199) Digi

International,

Inc.(Æ)

(3,634)

(99) Digital

Turbine,

Inc.(Æ)

(8,253)

(25) Entegris

,

Inc.

(1,121)

(89) Five9,

Inc.(Æ)

(8,090)

(203) Gen

Digital,

Inc.

(19,577)

(506) Immersion

Corp.

(8,858)

(64) Impinj

,

Inc.(Æ)

(4,307)

(397) Lattice

Semiconductor

Corp.(Æ)

(8,900)

(436) Lumentum

Holdings,

Inc.

Class

E(Æ)

(5,563)

(328) MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

(141) (15) Navitas

Semiconductor

Corp.(Æ)

(1,181)

(2) nCino

,

Inc.(Æ)

(610) (14) NextNav

,

Inc.(Æ)

(15,854)

(197) PAR

Technology

Corp.(Æ)

(5,173)

(302) Powerfleet

,

Inc.(Æ)

(12,590)

(63) Progress

Software

Corp.

(6,451)

(387) ServiceTitan

,

Inc.

Class

A(Æ)

(95) (11) Simulations

Plus,

Inc.

(1,636)

(56) SoundHound

AI,

Inc.

Class

A(Æ)

(1,880)

(17) Unity

Software,

Inc.(Æ)

(19,971)

(421) Verint

Systems,

Inc.(Æ)

(5,713)

(101) ViaSat

,

Inc.(Æ)

(40,131)

(372) Wolfspeed

,

Inc.(Æ)

(47,837)

(170) 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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $(5,624)

Utilities

-

(0.2)%

Expand

Energy

Corp.

(3,720)

(386) Gogo

,

Inc.(Æ)

(5,800)

(44) Kosmos

Energy,

Ltd.(Æ)

(117,644)

(181) New

Fortress

Energy

LLC

(9,537)

(52) NextDecade

Corp.(Æ)

(6,427)

(48) Sable

Offshore

Corp.(Æ)

(5,084)

(95) UGI

Corp.

(14,148)

(464) Vitesse

Energy,

Inc.

(3,664)

(75) (1,345)

#### Total

#### Securities

#### Sold

#### Short
(proceeds

$23,790)

(22,361)

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.0)%
(19) #### Net

#### Assets

#### -

#### 100.0%
600,478

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,

#### 2025
(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

20,880

06/25

(968) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(968) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

65,108

$

—

$

—

$

—

$

65,108

.8

Consumer

Staples

16,305

—

—

—

16,305

.7

Energy

23,607

—

—

—

23,607

.9

Financial

Services

142,409

—

—

—

142,409

.7

Health

Care

114,689

—

—

114,754

.1

Materials

and

Processing

46,616

—

—

46,664

.8

Producer

Durables

95,504

—

—

—

95,504

.9

Technology

74,850

—

—

—

74,850

.5

Utilities

21,437

—

—

—

21,437

.6

Short-Term

Investments

—

—

—

22,220

22,220

.7

Total

Investments

600,525

—

22,220

622,858

.7

Securities

Sold

Short

\*

(22,361)

—

—

—

(22,361)

(3.

7)

Other

Assets

and

Liabilities,

Net

(—)

\*\*\*

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(968)

—

—

—

(968)

(0.2)

Total

Other

Financial

Instruments

\*\*

$

(968)

$

—

$

—

$

—

$

(968)

\*

Refer

to

Schedule

of

Investments

for

detailed

sector

breakout.

\*\*

Futures

and

foreign

currency

exchange

contract

values

reflect

the

unrealized

appreciation

(depreciation)

on

the

investments.

\*\*\*

Less

than

.05%

of

net

assets.

(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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts

$

968

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

5,303

$

—

Foreign

currency

exchange

contracts

—

(1) Total

$

5,303

$

(1)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(3

94)

$

—

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,

#### 2025
(Unaudited)

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

pledged

amount

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

#### 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

$

22,361

$

—

$

22,361

Total

Financial

and

Derivative

Liabilities

22,361

—

22,361

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

22,361

$

—

$

22,361

#### 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

$

22,361

$

—

$

22,361

$

—

Total

$

22,361

$

—

$

22,361

$

—

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

613,348

Investments,

at

fair

value(>)

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

622,858

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Investments

sold

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

3,679

Fund

shares

sold

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

From

broker(a)

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

3,315

Prepaid

expenses

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

Total

assets

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

630,500

#### Liabilities
Payables:

Due

to

custodian

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

Investments

purchased

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

5,481

Fund

shares

redeemed

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

539

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Variation

margin

on

futures

contracts

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

968

Securities

sold

short,

at

fair

value(‡)

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

22,361

Total

liabilities

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

30,022

#### Net

#### Assets

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

600,478

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

11,115

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

589,095

#### Net

#### Assets

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

600,478

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

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

$

21.90 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

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

$

23.24 Class

A

—

Net

assets

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

$

12,676,599

Class

A

—

Shares

outstanding

($.01

par

value)

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

578,889

Net

asset

value

per

share:

Class

C

(#)

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

$

18.37 Class

C

—

Net

assets

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

$

5,185,441

Class

C

—

Shares

outstanding

($.01

par

value)

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

282,287

Net

asset

value

per

share:

Class

M

(#)

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

$

22.39 Class

M

—

Net

assets

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

$

84,335,309

Class

M

—

Shares

outstanding

($.01

par

value)

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

3,766,264

Net

asset

value

per

share:

Class

R6

(#)

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

$

22.43 Class

R6

—

Net

assets

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

$

1,360,211

Class

R6

—

Shares

outstanding

($.01

par

value)

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

60,648

Net

asset

value

per

share:

Class

S

(#)

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

$

22.44 Class

S

—

Net

assets

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

$

429,841,554

Class

S

—

Shares

outstanding

($.01

par

value)

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

19,153,687

Net

asset

value

per

share:

Class

Y

(#)

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

$

22.43 Class

Y

—

Net

assets

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

$

67,079,207

Class

Y

—

Shares

outstanding

($.01

par

value)

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

2,990,786

Amounts

in

thousands

(‡)&nbsp;&nbsp;&nbsp;&nbsp;

Proceeds

on

securities

sold

short

$

23,790

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

22,220

(a) Receivable

from

Broker

for

Futures

$

3,315

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

6,3

Dividends

from

affiliated

funds

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

700

Interest

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

Total

investment

income

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

7,10

#### Expenses
Advisory

fees

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

2,471

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

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

508

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

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

3,92

Expense

reductions

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

(167) Net

expenses

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

3,75

Net

investment

income

(loss)

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

3,352

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

27,355

Investments

in

affiliated

funds

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

(6) Futures

contracts

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

5,303

Foreign

currency

exchange

contracts

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

(1) Securities

sold

short

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

(783) Foreign

currency-related

transactions

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

(9) Net

realized

gain

(loss)

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

31,859

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(103,199)

Investments

in

affiliated

funds

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

(1) Futures

contracts

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

(394) Securities

sold

short

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

4,591

Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(98,999)

Net

realized

and

unrealized

gain

(loss)

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

(67,140)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

(63,788)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

3,352

$

5,912

Net

realized

gain

(loss)

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

31,859

73,325

Net

change

in

unrealized

appreciation

(depreciation)

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

(98,999)

135,458

Net

increase

(decrease)

in

net

assets

from

operations

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

(63,788)

214,695

#### Distributions
To

shareholders

Class

A

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

(1,670)

(321)

Class

C

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

(800)

(172)

Class

M

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

(10,947)

(2,613)

Class

R6

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

(377)

(16)

Class

S

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

(59,611)

(16,361)

Class

Y

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

(9,703)

(2,389)

Net

decrease

in

net

assets

from

distributions

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

(83,108)

(21,872)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(111,821)

(91,071)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(258,717)

101,752

#### Net

#### Assets
Beginning

of

period

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

859,195

757,443

End

of

period

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

$

600,478

$

859,195

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,188

$

1,591

Proceeds

from

reinvestment

of

distributions

1,666

Payments

for

shares

redeemed

(63)

(1,564)

(105)

(2,766)

Net

increase

(decrease)

1,290

(32)

(855)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

799

Payments

for

shares

redeemed

(32)

(698)

(87)

(1,967)

Net

increase

(decrease)

(70)

(1,581)

Class

M

Proceeds

from

shares

sold

773

19,785

702

18,958

Proceeds

from

reinvestment

of

distributions

10,936

2,613

Payments

for

shares

redeemed

(1,247)

(34,331)

(857)

(23,039)

Net

increase

(decrease)

(43)

(3,610)

(55)

(1,468)

Class

R6

Proceeds

from

shares

sold

9,806

1,633

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(384)

(9,970)

(21)

(583)

Net

increase

(decrease)

1,066

Class

S

Proceeds

from

shares

sold

1,631

43,824

2,288

60,412

Proceeds

from

reinvestment

of

distributions

2,333

59,339

621

16,305

Payments

for

shares

redeemed

(7,418)

(211,635)

(5,660)

(151,078)

Net

increase

(decrease)

(3,454)

(108,472)

(2,751)

(74,361)

Class

Y

Proceeds

from

shares

sold

3,376

1,232

Proceeds

from

reinvestment

of

distributions

9,703

2,388

Payments

for

shares

redeemed

(591)

(14,548)

(643)

(17,492)

Net

increase

(decrease)

(50)

(1,469)

(505)

(13,872)

Total

increase

(decrease)

(3,479)

$

(111,821)

(3,373)

$

(91,071)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### Russell

#### Investment

#### Company

#### U.S.

#### Small

#### Cap

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

27.76 .08

(2.75)

(2.67)

(.37)

(2.82)

October

31,

2024

22.04 .10

6.20 6.30 (.06)

(.52)

October

31,

2023

25.20 .11

(2.12)

(2.01)

(.06)

(1.09)

October

31,

2022

38.76 .01

(4.34)

(4.33)

—

(9.23)

October

31,

2021

24.25 (.05)

14.65 14.60 (.09)

—

October

31,

2020

27.44 (—)

(Ɵ)

(2.07)

(2.07)

(.13)

(.99)

Class

C

April

30,

2025\*

23.69 (.01)

(2.30)

(2.31)

(.19)

(2.82)

October

31,

2024

18.96 (.08)

5.33 5.25 —

(.52)

October

31,

2023

21.96 (.06)

(1.85)

(1.91)

—

(1.09)

October

31,

2022

35.21 (.17)

(3.85)

(4.02)

—

(9.23)

October

31,

2021

22.12 (.29)

13.38 13.09 —

—

October

31,

2020

25.19 (.17)

(1.91)

(2.08)

—

(.99)

Class

M

April

30,

2025\*

28.37 .14

(2.82)

(2.68)

(.48)

(2.82)

October

31,

2024

22.51 .21

6.33 6.54 (.16)

(.52)

October

31,

2023

25.72 .21

(2.17)

(1.96)

(.16)

(1.09)

October

31,

2022

39.32 .12

(4.42)

(4.30)

(.07)

(9.23)

October

31,

2021

24.58 .09

14.84 14.93 (.19)

—

October

31,

2020

27.82 .09

(2.09)

(2.00)

(.25)

(.99)

Class

R6

April

30,

2025\*

28.42 .07

(2.75)

(2.68)

(.49)

(2.82)

October

31,

2024

22.55 —

(Ɵ)

6.56 6.56 (.17)

(.52)

October

31,

2023

25.77 .22

(2.18)

(1.96)

(.17)

(1.09)

October

31,

2022

39.38 .14

(4.43)

(4.29)

(.09)

(9.23)

October

31,

2021

24.60 .10

14.85 14.95 (.17)

—

October

31,

2020

27.83 .16

(2.15)

(1.99)

(.25)

(.99)

Class

S

April

30,

2025\*

28.40 .12

(2.82)

(2.70)

(.44)

(2.82)

October

31,

2024

22.53 .18

6.35 6.53 (.14)

(.52)

October

31,

2023

25.74 .19

(2.19)

(2.00)

(.12)

(1.09)

October

31,

2022

39.33 .09

(4.42)

(4.33)

(.03)

(9.23)

October

31,

2021

24.59 .05

14.85 14.90 (.16)

—

October

31,

2020

27.82 .07

(2.09)

(2.02)

(.22)

(.99)

Class

Y

April

30,

2025\*

28.42 .14

(2.81)

(2.67)

(.50)

(2.82)

October

31,

2024

22.55 .22

6.35 6.57 (.18)

(.52)

October

31,

2023

25.77 .22

(2.17)

(1.95)

(.18)

(1.09)

October

31,

2022

39.38 .14

(4.43)

(4.29)

(.09)

(9.23)

October

31,

2021

24.61 .12

14.85 14.97 (.20)

—

October

31,

2020

27.84 .11

(2.09)

(1.98)

(.26)

(.99)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

U.S.

Small

Cap

Equity

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)(∆)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(3.19)

21.90 (10.98)

12,677

1.37 1.37 .65

(.58)

27.76 28.81 14,646

1.37 1.37 .38

(1.15)

22.04 (8.23)

12,342

1.38 1.38 .46

(9.23)

25.20 (13.71)

15,358

1.34 1.34 .05

(.09)

38.76 60.30 19,963

1.35 1.35 (.15)

(1.12)

24.25 (8.05)

12,998

1.42 1.42 (.01)

(3.01)

18.37 (11.30)

5,185

2.12 2.12 (.10)

(.52)

23.69 27.87 6,415

2.12 2.12 (.36)

(1.09)

18.96 (8.98)

6,462

2.13 2.13 (.29)

(9.23)

21.96 (14.35)

8,052

2.09 2.09 (.70)

—

35.21 59.18 11,220

2.10 2.10 (.89)

(.99)

22.12 (8.78)

8,005

2.17 2.17 (.75)

(3.30)

22.39 (10.82)

84,335

1.12 .98

1.07 40

(.68)

28.37 29.32 108,075

1.12 .98

.77

(1.25)

22.51 (7.88)

86,971

1.13 .99

.83

(9.30)

25.72 (13.38)

139,979

1.09 .95

.44

(.19)

39.32 60.95 167,700

1.10 .96

.24

(1.24)

24.58 (7.72)

87,186

1.17 1.03 .36

(3.31)

22.43 (10.78)

1,360

.97

.95

.54

(.69)

28.42 29.36 1,586

.97

.95

.77

(1.26)

22.55 (7.86)

.98

.96

.89

(9.32)

25.77 (13.35)

532

.94

.92

.48

(.17)

39.38 60.96 912

.95

.93

.27

(1.24)

24.60 (7.67)

.98

.96

.56

(3.26)

22.44 (10.86)

429,842

1.12 1.08 .93

(.66)

28.40 29.21 642,064

1.12 1.08 .67

(1.21)

22.53 (8.00)

571,387

1.13 1.09 .75

(9.26)

25.74 (13.46)

809,051

1.09 1.05 .34

(.16)

39.33 60.76 1,147,967

1.10 1.06 .15

(1.21)

24.59 (7.78)

934,202

1.17 1.13 .28

(3.32)

22.43 (10.78)

67,079

.92

.92

1.09 40

(.70)

28.42 29.38 86,409

.92

.92

.83

(1.27)

22.55 (7.83)

79,925

.93

.93

.90

(9.32)

25.77 (13.33)

94,100

.89

.89

.49

(.20)

39.38 61.06 166,076

.90

.90

.33

(1.25)

24.61 (7.64)

225,968

.97

.97

.44

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

339,635

Administrative

fees

23,330

Distribution

fees

5,669

Shareholder

servicing

fees

1,04

Transfer

agent

fees

63,072

Trustees'

fees

3,695

$

436,443

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

37,310

$

270,472

$

285,555

$

(6)

$

(1)

$

22,220

$

700

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

622,42

4,237

$

205,308,7

$

(228,204,145)

$

(2

2,895

,

391)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 92.9%
Australia

-

5.0%

ANZ

Group

Holdings,

Ltd.

16,044

Aristocrat

Leisure,

Ltd.

3,989

ASX,

Ltd.

2,775

BHP

Group,

Ltd.

21,717

515

BlueScope

Steel,

Ltd.

5,533

Brambles,

Ltd.

13,048

CAR

Group,

Ltd.

2,456

Cochlear,

Ltd.

Coles

Group,

Ltd.

8,785

Commonwealth

Bank

of

Australia

6,196

663

Computershare,

Ltd.

1,161

Endeavour

Group,

Ltd.

13,848

Fortescue,

Ltd.

12,754

Goodman

Group(ö)

6,971

GPT

Group

(The)(ö)

11,899

Insurance

Australia

Group,

Ltd.

12,999

Lottery

Corp.,

Ltd.

(The)

8,441

Macquarie

Group,

Ltd.

836

Medibank

Pvt,

Ltd.

41,214

Mineral

Resources,

Ltd.(Æ)

685

National

Australia

Bank,

Ltd.

8,060

Northern

Star

Resources,

Ltd.

14,885

Orica,

Ltd.

7,473

Pro

Medicus,

Ltd.

783

Qantas

Airways,

Ltd.

5,318

QBE

Insurance

Group,

Ltd.

23,117

Ramsay

Health

Care,

Ltd.

1,165

REA

Group,

Ltd.

771

Reece,

Ltd.

1,557

Rio

Tinto

PLC

6,241

Rio

Tinto,

Ltd.

2,376

Santos,

Ltd.

33,088

Scentre

Group(ö)

18,755

SGH,

Ltd.

1,224

Sonic

Healthcare,

Ltd.

1,182

Stockland(ö)

16,077

Suncorp

Group,

Ltd.

8,878

Telstra

Group,

Ltd.

28,409

Transurban

Group(Æ)

5,935

Vicinity,

Ltd.(ö)

24,109

Wesfarmers,

Ltd.

3,556

Westpac

Banking

Corp.

10,696

WiseTech

Global,

Ltd.

1,834

Woodside

Energy

Group,

Ltd.

10,037

Woolworths

Group,

Ltd.

3,286

5,884

Austria

-

0.3%

Erste

Group

Bank

AG

2,174

Mondi

PLC

6,542

OMV

AG

1,488

Belgium

-

0.7%

Ageas

SA

1,877

Anheuser-Busch

InBev

SA

2,798

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
D'ieteren

SA

Groupe

Bruxelles

Lambert

SA

KBC

Groep

NV

1,775

Lotus

Bakeries

NV

Sofina

SA

Syensqo

SA

1,306

UCB

SA

938

863

Brazil

-

0.2%

Wheaton

Precious

Metals

Corp.

1,579

Yara

International

ASA

3,096

Burkina

Faso

-

0.0%

Endeavour

Mining

PLC

1,168

Canada

-

9.9%

Agnico

Eagle

Mines,

Ltd.

1,528

Air

Canada

Class

B(Æ)

757

Alimentation

Couche-Tard,

Inc.

2,353

AltaGas,

Ltd.

1,386

ARC

Resources,

Ltd.

7,954

Bank

of

Montreal

1,436

Bank

of

Nova

Scotia

(The)

4,970

Barrick

Gold

Corp.

15,807

Brookfield

Asset

Management,

Inc.

Class

A

4,768

Brookfield

Corp.

3,849

CAE,

Inc.(Æ)

1,091

Cameco

Corp.

2,484

Canadian

Imperial

Bank

of

Commerce

4,872

Canadian

National

Railway

Co.

1,520

Canadian

Natural

Resources,

Ltd.

6,829

Canadian

Pacific

Kansas

City,

Ltd.

1,933

Canadian

Tire

Corp.,

Ltd.

Class

A

565

Canadian

Utilities,

Ltd.

Class

A

812

CCL

Industries,

Inc.

Class

B

2,967

Cenovus

Energy,

Inc.

12,436

CGI,

Inc.

1,240

Constellation

Software,

Inc.

Descartes

System

Group,

Inc.

(The)(Æ)

768

Dollarama,

Inc.

2,298

Element

Fleet

Management

Corp.

5,825

Emera,

Inc.

1,448

Empire

Co.,

Ltd.

Class

A

3,264

Enbridge,

Inc.

7,240

Fairfax

Financial

Holdings,

Ltd.

FirstService

Corp.

Fortis,

Inc.

1,508

George

Weston,

Ltd.

Gildan

Activewear,

Inc.

Class

A

1,109

Great-West

Lifeco,

Inc.

3,505

Hydro

One,

Ltd.(Þ)

1,357

iA

Financial

Corp.,

Inc.

1,335

IGM

Financial,

Inc.

830

Imperial

Oil,

Ltd.

2,273

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Intact

Financial

Corp.

1,767

Keyera

Corp.

2,544

Kinross

Gold

Corp.

28,098

Loblaw

Cos.,

Ltd.

1,637

Magna

International,

Inc.

Class

A

2,821

Manulife

Financial

Corp.

9,200

MEG

Energy

Corp.

Class

A

3,820

Metro,

Inc.

Class

A

1,272

National

Bank

of

Canada

1,829

Nutrien,

Ltd.

4,435

Onex

Corp.

Open

Text

Corp.

3,546

Pan

American

Silver

Corp.

1,562

Parkland

Corp.

2,033

Power

Corp.

of

Canada

4,170

Quebecor,

Inc.

Class

B

2,485

RB

Global,

Inc.

514

Rogers

Communications,

Inc.

Class

B

4,075

Royal

Bank

of

Canada

6,566

788

Saputo,

Inc.

2,235

Shopify,

Inc.

Class

A(Æ)

5,015

Stantec,

Inc.

708

Sun

Life

Financial,

Inc.

5,698

Suncor

Energy,

Inc.

7,194

TC

Energy

Corp.

4,343

TELUS

Corp.

2,823

TFI

International,

Inc.

842

Thomson

Reuters

Corp.

TMX

Group,

Ltd.

4,279

Toromont

Industries,

Ltd.

973

Toronto-Dominion

Bank

(The)

5,924

Tourmaline

Oil

Corp.

3,915

West

Fraser

Timber

Co.,

Ltd.

801

WSP

Global,

Inc.

861

11,625

Chile

-

0.1%

Antofagasta

PLC

2,480

Lundin

Mining

Corp.

2,840

China

-

0.5%

Bank

of

China

(Hong

Kong),

Ltd.

43,500

Prosus

NV

3,607

SITC

International

Holdings

Co.,

Ltd.

20,000

Wilmar

International,

Ltd.

25,000

Yangzijiang

Shipbuilding

Holdings,

Ltd.

52,300

555

Congo,

the

Democratic

Republic

of

the

-

0.0%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

2,657

Denmark

-

1.9%

AP

Moller

-

Maersk

A/S

Class

B

Carlsberg

A/S

Class

B

Coloplast

A/S

Class

B

562

Danske

Bank

A/S

3,910

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Demant

A/S(Æ)

911

DSV

A/S

Genmab

A/S(Æ)

Novo

Nordisk

A/S

Class

B

15,933

1,061

Novonesis

(Novozymes)

B

Class

B

3,295

Orsted

A/S

Class

A(Æ)(Þ)

511

Pandora

A/S

709

Rockwool

A/S

Class

B

910

Tryg

A/S

3,868

Vestas

Wind

Systems

A/S

2,095

2,172

Finland

-

0.9%

Elisa

OYJ

2,051

Fortum

OYJ

6,364

Kesko

OYJ

Class

B

1,300

Kone

OYJ

Class

B

1,852

Neste

OYJ

2,723

Nokia

OYJ

28,174

Nordea

Bank

Abp

10,081

Orion

OYJ

Class

B

1,654

Sampo

OYJ

Class

A

11,136

UPM-Kymmene

OYJ

4,133

Wartsila

OYJ

Abp

Class

B

3,971

1,068

France

-

6.6%

Accor

SA

1,420

Airbus

SE

641

Alstom

SA(Æ)

1,861

Amundi

SA(Þ)

596

Arkema

SA

741

AXA

SA

10,216

bioMerieux

BNP

Paribas

SA

2,566

Bollore

SE

15,075

Bouygues

SA

4,000

Bureau

Veritas

SA

1,609

Canal+

SA(Æ)

14,808

Capgemini

SE

644

Carrefour

SA

7,772

Cie

de

Saint-Gobain

SA

2,157

Cie

Generale

des

Etablissements

Michelin

SCA

12,967

Covivio

SA(ö)

507

Credit

Agricole

SA

7,657

Danone

SA

2,008

Dassault

Aviation

SA

Dassault

Systemes

SE

3,008

Edenred

SE

1,051

Eiffage

SA

993

Engie

SA

10,590

EssilorLuxottica

SA

816

Eurazeo

SE

Hermes

International

Ipsen

SA

722

Kering

SA

511

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Klepierre

SA(ö)

3,657

La

Francaise

des

Jeux

SAEM(Þ)

829

L'Air

Liquide

SA

Class

A

1,834

Legrand

SA

723

L'Oreal

SA

656

Louis

Hachette

Group

14,808

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,053

581

Orange

SA

18,764

Publicis

Groupe

SA

Renault

SA

2,430

Rexel

SA

Class

H

1,776

Safran

SA

SEB

SA

Societe

Generale

SA

4,451

Teleperformance

747

Thales

SA

TotalEnergies

SE

10,535

597

Veolia

Environnement

SA

3,193

Vinci

SA

3,032

Vivendi

SE

14,808

7,680

Germany

-

8.5%

adidas

AG

820

Allianz

SE

2,297

949

BASF

SE

3,004

Bayerische

Motoren

Werke

AG

2,425

Bechtle

AG

1,672

Beiersdorf

AG

1,016

Brenntag

SE

1,345

Carl

Zeiss

Meditec

AG

Commerzbank

AG

7,335

Continental

AG

1,858

Covestro

AG(Æ)(Þ)

CTS

Eventim

AG

&

Co.

KGaA

1,104

Daimler

Truck

Holding

AG

3,495

Deutsche

Bank

AG

9,043

Deutsche

Boerse

AG

1,001

Deutsche

Lufthansa

AG

5,309

Deutsche

Post

AG

6,324

Deutsche

Telekom

AG

12,520

E.ON

SE

6,822

Evonik

Industries

AG

4,621

Fresenius

Medical

Care

AG

1,407

Fresenius

SE

&

Co.

KGaA

7,179

GEA

Group

AG

2,082

Hannover

Rueck

SE

580

Heidelberg

Materials

AG

2,061

Henkel

AG

&

Co.

KGaA

Infineon

Technologies

AG

3,081

Knorr-Bremse

AG

1,043

LEG

Immobilien

SE

Mercedes-Benz

Group

AG

3,799

Merck

KGaA

MTU

Aero

Engines

AG

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Muenchener

Rueckversicherungs-

Gesellschaft

AG

615

Nemetschek

SE

929

Puma

SE

980

Rational

AG

Rheinmetall

AG

511

SAP

SE

5,460

1,579

Scout24

SE(Þ)

993

Siemens

AG

1,983

Siemens

Energy

AG(Æ)

3,115

Siemens

Healthineers

AG(Þ)

1,032

Symrise

AG

1,438

Talanx

AG

1,148

Vonovia

SE

2,911

Zalando

SE(Æ)(Þ)

3,476

9,910

Hong

Kong

-

1.8%

AIA

Group,

Ltd.

57,937

CK

Asset

Holdings,

Ltd.

18,830

CK

Infrastructure

Holdings,

Ltd.

14,001

Futu

Holdings,

Ltd.

-

ADR

701

Hang

Seng

Bank,

Ltd.

5,796

Henderson

Land

Development

Co.,

Ltd.

11,999

HKT

Trust

&

HKT,

Ltd.

73,075

Hong

Kong

&

China

Gas

Co.,

Ltd.

65,136

Hong

Kong

Exchanges

&

Clearing,

Ltd.

7,816

Jardine

Matheson

Holdings,

Ltd.

1,800

Melco

Crown

Entertainment,

Ltd.(Æ)

(Š)

8,400

MTR

Corp.,

Ltd.

14,500

Power

Assets

Holdings,

Ltd.

13,679

Prudential

PLC

11,866

Sino

Land

Co.,

Ltd.

46,414

Sun

Hung

Kai

Properties,

Ltd.

15,571

Swire

Pacific,

Ltd.

Class

A

4,317

Techtronic

Industries

Co.,

Ltd.

7,348

WH

Group,

Ltd.(Þ)

130,789

2,086

Ireland

-

0.4%

AerCap

Holdings

NV

1,545

AIB

Group

PLC

13,589

Bank

of

Ireland

Group

PLC

3,785

Kerry

Group

PLC

Class

A

Kingspan

Group

PLC

1,177

Israel

-

1.2%

Azrieli

Group,

Ltd.

Bank

Hapoalim

BM

13,506

Bank

Leumi

Le-Israel

BM

15,528

Check

Point

Software

Technologies,

Ltd.(Æ)

980

Elbit

Systems,

Ltd.

Global-e

Online,

Ltd.

Class

E(Æ)

1,107

ICL

Group,

Ltd.

14,189

Israel

Discount

Bank,

Ltd.

Class

A

13,502

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mizrahi

Tefahot

Bank,

Ltd.

2,060

Nice,

Ltd.(Æ)

500

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

8,031

Wix.com,

Ltd.(Æ)

578

1,397

Italy

-

2.4%

Amplifon

SpA

923

Banco

BPM

SpA

5,365

BPER

Banca

SpA

9,789

Coca-Cola

HBC

AG

5,466

DiaSorin

SpA

Enel

SpA

33,641

Eni

SpA

10,121

FinecoBank

Banca

Fineco

SpA

1,265

Generali

8,513

Infrastrutture

Wireless

Italiane

SpA(Þ)

2,455

Intesa

Sanpaolo

SpA

52,965

Leonardo

SpA

1,531

Mediobanca

Banca

di

Credito

Finanziario

SpA

4,808

Moncler

SpA

1,433

Poste

Italiane

SpA(Þ)

5,370

Prysmian

SpA

2,005

Recordati

SpA

1,441

Snam

SpA

12,654

Terna

-

Rete

Elettrica

Nazionale

11,229

UniCredit

SpA

7,869

Unipol

Gruppo

SpA

3,738

2,826

Japan

-

18.5%

Advantest

Corp.

4,500

Aeon

Co.,

Ltd.

800

AGC,

Inc.

900

Aisin

Corp.

3,600

Ajinomoto

Co.,

Inc.

3,800

ANA

Holdings,

Inc.

1,400

Asahi

Group

Holdings,

Ltd.

12,400

Asahi

Kasei

Corp.

16,300

Asics

Corp.

9,400

Astellas

Pharma,

Inc.

12,800

Bandai

Namco

Holdings,

Inc.

6,400

Bridgestone

Corp.

6,000

Brother

Industries,

Ltd.

4,600

Canon,

Inc.

7,200

Capcom

Co.,

Ltd.

4,600

Central

Japan

Railway

Co.

4,500

Chiba

Bank,

Ltd.

(The)

4,400

Chubu

Electric

Power

Co.,

Inc.

6,600

Chugai

Pharmaceutical

Co.,

Ltd.

4,200

Dai

Nippon

Printing

Co.,

Ltd.

5,700

Daifuku

Co.,

Ltd.

3,800

Dai-ichi

Life

Holdings,

Inc.

30,500

Daiichi

Sankyo

Co.,

Ltd.

4,400

Daikin

Industries,

Ltd.

1,000

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Daito

Trust

Construction

Co.,

Ltd.

1,100

Daiwa

House

Industry

Co.,

Ltd.

6,800

Daiwa

Securities

Group,

Inc.

13,000

Denso

Corp.

3,400

Dentsu,

Inc.

1,100

Disco

Corp.

East

Japan

Railway

Co.

2,400

ENEOS

Holdings,

Inc.

30,100

Fast

Retailing

Co.,

Ltd.

900

Fuji

Electric

Co.,

Ltd.

1,400

FUJIFILM

Holdings

Corp.

9,200

Fujikura,

Ltd.

4,000

Fujitsu,

Ltd.

9,400

Hankyu

Hanshin

Holdings,

Inc.

1,000

Hikari

Tsushin,

Inc.

Hitachi

Construction

Machinery

Co.,

Ltd.

1,000

Hitachi,

Ltd.

17,600

Honda

Motor

Co.,

Ltd.

14,200

Hoya

Corp.

2,500

Hulic

Co.,

Ltd.

1,900

Idemitsu

Kosan

Co.,

Ltd.

12,400

Inpex

Corp.

6,800

Isuzu

Motors,

Ltd.

4,400

ITOCHU

Corp.

5,600

Japan

Exchange

Group,

Inc.

12,500

Japan

Post

Bank

Co.,

Ltd.

Class

A

5,900

Japan

Post

Holdings

Co.,

Ltd.

13,000

Japan

Post

Insurance

Co.,

Ltd.

Class

A

2,000

Japan

Real

Estate

Investment

Corp.(ö)

Japan

Tobacco,

Inc.

2,400

JFE

Holdings,

Inc.

5,500

Kajima

Corp.

5,500

Kansai

Electric

Power

Co.,

Inc.

(The)

8,800

Kao

Corp.

4,700

Kawasaki

Kisen

Kaisha,

Ltd.

3,600

KDDI

Corp.

6,600

Keyence

Corp.

500

Kikkoman

Corp.

4,600

Kirin

Holdings

Co.,

Ltd.

6,600

Kobe

Bussan

Co.,

Ltd.

1,200

Komatsu,

Ltd.

4,100

Konami

Holdings

Corp.

1,300

Kubota

Corp.

10,900

Kyocera

Corp.

5,700

Kyowa

Kirin

Co.,

Ltd.

1,500

Lasertec

Corp.

LY

Corp.

7,800

M3,

Inc.

4,300

Makita

Corp.

2,300

Marubeni

Corp.

7,900

MatsukiyoCocokara

&

Co.

3,600

McDonald's

Holdings

Co.

Japan,

Ltd.

1,200

MEIJI

Holdings

Co.,

Ltd.

1,100

Minebea

Co.,

Ltd.

2,600

Mitsubishi

Chemical

Group

Corp.

13,200

Mitsubishi

Corp.

11,800

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mitsubishi

Electric

Corp.

4,300

Mitsubishi

HC

Capital,

Inc.

9,500

Mitsubishi

Heavy

Industries,

Ltd.

11,600

Mitsubishi

UFJ

Financial

Group,

Inc.

34,200

Mitsui

&

Co.,

Ltd.

7,600

Mitsui

Chemicals,

Inc.

2,600

Mitsui

OSK

Lines,

Ltd.

4,200

Mizuho

Financial

Group,

Inc.

10,900

MonotaRO

Co.,

Ltd.

5,200

MS&AD

Insurance

Group

Holdings,

Inc.

7,400

Murata

Manufacturing

Co.,

Ltd.

7,600

NEC

Corp.

8,000

Nexon

Co.,

Ltd.

1,300

Nidec

Corp.

2,300

Nintendo

Co.,

Ltd.

2,200

Nippon

Building

Fund,

Inc.(ö)

Nippon

Steel

Corp.

5,400

Nippon

Telegraph

&

Telephone

Corp.

231,150

Nippon

Yusen

4,600

Nissan

Motor

Co.,

Ltd.

17,900

Nissin

Foods

Holdings

Co.,

Ltd.

2,000

Nitori

Holdings

Co.,

Ltd.

800

Nitto

Denko

Corp.

5,900

Nomura

Holdings,

Inc.

18,300

Nomura

Research

Institute,

Ltd.

2,800

NTT

Data

Corp.

2,200

Obayashi

Corp.

8,500

Obic

Co.,

Ltd.

3,700

Olympus

Corp.

6,300

Omron

Corp.

800

Ono

Pharmaceutical

Co.,

Ltd.

8,800

Oracle

Corp.

ORIX

Corp.

8,500

Osaka

Gas

Co.,

Ltd.

4,400

Otsuka

Corp.

3,500

Otsuka

Holdings

Co.,

Ltd.

3,300

Pan

Pacific

International

Holdings

Corp.

1,200

Panasonic

Holdings

Corp.

17,700

Rakuten,

Inc.(Æ)

8,800

Recruit

Holdings

Co.,

Ltd.

6,900

Renesas

Electronics

Corp.

3,000

Resona

Holdings,

Inc.

8,000

Ricoh

Co.,

Ltd.

6,300

SBI

Holdings,

Inc.

3,000

SCREEN

Holdings

Co.,

Ltd.

800

SCSK

Corp.

1,600

Secom

Co.,

Ltd.

2,500

Seiko

Epson

Corp.

6,200

Sekisui

Chemical

Co.,

Ltd.

7,600

Sekisui

House,

Ltd.

8,300

Seven

&

i

Holdings

Co.,

Ltd.

7,600

SG

Holdings

Co.,

Ltd.

2,300

Shimadzu

Corp.

3,400

Shin-Etsu

Chemical

Co.,

Ltd.

5,300

Shionogi

&

Co.,

Ltd.

10,500

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Shiseido

Co.,

Ltd.

1,200

Shizuoka

Financial

Group,

Inc.

6,100

SoftBank

Corp.

84,400

SoftBank

Group

Corp.

3,000

Sompo

Holdings,

Inc.

5,200

Sony

Group

Corp.

24,000

619

Subaru

Corp.

7,792

Sumitomo

Corp.

6,800

Sumitomo

Electric

Industries,

Ltd.

8,600

Sumitomo

Metal

Mining

Co.,

Ltd.

2,700

Sumitomo

Mitsui

Financial

Group,

Inc.

22,600

540

Sumitomo

Mitsui

Trust

Holdings,

Inc.

6,100

Suntory

Beverage

&

Food,

Ltd.

1,600

Suzuki

Motor

Corp.

14,400

Sysmex

Corp.

5,200

T&D

Holdings,

Inc.

5,200

Taisei

Corp.

1,700

Taiyo

Nippon

Sanso

Corp.

1,100

Takeda

Pharmaceutical

Co.,

Ltd.

4,166

TDK

Corp.

13,300

Terumo

Corp.

11,700

TIS,

Inc.

3,500

Toho

Co.,

Ltd.

2,000

Tokio

Marine

Holdings,

Inc.

11,900

Tokyo

Electron,

Ltd.

1,400

Tokyo

Gas

Co.,

Ltd.

2,800

Tokyu

Corp.

2,400

TOPPAN

Holdings,

Inc.

1,600

Toray

Industries,

Inc.

4,600

TOTO,

Ltd.

2,800

Toyota

Industries

Corp.

600

Toyota

Motor

Corp.

39,700

760

Toyota

Tsusho

Corp.

4,900

Trend

Micro,

Inc.

1,800

Unicharm

Corp.

10,600

Yakult

Honsha

Co.,

Ltd.

2,800

Yamaha

Motor

Co.,

Ltd.

12,700

Yaskawa

Electric

Corp.

2,300

Yokogawa

Electric

Corp.

1,300

Zensho

Holdings

Co.,

Ltd.

1,100

Zozo,

Inc.

5,700

21,675

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

1,984

Luxembourg

-

0.1%

CVC

Capital

Partners

PLC(Æ)(Þ)

1,212

Eurofins

Scientific

SE

1,928

Macao

-

0.0%

Galaxy

Entertainment

Group,

Ltd.

5,000

Sands

China,

Ltd.(Æ)

10,800

Netherlands

-

4.1%

ABN

AMRO

Bank

NV(Þ)

4,196

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Adyen

NV(Æ)(Þ)

556

Aegon

NV

8,179

Akzo

Nobel

NV

2,070

Argenx

SE(Æ)

ASM

International

NV

ASML

Holding

NV

1,848

1,237

ASR

Nederland

NV

1,680

BE

Semiconductor

Industries

NV

581

Euronext

NV(Þ)

735

EXOR

NV

1,446

Ferrari

NV

745

Havas

NV(Æ)

18,456

Heineken

Holding

NV

Heineken

NV

582

ING

Groep

NV

10,919

JDE

Peet's

NV

1,335

Koninklijke

Ahold

Delhaize

NV

9,375

Koninklijke

KPN

NV

34,975

Koninklijke

Philips

NV(Æ)

4,640

NN

Group

NV

2,007

Randstad

NV

1,888

Universal

Music

Group

NV

6,103

Wolters

Kluwer

NV

1,383

4,844

New

Zealand

-

0.3%

Auckland

International

Airport,

Ltd.

7,137

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

5,791

Infratil,

Ltd.

14,067

Mercury

NZ,

Ltd.

7,479

Xero,

Ltd.(Æ)

1,154

Norway

-

0.8%

Aker

BP

ASA

4,251

DNB

Bank

ASA

6,571

Equinor

ASA

Class

N

7,345

Gjensidige

Forsikring

ASA

2,293

Kongsberg

Gruppen

ASA

1,259

Mowi

ASA

2,521

Norsk

Hydro

ASA

12,616

Orkla

ASA

8,150

Salmar

ASA

Class

A

Telenor

ASA

5,709

989

Poland

-

0.1%

InPost

SA(Æ)

3,384

Portugal

-

0.2%

EDP

SA

30,531

Galp

Energia

SGPS

SA

Class

B

4,311

Jeronimo

Martins

SGPS

SA

1,401

Singapore

-

1.6%

CapitaLand

Ascendas

REIT(Æ)(ö)

20,600

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

64,528

Capitaland

Investment,

Ltd.

14,500

DBS

Group

Holdings,

Ltd.

10,036

Genting

Singapore,

Ltd.

59,700

Grab

Holdings,

Ltd.

Class

A(Æ)

12,861

Keppel

Corp.,

Ltd.

11,900

Oversea-Chinese

Banking

Corp.,

Ltd.

20,979

SEA,

Ltd.

-

ADR(Æ)

1,255

Singapore

Airlines,

Ltd.

13,500

Singapore

Exchange,

Ltd.

15,400

Singapore

Technologies

Engineering,

Ltd.

21,100

Singapore

Telecommunications,

Ltd.

17,600

STMicroelectronics

NV

8,151

United

Overseas

Bank,

Ltd.

8,800

1,922

South

Korea

-

0.0%

Delivery

Hero

AG(Æ)(Þ)

511

Spain

-

2.3%

ACS

Actividades

de

Construccion

y

Servicios

SA

3,327

Aena

SME

SA(Þ)

686

Amadeus

IT

Group

SA

Class

A

1,934

Banco

Bilbao

Vizcaya

Argentaria

SA

17,377

Banco

de

Sabadell

SA

41,886

Banco

Santander

SA

34,163

CaixaBank

SA

22,077

Cellnex

Telecom

SA(Þ)

1,644

Endesa

SA

6,315

Iberdrola

SA

25,829

Industria

de

Diseno

Textil

SA

6,801

Redeia

Corp.

SA

1,856

Repsol

SA

10,120

Telefonica

SA

32,803

2,725

Sweden

-

3.1%

AddTech

AB

Class

B

3,984

Alfa

Laval

AB

2,820

Assa

Abloy

AB

Class

B

4,796

Atlas

Copco

AB

Class

A

11,240

Atlas

Copco

AB

Class

B

3,582

Beijer

Ref

AB

3,488

Boliden

AB(Æ)

5,046

Epiroc

AB

Class

A

5,437

Epiroc

AB

Class

B

1,547

EQT

AB

2,086

Essity

Aktiebolag

Class

B

6,272

Evolution

AB(Þ)

1,337

Fastighets

AB

Balder

Class

B(Æ)

4,277

Getinge

AB

Class

B

1,418

H

&

M

Hennes

&

Mauritz

AB

Class

B

4,449

Industrivarden

AB

Class

A

890

Industrivarden

AB

Class

C

2,235

Indutrade

AB

4,147

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Investor

AB

Class

B

9,219

L

E

Lundbergforetagen

AB

Class

B

Lifco

AB

Class

B

2,192

Saab

AB

Class

B

953

Sagax

AB

Class

B

1,281

Sandvik

AB

4,163

Securitas

AB

Class

B

10,499

Skandinaviska

Enskilda

Banken

AB

Class

A

8,270

Skanska

AB

Class

B

6,520

SKF

AB

Class

B

5,379

Svenska

Handelsbanken

AB

Class

A

11,045

Swedbank

AB

Class

A

5,514

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

2,045

Tele2

AB

Class

B

4,527

Telefonaktiebolaget

LM

Ericsson

Class

B

24,361

Telia

Co.

AB

24,097

Volvo

AB

Class

A

1,144

Volvo

AB

Class

B

5,120

3,649

Switzerland

-

3.7%

ABB,

Ltd.

6,351

Adecco

Group

AG

1,544

Baloise

Holding

AG

Banque

Cantonale

Vaudoise

Barry

Callebaut

AG

BKW

AG

Chocoladefabriken

Lindt

&

Spruengli

AG

Clariant

AG(Æ)

2,272

DSM-Firmenich

AG

722

EMS-Chemie

Holding

AG

Galderma

Group

AG

596

Geberit

AG

Givaudan

SA

Helvetia

Holding

AG

Julius

Baer

Group,

Ltd.

857

Kuehne

&

Nagel

International

AG

Logitech

International

SA

885

Lonza

Group

AG

Partners

Group

Holding

AG

Sandoz

Group

AG

1,920

Schindler

Holding

AG

595

SGS

SA

1,454

Sika

AG

Sonova

Holding

AG

Straumann

Holding

AG

1,014

Swatch

Group

AG

(The)

Class

B

Swiss

Life

Holding

AG

Swiss

Prime

Site

AG

Class

A

Swisscom

AG

Temenos

AG

550

UBS

Group

AG

17,824

537

VAT

Group

AG(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zurich

Insurance

Group

AG

718

507

4,296

United

Kingdom

-

9.7%

3i

Group

PLC

6,843

Admiral

Group

PLC

2,273

Ashtead

Group

PLC

1,460

Associated

British

Foods

PLC

4,356

AstraZeneca

PLC

7,170

1,028

Auto

Trader

Group

PLC(Þ)

15,577

Aviva

PLC

23,281

BAE

Systems

PLC

12,959

Barclays

PLC

85,820

Berkeley

Group

Holdings

PLC

(The)

1,457

British

American

Tobacco

PLC

8,565

BT

Group

PLC

90,127

Bunzl

PLC

3,593

Centrica

PLC

47,357

CK

Hutchison

Holdings,

Ltd.

Class

B

24,758

Coca-Cola

Europacific

Partners

PLC

625

Compass

Group

PLC

11,099

Croda

International

PLC

946

DCC

PLC

2,026

Diageo

PLC

3,029

Halma

PLC

4,504

HSBC

Holdings

PLC

92,602

1,028

Imperial

Tobacco

Group

PLC

6,004

Informa

PLC

11,399

InterContinental

Hotels

Group

PLC

1,132

Intertek

Group

PLC

2,250

J

Sainsbury

PLC

16,802

JD

Sports

Fashion

PLC

31,408

Kingfisher

PLC

30,946

Legal

&

General

Group

PLC

8,412

Lloyds

Banking

Group

PLC

273,680

London

Stock

Exchange

Group

PLC

2,420

Marks

&

Spencer

Group

PLC

24,095

Melrose

Industries

PLC

1,958

National

Grid

PLC

12,750

NatWest

Group

PLC

40,895

Next

PLC

1,204

Pearson

PLC

5,677

Persimmon

PLC

Class

A

3,215

Phoenix

Group

Holdings

PLC

4,170

Reckitt

Benckiser

Group

PLC

3,824

RELX

PLC

10,804

589

Rentokil

Initial

PLC

4,203

Rolls-Royce

Holdings

PLC

43,311

Sage

Group

PLC

(The)

11,229

Schroders

PLC

4,640

Severn

Trent

PLC

Class

H

945

Smith

&

Nephew

PLC

7,794

Smiths

Group

PLC

3,571

SSE

PLC

5,698

Standard

Chartered

PLC

19,029

Taylor

Wimpey

PLC

50,286

Tesco

PLC

71,067

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Unilever

PLC

8,903

565

Vodafone

Group

PLC

169,564

Wise

PLC

Class

A(Æ)

1,477

11,370

United

States

-

8.0%

Alcon,

Inc.

918

BP

PLC

43,559

CSL,

Ltd.

1,337

CyberArk

Software,

Ltd.(Æ)

Experian

PLC

6,410

Ferrovial

SE

2,690

GFL

Environmental,

Inc.

2,660

GSK

PLC

17,263

Haleon

PLC

12,716

Holcim

AG(Æ)

3,492

James

Hardie

Industries

PLC(Æ)

2,549

monday.com,

Ltd.(Æ)

Nestle

SA

11,772

1,253

Novartis

AG

10,040

1,137

QIAGEN

NV

1,339

Roche

Holding

AG

4,230

1,388

Sanofi

SA

6,140

673

Schneider

Electric

SE

2,406

564

Shell

PLC

36,157

1,157

Spotify

Technology

SA(Æ)

791

Stellantis

NV

14,012

Swiss

Re

AG

1,186

Tenaris

SA

7,055

9,390

#### Total

#### Common

#### Stocks
(cost

$68,723)

108,977

#### Preferred

#### Stocks

#### -

#### 0.4%
Germany

-

0.4%

Dr

Ing

hc

F

Porsche

AG

4.937%

(Ÿ)(Þ)

608

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

1,693

Porsche

Automobil

Holding

SE

6.714%

(Ÿ)

2,525

Volkswagen

AG

8.745%

(Ÿ)

2,115

#### Total

#### Preferred

#### Stocks
(cost

$522)

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Short-Term

#### Investments

#### -

#### 4.4%
United

States

-

4.4%

U.S.

Cash

Management

Fund(@)

5,127,098

(∞)

5,126

#### Total

#### Short-Term

#### Investments
(cost

$5,126)

5,126

#### Total

#### Investments

#### -

#### 97.7%
(identified

cost

$74,371)

114,597

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.3%
2,659

#### Net

#### Assets

#### -

#### 100.0%
117,256

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,

#### 2025
(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

#### $1.8%

ABN

AMRO

Bank

NV

06/06/22

EUR

4,196

11.68 49

Adyen

NV

12/20/19

EUR

1,250.49

556

Aena

SME

SA

06/16/23

EUR

686

172.14 118

Amundi

SA

01/10/17

EUR

596

52.76 31

Auto

Trader

Group

PLC

12/11/20

GBP

15,577

7.89 123

Cellnex

Telecom

SA

10/21/22

EUR

1,644

28.53 47

Covestro

AG

06/25/24

EUR

58.43 28

CVC

Capital

Partners

PLC

12/12/24

EUR

1,212

23.26 28

Delivery

Hero

AG

10/21/22

EUR

511

34.37 18

Dr

Ing

hc

F

Porsche

AG

03/22/23

EUR

608

126.12 77

Euronext

NV

06/06/22

EUR

735

62.72 46

Evolution

AB

11/24/20

SEK

1,337

75.89 101

Hydro

One,

Ltd.

06/16/23

CAD

1,357

28.08 38

Infrastrutture

Wireless

Italiane

SpA

10/21/22

EUR

2,455

8.25 20

La

Francaise

des

Jeux

SAEM

10/21/22

EUR

829

31.29 26

Orsted

A/S

12/12/24

DKK

511

49.48 25

Poste

Italiane

SpA

04/06/17

EUR

5,370

6.63 36

Scout24

SE

10/21/22

EUR

993

62.59 62

Siemens

Healthineers

AG

04/14/20

EUR

1,032

41.17 43

VAT

Group

AG

02/04/22

CHF

349.18 85

WH

Group,

Ltd.

03/18/20

HKD

130,789

0.81 106

Zalando

SE

06/16/23

EUR

3,476

32.25 112

2,163

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

2,962

06/25

FTSE

Index

Futures

GBP

1,185

06/25

MSCI

Emerging

Markets

Index

Futures

USD

943

06/25

(32) S&P/TSX

Index

Futures

CAD

1,495

06/25

SPI

Index

Futures

AUD

611

06/25

TOPIX

Index

Futures

JPY

186,515

06/25

Short

Positions

Hang

Seng

Index

Futures

HKD

4,417

05/25

(5) MSCI

Singapore

Index

Futures

SGD

771

05/25

(6) S&P

500

E-Mini

Index

Futures

USD

06/25

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

CAD

06/18/25

Bank

of

America

USD

CHF

06/18/25

(11) Bank

of

America

USD

588

EUR

510

06/18/25

(9) Bank

of

America

USD

1,089

EUR

957

06/18/25

(2) 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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

GBP

06/18/25

Bank

of

America

USD

758

JPY

107,890

06/18/25

Bank

of

America

USD

707

NOK

7,572

06/18/25

Bank

of

America

EUR

USD

06/18/25

Bank

of

America

JPY

67,235

USD

06/18/25

BNP

Paribas

USD

AUD

750

06/18/25

BNP

Paribas

USD

CAD

06/18/25

BNP

Paribas

USD

EUR

06/18/25

BNP

Paribas

USD

GBP

06/18/25

BNP

Paribas

USD

HKD

695

06/18/25

—

BNP

Paribas

USD

698

JPY

102,631

06/18/25

BNP

Paribas

CHF

1,183

USD

1,351

06/18/25

(90) BNP

Paribas

NOK

4,811

USD

06/18/25

(11) BNP

Paribas

NZD

USD

06/18/25

(4) BNP

Paribas

SEK

2,197

USD

06/18/25

(9) Royal

Bank

of

Canada

USD

AUD

750

06/18/25

Royal

Bank

of

Canada

USD

CAD

06/18/25

Royal

Bank

of

Canada

USD

EUR

06/18/25

Royal

Bank

of

Canada

USD

GBP

06/18/25

Royal

Bank

of

Canada

USD

HKD

695

06/18/25

—

Royal

Bank

of

Canada

USD

698

JPY

102,631

06/18/25

Royal

Bank

of

Canada

CHF

1,183

USD

1,354

06/18/25

(87) Royal

Bank

of

Canada

NOK

4,811

USD

06/18/25

(11) Royal

Bank

of

Canada

NZD

USD

06/18/25

(4) Royal

Bank

of

Canada

SEK

2,197

USD

06/18/25

(9) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(88) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Australia

$

—

$

5,884

$

—

$

—

$

5,884

.0

Austria

—

—

—

.3

Belgium

—

863

—

—

863

.7

Brazil

—

—

.2

Burkina

Faso

—

—

—

—

\*

Canada

11,625

—

—

—

11,625

.9

Chile

—

—

.1

China

—

555

—

—

555

.5

Congo,

the

Democratic

Republic

of

the

—

—

—

—

\*

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Denmark

—

2,172

—

—

2,172

.9

Finland

—

1,068

—

—

1,068

.9

France

—

7,680

—

—

7,680

.6

Germany

—

9,910

—

—

9,910

.5

Hong

Kong

2,007

—

2,086

.8

Ireland

—

—

.4

Israel

919

—

—

1,397

.2

Italy

—

2,826

—

—

2,826

.4

Japan

—

21,675

—

—

21,675

.5

Jordan

—

—

—

—

\*

Luxembourg

—

—

—

.1

Macao

—

—

—

—

\*

Netherlands

—

4,844

—

—

4,844

.1

New

Zealand

—

—

—

.3

Norway

—

989

—

—

989

.8

Poland

—

—

—

.1

Portugal

—

—

—

.2

Singapore

1,691

—

—

1,922

.6

South

Korea

—

—

—

—

\*

Spain

—

2,725

—

—

2,725

.3

Sweden

—

3,649

—

—

3,649

.1

Switzerland

—

4,296

—

—

4,296

.7

United

Kingdom

11,313

—

—

11,370

.7

United

States

896

8,494

—

—

9,390

.0

Preferred

Stocks

—

—

—

.4

Warrants

and

Rights

—

—

—

—

—

—

Short-Term

Investments

—

—

—

5,126

5,126

.4

Total

Investments

13,695

95,762

5,126

114,597

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

.3

Foreign

Currency

Exchange

Contracts

—

—

—

.1

A

Liabilities

Futures

Contracts

(43)

—

—

—

(43)

(—)

\*

Foreign

Currency

Exchange

Contracts

—

(247)

—

—

(247)

(0

.2)

Total

Other

Financial

Instruments

\*\*

$

$

(88)

$

—

$

—

$

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,

#### 2025
(Unaudited)

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

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

13,709

Consumer

Staples

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

6,731

Energy

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

4,600

Financial

Services

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

30,705

Health

Care

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

11,320

Materials

and

Processing

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

9,579

Producer

Durables

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

14,753

Technology

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

11,160

Utilities

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

6,420

#### Preferred

#### Stocks
Consumer

Discretionary

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

Consumer

Staples

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

#### Warrants

#### and

#### Rights

#### ...................................................................
—

#### Short-Term

#### Investments

#### .............................................................
5,126

Total

Investments

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

114,597

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,

#### 2025
(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

$

$

—

Foreign

currency

exchange

contracts

—

(127) Total

$

$

(1

7)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

(54) Total

$

$

(54) \*

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,

#### 2025
(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

—

—

Royal

Bank

of

Canada

—

—

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,

#### 2025
(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
Bank

of

America

$

$

$

—

$

—

BNP

Paribas

—

Royal

Bank

of

Canada

—

Total

$

$

$

—

$

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

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

$

74,371

Investments,

at

fair

value(>)

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

114,597

Foreign

currency

holdings(^)

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

822

Unrealized

appreciation

on

foreign

currency

exchange

contracts

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

Receivables:

Dividends

and

interest

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

Dividends

from

affiliated

funds

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

Foreign

capital

gains

taxes

recoverable

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

1,157

From

broker(a)

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

Variation

margin

on

futures

contracts

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

Prepaid

expenses

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

Total

assets

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

117,938

#### Liabilities
Payables:

Fund

shares

redeemed

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

Accrued

fees

to

affiliates

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

Other

accrued

expenses

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

Unrealized

depreciation

on

foreign

currency

exchange

contracts

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

Total

liabilities

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

682

#### Net

#### Assets

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

117,256

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

$

15,201

Shares

of

beneficial

interest

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

Additional

paid-in

capital

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

101,950

#### Net

#### Assets

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

117,256

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

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

$

11.15 Class

M

—

Net

assets

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

$

1,428,984

Class

M

—

Shares

outstanding

($.01

par

value)

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

128,211

Net

asset

value

per

share:

Class

R6

(#)

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

$

11.34 Class

R6

—

Net

assets

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

$

77,311

Class

R6

—

Shares

outstanding

($.01

par

value)

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

6,818

Net

asset

value

per

share:

Class

S

(#)

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

$

11.14 Class

S

—

Net

assets

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

$

32,355,111

Class

S

—

Shares

outstanding

($.01

par

value)

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

2,905,382

Net

asset

value

per

share:

Class

Y

(#)

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

$

11.13 Class

Y

—

Net

assets

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

$

83,394,664

Class

Y

—

Shares

outstanding

($.01

par

value)

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

7,494,584

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

808

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

5,126

(a) Receivable

from

Broker

for

Futures

$

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

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

$

2,486

Dividends

from

affiliated

funds

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

Interest

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

Less

foreign

taxes

withheld

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

(257) Total

investment

income

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

2,327

#### 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

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

698

Expense

reductions

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

(110) Net

expenses

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

588

Net

investment

income

(loss)

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

1,739

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

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

11,962

Futures

contracts

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

Foreign

currency

exchange

contracts

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

(127) Foreign

currency-related

transactions

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

(62) Net

realized

gain

(loss)

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

12,248

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

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

(2,339)

Futures

contracts

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

Foreign

currency

exchange

contracts

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

(54) Foreign

currency-related

transactions

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

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,982)

Net

realized

and

unrealized

gain

(loss)

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

10,266

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

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

12,005

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

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

$

1,739

$

4,907

Net

realized

gain

(loss)

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

12,248

31,988

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,982)

11,818

Net

increase

(decrease)

in

net

assets

from

operations

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

12,005

48,713

#### Distributions
To

shareholders

Class

M

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

(77) (534) Class

R6

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

(3) (2) Class

S

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

(1,577)

(2,258)

Class

Y

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

(5,365)

(5,772)

Net

decrease

in

net

assets

from

distributions

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

(7,022)

(8,566)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

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

(31,023)

(132,723)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(26,040)

(92,576)

#### Net

#### Assets
Beginning

of

period

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

143,296

235,872

End

of

period

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

$

117,256

$

143,296

#### Russell

#### Investment

#### Company

#### Multifactor

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

\*\*&nbsp;&nbsp;&nbsp;&nbsp;

Less

than

500

shares.

\*\*\*

Less

than

$500.

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

M

Proceeds

from

shares

sold

$

$

2,149

Proceeds

from

reinvestment

of

distributions

533

Payments

for

shares

redeemed

(44) (459) (1,680)

(17,577)

Net

increase

(decrease)

(23) (241) (1,415)

(14,895)

Class

R6

Proceeds

from

shares

sold

—

\*\*

Proceeds

from

reinvestment

of

distributions

—

\*\*

—

\*\*

Payments

for

shares

redeemed

(—)\*\*

(—)\*\*\*

(—)\*\*

(4) Net

increase

(decrease)

—

\*\*

Class

S

Proceeds

from

shares

sold

1,304

684

7,035

Proceeds

from

reinvestment

of

distributions

1,577

2,258

Payments

for

shares

redeemed

(580) (6,188)

(4,885)

(51,019)

Net

increase

(decrease)

(295) (3,307)

(3,972)

(41,726)

Class

Y

Proceeds

from

shares

sold

2,793

1,098

Proceeds

from

reinvestment

of

distributions

540

5,363

586

5,770

Payments

for

shares

redeemed

(3,325)

(35,638)

(7,907)

(82,972)

Net

increase

(decrease)

(2,520)

(27,482)

(7,209)

(76,104)

Total

increase

(decrease)

(2,837)

$

(31,023)

(12,596)

$

(132,723)

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.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

M

April

30,

2025\*

10.72 .14

.80

.94

(.51)

(.51)

October

31,

2024

9.09 .24

1.73 1.97 (.34)

(.34)

October

31,

2023

8.23 .25

.80

1.05 (.19)

(.19)

October

31,

2022

11.11 .28

(2.50)

(2.22)

(.66)

(.66)

October

31,

2021

8.27 .29

2.75 3.04 (.20)

(.20)

October

31,

2020

9.73 .21

(1.26)

(1.05)

(.41)

(.41)

Class

R6

April

30,

2025\*

10.91 .15

.81

.96

(.53)

(.53)

October

31,

2024

9.24 .26

1.75 2.01 (.34)

(.34)

October

31,

2023

8.36 .26

.82

1.08 (.20)

(.20)

October

31,

2022

11.27 .29

(2.54)

(2.25)

(.66)

(.66)

October

31,

2021

8.40 .30

2.77 3.07 (.20)

(.20)

October

31,

2020

9.72 .22

(1.27)

(1.05)

(.27)

(.27)

Class

S

April

30,

2025\*

10.71 .13

.80

.93

(.50)

(.50)

October

31,

2024

9.08 .24

1.71 1.95 (.32)

(.32)

October

31,

2023

8.22 .24

.80

1.04 (.18)

(.18)

October

31,

2022

11.08 .26

(2.47)

(2.21)

(.65)

(.65)

October

31,

2021

8.26 .27

2.73 3.00 (.18)

(.18)

October

31,

2020

9.71 .19

(1.24)

(1.05)

(.40)

(.40)

Class

Y

April

30,

2025\*

10.72 .14

.80

.94

(.53)

(.53)

October

31,

2024

9.09 .26

1.71 1.97 (.34)

(.34)

October

31,

2023

8.23 .25

.81

1.06 (.20)

(.20)

October

31,

2022

11.10 .28

(2.48)

(2.20)

(.67)

(.67)

October

31,

2021

8.27 .27

2.77 3.04 (.21)

(.21)

October

31,

2020

9.72 .20

(1.23)

(1.03)

(.42)

(.42)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multifactor

International

Equity

Fund

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

11.15 9.26 1,429

1.18 .87

2.65 16

10.72 21.97 1,616

.91

.61

2.35 21

9.09 12.87 14,236

.84

.49

2.70 16

8.23 (21.07)

12,297

.83

.49

2.96 36

11.11 37.15 21,121

.79

.50

2.72 40

8.27 (11.37)

7,910

.81

.49

2.38 34

11.34 9.37 77

1.03 .84

2.82 16

10.91 22.07 67

.80

.65

2.47 21

9.24 12.96 55

.69

.47

2.72 16

8.36 (21.02)

.68

.47

2.97 36

11.27 36.94 54

.64

.48

2.78 40

8.40 (11.23)

.67

.47

2.49 34

11.14 9.25 32,355

1.18 1.02 2.54 16

10.71 21.81 34,267

.96

.82

2.31 21

9.08 12.70 65,101

.84

.64

2.54 16

8.22 (21.07)

65,107

.83

.64

2.78 36

11.08 36.67 100,757

.79

.65

2.53 40

8.26 (11.41)

79,658

.81

.64

2.14 34

11.13 9.38 83,395

.99

.83

2.61 16

10.72 22.03 107,346

.76

.62

2.50 21

9.09 12.95 156,480

.65

.45

2.70 16

8.23 (20.96)

163,627

.63

.44

2.95 36

11.10 37.07 229,824

.60

.45

2.62 40

8.27 (11.24)

356,344

.61

.44

2.34 34

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

22,374

Administrative

fees

4,430

Transfer

agent

fees

5,438

Trustees'

fees

1,825

$

34,067

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

1,582

$

52,686

$

49,142

$

—

$

—

$

5,126

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

79,098,591

$

37,988,163

$

(2,306,722)

$

35,681,441

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 92.0%
Australia

-

1.8%

ANZ

Group

Holdings,

Ltd.

28,013

537

Aristocrat

Leisure,

Ltd.

10,600

ASX,

Ltd.

6,818

BHP

Group,

Ltd.

130,540

3,097

Brambles,

Ltd.

32,107

Coles

Group,

Ltd.

26,106

Commonwealth

Bank

of

Australia

13,031

1,394

Fortescue,

Ltd.

94,001

956

Goodman

Group(ö)

13,956

Insurance

Australia

Group,

Ltd.

239,914

1,263

Macquarie

Group,

Ltd.

1,927

Medibank

Pvt,

Ltd.

80,367

National

Australia

Bank,

Ltd.

22,981

533

Northern

Star

Resources,

Ltd.

25,451

QBE

Insurance

Group,

Ltd.

175,347

2,435

Rio

Tinto

PLC

38,864

2,317

Rio

Tinto,

Ltd.

2,745

Suncorp

Group,

Ltd.

20,194

Telstra

Group,

Ltd.

508,975

1,472

Wesfarmers,

Ltd.

15,433

776

Westpac

Banking

Corp.

23,159

WiseTech

Global,

Ltd.

4,329

18,589

Austria

-

0.7%

ams-OSRAM

AG(Æ)

28,579

Erste

Group

Bank

AG

73,590

4,957

Mondi

PLC

126,687

1,927

7,135

Belgium

-

0.3%

Ageas

SA

27,413

1,727

KBC

Groep

NV

3,686

Proximus

SADP

45,465

UCB

SA

1,819

2,752

Brazil

-

1.2%

Ambev

SA

1,378,331

3,539

Atacadao

SA

348,242

525

Banco

Bradesco

SA

-

ADR

819,582

2,016

Banco

do

Brasil

SA

235,016

1,198

Lojas

Renner

SA

353,630

910

MercadoLibre,

Inc.(Æ)

885

2,063

Natura

&

Co.

Holding

SA(Æ)

265,295

Telefonica

Brasil

SA

352,801

1,728

Ultrapar

Participacoes

SA

175,075

550

12,973

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

22,382

606

Canada

-

3.7%

Agnico

Eagle

Mines,

Ltd.

3,629

Alimentation

Couche-Tard,

Inc.

8,101

Bank

of

Nova

Scotia

(The)

6,238

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Barrick

Gold

Corp.

71,882

1,371

Brookfield

Asset

Management,

Inc.

Class

A

5,552

Brookfield

Corp.

12,331

662

Canadian

Imperial

Bank

of

Commerce

8,222

519

Canadian

National

Railway

Co.

3,795

Canadian

Natural

Resources,

Ltd.

10,085

Canadian

Pacific

Kansas

City,

Ltd.

4,351

CCL

Industries,

Inc.

Class

B

5,370

Constellation

Software,

Inc.

966

Dollarama,

Inc.

23,186

2,861

Enbridge,

Inc.

23,921

1,119

Fairfax

Financial

Holdings,

Ltd.

525

820

Great-West

Lifeco,

Inc.

36,766

1,430

iA

Financial

Corp.,

Inc.

10,100

981

Intact

Financial

Corp.

2,553

567

Kinross

Gold

Corp.

44,918

663

Loblaw

Cos.,

Ltd.

4,003

650

Magna

International,

Inc.

Class

A

67,768

2,355

Manulife

Financial

Corp.

103,474

3,171

Metro,

Inc.

Class

A

3,785

National

Bank

of

Canada

3,347

Royal

Bank

of

Canada

37,479

4,498

Shopify,

Inc.

Class

A(Æ)

33,867

3,218

Stantec,

Inc.

26,727

2,346

Sun

Life

Financial,

Inc.

49,269

2,936

Suncor

Energy,

Inc.

7,305

TC

Energy

Corp.

15,125

764

Thomson

Reuters

Corp.

1,509

Toronto-Dominion

Bank

(The)

24,367

1,557

Tourmaline

Oil

Corp.

29,541

1,305

West

Fraser

Timber

Co.,

Ltd.

2,901

WSP

Global,

Inc.

1,692

39,109

China

-

3.2%

Alibaba

Group

Holding,

Ltd.

263,300

3,951

Baidu,

Inc.

Class

A(Æ)

98,050

1,085

Bank

of

China,

Ltd.

104,500

China

Mengniu

Dairy

Co.,

Ltd.

273,000

687

China

Merchants

Bank

Co.,

Ltd.

Class

H

167,000

919

China

Overseas

Land

&

Investment,

Ltd.

751,500

1,346

Haier

Smart

Home

Co.,

Ltd.

Class

H

403,000

1,181

Prosus

NV

12,570

589

Tencent

Holdings,

Ltd.

228,388

14,172

Trip.com

Group,

Ltd.

-

ADR

118,682

7,001

Weichai

Power

Co.,

Ltd.

Class

H

485,000

957

Wilmar

International,

Ltd.

75,500

Xiaomi

Corp.

Class

B(Æ)(Þ)

235,400

1,527

34,028

Denmark

-

1.9%

Danske

Bank

A/S

106,408

3,734

DSV

A/S

11,489

2,444

Novo

Nordisk

A/S

Class

B

197,524

13,159

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Novonesis

(Novozymes)

B

Class

B

1,619

Pandora

A/S

1,769

Tryg

A/S

11,848

19,989

Finland

-

0.8%

Elisa

OYJ

14,422

771

Nokia

OYJ

800,540

4,015

Nordea

Bank

Abp

21,027

Sampo

OYJ

Class

A

241,215

2,414

UPM-Kymmene

OYJ

45,909

1,215

8,706

France

-

8.1%

Accor

SA

92,768

4,553

Airbus

SE

12,825

2,147

Amundi

SA(Þ)

39,794

3,138

Arkema

SA

43,098

3,270

AXA

SA

72,692

3,446

BNP

Paribas

SA

37,250

3,148

Bureau

Veritas

SA

96,494

3,043

Capgemini

SE

10,744

1,709

Carrefour

SA

96,629

1,488

Cie

de

Saint-Gobain

SA

21,440

2,332

Cie

Generale

des

Etablissements

Michelin

SCA

114,484

4,170

Danone

SA

37,743

3,248

Dassault

Aviation

SA

5,653

2,051

Dassault

Systemes

SE

7,043

Engie

SA

122,821

2,536

EssilorLuxottica

SA

2,268

651

Eurazeo

SE

5,035

Hermes

International

564

1,540

L'Air

Liquide

SA

Class

A

3,440

708

Legrand

SA

3,814

L'Oreal

SA

4,102

1,800

LVMH

Moet

Hennessy

Louis

Vuitton

SE

10,287

5,677

Orange

SA

183,121

2,659

Publicis

Groupe

SA

18,960

1,922

Remy

Cointreau

SA

4,190

Renault

SA

24,074

1,275

Rexel

SA

Class

H

150,603

4,210

Safran

SA

8,323

2,207

Sartorius

Stedim

Biotech

30,717

7,205

Societe

Generale

SA

82,702

4,292

Teleperformance

42,350

4,675

Total

SE

60,738

3,445

Valeo

SE

69,985

691

Vinci

SA

2,963

84,930

Germany

-

8.7%

adidas

AG

10,732

2,452

Allianz

SE

5,837

2,411

BASF

SE

107,300

5,443

Bayer

AG

109,547

2,864

Continental

AG

58,967

4,569

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CTS

Eventim

AG

&

Co.

KGaA

43,030

5,068

Daimler

Truck

Holding

AG

150,593

6,008

Deutsche

Bank

AG

15,637

Deutsche

Boerse

AG

25,962

8,356

Deutsche

Telekom

AG

28,915

1,037

E.ON

SE

26,241

Evonik

Industries

AG

140,961

3,156

Fresenius

Medical

Care

AG

62,483

3,159

Fresenius

SE

&

Co.

KGaA

53,831

2,554

GEA

Group

AG

16,292

1,057

Hannover

Rueck

SE

8,402

2,680

Heidelberg

Materials

AG

5,294

1,046

Infineon

Technologies

AG

55,844

1,830

Knorr-Bremse

AG

7,515

742

Mercedes-Benz

Group

AG

42,923

2,555

Merck

KGaA

1,953

MTU

Aero

Engines

AG

17,158

5,933

Muenchener

Rueckversicherungs-

Gesellschaft

AG

5,824

3,968

Rheinmetall

AG

3,226

5,461

SAP

SE

25,859

7,479

Siemens

AG

4,826

1,107

Siemens

Energy

AG(Æ)

7,328

562

Symrise

AG

71,847

8,266

Vonovia

SE

10,444

91,248

Hong

Kong

-

2.0%

AIA

Group,

Ltd.

1,118,975

8,454

ASMPT,

Ltd.

55,800

CK

Asset

Holdings,

Ltd.

252,157

1,037

CLP

Holdings,

Ltd.

147,000

1,258

Hang

Seng

Bank,

Ltd.

77,500

1,088

Hong

Kong

&

China

Gas

Co.,

Ltd.

1,499,000

1,355

Hong

Kong

Exchanges

&

Clearing,

Ltd.

17,000

754

Power

Assets

Holdings,

Ltd.

143,500

950

Prudential

PLC

436,719

4,655

Sino

Land

Co.,

Ltd.

228,000

Techtronic

Industries

Co.,

Ltd.

21,239

WH

Group,

Ltd.(Þ)

1,110,000

998

21,375

India

-

1.0%

Axis

Bank,

Ltd.

-

GDR(Þ)

24,854

1,745

HDFC

Bank,

Ltd.

-

ADR

99,811

7,255

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

48,224

1,904

10,904

Indonesia

-

0.2%

Bank

Negara

Indonesia

Persero

Tbk

PT

1,962,300

502

Bank

Rakyat

Indonesia

Persero

Tbk

PT

5,589,800

1,317

1,819

Ireland

-

0.9%

AIB

Group

PLC

215,457

1,454

Bank

of

Ireland

Group

PLC

422,992

4,999

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Flutter

Entertainment

PLC(Æ)

14,527

3,514

9,967

Israel

-

0.2%

Bank

Hapoalim

BM

22,743

Bank

Leumi

Le-Israel

BM

25,511

Check

Point

Software

Technologies,

Ltd.(Æ)

3,862

848

Nice,

Ltd.(Æ)

1,640

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

14,588

Wix.com,

Ltd.(Æ)

1,211

2,235

Italy

-

3.1%

BPER

Banca

SpA

227,048

1,838

Coca-Cola

HBC

AG(Æ)

8,422

Davide

Campari-Milano

SpA

637,355

4,252

Enel

SpA

585,935

5,077

Eni

SpA

174,211

2,471

FinecoBank

Banca

Fineco

SpA

373,666

7,445

Generali

18,807

685

Intesa

Sanpaolo

SpA

87,670

Moncler

SpA

20,431

1,262

Poste

Italiane

SpA(Þ)

14,482

Prysmian

SpA

4,111

Recordati

SpA

11,220

660

Ryanair

Holdings

PLC

-

ADR

48,472

2,320

Terna

-

Rete

Elettrica

Nazionale

23,893

UniCredit

SpA

91,024

5,263

32,933

Japan

-

15.8%

Advantest

Corp.

50,700

2,096

Ajinomoto

Co.,

Inc.

21,388

Alfresa

Holdings

Corp.

35,000

528

Alps

Alpine

Co.,

Ltd.

34,100

Amada

Co.,

Ltd.

38,200

Asahi

Group

Holdings,

Ltd.

16,800

Asics

Corp.

16,300

Astellas

Pharma,

Inc.

33,700

Bridgestone

Corp.

93,400

3,921

Brother

Industries,

Ltd.

15,300

Canon,

Inc.

87,400

2,699

Chiba

Bank,

Ltd.

(The)

128,000

1,133

Chugai

Pharmaceutical

Co.,

Ltd.

11,000

635

Dai-ichi

Life

Holdings,

Inc.

107,700

775

Daiichi

Sankyo

Co.,

Ltd.

20,400

521

Daikin

Industries,

Ltd.

1,700

Daito

Trust

Construction

Co.,

Ltd.

8,300

921

Daiwa

House

Industry

Co.,

Ltd.

13,500

Denso

Corp.

122,600

1,588

Dentsu,

Inc.

62,300

1,305

East

Japan

Railway

Co.

17,700

Eisai

Co.,

Ltd.

15,110

ENEOS

Holdings,

Inc.

60,600

Fast

Retailing

Co.,

Ltd.

1,100

FUJIFILM

Holdings

Corp.

15,600

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fujitsu,

Ltd.

26,000

575

Fukuoka

Financial

Group,

Inc.

56,500

1,484

Hakuhodo

DY

Holdings,

Inc.

79,700

599

Hino

Motors,

Ltd.(Æ)

99,200

Hitachi,

Ltd.

161,700

3,999

Honda

Motor

Co.,

Ltd.

134,574

1,371

Horiba,

Ltd.

8,800

602

Hoya

Corp.

5,700

670

Iida

Group

Holdings

Co.,

Ltd.

55,200

873

Isuzu

Motors,

Ltd.

9,800

ITOCHU

Corp.

59,800

3,060

Japan

Airlines

Co.,

Ltd.

35,700

646

Japan

Exchange

Group,

Inc.

30,400

Japan

Post

Bank

Co.,

Ltd.

Class

A

23,900

Japan

Post

Holdings

Co.,

Ltd.

47,100

Japan

Post

Insurance

Co.,

Ltd.

Class

A

64,300

1,289

Japan

Tobacco,

Inc.

82,700

2,552

JGC

Holdings

Corp.

57,600

Kajima

Corp.

24,700

590

Kao

Corp.

55,900

2,381

KDDI

Corp.

164,900

2,915

Keyence

Corp.

16,900

7,098

Kirin

Holdings

Co.,

Ltd.

102,900

1,555

Koito

Manufacturing

Co.,

Ltd.

95,200

1,155

Komatsu,

Ltd.

115,500

3,323

Kubota

Corp.

149,100

1,728

Kyocera

Corp.

118,000

1,399

Makita

Corp.

3,153

MEIJI

Holdings

Co.,

Ltd.

18,200

Minebea

Co.,

Ltd.

198,500

2,916

Mitsubishi

Corp.

16,300

Mitsubishi

Electric

Corp.

16,300

Mitsubishi

Estate

Co.,

Ltd.

107,300

1,884

Mitsubishi

Gas

Chemical

Co.,

Inc.

35,500

541

Mitsubishi

HC

Capital,

Inc.

31,900

Mitsubishi

Heavy

Industries,

Ltd.

21,900

Mitsubishi

UFJ

Financial

Group,

Inc.

106,122

1,343

Mizuho

Financial

Group,

Inc.

32,700

822

MS&AD

Insurance

Group

Holdings,

Inc.

105,600

2,404

Murata

Manufacturing

Co.,

Ltd.

21,000

NEC

Corp.

28,000

683

Nikon

Corp.

40,700

Nintendo

Co.,

Ltd.

27,100

2,264

Nippon

Telegraph

&

Telephone

Corp.

324,700

Nippon

Television

Holdings,

Inc.

41,000

947

Nissan

Chemical

Corp.

13,700

Nissan

Motor

Co.,

Ltd.

334,400

794

Nitto

Denko

Corp.

297,100

5,212

Obayashi

Corp.

32,600

506

Obic

Co.,

Ltd.

7,000

Olympus

Corp.

195,500

2,554

Ono

Pharmaceutical

Co.,

Ltd.

60,992

702

ORIX

Corp.

28,100

562

Otsuka

Corp.

18,800

Otsuka

Holdings

Co.,

Ltd.

6,800

Panasonic

Holdings

Corp.

16,600

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Persol

Holdings

Co.,

Ltd.

479,300

866

Recruit

Holdings

Co.,

Ltd.

16,300

910

Resona

Holdings,

Inc.

660,700

5,287

Rinnai

Corp.

32,200

723

Rohm

Co.,

Ltd.

117,000

1,065

Secom

Co.,

Ltd.

12,800

Sega

Sammy

Holdings,

Inc.

36,300

761

Seiko

Epson

Corp.

22,700

Sekisui

Chemical

Co.,

Ltd.

57,400

1,001

Sekisui

House,

Ltd.

22,200

509

Seven

&

i

Holdings

Co.,

Ltd.

19,700

SG

Holdings

Co.,

Ltd.

33,100

Shin-Etsu

Chemical

Co.,

Ltd.

204,270

6,206

Shionogi

&

Co.,

Ltd.

101,500

1,705

SMC

Corp.

4,200

1,368

SoftBank

Corp.

323,100

986

Sony

Group

Corp.

155,150

4,005

Stanley

Electric

Co.,

Ltd.

38,223

717

Subaru

Corp.

113,588

2,066

Sumitomo

Corp.

10,500

Sumitomo

Electric

Industries,

Ltd.

15,400

Sumitomo

Heavy

Industries,

Ltd.

26,900

560

Sumitomo

Mitsui

Financial

Group,

Inc.

78,300

1,869

Sumitomo

Mitsui

Trust

Holdings,

Inc.

109,800

2,716

Sumitomo

Rubber

Industries,

Ltd.

51,000

644

Suntory

Beverage

&

Food,

Ltd.

99,700

3,481

Suzuki

Motor

Corp.

23,200

T&D

Holdings,

Inc.

212,600

4,524

Taiheiyo

Cement

Corp.

17,000

Taisei

Corp.

7,500

Takeda

Pharmaceutical

Co.,

Ltd.

97,000

2,966

TDK

Corp.

406,900

4,347

Terumo

Corp.

25,800

THK

Co.,

Ltd.

21,100

520

Tokio

Marine

Holdings,

Inc.

84,200

3,373

Tokyo

Electron,

Ltd.

37,068

5,525

Toray

Industries,

Inc.

301,000

1,919

TOTO,

Ltd.

15,600

Toyota

Motor

Corp.

106,800

2,044

Trend

Micro,

Inc.

12,200

874

Tsuruha

Holdings,

Inc.

13,600

1,095

Unicharm

Corp.

495,300

4,594

Yakult

Honsha

Co.,

Ltd.

19,900

Yamato

Holdings

Co.,

Ltd.

72,584

1,030

166,020

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

18,045

Luxembourg

-

0.8%

ArcelorMittal

SA

129,568

3,848

RTL

Group

SA

11,186

Zabka

Group

SA(Æ)

626,924

3,585

7,890

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Macao

-

0.3%

Galaxy

Entertainment

Group,

Ltd.

866,883

3,175

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

80,426

1,386

Fresnillo

PLC

65,983

884

2,270

Netherlands

-

4.4%

ABN

AMRO

Bank

NV(Þ)

102,604

2,127

Adyen

NV(Æ)(Þ)

593

961

Argenx

SE(Æ)

3,300

2,131

ASML

Holding

NV

8,640

5,784

Euronext

NV(Þ)

11,152

1,866

Ferrari

NV

5,275

2,402

Heineken

NV

13,610

1,216

ING

Groep

NV

304,399

5,904

Koninklijke

Ahold

Delhaize

NV

13,509

553

Koninklijke

KPN

NV

398,813

1,853

Koninklijke

Philips

NV(Æ)

136,981

3,481

NN

Group

NV

35,995

2,208

Randstad

NV

109,632

4,430

Universal

Music

Group

NV

352,898

10,320

VEON,

Ltd.

-

ADR(Æ)

7,343

Wolters

Kluwer

NV

4,726

835

46,404

New

Zealand

-

0.0%

Spark

New

Zealand,

Ltd.

231,170

Norway

-

0.6%

DNB

Bank

ASA

49,310

1,239

Equinor

ASA

Class

N

151,139

3,454

Gjensidige

Forsikring

ASA

21,635

508

Norsk

Hydro

ASA

22,543

Orkla

ASA

94,338

1,051

6,371

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

607,370

—

LUKOIL

PJSC(Æ)(Š)

10,952

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

145,363

—

Sberbank

of

Russia

PJSC(Æ)(Š)

415,116

—

—

Singapore

-

1.5%

CapitaLand

Ascendas

REIT(Æ)(ö)

91,500

DBS

Group

Holdings,

Ltd.

101,880

3,331

Grab

Holdings,

Ltd.

Class

A(Æ)

1,056,388

5,155

Oversea-Chinese

Banking

Corp.,

Ltd.

218,560

2,716

Singapore

Exchange,

Ltd.

47,200

519

Singapore

Technologies

Engineering,

Ltd.

117,100

665

Singapore

Telecommunications,

Ltd.

948,000

2,748

United

Overseas

Bank,

Ltd.

13,900

15,691

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
South

Africa

-

0.3%

Anglo

American

PLC

34,544

936

MTN

Group,

Ltd.

200,041

1,320

Old

Mutual,

Ltd.

1,068,638

652

2,908

South

Korea

-

1.2%

Coway

Co.,

Ltd.

12,614

778

Hankook

Tire

&

Technology

Co.,

Ltd.

13,952

Hyundai

Mobis

Co.,

Ltd.

7,314

1,378

KB

Financial

Group,

Inc.

26,435

1,677

KT

Corp.

-

ADR

93,882

1,827

Samsung

Electronics

Co.,

Ltd.

63,203

2,477

Shinhan

Financial

Group

Co.,

Ltd.

84,826

3,071

SK

Hynix,

Inc.

11,784

1,481

13,096

Spain

-

1.4%

Aena

SME

SA(Þ)

1,451

Banco

Bilbao

Vizcaya

Argentaria

SA

28,373

Banco

Santander

SA

62,124

CaixaBank

SA

321,240

2,464

Iberdrola

SA

67,142

1,211

Industria

de

Diseno

Textil

SA

182,487

9,822

Telefonica

SA

75,688

15,080

Sweden

-

1.4%

Assa

Abloy

AB

Class

B

53,638

1,610

Atlas

Copco

AB

Class

A

119,025

1,867

Atlas

Copco

AB

Class

B

150,395

2,116

Boliden

AB(Æ)

6,168

Epiroc

AB

Class

A

12,078

Essity

Aktiebolag

Class

B

65,584

1,893

Investor

AB

Class

B

24,194

722

Sandvik

AB

95,015

1,992

Skandinaviska

Enskilda

Banken

AB

Class

A

31,251

SKF

AB

Class

B

67,516

1,340

Svenska

Handelsbanken

AB

Class

A

24,410

Telefonaktiebolaget

LM

Ericsson

Class

B

223,292

1,894

Volvo

AB

Class

B

10,344

14,987

Switzerland

-

3.5%

ABB,

Ltd.

17,422

922

Adecco

Group

AG

33,523

880

Barry

Callebaut

AG

DSM-Firmenich

AG

2,280

Galderma

Group

AG

20,294

2,357

Geberit

AG

Givaudan

SA

Julius

Baer

Group,

Ltd.

51,203

3,302

Lonza

Group

AG

2,422

1,727

Partners

Group

Holding

AG

1,512

1,970

Schindler

Holding

AG

4,671

1,693

SGS

SA

15,785

1,544

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sika

AG

1,022

Swatch

Group

AG

(The)

Class

B

7,114

1,239

Swiss

Life

Holding

AG

Swisscom

AG

3,270

2,179

UBS

Group

AG

445,787

13,440

Zurich

Insurance

Group

AG

5,303

3,741

36,708

Taiwan

-

2.1%

Delta

Electronics,

Inc.

127,000

1,329

E

Ink

Holdings,

Inc.

159,000

1,109

MediaTek,

Inc.

19,000

805

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

310,000

8,837

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

57,576

9,597

21,677

Thailand

-

0.2%

Kasikornbank

PCL

463,600

2,216

United

Kingdom

-

10.2%

3i

Group

PLC

18,314

1,040

AstraZeneca

PLC

35,833

5,135

Auto

Trader

Group

PLC(Þ)

22,671

Aviva

PLC

43,101

Babcock

International

Group

PLC

50,114

538

BAE

Systems

PLC

36,994

850

Barclays

PLC

708,050

2,833

Barratt

Redrow

PLC

86,545

540

British

American

Tobacco

PLC

114,205

4,955

British

Land

Co.

PLC

(The)(ö)

168,518

885

BT

Group

PLC

793,884

1,840

Bunzl

PLC

7,171

Burberry

Group

PLC

70,501

688

CK

Hutchison

Holdings,

Ltd.

Class

B

245,131

1,381

Compass

Group

PLC

221,907

7,455

Diageo

PLC

78,267

2,185

Diploma

PLC

85,131

4,529

easyJet

PLC

227,470

1,501

Halma

PLC

14,322

529

HSBC

Holdings

PLC

470,867

5,229

Imperial

Tobacco

Group

PLC

7,706

InterContinental

Hotels

Group

PLC

2,979

Intermediate

Capital

Group

PLC

72,755

1,823

Intertek

Group

PLC

99,791

6,106

J

Sainsbury

PLC

1,095,373

3,896

Kingfisher

PLC

326,514

1,256

Land

Securities

Group

PLC(ö)

146,323

1,157

Lloyds

Banking

Group

PLC

354,564

London

Stock

Exchange

Group

PLC

49,731

7,714

National

Grid

PLC

33,568

NatWest

Group

PLC

360,116

2,299

Next

PLC

2,351

Pearson

PLC

18,974

Reckitt

Benckiser

Group

PLC

101,376

6,543

RELX

PLC

218,933

11,929

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Rolls

Royce

Holdings

PLC

267,987

2,699

Sage

Group

PLC

(The)

29,934

Standard

Chartered

PLC

311,059

4,506

Tate

&

Lyle

PLC

90,502

675

Tesco

PLC

442,821

2,187

Travis

Perkins

PLC

81,159

606

Unilever

PLC

69,912

4,437

Wise

PLC

Class

A(Æ)

153,786

2,008

WPP

PLC

205,637

1,586

106,997

United

States

-

10.2%

Alcon,

Inc.

16,805

1,638

Amdocs,

Ltd.

43,333

3,838

Aon

PLC

Class

A

9,792

3,474

BP

PLC

606,238

2,773

CSL,

Ltd.

2,358

Experian

PLC

9,267

Ferrovial

SE

7,232

GFL

Environmental,

Inc.

8,243

GSK

PLC

497,449

9,825

Haleon

PLC

1,843,120

9,236

Holcim

AG(Æ)

29,567

3,281

James

Hardie

Industries

PLC(Æ)

46,814

1,112

Linde

PLC

21,838

9,898

Medtronic

PLC

28,491

2,415

Nestle

SA

51,676

5,500

Novartis

AG

74,042

8,382

Roche

Holding

AG

23,523

7,695

Sanofi

SA

62,608

6,866

Schlumberger

NV

91,881

3,055

Schneider

Electric

SE

55,657

13,041

Shell

PLC

300,095

9,671

Spotify

Technology

SA(Æ)

5,827

3,578

Tenaris

SA

46,801

779

107,661

#### Total

#### Common

#### Stocks
(cost

$855,718)

969,213

#### Preferred

#### Stocks

#### -

#### 0.8%
Brazil

-

0.1%

Raizen

SA

0.589%

(Ÿ)

1,113,007

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

15,045

1,165

Volkswagen

AG

8.745%

(Ÿ)

19,309

2,089

3,254

South

Korea

-

0.4%

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

136,919

4,521

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Preferred

#### Stocks
(cost

$10,996)

8,130

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)

2040

Warrants

—

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 4.6%
United

States

-

4.6%

U.S.

Cash

Management

Fund(@)

48,353,596

(∞)

48,339

#### Total

#### Short-Term

#### Investments
(cost

$48,339)

48,339

#### Total

#### Investments

#### -

#### 97.4%
(identified

cost

$915,053)

1,025,682

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.6%
27,494

#### Net

#### Assets

#### -

#### 100.0%
1,053,176

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,

#### 2025
(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

#### $1.4%

ABN

AMRO

Bank

NV

10/03/19

EUR

102,604

17.27 1,771

2,127

Adyen

NV

04/19/22

EUR

593

1,626.81

965

961

Aena

SME

SA

01/23/25

EUR

1,451

212.11 308

Amundi

SA

02/28/19

EUR

39,794

66.73 2,655

3,138

Auto

Trader

Group

PLC

08/04/23

GBP

22,671

8.08 183

Axis

Bank,

Ltd.

04/12/24

24,854

65.42 1,626

1,745

Euronext

NV

07/26/24

EUR

11,152

106.87 1,192

1,866

Larsen

&

Toubro,

Ltd.

02/23/24

48,224

41.53 2,003

1,904

Poste

Italiane

SpA

11/10/23

EUR

14,482

10.63 154

WH

Group,

Ltd.

06/26/19

HKD

1,110,000

0.84 927

998

Xiaomi

Corp.

04/11/25

HKD

235,400

5.68 1,336

1,527

15,178

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

8,511

05/25

554

DAX

Index

Futures

EUR

8,477

06/25

(245) EURO

STOXX

Index

Futures

EUR

4,801

06/25

(200) FTSE/MIB

Index

Futures

EUR

2,594

06/25

(80) IBEX

Index

Futures

EUR

2,517

05/25

OMXS30

Index

Futures

SEK

21,731

05/25

S&P/TSX

Index

Futures

CAD

78,338

06/25

1,104

SPI

Index

Futures

AUD

39,692

06/25

752

TOPIX

Index

Futures

JPY

2,930,950

06/25

995

Short

Positions

FTSE

Index

Futures

GBP

11,088

06/25

Hang

Seng

Index

Futures

HKD

73,988

05/25

(79) MSCI

Emerging

Markets

Index

Futures

731

USD

40,571

06/25

1,169

MSCI

Singapore

Index

Futures

SGD

11,030

05/25

(91) S&P

500

E-Mini

Index

Futures

USD

5,028

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

4,740

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

4,829

CAD

6,860

06/18/25

Bank

of

America

USD

5,159

CHF

4,172

06/18/25

(78) Bank

of

America

USD

5,960

EUR

5,237

06/18/25

(12) Bank

of

America

USD

881

JPY

126,565

05/01/25

Bank

of

America

GBP

3,900

USD

4,974

06/18/25

(224) Bank

of

America

JPY

1,116,335

USD

7,689

06/18/25

(160) BNP

Paribas

USD

7,290

AUD

11,573

06/18/25

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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
BNP

Paribas

USD

9,925

CAD

14,246

06/18/25

BNP

Paribas

USD

12,314

JPY

1,810,858

06/18/25

BNP

Paribas

USD

2,062

SEK

20,717

06/18/25

BNP

Paribas

EUR

2,983

USD

3,265

06/18/25

(124) Citigroup

USD

7,278

AUD

11,573

06/18/25

Citigroup

USD

9,932

CAD

14,246

06/18/25

Citigroup

USD

12,303

JPY

1,810,858

06/18/25

Citigroup

USD

2,062

SEK

20,717

06/18/25

Citigroup

EUR

2,983

USD

3,267

06/18/25

(121) Royal

Bank

of

Canada

USD

7,287

AUD

11,573

06/18/25

Royal

Bank

of

Canada

USD

9,933

CAD

14,246

06/18/25

Royal

Bank

of

Canada

USD

12,312

JPY

1,810,858

06/18/25

Royal

Bank

of

Canada

USD

2,063

SEK

20,717

06/18/25

Royal

Bank

of

Canada

EUR

2,983

USD

3,265

06/18/25

(124) Standard

Chartered

USD

7,287

AUD

11,573

06/18/25

Standard

Chartered

USD

9,930

CAD

14,246

06/18/25

Standard

Chartered

USD

12,312

JPY

1,810,858

06/18/25

Standard

Chartered

USD

2,063

SEK

20,717

06/18/25

Standard

Chartered

EUR

2,983

USD

3,265

06/18/25

(124) State

Street

USD

1,443

DKK

9,800

06/18/25

State

Street

USD

SGD

06/18/25

State

Street

CHF

1,380

USD

1,581

06/18/25

(100) State

Street

GBP

6,178

USD

8,004

06/18/25

(230) State

Street

HKD

2,290

USD

06/18/25

—

State

Street

NOK

20,940

USD

1,970

06/18/25

(43) State

Street

NZD

960

USD

550

06/18/25

(21) Westpac

USD

7,281

AUD

11,573

06/18/25

Westpac

USD

9,917

CAD

14,246

06/18/25

Westpac

USD

12,312

JPY

1,810,858

06/18/25

Westpac

USD

2,065

SEK

20,717

06/18/25

Westpac

EUR

2,983

USD

3,271

06/18/25

(118) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

4,096

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Australia

$

—

$

18,589

$

—

$

—

$

18,589

.8

Austria

—

7,135

—

—

7,135

.7

Belgium

—

2,752

—

—

2,752

.3

Brazil

12,973

—

—

—

12,973

.2

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Burkina

Faso

606

—

—

—

606

.1

Canada

39,109

—

—

—

39,109

.7

China

7,001

27,027

—

—

34,028

.2

Denmark

—

19,989

—

—

19,989

.9

Finland

—

8,706

—

—

8,706

.8

France

—

84,930

—

—

84,930

.1

Germany

—

91,248

—

—

91,248

.7

Hong

Kong

—

21,375

—

—

21,375

.0

India

7,255

3,649

—

—

10,904

.0

Indonesia

—

1,819

—

—

1,819

.2

Ireland

—

9,967

—

—

9,967

.9

Israel

1,280

955

—

—

2,235

.2

Italy

2,320

30,613

—

—

32,933

.1

Japan

—

166,020

—

—

166,020

.8

Jordan

—

—

—

—

\*

Luxembourg

—

7,890

—

—

7,890

.8

Macao

—

3,175

—

—

3,175

.3

Mexico

1,386

884

—

—

2,270

.2

Netherlands

46,071

—

—

46,404

.4

New

Zealand

—

—

—

—

\*

Norway

—

6,371

—

—

6,371

.6

Russia

—

—

—

—

—

—

Singapore

5,155

10,536

—

—

15,691

.5

South

Africa

—

2,908

—

—

2,908

.3

South

Korea

1,827

11,269

—

—

13,096

.2

Spain

—

15,080

—

—

15,080

.4

Sweden

—

14,987

—

—

14,987

.4

Switzerland

—

36,708

—

—

36,708

.5

Taiwan

9,597

12,080

—

—

21,677

.1

Thailand

—

2,216

—

—

2,216

.2

United

Kingdom

—

106,997

—

—

106,997

.2

United

States

26,669

80,992

—

—

107,661

.2

Preferred

Stocks

7,775

—

—

8,130

.8

Warrants

and

Rights

—

—

—

—

—

—

Short-Term

Investments

—

—

—

48,339

48,339

.6

Total

Investments

115,866

861,477

—

48,339

1,025,682

.4

Other

Assets

and

Liabilities,

Net

.6

.0

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Other

Financial

Instruments

Assets

Futures

Contracts

5,435

—

—

—

5,435

.5

Foreign

Currency

Exchange

Contracts

5,571

—

—

5,575

.5

A

Liabilities

Futures

Contracts

(695)

—

—

—

(695)

(0

.1)

Foreign

Currency

Exchange

Contracts

—

(1,479)

—

—

(1,479)

(0

.1)

Total

Other

Financial

Instruments

\*\*

$

4,744

$

4,092

$

—

$

—

$

8,836

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

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

151,952

Consumer

Staples

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

75,023

Energy

................................................................................................

41,644

Financial

Services

..............................................................................

267,354

Health

Care

........................................................................................

95,291

Materials

and

Processing

...................................................................

86,671

Producer

Durables

..............................................................................

108,212

Technology

.........................................................................................

110,971

Utilities

...............................................................................................

32,095

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

2,089

Consumer

Staples

...............................................................................

1,165

Technology

.........................................................................................

4,521

Utilities

...............................................................................................

#### Warrants

#### and

#### Rights

#### ...................................................................
—

#### Short-Term

#### Investments

#### .............................................................
48,339

Total

Investments

...............................................................................

1,025,682

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,

#### 2025
(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

$

—

$

5,575

Variation

margin

on

futures

contracts\*

5,435

—

Total

$

5,435

$

5,575

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

695

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

1,479

Total

$

695

$

1,479

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,822)

$

—

Foreign

currency

exchange

contracts

—

(8,384)

Total

$

(1,822)

$

(8,384)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,747

$

—

Foreign

currency

exchange

contracts

—

9,623

Total

$

3,747

$

9,623

\*

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,

#### 2025
(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

$

5,575

$

—

$

5,575

Total

Financial

and

Derivative

Assets

5,575

—

5,575

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

(4) —

(4) Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

5,571

$

—

$

5,571

#### 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

1,065

—

941

Citigroup

1,081

—

960

Royal

Bank

of

Canada

1,062

—

938

Standard

Chartered

1,066

—

942

State

Street

—

—

Westpac

1,082

—

964

Total

$

5,571

$

826

$

—

$

4,745

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,

#### 2025
(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

$

1,479

$

—

$

1,479

Total

Financial

and

Derivative

Liabilities

1,479

—

1,479

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,479

$

—

$

1,479

#### 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

$

$

$

—

$

BNP

Paribas

—

—

Citigroup

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

—

State

Street

—

Westpac

—

—

Total

$

1,479

$

826

$

—

$

653

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### International

#### Developed

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

915,053

Investments,

at

fair

value(>)

........................................................................................................................................................

1,025,682

Foreign

currency

holdings(^)

.......................................................................................................................................................

4,189

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

5,575

Receivables:

Dividends

and

interest

......................................................................................................................................................

9,604

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)

.................................................................................................................................................................

11,073

Variation

margin

on

futures

contracts

..............................................................................................................................

4,746

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,061,469

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

885

Fund

shares

redeemed

......................................................................................................................................................

4,886

Accrued

fees

to

affiliates

..................................................................................................................................................

727

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,479

Total

liabilities

...........................................................................................................................................................

8,293

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,053,176

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

122,629

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

930,315

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,053,176

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

45.18 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

47.94 Class

A

—

Net

assets

...........................................................................................................................................................

$

19,723,454

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

436,595

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

45.39 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,129,810

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

135,051

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

45.34 Class

M

—

Net

assets

..........................................................................................................................................................

$

199,421,647

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

4,398,017

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

45.36 Class

S

—

Net

assets

............................................................................................................................................................

$

781,810,163

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

17,237,297

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

45.42 Class

Y

—

Net

assets

...........................................................................................................................................................

$

46,090,572

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,014,754

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

4,293

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

48,339

(a) Receivable

from

Broker

for

Futures

$

11,073

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

,

536

Dividends

from

affiliated

funds

.......................................................................................................................................

840

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(1,583)

Total

investment

income

..............................................................................................................................................................

13,891

#### Expenses
Advisory

fees

...................................................................................................................................................................

3,590

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

............................................................................................................................................

764

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

5,382

Expense

reductions

..........................................................................................................................................................

(390) Net

expenses

................................................................................................................................................................................

4,992

Net

investment

income

(loss)

.......................................................................................................................................................

8,899

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

29,371

Investments

in

affiliated

funds

.........................................................................................................................................

(5) Futures

contracts

..............................................................................................................................................................

(1,822)

Foreign

currency

exchange

contracts

...............................................................................................................................

(8,384)

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

19,366

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

28,171

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

3,747

Foreign

currency

exchange

contracts

...............................................................................................................................

9,623

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

41,884

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

61,250

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

70,149

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

8,899

$

21,28

Net

realized

gain

(loss)

.......................................................................................................................

19,366

24,43

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

41,884

156,360

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

70,149

202,085

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(554) (342) Class

C

..........................................................................................................................................

(132) (72) Class

M

.........................................................................................................................................

(6,370)

(4,372)

Class

S

..........................................................................................................................................

(25,324)

(16,969)

Class

Y

..........................................................................................................................................

(1,480)

(977) Net

decrease

in

net

assets

from

distributions

............................................................................................

(33,860)

(22,732)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(24,577)

(199,006)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
11,712

(19,653)

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

1,041,464

1,061,117

End

of

period

.............................................................................................................................................

$

1,053,176

$

1,041,4

#### 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,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,500

$

2,243

Proceeds

from

reinvestment

of

distributions

553

Payments

for

shares

redeemed

(33) (1,419)

(81) (3,400)

Net

increase

(decrease)

634

(19) (816) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(12) (524) (23) (963) Net

increase

(decrease)

(7) (321) (17) (740) Class

M

Proceeds

from

shares

sold

19,828

804

34,312

Proceeds

from

reinvestment

of

distributions

6,368

4,372

Payments

for

shares

redeemed

(904) (39,155)

(904)

(38,228)

Net

increase

(decrease)

(290) (12,959)

Class

S

Proceeds

from

shares

sold

1,371

59,285

1,338

56,507

Proceeds

from

reinvestment

of

distributions

611

25,142

16,844

Payments

for

shares

redeemed

(2,199)

(95,260)

(6,711)

(272,542)

Net

increase

(decrease)

(217) (10,833)

(4,960)

(199,191)

Class

Y

Proceeds

from

shares

sold

1,088

Proceeds

from

reinvestment

of

distributions

1,480

977

Payments

for

shares

redeemed

(62) (2,751)

(18) (780) Net

increase

(decrease)

(22) (1,098)

1,285

Total

increase

(decrease)

(521) $

(24,577)

(4,957)

$

(199,006)

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.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025

\*

43.63 .31

2.54 2.85 (1.30)

—

October

31,

2024

36.79 .73

6.90 7.63 (.79)

—

October

31,

2023

33.13 .66

3.53 4.19 —

(.53)

October

31,

2022

44.41 .67

(10.63)

(9.96)

(1.05)

(.27)

October

31,

2021

32.08 .67

11.99 12.66 (.33)

—

October

31,

2020

36.64 .33

(3.89)

(3.56)

(1.00)

—

Class

C

April

30,

2025

\*

43.62 .14

2.57 2.71 (.94)

—

October

31,

2024

36.76 .41

6.91 7.32 (.46)

—

October

31,

2023

33.35 .38

3.56 3.94 —

(.53)

October

31,

2022

44.66 .38

(10.71)

(10.33)

(.71)

(.27)

October

31,

2021

32.24 .35

12.09 12.44 (.02)

—

October

31,

2020

36.74 .08

(3.95)

(3.87)

(.63)

—

Class

M

April

30,

2025

\*

43.88 .39

2.54 2.93 (1.47)

—

October

31,

2024

36.99 .89

6.95 7.84 (.95)

—

October

31,

2023

33.18 .81

3.53 4.34 —

(.53)

October

31,

2022

44.49 .82

(10.63)

(9.81)

(1.23)

(.27)

October

31,

2021

32.13 .87

11.96 12.83 (.47)

—

October

31,

2020

36.71 .47

(3.89)

(3.42)

(1.16)

—

Class

S

April

30,

2025

\*

43.86 .37

2.56 2.93 (1.43)

—

October

31,

2024

36.97 .85

6.93 7.78 (.89)

—

October

31,

2023

33.20 .77

3.53 4.30 —

(.53)

October

31,

2022

44.51 .79

(10.64)

(9.85)

(1.19)

(.27)

October

31,

2021

32.14 .78

12.02 12.80 (.43)

—

October

31,

2020

36.71 .43

(3.88)

(3.45)

(1.12)

—

Class

Y

April

30,

2025

\*

43.96 .41

2.55 2.96 (1.50)

—

October

31,

2024

37.06 .93

6.94 7.87 (.97)

—

October

31,

2023

33.23 .84

3.52 4.36 —

(.53)

October

31,

2022

44.56 .85

(10.66)

(9.81)

(1.25)

(.27)

October

31,

2021

32.17 .86

12.02 12.88 (.49)

—

October

31,

2020

36.75 .50

(3.90)

(3.40)

(1.18)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

International

Developed

Markets

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(1.30)

45.18 6.82 19,723

1.30 1.28 1.46 14

(.79)

43.63 20.90 18,390

1.28 1.26 1.73 28

(.53)

36.79 12.68 16,197

1.26 1.22 1.70 30

(1.32)

33.13 (23.02)

16,547

1.26 1.22 1.75 32

(.33)

44.41 39.61 23,364

1.25 1.22 1.60 34

(1.00)

32.08 (10.08)

18,028

1.26 1.22 1.00 57

(.94)

45.39 6.41 6,130

2.05 2.03 .67

(.46)

43.62 19.99 6,208

2.03 2.01 .97

(.53)

36.76 11.84 5,865

2.01 1.97 .97

(.98)

33.35 (23.58)

6,326

2.01 1.97 .98

(.02)

44.66 38.59 9,663

2.00 1.97 .83

(.63)

32.24 (10.78)

8,434

2.01 1.97 .24

(1.47)

45.34 7.03 199,422

1.05 .89

1.83 14

(.95)

43.88 21.38 205,711

1.03 .87

2.10 28

(.53)

36.99 13.12 173,150

1.01 .83

2.10 30

(1.50)

33.18 (22.71)

268,131

1.01 .83

2.15 32

(.47)

44.49 40.15 364,171

1.00 .83

2.06 34

(1.16)

32.13 (9.74)

190,629

1.01 .83

1.41 57

(1.43)

45.36 6.99 781,810

1.05 .99

1.72 14

(.89)

43.86 21.24 765,590

1.03 .97

2.00 28

(.53)

36.97 12.99 828,666

1.01 .93

1.98 30

(1.46)

33.20 (22.78)

1,131,900

1.01 .93

2.05 32

(.43)

44.51 40.02 1,578,103

1.00 .93

1.85 34

(1.12)

32.14 (9.82)

1,396,894

1.01 .93

1.29 57

(1.50)

45.42 7.05 46,091

.85

.83

1.89 14

(.97)

43.96 21.45 45,565

.83

.81

2.17 28

(.53)

37.06 13.16 37,239

.81

.77

2.17 30

(1.52)

33.23 (22.68)

36,313

.81

.77

2.22 32

(.49)

44.56 40.26 61,501

.80

.77

2.05 34

(1.18)

32.17 (9.69)

48,009

.81

.77

1.53 57

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

563,772

Administrative

fees

39,867

Distribution

fees

7,476

Shareholder

servicing

fees

1,205

Transfer

agent

fees

112,261

Trustees'

fees

2,350

$

726,931

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

22,784

$

209,145

$

183,586

$

(5)

$

$

48,339

$

840

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

924,036,826

$

170,932,439

$

(60,451,919)

$

110,480,520

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 91.2%
Australia

-

0.4%

Aristocrat

Leisure,

Ltd.

39,820

1,707

BHP

Group,

Ltd.

45,159

1,071

Brambles,

Ltd.

103,695

1,366

Insurance

Australia

Group,

Ltd.

112,705

593

JB

Hi-Fi,

Ltd.

12,548

835

Pro

Medicus,

Ltd.

6,071

897

REA

Group,

Ltd.

5,754

918

Telstra

Group,

Ltd.

186,042

538

7,925

Austria

-

0.4%

ams-OSRAM

AG(Æ)

39,651

Erste

Group

Bank

AG

59,565

4,012

Mondi

PLC

193,868

2,948

Raiffeisen

Bank

International

AG

10,326

Verbund

AG

Class

A

7,291

561

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

2,688

8,273

Belgium

-

0.3%

Ageas

SA

51,641

3,254

Anheuser-Busch

InBev

SA

27,133

1,782

Proximus

106,495

819

5,855

Brazil

-

1.0%

Ambev

SA

1,233,562

3,167

Atacadao

SA

694,272

1,046

Banco

Bradesco

SA

-

ADR

1,633,585

4,018

Lojas

Renner

SA

676,819

1,742

MercadoLibre,

Inc.(Æ)

1,272

2,965

Natura

&

Co.

Holding

SA(Æ)

628,791

1,054

Telefonica

Brasil

SA

702,081

3,438

Ultrapar

Participacoes

SA

378,973

1,191

18,621

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

46,789

1,268

Canada

-

1.7%

Agnico

Eagle

Mines,

Ltd.

24,266

2,852

Air

Canada

Class

B(Æ)

60,544

614

Bank

of

Montreal

8,657

829

Barrick

Gold

Corp.

232,285

4,430

Brookfield

Corp.

12,186

655

Brookfield

Renewable

Corp.

16,441

Canadian

Imperial

Bank

of

Commerce

13,094

826

Canadian

National

Railway

Co.

21,752

2,107

Canadian

Natural

Resources,

Ltd.

19,344

555

CCL

Industries,

Inc.

Class

B

7,854

Enbridge,

Inc.

2,380

Great-West

Lifeco,

Inc.

12,875

501

iA

Financial

Corp.,

Inc.

1,859

Imperial

Oil,

Ltd.

7,634

515

Intact

Financial

Corp.

6,148

1,365

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kinross

Gold

Corp.

14,785

Manulife

Financial

Corp.

98,248

3,011

Royal

Bank

of

Canada

32,257

3,872

Shopify,

Inc.

Class

A(Æ)

24,816

2,358

Stantec,

Inc.

16,967

1,489

Sun

Life

Financial,

Inc.

24,390

1,453

Suncor

Energy,

Inc.

80,989

2,860

Toronto-Dominion

Bank

(The)

2,377

Tourmaline

Oil

Corp.

11,437

505

32,338

China

-

1.3%

Alibaba

Group

Holding,

Ltd.

89,800

1,347

Alibaba

Group

Holding,

Ltd.

-

ADR

28,358

3,387

Baidu,

Inc.

Class

A(Æ)

187,300

2,072

China

Mengniu

Dairy

Co.,

Ltd.

549,000

1,382

Kuaishou

Technology(Æ)(Þ)

257,600

1,735

PDD

Holdings,

Inc.

-

ADR(Æ)

32,613

3,443

Tencent

Holdings,

Ltd.

47,700

2,960

Trip.com

Group,

Ltd.

-

ADR

117,913

6,956

Yangzijiang

Shipbuilding

Holdings,

Ltd.

458,830

787

24,069

Denmark

-

0.8%

AP

Moller

-

Maersk

A/S

Class

A

614

AP

Moller

-

Maersk

A/S

Class

B

720

1,237

Demant

A/S(Æ)

19,667

715

DSV

A/S

8,190

1,742

Genmab

A/S(Æ)

5,781

1,221

Novo

Nordisk

A/S

Class

B

157,392

10,485

16,014

Finland

-

0.4%

Elisa

OYJ

6,423

Nokia

OYJ

873,776

4,382

Sampo

OYJ

Class

A

103,835

1,039

UPM-Kymmene

OYJ

24,549

650

Wartsila

OYJ

Abp

Class

B

52,970

979

7,393

France

-

4.2%

Accor

SA

43,795

2,149

Airbus

SE

31,579

5,287

AXA

SA

111,411

5,281

BNP

Paribas

SA

167,053

14,119

Carrefour

SA

191,465

2,949

Cie

de

Saint-Gobain

SA

34,019

3,700

Danone

SA

5,490

Dassault

Aviation

SA

2,334

847

Eiffage

SA

1,908

Engie

SA

245,957

5,078

EssilorLuxottica

SA

6,483

1,862

Gaztransport

Et

Technigaz

SA

5,880

955

Hermes

International

1,213

3,311

Legrand

SA

14,966

1,648

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,191

6,175

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Orange

SA

342,938

4,980

Pernod

Ricard

SA

17,422

1,883

Renault

SA

48,532

2,571

Societe

Generale

SA

174,247

9,043

TotalEnergies

SE

96,199

5,455

Valeo

SE

118,663

1,172

79,197

Germany

-

3.0%

Allianz

SE

BASF

SE

64,824

3,288

Bayerische

Motoren

Werke

AG

49,385

4,164

Continental

AG

28,163

2,182

Daimler

Truck

Holding

AG

186,257

7,431

Deutsche

Telekom

AG

76,635

2,750

Evonik

Industries

AG

123,236

2,759

Fresenius

SE

&

Co.

KGaA

88,361

4,192

Hannover

Rueck

SE

2,723

868

Heidelberg

Materials

AG

10,640

2,102

Henkel

AG

&

Co.

KGaA

2,675

Infineon

Technologies

AG

54,468

1,785

KION

Group

AG

7,521

Mercedes-Benz

Group

AG

22,722

1,352

Muenchener

Rueckversicherungs-

Gesellschaft

AG

6,637

4,522

Rational

AG

Rheinmetall

AG

1,885

3,191

SAP

SE

3,413

987

Siemens

AG

16,082

3,688

Symrise

AG

75,758

8,716

Talanx

AG

6,659

762

Volkswagen

AG

5,260

584

56,218

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

1,439,348

10,874

ASMPT,

Ltd.

124,000

836

CK

Asset

Holdings,

Ltd.

475,500

1,956

Jardine

Matheson

Holdings,

Ltd.

6,574

Power

Assets

Holdings,

Ltd.

65,500

Prudential

PLC

589,488

6,283

WH

Group,

Ltd.(Þ)

3,836,599

3,449

24,125

India

-

0.5%

HDFC

Bank,

Ltd.

-

ADR

133,678

9,717

Indonesia

-

0.1%

Bank

Negara

Indonesia

Persero

Tbk

PT

4,433,500

1,134

Ireland

-

0.7%

Accenture

PLC

Class

A

8,366

2,503

AIB

Group

PLC

601,100

4,056

Bank

of

Ireland

Group

PLC

272,703

3,223

Flutter

Entertainment

PLC(Æ)

11,548

2,794

12,576

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Israel

-

0.0%

Azrieli

Group,

Ltd.

2,506

Bank

Leumi

Le-Israel

BM

19,349

Italy

-

1.1%

BPER

Banca

SpA

442,540

3,583

De'

Longhi

SpA

6,620

Eni

SpA

331,910

4,708

FinecoBank

Banca

Fineco

SpA

23,779

Ryanair

Holdings

PLC

-

ADR

45,899

2,197

UniCredit

SpA

151,474

8,759

19,925

Japan

-

6.9%

Alfresa

Holdings

Corp.

71,100

1,072

Alps

Alpine

Co.,

Ltd.

77,800

790

Amada

Co.,

Ltd.

98,900

989

Bridgestone

Corp.

21,000

882

Brother

Industries,

Ltd.

56,300

992

Canon,

Inc.

90,000

2,779

Chiba

Bank,

Ltd.

(The)

250,800

2,219

Dai-ichi

Life

Holdings,

Inc.

179,700

1,293

Denso

Corp.

71,000

920

Dentsu,

Inc.

115,300

2,414

Eisai

Co.,

Ltd.

31,900

920

Hakuhodo

DY

Holdings,

Inc.

130,300

979

Hino

Motors,

Ltd.(Æ)

208,100

662

Hitachi,

Ltd.

106,500

2,634

Honda

Motor

Co.,

Ltd.

244,531

2,491

Horiba,

Ltd.

16,000

1,095

Isuzu

Motors,

Ltd.

26,800

ITOCHU

Corp.

67,900

3,474

Japan

Airlines

Co.,

Ltd.

71,000

1,284

Japan

Post

Insurance

Co.,

Ltd.

Class

A

128,000

2,566

JGC

Holdings

Corp.

114,800

923

KDDI

Corp.

140,700

2,487

Keyence

Corp.

16,300

6,846

Kirin

Holdings

Co.,

Ltd.

71,600

1,082

Koito

Manufacturing

Co.,

Ltd.

169,700

2,059

Kubota

Corp.

268,500

3,112

Kyocera

Corp.

123,400

1,463

Makita

Corp.

6,632

Marubeni

Corp.

58,900

1,045

Mazda

Motor

Corp.

62,600

Mitsubishi

Corp.

87,907

1,671

Mitsubishi

Estate

Co.,

Ltd.

244,700

4,296

Mitsubishi

Gas

Chemical

Co.,

Inc.

66,800

1,017

Mitsubishi

UFJ

Financial

Group,

Inc.

70,300

890

Mitsui

Chemicals,

Inc.

15,100

Mitsui

OSK

Lines,

Ltd.

27,000

897

Mizuho

Financial

Group,

Inc.

33,700

847

MS&AD

Insurance

Group

Holdings,

Inc.

48,700

1,109

Nikon

Corp.

80,800

776

Nintendo

Co.,

Ltd.

10,700

894

Nippon

Telegraph

&

Telephone

Corp.

559,345

585

Nippon

Television

Holdings,

Inc.

74,100

1,711

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nippon

Yusen

36,400

1,186

Nissan

Motor

Co.,

Ltd.

601,500

1,428

Nomura

Holdings,

Inc.

141,100

785

Ono

Pharmaceutical

Co.,

Ltd.

80,488

927

Otsuka

Corp.

50,000

1,111

Persol

Holdings

Co.,

Ltd.

892,400

1,613

Resona

Holdings,

Inc.

291,300

2,331

Rinnai

Corp.

59,000

1,324

Rohm

Co.,

Ltd.

228,700

2,082

Sega

Sammy

Holdings,

Inc.

66,400

1,393

Sekisui

Chemical

Co.,

Ltd.

46,200

806

Shin-Etsu

Chemical

Co.,

Ltd.

221,800

6,738

SMC

Corp.

4,400

1,434

Sony

Group

Corp.

100,700

2,599

Stanley

Electric

Co.,

Ltd.

70,029

1,313

Subaru

Corp.

154,485

2,810

Sumitomo

Heavy

Industries,

Ltd.

51,600

1,074

Sumitomo

Mitsui

Financial

Group,

Inc.

167,500

3,999

Sumitomo

Mitsui

Trust

Holdings,

Inc.

166,300

4,114

Sumitomo

Rubber

Industries,

Ltd.

98,900

1,249

T&D

Holdings,

Inc.

235,300

5,007

Taiheiyo

Cement

Corp.

33,400

901

Takeda

Pharmaceutical

Co.,

Ltd.

72,600

2,220

THK

Co.,

Ltd.

45,900

1,131

Tokio

Marine

Holdings,

Inc.

77,700

3,113

Tokyo

Electron,

Ltd.

8,400

1,252

Trend

Micro,

Inc.

30,700

2,200

Tsuruha

Holdings,

Inc.

25,900

2,085

Unicharm

Corp.

520,200

4,825

Yamato

Holdings

Co.,

Ltd.

133,300

1,892

130,370

Luxembourg

-

0.1%

RTL

Group

SA

22,900

937

Mexico

-

0.2%

America

Movil

SAB

de

CV

-

ADR

179,557

3,095

Fresnillo

PLC

103,394

1,385

Southern

Copper

Corp.

2,479

4,702

Netherlands

-

2.6%

ABN

AMRO

Bank

NV(Þ)

194,258

4,027

Argenx

SE(Æ)

3,018

1,949

ASM

International

NV

2,556

1,252

ASML

Holding

NV

3,411

2,283

EXOR

NV

4,720

Ferrari

NV

4,174

1,901

Heineken

NV

31,680

2,830

ING

Groep

NV

735,908

14,273

JDE

Peet's

NV

18,156

Koninklijke

Philips

NV(Æ)

155,437

3,950

NN

Group

NV

69,820

4,284

Randstad

NV

59,298

2,396

Universal

Music

Group

NV

298,825

8,738

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
VEON,

Ltd.

-

ADR(Æ)

17,815

808

49,577

New

Zealand

-

0.0%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

18,266

Spark

New

Zealand,

Ltd.

99,136

Norway

-

0.2%

Equinor

ASA

Class

N

5,073

Kongsberg

Gruppen

ASA

14,648

2,361

Norsk

Hydro

ASA

68,091

2,837

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

280,696

—

Gazprom

PJSC

-

ADR(Æ)(Š)

38,324

—

LUKOIL

PJSC(Æ)(Š)

3,764

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

5,353

—

Mobile

TeleSystems

PJSC

-

ADR(Æ)

(Š)

105,880

—

Sberbank

of

Russia

PJSC(Æ)(Š)

303,624

—

—

Singapore

-

0.7%

DBS

Group

Holdings,

Ltd.

118,224

3,865

Oversea-Chinese

Banking

Corp.,

Ltd.

87,700

1,090

SEA,

Ltd.

-

ADR(Æ)

17,938

2,405

Singapore

Telecommunications,

Ltd.

670,800

1,944

United

Overseas

Bank,

Ltd.

133,201

3,543

12,847

South

Africa

-

0.3%

Anglo

American

PLC

64,851

1,757

MTN

Group,

Ltd.

361,150

2,383

Old

Mutual,

Ltd.

1,841,944

1,124

5,264

South

Korea

-

1.3%

Coway

Co.,

Ltd.

23,935

1,476

Hankook

Tire

&

Technology

Co.,

Ltd.

22,652

661

Hyundai

Mobis

Co.,

Ltd.

14,664

2,763

KB

Financial

Group,

Inc.

49,301

3,129

KT

Corp.

-

ADR

184,336

3,587

Samsung

Electronics

Co.,

Ltd.

188,925

7,404

Shinhan

Financial

Group

Co.,

Ltd.

146,366

5,299

24,319

Spain

-

0.7%

Aena

SME

SA(Þ)

8,082

2,032

Banco

Santander

SA

51,337

Industria

de

Diseno

Textil

SA

208,082

11,200

13,594

Sweden

-

0.5%

Atlas

Copco

AB

Class

B

129,189

1,818

Industrivarden

AB

Class

A

5,008

Investor

AB

Class

B

56,382

1,682

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sandvik

AB

15,788

SKF

AB

Class

B

125,405

2,489

Telefonaktiebolaget

LM

Ericsson

Class

B

375,652

3,187

9,684

Switzerland

-

1.3%

Adecco

Group

AG

61,768

1,621

Belimo

Holding

AG

1,104

933

Galderma

Group

AG

10,962

1,273

Logitech

International

SA

22,424

1,712

Schindler

Holding

AG

1,656

586

SGS

SA

7,175

702

Sonova

Holding

AG

2,369

725

Swatch

Group

AG

(The)

Class

B

13,534

2,358

Swisscom

AG

1,229

819

TE

Connectivity

PLC

1,771

UBS

Group

AG

370,098

11,158

Zurich

Insurance

Group

AG

4,605

3,249

25,395

Taiwan

-

2.0%

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

119,000

3,392

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

202,126

33,693

37,085

Thailand

-

0.4%

Kasikornbank

PCL

1,265,900

6,050

SCB

X

PCL

380,300

1,356

7,406

United

Kingdom

-

4.9%

AstraZeneca

PLC

16,304

2,336

AstraZeneca

PLC

-

ADR

52,522

3,771

Babcock

International

Group

PLC

88,706

952

BAE

Systems

PLC

52,335

1,203

British

American

Tobacco

PLC

191,672

8,317

British

Land

Co.

PLC

(The)(ö)

318,906

1,674

BT

Group

PLC

1,563,661

3,625

Burberry

Group

PLC

129,243

1,262

CK

Hutchison

Holdings,

Ltd.

Class

B

400,000

2,254

Compass

Group

PLC

147,809

4,965

Diageo

PLC

53,012

1,480

easyJet

PLC

425,694

2,809

HSBC

Holdings

PLC

333,189

3,700

Imperial

Tobacco

Group

PLC

4,212

J

Sainsbury

PLC

328,862

1,170

Kingfisher

PLC

649,863

2,499

Land

Securities

Group

PLC(ö)

278,068

2,199

Lloyds

Banking

Group

PLC

4,760,700

4,657

Marks

&

Spencer

Group

PLC

186,875

970

NatWest

Group

PLC

712,373

4,547

Reckitt

Benckiser

Group

PLC

61,201

3,950

RELX

PLC

183,482

9,997

Rolls-Royce

Holdings

PLC

193,629

1,950

Standard

Chartered

PLC

456,184

6,608

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tate

&

Lyle

PLC

206,950

1,544

TechnipFMC

PLC

55,239

1,556

Unilever

PLC

134,954

8,565

WPP

PLC

414,467

3,197

91,930

United

States

-

51.8%

Abbott

Laboratories

33,538

4,385

AbbVie,

Inc.

9,787

1,909

Adobe,

Inc.(Æ)

17,600

6,600

Aflac,

Inc.

26,679

2,899

Agilent

Technologies,

Inc.

2,032

Airbnb,

Inc.

Class

A(Æ)

95,411

11,633

Akamai

Technologies,

Inc.(Æ)

2,723

Align

Technology,

Inc.(Æ)

6,136

1,063

Allstate

Corp.

(The)

12,878

2,555

Alphabet,

Inc.

Class

A

40,567

6,442

Alphabet,

Inc.

Class

C

243,342

39,151

Altria

Group,

Inc.

44,764

2,648

Amazon.com,

Inc.(Æ)

196,575

36,252

American

Express

Co.

7,306

1,946

American

Financial

Group,

Inc.

4,834

612

Ameriprise

Financial,

Inc.

4,894

2,305

Amgen,

Inc.

Amphenol

Corp.

Class

A

5,680

ANSYS,

Inc.(Æ)

21,841

7,030

AO

Smith

Corp.

5,285

Apple,

Inc.

251,300

53,401

Applied

Materials,

Inc.

51,424

7,750

AppLovin

Corp.

Class

A(Æ)

575

Arch

Capital

Group,

Ltd.

5,124

Arista

Networks,

Inc.(Æ)

32,534

2,677

Assurant,

Inc.

2,437

AT&T,

Inc.

17,049

Atlassian

Corp.

Class

A(Æ)

9,774

2,232

Autodesk,

Inc.(Æ)

1,405

Automatic

Data

Processing,

Inc.

14,524

4,366

Avery

Dennison

Corp.

3,858

660

Baker

Hughes

Co.

146,361

5,181

Bank

of

America

Corp.

222,504

8,873

Becton

Dickinson

&

Co.

11,998

2,485

Berkshire

Hathaway,

Inc.

Class

B(Æ)

6,692

3,569

Best

Buy

Co.,

Inc.

2,658

BlackRock,

Inc.

4,405

4,027

Blackstone,

Inc.

Class

A

37,323

4,916

Booking

Holdings,

Inc.

1,469

7,491

Boston

Scientific

Corp.(Æ)

17,770

1,828

BP

PLC

994,811

4,550

Brixmor

Property

Group,

Inc.(ö)

24,938

621

Broadcom,

Inc.

113,432

21,832

Builders

FirstSource,

Inc.(Æ)

1,850

Burlington

Stores,

Inc.(Æ)

1,381

BWX

Technologies,

Inc.

1,103

Caterpillar,

Inc.

1,576

CF

Industries

Holdings,

Inc.

2,569

Charles

Schwab

Corp.

(The)

141,755

11,539

Chemed

Corp.

3,215

1,870

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chevron

Corp.

17,293

2,353

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

54,265

2,741

Chubb,

Ltd.

1,520

Cigna

Group

(The)

30,959

10,527

Cincinnati

Financial

Corp.

6,817

949

Cintas

Corp.

16,186

3,426

Cisco

Systems,

Inc.

96,228

5,555

Citigroup,

Inc.

63,694

4,355

CME

Group,

Inc.

Class

A

17,469

4,840

Coca-Cola

Co.

(The)

76,674

5,563

Cognizant

Technology

Solutions

Corp.

Class

A

5,605

Colgate-Palmolive

Co.

61,883

5,705

Comcast

Corp.

Class

A

12,292

ConocoPhillips

7,935

707

Cooper

Cos,

Inc.

(The)(Æ)

95,696

7,816

Copart,

Inc.(Æ)

7,942

Corning,

Inc.

55,757

2,475

Costco

Wholesale

Corp.

5,504

5,474

Coterra

Energy,

Inc.

45,726

1,123

Cummins,

Inc.

7,512

2,207

Danaher

Corp.

33,155

6,609

Deckers

Outdoor

Corp.(Æ)

20,402

2,261

Delta

Air

Lines,

Inc.

94,983

3,954

Devon

Energy

Corp.

9,096

Diamondback

Energy,

Inc.

1,715

DocuSign,

Inc.(Æ)

2,857

DoorDash,

Inc.

Class

A(Æ)

12,798

2,469

DR

Horton,

Inc.

2,674

DraftKings,

Inc.

Class

A(Æ)

21,708

723

Ecolab,

Inc.

1,570

Edison

International

21,201

1,134

Edwards

Lifesciences

Corp.(Æ)

6,290

Electronic

Arts,

Inc.

14,021

2,034

Elevance

Health,

Inc.

13,617

5,727

Eli

Lilly

&

Co.

12,617

11,342

EMCOR

Group,

Inc.

5,738

2,299

Emerson

Electric

Co.

3,559

EOG

Resources,

Inc.

27,001

2,979

EQT

Corp.

29,551

1,461

Equifax,

Inc.

35,745

9,298

Equinix,

Inc.(ö)

4,001

3,444

Erie

Indemnity

Co.

Class

A

1,728

620

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

3,588

Everest

Re

Group,

Ltd.

583

Exelon

Corp.

6,383

Expand

Energy

Corp.

2,384

Expedia

Group,

Inc.

1,200

Expeditors

International

of

Washington,

Inc.

2,045

Exxon

Mobil

Corp.

64,770

6,842

F5,

Inc.(Æ)

1,377

FactSet

Research

Systems,

Inc.

1,064

Fair

Isaac

Corp.(Æ)

1,198

2,384

Fastenal

Co.

8,126

658

FedEx

Corp.

2,559

538

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ferguson

Enterprises,

Inc.

862

Fiserv,

Inc.(Æ)

6,946

1,282

Fortinet,

Inc.(Æ)

12,713

1,319

Fox

Corp.

Class

B

41,913

1,938

Gap,

Inc.

(The)

42,290

926

Garmin,

Ltd.

2,134

GE

Vernova,

Inc.

7,202

2,671

General

Dynamics

Corp.

27,215

7,406

General

Electric

Co.

14,626

2,948

General

Mills,

Inc.

24,773

1,406

General

Motors

Co.

49,907

2,258

Gilead

Sciences,

Inc.

18,874

2,011

Goldman

Sachs

Group,

Inc.

(The)

4,010

2,196

GSK

PLC

437,642

8,644

Haleon

PLC

2,145,008

10,749

Halliburton

Co.

69,244

1,372

Hartford

Financial

Services

Group,

Inc.

(The)

12,609

1,547

HCA

Healthcare,

Inc.

34,258

11,822

Hershey

Co.

(The)

1,601

Hess

Corp.

3,331

Holcim

AG(Æ)

7,400

821

Hologic,

Inc.(Æ)

3,159

Home

Depot,

Inc.

(The)

6,613

2,384

Honeywell

International,

Inc.

17,295

3,641

Hormel

Foods

Corp.

13,568

Hubbell,

Inc.

Class

B

755

HubSpot,

Inc.(Æ)

2,908

1,778

Humana,

Inc.

5,707

1,497

Huntington

Ingalls

Industries,

Inc.

1,838

IDEXX

Laboratories,

Inc.(Æ)

5,145

2,226

Illinois

Tool

Works,

Inc.

5,802

1,392

Insulet

Corp.(Æ)

3,050

769

Intuit,

Inc.

1,224

768

Intuitive

Surgical,

Inc.(Æ)

10,652

5,494

Iron

Mountain,

Inc.(ö)

12,589

1,129

Jack

Henry

&

Associates,

Inc.

1,280

Johnson

&

Johnson

57,202

8,941

JPMorgan

Chase

&

Co.

44,517

10,890

Juniper

Networks,

Inc.

39,316

1,428

Kellanova

12,243

1,013

Keurig

Dr

Pepper,

Inc.

33,230

1,149

Keysight

Technologies,

Inc.(Æ)

1,732

Kimberly-Clark

Corp.

15,860

2,090

KLA

Corp.

1,561

1,097

Kroger

Co.

(The)

34,803

2,513

Lam

Research

Corp.

7,406

531

Lennox

International,

Inc.

Linde

PLC

22,997

10,423

Lithia

Motors,

Inc.

Class

A

876

Lockheed

Martin

Corp.

4,120

1,968

LPL

Financial

Holdings,

Inc.

988

Lululemon

Athletica,

Inc.(Æ)

1,114

Manhattan

Associates,

Inc.(Æ)

5,756

1,021

Marsh

&

McLennan

Cos.,

Inc.

24,189

5,454

Marvell

Technology,

Inc.

23,185

1,353

Masco

Corp.

10,141

615

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MasterCard,

Inc.

Class

A

39,572

21,688

McCormick

&

Co.,

Inc.

10,667

818

McDonald's

Corp.

29,513

9,434

Medpace

Holdings,

Inc.(Æ)

2,972

917

Medtronic

PLC

13,077

1,108

Merck

&

Co.,

Inc.

54,548

4,648

Meta

Platforms,

Inc.

Class

A

73,266

40,223

MetLife,

Inc.

2,351

Mettler-Toledo

International,

Inc.(Æ)

1,884

2,017

Microchip

Technology,

Inc.

3,951

Microsoft

Corp.

106,466

42,082

Molina

Healthcare,

Inc.(Æ)

4,218

1,379

Mondelez

International,

Inc.

Class

A

53,289

3,631

Monster

Beverage

Corp.(Æ)

50,302

3,024

MSCI,

Inc.

Class

A

12,975

7,073

Mueller

Industries,

Inc.

23,238

1,709

Nestle

SA

68,562

7,297

NetApp,

Inc.

19,538

1,754

Netflix,

Inc.

Class

B(Æ)

8,450

9,563

NIKE,

Inc.

Class

B

27,235

1,536

Northrop

Grumman

Corp.

11,956

5,817

Novartis

AG

122,585

13,878

Nucor

Corp.

3,066

NVIDIA

Corp.

233,130

25,393

NVR,

Inc.(Æ)

Old

Dominion

Freight

Line,

Inc.

1,782

ON

Semiconductor

Corp.(Æ)

5,502

O'Reilly

Automotive,

Inc.(Æ)

1,181

1,671

Packaging

Corp.

of

America

5,300

984

Palantir

Technologies,

Inc.

Class

A(Æ)

10,875

1,288

Palo

Alto

Networks,

Inc.(Æ)

3,464

648

Parker-Hannifin

Corp.

3,813

2,307

Paychex,

Inc.

14,954

2,200

PepsiCo,

Inc.

39,819

5,399

Pfizer,

Inc.

47,343

1,156

PG&E

Corp.

73,525

1,215

Philip

Morris

International,

Inc.

19,735

3,382

Principal

Financial

Group,

Inc.

10,938

811

Procter

&

Gamble

Co.

(The)

57,969

9,424

Progressive

Corp.

(The)

3,887

1,095

Public

Storage(ö)

4,137

1,243

PulteGroup,

Inc.

3,451

QUALCOMM,

Inc.

41,024

6,090

Regeneron

Pharmaceuticals,

Inc.

600

Reliance,

Inc.

817

ResMed,

Inc.

1,572

Roche

Holding

AG

33,330

10,909

Roku,

Inc.(Æ)

8,161

556

Rollins,

Inc.

41,569

2,375

Ross

Stores,

Inc.

2,218

RPM

International,

Inc.

6,806

727

RTX

Corp.

28,608

3,608

S&P

Global,

Inc.

19,551

9,776

Salesforce,

Inc.

30,866

8,294

Sanofi

SA

36,083

3,957

Schlumberger

NV

28,776

957

Schneider

Electric

SE

54,255

12,713

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Seagate

Technology

Holdings

PLC

45,613

4,152

SEI

Investments

Co.

9,955

779

ServiceNow,

Inc.(Æ)

2,906

2,775

Shell

PLC

302,587

9,681

Sherwin-Williams

Co.

(The)

1,088

Simon

Property

Group,

Inc.(ö)

7,061

1,111

Skyworks

Solutions,

Inc.

15,488

996

Smurfit

WestRock

PLC

4,479

Snap-on,

Inc.

2,704

849

Spotify

Technology

SA(Æ)

4,168

2,559

Starbucks

Corp.

18,362

1,470

Steel

Dynamics,

Inc.

2,256

Synopsys,

Inc.(Æ)

1,159

532

Targa

Resources

Corp.

6,982

1,193

Target

Corp.

3,823

Tenaris

SA

21,719

Teradyne,

Inc.

1,877

Tesla,

Inc.(Æ)

12,723

3,590

Texas

Instruments,

Inc.

3,821

612

Texas

Pacific

Land

Corp.

TJX

Cos.,

Inc.

(The)

21,847

2,811

T-Mobile

US,

Inc.

10,296

2,543

Tractor

Supply

Co.

4,050

Trade

Desk,

Inc.

(The)

Class

A(Æ)

26,424

1,417

Trane

Technologies

PLC

1,043

TransDigm

Group,

Inc.

6,860

9,694

Travelers

Cos.,

Inc.

(The)

11,180

2,953

Tyson

Foods,

Inc.

Class

A

7,328

Uber

Technologies,

Inc.(Æ)

144,938

11,741

Ulta

Beauty,

Inc.(Æ)

4,444

1,758

Union

Pacific

Corp.

15,422

3,326

United

Airlines,

Inc.(Æ)

46,078

3,171

United

Parcel

Service,

Inc.

Class

B

4,635

United

Rentals,

Inc.

931

588

United

Therapeutics

Corp.(Æ)

909

UnitedHealth

Group,

Inc.

18,382

7,563

Valero

Energy

Corp.

3,354

Veeva

Systems,

Inc.

Class

A(Æ)

1,187

Ventas,

Inc.(ö)

18,286

1,281

Verisk

Analytics,

Inc.

Class

A

1,301

Vertex

Pharmaceuticals,

Inc.(Æ)

16,501

8,407

Vertiv

Holdings

Co.

Class

A

53,486

4,567

Viking

Holdings,

Ltd.(Æ)

43,073

1,767

Visa,

Inc.

Class

A

20,334

7,025

xW.R.

Berkley

Corp.

16,908

1,212

W.W.

Grainger,

Inc.

Walmart,

Inc.

20,289

1,973

Waters

Corp.(Æ)

656

Watsco,

Inc.

570

Webster

Financial

Corp.

4,684

Wells

Fargo

&

Co.

31,656

2,248

Welltower,

Inc.(ö)

18,040

2,753

Williams-Sonoma,

Inc.

11,432

1,766

Workday,

Inc.

Class

A(Æ)

2,009

Zoetis,

Inc.

Class

A

1,921

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zoom

Video

Communications,

Inc.

Class

A(Æ)

4,411

976,850

Zambia

-

0.0%

First

Quantum

Minerals,

Ltd.(Æ)

28,375

#### Total

#### Common

#### Stocks
(cost

$1,293,514)

1,718,777

#### Preferred

#### Stocks

#### -

#### 0.5%
Brazil

-

0.0%

Raizen

SA

0.589%

(Ÿ)

3,030,290

966

Germany

-

0.3%

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

16,596

1,286

Volkswagen

AG

8.745%

(Ÿ)

37,747

4,083

5,369

South

Korea

-

0.2%

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

134,454

4,440

#### Total

#### Preferred

#### Stocks
(cost

$12,981)

10,775

#### Short-Term

#### Investments

#### -

#### 5.5%
United

States

-

5.5%

U.S.

Cash

Management

Fund(@)

103,302,508

(∞)

103,272

#### Total

#### Short-Term

#### Investments
(cost

$103,272)

103,272

#### Total

#### Investments

#### -

#### 97.2%
(identified

cost

$1,409,767)

1,832,824

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.8%
52,019

#### Net

#### Assets

#### -

#### 100.0%
1,884,843

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,

#### 2025
(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

194,258

10.63 2,065

4,027

Aena

SME

SA

09/10/24

EUR

8,082

213.23 1,723

2,032

Kuaishou

Technology

11/01/24

HKD

257,600

5.90 1,519

1,735

WH

Group,

Ltd.

11/10/22

HKD

3,836,599

0.69 2,536

3,449

11,243

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

35,358

06/25

(571) S&P

500

E-Mini

Index

Futures

1,122

USD

313,431

06/25

(3,350)

S&P/TSX

Index

Futures

CAD

27,508

06/25

SPI

Index

Futures

AUD

29,718

06/25

568

Short

Positions

CAC40

Euro

Index

Futures

EUR

23,800

05/25

(1,285)

DAX

Index

Futures

EUR

22,605

06/25

1,134

EURO

STOXX

Index

Futures

EUR

13,380

06/25

910

FTSE

Index

Futures

638

GBP

54,000

06/25

2,054

FTSE/MIB

Index

Futures

EUR

6,856

06/25

Hang

Seng

Index

Futures

HKD

67,362

05/25

(72) IBEX

Index

Futures

EUR

7,021

05/25

(474) MSCI

Emerging

Markets

Index

Futures

945

USD

52,448

06/25

1,336

MSCI

Singapore

Index

Futures

SGD

8,677

05/25

(72) OMXS30

Index

Futures

SEK

60,363

05/25

(452) TOPIX

Index

Futures

JPY

3,357,270

06/25

(27) 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

7,227

CAD

10,000

06/18/25

Bank

of

America

USD

9,028

CHF

7,300

06/18/25

(136) Bank

of

America

USD

12,519

EUR

11,000

06/18/25

(24) Bank

of

America

USD

655

JPY

94,095

05/01/25

BNP

Paribas

USD

5,814

AUD

9,230

06/18/25

BNP

Paribas

USD

4,540

JPY

667,640

06/18/25

BNP

Paribas

CAD

5,115

USD

3,564

06/18/25

(156) BNP

Paribas

CHF

10,051

USD

11,481

06/18/25

(762) BNP

Paribas

EUR

22,338

USD

24,450

06/18/25

(924) BNP

Paribas

GBP

10,895

USD

14,088

06/18/25

(434) 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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

5,805

AUD

9,230

06/18/25

Citigroup

USD

4,536

JPY

667,640

06/18/25

Citigroup

CAD

5,115

USD

3,566

06/18/25

(153) Citigroup

CHF

10,051

USD

11,511

06/18/25

(732) Citigroup

EUR

22,338

USD

24,465

06/18/25

(910) Citigroup

GBP

10,895

USD

14,109

06/18/25

(414) Royal

Bank

of

Canada

USD

5,812

AUD

9,230

06/18/25

Royal

Bank

of

Canada

USD

4,539

JPY

667,640

06/18/25

Royal

Bank

of

Canada

CAD

5,115

USD

3,566

06/18/25

(153) Royal

Bank

of

Canada

CHF

10,051

USD

11,502

06/18/25

(742) Royal

Bank

of

Canada

EUR

22,338

USD

24,448

06/18/25

(926) Royal

Bank

of

Canada

GBP

10,895

USD

14,091

06/18/25

(432) Standard

Chartered

USD

5,812

AUD

9,230

06/18/25

Standard

Chartered

USD

4,539

JPY

667,640

06/18/25

Standard

Chartered

CAD

5,115

USD

3,565

06/18/25

(154) Standard

Chartered

CHF

10,051

USD

11,503

06/18/25

(740) Standard

Chartered

EUR

22,338

USD

24,446

06/18/25

(929) Standard

Chartered

GBP

10,895

USD

14,089

06/18/25

(434) State

Street

USD

4,240

NOK

45,071

06/18/25

State

Street

USD

NZD

06/18/25

State

Street

USD

2,008

SEK

20,102

06/18/25

State

Street

DKK

27,019

USD

3,978

06/18/25

(135) State

Street

HKD

2,830

USD

06/18/25

—

State

Street

SGD

USD

06/18/25

(2) Westpac

USD

5,807

AUD

9,230

06/18/25

Westpac

USD

4,539

JPY

667,640

06/18/25

Westpac

CAD

5,115

USD

3,561

06/18/25

(159) Westpac

CHF

10,051

USD

11,513

06/18/25

(730) Westpac

EUR

22,338

USD

24,491

06/18/25

(884) Westpac

GBP

10,895

USD

14,091

06/18/25

(431) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(9,970)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Australia

$

—

$

7,925

$

—

$

—

$

7,925

.4

Austria

—

8,273

—

—

8,273

.4

Belgium

—

5,855

—

—

5,855

.3

Brazil

18,621

—

—

—

18,621

.0

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Burkina

Faso

1,268

—

—

—

1,268

.1

Canada

32,338

—

—

—

32,338

.7

China

13,785

10,284

—

—

24,069

.3

Denmark

—

16,014

—

—

16,014

.8

Finland

—

7,393

—

—

7,393

.4

France

—

79,197

—

—

79,197

.2

Germany

—

56,218

—

—

56,218

.0

Hong

Kong

—

24,125

—

—

24,125

.3

India

9,717

—

—

—

9,717

.5

Indonesia

—

1,134

—

—

1,134

.1

Ireland

2,503

10,073

—

—

12,576

.7

Israel

—

—

—

—

\*

Italy

2,197

17,728

—

—

19,925

.1

Japan

—

130,370

—

—

130,370

.9

Luxembourg

—

937

—

—

937

.1

Mexico

3,317

1,385

—

—

4,702

.2

Netherlands

808

48,769

—

—

49,577

.6

New

Zealand

—

—

—

—

\*

Norway

—

2,837

—

—

2,837

.2

Russia

—

—

—

—

—

—

Singapore

2,405

10,442

—

—

12,847

.7

South

Africa

—

5,264

—

—

5,264

.3

South

Korea

3,588

20,731

—

—

24,319

.3

Spain

—

13,594

—

—

13,594

.7

Sweden

—

9,684

—

—

9,684

.5

Switzerland

25,136

—

—

25,395

.3

Taiwan

33,693

3,392

—

—

37,085

.0

Thailand

—

7,406

—

—

7,406

.4

United

Kingdom

5,327

86,603

—

—

91,930

.9

United

States

893,290

83,560

—

—

976,850

.8

Zambia

—

—

—

—

\*

Preferred

Stocks

966

9,809

—

—

10,775

.5

Short-Term

Investments

—

—

—

103,272

103,272

.5

Total

Investments

1,024,461

705,091

—

103,272

1,832,824

.2

Other

Assets

and

Liabilities,

Net

.8

.0

Other

Financial

Instruments

Assets

Futures

Contracts

6,767

—

—

—

6,767

.4

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Foreign

Currency

Exchange

Contracts

1,523

—

—

1,526

.1

A

Liabilities

Futures

Contracts

(6,303)

—

—

—

(6,303)

(0

.3)

Foreign

Currency

Exchange

Contracts

—

(11,496)

—

—

(11,496)

(0

.6)

Total

Other

Financial

Instruments

\*\*

$

$

(9,973)

$

—

$

—

$

(9,506)

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

215,586

Consumer

Staples

...............................................................................

114,238

Energy

................................................................................................

68,977

Financial

Services

..............................................................................

376,678

Health

Care

........................................................................................

192,590

Materials

and

Processing

...................................................................

75,216

Producer

Durables

..............................................................................

181,773

Technology

.........................................................................................

458,383

Utilities

...............................................................................................

35,336

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

4,083

Consumer

Staples

...............................................................................

1,286

Technology

.........................................................................................

4,440

Utilities

...............................................................................................

966

#### Short-Term

#### Investments

#### .............................................................
103,272

Total

Investments

...............................................................................

1,832,824

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

St

atement

of

Assets

and

Liabilities

-

Assets

Unrealized

appreciation

on

foreign

currency

exchange

contracts

$

—

$

1,52

Variation

margin

on

futures

contracts\*

6,767

—

Total

$

6,767

$

1,52

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

6,303

$

—

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

11,49

Total

$

6,303

$

11,49

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(26,

502)

$

—

Foreign

currency

exchange

contracts

—

1,034

Total

$

(26,

502)

$

1,034

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(1,718)

$

—

Foreign

currency

exchange

contracts

—

(10,679)

Total

$

(1,718)

$

(10,679)

\*

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,

#### 2025
(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

$

1,526

$

—

$

1,526

Total

Financial

and

Derivative

Assets

1,526

—

1,526

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,526

$

—

$

1,526

#### 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

—

—

Citigroup

—

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

State

Street

—

Westpac

—

Total

$

1,526

$

1,486

$

—

$

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,

#### 2025
(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

$

11,496

$

—

$

11,496

Total

Financial

and

Derivative

Liabilities

11,496

—

11,496

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

11,496

$

—

$

11,496

#### 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

$

$

$

—

$

BNP

Paribas

2,277

—

2,021

Citigroup

2,209

—

1,940

Royal

Bank

of

Canada

2,25

—

1,99

Standard

Chartered

2,257

—

1,999

State

Street

—

—

Westpac

2,203

—

1,940

Total

$

11,496

$

1,486

$

—

$

10,01

^&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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,409,767

Investments,

at

fair

value(>)

........................................................................................................................................................

1,832,824

Foreign

currency

holdings(^)

.......................................................................................................................................................

7,959

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,526

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,089

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

1,401

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

3,169

From

broker(a)

.................................................................................................................................................................

47,476

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,900,222

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

658

Fund

shares

redeemed

......................................................................................................................................................

1,717

Accrued

fees

to

affiliates

..................................................................................................................................................

1,263

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

11,496

Total

liabilities

...........................................................................................................................................................

15,379

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,884,843

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

451,517

Shares

of

beneficial

interest

.........................................................................................................................................................

1,901

Additional

paid-in

capital

............................................................................................................................................................

1,431,425

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,884,843

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.79 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

10.39 Class

A

—

Net

assets

...........................................................................................................................................................

$

13,223,858

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,350,332

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.58 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,652,501

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

276,769

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.94 Class

M

—

Net

assets

..........................................................................................................................................................

$

278,053,330

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

27,967,073

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.94 Class

S

—

Net

assets

............................................................................................................................................................

$

944,669,937

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

95,079,350

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

9.88 Class

Y

—

Net

assets

...........................................................................................................................................................

$

646,243,324

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

65,386,494

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

7,969

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

103,272

(a) Receivable

from

Broker

for

Futures

$

47,476

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

20,550

Dividends

from

affiliated

funds

.......................................................................................................................................

1,612

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(1,601)

Total

investment

income

..............................................................................................................................................................

21,004

#### Expenses
Advisory

fees

...................................................................................................................................................................

6,90

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

............................................................................................................................................

967

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

9,208

Expense

reductions

..........................................................................................................................................................

(440) Net

expenses

................................................................................................................................................................................

8,768

Net

investment

income

(loss)

.......................................................................................................................................................

12,236

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

71,764

Investments

in

affiliated

funds

.........................................................................................................................................

(9) Futures

contracts

..............................................................................................................................................................

(26,502)

Foreign

currency

exchange

contracts

...............................................................................................................................

1,034

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

46,324

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(39,957)

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

(1,718)

Foreign

currency

exchange

contracts

...............................................................................................................................

(10,679)

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(52,257)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(5,933)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

6,303

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

12,236

$

26,711

Net

realized

gain

(loss)

.......................................................................................................................

46,324

129,945

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(52,257)

304,552

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

6,303

461,208

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(872)

(95)

Class

C

..........................................................................................................................................

(172)

(6)

Class

M

.........................................................................................................................................

(19,816)

(3,411)

Class

S

..........................................................................................................................................

(68,288)

(9,871)

Class

Y

..........................................................................................................................................

(48,869)

(10,064)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(138,017)

(23,447)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

119,117

38,427

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(12,597)

476,188

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

1,897,440

1,421,252

End

of

period

.............................................................................................................................................

$

1,884,843

$

1,897,440

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Class

A

Proceeds

from

shares

sold

$

1,963

$

2,102

Proceeds

from

reinvestment

of

distributions

871

Payments

for

shares

redeemed

(61)

(603)

(82)

(802)

Net

increase

(decrease)

2,231

1,395

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(24)

(231)

(72)

(690)

Net

increase

(decrease)

(45)

(441)

Class

M

Proceeds

from

shares

sold

2,766

28,494

8,184

82,019

Proceeds

from

reinvestment

of

distributions

1,983

19,813

3,410

Payments

for

shares

redeemed

(7,564)

(80,258)

(5,635)

(55,730)

Net

increase

(decrease)

(2,815)

(31,951)

2,920

29,699

Class

S

Proceeds

from

shares

sold

19,654

211,022

34,551

316,455

Proceeds

from

reinvestment

of

distributions

6,824

68,099

1,069

9,837

Payments

for

shares

redeemed

(12,133)

(124,426)

(18,669)

(186,231)

Net

increase

(decrease)

14,345

154,695

16,951

140,061

Class

Y

Proceeds

from

shares

sold

1,227

11,462

2,395

Proceeds

from

reinvestment

of

distributions

4,926

48,869

1,100

10,064

Payments

for

shares

redeemed

(6,470)

(66,210)

(14,771)

(144,746)

Net

increase

(decrease)

(317)

(5,879)

(13,425)

(132,287)

Total

increase

(decrease)

11,433

$

119,117

6,547

$

38,427

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

10.49 .05

(.03)

.02

(.09)

(.63)

October

31,

2024

8.16 .11

2.32 2.43 (.10)

—

October

31,

2023

7.44 .09

.76

.85

(.13)

—

October

31,

2022

9.69 .09

(1.71)

(1.62)

(.08)

(.55)

October

31,

2021

8.89 .05

3.18 3.23 (.07)

(2.36)

October

31,

2020

9.98 .05

.14

.19

(.41)

(.87)

Class

C

April

30,

2025\*

10.23 .01

(.03)

(.02)

—

(.63)

October

31,

2024

7.95 .04

2.26 2.30 (.02)

—

October

31,

2023

7.25 .03

.73

.76

(.06)

—

October

31,

2022

9.45 .03

(1.67)

(1.64)

(.01)

(.55)

October

31,

2021

8.72 (.02)

3.11 3.09 —

(2.36)

October

31,

2020

9.80 (.02)

.15

.13

(.34)

(.87)

Class

M

April

30,

2025\*

10.65 .07

(.03)

.04

(.12)

(.63)

October

31,

2024

8.28 .15

2.34 2.49 (.12)

—

October

31,

2023

7.55 .13

.76

.89

(.16)

—

October

31,

2022

9.82 .12

(1.72)

(1.60)

(.12)

(.55)

October

31,

2021

8.99 .08

3.21 3.29 (.10)

(2.36)

October

31,

2020

10.03 .09

.14

.23

(.40)

(.87)

Class

S

April

30,

2025\*

10.64 .06

(.02)

.04

(.11)

(.63)

October

31,

2024

8.28 .14

2.34 2.48 (.12)

—

October

31,

2023

7.56 .12

.76

.88

(.16)

—

October

31,

2022

9.83 .12

(1.73)

(1.61)

(.11)

(.55)

October

31,

2021

8.99 .07

3.22 3.29 (.09)

(2.36)

October

31,

2020

10.05 .07

.15

.22

(.41)

(.87)

Class

Y

April

30,

2025\*

10.59 .07

(.02)

.05

(.13)

(.63)

October

31,

2024

8.24 .15

2.33 2.48 (.13)

—

October

31,

2023

7.51 .13

.76

.89

(.16)

—

October

31,

2022

9.77 .13

(1.71)

(1.58)

(.13)

(.55)

October

31,

2021

8.96 .10

3.18 3.28 (.11)

(2.36)

October

31,

2020

10.06 .09

.15

.24

(.47)

(.87)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Equity

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.72)

9.79 .13

13,224

1.26 1.23 .96

(.10)

10.49 29.90 11,887

1.32 1.23 1.12 47

(.13)

8.16 11.52 8,061

1.49 1.24 1.14 43

(.63)

7.44 (17.81)

6,399

1.50 1.24 1.13 41

(2.43)

9.69 41.83 9,215

1.50 1.27 .57

(1.28)

8.89 1.44 7,422

1.55 1.36 .56

(.63)

9.58 (.23)

2,65

2.01 1.98 .17

(.02)

10.23 28.97 2,801

2.08 1.98 .37

(.06)

7.95 10.57 2,534

2.24 1.99 .39

(.56)

7.25 (18.38)

3,062

2.25 1.99 .37

(2.36)

9.45 40.73 4,098

2.25 2.02 (.19)

(1.21)

8.72 .75

3,805

2.30 2.11 (.18)

(.75)

9.94 .32

278,053

1.01 .88

1.28 25

(.12)

10.65 30.35 327,731

1.07 .88

1.46 47

(.16)

8.28 11.96 230,720

1.24 .89

1.53 43

(.67)

7.55 (17.49)

17,613

1.26 .89

1.48 41

(2.46)

9.82 42.21 7,717

1.25 .92

.90

(1.27)

8.99 1.84 8,150

1.27 1.01 .97

(.74)

9.94 .35

944,670

1.01 .98

1.19 25

(.12)

10.64 30.16 858,898

1.07 .98

1.37 47

(.16)

8.28 11.75 528,001

1.24 .99

1.42 43

(.66)

7.56 (17.55)

99,740

1.25 .99

1.37 41

(2.45)

9.83 42.12 117,789

1.25 1.02 .81

(1.28)

8.99 1.73 118,994

1.29 1.11 .81

(.76)

9.88 .34

646,24

.82

.78

1.37 25

(.13)

10.59 30.35 696,123

.88

.78

1.55 47

(.16)

8.24 12.04 651,936

1.04 .79

1.61 43

(.68)

7.51 (17.39)

890,697

1.05 .79

1.57 41

(2.47)

9.77 42.30 1,202,793

1.04 .82

1.10 49

(1.34)

8.96 1.90 437,655

1.10 .91

1.01 77

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,010,960

Administrative

fees

71,491

Distribution

fees

4,154

Shareholder

servicing

fees

517

Transfer

agent

fees

175,907

$

1,263,029

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

67,585

$

711,899

$

676,202

$

(9)

$

(1)

$

103,272

$

1,612

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,425,575,561

$

459,895,011

$

(62,152,418)

$

,

742

,5

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.3%
Argentina

-

0.1%

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

13,022

787

Austria

-

0.1%

Erste

Group

Bank

AG

15,936

1,073

Brazil

-

5.6%

Ambev

SA

1,092,860

2,806

B3

SA

-

Brasil

Bolsa

Balcao

1,341,335

3,188

Banco

do

Brasil

SA

434,834

2,217

BB

Seguridade

Participacoes

SA

11,143

BRF

SA(Æ)

51,831

Centrais

Eletricas

Brasileiras

SA

256,059

1,983

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

29,874

600

Cosan

SA

639,220

875

Cyrela

Brazil

Realty

SA

113,934

Dexco

SA

948,467

924

Embraer

SA(Æ)

233,954

2,676

Embraer

SA

-

ADR(Æ)

11,761

540

Equatorial

Energia

SA

85,788

556

Itau

Unibanco

Holding

SA

-

ADR

225,216

1,421

Localiza

Rent

a

Car

SA

184,393

1,396

Lojas

Renner

SA

390,301

1,005

MercadoLibre,

Inc.(Æ)

2,233

5,205

Natura

&

Co.

Holding

SA(Æ)

584,925

980

NU

Holdings,

Ltd.

Class

A(Æ)

195,637

2,432

Petroleo

Brasileiro

SA

156,840

886

Petroleo

Brasileiro

SA

-

ADR

74,820

845

PRIO

SA(Æ)

134,506

799

Raia

Drogasil

SA

301,802

1,055

Suzano

SA

87,870

775

Telefonica

Brasil

SA

75,680

TIM

SA

280,304

936

Vale

SA

172,417

1,606

Vale

SA

Class

B

-

ADR

180,144

1,677

Vibra

Energia

SA

106,638

WEG

SA

246,868

1,942

40,838

Canada

-

0.2%

Barrick

Gold

Corp.

73,226

1,394

Chile

-

0.1%

Banco

de

Chile

3,348,250

China

-

28.6%

3SBio,

Inc.

Class

A(Æ)(Þ)

123,500

AAC

Technologies

Holdings,

Inc.

40,500

Agricultural

Bank

of

China,

Ltd.

Class

A

532,900

Agricultural

Bank

of

China,

Ltd.

Class

H

2,572,000

1,579

Akeso,

Inc.

Class

B(Æ)(Þ)

29,000

Alibaba

Group

Holding,

Ltd.

1,226,037

18,399

Alibaba

Group

Holding,

Ltd.

-

ADR

21,773

2,600

Aluminum

Corp.

of

China,

Ltd.

Class

A

1,571,000

1,386

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Aluminum

Corp.

of

China,

Ltd.

Class

H

756,000

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

133,500

Anta

Sports

Products,

Ltd.

375,400

4,479

Atour

Lifestyle

Holdings,

Ltd.

-

ADR

42,626

1,042

Autohome,

Inc.

-

ADR

25,220

688

Baidu,

Inc.

Class

A(Æ)

441,250

4,881

Bank

of

China,

Ltd.

Class

H

4,567,000

2,568

Bank

of

Communications

Co.,

Ltd.

Class

H

741,000

652

BeiGene,

Ltd.

-

ADR(Æ)

2,379

618

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.,

Ltd.

Class

A

679,800

1,046

Bilibili,

Inc.

Class

Z(Æ)

57,580

1,016

Bilibili,

Inc.

-

ADR(Æ)

19,471

BOE

Technology

Group

Co.,

Ltd.

Class

A

438,900

Bosideng

International

Holdings,

Ltd.

912,000

Budweiser

Brewing

Co.

APAC,

Ltd.(Þ)

635,800

677

BYD

Co.,

Ltd.

Class

H

108,500

5,231

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,075,000

China

CITIC

Bank

Corp.,

Ltd.

Class

H

1,088,679

864

China

Construction

Bank

Corp.

Class

H

8,593,712

7,102

China

CSSC

Holdings,

Ltd.

Class

A

180,100

727

China

Forestry

Holdings

Co.,

Ltd.(Æ)

(Š)

871,100

—

China

Hongqiao

Group,

Ltd.

206,000

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

798,000

1,384

China

Life

Insurance

Co.,

Ltd.

Class

H

779,000

1,440

China

Mengniu

Dairy

Co.,

Ltd.

791,000

1,992

China

Merchants

Bank

Co.,

Ltd.

Class

A

31,100

China

Merchants

Bank

Co.,

Ltd.

Class

H

966,352

5,318

China

Overseas

Land

&

Investment,

Ltd.

1,533,000

2,746

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

H

173,600

China

Petroleum

Engineering

Co.,

Ltd.

Class

A

1,134,300

China

Resources

Beverage

Holdings

Co,

Ltd.(Æ)

654,652

1,176

China

Resources

Gas

Group,

Ltd.

99,000

China

Resources

Land,

Ltd.

673,500

2,292

China

Tower

Corp.,

Ltd.

Class

H(Þ)

538,300

782

China

Yangtze

Power

Co.,

Ltd.

Class

A

143,093

581

Chow

Tai

Fook

Jewellery

Group,

Ltd.

673,600

910

CITIC

Securities

Co.,

Ltd.

Class

H

365,000

908

CITIC,

Ltd.

479,000

589

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

43,780

1,394

CSPC

Pharmaceutical

Group,

Ltd.

727,000

580

DiDi

Global,

Inc.

-

ADR(Æ)

146,097

593

Eastroc

Beverage

Group

Co.,

Ltd.(Æ)

31,225

1,230

ENN

Energy

Holdings,

Ltd.

50,700

FinVolution

Group

-

ADR

27,888

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Foshan

Haitian

Flavouring

&

Food

Co.,

Ltd.

Class

A

197,000

1,138

Full

Truck

Alliance

Co.,

Ltd.

-

ADR

82,155

933

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

H(Þ)

52,800

Gambol

Pet

Group

Co.,

Ltd.

Class

A

61,197

915

GDS

Holdings,

Ltd.

Class

A(Æ)

91,900

Geely

Automobile

Holdings,

Ltd.

457,000

972

GF

Securities

Co.,

Ltd.

Class

A

218,200

Giant

Biogene

Holding

Co.,

Ltd.(Þ)

175,000

1,818

Great

Wall

Motor

Co.,

Ltd.

Class

H

1,051,500

1,521

Guotai

Junan

Securities

Co.,

Ltd.

Class

A

161,900

H

World

Group,

Ltd.

469,300

1,639

H

World

Group,

Ltd.

-

ADR

6,455

Haidilao

International

Holding,

Ltd.(Þ)

649,000

1,484

Haier

Smart

Home

Co.,

Ltd.

Class

A

83,100

Haier

Smart

Home

Co.,

Ltd.

Class

H

939,000

2,752

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

Class

H(Þ)

131,700

Henan

Pinggao

Electric

Co.,

Ltd.

Class

A

374,300

836

Huatai

Securities

Co.,

Ltd.

Class

A

275,000

608

Huatai

Securities

Co.,

Ltd.

Class

H(Þ)

75,800

Hygon

Information

Technology

Co.,

Ltd.

Class

A

3,893

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

2,961,401

2,040

JD

Logistics,

Inc.(Æ)(Þ)

165,200

JD.com,

Inc.

Class

A

154,276

2,533

JD.com,

Inc.

-

ADR

80,749

2,634

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

138,592

976

Kanzhun,

Ltd.

-

ADR(Æ)

42,618

652

KE

Holdings,

Inc.

-

ADR

51,213

1,040

Kingsoft

Cloud

Holdings,

Ltd.(Æ)

527,765

Kingsoft

Corp.,

Ltd.

336,400

1,676

Kuaishou

Technology(Æ)(Þ)

53,700

Kunlun

Energy

Co.,

Ltd.

316,000

Kweichow

Moutai

Co.,

Ltd.

Class

A

763

Laopu

Gold

Co,

Ltd.

Class

H(Æ)

6,400

594

Lenovo

Group,

Ltd.

1,052,701

1,231

LexinFintech

Holdings,

Ltd.

-

ADR

38,126

Li

Ning

Co.,

Ltd.

387,000

738

Longfor

Group

Holdings,

Ltd.

341,000

Meituan

Class

B(Æ)(Þ)

254,728

4,261

Midea

Group

Co.,

Ltd.

Class

A

104,000

1,055

Mixue

Group(Æ)

3,000

NetEase,

Inc.

35,000

752

NetEase,

Inc.

-

ADR

12,723

1,362

Neusoft

Corp.

Class

A

204,200

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

23,600

PDD

Holdings,

Inc.

-

ADR(Æ)

14,479

1,529

People's

Insurance

Co.

Group

of

China,

Ltd.

(The)

Class

H

202,169

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

564,545

1,047

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

86,200

602

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

1,002,500

6,071

Pop

Mart

Internaitonal

Group,

Ltd.(Þ)

134,400

3,380

Qifu

Technology,

Inc.

-

ADR

22,707

932

SF

Holding

Co.,

Ltd.

Class

H(Æ)

149,741

754

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

121,750

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

1,166,900

587

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

245,838

Shenzhen

Mindray

Bio-Medical

Electronics

Co.,

Ltd.

Class

A

3,900

Sinopharm

Group

Co.,

Ltd.

Class

H

120,000

Sunny

Optical

Technology

Group

Co.,

Ltd.

123,100

1,047

TAL

Education

Group

-

ADR

52,356

Tencent

Holdings,

Ltd.

536,013

33,262

Tingyi

Cayman

Islands

Holding

Corp.

46,000

Trip.com

Group,

Ltd.

17,350

1,036

Trip.com

Group,

Ltd.

-

ADR

50,717

2,992

Tsingtao

Brewery

Co.,

Ltd.

Class

H

16,000

Vipshop

Holdings,

Ltd.

-

ADR

43,524

593

Weichai

Power

Co.,

Ltd.

Class

H

1,357,000

2,677

Western

Mining

Co.,

Ltd.

Class

A

280,100

594

Will

Semiconductor,

Ltd.

Class

A

13,700

Wilmar

International,

Ltd.

750,800

1,760

Wuliangye

Yibin

Co.,

Ltd.

Class

A

48,079

852

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

160,600

1,257

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

167,500

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,027,000

6,659

Xinyi

Glass

Holdings,

Ltd.

1,056,000

990

Xinyi

Solar

Holdings,

Ltd.

1,376,000

Yealink

Network

Technology

Corp.,

Ltd.

Class

A

79,900

Yum

China

Holdings,

Inc.

21,036

911

Yutong

Bus

Co.,Ltd.

Class

A

211,500

781

Zhejiang

China

Commodities

City

Group

Co.,

Ltd.

Class

A

114,700

Zhejiang

Longsheng

Group

Co.,

Ltd.

Class

A

1,293,973

1,749

Zhejiang

NHU

Co.,

Ltd.

Class

A

224,393

684

Zhongsheng

Group

Holdings,

Ltd.

636,000

971

Zijin

Mining

Group

Co.,

Ltd.

Class

A

28,774

Zijin

Mining

Group

Co.,

Ltd.

Class

H

1,318,000

2,886

ZTO

Express

Cayman,

Inc.

7,050

ZTO

Express

Cayman,

Inc.

-

ADR

103,208

1,909

209,315

Colombia

-

0.3%

Bancolombia

SA

-

ADR

33,731

1,360

Ecopetrol

SA

-

ADR

90,383

733

2,093

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Czech

Republic

-

0.0%

CEZ

AS

7,706

France

-

0.1%

Danone

SA

10,173

875

Greece

-

0.7%

Alpha

Services

and

Holdings

SA

753,881

1,840

Eurobank

Ergasias

SA

70,292

Mytilineos

Holdings

SA

6,370

National

Bank

of

Greece

SA

116,868

1,242

OPAP

SA

44,760

998

Piraeus

Financial

Holdings

SA

109,066

614

5,197

Hong

Kong

-

1.3%

AIA

Group,

Ltd.

356,200

2,691

ASMPT,

Ltd.

131,400

886

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

—

Hang

Lung

Properties,

Ltd.

-

ADR

218,000

Real

Gold

Mining,

Ltd.(Æ)(Š)

463,232

—

Sino

Biopharmaceutical,

Ltd.

4,568,000

2,322

Tianhe

Chemicals

Group,

Ltd.(Æ)(Š)

25,778,000

—

WH

Group,

Ltd.(Þ)

3,611,000

3,246

9,393

Hungary

-

0.6%

MOL

Hungarian

Oil

&

Gas

PLC

39,651

OTP

Bank

PLC

53,704

3,976

Richter

Gedeon

Nyrt

13,820

4,732

India

-

15.5%

ABB,

Ltd.

1,471

Apollo

Hospitals

Enterprise,

Ltd.

38,152

3,152

Asian

Paints,

Ltd.

7,332

Avenue

Supermarts,

Ltd.(Æ)(Þ)

19,116

952

Axis

Bank,

Ltd.

181,777

2,551

Bajaj

Auto,

Ltd.

1,226

Bajaj

Finance,

Ltd.

57,979

5,929

Bank

of

Baroda

160,399

Bharat

Electronics,

Ltd.

1,239,086

4,614

Bharat

Petroleum

Corp.,

Ltd.

113,916

Bharti

Airtel,

Ltd.

395,827

8,741

Britannia

Industries,

Ltd.

38,546

2,484

Canara

Bank

404,049

Central

Depository

Services

India,

Ltd.

(Þ)

5,684

Cipla,

Ltd.

45,740

841

Colgate-Palmolive

India,

Ltd.

1,221

Dabur

India,

Ltd.

Class

A

9,402

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dixon

Technologies

India,

Ltd.(Þ)

5,409

1,054

DLF,

Ltd.

176,797

1,413

Dr

Reddy's

Laboratories,

Ltd.

6,063

Eternal,

Ltd.(Æ)

273,382

752

GAIL

India,

Ltd.

611,570

1,371

GE

Vernova

T&D

India,

Ltd.

4,127

GMR

Infrastructure,

Ltd.(Æ)

932,490

964

Godrej

Properties,

Ltd.(Æ)

28,807

738

Grasim

Industries,

Ltd.

22,231

721

Havells

India,

Ltd.

9,120

HCL

Technologies,

Ltd.

141,534

2,629

HDFC

Asset

Management

Co.,

Ltd.(Þ)

18,390

946

HDFC

Bank,

Ltd.

492,072

11,217

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

168,550

1,486

Hero

MotoCorp,

Ltd.

12,394

562

Hindalco

Industries,

Ltd.

271,129

2,008

Hindustan

Aeronautics,

Ltd.(Þ)

23,277

1,238

Hindustan

Petroleum

Corp.,

Ltd.

76,994

Hindustan

Unilever,

Ltd.

2,627

ICICI

Bank,

Ltd.

229,420

3,859

ICICI

Bank,

Ltd.

-

ADR

29,714

997

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

14,316

Indian

Hotels

Co.,

Ltd.

(The)

259,772

2,429

Indian

Oil

Corp.,

Ltd.

225,949

Indus

Towers,

Ltd.(Æ)

95,397

Infosys,

Ltd.

98,091

1,744

Infosys,

Ltd.

-

ADR

133,955

2,358

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

9,024

561

JSW

Energy,

Ltd.

44,428

JSW

Infrastructure,

Ltd.

139,144

Kfin

Technologies

Ltd.

9,978

Kotak

Mahindra

Bank,

Ltd.

28,779

753

Larsen

&

Toubro,

Ltd.

36,060

1,427

Lupin,

Ltd.

33,248

827

Macrotech

Developers,

Ltd.(Þ)

52,631

823

Mahindra

&

Mahindra,

Ltd.

83,502

2,898

MakeMyTrip,

Ltd.(Æ)

14,009

1,468

Maruti

Suzuki

India,

Ltd.

8,353

1,210

Max

Healthcare

Institute,

Ltd.

93,832

1,213

Mphasis,

Ltd.

23,687

694

Multi

Commodity

Exchange

of

India,

Ltd.

3,071

National

Aluminium

Co.,

Ltd.

234,318

Nestle

India,

Ltd.

4,677

Oberoi

Realty,

Ltd.

8,216

Paradeep

Phosphates,

Ltd.(Þ)

191,053

PB

Fintech,

Ltd.(Æ)

10,890

Petronet

LNG,

Ltd.

177,102

651

Phoenix

Mills,

Ltd.

(The)

39,097

771

Power

Finance

Corp.,

Ltd.

138,714

670

Power

Grid

Corp.

of

India,

Ltd.

278,852

1,015

REC,

Ltd.

86,672

Reliance

Industries,

Ltd.

393,334

6,547

Shriram

Finance,

Ltd.

358,201

2,597

Siemens

Energy

India,

Ltd.(Æ)(Š)

2,284

Siemens,

Ltd.

2,284

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
State

Bank

of

India

115,477

1,079

Sun

Pharmaceutical

Industries,

Ltd.

121,268

2,635

Tata

Global

Beverages,

Ltd.

6,245

Tata

Motors,

Ltd.

94,736

724

Tata

Steel,

Ltd.

292,963

Tech

Mahindra,

Ltd.

23,992

Titan

Co.,

Ltd.

48,649

1,948

Trent,

Ltd.

11,574

706

TVS

Motor

Co.,

Ltd.

14,814

UltraTech

Cement,

Ltd.

5,051

697

UPL,

Ltd.

482,121

3,813

Varun

Beverages,

Ltd.

117,643

728

Vedanta,

Ltd.

76,295

Wipro,

Ltd.

213,103

610

113,469

Indonesia

-

1.2%

Astra

International

Tbk

PT

5,940,921

1,719

Bank

Central

Asia

Tbk

PT

5,456,500

2,933

Bank

Mandiri

Persero

Tbk

PT

299,500

Bank

Rakyat

Indonesia

Persero

Tbk

PT

10,214,854

2,406

Telkom

Indonesia

Persero

Tbk

PT

9,863,564

1,572

8,719

Italy

-

0.2%

Coca-Cola

HBC

AG(Æ)

23,179

1,205

Prada

SpA

22,700

1,347

Kazakhstan

-

0.6%

Air

Astana

JSC

-

GDR(Æ)(Þ)

33,434

Kaspi.KZ

JSC

-

ADR

25,455

2,237

Kaspi.KZ

JSC

-

GDR(Š)(Þ)

21,120

1,856

4,281

Kuwait

-

0.1%

National

Bank

of

Kuwait

SAKP

163,974

512

Macao

-

0.4%

Galaxy

Entertainment

Group,

Ltd.

713,000

2,611

Malaysia

-

0.5%

CIMB

Group

Holdings

BHD

472,800

786

Malayan

Banking

BHD

407,100

946

Petronas

Chemicals

Group

BHD

691,400

589

Press

Metal

Berhad

50,700

Public

Bank

BHD

1,392,300

1,443

3,822

Mexico

-

1.3%

America

Movil

SAB

de

CV

902,552

779

Arca

Continental

SAB

de

CV

90,581

953

Fibra

Uno

Administracion

SA

de

CV(ö)

38,348

Fresnillo

PLC

205,769

2,755

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

278,476

2,393

Kimberly-Clark

de

Mexico

SAB

de

CV

Class

A

721,053

1,271

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ternium

SA

-

ADR

24,795

716

Wal-Mart

de

Mexico

SAB

de

CV

292,733

928

9,844

Netherlands

-

0.2%

ASML

Holding

NV

Class

G

1,817

1,214

Ferrari

NV

558

1,472

Peru

-

0.3%

Credicorp,

Ltd.

11,104

2,245

Philippines

-

0.5%

Ayala

Land,

Inc.

1,524,600

680

BDO

Unibank,

Inc.

571,604

1,631

International

Container

Terminal

Services,

Inc.

188,050

1,155

SM

Investments

Corp.

7,500

3,583

Poland

-

1.0%

Allegro.eu

SA(Æ)(Þ)

68,777

601

Dino

Polska

SA(Æ)(Þ)

16,744

2,346

ORLEN

SA

34,939

632

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

166,536

3,224

Powszechny

Zaklad

Ubezpieczen

SA

44,545

695

7,498

Qatar

-

0.1%

Qatar

National

Bank

QPSC

128,245

589

Romania

-

0.1%

NEPI

Rockcastle

NV(Æ)

54,700

Russia

-

0.0%

Gazprom

PJSC(Æ)(Š)

1,156,822

—

HeadHunter

Group

PLC

-

ADR(Æ)(Š)

7,327

—

LUKOIL

PJSC(Æ)(Š)

143,733

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

34,534

—

Novatek

PJSC(Æ)(Š)

145,224

—

Polyus

PJSC(Æ)(Š)

56,790

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

87,303

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,336,065

—

Surgutneftegas

OJSC(Æ)(Š)

2,093,900

—

Tatneft

PJSC(Æ)(Š)

375,001

—

—

Saudi

Arabia

-

2.7%

Al

Rajhi

Bank

170,974

4,469

Alinma

Bank

12,884

Almarai

Co.

JSC

31,533

Arab

National

Bank

81,980

Banque

Saudi

Fransi

81,845

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

9,116

697

Elm

Co.

1,887

524

Etihad

Etisalat

Co.

126,815

2,127

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ridyadh

Cables

Group

Co.

5,414

Riyad

Bank

143,296

1,177

SABIC

Agri-Nutrients

Co.

15,185

Saudi

Arabian

Oil

Co.(Þ)

117,701

794

Saudi

Awwal

Bank

271,974

2,542

Saudi

National

Bank

(The)

394,627

3,764

Saudi

Telecom

Co.

132,928

1,688

19,783

Singapore

-

1.1%

DBS

Group

Holdings,

Ltd.

6,900

Grab

Holdings,

Ltd.

Class

A(Æ)

555,230

2,709

SEA,

Ltd.

-

ADR(Æ)

39,343

5,274

8,209

South

Africa

-

2.6%

Absa

Group,

Ltd.

138,061

1,270

Anglogold

Ashanti

PLC

172,194

7,249

Aspen

Pharmacare

Holdings,

Ltd.

35,115

Bid

Corp.,

Ltd.

24,747

623

Bidvest

Group,

Ltd.

(The)

25,886

Clicks

Group,

Ltd.

26,469

565

FirstRand,

Ltd.

215,939

845

Gold

Fields,

Ltd.

-

ADR

98,792

2,232

MTN

Group,

Ltd.

111,900

738

Naspers,

Ltd.

Class

N

6,884

1,808

Nedbank

Group,

Ltd.

44,459

603

Sanlam,

Ltd.

129,172

589

Sibanye

Stillwater,

Ltd.(Æ)

803,019

927

Standard

Bank

Group,

Ltd.

67,038

835

18,843

South

Korea

-

10.1%

Amorepacific

Corp.

17,716

1,555

Celltrion,

Inc.

600

Coupang,

Inc.(Æ)

72,953

1,705

DB

Insurance

Co.,

Ltd.

15,251

980

Hana

Financial

Group,

Inc.

38,305

1,740

Hankook

Tire

&

Technology

Co.,

Ltd.

49,323

1,438

Hanwha

Aerospace

Co.,

Ltd.

3,047

1,698

HD

Hyundai

Electric

Co.,

Ltd.

5,809

1,261

HD

Hyundai

Heavy

Industries

Co.,

Ltd.

8,381

2,374

HD

Hyundai

Marine

Solution

Co.,

Ltd.

2,440

Hyundai

Glovis

Co.,

Ltd.

4,069

Hyundai

Heavy

Industries

Co.,

Ltd.

14,806

2,830

Hyundai

Mobis

Co.,

Ltd.

14,519

2,736

Hyundai

Motor

Co.

2,456

Hyundai

Robotics

Co.,

Ltd.

17,522

971

Hyundai

Rotem

Co.,

Ltd.

18,515

1,462

KB

Financial

Group,

Inc.

63,142

4,007

Kia

Corp.

7,634

Korea

Electric

Power

Corp.

116,664

2,103

Korea

Investment

Holdings

Co.,

Ltd.

30,690

1,794

KT

Corp.

-

ADR

7,473

KT&G

Corp.

12,997

1,046

LG

Corp.

Class

H

7,458

LG

Electronics,

Inc.

Class

H

6,254

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mando

Corp.

35,489

931

NAVER

Corp.

10,552

1,490

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

2,091

1,546

Samsung

C&T

Corp.

6,908

594

Samsung

Electro-Mechanics

Co.,

Ltd.

27,483

2,280

Samsung

Electronics

Co.,

Ltd.

366,477

14,362

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

7,853

2,066

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

73,159

751

Samsung

SDS

Co.,

Ltd.

3,036

Samsung

Securities

Co.,

Ltd.

27,895

1,025

Shinhan

Financial

Group

Co.,

Ltd.

92,587

3,352

SK

Hynix,

Inc.

65,409

8,219

SK

Square

Co.,

Ltd.(Æ)

6,918

SK

Telecom

Co.,

Ltd.

47,068

1,808

S-Oil

Corp.

23,065

845

Woori

Financial

Group,

Inc.

139,401

1,738

73,699

Taiwan

-

13.0%

Accton

Technology

Corp.

122,000

2,275

Arcadyan

Technology

Corp.

38,000

ASE

Technology

Holding

Co.,

Ltd.

211,000

911

Asia

Cement

Corp.

22,000

ASPEED

Technology,

Inc.

6,000

565

Asustek

Computer,

Inc.

54,155

986

Bizlink

Holding,

Inc.

123,887

2,090

Catcher

Technology

Co.,

Ltd.

59,000

Cathay

Financial

Holding

Co.,

Ltd.

553,000

1,015

China

Airlines,

Ltd.

243,000

Compal

Electronics,

Inc.

1,251,000

1,073

CTBC

Financial

Holding

Co.,

Ltd.

1,895,000

2,337

Delta

Electronics,

Inc.

12,169

E

Ink

Holdings,

Inc.

12,000

E.Sun

Financial

Holding

Co.,

Ltd.

245,000

Eva

Airways

Corp.

229,000

First

Financial

Holding

Co.,

Ltd.

73,124

Fubon

Financial

Holding

Co.,

Ltd.

1,566,750

4,144

Globalwafers

Co.,

Ltd.

93,000

900

Hiwin

Technologies

Corp.

241,000

1,665

Hon

Hai

Precision

Industry

Co.,

Ltd.

688,000

3,057

KGI

Financial

Holding

Co.,

Ltd.

3,816,000

1,976

Largan

Precision

Co.,

Ltd.

29,000

2,061

Lite-On

Technology

Corp.

15,107

MediaTek,

Inc.

210,000

8,899

Mega

Financial

Holding

Co.,

Ltd.

65,238

Pegatron

Corp.

176,000

Quanta

Computer,

Inc.(Æ)

102,000

764

Realtek

Semiconductor

Corp.

135,000

2,220

SinoPac

Financial

Holdings

Co.,

Ltd.

760,375

508

Synnex

Technology

International

Corp.

12,000

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

1,547,000

44,099

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

40,774

6,797

Uni-President

Enterprises

Corp.

414,000

998

United

Microelectronics

Corp.

332,707

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wistron

Corp.

260,000

829

WPG

Holdings,

Ltd.

148,000

Yageo

Corp.

31,065

Yuanta

Financial

Holding

Co.,

Ltd.

1,522,740

1,487

95,121

Thailand

-

1.9%

Advanced

Info

Service

PCL

132,200

1,168

Amata

Corp.

PCL

205,100

Bangkok

Bank

PCL

358,200

1,502

Bangkok

Dusit

Medical

Services

PCL

591,000

Charoen

Pokphand

Foods

PCL

2,298,700

1,813

CP

ALL

PCL

653,800

1,008

Indorama

Ventures

PCL

1,396,400

795

Kasikornbank

PCL

273,900

1,309

PTT

Exploration

&

Production

PCL

465,600

1,390

PTT

PCL

148,400

SCB

X

PCL

-

ADR

433,000

1,544

Siam

Cement

PCL

(The)

106,500

512

Srisawad

Corp

PCL

233,200

Thai

Beverage

PCL

3,478,200

1,332

Thai

Union

Group

PCL

670,800

True

Corp.

PCL(Æ)

380,800

13,595

Turkey

-

0.9%

Akbank

TAS

1,800,807

2,277

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

66,044

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

43,145

BIM

Birlesik

Magazalar

AS

83,673

984

Coca-Cola

Icecek

AS

661,860

899

Ford

Otomotiv

Sanayi

AS

24,280

560

Turk

Hava

Yollari

AO

43,794

Turkcell

Iletisim

Hizmetleri

AS

391,335

917

Turkiye

Petrol

Rafinerileri

AS

75,910

6,552

United

Arab

Emirates

-

1.8%

Abu

Dhabi

Commercial

Bank

PJSC

226,659

723

Aldar

Properties

PJSC

935,897

2,107

Americana

Restaurants

International

PLC

553,359

Dubai

Islamic

Bank

PJSC

70,706

Emaar

Development

PJSC

79,344

Emaar

Properties

PJSC

1,566,069

5,594

Emirates

NBD

Bank

PJSC

139,817

783

First

Abu

Dhabi

Bank

PJSC

479,457

1,962

Salik

Co.

PJSC

646,864

892

12,825

United

Kingdom

-

0.2%

Coca-Cola

Europacific

Partners

PLC

7,943

721

HSBC

Holdings

PLC

41,139

1,178

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

States

-

1.0%

Cognizant

Technology

Solutions

Corp.

Class

A

28,682

2,110

Freeport-McMoRan,

Inc.

66,560

2,398

Globant

SA(Æ)

10,366

1,219

JBS

SA

61,700

Meta

Platforms,

Inc.

Class

A

Netflix,

Inc.

Class

B(Æ)

Spotify

Technology

SA(Æ)

894

549

7,217

Vietnam

-

0.3%

FPT

Corp.

109,000

Vietnam

Dairy

Products

JSC

804,700

1,786

2,246

#### Total

#### Common

#### Stocks
(cost

$558,565)

696,260

#### Preferred

#### Stocks

#### -

#### 1.0%
Brazil

-

0.9%

Banco

Bradesco

SA

8.743%

(Æ)(Ÿ)

448,600

1,085

Cia

Energetica

de

Minas

Gerais

17.621%

(Ÿ)

1,221,818

2,357

Itau

Unibanco

Holding

SA

6.356%

(Ÿ)

241,293

1,513

Petroleo

Brasileiro

SA

11.216%

(Ÿ)

319,393

1,688

6,643

Russia

-

0.0%

Sberbank

of

Russia

PJSC

0.000%

(Æ)(Ÿ)(Š)

348,120

—

Surgutneftegas

PAO

0.000%

(Æ)(Ÿ)(Š)

2,472,400

—

—

South

Korea

-

0.1%

Hyundai

Motor

Co.

6.554%

(Ÿ)

2,901

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

3,024

#### Total

#### Preferred

#### Stocks
(cost

$7,863)

7,055

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
South

Korea

-

0.0%

Samsung

SDI

Co.,

Ltd.(Æ)

2025

Rights

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

#### Short-Term

#### Investments

#### -

#### 3.4%
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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
United

States

-

3.4%

U.S.

Cash

Management

Fund(@)

24,767,939

(∞)

24,761

#### Total

#### Short-Term

#### Investments
(cost

$24,761)

24,761

#### Total

#### Investments

#### -

#### 99.7%
(identified

cost

$591,189)

728,082

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.3%
2,500

#### Net

#### Assets

#### -

#### 100.0%
730,582

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,

#### 2025
(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

#### $5.9%

3SBio,

Inc.

11/13/24

HKD

123,500

0.75 93

Air

Astana

JSC

04/24/24

33,434

8.60 287

Akeso,

Inc.

04/02/25

HKD

29,000

11.19 325

Allegro.eu

SA

02/19/25

PLN

68,777

7.81 537

601

Avenue

Supermarts,

Ltd.

03/20/24

INR

19,116

55.32 1,057

952

Budweiser

Brewing

Co.

APAC,

Ltd.

03/26/25

HKD

635,800

1.21 768

677

Central

Depository

Services

India,

Ltd.

03/26/24

INR

5,684

10.76 61

CGN

Power

Co.,

Ltd.

05/29/24

HKD

1,075,000

0.39 415

China

International

Capital

Corp.,

Ltd.

10/28/20

HKD

798,000

1.99 1,587

1,384

China

Tower

Corp.,

Ltd.

06/30/21

HKD

538,300

1.37 740

782

Dino

Polska

SA

06/24/19

PLN

16,744

48.20 807

2,346

Dixon

Technologies

India,

Ltd.

12/11/24

INR

5,409

202.03 1,093

1,054

Fuyao

Glass

Industry

Group

Co.,

Ltd.

12/13/23

HKD

52,800

4.68 247

Giant

Biogene

Holding

Co.,

Ltd.

04/17/24

HKD

175,000

5.43 949

1,818

Haidilao

International

Holding,

Ltd.

09/13/23

HKD

649,000

2.61 1,692

1,484

Hangzhou

Tigermed

Consulting

Co.,

Ltd.

09/13/23

HKD

131,700

5.40 712

HDFC

Asset

Management

Co.,

Ltd.

07/31/24

INR

18,390

51.15 941

946

HDFC

Life

Insurance

Co.,

Ltd.

09/20/23

INR

168,550

7.68 1,294

1,486

Hindustan

Aeronautics,

Ltd.

04/13/22

INR

23,277

14.23 331

1,238

Huatai

Securities

Co.,

Ltd.

03/12/25

HKD

75,800

1.77 134

ICICI

Lombard

General

Insurance

Co.,

Ltd.

03/26/25

INR

14,316

20.79 298

InterGlobe

Aviation,

Ltd.

12/13/23

INR

9,024

35.82 323

561

JD

Logistics,

Inc.

12/11/24

HKD

165,200

1.86 308

Kaspi.KZ

JSC

01/10/24

21,120

99.23 2,096

1,856

Kuaishou

Technology

02/05/25

HKD

53,700

5.82 312

Macrotech

Developers,

Ltd.

02/07/24

INR

52,631

14.50 763

823

Meituan

06/19/24

HKD

254,728

14.92 3,801

4,261

Nongfu

Spring

Co.,

Ltd.

02/27/24

HKD

23,600

5.70 134

Paradeep

Phosphates,

Ltd.

12/18/24

INR

191,053

1.33 255

Pop

Mart

Internaitonal

Group,

Ltd.

11/08/23

HKD

134,400

7.09 953

3,380

Samsung

Biologics

Co.,

Ltd.

03/03/20

KRW

2,091

557.03 1,165

1,546

Saudi

Arabian

Oil

Co.

11/27/24

SAR

117,701

7.42 874

794

Shandong

Gold

Mining

Co.,

Ltd.

02/12/25

HKD

121,750

2.02 246

WH

Group,

Ltd.

01/31/24

HKD

3,611,000

0.60 2,154

3,246

WuXi

AppTec

Co.,

Ltd.

12/18/24

HKD

160,600

7.39 1,186

1,257

Xiaomi

Corp.

09/13/23

HKD

1,027,000

2.89 2,967

6,659

42,966

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

25,364

06/25

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

767

HKD

5,948

05/06/25

—

Bank

of

America

EUR

USD

05/05/25

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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

USD

BRL

639

05/05/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Argentina

$

787

$

—

$

—

$

—

$

787

.1

Austria

—

1,073

—

—

1,073

.1

Brazil

40,838

—

—

—

40,838

.6

Canada

1,394

—

—

—

1,394

.2

Chile

—

—

—

.1

China

23,216

186,099

—

—

209,315

.6

Colombia

2,093

—

—

—

2,093

.3

Czech

Republic

—

—

—

—

\*

France

—

875

—

—

875

.1

Greece

—

5,197

—

—

5,197

.7

Hong

Kong

—

9,324

—

9,393

.3

Hungary

—

4,732

—

—

4,732

.6

India

4,823

108,579

—

113,469

.5

Indonesia

—

8,719

—

—

8,719

.2

Italy

—

1,347

—

—

1,347

.2

Kazakhstan

2,237

1,856

—

4,281

.6

Kuwait

—

512

—

—

512

.1

Macao

—

2,611

—

—

2,611

.4

Malaysia

—

3,822

—

—

3,822

.5

Mexico

7,089

2,755

—

—

9,844

.3

Netherlands

1,472

—

—

—

1,472

.2

Peru

2,245

—

—

—

2,245

.3

Philippines

—

3,583

—

—

3,583

.5

Poland

—

7,498

—

—

7,498

.0

Qatar

—

589

—

—

589

.1

Romania

—

—

—

.1

Russia

—

—

—

—

—

—

Saudi

Arabia

—

19,783

—

—

19,783

.7

Singapore

7,983

—

—

8,209

.1

South

Africa

6,061

12,782

—

—

18,843

.6

South

Korea

1,850

71,849

—

—

73,699

.1

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Taiwan

6,797

88,324

—

—

95,121

.0

Thailand

13,382

—

—

13,595

.9

Turkey

—

6,552

—

—

6,552

.9

United

Arab

Emirates

—

12,825

—

—

12,825

.8

United

Kingdom

721

—

—

1,178

.2

United

States

7,217

—

—

—

7,217

.0

Vietnam

—

2,246

—

—

2,246

.3

Preferred

Stocks

6,643

—

—

7,055

.0

Warrants

and

Rights

—

—

—

—

\*

Short-Term

Investments

—

—

—

24,761

24,761

.4

Total

Investments

124,177

577,152

1,992

24,761

728,082

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

—

\*

Foreign

Currency

Exchange

Contracts

—

—

—

—

\*

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

144,731

Consumer

Staples

...............................................................................

40,901

Energy

................................................................................................

16,365

Financial

Services

..............................................................................

191,721

Health

Care

........................................................................................

20,229

Materials

and

Processing

...................................................................

49,263

Producer

Durables

..............................................................................

44,281

Technology

.........................................................................................

162,085

Utilities

...............................................................................................

26,684

#### Preferred

#### Stocks
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,

#### 2025
(Unaudited)

Consumer

Discretionary

....................................................................

Energy

................................................................................................

1,688

Financial

Services

..............................................................................

2,598

Technology

.........................................................................................

Utilities

...............................................................................................

2,357

#### Warrants

#### and

#### Rights

#### ...................................................................

#### Short-Term

#### Investments

#### .............................................................
24,761

Total

Investments

...............................................................................

728,082

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,

#### 2025
(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

$

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(327) $

—

Foreign

currency

exchange

contracts

—

(114) Total

$

(327) $

(114) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(13

7)

$

—

Foreign

currency

exchange

contracts

—

Total

$

(137) $

\*

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,

#### 2025
(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

$

$

—

$

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

591,189

Investments,

at

fair

value(>)

........................................................................................................................................................

728,082

Foreign

currency

holdings(^)

.......................................................................................................................................................

2,127

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,631

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

6,761

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

1,157

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

740,481

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

6,208

Fund

shares

redeemed

......................................................................................................................................................

562

Accrued

fees

to

affiliates

..................................................................................................................................................

593

Other

accrued

expenses

....................................................................................................................................................

640

Deferred

capital

gains

tax

liability

...................................................................................................................................

1,896

Total

liabilities

...........................................................................................................................................................

9,899

#### Net

#### Assets

#### ...............................................................................................................................................................
$

730,582

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

73,030

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

657,114

#### Net

#### Assets

#### ...............................................................................................................................................................
$

730,582

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

16.56 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

17.57 Class

A

—

Net

assets

...........................................................................................................................................................

$

8,660,532

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

523,111

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

15.10 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,624,438

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

173,817

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

16.65 Class

M

—

Net

assets

..........................................................................................................................................................

$

108,675,126

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

6,525,315

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

16.72 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,768,664

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

105,803

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

16.69 Class

S

—

Net

assets

............................................................................................................................................................

$

495,903,122

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,711,806

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

16.70 Class

Y

—

Net

assets

...........................................................................................................................................................

$

112,950,459

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

6,763,511

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

–

cost

$

3,819

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

24,76

(a) Receivable

from

Broker

for

Futures

$

1,157

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

9,079

Dividends

from

affiliated

funds

.......................................................................................................................................

593

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(918) Total

investment

income

..............................................................................................................................................................

8,777

#### Expenses
Advisory

fees

...................................................................................................................................................................

3,402

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

............................................................................................................................................

503

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

4,760

Expense

reductions

..........................................................................................................................................................

(481) Net

expenses

................................................................................................................................................................................

4,279

Net

investment

income

(loss)

.......................................................................................................................................................

4,498

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$860)

.................................................................................................

12,770

Investments

in

affiliated

funds

.........................................................................................................................................

(7) Futures

contracts

..............................................................................................................................................................

(327) Foreign

currency

exchange

contracts

...............................................................................................................................

(114) Foreign

currency-related

transactions

..............................................................................................................................

(137) Net

realized

gain

(loss)

................................................................................................................................................................

12,185

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

$

1,727)

......................................................

(4,265)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

(137) Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(4,267)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

7,918

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

12,416

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

4,498

$

13,651

Net

realized

gain

(loss)

.......................................................................................................................

12,185

32,280

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(4,267)

113,708

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

12,416

159,639

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(191) (173) Class

C

..........................................................................................................................................

(49) (52) Class

M

.........................................................................................................................................

(2,669)

(2,678)

Class

R6

........................................................................................................................................

(99) (44) Class

S

..........................................................................................................................................

(12,834)

(12,362)

Class

Y

..........................................................................................................................................

(2,865)

(2,818)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(18,707)

(18,127)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(29,722)

(133,071)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(36,013)

8,441

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

766,595

758,154

End

of

period

.............................................................................................................................................

$

730,582

$

766,595

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

906

$

1,303

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(58) (944) (111) (1,722)

Net

increase

(decrease)

(16) (247) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(31) (463) (53) (756) Net

increase

(decrease)

(26) (395) (41) (598) Class

M

Proceeds

from

shares

sold

1,425

23,356

1,512

24,054

Proceeds

from

reinvestment

of

distributions

2,669

2,677

Payments

for

shares

redeemed

(2,258)

(36,952)

(1,492)

(23,460)

Net

increase

(decrease)

(665) (10,927)

3,271

Class

R6

Proceeds

from

shares

sold

647

10,440

525

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(659) (10,771)

(26) (413) Net

increase

(decrease)

(6) (232) 11

Class

S

Proceeds

from

shares

sold

2,589

42,751

3,153

49,411

Proceeds

from

reinvestment

of

distributions

798

12,745

830

12,278

Payments

for

shares

redeemed

(4,774)

(78,660)

(12,087)

(185,343)

Net

increase

(decrease)

(1,387)

(23,164)

(8,104)

(123,654)

Class

Y

Proceeds

from

shares

sold

681

11,081

2,113

Proceeds

from

reinvestment

of

distributions

2,865

2,818

Payments

for

shares

redeemed

(552) (9,102)

(1,043)

(16,930)

Net

increase

(decrease)

4,844

(716) (11,999)

Total

increase

(decrease)

(1,766)

$

(29,722)

(8,664)

$

(133,071)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### Russell

#### Investment

#### Company

#### Emerging

#### Markets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025

\*

16.68 .08

.17

.25

(.37)

—

October

31,

2024

13.86 .24

2.91 3.15 (.33)

—

October

31,

2023

12.84 .33

.96

1.29 (.27)

—

October

31,

2022

21.81 .41

(6.79)

(6.38)

(.61)

(1.98)

October

31,

2021

18.13 .27

3.49 3.76 (.08)

—

October

31,

2020

18.46 .14

(.03)

.11

(.35)

(.09)

Class

C

April

30,

2025

\*

15.18 .01

.16

.17

(.25)

—

October

31,

2024

12.63 .11

2.66 2.77 (.22)

—

October

31,

2023

11.72 .20

.87

1.07 (.16)

—

October

31,

2022

20.10 .25

(6.20)

(5.95)

(.45)

(1.98)

October

31,

2021

16.77 .09

3.24 3.33 —

—

October

31,

2020

17.07 .01

(.05)

(.04)

(.17)

(.09)

Class

M

April

30,

2025

\*

16.80 .11

.17

.28

(.43)

—

October

31,

2024

13.97 .30

2.92 3.22 (.39)

—

October

31,

2023

12.95 .38

.97

1.35 (.33)

—

October

31,

2022

21.98 .47

(6.83)

(6.36)

(.69)

(1.98)

October

31,

2021

18.27 .35

3.51 3.86 (.15)

—

October

31,

2020

18.61 .21

(.04)

.17

(.42)

(.09)

Class

R6

April

30,

2025

\*

16.88 .08

.20

.28

(.44)

—

October

31,

2024

14.03 .30

2.94 3.24 (.39)

—

October

31,

2023

13.01 .43

.93

1.36 (.34)

—

October

31,

2022

22.05 .48

(6.85)

(6.37)

(.69)

(1.98)

October

31,

2021

18.33 .14

3.73 3.87 (.15)

—

October

31,

2020

18.66 .22

(.03)

.19

(.43)

(.09)

Class

S

April

30,

2025

\*

16.83 .10

.17

.27

(.41)

—

October

31,

2024

13.99 .28

2.93 3.21 (.37)

—

October

31,

2023

12.96 .37

.97

1.34 (.31)

—

October

31,

2022

21.99 .45

(6.83)

(6.38)

(.67)

(1.98)

October

31,

2021

18.28 .31

3.53 3.84 (.13)

—

October

31,

2020

18.62 .18

(.03)

.15

(.40)

(.09)

Class

Y

April

30,

2025

\*

16.86 .11

.17

.28

(.44)

—

October

31,

2024

14.01 .31

2.94 3.25 (.40)

—

October

31,

2023

12.99 .39

.97

1.36 (.34)

—

October

31,

2022

22.04 .48

(6.84)

(6.36)

(.71)

(1.98)

October

31,

2021

18.32 .23

3.65 3.88 (.16)

—

October

31,

2020

18.65 .21

(.02)

.19

(.43)

(.09)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Emerging

Markets

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.37)

16.56 1.61 8,661

1.57 1.45 .97

(.33)

16.68 23.07 8,577

1.63 1.44 1.54 66

(.27)

13.86 9.97 7,346

1.79 1.45 2.23 95

(2.59)

12.84 (32.86)

7,583

1.77 1.44 2.41 69

(.08)

21.81 20.76 13,526

1.74 1.42 1.22 52

(.44)

18.13 .44

12,044

1.78 1.55 .80

(.25)

15.10 1.19 2,624

2.32 2.20 .15

(.22)

15.18 22.16 3,036

2.38 2.19 .77

(.16)

12.63 9.09 3,046

2.54 2.20 1.51 95

(2.43)

11.72 (33.33)

3,368

2.52 2.19 1.63 69

—

20.10 19.86 6,121

2.49 2.17 .45

(.26)

16.77 (.32)

6,036

2.53 2.30 .03

(.43)

16.65 1.70 108,675

1.32 1.10 1.30 33

(.39)

16.80 23.40 120,831

1.38 1.09 1.87 66

(.33)

13.97 10.36 97,617

1.54 1.10 2.57 95

(2.67)

12.95 (32.59)

107,266

1.52 1.09 2.79 69

(.15)

21.98 21.16 157,235

1.49 1.07 1.56 52

(.51)

18.27 .78

110,034

1.53 1.20 1.17 58

(.44)

16.72 1.77 1,769

1.17 1.05 .97

(.39)

16.88 23.51 1,882

1.23 1.04 1.92 66

(.34)

14.03 10.39 1,414

1.38 1.04 2.86 95

(2.67)

13.01 (32.54)

1.37 1.04 2.83 69

(.15)

22.05 21.18 308

1.35 1.03 .64

(.52)

18.33 .85

1,550

1.38 1.15 1.25 58

(.41)

16.69 1.72 495,903

1.32 1.20 1.19 33

(.37)

16.83 23.28 523,461

1.38 1.19 1.77 66

(.31)

13.99 10.29 548,280

1.54 1.20 2.47 95

(2.65)

12.96 (32.67)

640,012

1.52 1.19 2.69 69

(.13)

21.99 21.01 1,006,019

1.49 1.17 1.41 52

(.49)

18.28 .66

1,049,372

1.53 1.30 1.03 58

(.44)

16.70 1.79 112,950

1.13 1.02 1.40 33

(.40)

16.86 23.57 108,808

1.18 1.01 1.95 66

(.34)

14.01 10.44 100,451

1.34 1.02 2.63 95

(2.69)

12.99 (32.54)

65,124

1.33 1.01 2.84 69

(.16)

22.04 21.23 96,275

1.29 .99

1.04 52

(.52)

18.32 .87

209,678

1.33 1.12 1.21 58

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

480,026

Administrative

fees

27,811

Distribution

fees

3,277

Shareholder

servicing

fees

520

Transfer

agent

fees

79,628

Trustees'

fees

1,519

$

592,781

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

33,825

$

153,906

$

162,965

$

(7)

$

$

24,761

$

593

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

612,269,485

$

178,522,289

$

(62,586,522)

$

115,935,767

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -
98.3 #### %
Consumer

Discretionary

-

14.6%

Abercrombie

&

Fitch

Co.

Class

A(Æ)

195,224

13,552

Amazon.com,

Inc.(Æ)

1,895,275

349,527

Autoliv,

Inc.

32,888

3,066

AutoZone,

Inc.(Æ)

3,781

14,226

Best

Buy

Co.,

Inc.

63,283

4,220

Capri

Holdings,

Ltd.(Æ)

255,643

3,845

Charter

Communications,

Inc.

Class

A(Æ)

13,349

5,231

Chipotle

Mexican

Grill,

Inc.

Class

A(Æ)

1,213,861

61,324

Comcast

Corp.

Class

A

974,268

33,320

Costco

Wholesale

Corp.

119,777

119,118

Dollar

General

Corp.

442,144

41,424

Dollar

Tree,

Inc.(Æ)

182,184

14,897

DR

Horton,

Inc.

169,618

21,430

eBay,

Inc.

26,648

1,816

Expedia

Group,

Inc.

5,900

926

Ford

Motor

Co.

577,448

5,780

Fox

Corp.

Class

A

190,145

9,467

Garmin,

Ltd.

46,864

8,758

General

Motors

Co.

544,696

24,642

Grand

Canyon

Education,

Inc.(Æ)

17,657

3,150

Hilton

Worldwide

Holdings,

Inc.

58,633

13,221

Home

Depot,

Inc.

(The)

75,922

27,369

Lennar

Corp.

Class

A

101,949

11,073

Lennar

Corp.

Class

B

Liberty

Media

Corp.

Class

A(Æ)

21,159

1,481

Live

Nation

Entertainment,

Inc.(Æ)

84,263

11,161

Lowe's

Cos.,

Inc.

185,439

41,457

Marriott

International,

Inc.

Class

A

7,893

1,883

McDonald's

Corp.

5,663

1,810

Netflix,

Inc.

Class

B(Æ)

73,342

83,003

New

York

Times

Co.

(The)

Class

A

69,057

3,595

News

Corp.

Class

A

251,088

6,810

NIKE,

Inc.

Class

B

2,506

nVent

Electric

PLC

6,066

NVR,

Inc.(Æ)

875

6,235

O'Reilly

Automotive,

Inc.(Æ)

39,735

56,233

PulteGroup,

Inc.

240,752

24,696

Ross

Stores,

Inc.

30,823

4,284

Royal

Caribbean

Cruises,

Ltd.

10,518

2,260

RTX

Corp.

228,015

28,760

Starbucks

Corp.

218,530

17,493

Tapestry,

Inc.

78,600

5,553

Target

Corp.

197,053

19,055

Tesla,

Inc.(Æ)

296,491

83,658

TJX

Cos.,

Inc.

(The)

206,593

26,584

Travel

+

Leisure

Co.

52,623

2,312

Ulta

Beauty,

Inc.(Æ)

22,507

8,905

Walmart,

Inc.

526,143

51,167

Walt

Disney

Co.

(The)

95,095

8,649

Wyndham

Hotels

&

Resorts,

Inc.

59,865

5,107

Yum

China

Holdings,

Inc.

29,534

1,279

Yum!

Brands,

Inc.

284,366

42,780

1,338,072

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Consumer

Staples

-

4.4%

Ambev

SA

-

ADR

7,529,693

19,050

Archer-Daniels-Midland

Co.

193,614

9,245

Church

&

Dwight

Co.,

Inc.

14,788

1,469

Coca-Cola

Co.

(The)

102,679

7,449

Coca-Cola

Europacific

Partners

PLC

72,498

6,578

Colgate-Palmolive

Co.

150,097

13,837

Conagra

Brands,

Inc.

385,132

9,517

Constellation

Brands,

Inc.

Class

A

26,679

5,003

CVS

Health

Corp.

655,923

43,757

Estee

Lauder

Cos.,

Inc.

(The)

Class

A

90,011

5,397

General

Mills,

Inc.

14,896

845

Haleon

PLC

-

ADR

958,773

9,732

Hershey

Co.

(The)

32,399

5,417

Ingredion,

Inc.

138,487

18,394

Kenvue,

Inc.

568,345

13,413

Keurig

Dr

Pepper,

Inc.

14,941

517

Kimberly-Clark

Corp.

5,800

764

Kroger

Co.

(The)

975,852

70,466

Molson

Coors

Beverage

Co.

Class

B

200,585

11,540

Mondelez

International,

Inc.

Class

A

349,771

23,830

Monster

Beverage

Corp.(Æ)

142,839

8,588

PepsiCo,

Inc.

219,657

29,781

Philip

Morris

International,

Inc.

112,197

19,226

Procter

&

Gamble

Co.

(The)

296,798

48,250

Sysco

Corp.

51,834

3,701

Tyson

Foods,

Inc.

Class

A

256,426

15,704

Unilever

PLC

-

ADR

15,084

959

402,429

Energy

-

3.2%

BP

PLC

-

ADR

206,088

5,659

Canadian

Natural

Resources,

Ltd.

985,733

28,281

Chevron

Corp.

142,581

19,400

Diamondback

Energy,

Inc.

203,828

26,907

Eaton

Corp.

PLC

105,586

31,081

EOG

Resources,

Inc.

104,447

11,524

EQT

Corp.

44,879

2,219

Exxon

Mobil

Corp.

683,176

72,164

First

Solar,

Inc.(Æ)

70,276

8,842

Hess

Corp.

80,704

10,415

Magna

International,

Inc.

Class

A

434,020

15,086

Marathon

Petroleum

Corp.

64,204

8,822

Occidental

Petroleum

Corp.

54,895

2,163

Phillips

103,255

10,745

Shell

PLC

-

ADR

363,675

23,450

Valero

Energy

Corp.

128,835

14,956

291,714

Financial

Services

-

14.0%

AerCap

Holdings

NV

379,314

40,207

Aflac,

Inc.

25,549

2,777

Allstate

Corp.

(The)

132,623

26,311

American

Express

Co.

170,417

45,401

American

International

Group,

Inc.

99,016

8,072

American

Tower

Corp.(ö)

86,616

19,524

Ameriprise

Financial,

Inc.

5,878

2,769

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Annaly

Capital

Management,

Inc.(ö)

99,532

1,951

Aon

PLC

Class

A

59,307

21,042

Apollo

Global

Management,

Inc.

159,449

21,762

Arthur

J

Gallagher

&

Co.

28,088

9,008

Assurant,

Inc.

5,910

1,139

Assured

Guaranty,

Ltd.

599

AvalonBay

Communities,

Inc.(ö)

5,000

1,050

Bank

of

America

Corp.

854,831

34,091

Bank

OZK

21,974

936

Berkshire

Hathaway,

Inc.

Class

B(Æ)

185,181

98,748

Capital

One

Financial

Corp.

147,276

26,548

Carlyle

Group,

Inc.

(The)

273,722

10,577

Charles

Schwab

Corp.

(The)

140,526

11,439

Chubb,

Ltd.

142,769

40,843

Cincinnati

Financial

Corp.

26,369

3,671

Citigroup,

Inc.

727,303

49,733

Citizens

Financial

Group,

Inc.

462,301

17,054

CME

Group,

Inc.

Class

A

45,880

12,712

Discover

Financial

Services

35,490

6,483

East

West

Bancorp,

Inc.

28,223

2,414

Equinix,

Inc.(ö)

32,204

27,720

Evercore,

Inc.

Class

A

14,201

2,915

Everest

Re

Group,

Ltd.

900

Fifth

Third

Bancorp

276,742

9,946

First

Citizens

BancShares,

Inc.

Class

A

1,845

3,283

Goldman

Sachs

Group,

Inc.

(The)

12,071

6,609

Hartford

Financial

Services

Group,

Inc.

(The)

63,811

7,828

Host

Hotels

&

Resorts,

Inc.(ö)

629,687

8,891

Huntington

Bancshares,

Inc.

831,115

12,076

Intercontinental

Exchange,

Inc.

163,857

27,523

Janus

Henderson

Group

PLC

119,188

3,958

JPMorgan

Chase

&

Co.

357,953

87,562

Kimco

Realty

Corp.(ö)

434,379

8,679

Markel

Group,

Inc.(Æ)

9,476

17,233

MasterCard,

Inc.

Class

A

257,728

141,250

MetLife,

Inc.

171,966

12,961

Millrose

Properties,

Inc.

Class

A(ö)

57,653

1,444

Morgan

Stanley

198,001

22,853

Northern

Trust

Corp.

1,828

PNC

Financial

Services

Group,

Inc.

(The)

22,409

3,601

Progressive

Corp.

(The)

233,134

65,683

Prologis,

Inc.(ö)

21,459

2,193

Prudential

Financial,

Inc.

67,246

6,907

Public

Storage(ö)

20,445

6,142

Raymond

James

Financial,

Inc.

10,375

1,422

Regions

Financial

Corp.

755,927

15,428

Reinsurance

Group

of

America,

Inc.

Class

A

68,169

12,769

Simon

Property

Group,

Inc.(ö)

—

State

Street

Corp.

42,925

3,782

Synchrony

Financial

264,937

13,763

Torchmark

Corp.

116,150

14,326

Travelers

Cos.,

Inc.

(The)

26,691

7,050

Truist

Financial

Corp.

8,224

US

Bancorp

11,100

Visa,

Inc.

Class

A

289,631

100,067

Voya

Financial,

Inc.

21,215

1,256

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
W.R.

Berkley

Corp.

98,367

7,052

Webster

Financial

Corp.

19,386

917

Wells

Fargo

&

Co.

1,048,463

74,451

Welltower,

Inc.(ö)

58,700

8,957

Willis

Towers

Watson

PLC

62,325

19,184

1,285,254

Health

Care

-

11.0%

Abbott

Laboratories

254,958

33,336

AbbVie,

Inc.

303,906

59,292

ABIOMED,

Inc.(Š)

9,546

—

Agilent

Technologies,

Inc.

114,190

12,287

Align

Technology,

Inc.(Æ)

53,488

9,270

Amgen,

Inc.

53,187

15,473

AstraZeneca

PLC

-

ADR

68,212

4,897

Becton

Dickinson

&

Co.

1,334

Biogen,

Inc.(Æ)

10,200

1,235

Boston

Scientific

Corp.(Æ)

371,420

38,208

Bristol

Myers

Squibb

Co.

477,630

23,977

Cigna

Group

(The)

77,812

26,459

Danaher

Corp.

208,019

41,464

Elevance

Health,

Inc.

58,028

24,405

Eli

Lilly

&

Co.

58,299

52,408

Exelixis,

Inc.(Æ)

203,432

7,964

GE

HealthCare

Technologies,

Inc.

10,656

750

Genmab

A/S

-

ADR(Æ)

508,504

10,755

Gilead

Sciences,

Inc.

58,798

6,264

GSK

PLC

-

ADR

521,237

20,771

HCA

Healthcare,

Inc.

17,182

5,929

Henry

Schein,

Inc.(Æ)

133,585

8,679

Humana,

Inc.

37,829

9,920

Icon

PLC(Æ)

163,853

24,814

IDEXX

Laboratories,

Inc.(Æ)

52,668

22,787

Intuitive

Surgical,

Inc.(Æ)

107,538

55,468

Jazz

Pharmaceuticals

PLC(Æ)

46,581

5,448

Johnson

&

Johnson

300,619

46,990

Koninklijke

Philips

NV(Æ)

397,620

10,080

Labcorp

Holdings,

Inc.

10,723

2,584

McKesson

Corp.

54,558

38,888

Medtronic

PLC

94,373

7,999

Merck

&

Co.,

Inc.

310,510

26,456

Novo

Nordisk

A/S

-

ADR

304,077

20,206

Pfizer,

Inc.

137,510

3,357

Regeneron

Pharmaceuticals,

Inc.

81,910

49,044

ResMed,

Inc.

11,906

2,817

Royalty

Pharma

PLC

Class

A

510,522

16,755

Sanofi

SA

-

ADR

120,347

6,613

Sarepta

Therapeutics,

Inc.(Æ)

181,616

11,333

Stryker

Corp.

41,784

15,624

Thermo

Fisher

Scientific,

Inc.

84,822

36,389

UnitedHealth

Group,

Inc.

269,899

111,047

Universal

Health

Services,

Inc.

Class

B

24,354

4,312

Veeva

Systems,

Inc.

Class

A(Æ)

31,948

7,466

Vertex

Pharmaceuticals,

Inc.(Æ)

79,314

40,411

Viatris,

Inc.

248,632

2,094

Waters

Corp.(Æ)

24,577

8,546

West

Pharmaceutical

Services,

Inc.

73,730

15,578

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zoetis,

Inc.

Class

A

13,700

2,143

1,009,268

Materials

and

Processing

-

3.7%

Air

Products

&

Chemicals,

Inc.

1,928

523

Ball

Corp.

28,448

1,478

Builders

FirstSource,

Inc.(Æ)

87,616

10,481

Carrier

Global

Corp.

231,724

14,492

Celanese

Corp.

Class

A

210,466

9,368

CF

Industries

Holdings,

Inc.

102,156

8,006

Copart,

Inc.(Æ)

412,015

25,145

Crown

Holdings,

Inc.

52,077

5,017

Dow,

Inc.

33,546

1,026

DuPont

de

Nemours,

Inc.

273,418

18,043

Ecolab,

Inc.

98,808

24,843

Fastenal

Co.

97,625

7,905

FMC

Corp.

510,554

21,402

Fortune

Brands

Innovations,

Inc.

40,496

2,179

Freeport-McMoRan,

Inc.

259,952

9,366

General

Electric

Co.

31,968

6,443

Ingevity

Corp.(Æ)

4,417

Johnson

Controls

International

PLC

20,895

1,753

Linde

PLC

127,662

57,860

Martin

Marietta

Materials,

Inc.

17,986

9,424

Masco

Corp.

34,631

2,099

Mohawk

Industries,

Inc.(Æ)

50,385

5,358

Mosaic

Co.

(The)

147,573

4,486

NewMarket

Corp.

3,892

2,395

Nucor

Corp.

25,435

3,036

Owens

Corning

10,445

1,519

Packaging

Corp.

of

America

80,514

14,944

PPG

Industries,

Inc.

4,923

536

Reliance,

Inc.

6,664

1,921

Rio

Tinto

PLC

-

ADR

37,916

2,252

Royal

Gold,

Inc.

14,458

2,642

Sherwin-Williams

Co.

(The)

39,777

14,038

Steel

Dynamics,

Inc.

34,119

4,426

Trane

Technologies

PLC

101,010

38,718

United

States

Steel

Corp.

128,633

5,623

338,893

Producer

Durables

-

7.4%

Alaska

Air

Group,

Inc.(Æ)

46,980

2,080

Amphenol

Corp.

Class

A

155,440

11,961

Automatic

Data

Processing,

Inc.

76,295

22,934

Canadian

Pacific

Kansas

City,

Ltd.

164,809

11,944

Chart

Industries,

Inc.(Æ)

11,477

1,549

Corpay,

Inc.(Æ)

60,475

19,677

CSX

Corp.

750,167

21,057

Cummins,

Inc.

23,669

6,955

Deere

&

Co.

58,675

27,199

Delta

Air

Lines,

Inc.

992,739

41,328

Dover

Corp.

26,181

4,468

Esab

Corp.

29,041

3,488

Expeditors

International

of

Washington,

Inc.

28,604

3,144

FedEx

Corp.

165,525

34,815

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Fortive

Corp.

2,085

Gartner,

Inc.(Æ)

19,390

8,165

GE

Vernova,

Inc.

7,992

2,964

General

Dynamics

Corp.

33,727

9,178

Global

Payments,

Inc.

316,229

24,131

Honeywell

International,

Inc.

123,717

26,042

Howmet

Aerospace,

Inc.

64,922

8,997

Illinois

Tool

Works,

Inc.

1,831

Ingersoll

Rand,

Inc.

185,713

14,008

Kirby

Corp.(Æ)

8,376

807

L3Harris

Technologies,

Inc.

11,295

2,485

Lockheed

Martin

Corp.

1,670

798

Mettler-Toledo

International,

Inc.(Æ)

16,183

17,325

Moody's

Corp.

58,542

26,527

Norfolk

Southern

Corp.

42,340

9,486

Northrop

Grumman

Corp.

32,160

15,646

Old

Dominion

Freight

Line,

Inc.

96,881

14,850

Otis

Worldwide

Corp.

183,325

17,649

PACCAR,

Inc.

90,878

8,198

Parker-Hannifin

Corp.

9,867

5,970

Pentair

PLC

147,694

13,400

PHINIA,

Inc.

8,939

Regal

Rexnord

Corp.

35,304

3,737

S&P

Global,

Inc.

144,867

72,441

Textron,

Inc.

261,296

18,387

TopBuild

Corp.(Æ)

3,805

1,125

TransDigm

Group,

Inc.

4,855

6,860

TransUnion

196,288

16,284

Union

Pacific

Corp.

57,200

12,336

United

Airlines,

Inc.(Æ)

233,018

16,036

United

Rentals,

Inc.

18,522

11,696

Veralto

Corp.

69,339

6,650

Vontier

Corp.

741,366

23,583

Waste

Management,

Inc.

77,209

18,018

Westinghouse

Air

Brake

Technologies

Corp.

185,232

34,220

681,541

Technology

-

35.4%

Accenture

PLC

Class

A

144,221

43,144

Adobe,

Inc.(Æ)

78,013

29,253

Advanced

Micro

Devices,

Inc.(Æ)

291,203

28,349

Akamai

Technologies,

Inc.(Æ)

90,581

7,299

Allegion

PLC

17,438

2,427

Alphabet,

Inc.

Class

A

542,231

86,106

Alphabet,

Inc.

Class

C

1,209,020

194,519

Analog

Devices,

Inc.

99,315

19,358

Apple,

Inc.

2,755,164

585,472

Applied

Materials,

Inc.

171,585

25,860

ARM

Holdings

PLC

-

ADR(Æ)

127,002

14,485

ASML

Holding

NV

1,204

804

Autodesk,

Inc.(Æ)

105,904

29,044

Booking

Holdings,

Inc.

11,334

57,795

Broadcom,

Inc.

746,229

143,627

CACI

International,

Inc.

Class

A(Æ)

4,386

2,008

Cisco

Systems,

Inc.

601,086

34,701

Cognizant

Technology

Solutions

Corp.

Class

A

123,496

9,086

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Corteva,

Inc.

230,444

14,285

Crowdstrike

Holdings,

Inc.

Class

A(Æ)

2,677

1,148

Datadog,

Inc.

Class

A(Æ)

109,766

11,214

Dell

Technologies,

Inc.

Class

C

66,959

6,144

EchoStar

Corp.

Class

A(Æ)

81,367

1,829

Electronic

Arts,

Inc.

51,566

7,482

F5,

Inc.(Æ)

12,816

3,393

Fidelity

National

Information

Services,

Inc.

67,391

5,316

Fortinet,

Inc.(Æ)

90,530

9,393

HP,

Inc.

96,623

2,471

International

Business

Machines

Corp.

8,601

2,080

Intuit,

Inc.

111,134

69,733

Jabil,

Inc.

69,502

10,186

KLA

Corp.

5,800

4,076

Lam

Research

Corp.

408,693

29,291

Meta

Platforms,

Inc.

Class

A

414,162

227,375

Micron

Technology,

Inc.

426,047

32,784

Microsoft

Corp.

1,447,442

572,116

Motorola

Solutions,

Inc.

72,772

32,048

MSCI,

Inc.

Class

A

15,096

8,229

NVIDIA

Corp.

4,071,990

443,521

NXP

Semiconductors

NV

77,842

14,347

ON

Semiconductor

Corp.(Æ)

586,814

23,297

Oracle

Corp.

207,862

29,250

Palantir

Technologies,

Inc.

Class

A(Æ)

102,678

12,161

Palo

Alto

Networks,

Inc.(Æ)

125,768

23,510

Qorvo,

Inc.(Æ)

178,393

12,785

QUALCOMM,

Inc.

145,474

21,597

Salesforce,

Inc.

184,434

49,559

SAP

SE

-

ADR

53,046

15,499

Seagate

Technology

Holdings

PLC

76,216

6,938

ServiceNow,

Inc.(Æ)

87,806

83,856

Synopsys,

Inc.(Æ)

34,864

16,003

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

166,746

27,795

TE

Connectivity

PLC

47,108

6,896

Texas

Instruments,

Inc.

95,112

15,223

Tyler

Technologies,

Inc.(Æ)

11,265

6,120

Uber

Technologies,

Inc.(Æ)

409,059

33,138

VeriSign,

Inc.

26,378

7,442

Workday,

Inc.

Class

A(Æ)

126,631

31,025

3,243,892

Utilities

-

4.6%

American

Electric

Power

Co.,

Inc.

34,190

3,704

AT&T,

Inc.

1,731,633

47,966

CenterPoint

Energy,

Inc.

401,392

15,566

Cheniere

Energy,

Inc.

73,004

16,872

CMS

Energy

Corp.

37,178

2,738

ConocoPhillips

459,603

40,960

Consolidated

Edison,

Inc.

89,657

10,109

Constellation

Energy

Corp.

24,576

5,491

DT

Midstream,

Inc.

31,773

3,088

DTE

Energy

Co.

6,566

900

Duke

Energy

Corp.

80,474

9,820

Edison

International

135,613

7,257

Entergy

Corp.

241,450

20,081

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Exelon

Corp.

347,748

16,309

FirstEnergy

Corp.

283,393

12,152

NextEra

Energy,

Inc.

364,249

24,361

NiSource,

Inc.

38,538

1,507

NRG

Energy,

Inc.

628,721

68,895

Public

Service

Enterprise

Group,

Inc.

14,344

1,147

Sempra

Energy

193,324

14,358

Southern

Co.

(The)

186,463

17,134

T-Mobile

US,

Inc.

173,729

42,902

Verizon

Communications,

Inc.

51,038

2,249

Xcel

Energy,

Inc.

476,083

33,659

419,225

#### Total

#### Common

#### Stocks
(cost

$4,329,195)

9,010,288

#### Short-Term

#### Investments

#### -

#### 1.6%
U.S.

Cash

Management

Fund(@)

149,886,516

(∞)

149,842

#### Total

#### Short-Term

#### Investments
(cost

$149,856)

149,842

#### Total

#### Investments

#### -

#### 99.9%
(identified

cost

$4,479,051)

9,160,130

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.1%
12,936

#### Net

#### Assets

#### -

#### 100.0%
9,173,066

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,

#### 2025
(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

120,959

06/25

(2,675)

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(2,675)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

1,338,072

$

—

$

—

$

—

$

1,338,072

.6

Consumer

Staples

402,429

—

—

—

402,429

.4

Energy

291,714

—

—

—

291,714

.2

Financial

Services

1,285,254

—

—

—

1,285,254

.0

Health

Care

1,009,268

—

—

—

1,009,268

.0

Materials

and

Processing

338,893

—

—

—

338,893

.7

Producer

Durables

681,541

—

—

—

681,541

.4

Technology

3,243,892

—

—

—

3,243,892

.4

Utilities

419,225

—

—

—

419,225

.6

Short-Term

Investments

—

—

—

149,842

149,842

.6

Total

Investments

9,010,288

—

—

149,842

9,160,130

.9

Other

Assets

and

Liabilities,

Net

.1

.0

Other

Financial

Instruments

A

Liabilities

Futures

Contracts

(2,675)

—

—

—

(2,675)

(—)

\*

Total

Other

Financial

Instruments

\*\*

$

(2,675)

$

—

$

—

$

—

$

(2,675)

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

2,675

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(5,442)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(3

,4

31)

\*

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

se

e

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

4,479,051

Investments,

at

fair

value(>)

........................................................................................................................................................

9,160,130

Receivables:

Dividends

and

interest

......................................................................................................................................................

4,885

Dividends

from

affiliated

funds

.......................................................................................................................................

518

Fund

shares

sold

...............................................................................................................................................................

10,253

From

broker(a)

.................................................................................................................................................................

12,249

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

9,188,106

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

5,419

Accrued

fees

to

affiliates

..................................................................................................................................................

6,297

Other

accrued

expenses

....................................................................................................................................................

650

Variation

margin

on

futures

contracts

..............................................................................................................................

2,674

Total

liabilities

...........................................................................................................................................................

15,040

#### Net

#### Assets

#### ...............................................................................................................................................................
$

9,173,066

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

4,494,809

Shares

of

beneficial

interest

.........................................................................................................................................................

1,152

Additional

paid-in

capital

............................................................................................................................................................

4,677,105

#### Net

#### Assets

#### ...............................................................................................................................................................
$

9,173,066

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

78.66 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

83.46 Class

A

—

Net

assets

...........................................................................................................................................................

$

148,612,991

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,889,423

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

72.56 Class

C

—

Net

assets

...........................................................................................................................................................

$

43,311,308

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

596,912

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

79.65 Class

M

—

Net

assets

..........................................................................................................................................................

$

2,407,363,521

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

30,222,732

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

79.68 Class

S

—

Net

assets

............................................................................................................................................................

$

6,573,778,150

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

82,501,742

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

149,842

(a) Receivable

from

Broker

for

Futures

$

12,249

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

60,475

Dividends

from

affiliated

funds

.......................................................................................................................................

3,902

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

64,556

#### Expenses
Advisory

fees

...................................................................................................................................................................

30,113

Administrative

fees

..........................................................................................................................................................

2,278

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

..........................................................................................................................................

2,518

Transfer

agent

fees

-

Class

S

............................................................................................................................................

6,799

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

43,618

Expense

reductions

..........................................................................................................................................................

(1,259)

Net

expenses

................................................................................................................................................................................

42,359

Net

investment

income

(loss)

.......................................................................................................................................................

22,197

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

15,409

Investments

in

affiliated

funds

.........................................................................................................................................

(23) Futures

contracts

..............................................................................................................................................................

(5,442)

Net

realized

gain

(loss)

................................................................................................................................................................

9,944

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(369,744)

Investments

in

affiliated

funds

.........................................................................................................................................

(16) Futures

contracts

..............................................................................................................................................................

(3,431)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(373,191)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(363,247)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(341,050)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

22,197

$

47,457

Net

realized

gain

(loss)

.......................................................................................................................

9,944

(37,196)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(373,191)

2,321,886

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(341,050)

2,332,147

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(409)

(391)

Class

M

.........................................................................................................................................

(13,913)

(13,377)

Class

S

..........................................................................................................................................

(33,699)

(29,678)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(48,021)

(43,446)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

205,430

193,805

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(183,641)

2,482,506

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

9,356,707

6,874,201

End

of

period

.............................................................................................................................................

$

9,173,066

$

9,356,707

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

10,307

$

31,474

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(110)

(9,069)

(162)

(12,033)

Net

increase

(decrease)

1,647

19,832

Class

C

Proceeds

from

shares

sold

3,537

5,687

Payments

for

shares

redeemed

(78)

(6,020)

(110)

(7,664)

Net

increase

(decrease)

(32)

(2,483)

(28)

(1,977)

Class

M

Proceeds

from

shares

sold

3,721

311,651

8,491

658,511

Proceeds

from

reinvestment

of

distributions

13,836

13,344

Payments

for

shares

redeemed

(7,002)

(600,706)

(5,753)

(437,699)

Net

increase

(decrease)

(3,117)

(275,219)

2,928

234,156

Class

S

Proceeds

from

shares

sold

11,941

1,015,722

12,477

947,277

Proceeds

from

reinvestment

of

distributions

33,448

29,468

Payments

for

shares

redeemed

(6,783)

(567,685)

(13,478)

(1,034,951)

Net

increase

(decrease)

5,554

481,485

(582)

(58,206)

Total

increase

(decrease)

2,423

$

205,430

2,585

$

193,805

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Large

#### Cap

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025

\*

81.87 .08

(3.07)

(2.99)

(.22)

(.22)

October

31,

2024

61.59 .21

20.3 0

20.51 (.23)

(.23)

October

31,

2023

56.20 .27

5.31 5.58 (.19)

(.19)

October

31,

2022

68.42 .13

(12.35)

(12.22)

—

—

October

31,

2021

49.07 (.03)

19.54 19.51 (.16)

(.16)

October

31,

2020

45.09 .15

4.11 4.26 (.28)

(.28)

Class

C

April

30,

2025

\*

75.61 (.21)

(2.84)

(3.05)

—

—

October

31,

2024

57.11 (.32)

18.82 18.50 —

—

October

31,

2023

52.33 (.17)

4.95 4.78 —

—

October

31,

2022

64.19 (.31)

(11.55)

(11.86)

—

—

October

31,

2021

46.25 (.46)

18.40 17.94 —

—

October

31,

2020

42.57 (.18)

3.86 3.68 —

—

Class

M

April

30,

2025

\*

83.02 .23

(3.12)

(2.89)

(.48)

(.48)

October

31,

2024

62.41 .48

20.5 7

21.0 5

(.44)

(.44)

October

31,

2023

56.96 .48

5.37 5.85 (.40)

(.40)

October

31,

2022

69.27 .35

(12.49)

(12.14)

(.17)

(.17)

October

31,

2021

49.65 .18

19.77 19.95 (.33)

(.33)

October

31,

2020

45.61 .32

4.15 4.47 (.43)

(.43)

Class

S

April

30,

2025

\*

83.02 .19

(3.12)

(2.93)

(.41)

(.41)

October

31,

2024

62.42 .41

20.57 20.98 (.38)

(.38)

October

31,

2023

56.96 .43

5.37 5.80 (.34)

(.34)

October

31,

2022

69.27 .29

(12.50)

(12.21)

(.10)

(.10)

October

31,

2021

49.65 .12

19.76 19.88 (.26)

(.26)

October

31,

2020

45.60 .28

4.15 4.43 (.38)

(.38)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Large

Cap

Fund

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

78.66 (3.67)

148,613

1.16 1.16 .20

81.87 33.38 153,247

1.16 1.16 .28

61.59 9.97 98,852

1.17 1.17 .44

56.20 (17.86)

87,448

1.18 1.17 .21

68.42 39.83 100,109

1.18 1.17 (.05)

49.07 9.47 69,634

1.19 1.17 .32

72.56 (4.03)

43,311

1.91 1.91 (.55)

75.61 32.37 47,560

1.9 1

1.91 (.46)

57.11 9.15 37,520

1.92 1.92 (.31)

52.33 (18.48)

36,410

1.93 1.92 (.54)

64.19 38.79 43,968

1.93 1.92 (.80)

46.25 8.64 32,342

1.94 1.92 (.41)

79.65 (3.52)

2,407,364

.91

.81

.56

83.02 33.86 2,767,751

.91

.81

.63

62.41 10.35 1,898,077

.92

.82

.78

56.96 (17.57)

1,506,693

.93

.82

.56

69.27 40.33 1,518,925

.93

.82

.29

49.65 9.84 620,317

.94

.82

.68

79.68 (3.56)

6,573,778

.91

.91

.44

83.02 33.70 6,388,149

.91

.91

.54

62.42 10.26 4,839,752

.92

.92

.69

56.96 (17.65)

4,115,348

.93

.92

.46

69.27 40.18 4,617,227

.93

.92

.20

49.65 9.74 3,341,841

.94

.92

.59

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

underlying

f

und

s

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

4,621,532

Administrative

fees

349,203

Distribution

fees

55,300

Shareholder

servicing

fees

8,628

Transfer

agent

fees

1,262,165

$

6,296,828

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

181,164

$

337,212

$

368,495

$

(23)

$

(16)

$

149,842

$

3,902

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

4,480,768,887

$

4,718,307,027

$

(41,621,244)

$

4,676,685,783

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 96.7%
Consumer

Discretionary

-

11.9%

Academy

Sports

&

Outdoors,

Inc.

117,334

4,421

Advance

Auto

Parts,

Inc.

111,915

3,662

American

Eagle

Outfitters,

Inc.

42,341

API

Group

Corp.(Æ)

180,998

6,847

Asbury

Automotive

Group,

Inc.(Æ)

Atkore,

Inc.

34,178

2,183

Atlanta

Braves

Holdings,

Inc.

Class

C(Æ)

62,517

2,492

Atmus

Filtration

Technologies,

Inc.

76,727

2,660

Bath

&

Body

Works,

Inc.

44,936

1,371

Beazer

Homes

USA,

Inc.(Æ)

72,074

1,410

BJ's

Restaurants,

Inc.(Æ)

11,885

BJ's

Wholesale

Club

Holdings,

Inc.(Æ)

10,141

1,192

Bloomin'

Brands,

Inc.

31,120

Boot

Barn

Holdings,

Inc.(Æ)

25,777

2,690

BorgWarner,

Inc.

43,908

1,246

Boyd

Gaming

Corp.

15,720

1,087

Brinker

International,

Inc.(Æ)

19,584

2,630

Brunswick

Corp.

38,862

1,790

Caesars

Entertainment,

Inc.(Æ)

33,822

915

Caleres,

Inc.

52,857

806

Capri

Holdings,

Ltd.(Æ)

49,061

738

Carter's,

Inc.

8,753

Carvana

Co.(Æ)

9,585

2,342

Cavco

Industries,

Inc.(Æ)

5,602

2,767

Century

Communities,

Inc.

18,164

991

Cheesecake

Factory,

Inc.

(The)

22,697

1,143

Churchill

Downs,

Inc.

13,870

1,254

Crocs,

Inc.(Æ)

12,180

1,174

Dana

Holding

Corp.

9,122

Dave

&

Buster's

Entertainment,

Inc.(Æ)

41,240

791

Deckers

Outdoor

Corp.(Æ)

20,598

2,283

Dick's

Sporting

Goods,

Inc.

29,536

5,545

Dollar

Tree,

Inc.(Æ)

18,397

1,504

Domino's

Pizza,

Inc.

7,114

3,488

DraftKings,

Inc.

Class

A(Æ)

47,553

1,583

Dutch

Bros,

Inc.

Class

A(Æ)

6,496

Ethan

Allen

Interiors,

Inc.

16,761

FactSet

Research

Systems,

Inc.

4,286

1,852

First

Watch

Restaurant

Group,

Inc.(Æ)

136,533

2,411

FirstCash

Holdings,

Inc.

9,286

1,244

Five

Below,

Inc.(Æ)

23,040

1,749

Floor

&

Decor

Holdings,

Inc.

Class

A(Æ)

34,155

2,440

Gentherm,

Inc.(Æ)

38,134

992

G-III

Apparel

Group,

Ltd.(Æ)

88,788

2,239

GMS,

Inc.(Æ)

8,715

638

Golden

Entertainment,

Inc.

64,520

1,658

Goodyear

Tire

&

Rubber

Co.

(The)(Æ)

88,082

958

Grand

Canyon

Education,

Inc.(Æ)

15,870

2,831

Gray

Television,

Inc.

285,804

957

Green

Brick

Partners,

Inc.(Æ)

28,092

1,657

Group

Automotive,

Inc.

2,622

1,058

Harley-Davidson,

Inc.

19,170

Hillenbrand,

Inc.

10,655

Hilton

Grand

Vacations,

Inc.(Æ)

14,163

IAC,

Inc.(Æ)

83,903

2,932

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
International

Game

Technology

PLC

94,779

1,554

Interpublic

Group

of

Cos.,

Inc.

(The)

14,186

Johnson

Outdoors,

Inc.

Class

A

6,903

Kontoor

Brands,

Inc.

40,545

2,439

Kura

Sushi

USA,

Inc.

Class

A(Æ)

15,144

892

Lakeland

Industries,

Inc.

77,596

1,267

Leonardo

DRS,

Inc.

15,871

587

Liberty

Broadband

Corp.

Class

C(Æ)

8,791

795

Liberty

Latin

America,

Ltd.

Class

C(Æ)

52,808

Life

Time

Group

Holdings,

Inc.(Æ)

38,400

1,177

Light

&

Wonder,

Inc.

Class

A(Æ)

24,104

2,058

Lions

Gate

Entertainment

Corp.

Class

B(Æ)

25,632

Lithia

Motors,

Inc.

Class

A

16,816

4,923

Macy's,

Inc.

25,888

Madison

Square

Garden

Entertainment

Corp.(Æ)

9,896

Magnite,

Inc.(Æ)

38,000

Mattel,

Inc.(Æ)

12,457

Meritage

Homes

Corp.

11,254

767

Newell

Brands

Inc.

584,327

2,793

Nexstar

Media

Group,

Inc.

Class

A

26,169

3,916

Norwegian

Cruise

Line

Holdings,

Ltd.(Æ)

56,117

900

nVent

Electric

PLC

34,460

1,892

Ollie's

Bargain

Outlet

Holdings,

Inc.(Æ)

38,795

4,117

OneWater

Marine,

Inc.

Class

A(Æ)

150,593

2,260

Papa

John's

International,

Inc.

125,288

4,326

Paramount

Global

Class

B

233,003

2,735

Patrick

Industries,

Inc.

11,787

907

Penn

Entertainment,

Inc.(Æ)

13,154

Petco

Health

&

Wellness

Co.,

Inc.(Æ)

136,284

Potbelly

Corp.(Æ)

100,618

815

PriceSmart,

Inc.

3,284

PulteGroup,

Inc.

22,204

2,278

PVH

Corp.

26,694

1,841

RB

Global,

Inc.

8,866

893

Revolve

Group,

Inc.(Æ)

79,950

1,589

Rocky

Brands,

Inc.

8,173

Service

Corp.

International

12,051

963

Shoe

Carnival,

Inc.

13,128

Signet

Jewelers,

Ltd.

27,306

1,619

Sirius

Xm

Holdings,

Inc.

1,755

Skechers

USA,

Inc.

Class

A(Æ)

27,104

1,302

Sphere

Entertainment

Co.(Æ)

5,963

Sportradar

Holding

AG

Class

A(Æ)

44,081

1,019

Taylor

Morrison

Home

Corp.

Class

A(Æ)

26,382

1,513

Texas

Roadhouse,

Inc.

Class

A

9,894

1,642

Thor

Industries,

Inc.

20,541

1,488

Toll

Brothers,

Inc.

10,396

1,049

Transcat,

Inc.(Æ)

5,568

Travel

+

Leisure

Co.

35,817

1,573

Tri

Pointe

Homes,

Inc.(Æ)

33,493

1,030

United

Parks

&

Resorts,

Inc.(Æ)

44,800

1,956

Urban

Outfitters,

Inc.(Æ)

43,349

2,288

Valvoline,

Inc.(Æ)

46,246

1,584

VF

Corp.

136,857

1,626

Victoria's

Secret

&

Co.(Æ)

56,924

1,070

Wabash

National

Corp.

27,235

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Warner

Bros.

Discovery,

Inc.(Æ)

134,785

1,169

Weyco

Group,

Inc.

7,024

Wingstop,

Inc.

16,626

4,387

Wolverine

World

Wide,

Inc.

101,223

1,321

Wyndham

Hotels

&

Resorts,

Inc.

11,079

945

YETI

Holdings,

Inc.(Æ)

74,698

2,133

Ziff

Davis,

Inc.(Æ)

1,806

176,269

Consumer

Staples

-

3.3%

Alico,

Inc.

13,161

Aramark

Services,

Inc.

66,621

2,227

BellRing

Brands,

Inc.(Æ)

21,651

1,670

Calavo

Growers,

Inc.

23,069

637

Casey's

General

Stores,

Inc.

17,980

8,317

Chefs'

Warehouse

Holdings,

Inc.

(The)(Æ)

22,990

1,310

elf

Beauty,

Inc.(Æ)

14,628

905

Helen

of

Troy,

Ltd.(Æ)

25,675

715

Ingredion,

Inc.

16,720

2,221

Interparfums,

Inc.

2,666

Kellanova

11,682

967

Lancaster

Colony

Corp.

5,277

859

Lifevantage

Corp.

561

Limoneira

Co.

24,211

McCormick

&

Co.,

Inc.

4,109

MGP

Ingredients,

Inc.

5,280

Nomad

Foods,

Ltd.

207,003

4,138

Performance

Food

Group

Co.(Æ)

16,935

1,366

Pilgrim's

Pride

Corp.

57,405

3,133

Post

Holdings,

Inc.(Æ)

5,407

612

Primo

Brands

Corp.

Class

A

152,439

4,980

Smithfield

Foods,

Inc.

100,380

2,229

Spectrum

Brands

Holdings,

Inc.

32,200

2,032

Sprouts

Farmers

Market,

Inc.(Æ)

16,574

2,834

US

Foods

Holding

Corp.(Æ)

27,044

1,776

Vita

Coco

Co.,

Inc.

(The)(Æ)

47,311

1,564

Warby

Parker,

Inc.

Class

A(Æ)

101,428

1,675

Weis

Markets,

Inc.

6,526

561

WK

Kellogg

Co.

28,524

511

48,748

Energy

-

2.5%

Antero

Resources

Corp.(Æ)

88,117

3,069

Centrus

Energy

Corp.

Class

A(Æ)

21,431

1,485

ChampionX

Corp.

115,140

2,778

Civitas

Resources,

Inc.

16,465

Core

Laboratories,

Inc.

83,401

948

Core

Natural

Resources

Inc.

7,881

569

Coterra

Energy,

Inc.

74,311

1,825

Delek

US

Holdings,

Inc.

18,526

Diamondback

Energy,

Inc.

13,862

1,830

DNOW,

Inc.(Æ)

89,801

1,425

EQT

Corp.

17,282

854

Exxon

Mobil

Corp.

20,408

2,156

First

Solar,

Inc.(Æ)

4,127

519

Helmerich

&

Payne,

Inc.

62,386

1,179

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
HF

Sinclair

Corp.

77,072

2,318

Liberty

Energy,

Inc.

Class

A

80,925

931

Matador

Resources

Co.

38,825

1,535

Natural

Gas

Services

Group,

Inc.(Æ)

23,760

NPK

International,

Inc.(Æ)

364,843

2,109

Oil

States

International,

Inc.(Æ)

127,995

Par

Pacific

Holdings,

Inc.(Æ)

56,998

816

Pason

Systems,

Inc.

338,187

2,694

Patterson-UTI

Energy,

Inc.

299,307

1,688

ProFrac

Holding

Corp.

Class

A(Æ)

694

ProPetro

Holding

Corp.(Æ)

59,363

Solaris

Energy

Infrastructure,

Inc.

Class

A

55,034

1,163

Texas

Pacific

Land

Corp.

640

825

Transocean,

Ltd.(Æ)

402,373

857

Viper

Energy,

Inc.

36,186

1,459

Weatherford

International

PLC

8,513

37,250

Financial

Services

-

23.2%

Affiliated

Managers

Group,

Inc.

11,012

1,824

Affirm

Holdings,

Inc.(Æ)

5,162

Agree

Realty

Corp.(ö)

51,262

3,978

Air

Lease

Corp.

Class

A

92,888

4,343

Alpine

Income

Property

Trust,

Inc.(ö)

55,658

860

Americold

Realty

Trust,

Inc.(ö)

84,953

1,643

AMERISAFE,

Inc.

48,606

2,260

Apple

Hospitality

REIT,

Inc.(ö)

26,356

Associated

Banc-Corp.

20,340

Assurant,

Inc.

5,539

1,068

Assured

Guaranty,

Ltd.

75,345

6,610

Atlanticus

Holdings

Corp.(Æ)

5,704

Axis

Capital

Holdings,

Ltd.

30,294

2,918

Axos

Financial,

Inc.(Æ)

11,131

707

Baldwin

Insurance

Group,

Inc.

(The)

Class

A(Æ)

20,830

867

Banc

of

California,

Inc.

193,819

2,613

Bancorp,

Inc.

(The)(Æ)

29,842

1,442

Bank

of

NT

Butterfield

&

Son,

Ltd.

(The)

795

Bank

OZK

42,384

1,806

BankUnited,

Inc.

65,135

2,131

Banner

Corp.

10,529

644

BGC

Group,

Inc.

Class

A

296,615

2,687

Braemar

Hotels

&

Resorts,

Inc.(ö)

1,344,214

2,514

Brandywine

Realty

Trust(ö)

194,484

770

Bridgewater

Bancshares,

Inc.(Æ)

149,684

2,304

Brighthouse

Financial,

Inc.(Æ)

38,876

2,263

Burke

&

Herbert

Financial

Services

Corp.

26,049

1,456

Cadence

Bank

57,103

1,671

Cannae

Holdings,

Inc.

56,187

995

Carter

Bankshares,

Inc.(Æ)

102,318

1,566

CBL

&

Associates

Properties,

Inc.(ö)

96,357

2,262

CNO

Financial

Group,

Inc.

65,539

2,487

Cohen

&

Steers,

Inc.

13,642

1,041

Columbia

Banking

System,

Inc.

43,957

986

Community

Bank

System,

Inc.

28,319

1,546

Compass,

Inc.

Class

A(Æ)

53,426

CTO

Realty

Growth,

Inc.(ö)

110,822

2,025

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Customers

Bancorp,

Inc.(Æ)

76,169

3,808

DiamondRock

Hospitality

Co.(ö)

413,714

3,037

Dime

Community

Bancshares,

Inc.

30,399

781

Discover

Financial

Services

17,355

3,170

Distribution

Solutions

Group,

Inc.(Æ)

58,312

1,518

Diversified

Healthcare

Trust(ö)

29,006

Encore

Capital

Group,

Inc.(Æ)

22,214

764

Enova

International,

Inc.(Æ)

30,176

2,770

EPR

Properties(ö)

21,427

1,060

Equity

Bancshares,

Inc.

Class

A

49,936

1,922

Equity

Commonwealth(ö)(Š)

143,347

—

Erie

Indemnity

Co.

Class

A

4,852

1,740

eXp

World

Holdings,

Inc.

31,137

Extra

Space

Storage,

Inc.(ö)

6,730

986

F&G

Annuities

&

Life,

Inc.

78,897

2,746

Federal

Agricultural

Mortgage

Corp.

Class

C

14,346

2,515

First

American

Financial

Corp.

7,860

First

BanCorp

106,817

2,098

First

Bank

93,879

1,350

First

Commonwealth

Financial

Corp.

59,331

909

First

Horizon

Corp.

98,309

1,777

First

Industrial

Realty

Trust,

Inc.(ö)

54,380

2,587

First

Internet

Bancorp

56,351

1,198

FirstService

Corp.

10,415

1,828

Flagstar

Financial,

Inc.

55,258

647

FNB

Corp.

90,478

1,184

Franklin

Street

Properties

Corp.(ö)

379,093

599

FTAI

Aviation,

Ltd.

50,630

5,423

Gaming

and

Leisure

Properties,

Inc.(ö)

56,023

2,681

GCM

Grosvenor,

Inc.

Class

A

155,197

1,946

Genworth

Financial,

Inc.

Class

A(Æ)

108,399

744

German

American

Bancorp,

Inc.

38,291

1,452

Glacier

Bancorp,

Inc.

83,778

3,415

Globe

Life,

Inc.

7,789

961

Goosehead

Insurance,

Inc.

Class

A

42,293

4,111

Grid

Dynamics

Holdings,

Inc.(Æ)

125,887

1,783

HA

Sustainable

Infrastructure

Capital,

Inc.

127,107

3,175

Hamilton

Lane,

Inc.

Class

A

40,343

6,233

Hanover

Insurance

Group,

Inc.

(The)

23,918

3,973

HBT

Financial,

Inc.

13,312

Healthcare

Realty

Trust,

Inc.(ö)

120,722

1,875

Hingham

Institution

for

Savings

11,309

2,822

Home

BancShares,

Inc.

119,152

3,306

Horace

Mann

Educators

Corp.

60,714

2,522

Host

Hotels

&

Resorts,

Inc.(ö)

21,421

Houlihan

Lokey,

Inc.

Class

A

47,595

7,714

Howard

Hughes

Holdings,

Inc.(Æ)

40,210

2,675

Independence

Realty

Trust,

Inc.(ö)

88,976

1,729

Independent

Bank

Corp.

33,120

1,957

Industrial

Logistics

Properties

Trust(ö)

132,030

International

General

Insurance

Holdings,

Ltd.

301,956

7,265

Jackson

Financial,

Inc.

Class

A

62,653

4,881

Jones

Lang

LaSalle,

Inc.(Æ)

14,647

3,331

Kemper

Corp.

35,112

2,076

Kennedy-Wilson

Holdings,

Inc.

209,443

1,340

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kinsale

Capital

Group,

Inc.

1,666

725

Lamar

Advertising

Co.

Class

A(ö)

5,068

577

Lazard,

Inc.

9,453

LendingClub

Corp.(Æ)

121,664

1,189

Marex

Group

PLC

124,766

5,533

Merchants

Bancorp

46,609

1,402

Metropolitan

Bank

Holding

Corp.(Æ)

45,485

2,817

MGIC

Investment

Corp.

87,321

2,175

Mid-America

Apartment

Communities,

Inc.

(ö)

4,859

776

Millrose

Properties,

Inc.

Class

A(ö)

28,244

707

Morningstar,

Inc.

3,671

1,045

Mr.

Cooper

Group,

Inc.(Æ)

20,365

2,424

NET

Lease

Office

Properties(Æ)(ö)

116,759

3,530

NETSTREIT

Corp.(ö)

107,313

1,746

Newmark

Group,

Inc.

Class

A

311,588

3,424

NewtekOne,

Inc.

26,302

NexPoint

Residential

Trust,

Inc.(ö)

7,918

NMI

Holdings,

Inc.

Class

A(Æ)

57,349

2,074

NNN

REIT,

Inc.(ö)

28,583

1,175

Northrim

BanCorp,

Inc.

15,179

1,219

OceanFirst

Financial

Corp.

90,674

1,502

OFG

Bancorp

134,940

5,310

Old

Second

Bancorp,

Inc.

106,577

1,683

Origin

Bancorp,

Inc.

80,621

2,583

Pathward

Financial,

Inc.

24,076

1,911

Peapack-Gladstone

Financial

Corp.

18,179

503

Pebblebrook

Hotel

Trust(ö)

268,925

2,434

Perella

Weinberg

Partners

95,814

1,645

Popular,

Inc.

38,925

3,714

Postal

Realty

Trust,

Inc.

Class

A(ö)

56,075

742

PotlatchDeltic

Corp.(ö)

226,958

8,713

PRA

Group,

Inc.(Æ)

37,380

684

Primerica,

Inc.

8,016

2,101

Progyny,

Inc.(Æ)

47,628

1,088

Prosperity

Bancshares,

Inc.

35,667

2,422

Radian

Group,

Inc.

51,019

1,630

Raymond

James

Financial,

Inc.

29,861

4,092

Rayonier,

Inc.(ö)

57,982

1,418

Regency

Centers

Corp.(ö)

8,219

593

Reinsurance

Group

of

America,

Inc.

Class

A

9,671

1,811

Remitly

Global,

Inc.(Æ)

61,498

1,243

RenaissanceRe

Holdings,

Ltd.

11,829

2,862

Renasant

Corp.

24,218

777

Resolute

Holdings

Management,

Inc.(Æ)

9,280

Rexford

Industrial

Realty,

Inc.(ö)

12,063

Robinhood

Markets,

Inc.

Class

A(Æ)

69,344

3,405

Ryman

Hospitality

Properties,

Inc.(ö)

23,837

2,096

Seacoast

Banking

Corp.

of

Florida

180,035

4,269

Seaport

Entertainment

Group,

Inc.(Æ)

61,605

1,180

Selective

Insurance

Group,

Inc.

41,173

3,592

Shift4

Payments,

Inc.

Class

A(Æ)

11,531

943

Simmons

First

National

Corp.

Class

A

39,362

734

Skyward

Specialty

Insurance

Group,

Inc.

(Æ)

46,273

2,457

SLM

Corp.

75,562

2,184

SoFi

Technologies,

Inc.(Æ)

26,777

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Southern

First

Bancshares,

Inc.(Æ)

50,682

1,800

Southern

Missouri

Bancorp,

Inc.

31,039

1,634

SouthState

Corp.

42,421

3,681

St.

Joe

Co.

(The)

28,774

1,218

STAG

Industrial,

Inc.(ö)

74,288

2,454

Starwood

Property

Trust,

Inc.(ö)

66,209

1,271

Stewart

Information

Services

Corp.

26,394

1,728

Stock

Yards

Bancorp,

Inc.

29,505

2,148

Sun

Communities,

Inc.(ö)

13,480

1,677

Sunrise

Realty

Trust,

Inc.(ö)

21,757

Synovus

Financial

Corp.

33,737

1,461

Tel

Aviv

Stock

Exchange,

Ltd.

367,599

4,512

Texas

Capital

Bancshares,

Inc.(Æ)

28,980

1,975

Towne

Bank

53,200

1,753

Tradeweb

Markets,

Inc.

Class

A

18,095

2,503

Triumph

Financial,

Inc.(Æ)

10,357

553

UMB

Financial

Corp.

9,870

933

United

Community

Banks,

Inc.

20,570

568

Unum

Group

41,015

3,185

Veritex

Holdings,

Inc.

46,589

1,085

Vestis

Corp.

313,354

2,745

Virtus

Investment

Partners,

Inc.

1,898

Vornado

Realty

Trust(ö)

45,471

1,604

Voya

Financial,

Inc.

66,637

3,945

Walker

&

Dunlop,

Inc.

21,987

1,683

Webster

Financial

Corp.

50,085

2,369

Western

Alliance

Bancorp

15,686

1,093

Whitestone

REIT

Class

B(ö)

834

343,125

Health

Care

-

13.5%

Acadia

Healthcare

Co.,

Inc.(Æ)

25,906

606

AdaptHealth

Corp.(Æ)

181,031

1,541

Addus

HomeCare

Corp.(Æ)

34,795

3,638

ADMA

Biologics,

Inc.(Æ)

115,714

2,754

Akero

Therapeutics,

Inc.(Æ)

35,850

1,635

Align

Technology,

Inc.(Æ)

9,207

1,596

Alphatec

Holdings,

Inc.(Æ)

148,612

1,632

Amneal

Pharmaceuticals,

Inc.(Æ)

182,355

1,397

Arcellx,

Inc.(Æ)

64,953

4,219

Argenx

SE

-

ADR(Æ)

2,361

1,523

Ascendis

Pharma

A/S

-

ADR(Æ)

7,174

1,223

Biohaven,

Ltd.(Æ)

7,390

Bio-Techne

Corp.

73,832

3,717

Blueprint

Medicines

Corp.(Æ)

28,920

2,588

BridgeBio

Pharma,

Inc.(Æ)

67,094

2,574

CareDx,

Inc.(Æ)

51,591

871

Catalyst

Pharmaceuticals,

Inc.(Æ)

66,188

1,608

Centene

Corp.(Æ)

19,561

1,171

Centessa

Pharmaceuticals

PLC

-

ADR(Æ)

59,334

813

Charles

River

Laboratories

International,

Inc.(Æ)

7,982

947

Chemed

Corp.

4,610

2,681

Chinook

Therapeutics,

Inc.(Æ)(Š)

15,391

—

Contra

Inhibrx,

Inc.(Æ)(Š)

95,150

Cooper

Cos,

Inc.

(The)(Æ)

8,232

672

CorVel

Corp.(Æ)

35,961

3,911

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Crinetics

Pharmaceuticals,

Inc.(Æ)

45,749

1,528

Cytokinetics,

Inc.(Æ)

47,179

2,021

DaVita,

Inc.(Æ)

8,875

1,256

DexCom,

Inc.(Æ)

9,320

665

Doximity,

Inc.

Class

A(Æ)

16,601

944

Dyne

Therapeutics,

Inc.(Æ)

9,855

Elanco

Animal

Health,

Inc.(Æ)

183,258

1,737

Embecta

Corp.

101,854

1,242

Encompass

Health

Corp.

51,986

6,082

Enliven

Therapeutics,

Inc.(Æ)

37,901

718

Enovis

Corp.(Æ)

69,302

2,397

Ensign

Group,

Inc.

(The)

29,828

3,848

Envista

Holdings

Corp.(Æ)

96,441

1,551

Evolus,

Inc.(Æ)

111,769

1,274

Guardant

Health,

Inc.(Æ)

17,763

839

Haemonetics

Corp.(Æ)

20,950

1,320

Halozyme

Therapeutics,

Inc.(Æ)

26,286

1,614

HealthEquity,

Inc.(Æ)

47,903

4,106

Henry

Schein,

Inc.(Æ)

16,373

1,064

Icon

PLC(Æ)

18,708

2,833

Inhibrx

Biosciences,

Inc.(Æ)

26,955

Inmode,

Ltd.(Æ)

89,295

1,259

Insmed,

Inc.(Æ)

70,546

5,079

Integra

LifeSciences

Holdings

Corp.(Æ)

6,562

Janux

Therapeutics,

Inc.(Æ)

41,004

1,361

Jazz

Pharmaceuticals

PLC(Æ)

3,721

KalVista

Pharmaceuticals,

Inc.(Æ)

52,939

729

Krystal

Biotech,

Inc.(Æ)

12,229

2,077

Kymera

Therapeutics,

Inc.(Æ)

24,858

852

Lantheus

Holdings,

Inc.(Æ)

17,673

1,844

LeMaitre

Vascular,

Inc.

57,010

5,173

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

8,313

913

Liquidia

Corp.(Æ)

67,960

949

Madrigal

Pharmaceuticals,

Inc.(Æ)

8,487

2,834

Medpace

Holdings,

Inc.(Æ)

11,818

3,645

MeiraGTx

Holdings

PLC(Æ)

79,392

563

Mirum

Pharmaceuticals,

Inc.(Æ)

65,407

2,842

Molina

Healthcare,

Inc.(Æ)

3,512

1,148

Moonlake

Immunotherapeutics(Æ)

5,460

Natera,

Inc.(Æ)

9,776

1,476

Neogen

Corp.(Æ)

114,057

576

Neurocrine

Biosciences,

Inc.(Æ)

9,627

1,037

Nurix

Therapeutics,

Inc.(Æ)

18,925

Nuvalent,

Inc.

Class

A(Æ)

34,256

2,629

OmniAb,

Inc.(Æ)(Š)

6,830

—

Omnicell,

Inc.(Æ)

28,128

879

Option

Care

Health,

Inc.(Æ)

109,254

3,530

OraSure

Technologies,

Inc.(Æ)

17,993

Organon

&

Co.

215,336

2,784

Pacira

BioSciences,

Inc.(Æ)

45,713

1,230

PACS

Group,

Inc.(Æ)

86,426

832

Pediatrix

Medical

Group,

Inc.(Æ)

65,669

846

Pennant

Group,

Inc.

(The)(Æ)

67,867

1,739

Perrigo

Co.

PLC

253,604

6,523

Prestige

Brands

Holdings,

Inc.(Æ)

7,856

638

PROCEPT

BioRobotics

Corp.(Æ)

10,241

553

PTC

Therapeutics,

Inc.(Æ)

9,522

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Pursuit

Attractions

and

Hospitality,

Inc.(Æ)

34,756

1,018

Quest

Diagnostics,

Inc.

7,338

1,308

QuidelOrtho

Corp.(Æ)

24,550

682

RadNet,

Inc.(Æ)

21,456

1,124

Rain

Oncology,

Inc.(Æ)(Š)

23,153

Repligen

Corp.(Æ)

12,123

1,673

Revolution

Medicines,

Inc.(Æ)

58,939

2,380

Rhythm

Pharmaceuticals,

Inc.(Æ)

30,170

1,967

Sarepta

Therapeutics,

Inc.(Æ)

13,002

811

Scholar

Rock

Holding

Corp.(Æ)

48,845

1,608

Schrodinger,

Inc.(Æ)

10,030

Smith

&

Nephew

PLC

-

ADR

89,775

2,516

Soleno

Therapeutics,

Inc.(Æ)

11,678

874

SpringWorks

Therapeutics,

Inc.(Æ)

37,612

1,741

STERIS

PLC

18,634

4,188

Summit

Therapeutics,

Inc.(Æ)

62,167

1,499

Supernus

Pharmaceuticals,

Inc.(Æ)

14,740

Surgery

Partners,

Inc.(Æ)

14,996

Tactile

Systems

Technology,

Inc.(Æ)

21,492

Talkspace,

Inc.(Æ)

172,851

531

Tarsus

Pharmaceuticals,

Inc.(Æ)

41,399

2,149

Teladoc

Health,

Inc.(Æ)

96,718

695

Tenet

Healthcare

Corp.(Æ)

21,704

3,103

TG

Therapeutics,

Inc.(Æ)

40,719

1,853

Travere

Therapeutics,

Inc.(Æ)

33,850

704

Twist

Bioscience

Corp.(Æ)

29,084

1,115

uniQure

NV(Æ)

71,485

1,055

United

Therapeutics

Corp.(Æ)

6,528

1,979

Universal

Health

Services,

Inc.

Class

B

12,406

2,197

US

Physical

Therapy,

Inc.

19,081

1,357

Varex

Imaging

Corp.(Æ)

12,970

Veeva

Systems,

Inc.

Class

A(Æ)

6,119

1,430

Vera

Therapeutics,

Inc.(Æ)

46,818

1,094

Veracyte,

Inc.(Æ)

10,007

Vericel

Corp.(Æ)

61,163

2,325

Verona

Pharma

PLC

-

ADR(Æ)

29,586

2,132

Viking

Therapeutics,

Inc.(Æ)

94,493

2,728

Viridian

Therapeutics,

Inc.(Æ)

59,475

806

Waystar

Holding

Corp.(Æ)

44,557

1,656

West

Pharmaceutical

Services,

Inc.

14,698

3,106

Xenon

Pharmaceuticals,

Inc.(Æ)

24,923

952

Zai

Lab,

Ltd.

-

ADR(Æ)

22,166

702

Zimvie,

Inc.(Æ)

201,298

1,824

199,753

Materials

and

Processing

-

10.4%

AAON,

Inc.

16,839

1,537

Acuity,

Inc.

2,856

696

Advanced

Drainage

Systems,

Inc.

16,562

1,880

AdvanSix,

Inc.

25,838

553

Alcoa

Corp.

33,253

816

Amcor

PLC

378,537

3,483

Ashland,

Inc.

46,963

2,554

Avient

Corp.

6,192

Axalta

Coating

Systems,

Ltd.(Æ)

50,647

1,646

Balchem

Corp.

20,807

3,257

Ball

Corp.

60,071

3,120

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Belden,

Inc.

5,651

583

Builders

FirstSource,

Inc.(Æ)

18,934

2,265

Carpenter

Technology

Corp.

6,401

1,252

Clearwater

Paper

Corp.(Æ)

21,510

578

Cleveland-Cliffs,

Inc.(Æ)

176,000

1,450

Commercial

Metals

Co.

77,975

3,473

Core

&

Main,

Inc.

Class

A(Æ)

3,764

Crown

Holdings,

Inc.

5,723

551

Darling

Ingredients,

Inc.(Æ)

35,410

1,140

Eagle

Materials,

Inc.

17,343

3,926

Element

Solutions,

Inc.

210,929

4,305

Fabrinet(Æ)

5,341

1,095

Fortune

Brands

Innovations,

Inc.

50,160

2,700

Gibraltar

Industries,

Inc.(Æ)

41,518

2,198

Graphic

Packaging

Holding

Co.

21,165

536

Greif,

Inc.

Class

A

56,647

2,973

Healthcare

Services

Group,

Inc.(Æ)

400,384

5,689

Huntsman

Corp.

90,192

1,200

Ingevity

Corp.(Æ)

136,058

4,487

Innospec,

Inc.

4,161

Insteel

Industries,

Inc.

33,466

1,135

Intrepid

Potash,

Inc.(Æ)

21,124

698

ITT,

Inc.

39,309

5,386

Knife

River

Corp.(Æ)

25,914

2,420

Koppers

Holdings,

Inc.

14,523

Lennox

International,

Inc.

9,110

4,981

LKQ

Corp.

69,567

2,658

Magnera

Corp.(Æ)

201,263

2,953

Masterbrand,

Inc.(Æ)

314,925

3,826

MDU

Resources

Group,

Inc.

206,611

3,541

Minerals

Technologies,

Inc.

16,922

873

Modine

Manufacturing

Co.(Æ)

50,425

4,117

Mohawk

Industries,

Inc.(Æ)

12,972

1,380

MRC

Global,

Inc.(Æ)

102,533

1,195

Olin

Corp.

23,277

503

Olympic

Steel,

Inc.

22,978

741

OPENLANE,

Inc.(Æ)

46,088

853

Osisko

Gold

Royalties,

Ltd.

44,839

1,078

Owens

Corning

10,132

1,473

Packaging

Corp.

of

America

4,726

877

Pool

Corp.

12,749

3,737

Quaker

Chemical

Corp.

16,875

1,788

Reliance,

Inc.

4,978

1,435

Resideo

Technologies,

Inc.(Æ)

54,070

907

Rogers

Corp.(Æ)

5,680

Royal

Gold,

Inc.

8,784

1,605

RPM

International,

Inc.

6,601

705

Rush

Enterprises,

Inc.

Class

A

70,983

3,619

Sandstorm

Gold,

Ltd.

115,352

1,004

ScanSource,

Inc.(Æ)

13,149

Sealed

Air

Corp.

43,486

1,198

Silgan

Holdings,

Inc.

130,449

6,738

SiteOne

Landscape

Supply,

Inc.(Æ)

5,004

575

Smurfit

WestRock

PLC

58,142

2,443

Sonoco

Products

Co.

34,269

1,405

SPX

Technologies,

Inc.(Æ)

41,054

5,507

Steel

Dynamics,

Inc.

19,144

2,483

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Stepan

Co.

21,241

1,074

Timken

Co.

(The)

28,398

1,825

TimkenSteel

Corp.(Æ)

22,790

Trex

Co.,

Inc.(Æ)

36,032

2,083

UFP

Industries,

Inc.

40,327

3,986

United

States

Steel

Corp.

69,544

3,040

Valmont

Industries,

Inc.

2,427

712

Virco

Mfg.

Corp.

33,613

Vox

Royalty

Corp.

122,252

Watsco,

Inc.

4,901

2,254

Worthington

Industries,

Inc.

9,630

Worthington

Steel,

Inc.

9,630

154,418

Producer

Durables

-

16.3%

ABM

Industries,

Inc.

4,061

AECOM

25,754

2,541

Alamo

Group,

Inc.

5,697

951

Alarm.com

Holdings,

Inc.(Æ)

41,682

2,234

Alight,

Inc.

Class

A

74,218

Allison

Transmission

Holdings,

Inc.

Class

A

13,732

1,267

Alta

Equipment

Group,

Inc.

49,965

Applied

Industrial

Technologies,

Inc.

4,001

973

ArcBest

Corp.

26,835

1,570

Arcosa,

Inc.

45,271

3,625

Arhaus,

Inc.(Æ)

6,423

Aurora

Innovation,

Inc.(Æ)

86,828

629

Avery

Dennison

Corp.

4,784

819

Badger

Meter,

Inc.

12,047

2,660

Barrett

Business

Services,

Inc.

110,728

4,491

Booz

Allen

Hamilton

Holding

Corp.

Class

A

9,028

1,084

Brady

Corp.

Class

A

32,151

2,260

BWX

Technologies,

Inc.

33,050

3,606

Cactus,

Inc.

Class

A

4,591

Carlisle

Cos.,

Inc.

4,205

1,596

Casella

Waste

Systems,

Inc.

Class

A(Æ)

21,101

2,478

CBIZ,

Inc.(Æ)

42,962

2,926

Centuri

Holdings,

Inc.(Æ)

25,285

Chart

Industries,

Inc.(Æ)

9,336

1,260

CNH

Industrial

NV

98,766

1,143

Comfort

Systems

USA,

Inc.

8,542

3,396

Compass

Diversified

Holdings

132,497

2,278

CompoSecure,

Inc.

Class

A

70,195

771

Construction

Partners,

Inc.

Class

A(Æ)

67,699

5,561

CoStar

Group,

Inc.(Æ)

25,317

1,878

Crane

Co.

15,572

2,507

Cross

Country

Healthcare,

Inc.(Æ)

43,032

583

Deluxe

Corp.

107,019

1,562

Dorian

LPG,

Ltd.

21,165

Dorman

Products,

Inc.(Æ)

17,788

2,015

Dycom

Industries,

Inc.(Æ)

11,879

1,990

EnerSys

61,027

5,285

EnPro

Industries,

Inc.

10,599

1,583

Esab

Corp.

43,467

5,221

ESCO

Technologies,

Inc.

24,586

3,846

Euronet

Worldwide,

Inc.(Æ)

26,168

2,593

Everus

Construction

Group,

Inc.(Æ)

61,054

2,457

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ExlService

Holdings,

Inc.(Æ)

101,385

4,915

Exponent,

Inc.

1,789

FARO

Technologies,

Inc.(Æ)

770

Flowserve

Corp.

81,016

3,664

Fluor

Corp.(Æ)

37,800

1,319

Forward

Air

Corp.(Æ)

59,646

878

Franklin

Covey

Co.(Æ)

61,090

1,241

Franklin

Electric

Co.,

Inc.

24,410

2,074

FreightCar

America,

Inc.(Æ)

88,860

514

Frontdoor,

Inc.(Æ)

30,373

1,249

FTI

Consulting,

Inc.(Æ)

2,997

Gartner,

Inc.(Æ)

3,010

1,267

Generac

Holdings,

Inc.(Æ)

7,270

832

GFL

Environmental,

Inc.

23,751

1,185

Gorman-Rupp

Co.

(The)

19,777

709

Granite

Construction,

Inc.

19,905

1,618

GXO

Logistics,

Inc.(Æ)

14,529

527

H&E

Equipment

Services,

Inc.

15,159

1,361

Hackett

Group,

Inc.

(The)

167,891

4,288

Heico

Corp.

10,214

2,561

Herc

Holdings,

Inc.

7,337

803

Hexcel

Corp.

8,499

Hillman

Solutions

Corp.(Æ)

72,544

507

Howmet

Aerospace,

Inc.

19,599

2,716

IDEX

Corp.

3,998

696

Insperity,

Inc.

11,761

765

Jacobs

Solutions,

Inc.

1,899

Keysight

Technologies,

Inc.(Æ)

14,446

2,100

Kirby

Corp.(Æ)

783

Knight-Swift

Transportation

Holdings,

Inc.

9,433

Lamb

Weston

Holdings,

Inc.

83,220

4,395

Landstar

System,

Inc.

6,047

811

Limbach

Holdings,

Inc.(Æ)

15,212

1,456

Littelfuse,

Inc.

7,051

1,285

MarketAxess

Holdings,

Inc.

1,168

MasTec,

Inc.(Æ)

17,488

2,227

Matson,

Inc.

32,889

3,588

Maximus,

Inc.

14,490

970

Mayville

Engineering

Co.,

Inc.(Æ)

104,246

1,332

Middleby

Corp.

(The)(Æ)

8,536

1,138

MillerKnoll,

Inc.

23,385

Montrose

Environmental

Group,

Inc.(Æ)

70,849

1,037

MSC

Industrial

Direct

Co.,

Inc.

Class

A

106,314

8,131

Murphy

USA,

Inc.

1,877

936

MYR

Group,

Inc.(Æ)

11,935

1,460

National

CineMedia,

Inc.

486,972

2,790

Nordson

Corp.

6,859

1,300

NV5

Global,

Inc.(Æ)

123,244

2,286

Orion

Group

Holdings,

Inc.(Æ)

194,948

1,246

Paylocity

Holding

Corp.(Æ)

19,836

3,811

Paysafe,

Ltd.(Æ)

102,616

1,563

Pentair

PLC

13,065

1,185

PHINIA,

Inc.

65,336

2,623

PROG

Holdings,

Inc.

67,376

1,776

Quanta

Services,

Inc.

9,222

2,699

RBC

Bearings,

Inc.(Æ)

1,938

637

Regal

Rexnord

Corp.

9,258

980

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Repay

Holdings

Corp.(Æ)

333,173

1,333

Robert

Half,

Inc.

37,930

1,680

RXO,

Inc.(Æ)

66,067

931

Ryder

System,

Inc.

13,972

1,924

Ryerson

Holding

Corp.

33,671

787

Saia,

Inc.(Æ)

14,253

3,478

Schneider

National,

Inc.

Class

B

38,050

818

Shyft

Group,

Inc.

(The)

47,772

Snap-on,

Inc.

3,029

951

Spirit

AeroSystems

Holdings,

Inc.

Class

A(Æ)

1,769

Stagwell,

Inc.(Æ)

304,569

1,700

Standex

International

Corp.

22,197

3,139

Sterling

Infrastructure,

Inc.(Æ)

21,014

3,140

Sun

Country

Airlines

Holdings,

Inc.(Æ)

76,863

753

Teekay

Tankers,

Ltd.

Class

A

6,916

Teledyne

Technologies,

Inc.(Æ)

2,321

1,082

Tennant

Co.

16,954

1,223

Terex

Corp.

16,159

569

Tetra

Tech,

Inc.

72,170

2,251

Textron,

Inc.

11,075

779

Thermon

Group

Holdings,

Inc.(Æ)

79,805

2,093

Tidewater,

Inc.(Æ)

10,522

TopBuild

Corp.(Æ)

6,629

1,961

Toro

Co.

(The)

26,552

1,813

TransUnion

7,119

591

Trimble

Navigation,

Ltd.(Æ)

49,203

3,057

UniFirst

Corp.

1,948

United

Rentals,

Inc.

4,105

2,592

V2X,

Inc.(Æ)

37,580

1,870

Vontier

Corp.

207,578

6,603

Watts

Water

Technologies,

Inc.

Class

A

4,528

941

Werner

Enterprises,

Inc.

115,510

2,848

WESCO

International,

Inc.

30,963

5,046

Westinghouse

Air

Brake

Technologies

Corp.

15,241

2,816

Willdan

Group,

Inc.(Æ)

32,255

1,264

XPO,

Inc.(Æ)

48,776

5,176

242,107

Technology

-

12.6%

ACI

Worldwide,

Inc.(Æ)

19,516

1,041

ACM

Research,

Inc.

Class

A(Æ)

22,523

Advanced

Micro

Devices,

Inc.(Æ)

6,838

666

Agilysys,

Inc.(Æ)

26,174

1,946

Amentum

Holdings,

Inc.(Æ)

120,751

2,635

Angi,

Inc.(Æ)

33,151

Appfolio,

Inc.

Class

A(Æ)

15,654

3,233

Arista

Networks,

Inc.(Æ)

18,515

1,523

Aviat

Networks,

Inc.(Æ)

9,905

Avnet,

Inc.

13,838

650

Bandwidth,

Inc.

Class

A(Æ)

10,470

Bel

Fuse,

Inc.

Class

B

29,303

1,927

Bentley

Systems,

Inc.

Class

B

7,084

Blackbaud,

Inc.(Æ)

23,723

1,436

Box,

Inc.

Class

A(Æ)

18,284

571

Broadridge

Financial

Solutions,

Inc.

6,755

1,637

CACI

International,

Inc.

Class

A(Æ)

11,126

5,094

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Calix,

Inc.(Æ)

25,969

1,062

Camtek,

Ltd.(Æ)

10,731

701

CCC

Intelligent

Solutions

Holdings,

Inc.(Æ)

487,110

4,511

Clear

Secure,

Inc.

Class

A

11,274

Clearwater

Analytics

Holdings,

Inc.

Class

A(Æ)

109,101

2,481

Coherent

Corp.(Æ)

37,904

2,438

Concentrix

Corp.

32,347

1,652

Crane

NXT

Co.

70,670

3,316

Daily

Journal

Corp.(Æ)

2,832

1,073

Descartes

Systems

Group,

Inc.

(The)(Æ)

42,401

4,469

Diebold

Nixdorf,

Inc.(Æ)

27,224

1,207

Diodes,

Inc.(Æ)

22,989

883

Dolby

Laboratories,

Inc.

Class

A

32,605

2,504

Donnelley

Financial

Solutions,

Inc.(Æ)

22,618

1,090

DXC

Technology

Co.(Æ)

72,464

1,125

Dynatrace,

Inc.(Æ)

53,302

2,504

Entegris,

Inc.

30,425

2,407

Etsy,

Inc.(Æ)

15,413

670

Evolent

Health,

Inc.

Class

A(Æ)

57,436

566

Extreme

Networks,

Inc.(Æ)

63,157

831

Fair

Isaac

Corp.(Æ)

5,208

10,362

Five9,

Inc.(Æ)

25,765

648

Fortinet,

Inc.(Æ)

30,166

3,130

GCI

Liberty,

Inc.(Æ)(Š)

39,677

—

Genpact,

Ltd.

46,885

2,357

Global-e

Online,

Ltd.

Class

E(Æ)

40,935

1,470

Globant

SA(Æ)

19,857

2,335

GoDaddy,

Inc.

Class

A(Æ)

24,884

4,686

Guidewire

Software,

Inc.(Æ)

16,199

3,317

IDT

Corp.

Class

B

77,655

3,902

Insight

Enterprises,

Inc.(Æ)

7,850

1,086

inTEST

Corp.(Æ)

10,441

Jabil,

Inc.

8,864

1,299

Jack

Henry

&

Associates,

Inc.

13,152

2,281

KBR,

Inc.

29,413

1,553

Kimball

Electronics,

Inc.(Æ)

20,531

Kulicke

&

Soffa

Industries,

Inc.

150,915

4,864

Kyndryl

Holdings,

Inc.(Æ)

337,825

10,952

Lumentum

Holdings,

Inc.

Class

E(Æ)

17,405

1,028

MACOM

Technology

Solutions

Holdings,

Inc.(Æ)

5,670

588

Match

Group,

Inc.

70,486

2,091

monday.com,

Ltd.(Æ)

3,775

1,061

Monolithic

Power

Systems,

Inc.

7,910

4,692

NCR

Atleos

Corp.(Æ)

52,621

1,469

Nice,

Ltd.

-

ADR(Æ)

9,581

1,493

Oddity

Tech,

Ltd.

Class

A(Æ)

23,492

1,443

ON

Semiconductor

Corp.(Æ)

12,467

Paycom

Software,

Inc.

5,315

1,203

Pegasystems,

Inc.

42,977

3,957

Photronics,

Inc.(Æ)

34,924

638

PlayAGS,

Inc.(Æ)

176,518

2,139

Plexus

Corp.(Æ)

29,571

3,620

Power

Integrations,

Inc.

12,373

608

Powerfleet,

Inc.(Æ)

114,338

576

Progress

Software

Corp.

36,263

2,174

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
PTC,

Inc.(Æ)

21,088

3,268

Pure

Storage,

Inc.

Class

A(Æ)

89,245

4,048

Q2

Holdings,

Inc.(Æ)

29,591

2,345

Qorvo,

Inc.(Æ)

13,509

968

Qualys,

Inc.(Æ)

11,943

1,501

Rambus,

Inc.(Æ)

33,989

1,658

Red

Violet,

Inc.

47,815

1,868

Sandisk

Corp.(Æ)

588

Sapiens

International

Corp.

NV

130,601

3,577

Semtech

Corp.(Æ)

28,165

880

SentinelOne,

Inc.

Class

A(Æ)

36,824

681

Shutterstock,

Inc.

17,457

Simulations

Plus,

Inc.

16,354

562

SiTime

Corp.(Æ)

4,346

638

SPS

Commerce,

Inc.(Æ)

34,943

5,015

Super

Micro

Computer,

Inc.(Æ)

7,627

TD

SYNNEX

Corp.

7,146

792

Tyler

Technologies,

Inc.(Æ)

7,467

4,057

Universal

Display

Corp.

2,129

Verra

Mobility

Corp.(Æ)

64,131

1,398

Vishay

Intertechnology,

Inc.

198,050

2,573

Western

Digital

Corp.

1,764

WNS

Holdings,

Ltd.(Æ)

56,800

3,438

Workiva,

Inc.(Æ)

8,934

673

Zeta

Global

Holdings

Corp.

Class

A(Æ)

244,433

3,192

187,449

Utilities

-

3.0%

ALLETE,

Inc.

1,035

American

States

Water

Co.

15,862

1,287

Brookfield

Infrastructure

Corp.

Class

A

22,051

826

Chesapeake

Utilities

Corp.

12,565

1,654

Clearway

Energy,

Inc.

Class

C

23,563

691

CNX

Resources

Corp.(Æ)

9,925

Cogent

Communications

Holdings,

Inc.

17,306

941

ConocoPhillips

20,213

1,801

Crescent

Energy

Co.

Class

A

118,327

980

DT

Midstream,

Inc.

61,692

5,996

Essential

Utilities,

Inc.

59,312

2,439

Expand

Energy

Corp.

22,768

2,366

Gulfport

Energy

Corp.(Æ)

12,557

2,166

IDACORP,

Inc.

18,388

2,171

Iridium

Communications,

Inc.

12,321

Kosmos

Energy,

Ltd.(Æ)

179,124

Magnolia

Oil

&

Gas

Corp.

Class

A

14,305

Northern

Oil

and

Gas,

Inc.

42,610

1,035

Northwestern

Energy

Group,

Inc.

65,343

3,805

NRG

Energy,

Inc.

10,610

1,163

Ovintiv,

Inc.

7,842

Permian

Resources

Corp.

76,169

899

RGC

Resources,

Inc.

47,873

1,004

Talen

Energy

Corp.(Æ)

7,963

1,713

Talos

Energy,

Inc.(Æ)

179,078

1,232

UGI

Corp.

120,704

3,958

Vistra

Corp.

29,295

3,798

Vital

Energy,

Inc.(Æ)

9,589

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vitesse

Energy,

Inc.

38,984

797

44,348

#### Total

#### Common

#### Stocks
(cost

$902,774)

1,433,467

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Chord

Energy

Corp.(Æ)

2025 Warrants

4,193

Nabors

Industries,

Ltd.(Æ)

2026 Warrants

3,926

#### Total

#### Warrants

#### and

#### Rights
(cost

$19)

#### Short-Term

#### Investments

#### -

#### 2.9%
U.S.

Cash

Management

Fund(@)

43,037,087

(∞)

43,024

#### Total

#### Short-Term

#### Investments
(cost

$43,025)

43,024

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$945,818)

1,476,497

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
5,529

#### Net

#### Assets

#### -

#### 100.0%
1,482,026

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,

#### 2025
(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

37,032

06/25

(726) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

(726) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Consumer

Discretionary

$

176,269

$

—

$

—

$

—

$

176,269

.9

Consumer

Staples

48,748

—

—

—

48,748

.3

Energy

37,250

—

—

—

37,250

.5

Financial

Services

343,125

—

—

—

343,125

.2

Health

Care

199,690

—

—

199,753

.5

Materials

and

Processing

154,418

—

—

—

154,418

.4

Producer

Durables

242,107

—

—

—

242,107

.3

Technology

187,449

—

—

—

187,449

.6

Utilities

44,348

—

—

—

44,348

.0

Warrants

and

Rights

—

—

—

—

\*

Short-Term

Investments

—

—

—

43,024

43,024

.9

Total

Investments

1,433,410

—

43,024

1,476,497

.6

Other

Assets

and

Liabilities,

Net

.4

.0

Other

Financial

Instruments

Liabilities

Futures

Contracts

(726)

—

—

—

(726)

(—)

\*

Total

Other

Financial

Instruments

\*\*

$

(726)

$

—

$

—

$

—

$

(726)

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts
Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

726

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

2,067

$

—

Foreign

currency

exchange

contracts

—

Total

$

2,067

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(370) $

—

\*

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

945,818

Investments,

at

fair

value(>)

........................................................................................................................................................

1,476,497

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,405

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

1,199

Fund

shares

sold

...............................................................................................................................................................

1,678

From

broker(a)

.................................................................................................................................................................

3,967

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,485,089

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

788

Accrued

fees

to

affiliates

..................................................................................................................................................

1,351

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

725

Total

liabilities

...........................................................................................................................................................

3,063

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,482,026

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

495,035

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

986,585

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,482,026

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

34.64 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

36.75 Class

A

—

Net

assets

...........................................................................................................................................................

$

28,676,522

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

827,912

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

28.38 Class

C

—

Net

assets

...........................................................................................................................................................

$

11,958,801

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

421,361

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

36.72 Class

M

—

Net

assets

..........................................................................................................................................................

$

371,412,325

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

10,115,164

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

36.59 Class

S

—

Net

assets

............................................................................................................................................................

$

1,069,977,898

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,245,897

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,362

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

43,024

(a) Receivable

from

Broker

for

Futures

$

3,967

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

11,433

Dividends

from

affiliated

funds

.......................................................................................................................................

919

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

12,419

#### Expenses
Advisory

fees

...................................................................................................................................................................

7,828

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

............................................................................................................................................

1,174

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

10,356

Expense

reductions

..........................................................................................................................................................

(639) Net

expenses

................................................................................................................................................................................

9,717

Net

investment

income

(loss)

.......................................................................................................................................................

2,702

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(7,440)

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

2,067

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(24) Net

realized

gain

(loss)

................................................................................................................................................................

(5,395)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(191,362)

Investments

in

affiliated

funds

.........................................................................................................................................

(3) Futures

contracts

..............................................................................................................................................................

(370) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(191,682)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(197,077)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(194,375)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

2,702

$

2,554

Net

realized

gain

(loss)

.......................................................................................................................

(5,395)

(1,004)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(191,682)

383,611

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(194,375)

385,161

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(165) —

Class

M

.........................................................................................................................................

(3,229)

(711) Class

S

..........................................................................................................................................

(8,619)

(1,174)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(12,013)

(1,885)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(39,678)

86,901

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(246,066)

470,177

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

1,728,092

1,257,915

End

of

period

.............................................................................................................................................

$

1,482,026

$

1,728,092

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,968

$

8,624

Proceeds

from

reinvestment

of

distributions

—

—

Payments

for

shares

redeemed

(102) (3,885)

(84) (3,101)

Net

increase

(decrease)

(23) (752) 155

5,523

Class

C

Proceeds

from

shares

sold

910

2,154

Payments

for

shares

redeemed

(64) (2,013)

(85) (2,585)

Net

increase

(decrease)

(35) (1,103)

(15) (431) Class

M

Proceeds

from

shares

sold

1,508

60,513

2,850

113,304

Proceeds

from

reinvestment

of

distributions

3,215

710

Payments

for

shares

redeemed

(2,095)

(90,841)

(1,608)

(63,270)

Net

increase

(decrease)

(510)

(27,113)

1,261

50,744

Class

S

Proceeds

from

shares

sold

4,181

174,813

5,269

207,252

Proceeds

from

reinvestment

of

distributions

8,554

1,165

Payments

for

shares

redeemed

(4,612)

(194,077)

(4,560)

(177,352)

Net

increase

(decrease)

(225) (10,710)

739

31,065

Total

increase

(decrease)

(793) $

(39,678)

2,140

$

86,901

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### U.S.

#### Mid

#### &

#### Small

#### Cap

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

39.59 .01

(4.76)

(4.75)

(.20)

—

October

31,

2024

30.44 (.05)

9.20 9.15 —

—

October

31,

2023

32.28 .01

(1.85)

(1.84)

—

—

October

31,

2022

39.31 (.09)

(6.90)

(6.99)

—

(.04)

October

31,

2021

26.66 (.15)

12.85 12.70 (.05)

—

October

31,

2020

27.19 (.04)

(.46)

(.50)

(.03)

—

Class

C

April

30,

2025\*

32.39 (.11)

(3.90)

(4.01)

—

—

October

31,

2024

25.09 (.26)

7.56 7.30 —

—

October

31,

2023

26.80 (.19)

(1.52)

(1.71)

—

—

October

31,

2022

32.88 (.28)

(5.76)

(6.04)

—

(.04)

October

31,

2021

22.42 (.35)

10.81 10.46 —

—

October

31,

2020

23.01 (.19)

(.40)

(.59)

—

—

Class

M

April

30,

2025\*

42.01 .09

(5.04)

(4.95)

(.34)

—

October

31,

2024

32.25 .10

9.74 9.84 (.08)

—

October

31,

2023

34.19 .14

(1.96)

(1.82)

(.12)

—

October

31,

2022

41.47 .05

(7.29)

(7.24)

—

(.04)

October

31,

2021

28.11 (.01)

13.52 13.51 (.15)

—

October

31,

2020

28.64 .05

(.46)

(.41)

(.12)

—

Class

S

April

30,

2025\*

41.84 .07

(5.02)

(4.95)

(.30)

—

October

31,

2024

32.12 .06

9.70 9.76 (.04)

—

October

31,

2023

34.06 .11

(1.96)

(1.85)

(.09)

—

October

31,

2022

41.35 .01

(7.26)

(7.25)

—

(.04)

October

31,

2021

28.03 (.05)

13.49 13.44 (.12)

—

October

31,

2020

28.56 .03

(.47)

(.44)

(.09)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.20)

34.64 (12.06)

28,677

1.51 1.49 .05

—

39.59 30.06 33,681

1.51 1.49 (.13)

—

30.44 (5.70)

21,180

1.51 1.48 .03

(.04)

32.28 (17.79)

26,204

1.52 1.48 (.25)

(.05)

39.31 47.69 29,140

1.52 1.48 (.40)

(.03)

26.66 (1.86)

18,270

1.54 1.48 (.16)

—

28.38 (12.38)

11,959

2.26 2.21 (.68)

—

32.39 29.10 14,805

2.26 2.21 (.84)

—

25.09 (6.38)

11,837

2.26 2.20 (.69)

(.04)

26.80 (18.38)

13,595

2.27 2.20 (.97)

—

32.88 46.65 16,259

2.27 2.20 (1.13)

—

22.42 (2.56)

10,666

2.29 2.20 (.86)

(.34)

36.72 (11.88)

371,412

1.26 1.11 .43

(.08)

42.01 30.52 446,411

1.26 1.11 .25

(.12)

32.25 (5.34)

301,992

1.26 1.10 .40

(.04)

34.19 (17.47)

331,061

1.27 1.10 .15

(.15)

41.47 48.19 308,276

1.27 1.10 (.03)

(.12)

28.11 (1.45)

134,435

1.30 1.10 .20

(.30)

36.59 (11.92)

1,069,978

1.26 1.21 .32

(.04)

41.84 30.40 1,233,195

1.26 1.21 .15

(.09)

32.12 (5.45)

922,906

1.26 1.20 .30

(.04)

34.06 (17.54)

939,714

1.27 1.20 .04

(.12)

41.35 48.05 1,020,504

1.27 1.20 (.12)

(.09)

28.03 (1.55)

714,752

1.29 1.20 .13

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,130,802

Administrative

fees

56,642

Distribution

fees

13,082

Shareholder

servicing

fees

2,412

Transfer

agent

fees

147,929

$

1,350,867

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

64,646

$

182,184

$

203,802

$

(1)

$

(3)

$

43,024

$

919

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

959,827,962

$

561,206,889

$

(45,264,145)

$

515,942,744

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 93.3%
Argentina

-

0.2%

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

30,645

1,851

YPF

SA

-

ADR(Æ)

232,700

6,934

8,785

Australia

-

1.0%

Aristocrat

Leisure,

Ltd.

43,905

1,883

ASX,

Ltd.

22,450

1,019

BHP

Group,

Ltd.

14,029

BlueScope

Steel,

Ltd.

40,510

622

Brambles,

Ltd.

164,769

2,170

Commonwealth

Bank

of

Australia

93,336

9,986

EBOS

Group,

Ltd.

33,880

736

Glencore

PLC(Æ)

509,251

1,661

Goodman

Group(ö)

276,481

5,339

Medibank

Pvt,

Ltd.

519,559

1,548

Northern

Star

Resources,

Ltd.

106,919

1,312

Pro

Medicus,

Ltd.

7,655

1,131

Qantas

Airways,

Ltd.

391,162

2,226

QBE

Insurance

Group,

Ltd.

163,228

2,266

REA

Group,

Ltd.

6,026

961

Rio

Tinto

PLC

66,336

3,955

Rio

Tinto,

Ltd.

14,485

1,098

Santos,

Ltd.

84,190

Seven

Group

Holdings,

Ltd.

38,236

1,256

Wesfarmers,

Ltd.

68,218

3,430

Woolworths

Group,

Ltd.

44,933

909

44,166

Austria

-

0.4%

Erste

Group

Bank

AG

239,584

16,138

Belgium

-

0.2%

Ageas

SA

61,712

3,889

Anheuser-Busch

InBev

SA

37,682

2,475

Lotus

Bakeries

NV

1,290

UCB

SA

13,307

2,446

10,100

Brazil

-

2.4%

Ambev

SA

6,772,531

17,387

Atacadao

SA

942,096

1,419

B3

SA

-

Brasil

Bolsa

Balcao

474,818

1,129

Banco

Bradesco

SA

-

ADR

2,143,205

5,272

Banco

BTG

Pactual

SA(Æ)

814,019

5,466

Banco

do

Brasil

SA

694,433

3,540

Caixa

Seguridade

Participacoes

SA

119,822

Centrais

Eletricas

Brasileiras

SA

435,030

3,369

Cia

De

Saneamento

Basico

Do

Estado

De

Sao

Paulo

Sabesp

306,008

6,141

Cosan

SA

3,459

Gerdau

SA

-

ADR

361,910

945

Hypera

SA

31,472

Itau

Unibanco

Holding

SA

-

ADR

1,001,195

6,317

Localiza

Rent

a

Car

SA

10,048

Lojas

Renner

SA

1,227,418

3,160

MercadoLibre,

Inc.(Æ)

5,924

13,808

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Natura

&

Co.

Holding

SA(Æ)

857,756

1,437

NU

Holdings,

Ltd.

Class

A(Æ)

483,683

6,012

Petroleo

Brasileiro

SA

-

ADR

572,426

6,463

PRIO

SA(Æ)

392,199

2,330

Raia

Drogasil

SA

875,771

3,062

Rumo

SA

509,382

1,741

Telefonica

Brasil

SA

1,116,161

5,466

Ultrapar

Participacoes

SA

490,826

1,542

Vale

SA

Class

B

-

ADR

243,679

2,269

WEG

SA

195,046

1,534

Wheaton

Precious

Metals

Corp.

29,676

2,478

Yara

International

ASA

44,055

1,432

104,279

Burkina

Faso

-

0.1%

Endeavour

Mining

PLC

119,164

3,228

Canada

-

3.3%

Agnico

Eagle

Mines,

Ltd.

9,779

1,149

Air

Canada

Class

B(Æ)

21,329

Alimentation

Couche-Tard,

Inc.

94,175

4,916

ARC

Resources,

Ltd.

134,430

2,488

Bank

of

Montreal

7,324

702

Bank

of

Nova

Scotia

(The)

12,742

638

Barrick

Gold

Corp.

470,361

8,963

Brookfield

Asset

Management,

Inc.

10,546

567

Brookfield

Asset

Management,

Inc.

Class

A

24,440

1,304

CAE,

Inc.(Æ)

25,067

627

Cameco

Corp.

Class

A

24,306

1,097

Canadian

National

Railway

Co.

79,855

7,734

Canadian

Natural

Resources,

Ltd.

—

Canadian

Pacific

Kansas

City,

Ltd.

54,723

3,975

CCL

Industries,

Inc.

Class

B

59,400

3,104

Cenovus

Energy,

Inc.

50,145

590

CGI,

Inc.

43,117

4,572

Constellation

Software,

Inc.

1,754

6,321

Descartes

Systems

Group,

Inc.

(The)

(Æ)

10,597

1,116

Dollarama,

Inc.

87,191

10,758

Empire

Co.,

Ltd.

Class

A

30,956

1,150

Enbridge,

Inc.

58,672

2,744

Fairfax

Financial

Holdings,

Ltd.

3,122

4,874

Fortis,

Inc.

20,091

995

Franco-Nevada

Corp.

Class

T

11,708

2,012

George

Weston,

Ltd.

5,330

1,038

Gildan

Activewear,

Inc.

Class

A

17,159

791

Great-West

Lifeco,

Inc.

29,092

1,131

Hydro

One,

Ltd.(Þ)

26,918

1,036

iA

Financial

Corp.,

Inc.

7,703

748

Imperial

Oil,

Ltd.

17,826

1,202

Intact

Financial

Corp.

28,889

6,416

Kinross

Gold

Corp.

80,989

1,195

Loblaw

Cos.,

Ltd.

53,003

8,604

Magna

International,

Inc.

Class

A

120,020

4,170

Manulife

Financial

Corp.

106,997

3,279

MEG

Energy

Corp.

Class

A

51,724

726

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Metro,

Inc.

Class

A

53,505

4,123

National

Bank

of

Canada

9,586

842

Open

Text

Corp.

7,239

Pembina

Pipeline

Corp.

10,204

Royal

Bank

of

Canada

45,502

5,461

Saputo,

Inc.

16,604

Shopify,

Inc.

Class

A(Æ)

89,327

8,487

Stantec,

Inc.

86,383

7,582

Sun

Life

Financial,

Inc.

47,252

2,816

Suncor

Energy,

Inc.

18,907

668

Teck

Resources,

Ltd.

Class

B

41,866

1,423

Thomson

Reuters

Corp.

4,644

864

Toromont

Industries,

Ltd.

507

Toronto-Dominion

Bank

(The)

83,171

5,314

West

Fraser

Timber

Co.,

Ltd.

8,451

626

142,107

Chile

-

0.1%

Antofagasta

PLC

35,475

783

Enel

Americas

SA

8,666,430

851

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

89,939

3,076

4,710

China

-

10.6%

Agricultural

Bank

of

China,

Ltd.

Class

A

2,500,000

1,867

Alibaba

Group

Holding,

Ltd.

3,797,677

56,991

Aluminum

Corp.

of

China,

Ltd.

Class

A

2,484,033

2,192

Aluminum

Corp.

of

China,

Ltd.

Class

H

7,286,689

3,950

Anhui

Conch

Cement

Co.,

Ltd.

Class

H

61,891

Anta

Sports

Products,

Ltd.

317,200

3,785

Baidu,

Inc.

Class

A(Æ)

142,850

1,580

Baidu,

Inc.

-

ADR(Æ)

34,794

3,056

Bank

of

China,

Ltd.

Class

A

1,108,900

845

Bank

of

China,

Ltd.

Class

H

3,570,000

2,008

Bank

of

Communications

Co.,

Ltd.

Class

A

768,700

790

BeiGene,

Ltd.(Æ)

47,700

959

Beijing-Shanghai

High

Speed

Railway

Co.,

Ltd.

Class

A

325,900

Bilibili,

Inc.

-

ADR(Æ)

87,027

1,523

BOE

Technology

Group

Co.,

Ltd.

Class

A

1,319,300

697

BYD

Co.,

Ltd.

Class

H

356,500

17,187

CGN

Power

Co.,

Ltd.

Class

A

114,200

CGN

Power

Co.,

Ltd.

Class

H(Þ)

2,578,000

822

China

Construction

Bank

Corp.

Class

H

13,560,000

11,207

China

Energy

Engineering

Group

Co.,

Ltd.

2,298,120

696

China

Galaxy

Securities

Co.,

Ltd.

Class

A

408,800

881

China

International

Capital

Corp.,

Ltd.

Class

A

345,000

1,562

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

2,018,800

3,500

China

Life

Insurance

Co.,

Ltd.

Class

A

309,800

1,549

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
China

Life

Insurance

Co.,

Ltd.

Class

H

782,000

1,445

China

Mengniu

Dairy

Co.,

Ltd.

1,463,000

3,684

China

Merchants

Bank

Co.,

Ltd.

Class

A

41,016

China

Merchants

Bank

Co.,

Ltd.

Class

H

1,227,098

6,753

China

Merchants

Securities

Co.,

Ltd.

Class

A

761,750

1,727

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.,

Ltd.

Class

A

740,854

934

China

Oilfield

Services,

Ltd.

Class

H

212,593

China

Overseas

Land

&

Investment,

Ltd.

1,472,000

2,637

China

Pacific

Insurance

Group

Co.,

Ltd.

Class

A

183,400

755

China

Railway

Group,

Ltd.

Class

A

300,100

China

Resources

Beverage

Holdings

Co,

Ltd.(Æ)

1,880,200

3,378

China

Resources

Land,

Ltd.

1,846,617

6,284

China

Southern

Airlines

Co.,

Ltd.

Class

A(Æ)

380,000

China

Tower

Corp.,

Ltd.

Class

H(Þ)

927,200

1,348

China

Yangtze

Power

Co.,

Ltd.

Class

A

180,800

734

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

116,534

3,710

Country

Garden

Services

Holdings

Co.,

Ltd.

4,290,751

3,838

Daqo

new

Energy

Corp.

-

ADR(Æ)

43,971

560

DiDi

Global,

Inc.

-

ADR(Æ)

365,136

1,482

East

Money

Information

Co.,

Ltd.

Class

A

525,600

1,490

Foxconn

Industrial

Internet

Co.,

Ltd.

Class

A

225,100

561

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

95,900

768

Geely

Automobile

Holdings,

Ltd.

1,342,421

2,856

GF

Securities

Co.,

Ltd.

Class

A

385,300

829

Great

Wall

Motor

Co.,

Ltd.

Class

A

205,700

640

H

World

Group,

Ltd.

-

ADR

110,049

3,768

Haidilao

International

Holding,

Ltd.(Þ)

454,000

1,038

Haier

Smart

Home

Co.,

Ltd.

Class

A

387,900

1,326

Haier

Smart

Home

Co.,

Ltd.

Class

H

1,188,716

3,484

Haitian

International

Holdings,

Ltd.

114,000

Huatai

Securities

Co.,

Ltd.

Class

A

702,300

1,553

Industrial

&

Commercial

Bank

of

China,

Ltd.

Class

H

9,921,463

6,833

JD.com,

Inc.

Class

A

129,500

2,126

JD.com,

Inc.

-

ADR

83,200

2,714

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

480,145

3,381

JOYY,

Inc.

-

ADR

20,497

844

Kanzhun,

Ltd.

-

ADR(Æ)

160,875

2,461

KE

Holdings,

Inc.

-

ADR

58,732

1,192

Kingsoft

Cloud

Holdings,

Ltd.

-

ADR(Æ)

68,377

929

Kuaishou

Technology(Æ)(Þ)

1,460,717

9,837

Kweichow

Moutai

Co.,

Ltd.

Class

A

13,300

2,834

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Lenovo

Group,

Ltd.

2,798,000

3,272

Li

Auto,

Inc.

Class

A(Æ)

201,801

2,471

Li

Auto,

Inc.

-

ADR(Æ)

283,803

6,922

Li

Ning

Co.,

Ltd.

160,453

Longfor

Group

Holdings,

Ltd.(Þ)

6,672,000

9,043

Meituan

Class

B(Æ)(Þ)

670,136

11,209

Midea

Group

Co.,

Ltd.

Class

A

53,600

544

Midea

Group

Co.,

Ltd.

Class

H(Æ)

233,800

2,229

Muyuan

Foods

Co.,

Ltd.

Class

A

95,573

522

NetEase,

Inc.

39,470

848

NetEase,

Inc.

-

ADR

54,116

5,794

New

China

Life

Insurance

Co.,

Ltd.

Class

A

93,051

617

NIO,

Inc.

Class

A(Æ)

732,920

2,971

Nongfu

Spring

Co.,

Ltd.

Class

H(Þ)

295,000

1,369

PDD

Holdings,

Inc.

-

ADR(Æ)

68,638

7,246

PICC

Property

&

Casualty

Co.,

Ltd.

Class

A

893,354

869

PICC

Property

&

Casualty

Co.,

Ltd.

Class

H

590,000

1,094

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

A

154,100

1,077

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

2,601,500

15,753

Pop

Mart

Internaitonal

Group,

Ltd.(Þ)

65,200

1,640

Postal

Savings

Bank

of

China

Co.,

Ltd.

Class

H(Þ)

1,305,000

808

Prosus

NV

19,441

911

Qinghai

Salt

Lake

Industry

Co.,

Ltd.

Class

A(Æ)

680,900

1,499

Sany

Heavy

Industry

Co.,

Ltd.

Class

A

189,007

SF

Holding

Co.,

Ltd.

Class

H(Æ)

669,244

3,369

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

328,500

968

Shandong

Nanshan

Aluminum

Co.,

Ltd.

Class

A

1,591,300

801

Shanghai

Pudong

Development

Bank

Co.,

Ltd.

Class

A

641,000

968

Shenergy

Co.,

Ltd.

Class

A

225,100

Shenwan

Hongyuan

Group

Co.,

Ltd.

Class

A

2,294,600

1,492

Tencent

Holdings,

Ltd.

1,657,928

102,881

Tencent

Music

Entertainment

Group

-

ADR

46,496

624

Tongwei

Co.,

Ltd.

Class

A

1,893,600

4,256

Trip.com

Group,

Ltd.

-

ADR

294,800

17,390

Tsingtao

Brewery

Co.,

Ltd.

Class

H

92,000

652

Vipshop

Holdings,

Ltd.

-

ADR

38,131

519

Want

Want

China

Holdings,

Ltd.

339,000

Weichai

Power

Co.,

Ltd.

Class

H

2,374,041

4,683

Will

Semiconductor,

Ltd.

Class

A

3,557

Wilmar

International,

Ltd.

192,800

Wuliangye

Yibin

Co.,

Ltd.

Class

A

60,100

1,065

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

480,700

3,762

Xiaomi

Corp.

Class

B(Æ)(Þ)

1,002,400

6,500

XPeng,

Inc.

Class

A(Æ)

162,100

1,513

Yum

China

Holdings,

Inc.

55,062

2,385

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zijin

Mining

Group

Co.,

Ltd.

Class

H

6,050,000

13,246

ZTE

Corp.

Class

H

205,000

606

ZTO

Express

(Cayman),

Inc.

-

ADR

14,239

458,515

Colombia

-

0.1%

Ecopetrol

SA

-

ADR

263,904

2,140

Congo,

the

Democratic

Republic

of

the

-

0.1%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

706,733

6,275

Denmark

-

1.5%

Carlsberg

A/S

Class

B

2,807

Coloplast

A/S

Class

B

26,107

2,966

Danske

Bank

A/S

299,241

10,501

Demant

A/S(Æ)

64,918

2,359

DSV

A/S

40,765

8,671

Novo

Nordisk

A/S

Class

B

559,745

37,289

Novonesis

(Novozymes)

B

Class

B

40,193

2,609

Rockwool

A/S

Class

B

21,360

977

65,755

Finland

-

0.5%

Elisa

OYJ

9,821

525

Kone

OYJ

Class

B

21,879

1,359

Nokia

OYJ

3,089,951

15,496

Stora

Enso

OYJ

Class

R

75,689

702

Wartsila

OYJ

Class

B

82,868

1,531

19,613

France

-

6.3%

Accor

SA

370,716

18,194

Airbus

SE

58,601

9,811

Amundi

SA(Þ)

124,438

9,814

Arkema

SA

84,620

6,420

AXA

SA

231,803

10,988

bioMerieux

6,339

854

BNP

Paribas

SA

104,164

8,804

Bollore

SE

107,766

665

Bouygues

SA

32,409

1,424

Bureau

Veritas

SA

188,686

5,951

Capgemini

SE

14,568

2,318

Carrefour

SA

289,050

4,452

Cie

de

Saint-Gobain

SA

104,612

11,378

Cie

Generale

des

Etablissements

Michelin

SCA

453,379

16,514

Dassault

Aviation

SA

34,376

12,470

Dassault

Systemes

SE

36,652

1,368

Eiffage

SA

10,409

1,416

Engie

SA

407,351

8,410

EssilorLuxottica

SA

16,130

4,632

Hermes

International

1,978

5,400

Ipsen

SA

13,906

1,616

L'Air

Liquide

SA

Class

A

30,934

6,363

Legrand

SA

16,313

1,796

L'Oreal

SA

29,135

12,785

Louis

Hachette

Group

191,147

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
LVMH

Moet

Hennessy

Louis

Vuitton

SE

22,853

12,611

Orange

SA

545,184

7,916

Pernod

Ricard

SA

3,445

Publicis

Groupe

SA

82,184

8,331

Renault

SA

71,422

3,784

Rexel

SA

Class

H

513,660

14,358

Safran

SA

19,463

5,161

Sartorius

Stedim

Biotech

55,636

13,050

SEB

SA

10,008

947

Societe

Generale

SA

275,983

14,323

Teleperformance

101,234

11,176

Thales

SA

5,357

1,492

TotalEnergies

SE

221,974

12,588

Valeo

SE

226,226

2,234

Vinci

SA

18,756

2,641

275,127

Germany

-

6.8%

adidas

AG

24,240

5,540

Allianz

SE

10,299

4,253

BASF

SE

321,896

16,329

Bayer

AG

196,914

5,148

Beiersdorf

AG

19,685

2,767

Brenntag

SE

12,752

849

Ceconomy

AG(Æ)

98,566

Commerzbank

AG

17,994

Continental

AG

159,810

12,382

Covestro

AG(Æ)(Þ)

161,277

10,743

CTS

Eventim

AG

&

Co.

KGaA

104,871

12,351

Daimler

Truck

Holding

AG

503,610

20,092

Deutsche

Bank

AG

48,899

1,280

Deutsche

Boerse

AG

85,747

27,600

Deutsche

Telekom

AG

204,209

7,328

E.ON

SE

90,006

1,575

Evonik

Industries

AG

514,972

11,529

Fresenius

Medical

Care

AG

174,867

8,840

Fresenius

SE

&

Co.

KGaA

184,568

8,756

Hannover

Rueck

SE

11,665

3,721

Heidelberg

Materials

AG

85,057

16,804

Henkel

AG

&

Co.

KGaA

12,769

897

Infineon

Technologies

AG

133,486

4,374

Knorr-Bremse

AG

20,753

2,050

Mercedes-Benz

Group

AG

99,788

5,939

Merck

KGaA

6,109

844

MTU

Aero

Engines

AG

26,374

9,120

Muenchener

Rueckversicherungs-

Gesellschaft

AG

14,022

9,553

Rheinmetall

AG

12,076

20,444

SAP

SE

96,652

27,954

Siemens

AG

49,626

11,379

Symrise

AG

187,638

21,588

Vonovia

SE

24,378

809

293,663

Greece

-

0.6%

Alpha

Services

and

Holdings

SA

2,449,436

5,980

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Eurobank

Ergasias

SA

4,362,128

12,399

Hellenic

Telecommunications

Organization

SA

33,711

644

National

Bank

of

Greece

SA

275,241

2,925

Piraeus

Financial

Holdings

SA

733,084

4,126

26,074

Hong

Kong

-

1.2%

AIA

Group,

Ltd.

2,164,887

16,356

ASMPT,

Ltd.

372,300

2,511

CK

Asset

Holdings,

Ltd.

543,000

2,233

Hang

Seng

Bank,

Ltd.

36,094

506

Hong

Kong

Exchanges

&

Clearing,

Ltd.

185,217

8,215

Orient

Overseas

International,

Ltd.

34,000

Prudential

PLC

1,213,885

12,938

Swire

Pacific,

Ltd.

Class

A

6,813

Techtronic

Industries

Co.,

Ltd.

456,000

4,639

WH

Group,

Ltd.(Þ)

3,780,826

3,399

51,335

Hungary

-

0.1%

OTP

Bank

PLC

58,986

4,367

India

-

5.3%

Alkem

Laboratories,

Ltd.

12,194

739

Apollo

Hospitals

Enterprise,

Ltd.

9,087

751

Asian

Paints,

Ltd.

33,460

961

Aurobindo

Pharma,

Ltd.(Æ)

49,281

719

Avenue

Supermarts,

Ltd.(Æ)(Þ)

31,612

1,573

Axis

Bank,

Ltd.

174,613

2,451

Axis

Bank,

Ltd.

-

GDR(Þ)

41,725

2,929

Bajaj

Auto,

Ltd.

19,687

1,875

Bajaj

Finance,

Ltd.

9,738

996

Bajaj

Holdings

&

Investment,

Ltd.

Balkrishna

Industries,

Ltd.

24,136

765

Berger

Paints

India,

Ltd.

36,575

Bharat

Electronics,

Ltd.

250,896

934

Bharat

Forge,

Ltd.

65,153

853

Bharti

Airtel,

Ltd.

523,948

11,570

Britannia

Industries,

Ltd.

25,645

1,653

Cadila

Healthcare,

Ltd.

68,075

717

Canara

Bank

3,530,995

4,078

Cipla,

Ltd.

188,918

3,474

Dabur

India,

Ltd.

Class

A

234,242

1,353

Divi's

Laboratories,

Ltd.

17,053

1,231

DLF,

Ltd.

147,123

1,175

Dr

Reddy's

Laboratories,

Ltd.

115,050

1,615

Eternal,

Ltd.(Æ)

483,101

1,329

GAIL

India,

Ltd.

255,857

574

GMR

Infrastructure,

Ltd.(Æ)

5,712,981

5,903

Godrej

Consumer

Products,

Ltd.

74,468

1,112

Havells

India,

Ltd.

66,089

1,253

HCL

Technologies,

Ltd.

41,700

775

HDFC

Asset

Management

Co.,

Ltd.(Þ)

15,132

778

HDFC

Bank,

Ltd.

1,486,746

33,891

HDFC

Life

Insurance

Co.,

Ltd.(Þ)

173,020

1,525

Hindalco

Industries,

Ltd.

211,831

1,569

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hindustan

Aeronautics,

Ltd.(Þ)

28,296

1,505

Hindustan

Unilever,

Ltd.

132,290

3,669

ICICI

Bank,

Ltd.

954,104

16,047

ICICI

Bank,

Ltd.

-

ADR

149,631

5,022

ICICI

Lombard

General

Insurance

Co.,

Ltd.(Þ)

89,652

1,994

ICICI

Prudential

Life

Insurance

Co.,

Ltd.(Þ)

233,913

1,702

Indus

Towers,

Ltd.(Æ)

176,714

855

Infosys,

Ltd.

181,061

3,219

Infosys,

Ltd.

-

ADR

63,951

1,126

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

150,050

9,334

ITC

Hotels,

Ltd.(Æ)

43,830

ITC,

Ltd.

438,304

2,211

Jio

Financial

Services,

Ltd.(Æ)

143,335

JSW

Energy,

Ltd.

188,845

1,073

JSW

Infrastructure,

Ltd.

525,938

1,831

Kotak

Mahindra

Bank,

Ltd.

109,538

2,866

Larsen

&

Toubro,

Ltd.

140,971

5,580

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

116,180

4,588

Macrotech

Developers,

Ltd.(Þ)

229,327

3,586

Mahindra

&

Mahindra,

Ltd.

44,725

1,552

MakeMyTrip,

Ltd.(Æ)

16,522

1,732

Mankind

Pharma,

Ltd.(Æ)

25,774

752

Marico,

Ltd.

50,916

Maruti

Suzuki

India,

Ltd.

26,358

3,818

Nestle

India,

Ltd.

90,887

2,570

Oil

&

Natural

Gas

Corp.,

Ltd.

591,620

1,714

PB

Fintech,

Ltd.(Æ)

46,735

900

Petronet

LNG,

Ltd.

188,848

695

PI

Industries,

Ltd.

19,123

825

Pidilite

Industries,

Ltd.

41,747

1,501

Power

Grid

Corp.

of

India,

Ltd.

1,059,782

3,859

Reliance

Industries,

Ltd.

674,879

11,234

Reliance

Industries,

Ltd.

-

GDR(Þ)

78,033

5,088

SBI

Life

Insurance

Co.,

Ltd.(Þ)

228,777

4,787

Shree

Cement,

Ltd.

3,647

1,283

Shriram

Finance,

Ltd.

802,747

5,819

Siemens

Energy

India,

Ltd.(Æ)(Š)

26,374

774

Siemens,

Ltd.

26,374

906

SRF,

Ltd.

Class

23,406

835

State

Bank

of

India

615,001

5,746

Sun

Pharmaceutical

Industries,

Ltd.

82,209

1,786

Tata

Consultancy

Services,

Ltd.

15,735

644

Tata

Motors,

Ltd.

106,942

817

Tech

Mahindra,

Ltd.

46,416

827

Titan

Co.,

Ltd.

43,683

1,749

Torrent

Pharmaceuticals,

Ltd.

20,050

789

UltraTech

Cement,

Ltd.

36,526

5,037

United

Spirits,

Ltd.

161,203

2,988

Wipro,

Ltd.

714,896

2,047

231,609

Indonesia

-

0.4%

Amman

Mineral

Internasional

PT(Æ)

2,011,000

877

Bank

Central

Asia

Tbk

PT

7,644,590

4,109

Bank

Mandiri

Persero

Tbk

PT

14,531,206

4,295

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

Negara

Indonesia

Persero

Tbk

PT

7,293,430

1,866

Bank

Rakyat

Indonesia

Persero

Tbk

PT

19,222,980

4,527

Chandra

Asri

Pacific

Tbk

PT

1,560,700

741

Charoen

Pokphand

Indonesia

Tbk

PT

2,550,500

735

Indofood

CBP

Sukses

Makmur

Tbk

PT

1,321,100

908

18,058

Ireland

-

1.0%

Accenture

PLC

Class

A

24,913

7,453

AerCap

Holdings

NV

6,729

713

AIB

Group

PLC

554,378

3,741

Bank

of

Ireland

Group

PLC

1,175,352

13,890

Flutter

Entertainment

PLC(Æ)

42,515

10,286

Kerry

Group

PLC

Class

A

39,083

4,134

Kingspan

Group

PLC

20,703

1,755

41,972

Israel

-

0.3%

Bank

Hapoalim

BM

121,768

1,789

Bank

Leumi

Le-Israel

BM

66,942

955

Check

Point

Software

Technologies,

Ltd.(Æ)

26,282

5,770

Elbit

Systems,

Ltd.

3,216

1,236

Israel

Discount

Bank,

Ltd.

Class

A

29,972

NICE,

Ltd.(Æ)

8,031

1,258

Teva

Pharmaceutical

Industries,

Ltd.

-

ADR

100,979

1,566

Wix.com,

Ltd.(Æ)

4,892

830

13,629

Italy

-

2.2%

BPER

Banca

SpA

828,821

6,711

Davide

Campari-Milano

NV

SpA

994,097

6,632

DiaSorin

SpA

6,104

698

Enel

SpA

1,841,460

15,955

Eni

SpA

477,507

6,773

FinecoBank

Banca

Fineco

SpA

749,785

14,939

Generali

228,914

8,342

Leonardo

SpA

30,392

1,578

Moncler

SpA

70,936

4,382

Nexi

SpA(Æ)(Þ)

161,277

941

Prysmian

SpA

16,081

881

Ryanair

Holdings

PLC

-

ADR

138,567

6,632

UniCredit

SpA

367,910

21,275

Unipol

Gruppo

SpA

29,092

520

96,259

Japan

-

11.3%

Advantest

Corp.

126,400

5,226

Aeon

Co.,

Ltd.

34,200

1,012

Ajinomoto

Co.,

Inc.

86,400

1,765

Alfresa

Holdings

Corp.

143,100

2,158

Alps

Alpine

Co.,

Ltd.

111,800

1,135

Amada

Co.,

Ltd.

329,000

3,289

ANA

Holdings,

Inc.

43,900

841

Asahi

Group

Holdings,

Ltd.

133,600

1,845

Asics

Corp.

48,000

1,039

Astellas

Pharma,

Inc.

232,000

2,320

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bandai

Namco

Holdings,

Inc.

93,900

3,256

Bridgestone

Corp.

138,700

5,823

Canon,

Inc.

83,200

2,569

Chiba

Bank,

Ltd.

(The)

113,800

1,007

Chugai

Pharmaceutical

Co.,

Ltd.

57,600

3,327

Concordia

Financial

Group,

Ltd.

144,500

931

Dai-ichi

Life

Holdings,

Inc.

772,740

5,559

Daiichi

Sankyo

Co.,

Ltd.

221,000

5,646

Daikin

Industries,

Ltd.

9,200

1,055

Daito

Trust

Construction

Co.,

Ltd.

6,000

666

Daiwa

House

Industry

Co.,

Ltd.

61,900

2,231

DeNA

Co.,

Ltd.

47,200

1,276

Dentsu,

Inc.

228,700

4,789

Eisai

Co.,

Ltd.

70,400

2,031

Fast

Retailing

Co.,

Ltd.

6,600

2,180

FUJIFILM

Holdings

Corp.

241,263

4,942

Fujitsu,

Ltd.

127,440

2,817

Fukuoka

Financial

Group,

Inc.

140,900

3,702

Hakuhodo

DY

Holdings,

Inc.

129,300

972

Hankyu

Hanshin

Holdings,

Inc.

52,800

1,504

Hino

Motors,

Ltd.(Æ)

187,400

596

Hirose

Electric

Co.,

Ltd.

6,800

773

Hitachi,

Ltd.

343,100

8,484

Honda

Motor

Co.,

Ltd.

471,895

4,808

Horiba,

Ltd.

31,600

2,163

Hoya

Corp.

32,800

3,857

Iida

Group

Holdings

Co.,

Ltd.

231,100

3,653

Isuzu

Motors,

Ltd.

480,100

6,484

ITOCHU

Corp.

101,818

5,210

Japan

Airlines

Co.,

Ltd.

8,900

Japan

Exchange

Group,

Inc.

125,000

1,395

Japan

Post

Holdings

Co.,

Ltd.

301,700

2,931

Japan

Post

Insurance

Co.,

Ltd.

Class

A

55,700

1,117

Japan

Tobacco,

Inc.

62,500

1,929

Kajima

Corp.

90,400

2,158

Kao

Corp.

81,000

3,450

KDDI

Corp.

163,400

2,888

Keyence

Corp.

42,400

17,807

Kikkoman

Corp.

88,400

864

Kirin

Holdings

Co.,

Ltd.

110,700

1,673

Komatsu,

Ltd.

364,400

10,483

Kubota

Corp.

145,800

1,690

Kyowa

Kirin

Co.,

Ltd.

62,100

969

Makita

Corp.

119,400

3,504

MatsukiyoCocokara

&

Co.

49,200

905

McDonald's

Holdings

Co.

Japan,

Ltd.

32,900

1,388

Minebea

Co.,

Ltd.

562,900

8,269

Mitsubishi

Corp.

60,400

1,148

Mitsubishi

Electric

Corp.

199,800

3,872

Mitsubishi

Estate

Co.,

Ltd.

407,700

7,157

Mitsubishi

Gas

Chemical

Co.,

Inc.

106,200

1,617

Mitsubishi

Heavy

Industries,

Ltd.

71,200

1,398

Mitsubishi

UFJ

Financial

Group,

Inc.

1,048,500

13,269

Mitsui

Fudosan

Co.,

Ltd.

254,600

2,513

Mizuho

Financial

Group,

Inc.

115,300

2,899

MS&AD

Insurance

Group

Holdings,

Inc.

282,200

6,425

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NEC

Corp.

98,500

2,402

Nikon

Corp.

112,800

1,083

Nintendo

Co.,

Ltd.

61,550

5,142

Nippon

Express

Holdings,

Inc.

41,100

733

Nippon

Telegraph

&

Telephone

Corp.

4,687,000

4,898

Nissan

Motor

Co.,

Ltd.

1,149,500

2,729

Nissin

Foods

Holdings

Co.,

Ltd.

23,100

509

Nitori

Holdings

Co.,

Ltd.

6,800

812

Nitto

Denko

Corp.

614,000

10,771

Nomura

Holdings,

Inc.

520,500

2,894

Nomura

Research

Institute,

Ltd.

50,000

1,891

Obayashi

Corp.

136,800

2,124

Obic

Co.,

Ltd.

74,200

2,592

Olympus

Corp.

294,200

3,843

Ono

Pharmaceutical

Co.,

Ltd.

152,000

1,751

Oracle

Corp.

23,900

2,871

Oriental

Land

Co.,

Ltd.

58,200

1,236

Osaka

Gas

Co.,

Ltd.

104,300

2,642

Otsuka

Corp.

30,800

684

Otsuka

Holdings

Co.,

Ltd.

70,800

3,451

Pan

Pacific

International

Holdings

Corp.

32,300

993

Panasonic

Holdings

Corp.

152,300

1,767

Persol

Holdings

Co.,

Ltd.

1,335,700

2,414

Rakuten,

Inc.(Æ)

139,500

822

Recruit

Holdings

Co.,

Ltd.

67,700

3,779

Renesas

Electronics

Corp.

39,700

Resona

Holdings,

Inc.

1,945,600

15,569

Rinnai

Corp.

104,300

2,341

Rohm

Co.,

Ltd.

165,300

1,505

Secom

Co.,

Ltd.

74,726

2,745

Sega

Sammy

Holdings,

Inc.

176,600

3,705

Sekisui

Chemical

Co.,

Ltd.

96,600

1,685

Sekisui

House,

Ltd.

93,600

2,148

Seven

&

i

Holdings

Co.,

Ltd.

88,200

1,307

Shimadzu

Corp.

87,900

2,259

Shimano,

Inc.

7,087

1,002

Shimizu

Corp.

147,600

1,578

Shin-Etsu

Chemical

Co.,

Ltd.

544,000

16,527

Shionogi

&

Co.,

Ltd.

89,100

1,496

Shizuoka

Financial

Group,

Inc.

28,300

SMC

Corp.

5,100

1,662

SoftBank

Corp.

921,900

1,394

Sompo

Holdings,

Inc.

3,603

Sony

Group

Corp.

361,200

9,323

Stanley

Electric

Co.,

Ltd.

135,900

2,549

Subaru

Corp.

202,300

3,680

Sumitomo

Electric

Industries,

Ltd.

347,400

5,589

Sumitomo

Heavy

Industries,

Ltd.

3,900

Sumitomo

Mitsui

Financial

Group,

Inc.

446,706

10,664

Sumitomo

Mitsui

Trust

Holdings,

Inc.

291,600

7,213

Sumitomo

Realty

&

Development

Co.,

Ltd.

31,500

1,170

Sumitomo

Rubber

Industries,

Ltd.

186,200

2,352

Suntory

Beverage

&

Food,

Ltd.

318,500

11,121

T&D

Holdings,

Inc.

510,100

10,854

Taiheiyo

Cement

Corp.

84,800

2,287

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Taiyo

Nippon

Sanso

Corp.

24,600

787

Takeda

Pharmaceutical

Co.,

Ltd.

256,600

7,847

TDK

Corp.

1,362,300

14,554

Terumo

Corp.

243,200

4,666

THK

Co.,

Ltd.

101,800

2,510

TIS,

Inc.

40,000

1,157

Toho

Co.,

Ltd.

31,200

1,783

Tokio

Marine

Holdings,

Inc.

142,800

5,721

Tokyo

Electric

Power

Co.

Holdings,

Inc.(Æ)

337,600

1,032

Tokyo

Electron,

Ltd.

96,900

14,443

Tokyo

Gas

Co.,

Ltd.

16,200

539

Toray

Industries,

Inc.

1,103,200

7,034

TOTO,

Ltd.

26,500

705

Toyota

Motor

Corp.

390,200

7,469

Trend

Micro,

Inc.

8,500

609

Tsuruha

Holdings,

Inc.

43,100

3,470

Unicharm

Corp.

197,264

1,830

USS

Co.,

Ltd.

46,600

Yakult

Honsha

Co.,

Ltd.

27,400

562

Yamaha

Motor

Co.,

Ltd.

167,400

1,318

Yamato

Holdings

Co.,

Ltd.

244,900

3,476

488,336

Jordan

-

0.0%

Hikma

Pharmaceuticals

PLC

20,406

540

Kazakhstan

-

0.0%

Air

Astana

JSC

-

GDR(Æ)(Þ)

115,761

649

Luxembourg

-

0.6%

ArcelorMittal

SA

408,994

12,145

Eurofins

Scientific

SE

14,425

911

RTL

Group

SA

27,227

1,114

Zabka

Group

SA(Æ)

1,707,677

9,765

23,935

Macao

-

0.1%

Galaxy

Entertainment

Group,

Ltd.

1,588,792

5,819

Malaysia

-

0.2%

Celcomdigi

Berhad

969,800

859

CIMB

Group

Holdings

BHD

895,115

1,487

Gamuda

Berhad

835,400

823

Hong

Leong

Bank

BHD

158,291

733

Hong

Leong

Financial

Group

BHD

261,314

1,044

IHH

Healthcare

BHD

470,700

756

IOI

Corp.

Berhad

956,700

812

Press

Metal

Berhad

381,300

Public

Bank

Bhd

680,000

705

QL

Resources

BHD

768,700

856

8,511

Mexico

-

0.9%

America

Movil

SAB

de

CV

5,637,163

4,864

America

Movil

SAB

de

CV

-

ADR

63,657

1,097

Arca

Continental

SAB

de

CV

104,843

1,103

Cemex

SAB

de

CV

-

ADR

451,165

2,784

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Coca-Cola

Femsa

SAB

de

CV

97,742

921

Fresnillo

PLC

645,540

8,645

Gruma

SAB

de

CV

Class

B

38,586

737

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

18,911

599

Grupo

Bimbo

SAB

de

CV

211,310

643

Grupo

Carso

SAB

de

CV

176,166

1,225

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

642,880

5,524

Grupo

Financiero

Inbursa

SAB

de

CV

Class

O(Æ)

1,552,145

3,990

Wal-Mart

de

Mexico

SAB

de

CV

2,263,061

7,172

39,304

Netherlands

-

3.4%

ABN

AMRO

Bank

NV(Þ)

272,609

5,652

Adyen

NV(Æ)(Þ)

3,019

4,893

Argenx

SE(Æ)

8,397

5,423

ASML

Holding

NV

35,519

23,777

EXOR

NV

34,372

3,247

Ferrari

NV

34,529

15,724

Heineken

NV

15,499

1,384

ING

Groep

NV

1,103,847

21,409

JDE

Peet's

NV

31,574

765

Koninklijke

Ahold

Delhaize

NV

90,943

3,725

Koninklijke

Philips

NV(Æ)

593,476

15,080

NN

Group

NV

98,261

6,029

Randstad

NV

206,074

8,328

Universal

Music

Group

NV

907,240

26,530

VEON,

Ltd.

-

ADR(Æ)

28,690

1,301

Wolters

Kluwer

NV

28,739

5,078

148,345

New

Zealand

-

0.0%

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

45,941

930

Xero,

Ltd.(Æ)

8,227

869

1,799

Norway

-

0.3%

DNB

Bank

ASA

38,350

964

Equinor

ASA

Class

N

456,119

10,423

Mowi

ASA

27,678

509

Norsk

Hydro

ASA

104,627

554

Orkla

ASA

102,691

1,144

13,594

Peru

-

0.0%

Credicorp,

Ltd.

4,057

820

Philippines

-

0.2%

Ayala

Corp.

69,880

747

Bank

of

the

Philippine

Islands

1,163,077

2,915

BDO

Unibank,

Inc.

792,728

2,262

SM

Investments

Corp.

77,150

1,204

SM

Prime

Holdings,

Inc.

1,452,800

634

7,762

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Poland

-

0.1%

Allegro.eu

SA(Æ)(Þ)

175,133

1,531

Cyfrowy

Polsat

SA(Æ)

102,903

507

Dino

Polska

SA(Æ)(Þ)

7,639

1,070

KGHM

Polska

Miedz

SA

18,243

585

Santander

Bank

Polska

SA

10,743

1,646

5,339

Portugal

-

0.0%

EDP

Group

(Energias

de

Portugal)

SA

232,497

919

Russia

-

0.0%

Fix

Price

Group,

Ltd.

-

GDR(Æ)(Š)(Þ)

183,060

—

Gazprom

PJSC(Æ)(Š)

1,328,325

—

LUKOIL

PJSC(Æ)(Š)

45,621

—

LUKOIL

PJSC

-

ADR(Æ)(Š)

10,868

—

Novatek

PJSC(Æ)(Š)

56,290

—

Novolipetsk

Steel

PJSC(Æ)(Š)

194,760

—

Polyus

PJSC(Æ)(Š)

114,710

—

Rosneft

Oil

Co.

PJSC(Æ)(Š)

478,377

—

Sberbank

of

Russia

PJSC(Æ)(Š)

3,518,608

—

Tatneft

PJSC

-

ADR(Æ)(Š)

12,360

—

—

Saudi

Arabia

-

0.2%

Al

Rajhi

Bank

112,377

2,938

Saudi

Arabian

Oil

Co.(Þ)

274,719

1,853

Saudi

National

Bank

(The)

253,038

2,413

Saudi

Telecom

Co.

143,475

1,822

9,026

Singapore

-

0.6%

DBS

Group

Holdings,

Ltd.

210,015

6,866

Grab

Holdings,

Ltd.

Class

A(Æ)

3,283,679

16,025

Oversea-Chinese

Banking

Corp.,

Ltd.

114,995

1,429

SEA,

Ltd.

-

ADR(Æ)

6,730

902

STMicroelectronics

NV

28,239

640

United

Overseas

Bank,

Ltd.

4,600

UOL

Group,

Ltd.

163,600

725

26,709

South

Africa

-

1.8%

Absa

Group,

Ltd.

302,501

2,783

Anglo

American

PLC

104,722

2,837

Anglogold

Ashanti

PLC

587,650

24,775

Aspen

Pharmacare

Holdings,

Ltd.

107,004

702

Bid

Corp.,

Ltd.

30,677

772

Capitec

Bank

Holdings,

Ltd.

41,949

7,778

Clicks

Group,

Ltd.

89,938

1,920

Discovery

Holdings,

Ltd.

92,425

1,028

FirstRand,

Ltd.

767,143

3,001

Gold

Fields,

Ltd.

-

ADR

487,363

10,985

Impala

Platinum

Holdings,

Ltd.(Æ)

631,647

3,798

Mr

Price

Group,

Ltd.

206,177

2,633

MTN

Group,

Ltd.

1,322,776

8,726

Shoprite

Holdings,

Ltd.

93,772

1,442

Standard

Bank

Group,

Ltd.

127,735

1,591

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Vodacom

Group,

Ltd.

187,984

1,386

76,157

South

Korea

-

2.6%

Amorepacific

Corp.

6,273

551

Celltrion,

Inc.

31,328

3,560

Coway

Co.,

Ltd.

68,466

4,223

Hankook

Tire

&

Technology

Co.,

Ltd.

37,097

1,081

Hyundai

Mobis

Co.,

Ltd.

22,357

4,213

Hyundai

Motor

Co.

10,232

1,374

KB

Financial

Group,

Inc.

234,777

14,898

Korea

Electric

Power

Corp.

17,503

Korea

Zinc

Co.,

Ltd.

Krafton,

Inc.(Æ)

8,243

2,158

KT

Corp.

2,504

KT

Corp.

-

ADR

324,673

6,318

KT&G

Corp.

5,455

LG

Electronics,

Inc.

Class

H

16,667

839

LG

Energy

Solution,

Ltd.(Æ)

703

LG

H&H

Co.,

Ltd.

1,526

NAVER

Corp.

19,274

2,722

Orion

Corp.

15,596

1,353

POSCO

Holdings,

Inc.

3,903

715

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

4,607

3,407

Samsung

Electronics

Co.,

Ltd.

1,022,591

40,074

Samsung

Engineering

Co.,

Ltd.

43,793

593

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

13,726

3,611

Samsung

Heavy

Industries

Co.,

Ltd.(Æ)

338,447

3,473

Shinhan

Financial

Group

Co.,

Ltd.

226,454

8,199

SK

Hynix,

Inc.

75,597

9,499

114,473

Spain

-

1.4%

Amadeus

IT

Group

SA

Class

A

137,928

10,841

Banco

Santander

SA

159,637

1,125

CaixaBank

SA

2,185,668

16,764

Cellnex

Telecom

SA(Þ)

104,362

4,223

Iberdrola

SA

231,967

4,182

Industria

de

Diseno

Textil

SA

466,691

25,119

62,254

Sweden

-

1.3%

Alfa

Laval

AB

17,220

719

Assa

Abloy

AB

Class

B

242,764

7,286

Atlas

Copco

AB

Class

A

455,556

7,146

Atlas

Copco

AB

Class

B

105,865

1,489

Boliden

AB(Æ)

57,493

1,771

Epiroc

AB

Class

A

282,066

6,047

EQT

AB

23,534

686

Essity

Aktiebolag

Class

B

29,629

855

Fastighets

AB

Balder

Class

B(Æ)

276,232

1,986

Hexagon

AB

Class

B

141,633

1,388

Indutrade

AB

12,396

L

E

Lundbergforetagen

AB

Class

B

43,887

2,331

Lifco

AB

Class

B

45,014

1,759

Sandvik

AB

230,424

4,832

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Securitas

AB

Class

B

156,948

2,510

Skandinaviska

Enskilda

Banken

AB

Class

A

48,485

772

SKF

AB

Class

B

272,311

5,405

Swedish

Orphan

Biovitrum

AB

Class

B(Æ)

47,844

1,461

Telefonaktiebolaget

LM

Ericsson

Class

B

671,085

5,693

Volvo

Car

AB

Class

B(Æ)

80,279

54,612

Switzerland

-

2.6%

ABB,

Ltd.

61,676

3,265

ABB,

Ltd.

-

ADR

45,954

2,418

Adecco

Group

AG

120,258

3,155

Baloise

Holding

AG

5,975

1,327

BKW

AG

5,265

1,056

Chocoladefabriken

Lindt

&

Spruengli

AG

4,365

Cie

Financiere

Richemont

SA

Class

A

12,652

2,226

DSM-Firmenich

AG

7,125

775

EMS-Chemie

Holding

AG

1,445

1,063

Galderma

Group

AG

42,173

4,899

Geberit

AG

2,872

1,997

Givaudan

SA

512

2,470

Helvetia

Holding

AG

5,359

1,177

Julius

Baer

Group,

Ltd.

153,420

9,894

Lonza

Group

AG

1,984

1,415

Partners

Group

Holding

AG

5,406

7,042

Sandoz

Group

AG

16,388

710

Schindler

Holding

AG

11,995

4,341

SGS

SA

24,865

2,432

Sika

AG

2,809

703

Sonova

Holding

AG

6,291

1,925

Straumann

Holding

AG

18,499

2,255

Swatch

Group

AG

(The)

Class

B

7,123

1,241

Swiss

Life

Holding

AG

818

815

Swiss

Prime

Site

AG

Class

A

9,281

1,311

Swisscom

AG

3,976

2,649

UBS

Group

AG

1,304,751

39,337

Zurich

Insurance

Group

AG

8,129

5,735

111,998

Taiwan

-

4.6%

Advantech

Co.,

Ltd.

141,087

1,493

Alchip

Technologies,

Ltd.

10,001

668

Catcher

Technology

Co.,

Ltd.

295,000

2,009

Cathay

Financial

Holding

Co.,

Ltd.

2,073,000

3,807

Cheng

Shin

Rubber

Industry

Co.,

Ltd.

486,000

752

Chunghwa

Telecom

Co.,

Ltd.

572,000

2,320

Compal

Electronics,

Inc.

208,000

CTBC

Financial

Holding

Co.,

Ltd.

505,236

623

Delta

Electronics,

Inc.

631,000

6,604

E

Ink

Holdings,

Inc.

554,000

3,863

E.Sun

Financial

Holding

Co.,

Ltd.

2,610,233

2,318

Evergreen

Marine

Corp.

Taiwan,

Ltd.

90,417

587

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Far

EasTone

Telecommunications

Co.,

Ltd.

393,000

1,056

First

Financial

Holding

Co.,

Ltd.

548,023

Fubon

Financial

Holding

Co.,

Ltd.

1,076,953

2,849

Globalwafers

Co.,

Ltd.

146,246

1,416

Hon

Hai

Precision

Industry

Co.,

Ltd.

1,799,115

7,994

Hua

Nan

Financial

Holdings

Co.,

Ltd.

1,220,840

1,034

KGI

Financial

Holding

Co.,

Ltd.

6,136,691

3,178

MediaTek,

Inc.

365,241

15,477

Mega

Financial

Holding

Co.,

Ltd.

111,492

Nan

Ya

Plastics

Corp.

1,089,000

1,050

President

Chain

Store

Corp.

110,000

900

Realtek

Semiconductor

Corp.

93,000

1,529

Shin

Kong

Financial

Holding

Co.,

Ltd.

(Æ)

1,061,000

SinoPac

Financial

Holdings

Co.,

Ltd.

82,605

Taishin

Financial

Holding

Co.,

Ltd.

2,344,984

1,231

Taiwan

Business

Bank

2,173,882

965

Taiwan

Cooperative

Financial

Holding

Co.,

Ltd.

723,186

553

Taiwan

Mobile

Co.,

Ltd.

499,000

1,773

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

3,585,679

102,214

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

175,195

29,203

Uni-President

Enterprises

Corp.

1,064,000

2,564

United

Microelectronics

Corp.

333,059

Yuanta

Financial

Holding

Co.,

Ltd.

54,711

201,748

Thailand

-

0.5%

Advanced

Info

Service

PCL

279,900

2,473

Charoen

Pokphand

Foods

PCL

7,018,200

5,535

CP

ALL

PCL

889,100

1,370

Gulf

Development

PCL(Æ)

872,936

1,280

Kasikornbank

PCL

1,560,200

7,457

PTT

PCL

784,200

728

True

Corp.

PCL(Æ)

2,279,400

827

19,670

Turkey

-

0.3%

Akbank

TAS

3,763,521

4,758

BIM

Birlesik

Magazalar

AS

386,259

4,542

Coca-Cola

Icecek

AS

967,770

1,314

Turkiye

Garanti

Bankasi

AS

741,821

1,986

12,600

United

Arab

Emirates

-

0.2%

Aldar

Properties

PJSC

1,646,273

3,706

Americana

Restaurants

International

PLC

1,726,543

1,028

Emaar

Properties

PJSC

707,160

2,526

Emirates

NBD

Bank

PJSC

231,816

1,298

8,558

United

Kingdom

-

7.2%

3i

Group

PLC

53,930

3,061

Ashtead

Group

PLC

12,579

676

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AstraZeneca

PLC

142,839

20,489

Aviva

PLC

361,516

2,702

Babcock

International

Group

PLC

472,642

5,073

BAE

Systems

PLC

296,242

6,809

Barclays

PLC

1,992,472

7,973

Berkeley

Group

Holdings

PLC

(The)

3,086

British

American

Tobacco

PLC

292,342

12,685

British

Land

Co.

PLC

(The)(ö)

450,858

2,367

BT

Group

PLC

2,470,673

5,728

Bunzl

PLC

77,635

2,443

Burberry

Group

PLC

218,702

2,135

CK

Hutchison

Holdings,

Ltd.

Class

B

454,461

2,560

Compass

Group

PLC

536,296

18,016

Diageo

PLC

96,701

2,699

Diploma

PLC

134,236

7,141

easyJet

PLC

555,538

3,666

Halma

PLC

19,331

715

HSBC

Holdings

PLC

1,721,446

19,116

InterContinental

Hotels

Group

PLC

7,456

798

Intermediate

Capital

Group

PLC

168,959

4,233

Intertek

Group

PLC

190,316

11,645

J

Sainsbury

PLC

3,681,085

13,092

Kingfisher

PLC

960,760

3,695

Land

Securities

Group

PLC(ö)

250,056

1,977

London

Stock

Exchange

Group

PLC

124,086

19,249

Marks

&

Spencer

Group

PLC

325,982

1,692

NatWest

Group

PLC

1,798,687

11,482

Next

PLC

13,758

2,268

Pearson

PLC

115,955

1,857

Reckitt

Benckiser

Group

PLC

250,729

16,182

RELX

PLC

486,214

26,490

Rolls-Royce

Holdings

PLC

210,938

2,125

Sage

Group

PLC

(The)

147,524

2,446

Smith

&

Nephew

PLC

48,438

681

Smiths

Group

PLC

32,733

814

Spirax

Group

PLC

12,289

969

Standard

Chartered

PLC

1,552,306

22,486

Tate

&

Lyle

PLC

135,535

1,011

Tesco

PLC

2,675,808

13,214

Unilever

PLC

137,868

8,750

Vodafone

Group

PLC

1,072,427

1,048

Weir

Group

PLC

(The)

212,187

6,368

Wise

PLC

Class

A(Æ)

498,420

6,508

WPP

PLC

512,465

3,953

311,259

United

States

-

7.9%

Alcon,

Inc.

52,316

5,099

Allegion

PLC

103,313

14,381

Amdocs,

Ltd.

110,750

9,810

Aon

PLC

Class

A

39,852

14,139

ARM

Holdings

PLC

-

ADR(Æ)

7,632

871

BP

PLC

1,804,221

8,252

CRH

PLC

14,570

1,390

CSL,

Ltd.

36,189

5,833

CyberArk

Software,

Ltd.(Æ)

3,158

1,112

Experian

PLC

66,058

3,276

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Freeport-McMoRan,

Inc.

205,695

7,411

GSK

PLC

800,677

15,815

Haleon

PLC

5,224,791

26,182

Holcim

AG(Æ)

77,164

8,562

James

Hardie

Industries

PLC(Æ)

183,202

4,350

Las

Vegas

Sands

Corp.

12,625

Linde

PLC

58,017

26,295

Lululemon

Athletica,

Inc.(Æ)

2,926

792

Medtronic

PLC

78,371

6,643

monday.com,

Ltd.(Æ)

Nestle

SA

199,821

21,268

Newmont

Corp.

3,657

Novartis

AG

201,438

22,804

Roche

Holding

AG

74,460

24,465

Sanofi

SA

165,746

18,177

Schlumberger

NV

307,865

10,237

Schneider

Electric

SE

140,942

33,025

Shell

PLC

1,157,211

37,349

Spotify

Technology

SA(Æ)

25,667

15,759

Tenaris

SA

32,274

537

344,624

Zambia

-

0.3%

First

Quantum

Minerals,

Ltd.(Æ)

857,069

11,508

#### Total

#### Common

#### Stocks
(cost

$2,819,274)

4,048,772

#### Preferred

#### Stocks

#### -

#### 0.7%
Brazil

-

0.2%

Cia

Paranaense

de

Energia

-

Copel

6.579%

(Ÿ)

400,789

814

Itau

Unibanco

Holding

SA

6.356%

(Ÿ)

810,130

5,079

Raizen

SA

0.589%

(Ÿ)

5,618,794

1,792

7,685

Germany

-

0.2%

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

64,929

5,029

Volkswagen

AG

8.745%

(Ÿ)

38,179

4,130

9,159

South

Korea

-

0.3%

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

376,127

12,421

#### Total

#### Preferred

#### Stocks
(cost

$29,169)

29,265

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Canada

-

0.0%

Constellation

Software,

Inc.(Æ)(Š)

2040

Warrants

1,754

—

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

—

#### Short-Term

#### Investments

#### -

#### 3.7%
United

States

-

3.7%

U.S.

Cash

Management

Fund(@)

162,031,572

(∞)

161,983

#### Total

#### Short-Term

#### Investments
(cost

$161,988)

161,983

#### Total

#### Investments

#### -

#### 97.7%
(identified

cost

$3,010,431)

4,240,020

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.3%
100,036

#### Net

#### Assets

#### -

#### 100.0%
4,340,056

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,

#### 2025
(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

#### $3.2%

ABN

AMRO

Bank

NV

10/31/22

EUR

272,609

9.99 2,723

5,652

Adyen

NV

11/15/23

EUR

3,019

1,114.86

3,366

4,893

Air

Astana

JSC

09/13/24

115,761

6.53 756

649

Allegro.eu

SA

04/09/25

PLN

175,133

7.77 1,361

1,531

Amundi

SA

02/26/19

EUR

124,438

59.60 7,416

9,814

Avenue

Supermarts,

Ltd.

01/16/23

INR

31,612

44.47 1,406

1,573

Axis

Bank,

Ltd.

05/02/24

41,725

69.28 2,891

2,929

Cellnex

Telecom

SA

04/18/19

EUR

104,362

30.85 3,219

4,223

CGN

Power

Co.,

Ltd.

08/08/23

HKD

2,578,000

0.25 640

822

China

International

Capital

Corp.,

Ltd.

10/06/23

HKD

2,018,800

1.19 2,408

3,500

China

Tower

Corp.,

Ltd.

08/09/23

HKD

927,200

1.08 1,006

1,348

Covestro

AG

03/17/20

EUR

161,277

32.33 5,213

10,743

Dino

Polska

SA

10/06/23

PLN

7,639

81.32 621

1,070

Fix

Price

Group,

Ltd.

10/14/21

183,060

—

1,648

—

Haidilao

International

Holding,

Ltd.

09/13/24

HKD

454,000

1.60 726

1,038

HDFC

Asset

Management

Co.,

Ltd.

06/27/24

INR

15,132

48.31 731

778

HDFC

Life

Insurance

Co.,

Ltd.

03/02/22

INR

173,020

7.38 1,276

1,525

Hindustan

Aeronautics,

Ltd.

08/08/23

INR

28,296

22.81 645

1,505

Hydro

One,

Ltd.

04/18/19

CAD

26,918

25.76 694

1,036

ICICI

Lombard

General

Insurance

Co.,

Ltd.

05/15/23

INR

89,652

13.61 1,220

1,994

ICICI

Prudential

Life

Insurance

Co.,

Ltd.

05/15/23

INR

233,913

5.33 1,246

1,702

InterGlobe

Aviation,

Ltd.

03/25/21

INR

150,050

23.47 3,522

9,334

Kuaishou

Technology

11/09/22

HKD

1,460,717

6.05 8,844

9,837

Larsen

&

Toubro,

Ltd.

05/02/24

116,180

43.16 5,014

4,588

Longfor

Group

Holdings,

Ltd.

12/18/23

HKD

6,672,000

1.33 8,876

9,043

Macrotech

Developers,

Ltd.

03/27/24

INR

229,327

13.86 3,178

3,586

Meituan

02/26/20

HKD

670,136

15.28 10,242

11,209

Nexi

SpA

04/09/25

EUR

161,277

4.64 748

941

Nongfu

Spring

Co.,

Ltd.

09/13/24

HKD

295,000

3.21 947

1,369

Pop

Mart

Internaitonal

Group,

Ltd.

12/11/24

HKD

65,200

11.82 771

1,640

Postal

Savings

Bank

of

China

Co.,

Ltd.

12/18/23

HKD

1,305,000

0.47 611

807

Reliance

Industries,

Ltd.

06/03/15

78,033

9.99 779

5,088

Samsung

Biologics

Co.,

Ltd.

02/13/24

KRW

4,607

701.35 3,231

3,407

Saudi

Arabian

Oil

Co.

06/27/24

SAR

274,719

7.32 2,010

1,853

SBI

Life

Insurance

Co.,

Ltd.

03/23/22

INR

228,777

17.14 3,921

4,787

Shandong

Gold

Mining

Co.,

Ltd.

04/09/25

HKD

328,500

2.33 766

968

WH

Group,

Ltd.

10/26/15

HKD

3,780,826

0.56 2,120

3,399

WuXi

AppTec

Co.,

Ltd.

09/13/24

HKD

480,700

6.77 3,255

3,762

Xiaomi

Corp.

03/27/24

HKD

1,002,400

2.04 2,047

6,500

140,443

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,

#### 2025
(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

/

US

Dollar

Pair

Currency

Futures

2,119

USD

135,764

06/25

2,281

CAC40

Euro

Index

Futures

EUR

7,983

05/25

519

Canadian

Dollar

Currency

Futures

2,152

USD

156,483

06/25

6,373

DAX

Index

Futures

EUR

7,347

06/25

1,033

EURO

STOXX

Index

Futures

EUR

4,494

06/25

565

FTSE/MIB

Index

Futures

EUR

2,224

06/25

IBEX

Index

Futures

EUR

2,252

05/25

Japanese

Yen

Currency

Futures

2,575

USD

226,648

06/25

7,881

New

Zealand

Dollar

Currency

Futures

USD

11,002

06/25

Norwegian

Krone

Currency

Futures

USD

19,817

06/25

OMXS30

Index

Futures

SEK

20,282

05/25

S&P/TSX

Index

Futures

804

CAD

240,396

06/25

3,384

SPI

Index

Futures

929

AUD

189,098

06/25

3,613

TOPIX

Index

Futures

528

JPY

14,068,560

06/25

Short

Positions

Euro

/

US

Dollar

Pair

Currency

Futures

874

USD

124,326

06/25

(4,630)

FTSE

Index

Futures

GBP

27,847

06/25

1,071

GBP

(British

Pound)

Currency

Futures

USD

15,010

06/25

(443) Hang

Seng

Index

Futures

HKD

108,221

05/25

(116) MSCI

Emerging

Markets

Index

Futures

1,882

USD

104,451

06/25

2,843

MSCI

Singapore

Index

Futures

SGD

13,575

05/25

(112) S&P

500

E-Mini

Index

Futures

USD

47,769

06/25

1,081

Swiss

Franc

Currency

Futures

USD

9,926

06/25

(618) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

26,404

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Argentina

$

8,785

$

—

$

—

$

—

$

8,785

.2

Australia

—

44,166

—

—

44,166

.0

Austria

—

16,138

—

—

16,138

.4

Belgium

—

10,100

—

—

10,100

.2

Brazil

102,847

1,432

—

—

104,279

.4

Burkina

Faso

3,228

—

—

—

3,228

.1

Canada

142,107

—

—

—

142,107

.3

Chile

3,927

783

—

—

4,710

.1

China

59,673

398,842

—

—

458,515

.6

Colombia

2,140

—

—

—

2,140

.1

Congo,

the

Democratic

Republic

of

the

6,275

—

—

—

6,275

.1

Denmark

—

65,755

—

—

65,755

.5

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Finland

—

19,613

—

—

19,613

.5

France

—

275,127

—

—

275,127

.3

Germany

—

293,663

—

—

293,663

.8

Greece

—

26,074

—

—

26,074

.6

Hong

Kong

—

51,335

—

—

51,335

.2

Hungary

—

4,367

—

—

4,367

.1

India

7,879

222,956

774

—

231,609

.3

Indonesia

—

18,058

—

—

18,058

.4

Ireland

8,166

33,806

—

—

41,972

.0

Israel

8,166

5,463

—

—

13,629

.3

Italy

6,632

89,627

—

—

96,259

.2

Japan

—

488,336

—

—

488,336

.3

Jordan

—

540

—

—

540

—

\*

Kazakhstan

—

649

—

—

649

—

\*

Luxembourg

—

23,935

—

—

23,935

.6

Macao

—

5,819

—

—

5,819

.1

Malaysia

—

8,511

—

—

8,511

.2

Mexico

30,659

8,645

—

—

39,304

.9

Netherlands

1,301

147,044

—

—

148,345

.4

New

Zealand

—

1,799

—

—

1,799

—

\*

Norway

—

13,594

—

—

13,594

.3

Peru

820

—

—

—

820

—

\*

Philippines

—

7,762

—

—

7,762

.2

Poland

—

5,339

—

—

5,339

.1

Portugal

—

919

—

—

919

—

\*

Russia

—

—

—

—

—

—

Saudi

Arabia

—

9,026

—

—

9,026

.2

Singapore

16,927

9,782

—

—

26,709

.6

South

Africa

35,760

40,397

—

—

76,157

.8

South

Korea

6,318

108,155

—

—

114,473

.6

Spain

—

62,254

—

—

62,254

.4

Sweden

—

54,612

—

—

54,612

.3

Switzerland

2,418

109,580

—

—

111,998

.6

Taiwan

29,203

172,545

—

—

201,748

.6

Thailand

1,280

18,390

—

—

19,670

.5

Turkey

—

12,600

—

—

12,600

.3

United

Arab

Emirates

—

8,558

—

—

8,558

.2

United

Kingdom

—

311,259

—

—

311,259

.2

United

States

109,630

234,994

—

—

344,624

.9

Zambia

11,508

—

—

—

11,508

.3

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Preferred

Stocks

7,685

21,580

—

—

29,265

.7

Warrants

and

Rights

—

—

—

—

—

—

\*

Short-Term

Investments

—

—

—

161,983

161,983

.7

Total

Investments

613,334

3,463,929

774

161,983

4,240,020

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

Assets

Futures

Contracts

32,323

—

—

—

32,323

.7

A

Liabilities

Futures

Contracts

(5,919)

—

—

—

(5,919)

(0

.1)

Total

Other

Financial

Instruments

\*\*

$

26,404

$

—

$

—

$

—

$

26,404

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

688,259

Consumer

Staples

...............................................................................

289,843

Energy

................................................................................................

176,342

Financial

Services

..............................................................................

1,077,521

Health

Care

........................................................................................

326,248

Materials

and

Processing

...................................................................

419,712

Producer

Durables

..............................................................................

380,697

Technology

.........................................................................................

564,018

Utilities

...............................................................................................

126,132

#### Preferred

#### Stocks
Consumer

Discretionary

....................................................................

4,130

Consumer

Staples

...............................................................................

5,029

Financial

Services

..............................................................................

5,079

Technology

.........................................................................................

12,421

Utilities

...............................................................................................

2,606

#### Warrants

#### and

#### Rights

#### ...................................................................
—

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,

#### 2025
(Unaudited)

#### Short-Term

#### Investments

#### .............................................................
161,983

Total

Investments

...............................................................................

4,240,020

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,

#### 2025
(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\*

$

14,865

$

17,45

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

5,691

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(2,583)

$

(30,273)

Foreign

currency

exchange

contracts

—

(789) Total

$

(2

,5

83)

$

(3

1,0

62)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

39,698

$

2,365

\*

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

3,010,431

Investments,

at

fair

value(>)

........................................................................................................................................................

4,240,020

Foreign

currency

holdings(^)

.......................................................................................................................................................

22,816

Receivables:

Dividends

and

interest

......................................................................................................................................................

12,822

Dividends

from

affiliated

funds

.......................................................................................................................................

503

Fund

shares

sold

...............................................................................................................................................................

4,496

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

8,279

From

broker(a)

.................................................................................................................................................................

38,199

Variation

margin

on

futures

contracts

..............................................................................................................................

26,449

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

4,353,614

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

2,895

Accrued

fees

to

affiliates

..................................................................................................................................................

3,2

Other

accrued

expenses

....................................................................................................................................................

Deferred

capital

gains

tax

liability

...................................................................................................................................

6,430

Total

liabilities

...........................................................................................................................................................

13,558

#### Net

#### Assets

#### ...............................................................................................................................................................
$

4,340,056

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

588,7

Shares

of

beneficial

interest

.........................................................................................................................................................

3,530

Additional

paid-in

capital

............................................................................................................................................................

3,747,73

#### Net

#### Assets

#### ...............................................................................................................................................................
$

4,340,056

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

12.24 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

12.99 Class

A

—

Net

assets

...........................................................................................................................................................

$

46,204,105

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

3,775,013

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

12.12 Class

C

—

Net

assets

...........................................................................................................................................................

$

7,849,660

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

647,513

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

12.30 Class

M

—

Net

assets

..........................................................................................................................................................

$

1,205,640,

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

98,020,661

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

12.29 Class

S

—

Net

assets

............................................................................................................................................................

$

3,080,361,609

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

250,543,494

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

22,565

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

161,983

(a) Receivable

from

Broker

for

Futures

$

38,199

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

52,141

Dividends

from

affiliated

funds

.......................................................................................................................................

3,492

Interest

..............................................................................................................................................................................

821

Less

foreign

taxes

withheld

.............................................................................................................................................

(5,519)

Total

investment

income

..............................................................................................................................................................

50,935

#### Expenses
Advisory

fees

...................................................................................................................................................................

16,589

Administrative

fees

..........................................................................................................................................................

978

Custodian

fees

..................................................................................................................................................................

531

Distribution

fees

-

Class

A

...............................................................................................................................................

Distribution

fees

-

Class

C

...............................................................................................................................................

Transfer

agent

fees

-

Class

A

...........................................................................................................................................

Transfer

agent

fees

-

Class

C

...........................................................................................................................................

Transfer

agent

fees

-

Class

M

..........................................................................................................................................

1,141

Transfer

agent

fees

-

Class

S

............................................................................................................................................

2,894

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

22,852

Expense

reductions

..........................................................................................................................................................

(2,033)

Net

expenses

................................................................................................................................................................................

20,819

Net

investment

income

(loss)

.......................................................................................................................................................

30,116

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(96,62

5)

Investments

in

affiliated

funds

.........................................................................................................................................

(15) Futures

contracts

..............................................................................................................................................................

(32,856)

Foreign

currency

exchange

contracts

...............................................................................................................................

(78

9)

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(130,08

3)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreig

n

capital

gains

taxes

of

($7

6))

........................................................

272,78

Investments

in

affiliated

funds

.........................................................................................................................................

(9) Futures

contracts

..............................................................................................................................................................

42,063

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

315,66

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

185,58

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

215,69

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

30,116

$

65,551

Net

realized

gain

(loss)

.......................................................................................................................

(130,08

3)

(89,235)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

315,66

652,141

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

215,69

628,457

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(766) (510) Class

C

..........................................................................................................................................

(71) (72) Class

M

.........................................................................................................................................

(21,651)

(18,754)

Class

S

..........................................................................................................................................

(55,061)

(42,536)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(77,549)

(61,872)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

220,28

362,697

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
358,429

929,282

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

3,981,627

3,052,345

End

of

period

.............................................................................................................................................

$

4,340,056

$

3,981,627

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

4,029

1,243

$

14,164

Proceeds

from

reinvestment

of

distributions

766

510

Payments

for

shares

redeemed

(373) (4,320)

(520) (5,677)

Net

increase

(decrease)

769

8,997

Class

C

Proceeds

from

shares

sold

622

1,272

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(128) (1,495)

(214) (2,410)

Net

increase

(decrease)

(68) (802) (94) (1,066)

Class

M

Proceeds

from

shares

sold

14,700

173,143

31,552

364,861

Proceeds

from

reinvestment

of

distributions

1,902

21,547

1,699

18,720

Payments

for

shares

redeemed

(24,0

20)

(283,535)

(14,848)

(170,263)

Net

increase

(decrease)

(7,41

8)

(88,845)

18,403

213,318

Class

S

Proceeds

from

shares

sold

44,584

526,034

48,231

552,627

Proceeds

from

reinvestment

of

distributions

4,856

55,013

3,857

42,498

Payments

for

shares

redeemed

(23,074)

(271,595)

(39,906)

(453,677)

Net

increase

(decrease)

26,366

309,452

12,182

141,448

Total

increase

(decrease)

18,91

$

220,280

31,260

$

362,697

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### International

#### Equity

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025\*

11.85 .07

.52

.59

(.20)

(.20)

October

31,

2024

10.03 .17

1.83 2.00 (.18)

(.18)

October

31,

2023

9.05 .16

.94

1.10 (.12)

(.12)

October

31,

2022

12.48 .17

(3.35)

(3.18)

(.25)

(.25)

October

31,

2021

9.53 .18

2.92 3.10 (.15)

(.15)

October

31,

2020

10.53 .13

(.90)

(.77)

(.23)

(.23)

Class

C

April

30,

2025\*

11.68 .02

.52

.54

(.10)

(.10)

October

31,

2024

9.88 .08

1.81 1.89 (.09)

(.09)

October

31,

2023

8.92 .08

.93

1.01 (.05)

(.05)

October

31,

2022

12.30 .09

(3.30)

(3.21)

(.17)

(.17)

October

31,

2021

9.41 .08

2.89 2.97 (.08)

(.08)

October

31,

2020

10.41 .05

(.90)

(.85)

(.15)

(.15)

Class

M

April

30,

2025\*

11.93 .09

.5

.60

(.23)

(.23)

October

31,

2024

10.09 .22

1.83 2.05 (.21)

(.21)

October

31,

2023

9.10 .20

.94

1.14 (.15)

(.15)

October

31,

2022

12.55 .21

(3.37)

(3.16)

(.29)

(.29)

October

31,

2021

9.57 .23

2.94 3.17 (.19)

(.19)

October

31,

2020

10.58 .16

(.91)

(.75)

(.26)

(.26)

Class

S

April

30,

2025\*

11.92 .09

.5

.60

(.23)

(.23)

October

31,

2024

10.08 .20

1.84 2.04 (.20)

(.20)

October

31,

2023

9.10 .19

.93

1.12 (.14)

(.14)

October

31,

2022

12.54 .20

(3.36)

(3.16)

(.28)

(.28)

October

31,

2021

9.57 .20

2.94 3.14 (.17)

(.17)

October

31,

2020

10.57 .15

(.90)

(.75)

(.25)

(.25)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

International

Equity

Fund

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

12.24 5.12 46,204

1.36 1.29 1.18 13

11.85 20.06 44,295

1.39 1.32 1.49 31

10.03 12.13 29,757

1.38 1.29 1.49 56

9.05 (25.93)

23,630

1.38 1.29 1.61 68

12.48 32.74 27,480

1.38 1.29 1.45 48

9.53 (7.59)

19,622

1.41 1.29 1.40 100

12.12 4.70 7,850

2.11 2.04 .40

11.68 19.21 8,360

2.15 2.07 .75

9.88 11.29 8,005

2.13 2.04 .74

8.92 (26.45)

7,485

2.13 2.04 .87

12.30 31.65 9,172

2.13 2.04 .68

9.41 (8.34)

6,309

2.16 2.04 .55

12.30 5.23 1,205,64

1.11 .94

1.54 13

11.93 20.54 1,257,429

1.15 .97

1.87 31

10.09 12.58 877,826

1.13 .94

1.86 56

9.10 (25.68)

728,774

1.14 .94

1.98 68

12.55 33.29 776,828

1.13 .94

1.86 48

9.57 (7.37)

318,990

1.16 .94

1.66 100

12.29 5.15 3,080,362

1.11 1.04 1.45 13

11.92 20.44 2,671,543

1.15 1.07 1.77 31

10.08 12.35 2,136,757

1.13 1.04 1.75 56

9.10 (25.70)

1,781,840

1.13 1.04 1.87 68

12.54 33.04 2,032,628

1.13 1.04 1.68 48

9.57 (7.38)

1,486,075

1.16 1.04 1.54 100

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

2,515,484

Administrative

fees

163,462

Distribution

fees

13,811

Shareholder

servicing

fees

1,562

Transfer

agent

fees

585,866

$

3,280,185

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

135,615

$

514,954

$

488,562

$

(15)

$

(9)

$

161,983

$

3,492

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

3,024,487,283

$

1,294,594,078

$

(52,657,254)

$

1,241,936,824

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 95.7%
Argentina

-

1.3%

Corp.

America

Airports

SA(Æ)

59,152

1,151

Vista

Energy

SAB

de

CV

-

ADR(Æ)

129,559

5,852

YPF

SA

-

ADR(Æ)

195,912

5,838

12,841

Australia

-

4.5%

Atlas

Arteria,

Ltd.

2,170,344

7,200

BHP

Group,

Ltd.

169,469

4,018

Dalrymple

Bay

Infrastructure,

Ltd.

103,389

Fortescue,

Ltd.

129,847

1,321

Glencore

PLC(Æ)

2,027,913

6,616

Mineral

Resources,

Ltd.(Æ)

7,216

Perenti,

Ltd.

16,262

Qube

Holdings,

Ltd.

580,855

1,478

Rio

Tinto

PLC

110,754

6,604

Rio

Tinto,

Ltd.

7,113

539

Sandfire

Resources,

Ltd.(Æ)

131,100

849

Santos,

Ltd.

36,980

South32,

Ltd.

Class

B

337,987

598

Transurban

Group(Æ)

1,882,454

17,014

46,762

Austria

-

0.3%

Mondi

PLC

55,759

848

OMV

AG

49,161

2,537

3,385

Brazil

-

1.7%

Adecoagro

SA

98,938

924

Centrais

Eletricas

Brasileiras

SA

-

ADR

96,470

743

Cia

De

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

-

ADR(Æ)

36,851

749

Cia

Energetica

de

Minas

Gerais

-

ADR

225,906

Companhia

Paranaense

de

Energia

-

Copel

-

ADR

31,980

Motiva

Infraestrutura

de

Mobilidade

SA

1,147,565

2,720

Petroleo

Brasileiro

SA

11,405

Petroleo

Brasileiro

SA

-

ADR

24,208

PRIO

SA(Æ)

28,056

Sao

Martinho

S/A

312,520

1,075

Suzano

SA

188,478

1,663

Suzano

SA

-

ADR

144,902

1,284

Ultrapar

Participacoes

SA

-

ADR

69,292

Vale

SA

497,218

4,631

Vale

SA

Class

B

-

ADR

65,235

607

Wheaton

Precious

Metals

Corp.

12,541

1,047

Yara

International

ASA

20,226

657

17,509

Canada

-

3.7%

Agnico

Eagle

Mines,

Ltd.

15,613

1,835

AltaGas,

Ltd.

79,315

2,347

ARC

Resources,

Ltd.

111,946

2,072

Barrick

Gold

Corp.

74,374

1,418

Canadian

Natural

Resources,

Ltd.

53,835

1,545

Canadian

Pacific

Kansas

City,

Ltd.

1,022

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Cenovus

Energy,

Inc.

14,308

Enbridge,

Inc.

214,499

10,031

Enerflex,

Ltd.

56,123

Franco-Nevada

Corp.

Class

T

9,445

1,623

Gibson

Energy,

Inc.

Imperial

Oil,

Ltd.

18,672

1,260

Largo,

Inc.(Æ)

181,722

Logan

Energy

Corp.(Æ)

25,659

NexGen

Energy,

Ltd.(Æ)

445,636

2,334

Nutrien,

Ltd.

70,101

4,002

Pembina

Pipeline

Corp.

61,349

2,345

Precision

Drilling

Corp.(Æ)

7,179

South

Bow

Corp.

Class

W

9,265

Suncor

Energy,

Inc.

6,318

Tamarack

Valley

Energy,

Ltd.

158,905

TC

Energy

Corp.

46,325

2,340

Teck

Resources,

Ltd.

Class

B

24,870

845

Vermilion

Energy,

Inc.

26,186

West

Fraser

Timber

Co.,

Ltd.

11,152

826

Westshore

Terminals

Investment

Corp.

24,184

Whitecap

Resources,

Inc.

147,457

836

38,329

Chile

-

0.5%

Antofagasta

PLC

29,173

644

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

132,398

4,528

5,172

China

-

1.5%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

6,708,798

2,433

CGN

Power

Co.,

Ltd.

Class

H(Þ)

1,301,000

China

Longyuan

Power

Group

Corp.,

Ltd.

Class

H

415,000

China

Merchants

Port

Holdings

Co.,

Ltd.

584,264

956

China

Resources

Gas

Group,

Ltd.

6,500

China

Resources

Power

Holdings

Co.,

Ltd.

142,000

China

Tower

Corp.,

Ltd.

Class

H(Þ)

2,196,000

3,191

ENN

Energy

Holdings,

Ltd.

333,941

2,663

Guangdong

Investment,

Ltd.

338,000

Guangdong

Land

Holdings,

Ltd.(Æ)

136,258

Henan

Shenhuo

Coal

&

Power

Co.,

Ltd.

Class

A

243,400

571

Jiangsu

Expressway

Co.,

Ltd.

Class

H

927,153

1,154

Kunlun

Energy

Co.,

Ltd.

118,000

Shenzhen

Expressway

Corp.,

Ltd.

Class

H

238,000

Shenzhen

International

Holdings,

Ltd.

582,000

597

Western

Mining

Co.,

Ltd.

Class

A

488,101

1,035

Wilmar

International,

Ltd.

402,700

944

Yuexiu

Transport

Infrastructure,

Ltd.

58,000

Zhejiang

Expressway

Co.,

Ltd.

Class

H

312,000

15,530

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Congo,

the

Democratic

Republic

of

the

-

0.7%

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

772,988

6,863

Denmark

-

0.2%

Vestas

Wind

Systems

A/S

148,440

1,968

Finland

-

0.5%

Kemira

OYJ

20,297

Neste

OYJ

269,838

2,789

Stora

Enso

OYJ

Class

R

21,205

UPM-Kymmene

OYJ

80,754

2,138

5,542

France

-

3.3%

Aeroports

de

Paris

SA

60,383

7,559

Eiffage

SA

6,335

862

Engie

SA

48,151

994

Eramet

SA

2,144

Gaztransport

Et

Technigaz

SA

Getlink

SE

698,372

13,257

Rubis

SCA

14,047

Technip

Energies

NV

20,026

681

TotalEnergies

SE

47,337

2,685

Veolia

Environnement

SA

80,354

2,937

Vinci

SA

34,236

4,820

34,391

Germany

-

0.7%

E.ON

SE

83,362

1,459

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

15,692

1,035

K+S

AG

26,874

RWE

AG

103,432

4,012

6,973

Ghana

-

0.7%

Kosmos

Energy,

Ltd.(Æ)

4,862,636

7,489

Hong

Kong

-

0.1%

Hutchison

Port

Holdings

Trust

Class

U

1,796,100

United

Energy

Group,

Ltd.

14,262,000

749

1,017

Hungary

-

0.1%

MOL

Hungarian

Oil

&

Gas

PLC

160,679

1,362

India

-

0.1%

Reliance

Industries,

Ltd.

-

GDR(Þ)

10,807

705

Israel

-

0.2%

Equital,

Ltd.(Æ)

7,002

ICL

Group,

Ltd.

80,378

536

Israel

Corp.,

Ltd.

2,267

714

Naphtha

Israel

Petroleum

Corp.,

Ltd.

56,274

1,874

Italy

-

0.7%

Enav

SpA(Þ)

102,704

Enel

SpA

220,044

1,906

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Eni

SpA

62,015

880

Hera

SpA

500,113

2,361

Infrastrutture

Wireless

Italiane

SpA(Þ)

122,290

1,461

7,065

Japan

-

0.9%

Ebara

Corp.

72,100

1,089

Inpex

Corp.

35,000

Japan

Airport

Terminal

Co.,

Ltd.

164,200

4,716

Japan

Petroleum

Exploration

Co.,

Ltd.

47,000

JFE

Holdings,

Inc.

5,600

Kanadevia

Corp.

2,500

Mitsubishi

Materials

Corp.

8,100

Nippon

Steel

Corp.

30,000

632

Nittetsu

Mining

Co.,

Ltd.

9,000

Sumitomo

Metal

Mining

Co.,

Ltd.

2,800

West

Japan

Railway

Co.

69,800

1,464

9,342

Luxembourg

-

0.1%

ArcelorMittal

SA

37,979

1,128

Mexico

-

2.8%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

12,506

1,113

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

547,467

11,115

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

11,820

2,429

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

235,271

7,453

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

4,011

1,270

Grupo

Mexico

SAB

de

CV

575,513

2,990

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

138,547

1,550

Southern

Copper

Corp.

4,495

28,322

Netherlands

-

0.0%

SBM

Offshore

NV

9,885

New

Zealand

-

0.4%

Auckland

International

Airport,

Ltd.

939,106

4,199

Norway

-

0.6%

Aker

BP

ASA

111,693

2,394

Austevoll

Seafood

ASA

104,639

988

Borregaard

ASA

-

ADR

22,679

DNO

ASA

577,404

660

DOF

Group

ASA

27,014

Equinor

ASA

Class

N

57,663

1,318

Frontline

PLC

5,903

Norsk

Hydro

ASA

55,228

TGS

ASA

-

ADR

26,158

6,550

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Poland

-

0.0%

ORLEN

SA

21,816

Portugal

-

0.8%

Galp

Energia

SGPS

SA

Class

B

523,024

8,103

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

899

SIA

Engineering

Co.,

Ltd.

119,800

1,105

South

Africa

-

0.9%

African

Rainbow

Minerals,

Ltd.

82,565

692

Anglo

American

PLC

170,302

4,614

Gold

Fields,

Ltd.

-

ADR

38,878

876

Impala

Platinum

Holdings,

Ltd.(Æ)

36,811

Sibanye

Stillwater,

Ltd.(Æ)

2,010,280

2,322

Thungela

Resources,

Ltd.

7,364

8,762

South

Korea

-

0.1%

POSCO

Holdings,

Inc.

3,313

607

Spain

-

1.9%

Aena

SME

SA(Þ)

51,996

13,074

Iberdrola

SA

333,214

6,007

Repsol

SA

67,381

828

19,909

Sweden

-

0.2%

Boliden

AB(Æ)

13,208

Svenska

Cellulosa

AB

SCA

Class

B

94,077

1,227

1,634

Switzerland

-

1.0%

Flughafen

Zurich

AG

35,411

8,989

SIG

Group

AG(Æ)

54,762

1,055

10,044

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Thailand

-

0.0%

PTT

Exploration

&

Production

PCL

98,800

United

Kingdom

-

1.6%

EnQuest

PLC(Æ)

1,644,647

Harbour

Energy

PLC

542,690

1,108

National

Grid

PLC

776,323

11,222

Severn

Trent

PLC

Class

H

93,324

3,475

SSE

PLC

22,480

508

16,614

United

States

-

63.3%

Acadia

Realty

Trust(ö)

16,514

Advanced

Drainage

Systems,

Inc.

22,693

2,575

Aemetis,

Inc.(Æ)

133,921

AES

Corp.

(The)

42,548

AGCO

Corp.

15,040

1,276

Agree

Realty

Corp.(ö)

164,857

12,795

Albemarle

Corp.

43,304

2,535

Alexander

&

Baldwin,

Inc.(ö)

10,313

Alexandria

Real

Estate

Equities,

Inc.(ö)

22,338

1,623

Alliant

Energy

Corp.

12,104

739

Amcor

PLC

69,133

636

Ameresco,

Inc.

Class

A(Æ)

160,112

1,702

American

Assets

Trust,

Inc.(ö)

20,995

American

Electric

Power

Co.,

Inc.

68,684

7,441

American

Healthcare

REIT,

Inc.(ö)

192,105

6,201

American

Homes

Rent

Class

A(ö)

163,769

6,123

American

Tower

Corp.(ö)

18,971

4,276

American

Water

Works

Co.,

Inc.

6,889

1,013

Americold

Realty

Trust,

Inc.(ö)

19,178

Apple

Hospitality

REIT,

Inc.(ö)

12,742

Archer-Daniels-Midland

Co.

29,724

1,419

Array

Technologies,

Inc.(Æ)

483,902

2,313

Atmos

Energy

Corp.

4,584

736

AvalonBay

Communities,

Inc.(ö)

74,124

15,565

Avery

Dennison

Corp.

4,455

762

BP

PLC

2,022,822

9,252

Brixmor

Property

Group,

Inc.(ö)

371,196

9,246

Broadstone

Net

Lease,

Inc.(ö)

22,267

Bunge,

Ltd.

8,340

657

BXP,

Inc.(ö)

19,458

1,240

California

Resources

Corp.

148,944

5,140

Camden

Property

Trust(ö)

8,406

957

CareTrust

REIT,

Inc.(ö)

32,578

954

CenterPoint

Energy,

Inc.

60,047

2,329

Centerspace(ö)

4,688

CF

Industries

Holdings,

Inc.

8,863

695

Cheniere

Energy,

Inc.

58,238

13,459

Chevron

Corp.

11,431

1,555

Civitas

Resources,

Inc.

60,220

1,641

Clean

Energy

Fuels

Corp.(Æ)

500,493

726

CNX

Resources

Corp.(Æ)

22,415

660

ConocoPhillips

29,216

2,604

Consolidated

Edison,

Inc.

4,473

504

Constellation

Energy

Corp.

25,951

5,798

COPT

Defense

Properties(ö)

16,229

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Corteva,

Inc.

66,558

4,126

Cousins

Properties,

Inc.(ö)

28,371

781

Crescent

Energy

Co.

Class

A

22,779

Crown

Castle,

Inc.(ö)

15,497

1,639

CubeSmart(ö)

164,706

6,699

Darling

Ingredients,

Inc.(Æ)

271,156

8,729

Deere

&

Co.

643

DiamondRock

Hospitality

Co.(ö)

27,431

Digital

Realty

Trust,

Inc.(ö)

102,855

16,512

Diversified

Healthcare

Trust(ö)

57,035

Dominion

Energy,

Inc.

89,412

4,862

DT

Midstream,

Inc.

38,245

3,717

Duke

Energy

Corp.

88,529

10,802

EastGroup

Properties,

Inc.(ö)

41,845

6,838

Edison

International

11,630

622

Elme

Communities(ö)

14,560

Empire

State

Realty

Trust,

Inc.

Class

A(ö)

40,565

Enphase

Energy,

Inc.(Æ)

28,757

1,282

Entergy

Corp.

5,380

Enterprise

Products

Partners,

LP

28,820

862

EOG

Resources,

Inc.

8,795

970

EPR

Properties(ö)

116,617

5,771

Equinix,

Inc.(ö)

37,114

31,946

Equity

LifeStyle

Properties,

Inc.

Class

A(ö)

12,834

831

Equity

Residential(ö)

41,190

2,894

Essential

Properties

Realty

Trust,

Inc.

(ö)

361,537

11,631

Essex

Property

Trust,

Inc.(ö)

38,639

10,786

Evergy,

Inc.

35,614

2,461

Eversource

Energy

37,961

2,258

Exelon

Corp.

116,491

5,463

Expand

Energy

Corp.

3,495

Extra

Space

Storage,

Inc.(ö)

35,299

5,172

Exxon

Mobil

Corp.

41,602

4,394

Farmland

Partners,

Inc.(ö)

34,149

Federal

Realty

Investment

Trust(ö)

3,825

First

Industrial

Realty

Trust,

Inc.(ö)

109,595

5,215

First

Solar,

Inc.(Æ)

22,075

2,777

FirstEnergy

Corp.

28,631

1,228

FMC

Corp.

5,228

Four

Corners

Property

Trust,

Inc.(ö)

11,225

Franklin

Street

Properties

Corp.(ö)

67,977

Freeport-McMoRan,

Inc.

116,637

4,202

Gaming

and

Leisure

Properties,

Inc.(ö)

44,116

2,111

Getty

Realty

Corp.(ö)

3,271

GFL

Environmental,

Inc.

47,416

2,366

Gladstone

Commercial

Corp.(ö)

14,007

Global

Net

Lease,

Inc.(ö)

11,227

GrafTech

International,

Ltd.(Æ)

176,375

Graphic

Packaging

Holding

Co.

18,712

Green

Plains,

Inc.(Æ)

287,848

1,031

Gulfport

Energy

Corp.(Æ)

4,562

787

Halliburton

Co.

31,579

626

Healthcare

Realty

Trust,

Inc.(ö)

20,098

Healthpeak

Properties,

Inc.(ö)

355,334

6,339

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hess

Corp.

4,949

639

Highwoods

Properties,

Inc.(ö)

8,520

Host

Hotels

&

Resorts,

Inc.(ö)

56,029

791

Hyatt

Hotels

Corp.

Class

A

8,899

1,003

Independence

Realty

Trust,

Inc.(ö)

260,811

5,068

International

Paper

Co.

8,706

Invitation

Homes,

Inc.(ö)

77,709

2,657

Iron

Mountain,

Inc.(ö)

150,584

13,503

JBG

Smith

Properties(ö)

1,750

Kilroy

Realty

Corp.(ö)

12,473

Kimco

Realty

Corp.(ö)

175,150

3,500

Kinder

Morgan,

Inc.

306,259

8,055

Kite

Realty

Group

Trust(ö)

99,755

2,160

Lamar

Advertising

Co.

Class

A(ö)

9,379

1,067

LTC

Properties,

Inc.(ö)

5,502

Macerich

Co.

(The)(ö)

26,538

Magnolia

Oil

&

Gas

Corp.

Class

A

69,013

1,417

Medical

Properties

Trust,

Inc.(ö)

70,874

Mid-America

Apartment

Communities,

Inc.(ö)

86,001

13,730

Mosaic

Co.

(The)

58,507

1,779

National

Health

Investors,

Inc.(ö)

5,771

National

Storage

Affiliates

Trust(ö)

11,415

NET

Lease

Office

Properties(Æ)(ö)

1,247

NETSTREIT

Corp.(ö)

4,558

Newmont

Corp.

41,779

2,201

NexPoint

Residential

Trust,

Inc.(ö)

7,245

NextEra

Energy,

Inc.

117,126

7,833

NEXTracker,

Inc.

Class

A(Æ)

59,811

2,429

NiSource,

Inc.

21,022

822

NNN

REIT,

Inc.(ö)

21,664

891

Noble

Corp.

PLC

14,841

Norfolk

Southern

Corp.

3,731

836

Northern

Oil

and

Gas,

Inc.

14,784

Nucor

Corp.

7,145

853

Omega

Healthcare

Investors,

Inc.(ö)

59,108

2,308

ONEOK,

Inc.

94,188

7,738

OUTFRONT

Media,

Inc.(ö)

15,798

Ovintiv,

Inc.

9,708

Packaging

Corp.

of

America

2,995

556

Park

Hotels

&

Resorts,

Inc.(ö)

59,353

590

Patterson-UTI

Energy,

Inc.

36,518

Pebblebrook

Hotel

Trust(ö)

22,646

Permian

Resources

Corp.

20,008

PG&E

Corp.

65,767

1,086

Phillips

640

Phillips

Edison

&

Co.,

Inc.(ö)

16,044

557

Piedmont

Office

Realty

Trust,

Inc.

Class

A(ö)

1,626

Pinnacle

West

Capital

Corp.

5,317

506

Plymouth

Industrial

REIT,

Inc.(ö)

13,640

Prologis,

Inc.(ö)

280,243

28,641

ProPetro

Holding

Corp.(Æ)

49,442

Public

Service

Enterprise

Group,

Inc.

86,262

6,895

Public

Storage(ö)

72,537

21,792

Realty

Income

Corp.(ö)

92,365

5,344

Regal

Rexnord

Corp.

3,044

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Regency

Centers

Corp.(ö)

38,062

2,747

Reliance,

Inc.

1,301

Republic

Services,

Inc.

Class

A

12,985

3,256

REX

American

Resources

Corp.(Æ)

8,144

Rexford

Industrial

Realty,

Inc.(ö)

36,743

1,216

RLJ

Lodging

Trust(ö)

28,630

Ryman

Hospitality

Properties,

Inc.(ö)

34,930

3,072

Sabra

Health

Care

REIT,

Inc.(ö)

34,397

614

Safehold,

Inc.(ö)

11,430

SBA

Communications

Corp.(ö)

6,599

1,606

Schlumberger

NV

5,192

Sealed

Air

Corp.

7,430

Select

Water

Solutions,

Inc.

Class

A

21,426

Sempra

Energy

25,827

1,918

Shell

PLC

386,367

12,362

Simon

Property

Group,

Inc.(ö)

139,808

22,003

SITE

Centers

Corp.(ö)

20,251

SL

Green

Realty

Corp.(ö)

28,242

1,486

SM

Energy

Co.

12,278

SmartStop

Self

Storage

REIT,

Inc.

97,021

3,409

Smurfit

WestRock

PLC

25,629

1,071

SolarEdge

Technologies,

Inc.(Æ)

213,574

2,613

Southern

Co.

(The)

65,786

6,045

STAG

Industrial,

Inc.(ö)

12,551

Steel

Dynamics,

Inc.

3,364

Summit

Hotel

Properties,

Inc.(ö)

51,855

Sun

Communities,

Inc.(ö)

95,012

11,822

Sunrun,

Inc.(Æ)

652,940

4,499

Sunstone

Hotel

Investors,

Inc.(ö)

24,220

Talos

Energy,

Inc.(Æ)

7,468

Tanger,

Inc.(ö)

13,216

Targa

Resources

Corp.

47,619

8,138

Tenaris

SA

63,568

1,058

Terreno

Realty

Corp.(ö)

78,050

4,397

TXNM

Energy,

Inc.

602

UDR,

Inc.(ö)

28,253

1,183

UGI

Corp.

75,890

2,488

Union

Pacific

Corp.

4,120

889

Ventas,

Inc.(ö)

227,144

15,918

Veris

Residential,

Inc.(ö)

26,987

VICI

Properties,

Inc.(ö)

431,276

13,809

Vital

Energy,

Inc.(Æ)

7,169

Vornado

Realty

Trust(ö)

196,094

6,918

Welltower,

Inc.(ö)

222,102

33,891

Weyerhaeuser

Co.(ö)

12,899

Whitestone

REIT

Class

B(ö)

29,192

Williams

Cos.,

Inc.

(The)

46,843

2,744

WP

Carey,

Inc.(ö)

36,141

2,257

Xcel

Energy,

Inc.

68,704

4,857

Xenia

Hotels

&

Resorts,

Inc.(ö)

19,880

Zurn

Elkay

Water

Solutions

Corp.

13,656

651,092

Zambia

-

0.2%

First

Quantum

Minerals,

Ltd.(Æ)

152,532

2,048

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Common

#### Stocks
(cost

$789,420)

985,134

#### Preferred

#### Stocks

#### -

#### 1.2%
Brazil

-

1.2%

Bradespar

SA

12.025%

(Ÿ)

2,251,991

6,424

Petroleo

Brasileiro

SA

11.216%

(Ÿ)

1,091,987

5,771

12,195

Russia

-

0.0%

Surgutneftegas

PAO

0.000%

(Æ)(Š)

1,385,000

—

Tatneft

PJSC

0.000%

(Æ)(Š)

281,695

—

—

#### Total

#### Preferred

#### Stocks
(cost

$15,697)

12,195

#### Short-Term

#### Investments

#### -

#### 2.7%
United

States

-

2.7%

U.S.

Cash

Management

Fund(@)

27,472,065

(∞)

27,464

#### Total

#### Short-Term

#### Investments
(cost

$27,464)

27,464

#### Total

#### Investments

#### -

#### 99.6%
(identified

cost

$832,581)

1,024,793

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.4%
4,245

#### Net

#### Assets

#### -

#### 100.0%
1,029,038

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,

#### 2025
(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

#### $1.9%

Aena

SME

SA

04/22/20

EUR

51,996

125.26 6,513

13,074

CGN

Power

Co.,

Ltd.

03/07/23

HKD

1,301,000

0.24 314

China

Tower

Corp.,

Ltd.

03/03/25

HKD

2,196,000

1.41 3,089

3,191

Enav

SpA

09/28/22

EUR

102,704

3.71 381

Infrastrutture

Wireless

Italiane

SpA

11/14/22

EUR

122,290

10.27 1,256

1,461

Polyus

PJSC

10/20/22

—

—

—

Reliance

Industries,

Ltd.

03/20/23

10,807

49.02 530

705

19,303

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

13,688

06/25

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)

#### $
Royal

Bank

of

Canada

CAD

USD

05/01/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

—

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Argentina

$

12,841

$

—

$

—

$

—

$

12,841

.3

Australia

—

46,762

—

—

46,762

.5

Austria

—

3,385

—

—

3,385

.3

Brazil

16,852

657

—

—

17,509

.7

Canada

38,329

—

—

—

38,329

.7

Chile

4,528

644

—

—

5,172

.5

China

—

15,530

—

—

15,530

.5

Congo,

the

Democratic

Republic

of

the

6,863

—

—

—

6,863

.7

Denmark

—

1,968

—

—

1,968

.2

Finland

—

5,542

—

—

5,542

.5

France

—

34,391

—

—

34,391

.3

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Germany

—

6,973

—

—

6,973

.7

Ghana

7,489

—

—

—

7,489

.7

Hong

Kong

—

1,017

—

—

1,017

.1

Hungary

—

1,362

—

—

1,362

.1

India

—

705

—

—

705

.1

Israel

—

1,874

—

—

1,874

.2

Italy

—

7,065

—

—

7,065

.7

Japan

—

9,342

—

—

9,342

.9

Luxembourg

—

1,128

—

—

1,128

.1

Mexico

28,322

—

—

—

28,322

.8

Netherlands

—

—

—

—

\*

New

Zealand

—

4,199

—

—

4,199

.4

Norway

—

6,550

—

—

6,550

.6

Poland

—

—

—

—

\*

Portugal

—

8,103

—

—

8,103

.8

Russia

—

—

—

—

—

—

Singapore

—

1,105

—

—

1,105

.1

South

Africa

876

7,886

—

—

8,762

.9

South

Korea

—

607

—

—

607

.1

Spain

—

19,909

—

—

19,909

.9

Sweden

—

1,634

—

—

1,634

.2

Switzerland

—

10,044

—

—

10,044

.0

Thailand

—

—

—

—

\*

United

Kingdom

—

16,614

—

—

16,614

.6

United

States

627,349

23,743

—

—

651,092

.3

Zambia

2,048

—

—

—

2,048

.2

Preferred

Stocks

12,195

—

—

—

12,195

.2

Short-Term

Investments

—

—

—

27,464

27,464

.7

Total

Investments

757,692

239,637

—

27,464

1,024,793

.6

Other

Assets

and

Liabilities,

Net

.4

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

—

\*

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Less

than

.05%

of

net

assets.

\*\*

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.

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,

#### 2025
(Unaudited)

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Consumer

Discretionary

....................................................................

1,902

Consumer

Staples

...............................................................................

4,932

Energy

................................................................................................

118,172

Financial

Services

..............................................................................

414,974

Materials

and

Processing

...................................................................

122,827

Producer

Durables

..............................................................................

129,113

Technology

.........................................................................................

4,126

Utilities

...............................................................................................

189,088

#### Preferred

#### Stocks
Energy

................................................................................................

5,771

Financial

Services

..............................................................................

6,424

#### Short-Term

#### Investments

#### .............................................................
27,464

Total

Investments

...............................................................................

1,024,793

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,

#### 2025
(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

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

1,027

$

—

Foreign

currency

exchange

contracts

—

Total

$

1,027

$

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

(58) $

—

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

832,581

Investments,

at

fair

value(>)

........................................................................................................................................................

1,024,793

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,642

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,920

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

1,231

From

broker(a)

.................................................................................................................................................................

1,052

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,030,792

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

707

Accrued

fees

to

affiliates

..................................................................................................................................................

812

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

1,754

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,029,038

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

93,160

Shares

of

beneficial

interest

.........................................................................................................................................................

857

Additional

paid-in

capital

............................................................................................................................................................

935,021

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,029,038

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

11.97 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

12.70 Class

A

—

Net

assets

...........................................................................................................................................................

$

9,207,915

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

769,131

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

11.86 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,046,110

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

88,229

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

12.02 Class

M

—

Net

assets

..........................................................................................................................................................

$

299,250,495

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

24,896,732

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

12.01 Class

S

—

Net

assets

............................................................................................................................................................

$

719,533,557

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

59,903,727

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,635

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

27,464

(a) Receivable

from

Broker

for

Futures

$

1,052

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

17,688

Dividends

from

affiliated

funds

.......................................................................................................................................

650

Interest

..............................................................................................................................................................................

Total

investment

income

..............................................................................................................................................................

18,370

#### Expenses
Advisory

fees

...................................................................................................................................................................

4,392

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

............................................................................................................................................

721

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,108

Expense

reductions

..........................................................................................................................................................

(608) Net

expenses

................................................................................................................................................................................

5,500

Net

investment

income

(loss)

.......................................................................................................................................................

12,870

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(12,239)

Investments

in

affiliated

funds

.........................................................................................................................................

(4) Futures

contracts

..............................................................................................................................................................

1,027

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(286)

Net

realized

gain

(loss)

................................................................................................................................................................

(11,348)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(51,741)

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

(58) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(51,547)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(62,895)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(50,025)

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

12,870

$

23,338

Net

realized

gain

(loss)

.......................................................................................................................

(11,348)

(31,026)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(51,547)

184,956

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(50,025)

177,268

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(218)

(152)

Class

C

..........................................................................................................................................

(13)

(14)

Class

M

.........................................................................................................................................

(6,543)

(6,554)

Class

S

..........................................................................................................................................

(15,838)

(13,286)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(22,612)

(20,006)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

52,714

114,804

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(19,923)

272,066

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

1,048,961

776,895

End

of

period

.............................................................................................................................................

$

1,029,038

$

1,048,961

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,166

$

3,986

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(189)

(2,327)

(115)

(1,338)

Net

increase

(decrease)

(77)

(944)

2,800

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(14)

(171)

(22)

(262)

Net

increase

(decrease)

(6)

(73)

Class

M

Proceeds

from

shares

sold

4,079

50,230

8,292

100,571

Proceeds

from

reinvestment

of

distributions

544

6,510

540

6,539

Payments

for

shares

redeemed

(6,522)

(83,506)

(5,579)

(67,105)

Net

increase

(decrease)

(1,899)

(26,766)

3,253

40,005

Class

S

Proceeds

from

shares

sold

10,817

136,884

14,377

171,972

Proceeds

from

reinvestment

of

distributions

1,319

15,774

1,092

13,231

Payments

for

shares

redeemed

(5,919)

(72,161)

(9,378)

(113,243)

Net

increase

(decrease)

6,217

80,497

6,091

71,960

Total

increase

(decrease)

4,235

$

52,714

9,577

$

114,804

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### Russell

#### Investment

#### Company

#### Tax-Managed

#### Real

#### Assets

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025

\*

12.83 .14

(.75)

(.61)

(.25)

(.25)

October

31,

2024

10.77 .26

2.04 2.30 (.24)

(.24)

October

31,

2023

11.51 .31

(.69)

(.38)

(.36)

(.36)

October

31,

2022

13.28 .31

(1.85)

(1.54)

(.23)

(.23)

October

31,

2021

9.11 .17

4.18 4.35 (.18)

(.18)

October

31,

2020

10.40 .13

(1.33)

(1.20)

(.09)

(.09)

Class

C

April

30,

2025

\*

12.64 .09

(.73)

(.64)

(.14)

(.14)

October

31,

2024

10.62 .17

2.00 2.17 (.15)

(.15)

October

31,

2023

11.39 .22

(.69)

(.47)

(.30)

(.30)

October

31,

2022

13.15 .22

(1.83)

(1.61)

(.15)

(.15)

October

31,

2021

9.04 .08

4.16 4.24 (.13)

(.13)

October

31,

2020

10.37 .06

(1.33)

(1.27)

(.06)

(.06)

Class

M

April

30,

2025

\*

12.89 .16

(.75)

(.59)

(.28)

(.28)

October

31,

2024

10.82 .31

2.04 2.35 (.28)

(.28)

October

31,

2023

11.56 .35

(.69)

(.34)

(.40)

(.40)

October

31,

2022

13.33 .36

(1.85)

(1.49)

(.28)

(.28)

October

31,

2021

9.13 .22

4.20 4.42 (.22)

(.22)

October

31,

2020

10.41 .17

(1.34)

(1.17)

(.11)

(.11)

Class

S

April

30,

2025

\*

12.88 .15

(.75)

(.60)

(.27)

(.27)

October

31,

2024

10.81 .30

2.04 2.34 (.27)

(.27)

October

31,

2023

11.55 .34

(.70)

(.36)

(.38)

(.38)

October

31,

2022

13.32 .35

(1.86)

(1.51)

(.26)

(.26)

October

31,

2021

9.13 .20

4.19 4.39 (.20)

(.20)

October

31,

2020

10.41 .16

(1.34)

(1.18)

(.10)

(.10)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Managed

Real

Assets

Fund

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

11.97 (4.76)

9,208

1.42 1.34 2.22 25

12.83 21.49 10,859

1.42 1.33 2.15 42

10.77 (3.51)

6,654

1.42 1.33 2.62 50

11.51 (11.76)

6,073

1.42 1.33 2.47 43

13.28 48.29 5,370

1.42 1.33 1.44 40

9.11 (11.65)

2,642

1.47 1.33 1.43 81

11.86 (5.04)

1,046

2.17 2.09 1.45 25

12.64 20.56 1,188

2.17 2.08 1.46 42

10. 62

(4.30)

960

2.17 2.08 1.90 50

11.39 (12.40)

828

2.17 2.08 1.74 43

13.15 47.21 531

2.17 2.08 .65

9.04 (12.35)

2.22 2.08 .66

12.02 (4.56)

299,250

1.18 .99

2.56 25

12.89 21.85 345,440

1.17 .98

2.52 42

10.82 (3.17)

254,716

1.17 .98

2.97 50

11.56 (11.42)

255,604

1.17 .98

2.84 43

13.33 48.95 255,918

1.17 .98

1.79 40

9.13 (11.39)

95,547

1.22 .98

1.80 81

12.01 (4.63)

719,534

1.18 1.09 2.46 25

12.88 21.77 691,474

1.17 1.08 2.44 42

10. 81

(3.28)

514,565

1.17 1.08 2.87 50

11.55 (11.51)

540,826

1.17 1.08 2.74 43

13.32 48.63 532,442

1.17 1.08 1.66 40

9.13 (11.44)

353,896

1.22 1.08 1.70 81

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

627,881

Administrative

fees

39,727

Distribution

fees

2,498

Shareholder

servicing

fees

Transfer

agent

fees

141,295

$

811,610

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

44,610

$

160,762

$

177,902

$

(4)

$

(2)

$

27,464

$

650

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

834,382,855

$

234,187,856

$

(43,746,396)

$

190,441,460

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 89.4%
Asset-Backed

Securities

-

3.7%

ACE

Securities

Corp.

Mortgage

Loan

Trust

Series

2007-D1

Class

A3

7.250%

due

02/25/38

(~)(Ê)(Þ)

657

American

Airlines

Pass-Through

Trust

Series

2013-1

Class

A

4.000%

due

07/15/25

CLI

Funding

VI

LLC

Series

2020-1A

Class

A

2.080%

due

09/18/45

(Þ)

536

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)

DB

Master

Finance

LLC

Series

2019-1A

Class

A23

4.352%

due

05/20/49

(Þ)

Domino's

Pizza

Master

Issuer

LLC

Series

2019-1A

Class

A2

3.668%

due

10/25/49

(Þ)

912

860

Series

2021-1A

Class

A2II

3.151%

due

04/25/51

(Þ)

584

523

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)

1,027

785

Helios

Issuer

LLC

Series

2018-1A

Class

A

4.870%

due

07/20/48

(Þ)

775

730

Series

2018-1A

Class

B

7.710%

due

07/20/48

(Þ)

568

Series

2020-AA

Class

A

2.980%

due

06/20/47

(Þ)

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)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-1A

Class

B

2.050%

due

12/20/46

(Þ)

523

Series

2021-2A

Class

B

2.090%

due

04/22/47

(Þ)

Navient

Private

Education

Refi

Loan

Trust

Series

2020-HA

Class

A

1.310%

due

01/15/69

(Þ)

Series

2021-A

Class

B

2.240%

due

05/15/69

(Þ)

Pagaya

AI

Debt

Grantor

Trust

Series

2025-1

Class

B

5.628%

due

07/15/32

(Þ)

Primose

Funding

LLC

Series

2019-1A

Class

A2

4.475%

due

07/30/49

(Þ)

958

947

SoFi

Professional

Loan

Program

LLC

Series

2017-D

Class

BFX

3.610%

due

09/25/40

(Þ)

Series

2017-E

Class

B

3.490%

due

11/26/40

(Þ)

Series

2019-B

Class

BFX

3.730%

due

08/17/48

(Þ)

600

544

Series

2019-C

Class

BFX

3.050%

due

11/16/48

(Þ)

1,000

880

SoFi

Professional

Loan

Program

Trust

Series

2018-B

Class

BFX

3.830%

due

08/25/47

(Þ)

850

813

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

514

Sonic

Capital

LLC

Series

2020-1A

Class

A2I

3.845%

due

01/20/50

(Þ)

524

513

Series

2021-1A

Class

A2II

2.636%

due

08/20/51

(Þ)

579

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)

697

577

Sunrun

Bacchus

Issuer

LLC

Series

2025-1A

Class

A2A

6.410%

due

04/30/60

(Þ)

699

685

Sunrun

Xanadu

Issuer

Series

2019-1A

Class

A

3.980%

due

06/30/54

(Þ)

Wendy's

Funding

LLC

Series

2018-1A

Class

A2II

3.884%

due

03/15/48

(Þ)

Wingstop

Funding

LLC

Series

2024-1A

Class

A2

5.858%

due

12/05/54

(Þ)

900

921

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zaxbys

Funding

LLC

Series

2021-1A

Class

A2

3.238%

due

07/30/51

(Þ)

722

668

Series

2024-1A

Class

A2I

6.594%

due

04/30/54

(Þ)

18,020

Corporate

Bonds

and

Notes

-

30.5%

Consumer

Discretionary

-

8.3%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

Adient

Global

Holdings,

Ltd.

7.500%

due

02/15/33

(Þ)

882

836

American

Airlines

Group,

Inc.

5.500%

due

04/20/26

(Þ)

5.750%

due

04/20/29

(Þ)

American

Airlines

Pass-Through

Trust

Series

2015-1

Class

A

3.375%

due

05/01/27

Aptiv

Swiss

Holdings,

Ltd.

6.875%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.385%)(Ê)

Aramark

Services,

Inc.

5.000%

due

02/01/28

(Þ)

Arches

Buyer,

Inc.

4.250%

due

06/01/28

(Þ)

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

6.750%

due

07/01/36

Series

WI

6.875%

due

11/01/35

732

736

Boyd

Gaming

Corp.

Series

WI

4.750%

due

12/01/27

Brunswick

Corp.

5.100%

due

04/01/52

Caesars

Entertainment,

Inc.

7.000%

due

02/15/30

(Þ)

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

6.000%

due

05/01/29

(Þ)

861

856

7.000%

due

08/15/29

(Þ)

Carvana

Co.

9.000%

due

06/01/31

(Þ)

1,091

1,230

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%

due

05/01/27

(Þ)

517

510

4.750%

due

03/01/30

(Þ)

758

716

4.250%

due

01/15/34

(Þ)

1,247

1,049

Series

DMTN

5.000%

due

02/01/28

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

Series

WI

3.750%

due

02/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Clarios

Global,

LP

/

Clarios

US

Finance

Co.

6.750%

due

05/15/28

(Þ)

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%

due

04/01/30

(Þ)

514

515

CMG

Media

Corp.

8.875%

due

06/18/29

(Þ)

Comcast

Corp.

Series

WI

2.887%

due

11/01/51

CSC

Holdings

LLC

Series

144A

11.750%

due

01/31/29

(Þ)

811

766

4.625%

due

12/01/30

(Þ)

973

Darden

Restaurants,

Inc.

3.850%

due

05/01/27

Discovery

Communications

LLC

4.650%

due

05/15/50

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

5.750%

due

12/01/28

(Þ)

Series

WI

7.750%

due

07/01/26

EchoStar

Corp.

3.875%

due

11/30/30

6.750%

due

11/30/30

Series

.

10.750%

due

11/30/29

1,237

1,308

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

4.500%

due

10/24/28

(Þ)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

6.750%

due

01/15/30

(Þ)

Forestar

Group,

Inc.

6.500%

due

03/15/33

(Þ)

Full

House

Resorts,

Inc.

8.250%

due

02/15/28

(Þ)

649

609

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

Hasbro,

Inc.

3.500%

due

09/15/27

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

iHeart

Communications,

Inc.

4.750%

due

01/15/28

(Þ)

JB

Poindexter

&

Co.,

Inc.

8.750%

due

12/15/31

(Þ)

649

653

Kohl's

Corp.

4.625%

due

05/01/31

510

5.550%

due

07/17/45

Landsea

Homes

Corp.

8.875%

due

04/01/29

(Þ)

693

657

Las

Vegas

Sands

Corp.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

08/18/26

LGI

Homes,

Inc.

7.000%

due

11/15/32

(Þ)

687

634

Live

Nation

Entertainment,

Inc.

6.500%

due

05/15/27

(Þ)

4.750%

due

10/15/27

(Þ)

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

Macy's

Retail

Holdings

LLC

4.500%

due

12/15/34

6.375%

due

03/15/37

5.125%

due

01/15/42

4.300%

due

02/15/43

Marriott

International,

Inc.

5.550%

due

10/15/28

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

McDonald's

Corp.

5.700%

due

02/01/39

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

MGM

Resorts

International

6.500%

due

04/15/32

Michaels

Cos,

Inc.

(The)

7.875%

due

05/01/29

(Þ)

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

4.875%

due

05/01/29

(Þ)

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

13.250%

due

12/15/27

(Þ)

Murphy

Oil

Corp.

4.750%

due

09/15/29

Neptune

Bidco

US,

Inc.

9.290%

due

04/15/29

(Þ)

566

503

Newell

Brands,

Inc.

5.700%

due

04/01/26

6.375%

due

05/15/30

6.875%

due

04/01/36

1,252

1,090

7.000%

due

04/01/46

684

529

Nike,

Inc.

3.375%

due

11/01/46

Nissan

Motor

Acceptance

Co.

LLC

2.000%

due

03/09/26

(Þ)

6.950%

due

09/15/26

(Þ)

1,518

1,531

Nordstrom,

Inc.

4.375%

due

04/01/30

5.000%

due

01/15/44

808

566

Series

WI

4.250%

due

08/01/31

OPENLANE,

Inc.

5.125%

due

06/01/25

(Þ)

Phinia,

Inc.

6.625%

due

10/15/32

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
QVC,

Inc.

5.950%

due

03/15/43

QXO

Building

Products,

Inc.

6.750%

due

04/30/32

(Þ)

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

582

503

4.625%

due

04/06/31

(Þ)

Series

REGS

4.625%

due

04/16/29

(Þ)

Royal

Caribbean

Cruises,

Ltd.

5.500%

due

08/31/26

(Þ)

762

763

7.500%

due

10/15/27

3.700%

due

03/15/28

665

637

Sabre

GLBL,

Inc.

7.320%

due

08/01/26

8.625%

due

06/01/27

(Þ)

631

606

10.750%

due

11/15/29

(Þ)

Sirius

XM

Radio,

Inc.

3.875%

due

09/01/31

(Þ)

Six

Flags

Entertainment

Corp.

6.625%

due

05/01/32

(Þ)

Staples,

Inc.

10.750%

due

09/01/29

(Þ)

12.750%

due

01/15/30

(Þ)

Starbucks

Corp.

3.750%

due

12/01/47

Steelcase,

Inc.

5.125%

due

01/18/29

597

568

TEGNA,

Inc.

4.625%

due

03/15/28

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

991

1,129

Time

Warner

Cable

LLC

6.750%

due

06/15/39

TKC

Holdings,

Inc.

Series

144A

6.875%

due

05/15/28

(Þ)

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

Travel

+

Leisure

Co.

5.750%

due

04/01/27

504

507

Under

Armour,

Inc.

3.250%

due

06/15/26

646

627

United

Airlines,

Inc.

Series

144A

4.375%

due

04/15/26

(Þ)

Univision

Communications,

Inc.

8.000%

due

08/15/28

(Þ)

VF

Corp.

6.450%

due

11/01/37

568

Walgreens

Boots

Alliance,

Inc.

3.450%

due

06/01/26

3.200%

due

04/15/30

772

726

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

11/18/34

4.800%

due

11/18/44

533

4.650%

due

06/01/46

4.100%

due

04/15/50

Wayfair

LLC

7.250%

due

10/31/29

(Þ)

Wolverine

World

Wide,

Inc.

4.000%

due

08/15/29

(Þ)

580

Yum!

Brands,

Inc.

3.625%

due

03/15/31

6.875%

due

11/15/37

5.350%

due

11/01/43

40,474

Consumer

Staples

-

1.4%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

4.625%

due

01/15/27

(Þ)

3.500%

due

03/15/29

(Þ)

Alta

Equipment

Group,

Inc.

9.000%

due

06/01/29

(Þ)

558

Altria

Group,

Inc.

6.200%

due

11/01/28

B&G

Foods,

Inc.

8.000%

due

09/15/28

(Þ)

646

641

Chobani

Holdco

II

LLC

8.750%

due

10/01/29

(Þ)

Church

&

Dwight

Co.,

Inc.

3.950%

due

08/01/47

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

Constellation

Brands,

Inc.

3.600%

due

02/15/28

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

5.000%

due

04/15/26

(Þ)

6.625%

due

07/15/30

(Þ)

General

Mills,

Inc.

5.500%

due

10/17/28

Hormel

Foods

Corp.

3.050%

due

06/03/51

HRB

Winddown,

Inc.

8.875%

due

03/15/25

(Š)

970

—

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

2.500%

due

01/15/27

5.125%

due

02/01/28

Keurig

Dr

Pepper,

Inc.

Series

WI

4.597%

due

05/25/28

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

Lamb

Weston

Holdings,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.375%

due

01/31/32

(Þ)

Mondelez

International,

Inc.

2.625%

due

09/04/50

Performance

Food

Group,

Inc.

6.125%

due

09/15/32

(Þ)

Perrigo

Finance

Unlimited

Co.

Series

USD

6.125%

due

09/30/32

Prestige

Brands

Holdings,

Inc.

5.125%

due

01/15/28

(Þ)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

5.750%

due

04/15/26

(Þ)

PROG

Holdings,

Inc.

6.000%

due

11/15/29

(Þ)

770

709

Safeway,

Inc.

7.250%

due

02/01/31

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

Sysco

Corp.

3.150%

due

12/14/51

Tyson

Foods,

Inc.

3.550%

due

06/02/27

United

Rentals

NA,

Inc.

6.000%

due

12/15/29

(Þ)

3.875%

due

02/15/31

US

Foods,

Inc.

4.750%

due

02/15/29

(Þ)

Viking

Baked

Goods

Acquisition

Corp.

8.625%

due

11/01/31

(Þ)

Williams

Scotsman

International,

Inc.

4.625%

due

08/15/28

(Þ)

6,776

Energy

-

3.1%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

APA

Corp.

5.100%

due

09/01/40

(Þ)

4.750%

due

04/15/43

(Þ)

5.350%

due

07/01/49

(Þ)

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

Buckeye

Partners,

LP

3.950%

due

12/01/26

595

580

4.125%

due

12/01/27

817

785

5.850%

due

11/15/43

CITGO

Petroleum

Corp.

8.375%

due

01/15/29

(Þ)

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%

due

06/15/31

(Þ)

758

729

CVR

Energy,

Inc.

5.750%

due

02/15/28

(Þ)

725

661

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
El

Paso

Natural

Gas

Co.

LLC

8.375%

due

06/15/32

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

Energy

Transfer,

LP

6.850%

due

02/15/40

Enterprise

Products

Operating

LLC

5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

EQT

Corp.

Series

144A

4.500%

due

01/15/29

(Þ)

Genesis

Energy,

LP

/

Genesis

Energy

Finance

Corp.

7.875%

due

05/15/32

Global

Marine,

Inc.

7.000%

due

06/01/28

Global

Partners,

LP

/

GLP

Finance

Corp.

Series

WI

6.875%

due

01/15/29

Gray

Oak

Pipeline

LLC

3.450%

due

10/15/27

(Þ)

Gulfport

Energy

Corp.

8.000%

due

05/17/26

Harvest

Midstream

I,

LP

7.500%

due

09/01/28

(Þ)

1,206

1,223

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

6.000%

due

02/01/31

(Þ)

ITT

Holdings

LLC

6.500%

due

08/01/29

(Þ)

Kodiak

Gas

Services,

Inc.

7.250%

due

02/15/29

(Þ)

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

Series

WI

4.250%

due

12/01/27

Murphy

Oil

Corp.

5.875%

due

12/01/42

Nabors

Industries,

Inc.

7.500%

due

01/15/28

(Þ)

New

Fortress

Energy,

Inc.

6.500%

due

09/30/26

(Þ)

NGL

Energy

Operating

LLC

8.125%

due

02/15/29

(Þ)

8.375%

due

02/15/32

(Þ)

530

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

ONEOK,

Inc.

5.625%

due

01/15/28

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.650%

due

11/01/28

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

565

540

4.800%

due

05/15/30

(Þ)

6.875%

due

04/15/40

(Þ)

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

Sitio

Royalties

Operating

Partnership,

LP

/

Sitio

Finance

Corp.

7.875%

due

11/01/28

(Þ)

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

7.375%

due

02/15/29

(Þ)

Targa

Resources

Corp.

6.150%

due

03/01/29

TC

PipeLines,

LP

3.900%

due

05/25/27

Texas

Eastern

Transmission,

LP

3.500%

due

01/15/28

(Þ)

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

560

523

Transocean,

Inc.

7.500%

due

04/15/31

6.800%

due

03/15/38

9.350%

due

12/15/41

Venture

Global

Calcasieu

Pass

LLC

3.875%

due

08/15/29

(Þ)

4.125%

due

08/15/31

(Þ)

567

510

3.875%

due

11/01/33

(Þ)

Venture

Global

LNG,

Inc.

Series

144A

8.125%

due

06/01/28

(Þ)

Weatherford

International,

Ltd.

8.625%

due

04/30/30

(Þ)

550

545

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

6.350%

due

01/15/29

Williams

Cos.,

Inc.

(The)

5.300%

due

08/15/28

14,922

Financial

Services

-

5.1%

Acadian

Asset

Management,

Inc.

4.800%

due

07/27/26

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

American

International

Group,

Inc.

Series

5.750%

due

04/01/48

(USD

Month

LIBOR

+

2.868%)(Ê)

Apollo

Commercial

Real

Estate

Finance,

Inc.

4.625%

due

06/15/29

(Þ)

Ares

Capital

Corp.

2.875%

due

06/15/28

Aretec

Escrow

Issuer

2,

Inc.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $10.000%

due

08/15/30

(Þ)

734

791

Banc

of

California

3.250%

due

05/01/31

(CME

Term

SOFR

Month

+

2.520%)(Ê)

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

Berkshire

Hathaway

Finance

Corp.

4.200%

due

08/15/48

Blackstone

Mortgage

Trust,

Inc.

3.750%

due

01/15/27

(Þ)

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

8.300%

due

03/15/28

4.550%

due

10/01/29

Capital

One

Financial

Corp.

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

CBL

&

Associates

HoldCo

II

LLC

5.950%

due

12/15/26

(Š)

—

Coinbase

Global,

Inc.

3.375%

due

10/01/28

(Þ)

3.625%

due

10/01/31

(Þ)

Comerica,

Inc.

3.800%

due

07/22/26

Compass

Group

Diversified

Holdings

LLC

5.250%

due

04/15/29

(Þ)

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

CoreLogic,

Inc.

4.500%

due

05/01/28

(Þ)

Deutsche

Bank

AG

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Diversified

Healthcare

Trust

4.750%

due

02/15/28

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

778

845

Enstar

Finance

LLC

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.006%)(Ê)

EPR

Properties

Co.

4.750%

due

12/15/26

4.950%

due

04/15/28

Equinix,

Inc.

1.550%

due

03/15/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

Fifth

Third

Bancorp

6.339%

due

07/27/29

(SOFR

+

2.340%)(Ê)

FS

KKR

Capital

Corp.

3.250%

due

07/15/27

3.125%

due

10/12/28

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

Global

Net

Lease,

Inc.

3.750%

due

12/15/27

(Þ)

1,049

987

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

Hat

Holdings

I

LLC

8.000%

due

06/15/27

(Þ)

Hercules

Capital,

Inc.

3.375%

due

01/20/27

Howard

Hughes

Corp.

(The)

5.375%

due

08/01/28

(Þ)

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

566

5.950%

due

02/15/28

4.650%

due

04/01/29

3.250%

due

01/15/30

Huntington

Bancshares,

Inc.

6.208%

due

08/21/29

(SOFR

+

2.020%)(Ê)

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

10.000%

due

11/15/29

(Þ)

Series

WI

6.250%

due

05/15/26

5.250%

due

05/15/27

9.000%

due

06/15/30

Iron

Mountain,

Inc.

4.875%

due

09/15/29

(Þ)

4.500%

due

02/15/31

(Þ)

Jefferson

Capital

Holdings

LLC

6.000%

due

08/15/26

(Þ)

763

759

9.500%

due

02/15/29

(Þ)

8.250%

due

05/15/30

(Þ)

Kennedy-Wilson,

Inc.

4.750%

due

03/01/29

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

Main

Street

Capital

Corp.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.000%

due

07/14/26

Mercury

General

Corp.

4.400%

due

03/15/27

MGIC

Investment

Corp.

5.250%

due

08/15/28

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

MPT

Operating

Partnership,

LP

/

MPT

Finance

Corp.

4.625%

due

08/01/29

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner,

LP

4.500%

due

09/30/28

(Þ)

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

Office

Properties

Income

Trust

9.000%

due

09/30/29

(Þ)

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

PRA

Group,

Inc.

8.375%

due

02/01/28

(Þ)

5.000%

due

10/01/29

(Þ)

991

903

8.875%

due

01/31/30

(Þ)

Prospect

Capital

Corp.

3.437%

due

10/15/28

552

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

LIBOR

+

2.665%)(Ê)

Radian

Group,

Inc.

4.875%

due

03/15/27

RLJ

Lodging

Trust

3.750%

due

07/01/26

(Þ)

750

736

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.875%

due

03/01/31

(Þ)

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

Service

Properties

Trust

4.950%

due

02/15/27

3.950%

due

01/15/28

4.950%

due

10/01/29

4.375%

due

02/15/30

8.875%

due

06/15/32

662

640

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

6.125%

due

03/01/29

Starwood

Property

Trust,

Inc.

3.625%

due

07/15/26

(Þ)

Sun

Communities,

Inc.

5.500%

due

01/15/29

Synchrony

Financial

5.150%

due

03/19/29

Synovus

Financial

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.625%

due

02/15/28

Texas

Capital

Bancshares,

Inc.

4.000%

due

05/06/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.150%)(Ê)

Uniti

Group,

Inc.

7.500%

due

12/01/27

(Þ)

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.500%

due

02/15/28

(Þ)

6.500%

due

02/15/29

(Þ)

1,458

1,333

Valley

National

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.360%)(Ê)

VICI

Properties,

LP

4.500%

due

01/15/28

(Þ)

Vornado

Realty,

LP

2.150%

due

06/01/26

3.400%

due

06/01/31

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

LIBOR

+

2.084%)(Ê)

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.250%)(Ê)

World

Acceptance

Corp.

7.000%

due

11/01/26

(Þ)

XHR,

LP

6.625%

due

05/15/30

(Þ)

Zions

Bancorp

NA

3.250%

due

10/29/29

24,516

Health

Care

-

3.5%

1261229

BC,

Ltd.

10.000%

due

04/15/32

(Þ)

728

713

AdaptHealth

LLC

4.625%

due

08/01/29

(Þ)

AHP

Health

Partners,

Inc.

5.750%

due

07/15/29

(Þ)

Altria

Group,

Inc.

5.800%

due

02/14/39

Avantor,

Inc.

4.625%

due

07/15/28

(Þ)

Bausch

Health

Cos.,

Inc.

11.000%

due

09/30/28

(Þ)

5.250%

due

01/30/30

(Þ)

14.000%

due

10/15/30

(Þ)

Centene

Corp.

Series

WI

4.250%

due

12/15/27

CHS/Community

Health

Systems,

Inc.

8.000%

due

12/15/27

(Þ)

6.000%

due

01/15/29

(Þ)

6.875%

due

04/15/29

(Þ)

6.125%

due

04/01/30

(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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.250%

due

05/15/30

(Þ)

4.750%

due

02/15/31

(Þ)

CVS

Health

Corp.

5.125%

due

07/20/45

DaVita,

Inc.

4.625%

due

06/01/30

(Þ)

Edwards

Lifesciences

Corp.

4.300%

due

06/15/28

Equifax,

Inc.

5.100%

due

06/01/28

Fortrea

Holdings,

Inc.

7.500%

due

07/01/30

(Þ)

HCA,

Inc.

4.500%

due

02/15/27

5.625%

due

09/01/28

3.500%

due

09/01/30

960

896

Herbalife

Nutrition,

Ltd.

7.875%

due

09/01/25

(Þ)

Herbalife,

Ltd.

4.250%

due

06/15/28

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

12.250%

due

04/15/29

(Þ)

670

712

4.875%

due

06/01/29

(Þ)

1,029

793

Humana,

Inc.

8.150%

due

06/15/38

IQVIA,

Inc.

5.000%

due

05/15/27

(Þ)

LifePoint

Health,

Inc.

9.875%

due

08/15/30

(Þ)

995

1,058

11.000%

due

10/15/30

(Þ)

712

780

10.000%

due

06/01/32

(Þ)

696

675

Medline

Borrower,

LP

3.875%

due

04/01/29

(Þ)

5.250%

due

10/01/29

(Þ)

Molina

Healthcare,

Inc.

4.375%

due

06/15/28

(Þ)

3.875%

due

11/15/30

(Þ)

6.250%

due

01/15/33

(Þ)

856

850

MPH

Acquisition

Holdings

LLC

5.500%

due

09/01/28

(Þ)

PRA

Health

Sciences,

Inc.

2.875%

due

07/15/26

(Þ)

Radiology

Partners,

Inc.

7.775%

due

01/31/29

(Þ)

1,099

1,076

9.781%

due

02/15/30

(Þ)

1,376

1,284

Team

Health

Holdings,

Inc.

13.500%

due

06/30/28

(Þ)

780

841

Teleflex,

Inc.

4.250%

due

06/01/28

(Þ)

Tenet

Healthcare

Corp.

6.125%

due

06/15/30

6.875%

due

11/15/31

Toledo

Hospital

(The)

4.982%

due

11/15/45

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.015%

due

11/15/48

Series

B

5.325%

due

11/15/28

United

Rentals

NA,

Inc.

3.875%

due

11/15/27

17,007

Materials

and

Processing

-

1.7%

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

6.000%

due

06/15/27

(Þ)

Arsenal

AIC

Parent

LLC

8.000%

due

10/01/30

(Þ)

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

due

06/15/27

(Þ)

Ball

Corp.

2.875%

due

08/15/30

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

Builders

FirstSource,

Inc.

5.000%

due

03/01/30

(Þ)

Cabot

Corp.

3.400%

due

09/15/26

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

Cleveland-Cliffs,

Inc.

6.875%

due

11/01/29

(Þ)

Clydesdale

Acquisition

Holdings,

Inc.

8.750%

due

04/15/30

(Þ)

618

637

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

Series

WI

4.250%

due

09/30/26

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

505

519

Dow

Chemical

Co.

(The)

6.900%

due

05/15/53

Graphic

Packaging

International

LLC

3.500%

due

03/15/28

(Þ)

H.B.

Fuller

Co.

4.000%

due

02/15/27

500

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

4.450%

due

09/26/28

James

Hardie

International

Finance

Designated

Activity

Co.

5.000%

due

01/15/28

(Þ)

LABL,

Inc.

10.500%

due

07/15/27

(Þ)

Mauser

Packaging

Solutions

Holding

Co.

7.875%

due

08/15/26

(Þ)

7.875%

due

04/15/27

(Þ)

542

543

9.250%

due

04/15/27

(Þ)

807

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RPM

International,

Inc.

3.750%

due

03/15/27

4.550%

due

03/01/29

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

516

Silgan

Holdings,

Inc.

Series

WI

4.125%

due

02/01/28

Standard

Industries,

Inc.

4.375%

due

07/15/30

(Þ)

Trident

TPI

Holdings,

Inc.

12.750%

due

12/31/28

(Þ)

580

608

United

States

Steel

Corp.

6.650%

due

06/01/37

Vibrantz

Technologies,

Inc.

9.000%

due

02/15/30

(Þ)

Wilsonart

LLC

11.000%

due

08/15/32

(Þ)

607

552

8,475

Producer

Durables

-

2.5%

Avnet,

Inc.

6.250%

due

03/15/28

3.000%

due

05/15/31

500

Axon

Enterprise,

Inc.

6.125%

due

03/15/30

(Þ)

6.250%

due

03/15/33

(Þ)

Boeing

Co.

(The)

Series

WI

6.528%

due

05/01/34

Brand

Industrial

Services,

Inc.

10.375%

due

08/01/30

(Þ)

Carlisle

Cos.,

Inc.

3.750%

due

12/01/27

Carriage

Purchaser,

Inc.

7.875%

due

10/15/29

(Þ)

744

613

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

Covanta

Holding

Corp.

5.000%

due

09/01/30

Enviri

Corp.

5.750%

due

07/31/27

(Þ)

Fluor

Corp.

4.250%

due

09/15/28

583

565

GFL

Environmental,

Inc.

3.500%

due

09/01/28

(Þ)

4.750%

due

06/15/29

(Þ)

Global

Infrastructure

Solutions,

Inc.

5.625%

due

06/01/29

(Þ)

822

782

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

Ingersoll

Rand,

Inc.

5.400%

due

08/14/28

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kirby

Corp.

4.200%

due

03/01/28

Lennox

International,

Inc.

5.500%

due

09/15/28

Madison

IAQ

LLC

Series

144A

5.875%

due

06/30/29

(Þ)

Masco

Corp.

1.500%

due

02/15/28

MasTec,

Inc.

4.500%

due

08/15/28

(Þ)

845

823

Nordson

Corp.

5.600%

due

09/15/28

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

8.250%

due

11/15/28

(Þ)

639

641

Regal

Rexnord

Corp.

Series

WI

6.400%

due

04/15/33

1,420

1,447

Republic

Services,

Inc.

5.000%

due

04/01/34

Roller

Bearing

Co.

of

America,

Inc.

4.375%

due

10/15/29

(Þ)

RTX

Corp.

6.700%

due

08/01/28

Spirit

AeroSystems,

Inc.

9.750%

due

11/15/30

(Þ)

777

861

Teledyne

Technologies,

Inc.

2.250%

due

04/01/28

TransDigm,

Inc.

6.750%

due

08/15/28

(Þ)

Series

WI

5.500%

due

11/15/27

Trimble,

Inc.

4.900%

due

06/15/28

Triumph

Group,

Inc.

9.000%

due

03/15/28

(Þ)

607

637

Vontier

Corp.

Series

WI

2.400%

due

04/01/28

Werner

FinCo,

LP

/

Werner

FinCo,

Inc.

11.500%

due

06/15/28

(Þ)

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

11,937

Technology

-

1.6%

AMC

Networks,

Inc.

10.250%

due

01/15/29

(Þ)

Booz

Allen

Hamilton,

Inc.

3.875%

due

09/01/28

(Þ)

590

567

4.000%

due

07/01/29

(Þ)

CDW

LLC

/

CDW

Finance

Corp.

2.670%

due

12/01/26

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co.,

Inc.

8.000%

due

06/15/29

(Þ)

Cloud

Software

Group

Holdings,

Inc.

9.000%

due

09/30/29

(Þ)

Cloud

Software

Group,

Inc.

6.500%

due

03/31/29

(Þ)

658

658

8.250%

due

06/30/32

(Þ)

Crane

NXT

Co.

4.200%

due

03/15/48

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

Fiserv,

Inc.

5.375%

due

08/21/28

Gartner,

Inc.

4.500%

due

07/01/28

(Þ)

3.625%

due

06/15/29

(Þ)

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

5.250%

due

12/01/27

(Þ)

GrubHub,

Inc.

5.500%

due

07/01/27

(Þ)

Hubbell,

Inc.

3.500%

due

02/15/28

McGraw-Hill

Education,

Inc.

5.750%

due

08/01/28

(Þ)

Microsoft

Corp.

2.675%

due

06/01/60

NCR

Atleos

Corp.

9.500%

due

04/01/29

(Þ)

Oracle

Corp.

3.650%

due

03/25/41

Parsons

Corp.

2.625%

due

03/01/29

PTC,

Inc.

4.000%

due

02/15/28

(Þ)

Roper

Technologies,

Inc.

1.400%

due

09/15/27

Salesforce.com,

Inc.

3.050%

due

07/15/61

Seagate

HDD

Cayman

4.875%

due

06/01/27

4.091%

due

06/01/29

639

607

5.750%

due

12/01/34

Sinclair

Television

Group,

Inc.

8.125%

due

02/15/33

(Þ)

Twilio,

Inc.

3.875%

due

03/15/31

UKG,

Inc.

6.875%

due

02/01/31

(Þ)

VMware,

Inc.

3.900%

due

08/21/27

Western

Digital

Corp.

4.750%

due

02/15/26

7,685

Utilities

-

3.3%

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alliant

Energy

Finance

LLC

5.950%

due

03/30/29

(Þ)

Alpha

Generation

LLC

6.750%

due

10/15/32

(Þ)

793

809

Ameren

Corp.

1.750%

due

03/15/28

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

9.375%

due

06/01/28

(Þ)

Appalachian

Power

Co.

Series

Z

3.700%

due

05/01/50

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

Calpine

Corp.

5.125%

due

03/15/28

(Þ)

CenterPoint

Energy

Resources

Corp.

4.000%

due

04/01/28

CommScope

LLC

4.750%

due

09/01/29

(Þ)

9.500%

due

12/15/31

(Þ)

CommScope

Technologies

LLC

5.000%

due

03/15/27

(Þ)

Consolidated

Communications

Holdings,

Inc.

5.000%

due

10/01/28

(Þ)

6.500%

due

10/01/28

(Þ)

553

543

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

5.875%

due

08/15/27

(Þ)

1,545

1,494

DPL,

Inc.

Series

WI

4.350%

due

04/15/29

578

551

Duke

Energy

Carolinas

LLC

5.300%

due

02/15/40

Duke

Energy

Corp.

3.300%

due

06/15/41

Edison

International

8.125%

due

06/15/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.864%)(Ê)

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.658%)(Ê)

Entergy

Corp.

1.900%

due

06/15/28

Evergy

Missouri

West,

Inc.

5.150%

due

12/15/27

(Þ)

Fox

Corp.

Series

WI

4.709%

due

01/25/29

Frontier

Communications

Corp.

5.000%

due

05/01/28

(Þ)

520

515

ITC

Holdings

Corp.

Series

144A

4.950%

due

09/22/27

(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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

Level

Financing,

Inc.

11.000%

due

11/15/29

(Þ)

1,657

1,854

10.500%

due

05/15/30

(Þ)

Lightning

Power

LLC

7.250%

due

08/15/32

(Þ)

962

997

Lumen

Technologies,

Inc.

10.000%

due

10/15/32

(Þ)

Series

P

7.600%

due

09/15/39

New

York

State

Electric

&

Gas

Corp.

3.250%

due

12/01/26

(Þ)

News

Corp.

3.875%

due

05/15/29

(Þ)

NextEra

Energy

Capital

Holdings,

Inc.

5.650%

due

05/01/79

(USD

Month

LIBOR

+

3.156%)(Ê)

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

NiSource,

Inc.

5.250%

due

03/30/28

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

Pacific

Gas

and

Electric

Co.

3.300%

due

03/15/27

Series

WI

3.300%

due

12/01/27

Pike

Corp.

5.500%

due

09/01/28

(Þ)

991

975

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

Sempra

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

Southern

Co.

(The)

4.400%

due

07/01/46

Southwestern

Electric

Power

Co.

Series

K

2.750%

due

10/01/26

Sprint

Capital

Corp.

6.875%

due

11/15/28

8.750%

due

03/15/32

Sprint

LLC

7.625%

due

03/01/26

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

Talen

Energy

Supply

LLC

8.625%

due

06/01/30

(Þ)

793

846

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

07/31/27

(Þ)

Xcel

Energy,

Inc.

1.750%

due

03/15/27

XPLR

Infrastructure

Operating

Partners,

LP

8.375%

due

01/15/31

(Þ)

Zayo

Group

Holdings,

Inc.

4.000%

due

03/01/27

(Þ)

6.125%

due

03/01/28

(Þ)

737

605

16,086

147,878

International

Debt

-

30.0%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

5.625%

due

09/15/29

(Þ)

4.000%

due

10/15/30

(Þ)

Medical,

Inc.

3.875%

due

10/15/29

(Þ)

AB

BSL

CLO

3,

Ltd.

Series

2025-3A

Class

C2R

6.270%

due

04/20/38

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

600

595

AB

BSL

CLO

5,

Ltd.

Series

2024-5A

Class

C

6.415%

due

01/20/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

Abu

Dhabi

Developmental

Holding

Co.

PJSC

4.500%

due

05/06/30

(Þ)

Abu

Dhabi

Government

International

Bond

Series

REGS

1.700%

due

03/02/31

(Þ)

676

589

3.125%

due

09/30/49

(Þ)

1,077

726

Abu

Dhabi

National

Energy

Co.

PJSC

2.000%

due

04/29/28

(Þ)

Acrec

LLC

Series

2025-FL3

Class

A

5.630%

due

08/18/42

(CME

Term

SOFR

Month

+

1.310%)(Ê)(Þ)

500

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.000%

due

07/30/27

(Þ)

Adani

Transmission

Step-One,

Ltd.

4.000%

due

08/03/26

(Þ)

Adnoc

Murban

Rsc,

Ltd.

4.500%

due

09/11/34

(Þ)

974

940

5.125%

due

09/11/54

(Þ)

Series

REGS

4.500%

due

09/11/34

(Þ)

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

LIBOR

+

3.540%)(Ê)

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

4.000%

due

08/11/41

(Þ)

686

500

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

African

Export-Import

Bank

(The)

Series

REGS

3.798%

due

05/17/31

(Þ)

Agua

y

Saneamientos

Argentinos

SA

7.900%

due

05/01/26

(Þ)

Ahlstrom

Holding

Oy

Series

144A

4.875%

due

02/04/28

(Þ)

Albion

Financing

SARL

8.750%

due

04/15/27

(Þ)

600

605

Algonquin

Power

&

Utilities

Corp.

4.750%

due

01/18/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.249%)(Ê)

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

Altice

France

Holding

SA

5.125%

due

07/15/29

(Þ)

AngloGold

Ashanti

PLC

3.375%

due

11/01/28

Angolan

Government

International

Bond

Series

REGS

8.000%

due

11/26/29

(Þ)

8.750%

due

04/14/32

(Þ)

9.125%

due

11/26/49

(Þ)

Apidos

CLO

XXXI

Series

2021-31A

Class

CR

6.818%

due

04/15/31

(CME

Term

SOFR

Month

+

2.162%)(Ê)(Þ)

1,140

1,140

Ardonagh

Group

Finance,

Ltd.

Series

144A

8.875%

due

02/15/32

(Þ)

AREIT,

Inc.

Series

2025-CRE10

Class

C

6.442%

due

01/17/30

(CME

Term

SOFR

Month

+

2.092%)(Ê)(Þ)

750

741

Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

4.125%

due

07/09/35

(~)(Ê)

2,013

1,335

3.500%

due

07/09/41

(~)(Ê)

Ashtead

Capital,

Inc.

4.375%

due

08/15/27

(Þ)

ATS

Corp.

4.125%

due

12/15/28

(Þ)

Avation

Capital

SA

6.500%

due

10/31/26

(Þ)

—

—

Axian

Telecom

Series

REGS

7.375%

due

02/16/27

(Þ)

Bahrain

Government

International

Bond

Series

REGS

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.250%

due

01/25/28

(Þ)

650

619

6.750%

due

09/20/29

(Þ)

5.450%

due

09/16/32

(Þ)

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-4A

Class

C

6.770%

due

10/23/37

(CME

Term

SOFR

Month

+

1.900%)(Ê)(Þ)

Series

2025-4A

Class

ERR

11.279%

due

04/23/35

(CME

Term

SOFR

Month

+

7.000%)(Ê)(Þ)

Baiterek

National

Managing

Holding

JSC

5.450%

due

05/08/28

(Þ)

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

Banco

de

Credito

del

Peru

3.250%

due

09/30/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.450%)(Ê)(Þ)

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

Series

REGS

5.375%

due

01/28/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.928%)(Ê)(Þ)

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

Banco

Nacional

de

Panama

Series

REGS

2.500%

due

08/11/30

(Þ)

704

574

Bangkok

Bank

PCL

5.300%

due

09/21/28

(Þ)

Bank

Negara

Indonesia

Persero

Tbk

PT

4.300%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.466%)(Ê)(ƒ)(Þ)

614

577

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.432%)(Ê)

Bank

of

Nova

Scotia

(The)

4.588%

due

05/04/37

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.050%)(Ê)

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

Bapco

Energies

Sukuk,

Ltd.

Series

REGS

5.250%

due

04/08/29

(Þ)

Barclays

Bank

PLC

6.278%

due

12/31/99

(USD

Month

LIBOR

+

1.550%)(Ê)(ƒ)

Barclays

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

BAT

Capital

Corp.

2.259%

due

03/25/28

BAT

International

Finance

PLC

5.931%

due

02/02/29

Betony

CLO

2,

Ltd.

Series

2018-1A

Class

B

6.701%

due

04/30/31

(CME

Term

SOFR

Month

+

2.112%)(Ê)(Þ)

1,000

1,001

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

Birch

Grove

CLO

3,

Ltd.

Series

2025-3A

Class

CR

6.070%

due

01/19/38

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

Series

2025-3A

Class

ER

9.420%

due

01/19/38

(CME

Term

SOFR

Month

+

5.150%)(Ê)(Þ)

Birch

Grove

CLO

9,

Ltd.

Series

2024-9A

Class

C

6.835%

due

10/22/37

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

BNP

Paribas

SA

1.904%

due

09/30/28

(SOFR

+

1.609%)(Ê)(Þ)

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

Bombardier,

Inc.

7.250%

due

07/01/31

(Þ)

Brazil

Government

International

Bond

6.625%

due

03/15/35

1,911

1,909

4.750%

due

01/14/50

C&W

Senior

Finance,

Ltd.

9.000%

due

01/15/33

(Þ)

Canadian

Natural

Resources,

Ltd.

5.850%

due

02/01/35

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2018-3RA

Class

B

6.460%

due

07/27/31

(CME

Term

SOFR

Month

+

2.162%)(Ê)(Þ)

1,000

1,001

Carnival

Corp.

1.000%

due

10/28/29

EUR

620

614

CBB

International

Sukuk

Programme

Co.

WLL

Series

REGS

3.950%

due

09/16/27

(Þ)

710

679

Cedar

Funding

V

CLO,

Ltd.

Series

2018-5A

Class

CR

7.009%

due

07/17/31

(CME

Term

SOFR

Month

+

2.362%)(Ê)(Þ)

Celanese

US

Holdings

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.777%

due

07/19/26

EUR

2.125%

due

03/01/27

EUR

0.625%

due

09/10/28

EUR

5.337%

due

01/19/29

EUR

Celulosa

Arauco

y

Constitucion

SA

4.200%

due

01/29/30

(Þ)

6.180%

due

05/05/32

Series

WI

3.875%

due

11/02/27

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

Cenovus

Energy,

Inc.

2.650%

due

01/15/32

Centrais

Eletricas

Brasileiras

SA

Series

REGS

6.500%

due

01/11/35

(Þ)

Central

Plaza

Holding

Co.,

Ltd.

3.850%

due

07/14/25

(Þ)

600

598

CEZ

AS

Series

REGS

5.625%

due

04/03/42

(Þ)

CFAMC

III

Co.,

Ltd.

4.750%

due

04/27/27

(Þ)

China

Government

International

Bond

Series

REGS

0.550%

due

10/21/25

(Þ)

1,187

1,168

CI

Financial

Corp.

3.200%

due

12/17/30

CIFC

Funding,

Ltd.

Series

2021-2A

Class

CR

7.009%

due

04/17/34

(CME

Term

SOFR

Month

+

2.362%)(Ê)(Þ)

1,000

1,000

Series

2025-4RA

Class

BRR

6.080%

due

01/17/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

500

Cimpress

PLC

7.375%

due

09/15/32

(Þ)

727

663

Colombia

Government

International

Bond

8.500%

due

04/25/35

781

793

8.750%

due

11/14/53

1,157

1,107

Comision

Federal

de

Electricidad

5.000%

due

07/30/49

(Þ)

Connect

Finco

SARL

/

Connect

US

Finco

LLC

9.000%

due

09/15/29

(Þ)

Consolidated

Energy

Finance

SA

6.500%

due

05/15/26

(Þ)

Series

144A

5.625%

due

10/15/28

(Þ)

826

645

Corp.

Nacional

del

Cobre

de

Chile

6.780%

due

01/13/55

(Þ)

Series

REGS

5.950%

due

01/08/34

(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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.150%

due

01/15/51

(Þ)

615

6.780%

due

01/13/55

(Þ)

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

7.300%

due

11/13/54

(Þ)

Credit

Agricole

SA

5.301%

due

07/12/28

(Þ)

Crown

European

Holdings

SA

Series

REGS

5.000%

due

05/15/28

(Þ)

EUR

CSL

Finance

PLC

3.850%

due

04/27/27

(Þ)

Deutsche

Bank

AG

2.311%

due

11/16/27

(SOFR

+

1.219%)(Ê)

Deutsche

Telekom

International

Finance

BV

4.375%

due

06/21/28

(Þ)

Development

Bank

of

Kazakhstan

JSC

5.625%

due

04/07/30

(Þ)

Series

REGS

5.250%

due

10/23/29

(Þ)

Development

Bank

of

the

Republic

of

Belarus

JSC

Series

REGS

6.750%

due

05/02/24

(~)(Æ)(Ê)

(Ø)(Þ)

942

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

1,818

1,878

DP

World

Crescent,

Ltd.

5.500%

due

05/08/35

Dryden

Senior

Loan

Fund

Series

2017-30A

Class

DR

7.385%

due

11/15/28

(CME

Term

SOFR

Month

+

2.862%)(Ê)(Þ)

500

Ecopetrol

SA

8.875%

due

01/13/33

8.375%

due

01/19/36

7.375%

due

09/18/43

5.875%

due

05/28/45

5.875%

due

11/02/51

Ecuador

Government

International

Bond

Series

REGS

5.500%

due

07/31/35

(~)(Ê)(Þ)

933

559

9.848%

due

07/31/30

(Þ)(ž)

6.900%

due

07/31/30

(~)(Ê)(Þ)

EDO

Sukuk,

Ltd.

5.662%

due

07/03/31

(Þ)

554

558

Egypt

Government

International

Bond

8.625%

due

02/04/30

(Þ)

Series

REGS

8.625%

due

02/04/30

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.500%

due

01/31/47

(Þ)

1,511

1,098

El

Salvador

Government

International

Bond

Series

REGS

9.650%

due

11/21/54

(Þ)

534

530

Elevation

CLO,

Ltd.

Series

2025-14A

Class

C2R

6.420%

due

01/20/38

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

Emerald

Debt

Merger

Sub

LLC

Series

REGS

6.375%

due

12/15/30

(Þ)

EUR

Empresa

de

Transporte

de

Pasajeros

Metro

SA

Series

REGS

5.000%

due

01/25/47

(Þ)

568

Empresa

Nacional

del

Petroleo

Series

REGS

4.500%

due

09/14/47

(Þ)

Enbridge,

Inc.

6.000%

due

11/15/28

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Enel

Finance

International

NV

1.625%

due

07/12/26

(Þ)

Energizer

Gamma

Acquisition

BV

Series

REGS

3.500%

due

06/30/29

(Þ)

EUR

575

609

Eni

USA,

Inc.

7.300%

due

11/15/27

Eskom

Holdings

SOC,

Ltd.

Series

REGS

8.450%

due

08/10/28

(Þ)

616

629

Export-Import

Bank

of

India

Series

REGS

3.250%

due

01/15/30

(Þ)

2.250%

due

01/13/31

(Þ)

500

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

F-Brasile

SpA

/

F-Brasile

US

LLC

Series

XR

7.375%

due

08/15/26

(Þ)

First

Quantum

Minerals,

Ltd.

9.375%

due

03/01/29

(Þ)

8.000%

due

03/01/33

(Þ)

Fortescue

Metals

Group,

Ltd.

4.375%

due

04/01/31

(Þ)

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

Fresenius

Medical

Care

US

Finance

III,

Inc.

2.375%

due

02/16/31

(Þ)

Gabon

Government

International

Bond

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

REGS

7.000%

due

11/24/31

(Þ)

Gazprom

OAO

Via

Gaz

Capital

SA

Series

REGS

7.288%

due

08/16/37

(Æ)(Þ)

1,000

726

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

651

576

GGAM

Finance,

Ltd.

8.000%

due

02/15/27

(Þ)

925

949

5.875%

due

03/15/30

(Þ)

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

5.000%

due

07/03/29

(~)(Ê)(Þ)

goeasy,

Ltd.

4.375%

due

05/01/26

(Þ)

Greenland

Global

Investment,

Ltd.

6.125%

due

04/22/29

(Þ)

876

5.875%

due

07/03/30

(Þ)

523

Grupo

Bimbo

SAB

de

CV

4.875%

due

06/27/44

(Þ)

Guatemala

Government

International

Bond

Series

REGS

6.600%

due

06/13/36

(Þ)

806

806

Hazine

Mustesarligi

Varlik

Kiralama

AS

Series

REGS

8.509%

due

01/14/29

(Þ)

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

Series

REGS

6.125%

due

05/22/28

(Þ)

934

961

5.500%

due

03/26/36

(Þ)

3.125%

due

09/21/51

(Þ)

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

Imperial

Brands

Finance

PLC

6.125%

due

07/27/27

(Þ)

Indonesia

Government

International

Bond

4.550%

due

01/11/28

4.400%

due

03/10/29

2.850%

due

02/14/30

3.550%

due

03/31/32

904

830

5.650%

due

01/11/53

923

902

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

Instituto

Costarricense

de

Electricidad

Series

REGS

6.375%

due

05/15/43

(Þ)

561

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

4.950%

due

06/01/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.750%)(Ê)(Þ)

Ivory

Coast

Government

International

Bond

8.075%

due

04/01/36

(Þ)

539

8.250%

due

01/30/37

(Þ)

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Series

REGS

7.500%

due

01/13/29

(Þ)

JSCB

Agrobank

Series

REGS

9.250%

due

10/02/29

(Þ)

KazMunayGas

National

Co.

JSC

Series

REGS

5.750%

due

04/19/47

(Þ)

726

609

KEB

Hana

Bank

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.409%)(Ê)(ƒ)(Þ)

Kingston

Airport

Revenue

Finance,

Ltd.

6.750%

due

12/15/36

(Þ)

Kinross

Gold

Corp.

Series

WI

6.250%

due

07/15/33

800

842

Kondor

Finance

PLC

Series

REGS

7.625%

due

11/08/28

(Þ)

818

640

Lamar

Funding,

Ltd.

Series

REGS

3.958%

due

05/07/25

(Þ)

LCM

28,

Ltd.

Series

2018-28A

Class

C

7.029%

due

10/20/30

(CME

Term

SOFR

Month

+

2.412%)(Ê)(Þ)

500

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)

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

1,227

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

LYB

Finance

Co.

BV

8.100%

due

03/15/27

(Þ)

Madison

Park

Funding

XXXI,

Ltd.

Series

2024-31A

Class

CR

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.876%

due

07/23/37

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

1.647%)(Ê)

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Mattamy

Group

Corp.

4.625%

due

03/01/30

(Þ)

620

568

Mazoon

Assets

Co.

SAOC

5.250%

due

10/09/31

(Þ)

Mercedes-Benz

Finance

North

America

LLC

4.850%

due

01/11/29

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

767

728

5.650%

due

12/01/44

Mexico

City

Airport

Trust

Series

REGS

5.500%

due

07/31/47

(Þ)

Mexico

Government

International

Bond

7.375%

due

05/13/55

1,166

1,155

MF1,

Ltd.

Series

2021-FL6

Class

D

7.275%

due

07/16/36

(CME

Term

SOFR

Month

+

2.664%)(Ê)(Þ)

500

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

Mongolia

Government

International

Bond

6.625%

due

02/25/30

(Þ)

MVM

Energetika

Zrt.

7.500%

due

06/09/28

(Þ)

Nakilat,

Inc.

Series

REGS

6.067%

due

12/31/33

(Þ)

NatWest

Group

PLC

4.892%

due

05/18/29

(USD

Month

LIBOR

+

1.754%)(Ê)

Neuberger

Berman

Loan

Advisers

CLO

27,

Ltd.

Series

2024-27A

Class

CR

6.756%

due

07/15/38

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

550

550

Nigeria

Government

International

Bond

Series

REGS

9.625%

due

06/09/31

(Þ)

746

700

7.375%

due

09/28/33

(Þ)

569

Nokia

OYJ

4.375%

due

06/12/27

Northriver

Midstream

Finance,

LP

6.750%

due

07/15/32

(Þ)

538

534

Oaktree

CLO,

Ltd.

Series

2024-3A

Class

CR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.756%

due

10/15/37

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2024-24A

Class

CR

6.567%

due

10/20/37

(CME

Term

SOFR

Month

+

1.950%)(Ê)(Þ)

500

OCP

SA

7.500%

due

05/02/54

(Þ)

Series

REGS

6.875%

due

04/25/44

6.875%

due

04/25/44

(Þ)

7.500%

due

05/02/54

(Þ)

Octagon

Investment

Partners

11,

Ltd.

Series

2021-1A

Class

BRR

7.018%

due

07/15/29

(CME

Term

SOFR

Month

+

2.362%)(Ê)(Þ)

1,000

1,002

Octagon

Loan

Funding,

Ltd.

Series

2018-1A

Class

CRR

6.947%

due

11/18/31

(CME

Term

SOFR

Month

+

2.462%)(Ê)(Þ)

Oil

and

Gas

Holding

Co.

BSCC

(The)

Series

REGS

7.500%

due

10/25/27

(Þ)

Olympus

Water

US

Holding

Corp.

Series

REGS

3.875%

due

10/01/28

(Þ)

EUR

5.375%

due

10/01/29

(Þ)

EUR

Oman

Government

International

Bond

Series

REGS

5.375%

due

03/08/27

(Þ)

6.750%

due

10/28/27

(Þ)

617

640

7.000%

due

01/25/51

(Þ)

OmGrid

Funding,

Ltd.

Series

REGS

5.196%

due

05/16/27

(Þ)

Ontario

Gaming

GTA,

LP

8.000%

due

08/01/30

(Þ)

938

903

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

3.875%

due

02/15/28

(Þ)

Open

Text

Holdings,

Inc.

4.125%

due

02/15/30

(Þ)

Optics

Bidco

SpA

Series

2033

6.375%

due

11/15/33

(Þ)

Series

2034

6.000%

due

09/30/34

(Þ)

Series

2038

7.721%

due

06/04/38

(Þ)

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

Orbia

Advance

Corp.

SAB

de

CV

6.800%

due

05/13/30

Pakistan

Government

International

Bond

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

REGS

6.875%

due

12/05/27

(Þ)

667

585

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

765

548

Palmer

Square

CLO,

Ltd.

Series

2024-2A

Class

BR

7.147%

due

04/16/37

(CME

Term

SOFR

Month

+

2.500%)(Ê)(Þ)

1,250

1,255

Panama

Government

International

Bond

2.252%

due

09/29/32

8.000%

due

03/01/38

4.500%

due

04/16/50

1,733

1,110

Paraguay

Government

International

Bond

6.650%

due

03/04/55

(Þ)

Series

REGS

4.950%

due

04/28/31

(Þ)

Perrigo

Finance

Unlimited

Co.

Series

EUR

5.375%

due

09/30/32

EUR

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

6.250%

due

01/25/49

(Þ)

Peruvian

Government

International

Bond

2.783%

due

01/23/31

798

708

5.375%

due

02/08/35

5.875%

due

08/08/54

Petrobras

Global

Finance

BV

6.850%

due

06/05/15

661

574

Petroleos

de

Venezuela

SA

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

983

Series

REGS

6.000%

due

11/15/26

(Æ)(Ø)(Þ)

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

Series

REGS

4.750%

due

06/19/32

(Þ)

5.625%

due

06/19/47

(Þ)

1,532

935

Petroleos

Mexicanos

Series

REGS

6.625%

due

12/31/99

(Þ)

597

Series

WI

6.750%

due

09/21/47

4,058

2,719

7.690%

due

01/23/50

Petronas

Capital,

Ltd.

5.848%

due

04/03/55

(Þ)

580

581

Series

REGS

2.480%

due

01/28/32

(Þ)

1,934

1,653

3.404%

due

04/28/61

(Þ)

884

568

Philippine

Government

International

Bond

5.170%

due

10/13/27

1,175

1,196

1.950%

due

01/06/32

917

771

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Philippines

Government

International

Bond

2.650%

due

12/10/45

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

(Þ)

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

11.000%

due

02/09/21

(Æ)(Ø)(Þ)

1,577

Prosus

NV

3.680%

due

01/21/30

(Þ)

PTTEP

Treasury

Center

Co.,

Ltd.

Series

REGS

6.350%

due

06/12/42

(Þ)

Qatar

Government

International

Bond

4.500%

due

02/27/28

(Þ)

606

612

4.625%

due

05/29/29

(Þ)

Series

REGS

4.500%

due

04/23/28

(Þ)

877

888

4.625%

due

05/29/29

(Þ)

Qatar

Petroleum

Series

REGS

2.250%

due

07/12/31

(Þ)

923

808

Radnor

RE,

Ltd.

Series

2021-1

Class

M1C

7.434%

due

12/27/33

(SOFR

Day

Average

+

2.700%)(Ê)(Þ)

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

Republic

of

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

Republic

of

Chile

Government

International

Bond

4.950%

due

01/05/36

1,114

1,089

Republic

of

Kenya

Government

International

Bond

9.750%

due

02/16/31

(Þ)

Series

REGS

9.750%

due

02/16/31

(Þ)

Republic

of

Poland

Government

International

Bond

4.875%

due

02/12/30

576

586

5.375%

due

02/12/35

594

601

5.500%

due

03/18/54

989

921

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

Republic

of

South

Africa

Government

International

Bond

4.300%

due

10/12/28

894

845

5.750%

due

09/30/49

596

Series

REGS

7.100%

due

11/19/36

(Þ)

571

544

Republic

of

Uzbekistan

Government

International

Bond

6.947%

due

05/25/32

(Þ)

Series

REGS

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.900%

due

10/19/31

(Þ)

Republic

of

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

0.500%

due

12/31/53

(Þ)

Series

REGS

0.500%

due

12/31/53

(Þ)

Rogers

Communications,

Inc.

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

729

710

Rolls-Royce

PLC

3.625%

due

10/14/25

(Þ)

Romanian

Government

International

Bond

Series

REGS

3.000%

due

02/14/31

(Þ)

7.500%

due

02/10/37

(Þ)

4.000%

due

02/14/51

(Þ)

1,504

894

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

Series

REGS

8.500%

due

10/16/23

(~)(Æ)(Ê)(Þ)

SA

Global

Sukuk,

Ltd.

Series

REGS

2.694%

due

06/17/31

(Þ)

Santander

UK

Group

Holdings

PLC

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

5.625%

due

09/15/45

(Þ)

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

664

609

Series

REGS

4.250%

due

04/16/39

(Þ)

619

532

5.875%

due

07/17/64

(Þ)

Saudi

Electricity

Global

Sukuk

Co.

Series

REGS

5.500%

due

04/08/44

5.500%

due

04/08/44

(Þ)

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

1,327

1,333

Series

REGS

4.750%

due

01/16/30

(Þ)

550

552

5.750%

due

01/16/54

(Þ)

863

814

Seaspan

Corp.

5.500%

due

08/01/29

(Þ)

1,189

1,091

Senegal

Government

International

Bond

Series

REGS

6.250%

due

05/23/33

(Þ)

SEPLAT

Energy

PLC

9.125%

due

03/21/30

(Þ)

Sigma

Finance

Netherlands

BV

4.875%

due

03/27/28

(Þ)

SK

Hynix,

Inc.

6.375%

due

01/17/28

(Þ)

Societe

Generale

SA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.519%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.500%)(Ê)(Þ)

Sri

Lanka

Government

International

Bond

3.600%

due

02/15/38

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

06/15/35

(~)(Ê)(Þ)

Series

REGS

3.600%

due

02/15/38

(~)(Ê)(Þ)

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

LIBOR

+

1.460%)(Ê)(Þ)

562

571

Standard

Industries,

Inc.

Series

REGS

2.250%

due

11/21/26

(Þ)

EUR

780

863

State

Oil

Co.

of

the

Azerbaijan

Republic

6.950%

due

03/18/30

(Þ)

Suncor

Energy,

Inc.

7.000%

due

11/15/28

SURA

Asset

Management

SA

4.375%

due

04/11/27

(Þ)

Suzano

Austria

GmbH

2.500%

due

09/15/28

Suzano

International

Finance

BV

5.500%

due

01/17/27

Symphony

CLO

XIX,

Ltd.

Series

2018-19A

Class

C

6.659%

due

04/16/31

(CME

Term

SOFR

Month

+

2.012%)(Ê)(Þ)

500

TC

Ziraat

Bankasi

AS

7.250%

due

02/04/30

(Þ)

Series

REGS

8.994%

due

08/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.327%)(Ê)(Þ)

599

609

TCW

CLO,

Ltd.

Series

2025-1A

Class

CR3

6.421%

due

10/29/34

(CME

Term

SOFR

Month

+

2.100%)(Ê)(Þ)

800

788

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

7.721%

due

06/04/38

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

Series

REGS

7.000%

due

10/28/29

(Þ)

543

539

TELUS

Corp.

2.800%

due

02/16/27

TGS

ASA

8.500%

due

01/15/30

(Þ)

Tierra

Mojada

Luxembourg

II

Sarl

Series

REGS

5.750%

due

12/01/40

(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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

2.205%)(Ê)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransAlta

Corp.

6.500%

due

03/15/40

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

609

613

Trinidad

Generation

UnLtd

Series

REGS

5.250%

due

11/04/27

(Þ)

683

653

Triton

Container

International,

Ltd.

Series

2021-1A

Class

A

1.860%

due

03/20/46

(Þ)

Trivium

Packaging

Finance

BV

8.500%

due

08/15/27

(Þ)

Turkiye

Government

International

Bond

7.125%

due

07/17/32

6.500%

due

01/03/35

Series

30Y

5.750%

due

05/11/47

Series

7Y

7.125%

due

02/12/32

1,242

1,212

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.750%

due

07/06/26

(Þ)

Turkiye

Varlik

Fonu

Yonetimi

AS

8.250%

due

02/14/29

(Þ)

UGI

International

LLC

Series

REGS

2.500%

due

12/01/29

(Þ)

EUR

500

524

Ukraine

Government

International

Bond

1.750%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

899

37.734%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Series

GDP

7.750%

due

08/01/41

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

1.750%

due

02/01/35

(~)(Ê)(Þ)

37.734%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

UniCredit

SpA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.861%

due

06/19/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

3.703%)(Ê)(Þ)

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

Year

Rate

+

4.914%)(Ê)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

Uruguay

Government

International

Bond

5.750%

due

10/28/34

1,047

1,094

5.442%

due

02/14/37

5.250%

due

09/10/60

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

Venezuela

Government

International

Bond

Series

REGS

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

8.250%

due

10/13/24

(Æ)(Ø)(Þ)

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

539

11.950%

due

08/05/31

(Æ)(Ø)(Þ)

558

Venture

CLO,

Ltd.

Series

2021-33A

Class

CR

7.198%

due

07/15/31

(CME

Term

SOFR

Month

+

2.542%)(Ê)(Þ)

1,000

992

VEON

Holdings

BV

Series

144A

3.375%

due

11/25/27

(Þ)

Verde

CLO,

Ltd.

Series

2019-1A

Class

CRR

6.656%

due

04/15/32

(CME

Term

SOFR

Month

+

2.000%)(Ê)(Þ)

VF

Corp.

0.250%

due

02/25/28

EUR

500

4.250%

due

03/07/29

EUR

0.625%

due

02/25/32

EUR

Videotron,

Ltd.

Series

144A

5.125%

due

04/15/27

(Þ)

Viridien

Series

REGS

10.000%

due

10/15/30

(Þ)

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

4.873%)(Ê)

1,382

1,421

VTB

Bank

Series

REGS

9.500%

due

12/31/49

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

8.067%)(Æ)(Ê)

(Š)(Þ)

714

—

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Walgreens

Boots

Alliance,

Inc.

3.600%

due

11/20/25

GBP

2.125%

due

11/20/26

EUR

845

927

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

YPF

SA

9.000%

due

02/12/26

(~)(Ê)(Þ)

—

—

9.000%

due

06/30/29

(~)(Ê)(Þ)

—

—

7.000%

due

09/30/33

(~)(Ê)(Þ)

Series

REGS

6.950%

due

07/21/27

(Þ)

8.500%

due

06/27/29

(Þ)

145,892

Mortgage-Backed

Securities

-

14.2%

ARES

Commercial

Mortgage

Trust

Series

2025-IND3

Class

A

5.800%

due

04/15/27

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

750

744

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

12/10/29

(~)(Ê)(Þ)

700

717

BAMLL

Trust

Series

2025-ASHF

Class

C

7.400%

due

02/15/40

(CME

Term

SOFR

Month

+

3.000%)(Ê)(Þ)

500

Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2017-BNK4

Class

D

3.357%

due

05/15/50

(Þ)

500

Series

2021-BN31

Class

XA

Interest

Only

STRIPS

1.000%

due

02/15/54

(~)(Ê)

1,527

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Series

2017-BNK3

Class

C

4.352%

due

02/15/50

(~)(Ê)

500

Barclays

Commercial

Mortgage

Trust

Series

2024-5C27

Class

D

4.000%

due

07/15/57

(Þ)

500

Series

2024-5C31

Class

D

4.250%

due

12/15/57

(Þ)

Series

2025-C32

Class

D

4.500%

due

02/15/63

(Þ)

500

BAY

Mortgage

Trust

Series

2025-LIVN

Class

A

6.100%

due

05/15/35

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

Benchmark

Mortgage

Trust

Series

2019-B14

Class

D

2.500%

due

12/15/62

(Þ)

890

544

BMD2

Re-Remic

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2019-FRR1

Class

6B10

2.438%

due

05/25/52

(~)(Ê)(Þ)

892

733

BOCA

Commercial

Mortgage

Trust

Series

2024-BOCA

Class

B

6.949%

due

08/15/41

(CME

Term

SOFR

Month

+

2.340%)(Ê)(Þ)

500

BX

Commercial

Mortgage

Trust

Series

2021-21M

Class

E

6.895%

due

10/15/36

(CME

Term

SOFR

Month

+

2.285%)(Ê)(Þ)

Series

2021-VOLT

Class

F

7.124%

due

09/15/36

(CME

Term

SOFR

Month

+

2.514%)(Ê)(Þ)

Series

2024-KING

Class

D

7.099%

due

05/15/34

(CME

Term

SOFR

Month

+

2.490%)(Ê)(Þ)

BX

Trust

Series

2021-ARIA

Class

D

6.332%

due

10/15/36

(CME

Term

SOFR

Month

+

2.010%)(Ê)(Þ)

500

Series

2021-LGCY

Class

C

5.728%

due

10/15/36

(CME

Term

SOFR

Month

+

1.118%)(Ê)(Þ)

Series

2021-RISE

Class

D

6.474%

due

11/15/36

(CME

Term

SOFR

Month

+

1.864%)(Ê)(Þ)

Series

2022-LBA6

Class

E

7.309%

due

01/15/39

(CME

Term

SOFR

Month

+

2.700%)(Ê)(Þ)

500

Series

2025-VLT6

Class

E

7.513%

due

03/15/30

(CME

Term

SOFR

Month

+

3.191%)(Ê)(Þ)

500

CALI

Mortgage

Trust

Series

2024-SUN

Class

A

6.513%

due

07/15/41

(CME

Term

SOFR

Month

+

1.891%)(Ê)(Þ)

Cantor

Commercial

Real

Estate

Lending

Series

2019-CF2

Class

D

2.500%

due

11/15/52

(Þ)

775

600

Cascade

Funding

Mortgage

Trust

Series

2021-FRR1

Class

CK98

8.647%

due

08/29/29

(Þ)(ž)

4,500

3,142

CD

Mortgage

Trust

Series

2019-CD8

Class

XA

Interest

Only

STRIPS

1.535%

due

08/15/57

(~)(Ê)

7,443

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)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
CHNGE

Mortgage

Trust

Series

2022-1

Class

A1

3.007%

due

01/25/67

(~)(Ê)(Þ)

CIM

Trust

Series

2018-INV1

Class

A10

4.000%

due

08/25/48

(~)(Ê)(Þ)

Series

2019-INV1

Class

A1

4.000%

due

02/25/49

(~)(Ê)(Þ)

Series

2019-J2

Class

A13

3.500%

due

10/25/49

(Ê)(Þ)

Series

2021-J1

Class

A19

2.500%

due

03/25/51

(~)(Ê)(Þ)

703

569

Series

2021-J2

Class

A19

2.500%

due

04/25/51

(~)(Ê)(Þ)

Citigroup

Commercial

Mortgage

Trust

Series

2016-C2

Class

D

3.250%

due

08/10/49

(~)(Ê)(Þ)

500

Series

2016-C2

Class

E

4.533%

due

08/10/49

(~)(Ê)(Þ)

Series

2019-GC41

Class

XA

Interest

Only

STRIPS

1.032%

due

08/10/56

(~)(Ê)

2,077

Citigroup

Mortgage

Loan

Trust,

Inc.

Series

2021-J1

Class

A4A

2.500%

due

04/25/51

(~)(Ê)(Þ)

519

Series

2021-J2

Class

A4A

2.500%

due

07/25/51

(~)(Ê)(Þ)

Commercial

Mortgage

Trust

Series

2024-CBM

Class

D

7.926%

due

12/10/41

(~)(Ê)(Þ)

500

Connecticut

Avenue

Securities

Trust

Series

2020-R02

Class

2B1

7.849%

due

01/25/40

(SOFR

Day

Average

+

3.114%)(Ê)(Þ)

1,200

1,213

Series

2022-R01

Class

1B1

7.504%

due

12/25/41

(SOFR

Day

Average

+

3.150%)(Ê)(Þ)

700

713

Series

2023-R01

Class

1M2

8.475%

due

12/25/42

(SOFR

Day

Average

+

3.750%)(Ê)(Þ)

600

627

Series

2023-R02

Class

1M2

8.084%

due

01/25/43

(SOFR

Day

Average

+

3.350%)(Ê)(Þ)

1,100

1,140

Series

2023-R05

Class

1B1

9.475%

due

06/25/43

(SOFR

Day

Average

+

4.750%)(Ê)(Þ)

500

534

Series

2024-R01

Class

1M2

6.152%

due

01/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

500

500

Series

2024-R03

Class

2M2

6.303%

due

03/25/44

(SOFR

Day

Average

+

1.950%)(Ê)(Þ)

700

700

DBWF

Mortgage

Trust

Series

2015-LCM

Class

D

3.535%

due

06/10/34

(~)(Ê)(Þ)

1,000

925

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ellington

Financial

Mortgage

Trust

Series

2019-2

Class

A3

3.046%

due

11/25/59

(~)(Ê)(Þ)

Series

2022-2

Class

A1

4.299%

due

04/25/67

(~)(Ê)(Þ)

Extended

Stay

America

Trust

Series

2021-ESH

Class

E

7.287%

due

07/15/38

(CME

Term

SOFR

Month

+

2.964%)(Ê)(Þ)

Flagstar

Mortgage

Trust

Series

2018-1

Class

B1

3.938%

due

03/25/48

(~)(Ê)(Þ)

Series

2018-6RR

Class

B1

4.907%

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

7.643%

due

12/15/29

(CME

Term

SOFR

Month

+

3.150%)(Ê)(Þ)

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA5

Class

M2

6.004%

due

01/25/34

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2022-DNA6

Class

M1B

8.434%

due

09/25/42

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

Series

2025-HQA1

Class

M2

5.988%

due

02/25/45

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

700

694

FREMF

Mortgage

Trust

Series

2016-K57

Class

D

Principal

Only

STRIPS

0.489%

due

08/25/49

(Þ)(ž)

1,450

1,288

Series

2016-K57

Class

X2A

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

14,282

Series

2016-K57

Class

X2B

Interest

Only

STRIPS

0.100%

due

08/25/49

(Þ)

3,675

FS

Rialto

2025-FL10

Issuer

LLC

Series

2025-FL10

Class

C

6.446%

due

08/01/30

(CME

Term

SOFR

Month

+

2.146%)(Ê)(Þ)

500

GAM

Re-REMIC

Trust

Series

2021-FRR1

Class

1C

8.268%

due

11/29/50

(Þ)(ž)

837

700

Series

2021-FRR1

Class

1D

9.049%

due

11/29/50

(Þ)(ž)

1,258

1,036

Series

2021-FRR1

Class

2B

0.704%

due

11/29/50

(Þ)(ž)

1,500

1,254

Series

2021-FRR1

Class

2C

8.261%

due

11/29/50

(Þ)(ž)

905

733

Series

2021-FRR2

Class

A

0.118%

due

09/27/51

(Þ)(ž)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-FRR2

Class

BK

1.221%

due

09/27/51

(Þ)(ž)

Series

2021-FRR2

Class

C

0.024%

due

09/27/51

(Þ)(ž)

Series

2021-FRR2

Class

CK49

1.000%

due

09/27/51

(~)(Ê)(Þ)

796

781

Series

2022-FRR3

Class

A

1.986%

due

11/27/50

(~)(Ê)(Þ)

635

559

Series

2022-FRR3

Class

CK47

Principal

Only

STRIPS

0.028%

due

05/27/48

(Þ)(ž)

Series

2022-FRR3

Class

DK47

Principal

Only

STRIPS

0.035%

due

05/27/48

(Þ)(ž)

Great

Wolf

Trust

Series

2024-WLF2

Class

D

7.549%

due

05/15/41

(CME

Term

SOFR

Month

+

2.939%)(Ê)(Þ)

500

GS

Mortgage

Securities

Trust

Series

2019-GC40

Class

XA

Interest

Only

STRIPS

1.261%

due

07/10/52

(~)(Ê)

2,938

Series

2019-PJ2

Class

B2

4.373%

due

11/25/49

(~)(Ê)(Þ)

860

802

Series

2021-PJ1

Class

A4

2.500%

due

05/28/52

(~)(Ê)(Þ)

822

663

Series

2021-PJ3

Class

A4

2.500%

due

08/25/51

(~)(Ê)(Þ)

733

591

Series

2021-PJ6

Class

A12

2.500%

due

11/25/51

(~)(Ê)(Þ)

800

549

Series

2021-PJ11

Class

B3

2.861%

due

04/25/52

(~)(Ê)(Þ)

Series

2023-FUN

Class

C

7.999%

due

03/15/28

(CME

Term

SOFR

Month

+

3.389%)(Ê)(Þ)

500

501

GS

Mortgage-Backed

Securities

Trust

Series

2020-PJ1

Class

B2

3.614%

due

05/25/50

(~)(Ê)(Þ)

863

745

Series

2021-PJ5

Class

B3

2.589%

due

10/25/51

(~)(Ê)(Þ)

Series

2021-PJ6

Class

A4

2.500%

due

11/25/51

(~)(Ê)(Þ)

762

614

Series

2021-PJ9

Class

A4

2.500%

due

02/26/52

(~)(Ê)(Þ)

935

755

Series

2025-PJ1

Class

A19

6.000%

due

06/25/55

(~)(Ê)(Þ)

Hawaii

Hotel

Trust

Series

2025-MAUI

Class

D

6.911%

due

03/15/30

(CME

Term

SOFR

Month

+

2.591%)(Ê)(Þ)

HLTN

Commercial

Mortgage

Trust

Series

2024-DPLO

Class

D

7.948%

due

06/15/41

(CME

Term

SOFR

Month

+

3.339%)(Ê)(Þ)

500

ICNQ

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2024-MF

Class

A

5.778%

due

11/06/34

(Þ)

600

615

Imperial

Fund

Mortgage

Trust

Series

2022-NQM3

Class

A1

4.380%

due

05/25/67

(~)(Ê)(Þ)

INTOWN

Mortgage

Trust

Series

2025-STAY

Class

C

6.550%

due

03/15/42

(CME

Term

SOFR

Month

+

2.250%)(Ê)(Þ)

500

JPMorgan

Commercial

Mortgage

Securities

Trust

Series

2015-C27

Class

XA

Interest

Only

STRIPS

1.193%

due

02/15/48

(~)(Ê)

Series

2021-MHC

Class

E

7.425%

due

04/15/38

(CME

Term

SOFR

Month

+

2.814%)(Ê)(Þ)

JPMorgan

Mortgage

Trust

Series

2017-6

Class

A7

3.500%

due

12/25/48

(~)(Ê)(Þ)

Series

2018-3

Class

B3

3.702%

due

09/25/48

(~)(Ê)(Þ)

718

634

Series

2018-6

Class

B1

3.887%

due

12/25/48

(~)(Ê)(Þ)

Series

2019-1

Class

A3

4.000%

due

05/25/49

(~)(Ê)(Þ)

Series

2019-2

Class

A3

3.967%

due

08/25/49

(~)(Ê)(Þ)

Series

2019-7

Class

B2A

2.957%

due

02/25/50

(~)(Ê)(Þ)

Series

2019-8

Class

A15

3.500%

due

03/25/50

(~)(Ê)(Þ)

Series

2019-HYB1

Class

B1

4.965%

due

10/25/49

(~)(Ê)(Þ)

622

623

Series

2019-LTV3

Class

A5

3.487%

due

03/25/50

(~)(Ê)(Þ)

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

3.570%

due

12/25/50

(~)(Ê)(Þ)

Series

2020-8

Class

A3

3.000%

due

03/25/51

(~)(Ê)(Þ)

Series

2021-1

Class

A15

2.500%

due

06/25/51

(~)(Ê)(Þ)

Series

2021-4

Class

A15

2.500%

due

08/25/51

(~)(Ê)(Þ)

Series

2022-4

Class

A17A

3.000%

due

10/25/52

(~)(Ê)(Þ)

Series

2023-8

Class

A2

6.000%

due

02/25/54

(~)(Ê)(Þ)

587

590

Series

2023-8

Class

B3

6.311%

due

02/25/54

(~)(Ê)(Þ)

976

958

Series

2024-4

Class

A9

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.500%

due

10/25/54

(~)(Ê)(Þ)

715

723

Series

2024-INV1

Class

A5A

5.500%

due

04/25/55

(~)(Ê)(Þ)

1,000

953

Series

2025-CCM1

Class

A2

5.500%

due

06/25/55

(~)(Ê)(Þ)

836

827

KSL

Commercial

Mortgage

Trust

Series

2024-HT2

Class

D

7.863%

due

12/15/39

(CME

Term

SOFR

Month

+

3.290%)(Ê)(Þ)

600

588

LoanCore

Issuer,

Ltd.

Series

2025-CRE8

Class

C

6.516%

due

08/17/42

(CME

Term

SOFR

Month

+

2.141%)(Ê)(Þ)

500

Mello

Mortgage

Capital

Acceptance

Series

2018-MTG2

Class

B2

4.363%

due

10/25/48

(~)(Ê)(Þ)

847

805

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

F

7.324%

due

04/15/38

(CME

Term

SOFR

Month

+

2.715%)(Ê)(Þ)

MHP

Series

2022-MHIL

Class

E

7.220%

due

01/15/27

(CME

Term

SOFR

Month

+

2.611%)(Ê)(Þ)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C18

Class

D

3.389%

due

10/15/47

(Þ)

Series

2016-C29

Class

XB

Interest

Only

STRIPS

1.078%

due

05/15/49

(~)(Ê)

7,710

Morgan

Stanley

Capital

I

Trust

Series

2017-HR2

Class

XA

Interest

Only

STRIPS

0.992%

due

12/15/50

(~)(Ê)

2,392

Series

2019-H6

Class

D

3.000%

due

06/15/52

(Þ)

Series

2019-H7

Class

XA

Interest

Only

STRIPS

1.372%

due

07/15/52

(~)(Ê)

5,718

Series

2019-L3

Class

XA

Interest

Only

STRIPS

0.727%

due

11/15/52

(~)(Ê)

5,175

Series

2021-L5

Class

XA

Interest

Only

STRIPS

1.406%

due

05/15/54

(~)(Ê)

1,491

Morgan

Stanley

Residential

Mortgage

Loan

Trust

Series

2024-2

Class

B1

7.173%

due

03/25/54

(~)(Ê)(Þ)

527

NXPT

Commercial

Mortgage

Trust

Series

2024-STOR

Class

E

6.927%

due

11/05/41

(~)(Ê)(Þ)

500

500

OBX

Trust

Series

2020-INV1

Class

A21

3.500%

due

12/25/49

(~)(Ê)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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)

Onslow

Bay

Financial

LLC

Series

2022-NQM4

Class

A1B

3.900%

due

04/25/62

(~)(Ê)(Þ)

1,100

1,018

ORL

Trust

Series

2024-GLKS

Class

E

7.690%

due

12/15/39

(CME

Term

SOFR

Month

+

3.190%)(Ê)(Þ)

500

PRM5

TRUST

Series

2025-PRM5

Class

D

5.250%

due

02/10/28

(~)(Ê)(Þ)

500

RCKT

Mortgage

Trust

Series

2020-1

Class

A13

3.000%

due

02/25/50

(~)(Ê)(Þ)

Series

2021-1

Class

A13

2.500%

due

03/25/51

(~)(Ê)(Þ)

ReadyCap

Commercial

Mortgage

Trust

Series

2018-4

Class

D

5.249%

due

02/27/51

(~)(Ê)(Þ)

RFM

Re-REMIC

Trust

Series

2022-FRR1

Class

AB60

2.372%

due

11/08/49

(~)(Ê)(Þ)

1,210

1,128

Series

2022-FRR1

Class

CK60

Principal

Only

STRIPS

0.569%

due

11/08/49

(Þ)(ž)

560

SDAL

Trust

Series

2025-DAL

Class

A

6.741%

due

04/15/30

(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)

776

691

Series

2019-CH3

Class

A1

4.000%

due

09/25/49

(~)(Ê)(Þ)

Series

2020-4

Class

A20

2.500%

due

11/25/50

(~)(Ê)(Þ)

Series

2025-1

Class

A1

6.000%

due

01/25/55

(~)(Ê)(Þ)

SMRT

Trust

Series

2022-MINI

Class

F

7.672%

due

01/15/39

(CME

Term

SOFR

Month

+

3.350%)(Ê)(Þ)

1,400

1,316

SWCH

Commercial

Mortgage

Trust

Series

2025-DATA

Class

E

7.648%

due

03/15/42

(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)

718

578

Verus

Securitization

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-1

Class

M1

1.968%

due

01/25/66

(~)(Ê)(Þ)

1,000

721

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

6.143%

due

07/25/34

(~)(Ê)

Series

2006-AR15

Class

1A

5.767%

due

11/25/46

(Federal

Reserve

U.S.

Month

Cumulative

Avg

year

CMT

+

0.840%)(Ê)

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C37

Class

D

3.313%

due

12/15/49

(~)(Ê)(Þ)

500

Series

2016-LC25

Class

D

3.174%

due

12/15/59

(~)(Ê)(Þ)

Series

2017-C41

Class

XA

Interest

Only

STRIPS

1.302%

due

11/15/50

(~)(Ê)

4,721

Series

2018-C45

Class

D

3.000%

due

06/15/51

(Þ)

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)

678

550

69,078

Non-US

Bonds

-

11.0%

888

Acquisitions,

Ltd.

10.750%

due

05/15/30

(Þ)

GBP

Accor

SA

7.250%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.105%)(Ê)(ƒ)(Þ)

EUR

Air

France-KLM

7.250%

due

05/31/26

(Þ)

EUR

3.875%

due

07/01/26

(Þ)

EUR

600

684

Almaviva-The

Italian

Innovation

Co.

SpA

Series

REGS

5.000%

due

10/30/30

(Þ)

EUR

Altice

Financing

SA

Series

REGS

4.250%

due

08/15/29

(Þ)

EUR

ams-OSRAM

AG

2.125%

due

11/03/27

(Þ)

EUR

Anarafe

SL

Series

REGS

14.892%

due

12/31/26

(3

Month

EURIBOR

+

12.750%)(Ê)(Þ)

EUR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Atos

SE

Series

.

9.000%

due

12/18/29

(~)(Ê)(Þ)

EUR

Series

REGS

5.000%

due

12/18/30

(~)(Ê)(Þ)

EUR

Azzurra

Aeroporti

SpA

2.625%

due

05/30/27

(Þ)

EUR

Bayer

AG

7.000%

due

09/25/83

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.896%)(Ê)(Þ)

EUR

Series

N8.5

5.375%

due

03/25/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.458%)(Ê)(Þ)

EUR

Bayer

US

Finance

II

LLC

3.125%

due

11/12/79

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.108%)(Ê)(Þ)

EUR

1,100

1,201

BCP

V

Modular

Services

Finance

II

PLC

Series

REGS

6.750%

due

11/30/29

(Þ)

EUR

Series

REGS

4.750%

due

11/30/28

(Þ)

EUR

Bertelsmann

SE

&

Co.

KGaA

3.500%

due

04/23/75

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.206%)(Ê)(Þ)

EUR

British

Telecommunications

PLC

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

Series

REGS

5.625%

due

02/15/32

(Þ)

EUR

Canary

Wharf

Group

Investment

Holdings

PLC

Series

REGS

3.375%

due

04/23/28

(Þ)

GBP

Castor

SpA

Series

REGS

7.751%

due

02/15/29

(3

Month

EURIBOR

+

5.250%)(Ê)(Þ)

EUR

CD&R

Firefly

Bidco

PLC

Series

REGS

8.625%

due

04/30/29

(Þ)

GBP

Cellnex

Telecom

SA

Series

CLNX

0.750%

due

11/20/31

(Þ)

EUR

Cerba

Healthcare

SACA

Series

REGS

3.500%

due

05/31/28

(Þ)

EUR

Cidron

Aida

Finco

Sarl

Series

REGS

9.125%

due

10/27/31

(Þ)

GBP

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Co-operative

Group

Holdings,

Ltd.

7.500%

due

07/08/26

(~)(Ê)(Þ)

GBP

510

687

CPI

Property

Group

SA

1.625%

due

04/23/27

(~)(Ê)(Þ)

EUR

7.000%

due

05/07/29

(Þ)

EUR

1.750%

due

01/14/30

(Þ)

EUR

1.500%

due

01/27/31

(Þ)

EUR

670

594

CPUK

Finance,

Ltd.

Series

.

7.875%

due

08/28/29

(Þ)

GBP

Daily

Mail

&

General

Trust

PLC

6.375%

due

06/21/27

GBP

Deutsche

Telekom

AG

Series

REGS

5.500%

due

01/15/30

(Þ)

EUR

Dynamo

Newco

II

GmbH

Series

REGS

6.250%

due

10/15/31

(Þ)

EUR

eircom

Finance

DAC

5.000%

due

04/30/31

(Þ)

EUR

Electricite

de

France

SA

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.198%)(Ê)(ƒ)(Þ)

EUR

600

668

3.375%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.970%)(Ê)(ƒ)(Þ)

EUR

7.375%

due

12/31/99

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

3.775%)(Ê)

(ƒ)(Þ)

GBP

Series

EMTN

5.875%

due

07/22/49

(ICE

SWAP

Rate

GBP

SONIA

Year

+

3.323%)(Ê)(Þ)

GBP

520

Elia

Group

SA

5.850%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.506%)(Ê)(ƒ)(Þ)

EUR

ELO

SACA

3.250%

due

07/23/27

(Þ)

EUR

4.875%

due

12/08/28

(Þ)

EUR

6.000%

due

03/22/29

(Þ)

EUR

Enel

SpA

4.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.196%)(Ê)(ƒ)(Þ)

EUR

674

744

Energia

Group

Roi

Financeco

DAC

Series

REGS

6.875%

due

07/31/28

(Þ)

EUR

Engineering

-

Ingegneria

Informatica

-

SpA

11.125%

due

05/15/28

(Þ)

EUR

532

Esselunga

SpA

1.875%

due

10/25/27

(Þ)

EUR

Eutelsat

SA

2.250%

due

07/13/27

(Þ)

EUR

1.500%

due

10/13/28

(Þ)

EUR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

REGS

9.750%

due

04/13/29

(Þ)

EUR

Explorer

II

AS

7.000%

due

02/12/30

(~)(Ê)

EUR

529

552

Fiber

Bidco

SpA

Series

REGS

6.125%

due

06/15/31

(Þ)

EUR

Forvia

SE

2.375%

due

06/15/29

(Þ)

EUR

5.500%

due

06/15/31

(Þ)

EUR

Series

REGS

5.625%

due

06/15/30

(Þ)

EUR

Galaxy

Bidco,

Ltd.

Series

REGS

8.125%

due

12/19/29

(Þ)

GBP

Grand

City

Properties

Finance

SARL

6.125%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.508%)(Ê)(ƒ)

EUR

Grand

City

Properties

SA

1.500%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.184%)(Ê)(ƒ)(Þ)

EUR

Grifols

SA

Series

REGS

7.125%

due

05/01/30

(Þ)

EUR

680

795

Heathrow

Finance

PLC

6.625%

due

03/01/31

(Þ)

GBP

Hella

GmbH

&

Co.

KGAA

0.500%

due

01/26/27

EUR

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

4.500%

due

04/06/27

(Þ)

EUR

Series

.

0.625%

due

09/16/28

(Þ)

EUR

House

of

Fraser

Funding

PLC

Series

REGS

5.823%

due

09/15/20

(Æ)(Ø)(Þ)

GBP

—

IHO

Verwaltungs

GmbH

Series

REGS

8.750%

due

05/15/28

(Þ)

EUR

7.000%

due

11/15/31

(Þ)

EUR

Iliad

SA

Series

REGS

6.875%

due

04/15/31

(Þ)

EUR

IMA

Industria

Macchine

Automatiche

SpA

Series

REGS

6.029%

due

04/15/29

(3

Month

EURIBOR

+

3.750%)(Ê)(Þ)

EUR

Kaixo

Bondco

Telecom

SA

Series

REGS

5.125%

due

09/30/29

(Þ)

EUR

La

Poste

SA

5.000%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

2.679%)(Ê)(ƒ)(Þ)

EUR

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mahle

GmbH

Series

REGS

6.500%

due

05/02/31

(Þ)

EUR

Maison

Finco

PLC

Series

REGS

6.000%

due

10/31/27

(Þ)

GBP

Mangrove

LuxCo

III

SARL

Series

REGS

7.279%

due

07/15/29

(3

Month

EURIBOR

+

5.000%)(Ê)(Þ)

EUR

Market

Bidco

Finco

PLC

Series

REGS

5.500%

due

11/04/27

(Þ)

GBP

Mobico

Group

PLC

2.375%

due

11/20/28

(Þ)

GBP

4.875%

due

09/26/31

(Þ)

EUR

600

647

Monitchem

HoldCo

SA

Series

REGS

8.750%

due

05/01/28

(Þ)

EUR

Mundys

SpA

1.875%

due

07/13/27

(Þ)

EUR

575

638

Neopharmed

Gentili

SPA

Series

REGS

7.125%

due

04/08/30

(Þ)

EUR

New

Immo

Holding

SA

Series

.

2.750%

due

11/26/26

(Þ)

EUR

Nexi

SpA

Series

.

0.000%

due

02/24/28

(Æ)(Þ)

EUR

NGG

Finance

PLC

2.125%

due

09/05/82

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.532%)(Ê)(Þ)

EUR

Nidda

Healthcare

Holding

GmbH

Series

REGS

5.375%

due

10/23/30

(Þ)

EUR

567

641

Nissan

Motor

Co.,

Ltd.

Series

REGS

3.201%

due

09/17/28

(Þ)

EUR

930

1,020

Ocado

Group

PLC

0.750%

due

01/18/27

(Þ)

GBP

900

1,080

Series

REGS

10.500%

due

08/08/29

(Þ)

GBP

ONE

Hotels

GmbH

Series

REGS

7.750%

due

04/02/31

(Þ)

EUR

Orange

SA

5.375%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.659%)(Ê)(ƒ)(Þ)

EUR

Orsted

A/S

1.750%

due

12/09/19

(EURIBOR

ICE

Swap

Rate

+

1.952%)(Ê)(Þ)

EUR

610

648

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.250%

due

12/08/22

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.619%)(Ê)(Þ)

EUR

Series

GBP

2.500%

due

02/18/21

(U.K.

Government

Bonds

Year

Note

Generic

Bid

Yield

+

2.136%)(Ê)(Þ)

GBP

OVH

Groupe

SAS

Series

REGS

4.750%

due

02/05/31

(Þ)

EUR

PCF

GmbH

Series

REGS

4.750%

due

04/15/29

(Þ)

EUR

Petrobras

Global

Finance

BV

5.375%

due

10/01/29

GBP

6.625%

due

01/16/34

GBP

Petroleos

Mexicanos

2.750%

due

04/21/27

(Þ)

EUR

4.875%

due

02/21/28

(Þ)

EUR

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

600

613

Pinewood

Finco

PLC

Series

REGS

6.000%

due

03/27/30

(Þ)

GBP

PLT

VII

Finance

SARL

Series

REGS

6.000%

due

06/15/31

(Þ)

EUR

600

697

ProGroup

AG

Series

REGS

5.125%

due

04/15/29

(Þ)

EUR

RAC

Bond

Co.

PLC

Series

REGS

5.250%

due

11/04/27

(Þ)

GBP

Renault

SA

2.000%

due

09/28/26

(Þ)

EUR

1.125%

due

10/04/27

(Þ)

EUR

500

539

RZD

Capital

PLC

7.900%

due

10/19/24

(~)(Æ)(Ê)(Š)

(Þ)(Ø)

RUB

115,000

—

Schaeffler

AG

2.875%

due

03/26/27

(Þ)

EUR

500

559

SGL

Carbon

SE

5.750%

due

06/28/28

(Þ)

EUR

SNF

Group

SACA

Series

REGS

4.500%

due

03/15/32

(Þ)

EUR

Summer

BC

Holdco

A

SARL

Series

REGS

9.250%

due

10/31/27

(Þ)

EUR

Summer

BC

Holdco

B

SARL

Series

REGS

5.875%

due

02/15/30

(Þ)

EUR

Tele

Columbus

AG

Series

REGS

3.875%

due

01/01/29

(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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Telecom

Italia

Finance

SA

7.750%

due

01/24/33

EUR

650

899

Telecom

Italia

SpA

5.250%

due

03/17/55

EUR

Telefonica

Europe

BV

2.880%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.866%)(Ê)(ƒ)(Þ)

EUR

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.875%

due

03/31/27

(Þ)

EUR

550

604

1.625%

due

10/15/28

(Þ)

EUR

560

593

Travelex

Financing

PLC

Series

REGS

8.000%

due

05/15/22

(Æ)(Ø)(Š)(Þ)

EUR

1,400

—

Travelex

Issuerco,

Ltd.

Series

REGS

12.500%

due

03/31/29

(Þ)

GBP

2,576

3,486

TUI

Cruises

GmbH

Series

REGS

5.000%

due

05/15/30

(Þ)

EUR

TVL

Finance

PLC

Series

REGS

10.250%

due

04/28/28

(Þ)

GBP

United

Group

BV

Series

REGS

3.625%

due

02/15/28

(Þ)

EUR

Var

Energi

ASA

7.862%

due

11/15/83

(EURIBOR

ICE

Swap

Rate

+

4.765%)(Ê)(Þ)

EUR

Verisure

Midholding

AB

Series

REGS

5.250%

due

02/15/29

(Þ)

EUR

Virgin

Media

Finance

PLC

Series

REGS

4.875%

due

07/15/28

(Þ)

GBP

Vmed

O2

UK

Financing

I

PLC

Series

REGS

4.000%

due

01/31/29

(Þ)

GBP

4.500%

due

07/15/31

(Þ)

GBP

Vodafone

Group

PLC

4.200%

due

10/03/78

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.427%)(Ê)(Þ)

EUR

550

631

Series

NC10

3.000%

due

08/27/80

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.477%)(Ê)(Þ)

EUR

750

792

Volkswagen

Group

of

America

Finance

LLC

3.748%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.875%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

4.783%)(Ê)(ƒ)(Þ)

EUR

WEPA

Hygieneprodukte

GmbH

Series

REGS

5.625%

due

01/15/31

(Þ)

EUR

Wintershall

Dea

Finance

BV

Series

NC5

2.499%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.924%)(Ê)(ƒ)(Þ)

EUR

Series

NC8

3.000%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.319%)(Ê)(ƒ)(Þ)

EUR

Series

REGS

6.500%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.940%)(Ê)(ƒ)(Þ)

EUR

Worldline

SA

5.250%

due

11/27/29

(Þ)

EUR

Zegona

Finance

PLC

Series

REGS

6.750%

due

07/15/29

(Þ)

EUR

551

ZF

Europe

Finance

BV

2.500%

due

10/23/27

(Þ)

EUR

600

627

6.125%

due

03/13/29

(Þ)

EUR

3.000%

due

10/23/29

(Þ)

EUR

800

776

53,515

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$451,316)

434,383

#### Common

#### Stocks

#### -

#### 1.3%
Consumer

Discretionary

-

0.0%

Education

Management

Corp.(Æ)(Š)

4,460,190

—

Energy

-

0.0%

KCA

Deutag

International,

Ltd.(Æ)

2,574

Tourmaline

Oil

Corp.(Æ)(Š)

255,236

Financial

Services

-

0.0%

Travelex

Topco,

Ltd.(Æ)(Š)

11,057

—

Materials

and

Processing

-

0.7%

Specialty

Steel

Holdco,

Inc.(Æ)(Š)

3,167

Producer

Durables

-

0.6%

Affinion

Group,

Inc.(Š)

8,007

—

Bahia

De

Las

Isletas

SL

Class

A(Æ)(Š)

15,907,620

—

Real

Alloy(Š)

2,946

2,946

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Common

#### Stocks
(cost

$5,768)

6,311

#### Preferred

#### Stocks

#### -

#### 0.0%
Consumer

Discretionary

-

0.0%

Education

Management

Corp.

0.000%

(Æ)(Š)

2,128

—

Technology

-

0.0%

Veritas

US,

Inc.

0.000%

(Æ)

2,973

#### Total

#### Preferred

#### Stocks
(cost

$343)

#### Warrants

#### and

#### Rights

#### -

#### 0.0%
Travelex

Issuerco,

Ltd.(Æ)

Warrants

675

#### Total

#### Warrants

#### and

#### Rights
(cost

$—)

#### Short-Term

#### Investments

#### -

#### 6.8%
Education

Management

LLC

Term

Loan

B

0.000%

due

11/30/23

(~)(Æ)(Ê)

(v)(Š)

—

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

Series

DPW

10.250%

due

01/23/18

(Æ)(Ø)

1,240

Russian

Agricultural

Bank

OJSC

Via

RSHB

Capital

SA

Series

REGS

8.500%

due

10/16/23

(Þ)

U.S.

Cash

Management

Fund(@)

32,688,017

(∞)

32,678

Venezuela

Government

International

Bond

Series

REGS

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

Worldline

SA

0.000%

due

07/30/26

(Æ)(Þ)

EUR

#### Total

#### Short-Term

#### Investments
(cost

$34,489)

32,842

#### Total

#### Investments

#### -

#### 97.5%
(identified

cost

$491,916)

473,603

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 2.5%
12,259

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Net

#### Assets

#### -

#### 100.0%
485,862

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,

#### 2025
(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

#### $68.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

07/06/21

206,000

98.39 203

1011778

BC

ULC

/

New

Red

Finance,

Inc.

09/03/24

347,000

100.00 347

1261229

BC,

Ltd.

03/25/25

728,000

100.47 731

713

Medical,

Inc.

09/30/21

300,000

100.00 300

7-Eleven,

Inc.

10/02/24

129,000

91.95 119

888

Acquisitions,

Ltd.

05/02/24

GBP

350,000

125.37 439

AB

BSL

CLO

3,

Ltd.

02/04/25

600,000

100.00 600

595

AB

BSL

CLO

5,

Ltd.

11/18/24

350,000

100.00 350

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/29/25

352,000

99.40 350

Abu

Dhabi

Government

International

Bond

11/02/22

1,077,000

71.46 770

726

Abu

Dhabi

Government

International

Bond

03/17/25

676,000

85.75 580

589

Abu

Dhabi

National

Energy

Co.

PJSC

12/11/24

80,000

92.16 74

Accor

SA

10/04/23

EUR

100,000

104.99 105

ACE

Securities

Corp.

Mortgage

Loan

Trust

02/23/21

657,377

98.40 647

Acrec

LLC

01/10/25

500,000

99.75 499

Adani

Ports

&

Special

Economic

Zone,

Ltd.

03/24/25

200,000

94.64 189

Adani

Transmission

Step-One,

Ltd.

02/10/25

107,000

96.95 104

AdaptHealth

LLC

01/28/21

223,000

101.44 226

Adient

Global

Holdings,

Ltd.

01/30/25

882,000

98.98 873

836

Adnoc

Murban

Rsc,

Ltd.

09/04/24

225,000

98.46 222

Adnoc

Murban

Rsc,

Ltd.

09/04/24

974,000

99.65 971

940

Adnoc

Murban

Rsc,

Ltd.

11/05/24

360,000

95.19 343

Aeropuerto

Internacional

De

Tocumen

SA

03/11/24

686,000

73.25 502

500

AES

Panama

Generation

Holdings

SRL

07/06/22

80,594

90.36 73

African

Export-Import

Bank

(The)

07/26/22

443,000

85.62 379

Agua

y

Saneamientos

Argentinos

SA

10/16/19

345,737

95.03 329

Ahlstrom

Holding

Oy

02/26/24

300,000

94.07 282

AHP

Health

Partners,

Inc.

08/16/21

186,000

100.50 187

Air

France-KLM

06/18/24

EUR

600,000

110.56 663

684

Air

France-KLM

12/16/24

EUR

100,000

109.51 110

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/20/22

142,000

98.38 140

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

04/18/23

171,000

91.87 157

Albion

Financing

SARL

10/15/21

600,000

100.00 600

605

Alimentation

Couche-Tard,

Inc.

09/24/18

157,000

97.99 154

Alliant

Energy

Finance

LLC

03/17/25

152,000

103.12 157

Almaviva-The

Italian

Innovation

Co.

SpA

10/24/24

EUR

193,000

108.28 209

Alpha

Generation

LLC

09/19/24

793,000

101.15 802

809

Alta

Equipment

Group,

Inc.

05/21/24

558,000

95.48 533

Altice

Financing

SA

11/20/24

EUR

300,000

85.39 256

Altice

France

Holding

SA

04/20/22

324,000

92.09 298

AMC

Networks,

Inc.

07/09/24

183,000

101.81 186

American

Airlines

Group,

Inc.

03/10/21

299,000

98.81 295

American

Airlines

Group,

Inc.

03/10/21

240,667

100.00 241

AmeriGas

Partners,

LP

/

AmeriGas

Finance

Corp.

01/22/25

190,000

97.94 186

ams-OSRAM

AG

07/26/24

EUR

100,000

90.75 91

Anarafe

SL

01/12/22

EUR

290,836

124.75 363

Angolan

Government

International

Bond

10/04/24

338,000

90.64 306

Angolan

Government

International

Bond

03/04/25

412,000

78.95 325

Angolan

Government

International

Bond

04/29/25

200,000

79.38 159

Antero

Resources

Corp.

12/11/24

89,000

98.62 88

APA

Corp.

02/19/21

118,000

78.19 92

APA

Corp.

01/10/25

210,000

82.11 172

APA

Corp.

01/10/25

140,000

84.94 119

Apidos

CLO

XXXI

04/28/21

1,140,000

100.00 1,140

1,140

Apollo

Commercial

Real

Estate

Finance,

Inc.

09/02/21

216,000

98.65 213

Aramark

Services,

Inc.

01/28/21

242,000

101.90 247

Arches

Buyer,

Inc.

05/03/23

208,000

91.56 190

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

12/09/24

201,000

100.14 201

Ardonagh

Group

Finance,

Ltd.

04/05/24

176,000

98.24 173

AREIT,

Inc.

01/24/25

750,000

99.76 748

741

ARES

Commercial

Mortgage

Trust

04/03/25

750,000

100.00 750

744

Aretec

Escrow

Issuer

2,

Inc.

10/26/23

734,000

100.64 739

791

Arroyo

Mortgage

Trust

05/12/20

64,548

97.32 63

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,

#### 2025
(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

#### $
Arsenal

AIC

Parent

LLC

08/10/23

168,000

101.59 171

Ashtead

Capital,

Inc.

10/17/23

107,000

95.26 102

Atos

SE

01/28/25

EUR

119,982

104.92 126

Atos

SE

01/28/25

EUR

250,000

64.06 160

ATS

Corp.

01/28/21

193,000

100.89 195

Avantor,

Inc.

01/28/21

249,000

102.31 255

Avation

Capital

SA

07/06/21

94.14 —

—

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

01/28/21

180,000

101.92 183

Axian

Telecom

03/08/23

335,000

96.12 322

Axon

Enterprise,

Inc.

03/05/25

283,000

100.00 283

Axon

Enterprise,

Inc.

03/05/25

197,000

100.00 197

Azzurra

Aeroporti

SpA

10/31/22

EUR

410,000

106.72 438

B&G

Foods,

Inc.

11/14/24

646,000

102.76 664

641

BAHA

Trust

11/22/24

700,000

100.00 700

717

Bahrain

Government

International

Bond

04/02/24

320,000

92.24 295

Bahrain

Government

International

Bond

11/20/24

650,000

95.20 619

619

Bahrain

Government

International

Bond

03/17/25

413,000

101.78 420

Bain

Capital

Credit

CLO,

Ltd.

07/23/24

450,000

100.00 450

Bain

Capital

Credit

CLO,

Ltd.

02/19/25

250,000

100.00 250

Baiterek

National

Managing

Holding

JSC

04/29/25

200,000

99.46 199

BAMLL

Trust

02/07/25

500,000

100.00 500

Banco

de

Bogota

SA

03/06/24

126,000

96.54 122

Banco

de

Credito

del

Peru

04/16/24

92,000

93.09 86

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

04/18/23

493,000

91.92 453

Banco

Inbursa

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Inbursa

03/06/24

124,000

97.83 121

Banco

Nacional

de

Panama

01/23/24

704,000

79.59 560

574

Bangkok

Bank

PCL

11/13/24

46,000

100.85 46

Bank

Commercial

Mortgage

Pass-Through

Certificates

06/11/21

500,000

96.48 482

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

614,000

91.24 560

577

Bapco

Energies

Sukuk,

Ltd.

07/21/21

247,000

102.75 254

Barclays

Commercial

Mortgage

Trust

11/20/24

500,000

86.59 433

Barclays

Commercial

Mortgage

Trust

12/04/24

250,000

88.48 221

Barclays

Commercial

Mortgage

Trust

01/24/25

500,000

81.92 410

Bausch

Health

Cos.,

Inc.

12/17/19

453,000

184.42 835

Bausch

Health

Cos.,

Inc.

11/18/20

102,000

144.53 147

Bausch

Health

Cos.,

Inc.

09/18/24

340,000

58.99 201

BAY

Mortgage

Trust

04/28/25

250,000

100.00 250

Bayer

AG

09/04/23

EUR

300,000

100.87 303

Bayer

AG

09/26/23

EUR

200,000

104.79 210

Bayer

US

Finance

II

LLC

11/14/22

EUR

1,100,000

97.32 1,107

1,201

BCP

V

Modular

Services

Finance

II

PLC

04/26/24

EUR

200,000

102.39 205

BCP

V

Modular

Services

Finance

II

PLC

01/22/25

EUR

350,000

95.43 334

Benchmark

Mortgage

Trust

03/28/22

890,000

79.93 711

544

Bertelsmann

SE

&

Co.

KGaA

05/03/22

EUR

400,000

103.99 416

Betony

CLO

2,

Ltd.

03/24/21

1,000,000

100.00 1,000

1,001

Bimbo

Bakeries

USA,

Inc.

02/10/25

54,000

102.72 55

Birch

Grove

CLO

3,

Ltd.

01/23/25

300,000

100.00 300

Birch

Grove

CLO

3,

Ltd.

01/23/25

350,000

100.00 350

Birch

Grove

CLO

9,

Ltd.

07/18/24

250,000

100.00 250

Blackstone

Mortgage

Trust,

Inc.

11/02/21

200,000

99.89 200

BMD2

Re-Remic

Trust

02/03/21

892,000

89.86 802

733

BNP

Paribas

SA

12/11/24

137,000

92.85 127

BOCA

Commercial

Mortgage

Trust

08/07/24

500,000

99.76 499

Bolivia

Government

International

Bond

04/04/23

200,000

65.51 131

Bombardier,

Inc.

12/09/24

265,000

104.50 277

Booz

Allen

Hamilton,

Inc.

03/03/21

590,000

97.60 566

567

Booz

Allen

Hamilton,

Inc.

03/17/25

225,000

94.69 213

Boston

Gas

Co.

04/16/24

83,000

94.29 78

Brand

Industrial

Services,

Inc.

08/10/23

166,000

101.63 169

British

Telecommunications

PLC

02/26/24

GBP

200,000

135.02 270

Builders

FirstSource,

Inc.

03/03/21

255,000

104.00 265

BX

Commercial

Mortgage

Trust

02/23/23

175,000

96.15 168

BX

Commercial

Mortgage

Trust

04/24/24

400,000

99.27 397

BX

Commercial

Mortgage

Trust

05/08/24

493,503

99.77 492

BX

Trust

02/06/23

500,000

96.46 482

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,

#### 2025
(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

#### $
BX

Trust

01/24/24

500,000

97.84 489

BX

Trust

04/26/24

422,665

98.77 417

BX

Trust

06/06/24

380,000

98.36 374

BX

Trust

02/20/25

500,000

99.75 499

C&W

Senior

Finance,

Ltd.

02/06/25

333,000

100.00 333

Caesars

Entertainment,

Inc.

12/09/24

296,000

103.39 306

CALI

Mortgage

Trust

07/03/24

300,000

99.76 299

California

Buyer,

Ltd.

/

Atlantica

Sustainable

Infrastructure

PLC

10/23/24

EUR

150,000

107.86 162

Calpine

Corp.

12/09/24

277,000

98.19 272

Canary

Wharf

Group

Investment

Holdings

PLC

04/23/24

GBP

200,000

106.73 213

Cantor

Commercial

Real

Estate

Lending

02/16/21

775,000

90.59 702

600

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/29/22

1,000,000

97.93 979

1,001

Carnival

Corp.

02/23/23

861,000

84.48 727

856

Carnival

Corp.

08/01/23

59,000

100.00 59

Carnival

Corp.

03/17/25

163,000

95.92 156

Carriage

Purchaser,

Inc.

09/23/21

744,000

98.88 736

613

Carvana

Co.

04/05/24

1,090,890

105.35 1,188

1,230

Cascade

Funding

Mortgage

Trust

02/25/22

4,500,000

64.36 2,896

3,142

Castor

SpA

02/10/22

EUR

138,000

113.96 157

CBB

International

Sukuk

Programme

Co.

WLL

07/18/24

710,000

96.03 682

679

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

09/17/19

758,000

98.25 745

716

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

08/02/21

1,247,000

93.12 1,201

1,049

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/21/22

29,000

98.79 29

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

04/18/23

517,000

97.19 502

510

CD&R

Firefly

Bidco

PLC

04/05/24

GBP

200,000

126.34 253

Cedar

Funding

V

CLO,

Ltd.

03/22/19

250,000

98.83 247

Cellnex

Telecom

SA

09/06/23

EUR

300,000

86.66 260

Celulosa

Arauco

y

Constitucion

SA

01/08/24

60,000

92.69 56

Cemex

SAB

de

CV

02/10/25

68,000

98.55 67

Cencosud

SA

09/12/23

123,000

96.38 119

Centrais

Eletricas

Brasileiras

SA

01/15/25

259,000

93.93 243

Central

Parent

LLC

/

CDK

Global

II

LLC

/

CDK

Financing

Co.,

Inc.

01/28/25

210,000

100.16 210

Central

Plaza

Holding

Co.,

Ltd.

05/06/22

600,000

99.23 595

598

Cerba

Healthcare

SACA

11/12/24

EUR

300,000

90.89 273

CEZ

AS

06/15/17

383,000

108.99 417

CF

Industries,

Inc.

12/07/23

128,000

98.40 126

CFAMC

III

Co.,

Ltd.

06/08/21

200,000

89.58 179

Chase

Home

Lending

Mortgage

Trust

07/29/19

104,724

100.91 106

Chase

Home

Lending

Mortgage

Trust

10/30/19

66,715

100.72 67

Chase

Home

Lending

Mortgage

Trust

10/30/19

426,973

101.49 434

Chase

Home

Lending

Mortgage

Trust

06/21/24

375,295

98.46 370

China

Government

International

Bond

11/17/22

1,187,000

98.18 1,165

1,168

CHNGE

Mortgage

Trust

01/21/22

289,456

99.99 289

Chobani

Holdco

II

LLC

12/04/24

211,285

105.95 224

CHS/Community

Health

Systems,

Inc.

01/26/21

329,000

94.54 311

CHS/Community

Health

Systems,

Inc.

05/04/21

362,000

96.40 349

CHS/Community

Health

Systems,

Inc.

01/20/22

330,000

94.80 313

CHS/Community

Health

Systems,

Inc.

04/29/22

460,000

96.80 445

CHS/Community

Health

Systems,

Inc.

11/05/24

11,000

100.00 11

CHS/Community

Health

Systems,

Inc.

12/13/24

175,000

81.58 143

Cidron

Aida

Finco

Sarl

04/01/25

GBP

270,000

129.19 349

CIFC

Funding,

Ltd.

03/18/21

1,000,000

100.00 1,000

1,000

CIFC

Funding,

Ltd.

02/20/25

500,000

100.00 500

CIM

Trust

09/27/18

170,175

97.02 165

CIM

Trust

03/22/19

28,745

101.32 29

CIM

Trust

11/07/19

343,163

100.53 345

CIM

Trust

03/01/21

702,629

101.84 716

569

CIM

Trust

03/29/21

348,053

100.37 349

Cimpress

PLC

10/23/24

727,000

97.68 710

663

CITGO

Petroleum

Corp.

07/09/24

240,000

103.11 247

Citigroup

Commercial

Mortgage

Trust

06/14/19

120,000

87.17 105

Citigroup

Commercial

Mortgage

Trust

05/07/24

500,000

86.75 434

Citigroup

Mortgage

Loan

Trust,

Inc.

05/06/21

519,403

101.14 525

Citigroup

Mortgage

Loan

Trust,

Inc.

06/25/21

452,852

100.36 454

Clarios

Global,

LP

/

Clarios

US

Finance

Co.

04/05/24

271,000

100.52 272

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,

#### 2025
(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

#### $
Clear

Channel

Outdoor

Holdings,

Inc.

03/04/24

514,000

100.57 517

515

Cleveland-Cliffs,

Inc.

12/09/24

281,000

101.21 284

CLI

Funding

VI

LLC

03/23/21

535,903

100.22 537

Cloud

Software

Group

Holdings,

Inc.

01/29/24

432,000

95.64 411

Cloud

Software

Group,

Inc.

11/09/22

658,000

94.34 621

658

Cloud

Software

Group,

Inc.

10/17/24

312,000

103.90 324

Clydesdale

Acquisition

Holdings,

Inc.

03/30/22

618,000

90.38 559

637

CMG

Media

Corp.

10/16/24

213,000

74.68 159

Coinbase

Global,

Inc.

09/14/21

120,000

100.00 120

Coinbase

Global,

Inc.

09/14/21

402,000

93.51 376

Comision

Federal

de

Electricidad

03/20/25

300,000

84.78 254

Commercial

Mortgage

Trust

11/21/24

500,000

101.47 507

Commonbond

Student

Loan

Trust

11/27/18

55,131

100.66 55

Commonbond

Student

Loan

Trust

06/02/20

61,208

99.98 61

Commonbond

Student

Loan

Trust

03/10/21

186,713

100.00 187

CommScope

LLC

02/18/25

392,000

104.03 408

CommScope

LLC

03/04/25

155,000

90.41 140

CommScope

Technologies

LLC

03/04/25

145,000

93.50 136

Compass

Group

Diversified

Holdings

LLC

04/07/21

197,000

102.57 202

Connect

Finco

SARL

/

Connect

US

Finco

LLC

09/11/24

366,000

100.00 366

Connecticut

Avenue

Securities

Trust

01/11/22

700,000

100.00 700

713

Connecticut

Avenue

Securities

Trust

03/02/22

1,200,000

91.67 1,100

1,213

Connecticut

Avenue

Securities

Trust

02/06/23

1,100,000

100.00 1,100

1,140

Connecticut

Avenue

Securities

Trust

05/07/24

600,000

106.43 639

627

Connecticut

Avenue

Securities

Trust

09/10/24

500,000

108.30 542

534

Connecticut

Avenue

Securities

Trust

02/05/25

500,000

101.24 506

500

Connecticut

Avenue

Securities

Trust

02/05/25

700,000

101.61 711

700

Consolidated

Communications

Holdings,

Inc.

05/14/24

553,000

94.40 522

543

Consolidated

Communications

Holdings,

Inc.

07/17/24

141,000

86.44 122

Consolidated

Energy

Finance

SA

09/30/21

826,000

96.47 797

645

Consolidated

Energy

Finance

SA

11/09/22

189,000

97.64 185

Co-operative

Group

Holdings,

Ltd.

03/08/21

GBP

510,000

133.33 680

687

CoreLogic,

Inc.

07/06/21

201,000

99.80 201

Corp.

Nacional

del

Cobre

de

Chile

12/14/22

615,000

75.08 462

Corp.

Nacional

del

Cobre

de

Chile

09/05/23

418,000

99.92 418

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

248,000

99.96 248

Corp.

Nacional

del

Cobre

de

Chile

04/28/25

400,000

100.87 404

Costa

Rica

Government

International

Bond

03/14/24

400,000

104.26 417

Costa

Rica

Government

International

Bond

03/17/25

286,000

105.22 301

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

08/10/23

358,000

101.39 363

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

08/10/23

176,000

98.77 174

CPI

Property

Group

SA

07/10/24

EUR

200,000

110.25 220

CPI

Property

Group

SA

07/10/24

EUR

150,000

86.48 130

CPI

Property

Group

SA

11/06/24

EUR

670,000

84.61 567

594

CPI

Property

Group

SA

04/14/25

EUR

200,000

111.25 223

CPUK

Finance,

Ltd.

05/08/24

GBP

200,000

124.96 250

CQP

Holdco,

LP

/

BIP-V

Chinook

Holdco

LLC

05/27/21

758,000

100.00 758

729

Credit

Agricole

SA

10/02/24

121,000

103.01 125

Crown

European

Holdings

SA

05/09/23

EUR

250,000

109.62 274

CSC

Holdings

LLC

07/06/21

973,000

90.05 876

CSC

Holdings

LLC

04/05/24

811,000

97.65 791

766

CSL

Finance

PLC

03/17/25

88,000

98.56 87

CVR

Energy,

Inc.

01/10/20

725,000

97.43 706

661

DaVita,

Inc.

11/09/22

281,000

82.01 230

DB

Master

Finance

LLC

03/20/19

378,000

100.00 378

DBWF

Mortgage

Trust

10/25/18

1,000,000

91.85 919

925

Deutsche

Telekom

AG

12/09/21

EUR

300,000

103.86 312

Deutsche

Telekom

International

Finance

BV

07/12/24

62,000

98.58 61

Development

Bank

of

Kazakhstan

JSC

03/17/25

256,000

99.55 255

Development

Bank

of

Kazakhstan

JSC

03/27/25

286,000

99.68 285

Development

Bank

of

the

Republic

of

Belarus

JSC

07/11/19

942,000

100.00 942

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

07/22/21

1,545,000

100.29 1,543

1,494

DISH

DBS

Corp.

11/10/21

57,000

100.00 57

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,

#### 2025
(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

#### $
DISH

DBS

Corp.

10/01/24

264,000

94.46 249

Dominican

Republic

Government

International

Bond

07/06/23

1,818,000

101.10 1,838

1,878

Domino's

Pizza

Master

Issuer

LLC

11/06/19

912,000

100.00 912

860

Domino's

Pizza

Master

Issuer

LLC

04/08/21

583,500

100.00 584

523

Dresdner

Funding

Trust

I

03/02/22

778,000

110.09 856

845

Driven

Brands

Funding

LLC

05/30/24

258,938

86.92 225

Dryden

Senior

Loan

Fund

10/05/18

500,000

99.51 498

Dynamo

Newco

II

GmbH

09/25/24

EUR

140,000

111.26 156

Ecuador

Government

International

Bond

10/12/22

933,070

50.14 468

559

Ecuador

Government

International

Bond

02/29/24

217,210

53.47 116

Ecuador

Government

International

Bond

02/13/25

281,966

70.17 198

EDO

Sukuk,

Ltd.

06/26/24

554,000

100.00 554

558

Egypt

Government

International

Bond

04/15/24

1,511,000

78.17 1,181

1,098

Egypt

Government

International

Bond

01/28/25

439,000

100.00 439

Egypt

Government

International

Bond

03/17/25

200,000

98.59 197

eircom

Finance

DAC

04/28/25

EUR

220,000

114.21 251

El

Salvador

Government

International

Bond

01/06/25

534,000

102.78 549

530

Electricite

de

France

SA

11/09/21

EUR

400,000

109.52 438

Electricite

de

France

SA

11/28/22

GBP

400,000

113.44 454

520

Electricite

de

France

SA

02/28/23

EUR

600,000

100.59 604

668

Electricite

de

France

SA

09/10/24

GBP

200,000

130.85 262

Elevation

CLO,

Ltd.

02/07/25

300,000

100.00 300

ELFI

Graduate

Loan

Program

06/18/20

76,564

99.97 77

Elia

Group

SA

01/02/24

EUR

400,000

111.78 447

Ellington

Financial

Mortgage

Trust

11/05/19

107,417

99.98 107

Ellington

Financial

Mortgage

Trust

04/14/22

382,842

99.59 381

ELO

SACA

04/23/24

EUR

400,000

96.07 384

ELO

SACA

04/29/24

EUR

400,000

103.92 416

ELO

SACA

01/09/25

EUR

300,000

96.28 289

Emerald

Debt

Merger

Sub

LLC

05/04/23

EUR

400,000

110.14 441

Empresa

de

Transporte

de

Pasajeros

Metro

SA

06/16/17

568,000

107.03 608

Empresa

Nacional

del

Petroleo

11/02/17

338,000

91.45 309

Enel

Finance

International

NV

07/24/23

131,000

95.27 125

Enel

SpA

01/07/25

EUR

674,000

102.60 692

744

Energia

Group

Roi

Financeco

DAC

07/20/23

EUR

350,000

111.44 390

Energizer

Gamma

Acquisition

BV

06/09/21

EUR

575,000

108.80 626

609

Engineering

-

Ingegneria

Informatica

-

SpA

05/09/23

EUR

445,000

109.12 486

532

Entegris

Escrow

Corp.

12/09/24

240,000

97.65 234

Enviri

Corp.

02/24/25

340,000

97.23 331

EQT

Corp.

04/02/25

201,000

97.09 195

Eskom

Holdings

SOC,

Ltd.

01/28/21

616,000

99.48 613

629

Esselunga

SpA

10/27/21

EUR

200,000

118.92 238

Eutelsat

SA

11/01/23

EUR

400,000

96.87 387

Eutelsat

SA

04/05/24

EUR

300,000

86.75 260

Eutelsat

SA

12/18/24

EUR

200,000

94.85 190

Evergy

Missouri

West,

Inc.

11/13/24

80,000

100.47 80

Export-Import

Bank

of

India

06/27/22

500,000

85.30 426

Export-Import

Bank

of

India

11/06/24

200,000

92.21 184

Extended

Stay

America

Trust

04/25/24

429,740

99.91 429

F-Brasile

SpA

/

F-Brasile

US

LLC

11/09/22

175,000

93.52 164

Ferguson

Finance

PLC

12/07/23

73,000

98.44 72

Ferguson

Finance

PLC

10/02/24

51,000

99.91 51

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

01/29/24

220,000

92.62 204

Fiber

Bidco

SpA

05/09/24

EUR

300,000

107.82 323

First

Quantum

Minerals,

Ltd.

02/22/24

306,000

100.00 306

First

Quantum

Minerals,

Ltd.

02/19/25

490,000

100.00 490

Flagstar

Mortgage

Trust

10/24/18

411,453

102.91 423

Flagstar

Mortgage

Trust

06/03/19

72,868

102.60 75

Flagstar

Mortgage

Trust

02/04/21

121,198

102.57 124

Fontainebleau

Miami

Beach

Mortgage

Trust

12/05/24

250,000

100.00 250

Forestar

Group,

Inc.

04/28/25

308,000

97.75 301

Fortescue

Metals

Group,

Ltd.

11/09/22

278,000

83.74 233

Fortrea

Holdings,

Inc.

03/05/25

347,000

96.01 333

Forvia

SE

01/08/25

EUR

200,000

102.92 206

Forvia

SE

01/22/25

EUR

100,000

95.58 96

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,

#### 2025
(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

#### $
Forvia

SE

03/19/25

EUR

110,000

109.00 120

Freddie

Mac

STACR

REMIC

Trust

03/08/23

464,719

99.43 462

Freddie

Mac

STACR

REMIC

Trust

09/26/23

200,000

104.70 209

Freddie

Mac

STACR

REMIC

Trust

02/12/25

700,000

100.00 700

694

FREMF

Mortgage

Trust

03/24/21

14,281,759

0.38 54

FREMF

Mortgage

Trust

03/24/21

3,675,088

0.42 15

FREMF

Mortgage

Trust

03/24/21

1,450,103

90.29 1,309

1,288

Fresenius

Medical

Care

US

Finance

III,

Inc.

03/24/25

89,000

84.39 75

Frontier

Communications

Corp.

11/19/20

520,000

100.00 520

515

FS

Rialto

2025-FL10

Issuer

LLC

01/31/25

500,000

99.75 499

Full

House

Resorts,

Inc.

04/29/25

649,000

94.12 611

609

Gabon

Government

International

Bond

03/17/25

200,000

78.50 157

Galaxy

Bidco,

Ltd.

12/05/24

GBP

173,000

127.52 221

GAM

Re-REMIC

Trust

04/01/21

1,258,000

110.62 1,392

1,036

GAM

Re-REMIC

Trust

04/01/21

905,000

70.01 634

733

GAM

Re-REMIC

Trust

04/01/21

837,000

72.41 606

700

GAM

Re-REMIC

Trust

11/04/21

266,000

72.01 192

GAM

Re-REMIC

Trust

11/04/21

141,192

86.95 123

GAM

Re-REMIC

Trust

11/04/21

796,000

88.49 704

781

GAM

Re-REMIC

Trust

11/04/21

312,000

97.01 303

GAM

Re-REMIC

Trust

01/25/22

1,500,000

77.25 1,159

1,254

GAM

Re-REMIC

Trust

01/28/22

251,000

85.38 214

GAM

Re-REMIC

Trust

01/28/22

251,000

87.49 220

GAM

Re-REMIC

Trust

01/28/22

635,000

89.19 566

559

Gartner,

Inc.

02/18/21

190,000

102.97 196

Gartner,

Inc.

03/17/25

154,000

94.30 145

Gazprom

OAO

Via

Gaz

Capital

SA

08/17/16

1,000,000

112.44 1,124

726

Georgian

Railway

JSC

04/07/22

651,000

91.11 593

576

GFL

Environmental,

Inc.

10/12/21

188,000

100.88 190

GFL

Environmental,

Inc.

12/09/24

169,000

95.22 161

GGAM

Finance,

Ltd.

12/27/23

925,000

101.66 940

949

GGAM

Finance,

Ltd.

01/02/25

36,000

98.58 35

Ghana

Government

International

Bond

10/09/24

217,558

88.63 193

Ghana

Government

International

Bond

11/20/24

425,093

89.08 379

Global

Infrastructure

Solutions,

Inc.

01/10/24

822,000

92.45 760

782

Global

Net

Lease,

Inc.

01/28/21

1,049,000

97.63 1,005

987

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

12/09/24

192,000

99.67 191

goeasy,

Ltd.

05/12/21

187,000

100.32 188

GoodLeap

Sustainable

Home

Solutions

Trust

06/09/21

1,026,653

99.96 1,026

785

Grand

City

Properties

SA

03/25/25

EUR

200,000

101.74 203

Graphic

Packaging

International

LLC

07/06/21

244,000

100.64 246

Gray

Oak

Pipeline

LLC

03/17/25

115,000

96.18 111

Great

Wolf

Trust

04/26/24

500,000

99.76 499

Greenland

Global

Investment,

Ltd.

01/10/18

523,153

97.34 509

Greenland

Global

Investment,

Ltd.

09/07/21

876,412

87.12 764

Grifols

SA

12/11/24

EUR

680,000

104.94 714

795

GrubHub,

Inc.

10/12/21

499,000

97.80 484

Grupo

Bimbo

SAB

de

CV

12/07/23

49,000

89.31 44

GS

Mortgage

Securities

Trust

08/01/19

860,143

105.47 907

802

GS

Mortgage

Securities

Trust

03/12/21

732,870

101.30 742

591

GS

Mortgage

Securities

Trust

06/15/21

800,000

100.85 807

549

GS

Mortgage

Securities

Trust

12/06/21

452,104

96.62 437

GS

Mortgage

Securities

Trust

01/10/22

821,833

97.50 801

663

GS

Mortgage

Securities

Trust

03/08/23

500,000

99.85 499

501

GS

Mortgage-Backed

Securities

Trust

05/14/21

358,682

96.93 348

GS

Mortgage-Backed

Securities

Trust

06/03/21

863,485

103.63 895

745

GS

Mortgage-Backed

Securities

Trust

06/15/21

762,263

100.48 766

614

GS

Mortgage-Backed

Securities

Trust

09/22/21

935,153

100.82 943

755

GS

Mortgage-Backed

Securities

Trust

01/21/25

477,802

99.25 474

Guatemala

Government

International

Bond

07/17/24

806,000

101.17 815

806

Harvest

Midstream

I,

LP

08/05/20

1,206,000

101.24 1,221

1,223

Hat

Holdings

I

LLC

03/24/25

137,000

103.58 142

Hawaii

Hotel

Trust

03/06/25

250,000

99.75 249

Hazine

Mustesarligi

Varlik

Kiralama

AS

04/02/24

400,000

105.90 424

Heathrow

Finance

PLC

05/14/24

GBP

300,000

124.92 375

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,

#### 2025
(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

#### $
Helios

Issuer

LLC

10/26/18

567,910

99.98 568

Helios

Issuer

LLC

10/26/18

774,922

99.98 775

730

Helios

Issuer

LLC

06/15/20

319,359

99.99 319

Herbalife

Nutrition,

Ltd.

08/24/23

286,000

99.66 285

Hilcorp

Energy

I,

LP

/

Hilcorp

Finance

Co.

05/03/23

258,000

93.12 240

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

05/03/23

1,029,000

80.12 821

793

HLF

Financing

SARL

LLC

/

Herbalife

International,

Inc.

04/05/24

670,000

97.90 656

712

HLTN

Commercial

Mortgage

Trust

05/31/24

500,000

99.76 499

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

06/19/24

EUR

290,000

108.86 316

Holding

d'Infrastructures

des

Metiers

de

l'Environnement

09/20/24

EUR

110,000

93.70 103

House

of

Fraser

Funding

PLC

06/13/17

GBP

400,000

103.15 413

—

Howard

Hughes

Corp.

(The)

02/18/21

252,000

103.15 260

Hungary

Government

International

Bond

07/19/23

934,000

101.88 952

961

Hungary

Government

International

Bond

01/03/24

302,000

98.05 296

Hungary

Government

International

Bond

07/25/24

498,000

99.33 495

Hungary

Government

International

Bond

11/06/24

200,000

60.16 120

Icahn

Enterprises,

LP

/

Icahn

Enterprises

Finance

Corp.

11/13/24

145,000

100.00 145

ICICI

Bank,

Ltd.

03/24/25

114,000

97.69 111

ICNQ

Mortgage

Trust

11/04/24

600,000

100.95 606

615

iHeart

Communications,

Inc.

01/13/25

327,000

83.84 274

IHO

Verwaltungs

GmbH

03/24/23

EUR

150,000

106.88 160

IHO

Verwaltungs

GmbH

01/07/25

EUR

400,000

107.72 431

Iliad

SA

04/30/24

EUR

150,000

106.72 160

IMA

Industria

Macchine

Automatiche

SpA

04/11/24

EUR

230,000

107.21 247

Imperial

Brands

Finance

PLC

03/17/25

97,000

102.80 100

Imperial

Fund

Mortgage

Trust

04/14/22

352,212

99.99 352

Infraestructura

Energetica

Nova

SAPI

de

CV

06/03/22

162,000

95.80 155

InRetail

Consumer

02/07/24

97,000

92.35 90

Instituto

Costarricense

de

Electricidad

02/07/18

561,000

82.28 462

International

Flavors

&

Fragrances,

Inc.

08/05/24

136,000

93.33 127

Intesa

Sanpaolo

SpA

09/02/21

290,000

104.11 302

Intesa

Sanpaolo

SpA

12/06/23

130,000

96.95 126

INTOWN

Mortgage

Trust

03/05/25

500,000

100.00 500

IQVIA,

Inc.

12/09/19

260,000

101.81 265

Iron

Mountain,

Inc.

05/12/21

193,000

101.16 195

Iron

Mountain,

Inc.

12/09/24

171,000

93.81 160

ITC

Holdings

Corp.

04/16/24

127,000

98.65 125

ITT

Holdings

LLC

06/23/21

480,000

99.96 480

Ivory

Coast

Government

International

Bond

01/23/24

350,000

98.21 344

Ivory

Coast

Government

International

Bond

03/25/25

539,000

97.52 526

J.G.

Wentworth

XLII

LLC

10/02/18

407,600

99.97 407

James

Hardie

International

Finance

Designated

Activity

Co.

03/24/25

95,000

98.22 93

JB

Poindexter

&

Co.,

Inc.

12/07/23

649,000

100.49 652

653

JDE

Peet's

NV

12/07/23

78,000

93.64 73

Jefferson

Capital

Holdings

LLC

07/28/21

763,000

99.56 760

759

Jefferson

Capital

Holdings

LLC

01/30/24

351,000

100.00 351

Jefferson

Capital

Holdings

LLC

04/29/25

327,000

100.00 327

Jordan

Government

International

Bond

04/04/23

172,000

99.17 171

Jordan

Government

International

Bond

01/17/24

264,000

99.13 262

JPMorgan

Commercial

Mortgage

Securities

Trust

09/20/24

250,000

99.70 249

JPMorgan

Mortgage

Trust

12/06/18

717,594

90.89 652

634

JPMorgan

Mortgage

Trust

01/18/19

23,311

99.92 23

JPMorgan

Mortgage

Trust

03/22/19

16,495

101.00 17

JPMorgan

Mortgage

Trust

01/24/20

296,722

103.89 308

JPMorgan

Mortgage

Trust

01/28/20

48,280

101.57 49

JPMorgan

Mortgage

Trust

01/30/20

342,361

100.98 346

JPMorgan

Mortgage

Trust

06/02/20

132,145

101.84 135

JPMorgan

Mortgage

Trust

07/15/20

621,734

103.53 644

623

JPMorgan

Mortgage

Trust

07/21/20

400,492

106.39 426

JPMorgan

Mortgage

Trust

08/20/20

234,625

104.97 246

JPMorgan

Mortgage

Trust

10/28/20

149,240

102.89 154

JPMorgan

Mortgage

Trust

11/10/20

57,560

102.56 59

JPMorgan

Mortgage

Trust

12/07/20

23,206

103.76 24

JPMorgan

Mortgage

Trust

01/19/21

283,328

103.04 292

JPMorgan

Mortgage

Trust

05/21/21

207,498

100.92 209

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,

#### 2025
(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

04/27/22

406,371

91.03 370

JPMorgan

Mortgage

Trust

09/21/23

975,916

91.94 897

958

JPMorgan

Mortgage

Trust

09/21/23

587,126

97.68 573

590

JPMorgan

Mortgage

Trust

04/17/24

714,923

99.70 713

723

JPMorgan

Mortgage

Trust

10/29/24

1,000,000

97.09 971

953

JPMorgan

Mortgage

Trust

01/14/25

836,167

96.73 809

827

JSCB

Agrobank

01/15/25

463,000

102.52 475

Kaixo

Bondco

Telecom

SA

09/02/22

EUR

200,000

87.30 175

KazMunayGas

National

Co.

JSC

10/19/18

726,000

85.10 618

609

KEB

Hana

Bank

06/04/24

50,000

93.72 47

KeySpan

Gas

East

Corp.

07/24/23

82,000

96.01 79

Kingston

Airport

Revenue

Finance,

Ltd.

09/25/24

299,000

99.97 299

Kodiak

Gas

Services,

Inc.

07/09/24

220,000

102.48 225

Kondor

Finance

PLC

01/28/21

818,460

98.41 805

640

KSL

Commercial

Mortgage

Trust

11/27/24

600,000

99.75 599

588

La

Poste

SA

01/09/25

EUR

200,000

102.34 205

LABL,

Inc.

04/05/24

197,000

99.15 195

Lamar

Funding,

Ltd.

06/14/17

490,000

99.99 490

Lamb

Weston

Holdings,

Inc.

11/02/21

202,000

100.20 202

Landsea

Homes

Corp.

03/19/24

693,000

100.00 693

657

LCM

28,

Ltd.

10/16/18

500,000

100.00 500

LCPR

Senior

Secured

Financing

Designated

Acitivity

Co.

10/22/19

336,000

100.71 338

Lebanon

Government

International

Bond

02/14/19

213,000

100.00 213

Lebanon

Government

International

Bond

10/31/22

1,227,000

11.90 146

Level

Financing,

Inc.

03/31/23

461,000

105.36 478

Level

Financing,

Inc.

01/26/24

1,657,000

102.95 1,700

1,854

LG

Energy

Solution,

Ltd.

06/04/24

115,000

100.11 115

LGI

Homes,

Inc.

11/12/24

687,000

100.00 687

634

Liberty

Mutual

Group,

Inc.

05/03/22

51,000

127.90 65

LifePoint

Health,

Inc.

07/31/23

995,000

100.17 997

1,058

LifePoint

Health,

Inc.

09/29/23

712,000

100.00 712

780

LifePoint

Health,

Inc.

05/09/24

696,000

98.55 686

675

Lightning

Power

LLC

08/07/24

962,000

102.31 984

997

Live

Nation

Entertainment,

Inc.

04/08/20

382,000

95.27 364

Live

Nation

Entertainment,

Inc.

12/09/24

225,000

101.48 228

LoanCore

Issuer,

Ltd.

01/24/25

500,000

99.75 499

LPL

Holdings,

Inc.

03/17/25

192,000

95.43 183

Lumen

Technologies,

Inc.

05/03/23

238,875

81.00 193

LYB

Finance

Co.

BV

12/07/23

77,000

104.22 80

Madison

IAQ

LLC

04/05/24

190,000

92.04 175

Madison

Park

Funding

XXXI,

Ltd.

05/30/24

250,000

100.00 250

Mahle

GmbH

04/24/24

EUR

250,000

107.00 267

Maison

Finco

PLC

10/06/21

GBP

365,000

135.89 496

Mangrove

LuxCo

III

SARL

07/04/24

EUR

350,000

107.19 375

Market

Bidco

Finco

PLC

10/15/24

GBP

250,000

125.72 314

Marks

&

Spencer

PLC

09/27/18

111,000

107.30 119

MasTec,

Inc.

06/27/22

845,000

94.60 799

823

Mattamy

Group

Corp.

04/29/20

620,000

93.78 581

568

Mattel,

Inc.

02/25/25

223,000

95.05 212

Mauser

Packaging

Solutions

Holding

Co.

11/01/22

807,000

95.45 770

739

Mauser

Packaging

Solutions

Holding

Co.

01/30/23

542,000

100.00 542

543

Mauser

Packaging

Solutions

Holding

Co.

08/10/23

248,000

99.82 248

Mazoon

Assets

Co.

SAOC

10/02/24

254,000

99.76 253

McGraw-Hill

Education,

Inc.

11/01/24

474,000

98.74 468

Medline

Borrower,

LP

04/20/22

164,000

93.86 154

Medline

Borrower,

LP

05/03/23

167,000

89.40 149

Mello

Mortgage

Capital

Acceptance

01/24/20

846,541

104.64 886

805

Mercedes-Benz

Finance

North

America

LLC

03/17/25

132,000

99.91 132

Mexico

City

Airport

Trust

01/28/21

225,000

100.60 226

MF1,

Ltd.

02/13/23

500,000

94.37 472

MHC

Commercial

Mortgage

Trust

12/12/23

320,000

97.34 311

MHP

03/26/24

240,000

99.41 239

Michaels

Cos,

Inc.

(The)

08/15/24

312,000

64.47 201

Midwest

Connector

Capital

Co.

LLC

03/24/25

108,000

98.79 107

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

07/06/22

488,000

89.26 436

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,

#### 2025
(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

#### $
MISC

Capital

Two

Labuan,

Ltd.

10/03/23

125,000

95.40 119

Mobico

Group

PLC

09/25/24

GBP

100,000

122.39 122

Mobico

Group

PLC

12/23/24

EUR

600,000

108.50 651

647

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

02/14/23

203,000

103.66 210

Molina

Healthcare,

Inc.

05/28/20

164,000

100.00 164

Molina

Healthcare,

Inc.

06/09/21

203,000

101.90 207

Molina

Healthcare,

Inc.

11/13/24

856,000

100.00 856

850

Mongolia

Government

International

Bond

02/19/25

200,000

99.84 200

Monitchem

HoldCo

SA

04/20/23

EUR

245,000

109.64 269

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

08/01/19

25,767

94.35 24

Morgan

Stanley

Capital

I

Trust

06/05/19

377,000

88.19 332

Morgan

Stanley

Residential

Mortgage

Loan

Trust

04/29/24

493,478

103.70 512

527

Mosaic

Solar

Loan

Trust

11/27/18

52,781

98.59 52

Mosaic

Solar

Loan

Trust

11/27/18

137,672

99.09 136

Mosaic

Solar

Loan

Trust

06/12/20

178,253

99.98 178

Mosaic

Solar

Loan

Trust

03/10/21

523,110

99.48 520

Mosaic

Solar

Loan

Trust

03/24/21

202,775

100.13 203

Mosaic

Solar

Loan

Trust

06/15/21

323,151

99.56 322

MPH

Acquisition

Holdings

LLC

05/03/23

167,000

83.70 140

Mundys

SpA

12/17/21

EUR

575,000

102.38 589

638

MVM

Energetika

Zrt.

01/23/24

435,000

102.73 447

Nabors

Industries,

Inc.

01/07/20

163,000

98.05 160

Nakilat,

Inc.

06/15/17

284,874

109.55 312

Navient

Private

Education

Refi

Loan

Trust

11/03/20

106,979

99.99 107

Navient

Private

Education

Refi

Loan

Trust

01/19/21

450,000

99.96 450

NCR

Atleos

Corp.

12/09/24

174,000

109.23 190

Necessity

Retail

REIT,

Inc.

(The)

/

American

Finance

Operating

Partner,

LP

01/12/22

225,000

99.74 224

Neopharmed

Gentili

SPA

02/14/25

EUR

100,000

108.99 109

Neptune

Bidco

US,

Inc.

08/15/24

566,000

94.61 535

503

Neuberger

Berman

Loan

Advisers

CLO

27,

Ltd.

06/27/24

550,000

100.00 550

550

New

Fortress

Energy,

Inc.

01/29/24

121,000

98.02 119

New

Immo

Holding

SA

03/17/25

EUR

100,000

107.32 107

New

York

State

Electric

&

Gas

Corp.

10/17/23

58,000

95.58 55

News

Corp.

05/12/21

377,000

97.39 367

Nexi

SpA

08/02/24

EUR

400,000

96.22 385

NGG

Finance

PLC

09/21/22

EUR

400,000

84.24 337

NGL

Energy

Operating

LLC

01/25/24

300,000

100.00 300

NGL

Energy

Operating

LLC

01/25/24

530,000

100.00 530

NGPL

PipeCo

LLC

03/03/22

103,000

128.57 132

Nidda

Healthcare

Holding

GmbH

04/29/25

EUR

567,000

113.81 645

641

Nigeria

Government

International

Bond

10/13/22

569,000

69.57 396

Nigeria

Government

International

Bond

02/13/25

746,000

101.91 760

700

Nissan

Motor

Acceptance

Co.

LLC

03/04/25

1,518,000

102.03 1,549

1,531

Nissan

Motor

Acceptance

Co.

LLC

03/04/25

220,000

97.31 214

Nissan

Motor

Co.,

Ltd.

03/06/25

EUR

930,000

106.95 995

1,020

Northriver

Midstream

Finance,

LP

08/07/24

538,000

101.75 547

534

NRG

Energy,

Inc.

05/20/24

133,000

92.41 123

NXPT

Commercial

Mortgage

Trust

10/01/24

500,000

98.53 493

500

Oaktree

CLO,

Ltd.

08/23/24

250,000

100.00 250

OBX

Trust

01/15/20

93,784

101.52 95

OBX

Trust

02/16/23

386,674

96.26 372

OBX

Trust

09/25/24

113,703

101.08 115

Ocado

Group

PLC

08/01/23

GBP

900,000

108.76 979

1,080

Ocado

Group

PLC

08/01/24

GBP

230,000

127.41 293

OCP

CLO,

Ltd.

08/07/24

500,000

100.00 500

OCP

SA

07/21/21

126,000

121.65 153

OCP

SA

04/24/24

496,000

97.84 485

OCP

SA

01/15/25

299,000

99.00 296

Octagon

Investment

Partners

11,

Ltd.

02/09/23

1,000,000

98.52 985

1,002

Octagon

Loan

Funding,

Ltd.

03/27/19

250,000

98.87 247

Office

Properties

Income

Trust

01/03/23

331,000

103.38 342

Oil

and

Gas

Holding

Co.

BSCC

(The)

06/18/20

340,000

103.77 353

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

103.31 207

Oman

Government

International

Bond

10/26/22

617,000

100.00 617

640

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,

#### 2025
(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

#### $
Oman

Government

International

Bond

10/23/24

400,000

107.36 429

Oman

Government

International

Bond

03/17/25

209,000

100.44 210

OmGrid

Funding,

Ltd.

10/05/17

277,000

100.13 277

ONE

Hotels

GmbH

05/02/24

EUR

115,000

107.27 123

ONEOK,

Inc.

03/17/25

97,000

101.52 98

Onslow

Bay

Financial

LLC

04/29/22

1,100,000

96.92 1,066

1,018

Ontario

Gaming

GTA,

LP

07/20/23

938,000

100.80 944

903

Open

Text

Corp.

01/28/21

244,000

101.07 247

Open

Text

Corp.

03/17/25

107,000

103.17 110

Open

Text

Holdings,

Inc.

08/16/21

235,000

102.67 241

OPENLANE,

Inc.

01/29/24

177,000

99.94 177

Optics

Bidco

SpA

07/01/24

281,000

105.16 295

Optics

Bidco

SpA

04/23/25

200,000

95.26 191

Optics

Bidco

SpA

04/25/25

200,000

92.34 185

OQ

SAOC

07/21/21

443,000

100.17 444

Orange

SA

07/18/23

EUR

400,000

109.76 439

ORL

Trust

12/09/24

500,000

99.75 499

Orsted

A/S

02/27/24

EUR

125,000

109.96 137

Orsted

A/S

05/07/24

GBP

390,000

93.49 365

Orsted

A/S

12/16/24

EUR

610,000

101.21 617

648

OVH

Groupe

SAS

01/29/25

EUR

210,000

104.10 219

Pagaya

AI

Debt

Grantor

Trust

01/27/25

300,000

100.00 300

Pakistan

Government

International

Bond

09/03/24

667,000

91.24 609

585

Pakistan

Water

and

Power

Development

Authority

08/25/21

765,000

79.83 611

548

Palmer

Square

CLO,

Ltd.

03/19/24

1,250,000

100.00 1,250

1,255

Paraguay

Government

International

Bond

11/18/24

400,000

96.36 385

Paraguay

Government

International

Bond

02/25/25

200,000

100.00 200

PCF

GmbH

10/29/24

EUR

400,000

93.83 375

Performance

Food

Group,

Inc.

10/10/24

148,000

101.18 150

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

03/19/19

245,000

108.29 265

Petroleos

de

Venezuela

SA

08/14/24

136,312

16.90 23

Petroleos

de

Venezuela

SA

12/18/24

202,400

11.54 23

Petroleos

de

Venezuela

SA

01/07/25

983,200

14.87 146

Petroleos

del

Peru

SA

10/05/17

1,532,000

80.62 1,244

935

Petroleos

del

Peru

SA

03/20/25

261,000

76.67 200

Petroleos

Mexicanos

07/11/19

597,000

79.86 477

Petroleos

Mexicanos

03/22/22

EUR

600,000

101.77 611

613

Petroleos

Mexicanos

09/19/23

EUR

370,000

100.92 373

Petroleos

Mexicanos

05/20/24

EUR

200,000

101.71 203

Petronas

Capital,

Ltd.

09/20/22

1,934,000

87.22 1,687

1,653

Petronas

Capital,

Ltd.

10/31/23

884,000

67.48 597

568

Petronas

Capital,

Ltd.

03/26/25

580,000

100.00 580

581

Phinia,

Inc.

11/01/24

459,000

100.06 459

Pike

Corp.

09/13/21

991,000

95.49 946

975

Pinewood

Finco

PLC

05/15/24

GBP

300,000

125.31 376

PLT

VII

Finance

SARL

05/30/24

EUR

600,000

108.30 650

697

Port

of

Spain

Waterfront

Development

02/11/25

267,000

99.34 265

PRA

Group,

Inc.

11/09/21

991,000

95.24 944

903

PRA

Group,

Inc.

02/14/23

200,000

100.39 201

PRA

Group,

Inc.

05/15/24

414,000

100.00 414

PRA

Health

Sciences,

Inc.

01/08/24

45,000

96.62 43

Prestige

Brands

Holdings,

Inc.

04/05/24

227,000

97.76 222

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

12/09/24

126,000

100.24 126

Primose

Funding

LLC

03/30/21

957,500

101.77 974

947

Privatbank

CJSC

Via

UK

SPV

Credit

Finance

PLC

01/22/16

1,577,000

61.49 970

PRM5

TRUST

02/10/25

500,000

97.96 490

PROG

Holdings,

Inc.

11/10/21

770,000

100.03 770

709

ProGroup

AG

03/20/24

EUR

250,000

109.21 273

Prosus

NV

12/02/20

142,000

105.18 149

PTC,

Inc.

03/03/21

157,000

101.57 159

PTTEP

Treasury

Center

Co.,

Ltd.

06/15/17

370,000

124.05 459

Qatar

Government

International

Bond

02/16/23

877,000

99.54 873

888

Qatar

Government

International

Bond

05/21/24

352,000

99.58 351

Qatar

Government

International

Bond

02/20/25

606,000

100.12 607

612

Qatar

Government

International

Bond

03/17/25

200,000

100.63 201

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,

#### 2025
(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

#### $
Qatar

Petroleum

07/26/22

923,000

89.72 828

808

QXO

Building

Products,

Inc.

04/23/25

391,000

100.00 391

RAC

Bond

Co.

PLC

10/21/21

GBP

250,000

137.88 345

Radiology

Partners,

Inc.

11/19/21

1,099,168

93.48 1,028

1,076

Radiology

Partners,

Inc.

08/20/24

1,376,465

91.27 1,256

1,284

Radnor

RE,

Ltd.

06/18/21

79,941

100.00 80

Railworks

Holdings,

LP

/

Railworks

Rally,

Inc.

11/04/21

639,000

96.66 618

641

RCKT

Mortgage

Trust

02/06/20

174,523

100.67 176

RCKT

Mortgage

Trust

03/11/21

137,143

101.54 139

ReadyCap

Commercial

Mortgage

Trust

11/01/19

270,000

101.99 275

Reliance

Industries,

Ltd.

02/07/24

125,000

97.24 122

Renault

SA

03/21/22

EUR

400,000

104.55 418

Renault

SA

06/18/24

EUR

500,000

104.68 523

539

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

384,000

86.12 331

Republic

of

Kenya

Government

International

Bond

02/12/24

331,000

97.62 323

Republic

of

Kenya

Government

International

Bond

04/02/24

200,000

101.45 203

Republic

of

Serbia

Government

International

Bond

06/05/24

417,000

98.00 409

Republic

of

South

Africa

Government

International

Bond

03/17/25

571,000

95.46 545

544

Republic

of

Uzbekistan

Government

International

Bond

02/14/25

200,000

84.13 168

Republic

of

Uzbekistan

Government

International

Bond

02/19/25

200,000

99.80 200

Republic

of

Zambia

Government

International

Bond

06/28/24

109,306

49.50 54

Republic

of

Zambia

Government

International

Bond

06/28/24

71,947

88.28 64

Republic

of

Zambia

Government

International

Bond

04/07/25

50,000

49.57 25

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

09/03/21

582,000

92.47 538

503

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/02/22

101,000

93.99 95

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/09/22

463,000

83.94 396

RFM

Re-REMIC

Trust

08/03/22

560,000

81.37 456

RFM

Re-REMIC

Trust

08/03/22

1,210,000

86.93 1,052

1,128

RLJ

Lodging

Trust

11/15/24

750,000

98.00 735

736

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

04/21/22

310,000

89.20 277

Rockies

Express

Pipeline

LLC

05/06/20

273,000

94.67 258

Rockies

Express

Pipeline

LLC

02/02/22

357,000

101.41 362

Rockies

Express

Pipeline

LLC

04/02/24

565,000

94.24 532

540

Rogers

Communications,

Inc.

05/02/23

729,000

94.16 686

710

Roller

Bearing

Co.

of

America,

Inc.

01/11/22

199,000

101.38 202

Rolls-Royce

PLC

03/01/23

361,000

98.88 357

Romanian

Government

International

Bond

02/12/24

1,504,000

67.49 1,015

894

Romanian

Government

International

Bond

01/29/25

388,000

83.10 322

Romanian

Government

International

Bond

04/29/25

408,000

99.66 407

Royal

Caribbean

Cruises,

Ltd.

08/11/21

762,000

99.72 760

763

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

RZD

Capital

PLC

08/04/21

RUB

115,000,000

—

2,046

—

SA

Global

Sukuk,

Ltd.

12/14/22

327,000

90.77 297

Sabal

Trail

Transmission

LLC

03/17/25

147,000

98.13 144

Sabre

GLBL,

Inc.

01/11/24

631,000

96.24 607

606

Sabre

GLBL,

Inc.

11/25/24

495,000

100.82 499

Santander

UK

Group

Holdings

PLC

01/07/25

34,000

83.41 28

Saudi

Arabian

Oil

Co.

12/14/22

619,000

93.44 578

532

Saudi

Arabian

Oil

Co.

07/10/24

664,000

97.65 648

609

Saudi

Arabian

Oil

Co.

03/17/25

200,000

93.55 187

Saudi

Electricity

Global

Sukuk

Co.

05/09/19

51,000

107.90 55

Saudi

Government

International

Bond

01/08/24

1,327,000

99.31 1,318

1,333

Saudi

Government

International

Bond

11/06/24

550,000

99.40 547

552

Saudi

Government

International

Bond

01/06/25

863,000

93.85 810

814

Schaeffler

AG

03/23/23

EUR

500,000

106.55 533

559

SDAL

Trust

04/17/25

250,000

99.75 249

Sealed

Air

Corp.

10/26/16

497,000

104.04 517

516

Seaspan

Corp.

07/09/21

1,189,000

93.54 1,112

1,091

Senegal

Government

International

Bond

03/03/25

262,000

78.65 206

SEPLAT

Energy

PLC

03/13/25

283,000

100.00 283

Sequoia

Mortgage

Trust

09/17/19

47,063

101.59 48

Sequoia

Mortgage

Trust

10/08/19

48,324

101.21 49

Sequoia

Mortgage

Trust

11/14/19

775,512

102.63 796

691

Sequoia

Mortgage

Trust

06/22/22

463,960

84.77 393

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,

#### 2025
(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

#### $
Sequoia

Mortgage

Trust

01/10/25

189,532

99.38 188

SGL

Carbon

SE

11/08/24

EUR

400,000

104.38 418

Sigma

Finance

Netherlands

BV

03/17/25

117,000

99.52 116

Sinclair

Television

Group,

Inc.

01/29/25

222,000

100.00 222

Sirius

XM

Radio,

Inc.

09/24/24

365,000

87.88 321

Sitio

Royalties

Operating

Partnership,

LP

/

Sitio

Finance

Corp.

07/09/24

217,000

103.30 224

Six

Flags

Entertainment

Corp.

03/24/25

311,000

101.14 315

SK

Hynix,

Inc.

11/13/24

109,000

103.15 112

Smithfield

Foods,

Inc.

05/06/24

125,000

97.25 122

SMRT

Trust

05/02/22

1,400,000

97.42 1,364

1,316

SNF

Group

SACA

03/11/25

EUR

310,000

109.21 339

Societe

Generale

SA

04/28/25

211,000

100.77 213

SoFi

Professional

Loan

Program

LLC

10/30/18

400,000

96.07 384

SoFi

Professional

Loan

Program

LLC

10/30/18

228,701

96.40 220

SoFi

Professional

Loan

Program

LLC

03/26/19

600,000

99.98 600

544

SoFi

Professional

Loan

Program

LLC

08/06/19

1,000,000

99.97 1,000

880

SoFi

Professional

Loan

Program

Trust

03/15/19

850,000

100.33 853

813

SoFi

Professional

Loan

Program

Trust

05/14/20

600,000

99.94 600

514

SoFi

Professional

Loan

Program

Trust

08/30/21

43,000

1,688.11

726

Sonic

Capital

LLC

01/15/20

524,333

100.00 524

513

Sonic

Capital

LLC

07/29/21

578,500

100.00 579

Spirit

AeroSystems,

Inc.

01/24/24

777,000

104.63 813

861

Sri

Lanka

Government

International

Bond

12/20/24

77,223

69.41 54

Sri

Lanka

Government

International

Bond

12/20/24

398,307

70.65 281

Sri

Lanka

Government

International

Bond

12/20/24

302,511

72.23 218

Sri

Lanka

Government

International

Bond

03/17/25

162,000

79.68 129

Standard

Chartered

PLC

10/14/16

562,000

121.69 662

571

Standard

Industries,

Inc.

10/19/20

EUR

780,000

105.22 821

863

Standard

Industries,

Inc.

04/21/22

314,000

92.07 289

Staples,

Inc.

04/19/21

314,551

101.55 319

Staples,

Inc.

05/23/24

210,000

99.19 208

Starwood

Property

Trust,

Inc.

01/11/22

231,000

99.72 230

State

Oil

Co.

of

the

Azerbaijan

Republic

10/05/17

233,000

104.75 244

Summer

BC

Holdco

A

SARL

11/09/20

EUR

360,421

112.49 405

Summer

BC

Holdco

B

SARL

02/07/25

EUR

330,000

103.28 341

Sunnova

Sol

II

Issuer

LLC

11/20/20

304,377

99.98 304

Sunnova

Sol

III

Issuer

LLC

06/11/21

697,116

99.96 697

577

Sunrun

Bacchus

Issuer

LLC

01/28/25

699,239

99.98 699

685

Sunrun

Xanadu

Issuer

05/31/19

340,542

100.00 341

SURA

Asset

Management

SA

03/17/25

120,000

99.15 119

SWCH

Commercial

Mortgage

Trust

02/05/25

500,000

99.75 499

Symphony

CLO

XIX,

Ltd.

03/21/19

500,000

97.86 489

Talen

Energy

Supply

LLC

04/28/23

793,000

100.60 798

846

Tallgrass

Energy

Partners,

LP

/

Tallgrass

Energy

Finance

Corp.

07/09/24

277,000

100.74 279

TC

Ziraat

Bankasi

AS

01/15/25

599,000

102.69 615

609

TC

Ziraat

Bankasi

AS

01/28/25

349,000

99.51 347

TCW

CLO,

Ltd.

03/13/25

800,000

100.00 800

788

Team

Health

Holdings,

Inc.

11/04/24

780,000

111.43 869

841

Tele

Columbus

AG

11/13/24

EUR

262,500

86.13 226

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

01/15/25

543,000

99.52 540

539

Teleflex,

Inc.

01/28/21

156,000

102.45 160

Telefonica

Europe

BV

11/24/22

EUR

200,000

87.44 175

Telefonica

Europe

BV

01/26/23

EUR

300,000

104.63 314

Teva

Pharmaceutical

Finance

Netherlands

II

BV

06/02/23

EUR

550,000

102.59 564

604

Teva

Pharmaceutical

Finance

Netherlands

II

BV

10/25/23

EUR

560,000

93.20 522

593

Texas

Eastern

Transmission,

LP

12/05/19

74,000

101.29 75

TGS

ASA

11/20/24

310,000

100.00 310

Tierra

Mojada

Luxembourg

II

Sarl

04/07/22

222,021

90.79 202

TKC

Holdings,

Inc.

04/05/24

232,000

97.71 227

Topaz

Solar

Farms

LLC

04/02/24

559,525

99.66 558

523

TransDigm,

Inc.

07/09/24

243,000

101.42 246

Transnet

SOC,

Ltd.

10/17/23

609,000

99.13 604

613

Travelex

Financing

PLC

06/13/17

EUR

1,400,000

—

1,657

—

Travelex

Issuerco,

Ltd.

08/06/20

GBP

2,576,218

124.69 3,212

3,486

Trident

TPI

Holdings,

Inc.

11/01/24

580,000

109.04 632

608

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,

#### 2025
(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

#### $
Trinidad

Generation

UnLtd

08/16/19

683,000

99.84 682

653

Triton

Container

International,

Ltd.

02/19/21

326,458

99.84 326

Triumph

Group,

Inc.

02/28/23

607,000

101.62 617

637

Trivium

Packaging

Finance

BV

04/24/25

250,000

97.27 243

TUI

Cruises

GmbH

11/19/24

EUR

120,000

105.95 127

Turkiye

Ihracat

Kredi

Bankasi

AS

07/21/21

449,000

98.69 443

Turkiye

Varlik

Fonu

Yonetimi

AS

04/18/24

397,000

100.90 401

TVL

Finance

PLC

04/21/23

GBP

100,000

123.29 123

UGI

International

LLC

08/31/23

EUR

500,000

91.77 459

524

UKG,

Inc.

12/09/24

211,000

103.08 217

Ukraine

Government

International

Bond

04/23/15

195,000

45.32 88

Ukraine

Government

International

Bond

08/30/24

149,083

43.25 64

Ukraine

Government

International

Bond

08/30/24

899,490

46.15 415

Ukraine

Government

International

Bond

10/10/24

427,988

59.12 253

Ukraine

Government

International

Bond

03/17/25

200,000

58.34 117

UniCredit

SpA

05/08/20

205,000

104.52 214

UniCredit

SpA

04/02/24

339,000

97.81 332

United

Airlines,

Inc.

07/09/24

210,000

98.34 207

United

Group

BV

01/23/20

EUR

300,000

110.56 332

United

Rentals

NA,

Inc.

03/17/25

154,000

101.67 157

Uniti

Group,

Inc.

12/18/24

216,000

113.26 245

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

06/09/21

1,458,000

95.45 1,355

1,333

Uniti

Group,

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

01/13/25

120,000

106.25 128

Univision

Communications,

Inc.

08/10/23

294,000

101.60 299

US

Foods,

Inc.

03/03/21

253,000

100.88 255

UWM

Mortgage

Trust

05/27/21

717,605

100.47 721

578

Uzbekneftegaz

JSC

01/23/24

201,000

86.94 175

Var

Energi

ASA

07/24/23

111,000

102.67 114

Var

Energi

ASA

11/08/23

EUR

350,000

108.21 379

Venezuela

Government

International

Bond

03/19/24

539,100

21.33 115

Venezuela

Government

International

Bond

07/30/24

414,900

14.99 62

Venezuela

Government

International

Bond

09/11/24

557,600

16.73 93

Venezuela

Government

International

Bond

03/07/25

156,900

18.41 29

Venezuela

Government

International

Bond

03/27/25

84,800

100.00 85

Venture

CLO,

Ltd.

02/11/21

1,000,000

100.00 1,000

992

Venture

Global

Calcasieu

Pass

LLC

07/29/21

236,000

100.00 236

Venture

Global

Calcasieu

Pass

LLC

07/29/21

567,000

97.55 552

510

Venture

Global

Calcasieu

Pass

LLC

11/17/21

470,000

100.00 470

Venture

Global

LNG,

Inc.

04/05/24

423,000

102.76 435

VEON

Holdings

BV

12/09/24

207,000

89.53 185

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

99.99 1,000

721

Verus

Securitization

Trust

06/22/22

432,298

88.65 383

Vibrantz

Technologies,

Inc.

10/07/24

322,000

93.93 302

VICI

Properties,

LP

07/06/22

126,000

95.38 120

Videotron,

Ltd.

04/05/24

104,000

98.50 102

Viking

Baked

Goods

Acquisition

Corp.

10/24/24

449,000

100.00 449

Virgin

Media

Finance

PLC

06/03/20

GBP

250,000

125.83 315

Viridien

03/11/25

330,000

100.00 330

Vistra

Operations

Co.

LLC

03/06/24

124,000

96.84 120

Vistra

Operations

Co.

LLC

01/22/25

250,000

98.73 247

Vmed

O2

UK

Financing

I

PLC

09/10/20

GBP

200,000

127.90 256

Vmed

O2

UK

Financing

I

PLC

06/22/21

GBP

250,000

139.48 349

Vodafone

Group

PLC

02/03/21

EUR

750,000

94.84 711

792

Vodafone

Group

PLC

01/30/23

EUR

550,000

107.38 591

631

Volkswagen

Group

of

America

Finance

LLC

03/01/23

EUR

100,000

93.32 93

Volkswagen

Group

of

America

Finance

LLC

08/29/23

EUR

200,000

108.86 218

VTB

Bank

10/18/18

714,000

—

750

—

Wayfair

LLC

10/21/24

313,000

101.43 317

Weatherford

International,

Ltd.

10/14/21

550,000

96.62 531

545

Wells

Fargo

Commercial

Mortgage

Trust

03/21/19

390,000

86.32 337

Wells

Fargo

Commercial

Mortgage

Trust

05/01/24

450,000

82.64 372

Wells

Fargo

Commercial

Mortgage

Trust

05/06/24

500,000

86.89 434

Wells

Fargo

Mortgage

Backed

Securities

Trust

02/14/20

17,389

100.73 18

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,

#### 2025
(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

Mortgage

Backed

Securities

Trust

08/10/20

153,305

102.82 158

Wells

Fargo

Mortgage

Backed

Securities

Trust

09/17/20

194,488

102.15 199

Wells

Fargo

Mortgage

Backed

Securities

Trust

03/12/21

678,148

101.28 687

550

Wendy's

Funding

LLC

03/26/19

463,658

99.07 459

WEPA

Hygieneprodukte

GmbH

01/17/24

EUR

100,000

108.16 108

Werner

FinCo,

LP

/

Werner

FinCo,

Inc.

07/09/24

211,000

107.27 226

Williams

Scotsman

International,

Inc.

01/28/21

188,000

101.85 191

Wilsonart

LLC

07/25/24

607,000

100.00 607

552

Wingstop

Funding

LLC

11/19/24

900,000

100.00 900

921

Wintershall

Dea

Finance

BV

02/24/23

EUR

400,000

86.77 347

Wintershall

Dea

Finance

BV

07/27/23

EUR

300,000

94.55 284

Wintershall

Dea

Finance

BV

04/29/25

EUR

351,000

113.81 399

Wipro

IT

Services

LLC

07/24/23

101,000

95.64 97

Wolverine

World

Wide,

Inc.

11/20/24

580,000

89.71 520

World

Acceptance

Corp.

01/11/22

207,000

100.14 207

Worldline

SA

09/16/24

EUR

6,602

103.98 7

Worldline

SA

11/21/24

EUR

300,000

104.44 313

XHR,

LP

11/12/24

288,000

100.00 288

XPLR

Infrastructure

Operating

Partners,

LP

03/20/25

232,000

100.00 232

XPO,

Inc.

07/25/23

118,000

99.36 117

Yara

International

ASA

12/11/24

61,000

99.39 61

YPF

SA

08/15/18

950

100.00 1

YPF

SA

01/28/21

27.86 —

—

YPF

SA

02/10/21

84.25 —

—

YPF

SA

03/08/23

250,000

86.66 217

YPF

SA

01/23/24

387,000

95.77 371

Zaxbys

Funding

LLC

05/03/24

446,625

100.00 447

Zaxbys

Funding

LLC

05/13/24

721,875

88.26 637

668

Zayo

Group

Holdings,

Inc.

10/10/24

737,000

89.69 661

605

Zayo

Group

Holdings,

Inc.

11/05/24

353,000

93.28 329

Zegona

Finance

PLC

07/10/24

EUR

460,000

108.29 498

551

ZF

Europe

Finance

BV

03/30/22

EUR

800,000

100.97 796

776

ZF

Europe

Finance

BV

06/02/23

EUR

600,000

102.01 612

627

ZF

Europe

Finance

BV

09/06/23

EUR

200,000

106.85 214

333,813

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-Bobl

Futures

EUR

4,187

06/25

Japanese

Year

Mini

Government

Bond

Futures

JPY

42,195

06/25

(1) Long

Gilt

Futures

GBP

6,920

06/25

United

States

Year

Treasury

Note

Futures

USD

74,309

06/25

592

United

States

Year

Treasury

Note

Futures

USD

15,724

06/25

United

States

Year

Treasury

Note

Futures

USD

4,713

06/25

United

States

Year

Ultra

Treasury

Note

Futures

USD

15,260

06/25

United

States

Treasury

Long

Bond

Futures

USD

4,082

06/25

(7) United

States

Treasury

Ultra

Bond

Futures

USD

3,752

06/25

(10) Short

Positions

Canadian

Year

Government

Bond

Futures

CAD

5,812

06/25

Euro-Bund

Futures

EUR

6,852

06/25

(39) Japanese

Year

Government

Bond

Futures

JPY

1,969,100

06/25

(290) United

States

Year

Treasury

Note

Futures

USD

27,476

06/25

(248) 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,

#### 2025
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

United

States

Year

Treasury

Note

Futures

USD

7,862

06/25

(158) United

States

Year

Treasury

Note

Futures

USD

6,060

06/25

(137) United

States

Year

Ultra

Treasury

Note

Futures

USD

5,393

06/25

(101) United

States

Treasury

Long

Bond

Futures

USD

8,747

06/25

(31) United

States

Treasury

Ultra

Bond

Futures

USD

1,452

06/25

(3) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

690

COP

2,866,849

05/13/25

(13) Bank

of

America

USD

CZK

1,602

05/13/25

—

Bank

of

America

USD

838

EUR

735

05/30/25

(4) Bank

of

America

USD

HUF

22,205

05/13/25

—

Bank

of

America

USD

THB

10,094

05/13/25

Bank

of

America

USD

1,606

TRY

63,948

05/13/25

Bank

of

America

USD

1,645

ZAR

30,727

05/13/25

Bank

of

America

CZK

22,822

USD

989

05/13/25

(47) Bank

of

America

EUR

USD

06/18/25

(5) Bank

of

America

HKD

7,696

USD

990

05/13/25

(2) Bank

of

America

HUF

367,655

USD

989

05/13/25

(41) Bank

of

America

MXN

5,971

USD

05/13/25

(12) Bank

of

America

PLN

3,636

USD

969

05/13/25

Bank

of

America

SGD

928

USD

692

05/13/25

(18) Bank

of

America

THB

32,840

USD

983

05/13/25

(1) Bank

of

America

TRY

767

USD

05/13/25

—

Bank

of

New

York

USD

2,467

CAD

3,527

05/13/25

Bank

of

New

York

GBP

USD

538

05/13/25

(16) BNP

Paribas

USD

693

BRL

3,974

05/13/25

BNP

Paribas

CAD

USD

05/30/25

(1) BNP

Paribas

CHF

USD

05/30/25

—

BNP

Paribas

EUR

23,434

USD

26,717

05/30/25

BNP

Paribas

EUR

5,329

USD

5,833

06/18/25

(221) BNP

Paribas

GBP

8,084

USD

10,774

05/30/25

(1) BNP

Paribas

GBP

USD

642

06/18/25

(20) BNP

Paribas

KRW

1,015,582

USD

696

05/13/25

(17) Citigroup

PEN

3,604

USD

979

05/13/25

(3) Citigroup

TWD

22,928

USD

694

05/13/25

(23) Commonwealth

Bank

of

Australia

EUR

USD

06/18/25

—

HSBC

USD

1,745

NOK

18,223

05/13/25

HSBC

SEK

17,375

USD

1,744

05/13/25

(55) JPMorgan

Chase

USD

1,655

EUR

1,530

05/13/25

JPMorgan

Chase

USD

3,104

EUR

2,725

05/13/25

(16) JPMorgan

Chase

USD

525

GBP

05/30/25

(3) JPMorgan

Chase

USD

1,587

JPY

236,069

05/13/25

Morgan

Stanley

EUR

USD

06/18/25

—

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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Morgan

Stanley

GBP

USD

06/18/25

Royal

Bank

of

Canada

EUR

5,329

USD

5,832

06/18/25

(221) Royal

Bank

of

Canada

GBP

USD

642

06/18/25

(20) Standard

Chartered

USD

EUR

06/18/25

Standard

Chartered

EUR

5,329

USD

5,832

06/18/25

(222) Standard

Chartered

GBP

USD

642

06/18/25

(20) State

Street

USD

CHF

05/13/25

(1) State

Street

USD

956

CLP

905,578

05/13/25

—

State

Street

USD

COP

7,646

05/13/25

—

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

—

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

—

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

State

Street

USD

EUR

06/18/25

State

Street

USD

GBP

05/13/25

(2) State

Street

USD

GBP

06/18/25

State

Street

USD

GBP

06/18/25

State

Street

USD

GBP

06/18/25

State

Street

USD

HKD

05/13/25

—

State

Street

USD

KRW

42,573

05/13/25

—

State

Street

USD

MXN

05/13/25

—

State

Street

USD

MYR

1,315

05/13/25

State

Street

USD

981

PEN

3,604

05/13/25

State

Street

USD

SEK

983

05/13/25

—

State

Street

USD

SGD

05/13/25

—

State

Street

USD

TWD

913

05/13/25

—

State

Street

USD

ZAR

05/13/25

—

State

Street

BRL

USD

05/13/25

—

State

Street

CAD

USD

05/13/25

(1) State

Street

CHF

3,718

USD

4,224

05/13/25

(285) State

Street

EUR

USD

06/18/25

—

State

Street

EUR

USD

06/18/25

—

State

Street

EUR

USD

06/18/25

(1) State

Street

EUR

USD

06/18/25

(1) State

Street

EUR

USD

06/18/25

(1) State

Street

EUR

USD

06/18/25

—

State

Street

EUR

USD

06/18/25

—

State

Street

EUR

USD

06/18/25

—

State

Street

EUR

USD

06/18/25

(1) State

Street

EUR

USD

06/18/25

(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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

EUR

USD

06/18/25

State

Street

EUR

USD

06/18/25

(16) State

Street

EUR

4,120

USD

4,522

06/18/25

(158) State

Street

GBP

USD

06/18/25

—

State

Street

GBP

USD

06/18/25

—

State

Street

GBP

USD

06/18/25

—

State

Street

GBP

USD

06/18/25

(4) State

Street

GBP

USD

06/18/25

(5) State

Street

GBP

USD

06/18/25

(13) State

Street

IDR

128,759

USD

05/14/25

—

State

Street

JPY

44,577

USD

05/13/25

State

Street

MYR

USD

05/13/25

—

State

Street

NOK

602

USD

05/13/25

—

UBS

USD

980

IDR

16,408,440

05/14/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(975) #### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

17,753

$

$

—

$

18,020

.7

Corporate

Bonds

and

Notes

—

147,878

—

—

147,878

.5

International

Debt

—

145,892

—

—

145,892

.0

Mortgage-Backed

Securities

—

69,078

—

—

69,078

.2

Non-US

Bonds

—

53,515

—

—

53,515

.0

Common

Stocks

Consumer

Discretionary

—

—

—

—

—

—

Energy

—

—

—

\*

Financial

Services

—

—

—

—

—

—

Materials

and

Processing

—

—

3,167

—

3,167

.7

Producer

Durables

—

—

2,946

—

2,946

.6

Preferred

Stocks

—

—

—

—

\*

Warrants

and

Rights

—

—

—

—

\*

Short-Term

Investments

—

—

32,678

32,842

.8

Total

Investments

—

434,360

6,565

32,678

473,603

.5

Other

Assets

and

Liabilities,

Net

.5

.0

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Other

Financial

Instruments

Assets

Futures

Contracts

1,140

—

—

—

1,140

.2

Foreign

Currency

Exchange

Contracts

—

518

—

—

518

.1

A

Liabilities

Futures

Contracts

(1,025)

—

—

—

(1,025)

(0

.2)

Foreign

Currency

Exchange

Contracts

—

(1,493)

—

—

(1,493)

(0

.3)

Total

Other

Financial

Instruments

\*\*

$

$

(975)

$

—

$

—

$

(860)

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Quantitative

Information

about

Level

Fair

Value

Measurements

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

securities

were

as

follows:

#### Category

#### and

#### Subcategory

#### Valuation

#### Technique(s)

#### Unobservable

#### Input(s)

#### Input/Range(s)

#### Fair

#### Value

#### ($)
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

Other\*

Common

Stocks

Energy

Other\*

Materials

and

Processing

Discounted

cash

flow\*\*\*

Discount

rate\*\*

17.8%

3,167

Market

approach\*\*\*

EBITDA

multiple\*\*\*\*

8.22x

Discount

to

guideline

comparables

20.2%

Producer

Durables

Discounted

cash

flow\*\*\*

Discount

rate\*\*

13.5%

2,946

Market

approach\*\*\*

EBITDA

multiple\*\*\*\*

6.2x

Discount

to

guideline

comparables

25.3%

Total

Investments

6,565

\*

Level

investments

with

a

listed

Valuation

Technique

of

"Other"

for

the

period

ended

April

30,

2025

were

less

than

1%

of

net

assets.

\*\*

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

\*\*\*

A

50%/50%

weighted

average

was

applied

to

the

Market

approach

and

Discounted

cash

flow.

\*\*\*\* A

relative

value

analysis

of

comparable

publicly

traded

companies

was

used

to

derive

the

EBIDTA

multiple.

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,

#### 2025
(Unaudited)

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

April

30,

2025

were

as

follows:

#### Category

#### and

#### Subcategory

#### Beginning

#### Balance

#### 11/01/2024

#### Gross

#### Purchases

#### Gross

#### Sales

#### Accrued

#### Discounts/
(Premiums)

#### Realized

#### Gain
(Loss)

#### Net

#### Transfers

#### into

#### Level

#### 3

#### Net

#### Transfers

#### out

#### of

#### Level

#### 3

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### Ending

#### Balance

#### of

#### 4/30/2025

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### on

#### Investments

#### held

#### as

#### of

#### 4/30/2025
Long-Term

Fixed

Income

Investments

Asset

Backed

Securities

$

$

—

$

—

$

—

$

—

$

—

$

—

$

$

$

International

Debt

—

—

—

—

—

—

—

Common

Stocks

Energy

—

—

—

—

—

—

Material

Processing

3,718

—

—

—

—

—

—

(551) 3,167

(551) Producer

Durables

3,188

—

—

—

—

—

—

(242) 2,946

(242) Total

Investments

$

7,761

$

—

$

—

$

—

$

—

$

—

$

$

(736) $

6,565

$

(788) Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Angola

.........................................................................................

704

Argentina

.....................................................................................

2,769

Australia

......................................................................................

Austria

.........................................................................................

Azerbaijan

...................................................................................

577

Bahrain

........................................................................................

2,602

Belarus

........................................................................................

Belgium

.......................................................................................

Bermuda

......................................................................................

505

Bolivia,

Plurinational

State

of

.....................................................

Brazil

...........................................................................................

3,895

Canada

.........................................................................................

9,013

Cayman

Islands

...........................................................................

15,796

Chile

............................................................................................

3,715

China

...........................................................................................

2,500

Colombia

.....................................................................................

2,753

Costa

Rica

...................................................................................

1,195

Czech

Republic

...........................................................................

1,533

Denmark

......................................................................................

1,165

Dominican

Republic

...................................................................

1,878

Ecuador

.......................................................................................

902

Egypt

...........................................................................................

2,097

El

Salvador

..................................................................................

530

Finland

........................................................................................

France

..........................................................................................

10,372

Gabon

..........................................................................................

Georgia

........................................................................................

576

Germany

......................................................................................

10,629

Ghana

..........................................................................................

543

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Guatemala

...................................................................................

806

Hong

Kong

..................................................................................

1,091

Hungary

.......................................................................................

2,289

India

............................................................................................

1,241

Indonesia

.....................................................................................

3,837

Ireland

.........................................................................................

2,305

Israel

............................................................................................

1,198

Italy

.............................................................................................

7,597

Ivory

Coast

..................................................................................

818

Jamaica

........................................................................................

Japan

...........................................................................................

1,020

Jersey

...........................................................................................

Jordan

..........................................................................................

Kazakhstan

..................................................................................

1,346

Kenya

..........................................................................................

504

Lebanon

.......................................................................................

Liberia

.........................................................................................

Luxembourg

................................................................................

4,585

Malaysia

......................................................................................

2,926

Mauritius

.....................................................................................

Mexico

........................................................................................

7,191

Mongolia

.....................................................................................

Morocco

......................................................................................

1,088

Netherlands

.................................................................................

1,231

Nigeria

.........................................................................................

1,425

Norway

........................................................................................

1,405

Oman

...........................................................................................

2,784

Pakistan

.......................................................................................

1,133

Panama

........................................................................................

3,261

Paraguay

......................................................................................

592

Peru

.............................................................................................

2,611

Philippines

...................................................................................

2,146

Poland

.........................................................................................

2,108

Puerto

Rico

..................................................................................

Qatar

............................................................................................

3,168

Romania

......................................................................................

1,622

Russia

..........................................................................................

726

Saudi

Arabia

................................................................................

4,808

Senegal

........................................................................................

Serbia

..........................................................................................

951

Slovenia

.......................................................................................

South

Africa

................................................................................

3,057

South

Korea

................................................................................

Spain

...........................................................................................

2,138

Sri

Lanka

.....................................................................................

632

Sweden

........................................................................................

Switzerland

.................................................................................

645

Thailand

......................................................................................

Trinidad

and

Tobago

...................................................................

904

Turkey

.........................................................................................

4,230

Ukraine

........................................................................................

1,656

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
United

Arab

Emirates

..................................................................

3,229

United

Kingdom

..........................................................................

18,589

United

States

...............................................................................

282,357

Uruguay

.......................................................................................

1,606

Uzbekistan

...................................................................................

1,030

Venezuela,

Bolivarian

Republic

of

.............................................

Zambia

........................................................................................

958

Total

Investments

...................................................................

473,603

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,

#### 2025
(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

$

518

$

—

Variation

margin

on

futures

contracts\*

—

1,140

Total

$

518

$

1,140

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

1,025

Unrealized

depreciation

on

foreign

currency

exchange

contracts

1,493

—

Total

$

1,493

$

1,025

#### 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

$

—

$

—

$

(951) Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

(763) —

Total

$

$

(763) $

(951) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

1,373

Foreig

n

currency

exchange

contracts

—

(984) —

Total

$

—

$

(984) $

1,373

\*

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,

#### 2025
(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

$

518

$

—

$

518

Total

Financial

and

Derivative

Assets

518

—

518

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

518

$

—

$

518

#### 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

New

York

—

BNP

Paribas

—

HSBC

—

—

JPMorgan

Chase

—

Morgan

Stanley

—

—

Standard

Chartered

—

—

State

Street

—

—

UBS

—

—

Total

$

518

$

$

—

$

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,

#### 2025
(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

$

1,493

$

—

$

1,493

Total

Financial

and

Derivative

Liabilities

1,493

—

1,493

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,493

$

—

$

1,493

#### 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

—

Citigroup

—

—

HSBC

—

JPMorgan

Chase

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

State

Street

—

Total

$

1,493

$

$

$

1,06

^&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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

491,916

Investments,

at

fair

value(>)

........................................................................................................................................................

473,603

Cash

..............................................................................................................................................................................................

638

Foreign

currency

holdings(^)

.......................................................................................................................................................

838

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

518

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,632

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

3,474

Fund

shares

sold

...............................................................................................................................................................

615

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

7,081

Variation

margin

on

futures

contracts

..............................................................................................................................

770

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

493,295

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

4,519

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

652

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,493

Total

liabilities

...........................................................................................................................................................

7,433

#### Net

#### Assets

#### ...............................................................................................................................................................
$

485,862

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(156,844)

Shares

of

beneficial

interest

.........................................................................................................................................................

573

Additional

paid-in

capital

............................................................................................................................................................

642,133

#### Net

#### Assets

#### ...............................................................................................................................................................
$

485,862

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

8.42 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

8.75 Class

A

—

Net

assets

...........................................................................................................................................................

$

4,525,723

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

537,614

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.30 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,386,066

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

166,915

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

8.48 Class

M

—

Net

assets

..........................................................................................................................................................

$

53,825,047

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

6,350,498

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

8.48 Class

S

—

Net

assets

............................................................................................................................................................

$

350,127,340

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

41,285,644

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

8.48 Class

Y

—

Net

assets

...........................................................................................................................................................

$

75,998,104

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,960,450

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

842

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

32,678

(a) Receivable

from

Broker

for

Futures

$

5,511

(b) Receivable

from

Broker

for

Swaps

$

1,570

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

14,361

Dividends

from

affiliated

funds

.......................................................................................................................................

771

Dividends

.........................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(1)

Total

investment

income

..............................................................................................................................................................

15,362

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,361

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

..............................................................................................................................................

2,186

Expense

reductions

..........................................................................................................................................................

(463) Net

expenses

................................................................................................................................................................................

1,723

Net

investment

income

(loss)

.......................................................................................................................................................

13,639

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(230) Investments

in

affiliated

funds

.........................................................................................................................................

(7) Futures

contracts

..............................................................................................................................................................

(951) Foreign

currency

exchange

contracts

...............................................................................................................................

(763) Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(182) Net

realized

gain

(loss)

................................................................................................................................................................

(2,116)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(1,786)

Futures

contracts

..............................................................................................................................................................

1,373

Foreign

currency

exchange

contracts

...............................................................................................................................

(984) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(1,363)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(3,479)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

10,160

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

13,639

$

25,180

Net

realized

gain

(loss)

.......................................................................................................................

(2,116)

(23,647)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(1,363)

57,384

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

10,160

58,917

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(145) (155) Class

C

..........................................................................................................................................

(49) (69) Class

M

.........................................................................................................................................

(2,185)

(2,886)

Class

S

..........................................................................................................................................

(12,924)

(16,648)

Class

Y

..........................................................................................................................................

(2,262)

(2,968)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(17,565)

(22,726)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

34,333

(68,125)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
26,928

(31,934)

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

458,934

490,868

End

of

period

.............................................................................................................................................

$

485,862

$

458,934

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,813

$

797

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(78) (655) (98) (819) Net

increase

(decrease)

1,303

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(38) (320) (66) (544) Net

increase

(decrease)

(10) (84) (25) (202) Class

M

Proceeds

from

shares

sold

701

5,967

2,248

19,005

Proceeds

from

reinvestment

of

distributions

2,185

2,885

Payments

for

shares

redeemed

(2,241)

(19,116)

(1,385)

(11,594)

Net

increase

(decrease)

(1,283)

(10,964)

1,211

10,296

Class

S

Proceeds

from

shares

sold

8,185

69,694

7,719

64,996

Proceeds

from

reinvestment

of

distributions

1,521

12,911

2,005

16,630

Payments

for

shares

redeemed

(6,832)

(58,148)

(19,466)

(159,095)

Net

increase

(decrease)

2,874

24,457

(9,742)

(77,469)

Class

Y

Proceeds

from

shares

sold

2,879

24,562

1,030

Proceeds

from

reinvestment

of

distributions

2,262

2,968

Payments

for

shares

redeemed

(855) (7,203)

(579) (4,881)

Net

increase

(decrease)

2,290

19,621

(99) (883) Total

increase

(decrease)

4,024

$

34,333

(8,638)

$

(68,125)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### Russell

#### Investment

#### Company

#### Opportunistic

#### Credit

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025\*

8.56 .23

(.06)

.17

(.31)

(.31)

October

31,

2024

7.88 .46

.63

1.09 (.41)

(.41)

October

31,

2023

7.70 .42

.09

.51

(.33)

(.33)

October

31,

2022

9.43 .38

(1.70)

(1.32)

(.41)

(.41)

October

31,

2021

8.95 .31

.46

.77

(.29)

(.29)

October

31,

2020

9.50 .36

(.44)

(.08)

(.47)

(.47)

Class

C

April

30,

2025\*

8.44 .20

(.06)

.14

(.28)

(.28)

October

31,

2024

7.79 .39

.62

1.01 (.36)

(.36)

October

31,

2023

7.63 .36

.09

.45

(.29)

(.29)

October

31,

2022

9.35 .31

(1.68)

(1.37)

(.35)

(.35)

October

31,

2021

8.89 .24

.44

.68

(.22)

(.22)

October

31,

2020

9.43 .29

(.43)

(.14)

(.40)

(.40)

Class

M

April

30,

2025\*

8.61 .25

(.06)

.19

(.32)

(.32)

October

31,

2024

7.92 .49

.63

1.12 (.43)

(.43)

October

31,

2023

7.73 .45

.08

.53

(.34)

(.34)

October

31,

2022

9.47 .41

(1.71)

(1.30)

(.44)

(.44)

October

31,

2021

8.99 .34

.46

.80

(.32)

(.32)

October

31,

2020

9.54 .39

(.44)

(.05)

(.50)

(.50)

Class

S

April

30,

2025\*

8.62 .24

(.06)

.18

(.32)

(.32)

October

31,

2024

7.93 .48

.64

1.12 (.43)

(.43)

October

31,

2023

7.74 .44

.09

.53

(.34)

(.34)

October

31,

2022

9.48 .40

(1.71)

(1.31)

(.43)

(.43)

October

31,

2021

9.00 .34

.45

.79

(.31)

(.31)

October

31,

2020

9.54 .39

(.44)

(.05)

(.49)

(.49)

Class

Y

April

30,

2025\*

8.62 .25

(.06)

.19

(.33)

(.33)

October

31,

2024

7.93 .49

.64

1.13 (.44)

(.44)

October

31,

2023

7.74 .45

.08

.53

(.34)

(.34)

October

31,

2022

9.47 .41

(1.70)

(1.29)

(.44)

(.44)

October

31,

2021

8.99 .36

.44

.80

(.32)

(.32)

October

31,

2020

9.54 .38

(.43)

(.05)

(.50)

(.50)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Opportunistic

Credit

Fund

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

8.42 2.05 4,526

1.20 1.00 5.58 31

8.56 14.19 3,287

1.34 1.00 5.50 67

7.88 6.63 2,897

1.61 1.01 5.30 55

7.70 (14.40)

2,839

1.60 1.04 4.46 47

9.43 8.65 3,100

1.60 1.08 3.33 51

8.95 (.90)

2,772

1.61 1.16 4.03 63

8.30 1.70 1,386

1.95 1.75 4.78 31

8.44 13.24 1,494

2.10 1.75 4.74 67

7.79 5.88 1,571

2.36 1.76 4.53 55

7.63 (15.08)

1,764

2.35 1.79 3.67 47

9.35 7.73 2,686

2.35 1.83 2.60 51

8.89 (1.54)

2,912

2.36 1.91 3.29 63

8.48 2.31 53,825

.95

.70

5.82 31

8.61 14.53 65,722

1.09 .70

5.80 67

7.92 6.94 50,885

1.36 .71

5.56 55

7.73 (14.19)

82,621

1.35 .74

4.77 47

9.47 8.91 102,177

1.35 .78

3.61 51

8.99 (.58)

58,359

1.37 .86

4.36 63

8.48 2.16 350,127

.95

.75

5.80 31

8.62 14.46 330,956

1.09 .75

5.74 67

7.93 6.90 381,847

1.36 .76

5.52 55

7.74 (14.22)

497,914

1.35 .79

4.71 47

9.48 8.85 624,965

1.35 .83

3.56 51

9.00 (.52)

491,951

1.37 .91

4.30 63

8.48 2.20 75,998

.76

.67

5.93 31

8.62 14.53 57,475

.89

.67

5.82 67

7.93 6.96 53,668

1.16 .68

5.70 55

7.74 (14.06)

15,861

1.16 .71

5.00 47

9.47 8.93 3,352

1.14 .75

3.81 51

8.99 (.56)

10,395

1.16 .83

4.16 63

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

196,565

Administrative

fees

19,173

Distribution

fees

1,750

Shareholder

servicing

fees

Transfer

agent

fees

24,954

Trustees'

fees

$

243,020

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

40,165

$

191,184

$

198,664

$

(7)

$

—

$

32,678

$

771

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

493,875,360

$

13,240,683

$

(34,372,660)

$

(21,131,977)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 94.8%
Asset-Backed

Securities

-

0.1%

Oklahoma

Development

Finance

Authority

Revenue

Bonds

Series

2022-OGE

Class

A2

4.851%

due

02/01/45

Series

2022-ONG

Class

A1

3.877%

due

05/01/37

Series

2022-PSO

Class

A2

4.623%

due

06/01/44

Municipal

Bonds

-

6.8%

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

2.650%

due

09/01/37

Alameda

County

Joint

Powers

Authority

Revenue

Bonds

7.046%

due

12/01/44

American

Municipal

Power,

Inc.

Revenue

Bonds

7.834%

due

02/15/41

8.084%

due

02/15/50

Bay

Area

Toll

Authority

Revenue

Bonds

6.263%

due

04/01/49

7.043%

due

04/01/50

6.907%

due

10/01/50

3.126%

due

04/01/55

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.190%

due

06/01/37

4.353%

due

06/01/41

California

State

University

Revenue

Bonds

3.899%

due

11/01/47

2.897%

due

11/01/51

2.975%

due

11/01/51

2.719%

due

11/01/52

2.939%

due

11/01/52

5.183%

due

11/01/53

Central

Puget

Sound

Regional

Transit

Authority

Revenue

Bonds

5.491%

due

11/01/39

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

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3.587%

due

01/01/43

4.787%

due

01/01/48

Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue

Bonds

6.200%

due

12/01/40

6.899%

due

12/01/40

City

of

Houston

General

Obligation

Limited

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

5.517%

due

10/01/37

6.271%

due

12/01/37

5.264%

due

10/01/44

5.094%

due

10/01/49

5.263%

due

10/01/52

5.828%

due

10/01/53

5.114%

due

10/01/54

City

of

Riverside

Revenue

Bonds

3.857%

due

06/01/45

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

5.985%

due

02/01/39

5.808%

due

02/01/41

4.427%

due

02/01/42

Commonwealth

Financing

Authority

Revenue

Bonds

4.144%

due

06/01/38

2.991%

due

06/01/42

Commonwealth

of

Massachusetts

General

Obligation

Limited

5.456%

due

12/01/39

2.900%

due

09/01/49

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

5.731%

due

06/01/40

County

of

Broward

Airport

System

Revenue

Bonds

3.477%

due

10/01/43

County

of

Clark

Department

of

Aviation

Revenue

Bonds

6.820%

due

07/01/45

County

of

Miami-Dade

Aviation

Revenue

Bonds

4.280%

due

10/01/41

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

6.224%

due

11/01/55

County

of

Miami-Dade

Transit

System

Revenue

Bonds

2.600%

due

07/01/42

County

of

Riverside

Revenue

Bonds

3.818%

due

02/15/38

Dallas

Area

Rapid

Transit

Revenue

Bonds

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Dallas

Fort

Worth

International

Airport

Revenue

Bonds

2.994%

due

11/01/38

2.843%

due

11/01/46

2.919%

due

11/01/50

4.087%

due

11/01/51

4.507%

due

11/01/51

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

4.814%

due

10/01/14

East

Bay

Municipal

Utility

District

Water

System

Revenue

Bonds

5.874%

due

06/01/40

Empire

State

Development

Corp.

Revenue

Bonds

5.770%

due

03/15/39

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

4.094%

due

01/15/49

3.924%

due

01/15/53

(µ)

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

3.115%

due

06/01/38

3.714%

due

06/01/41

3.293%

due

06/01/42

4.214%

due

06/01/50

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

5.184%

due

10/01/42

3.236%

due

10/01/52

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

4.532%

due

01/01/35

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

&

Power

Revenue

Bonds

6.574%

due

07/01/45

6.603%

due

07/01/50

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

5.198%

due

12/01/39

Series

2022-ELL

Class

A3

4.275%

due

02/01/36

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2022-ELL

Class

A4

4.475%

due

08/01/39

Series

2023-ELL

Class

A2

5.048%

due

12/01/34

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

&

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

3.395%

due

10/15/40

2.950%

due

05/15/43

Metropolitan

Government

of

Nashville

&

Davidson

County

Convention

Center

Authority

Revenue

Bonds

6.731%

due

07/01/43

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund

Revenue

Bonds

7.336%

due

11/15/39

Metropolitan

Transportation

Authority

Revenue

Bonds

6.668%

due

11/15/39

6.814%

due

11/15/40

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

7.462%

due

10/01/46

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Limited

5.720%

due

12/01/38

Michigan

Finance

Authority

Revenue

Bonds

3.084%

due

12/01/34

3.384%

due

12/01/40

Michigan

State

University

Revenue

Bonds

4.165%

due

08/15/22

Michigan

Strategic

Fund

Revenue

Bonds

3.225%

due

09/01/47

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3.652%

due

08/15/57

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

6.655%

due

04/01/57

7.055%

due

04/01/57

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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

7.102%

due

01/01/41

535

610

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.750%

due

06/15/41

5.724%

due

06/15/42

5.952%

due

06/15/42

6.011%

due

06/15/42

5.440%

due

06/15/43

5.882%

due

06/15/44

New

York

State

Dormitory

Authority

Revenue

Bonds

5.628%

due

03/15/39

5.600%

due

03/15/40

4.946%

due

08/01/48

(µ)

North

Texas

Tollway

Authority

Revenue

Bonds

6.718%

due

01/01/49

Ohio

State

University

(The)

Revenue

Bonds

4.910%

due

06/01/40

Ohio

Turnpike

&

Infrastructure

Commission

Revenue

Bonds

3.216%

due

02/15/48

Oklahoma

Development

Finance

Authority

Revenue

Bonds

4.380%

due

11/01/45

5.087%

due

02/01/52

Series

2022-ONG

Class

A3

4.714%

due

05/01/52

Oregon

State

University

Revenue

Bonds

3.424%

due

03/01/60

(µ)

Pennsylvania

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

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.647%

due

11/01/40

4.960%

due

08/01/46

4.031%

due

09/01/48

4.926%

due

10/01/51

5.072%

due

07/15/53

4.229%

due

10/15/57

3.175%

due

07/15/60

4.458%

due

10/01/62

4.810%

due

10/15/65

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.287%

due

08/01/69

Port

of

Morrow

Revenue

Bonds

2.543%

due

09/01/40

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Bonds

6.548%

due

05/15/48

6.583%

due

05/15/49

3.006%

due

05/15/50

4.563%

due

05/15/53

3.256%

due

05/15/60

3.706%

due

05/15/20

Regional

Transportation

District

Sales

Tax

Revenue

Bonds

5.844%

due

11/01/50

Rutgers

The

State

University

of

New

Jersey

Revenue

Bonds

5.665%

due

05/01/40

3.270%

due

05/01/43

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3.238%

due

01/01/42

3.820%

due

01/01/48

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue

Bonds

4.839%

due

01/01/41

San

Diego

County

Regional

Transportation

Commission

Revenue

Bonds

5.911%

due

04/01/48

San

Diego

County

Water

Authority

Revenue

Bonds

6.138%

due

05/01/49

San

Francisco

City

&

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

750

905

7.300%

due

10/01/39

7.350%

due

11/01/39

7.625%

due

03/01/40

7.600%

due

11/01/40

525

638

5.875%

due

10/01/41

720

741

5.200%

due

03/01/43

State

of

Illinois

General

Obligation

Unlimited

6.630%

due

02/01/35

6.725%

due

04/01/35

7.350%

due

07/01/35

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
State

of

Texas

General

Obligation

Unlimited

5.517%

due

04/01/39

4.681%

due

04/01/40

Texas

Natural

Gas

Securitization

Finance

Corp.

Revenue

Bonds

5.102%

due

04/01/35

5.169%

due

04/01/41

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

3.922%

due

12/31/49

Texas

Transportation

Commission

General

Obligation

Unlimited

2.472%

due

10/01/44

University

of

California

Revenue

Bonds

3.071%

due

05/15/51

4.858%

due

05/15/12

4.767%

due

05/15/15

University

of

Michigan

Revenue

Bonds

2.437%

due

04/01/40

3.599%

due

04/01/47

2.562%

due

04/01/50

3.504%

due

04/01/52

4.454%

due

04/01/22

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

University

of

Pittsburgh

of

the

Commonwealth

System

of

Higher

Education

Tax

Revenue

Bonds

3.555%

due

09/15/19

University

of

Texas

System

Revenue

Bonds

4.794%

due

08/15/46

3.354%

due

08/15/47

2.439%

due

08/15/49

University

of

Virginia

Revenue

Bonds

2.256%

due

09/01/50

2.584%

due

11/01/51

4.179%

due

09/01/17

27,224

United

States

Government

Agencies

-

16.6%

Federal

Farm

Credit

Banks

Funding

Corp.

1.800%

due

06/04/35

5.310%

due

09/25/35

2,902

2,889

2.400%

due

03/24/36

1,144

902

5.400%

due

10/04/38

2.750%

due

03/07/39

3.650%

due

04/01/39

938

803

5.750%

due

11/14/39

700

695

1.950%

due

08/13/40

3.700%

due

03/24/42

1,368

1,101

5.950%

due

11/14/44

5.860%

due

12/02/49

1,000

991

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Federal

Home

Loan

Banks

4.875%

due

09/10/32

670

698

2.220%

due

03/30/35

555

1.625%

due

08/03/35

650

5.625%

due

03/14/36

2.375%

due

06/23/36

575

5.500%

due

07/15/36

6,875

7,488

2.300%

due

08/18/36

Federal

Home

Loan

Mortgage

Corp.

6.250%

due

07/15/32

800

908

4.701%

due

09/15/36

(ž)

3,074

1,823

5.016%

due

11/15/38

(ž)

800

Series

5.027%

due

11/15/38

(ž)

6,164

3,173

Federal

National

Mortgage

Association

5.625%

due

07/15/37

4,774

5,264

6.210%

due

08/06/38

2,019

2,338

Series

0000

1.550%

due

08/24/35

515

Tennessee

Valley

Authority

7.125%

due

05/01/30

4.650%

due

06/15/35

1,638

1,660

5.880%

due

04/01/36

8,529

9,448

5.980%

due

04/01/36

1,206

1,331

6.150%

due

01/15/38

818

927

5.500%

due

06/15/38

1,472

1,574

5.250%

due

09/15/39

10,975

11,485

3.500%

due

12/15/42

5,436

4,462

4.875%

due

01/15/48

1,741

1,654

4.250%

due

09/15/52

833

696

66,597

United

States

Government

Treasuries

-

71.3%

United

States

Treasury

Notes

4.500%

due

02/15/36

24,469

25,241

4.750%

due

02/15/37

15,357

16,103

5.000%

due

05/15/37

19,853

21,233

4.375%

due

02/15/38

20,894

20,986

4.500%

due

05/15/38

23,655

24,043

3.500%

due

02/15/39

24,046

21,803

4.250%

due

05/15/39

35,950

35,220

4.500%

due

08/15/39

38,398

38,518

4.375%

due

11/15/39

41,299

40,796

4.625%

due

02/15/40

41,579

42,177

286,120

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$380,946)

380,159

#### Short-Term

#### Investments

#### -

#### 3.7%
U.S.

Cash

Management

Fund(@)

15,006,986

(∞)

15,002

#### Total

#### Short-Term

#### Investments
(cost

$15,002)

15,002

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Investments

#### -

#### 98.5%
(identified

cost

$395,948)

395,161

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.5%
5,850

#### Net

#### Assets

#### -

#### 100.0%
401,011

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,

#### 2025
(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

13,080

06/25

United

States

Treasury

Long

Bond

Futures

USD

8,747

06/25

United

States

Treasury

Ultra

Bond

Futures

USD

4,962

06/25

Short

Positions

United

States

Year

Treasury

Note

Futures

USD

06/25

(2) United

States

Year

Treasury

Note

Futures

USD

4,601

06/25

(68) United

States

Treasury

Long

Bond

Futures

USD

06/25

(1) United

States

Treasury

Ultra

Bond

Futures

USD

1,089

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

$

—

$

—

$

.1

Municipal

Bonds

—

27,224

—

—

27,224

.8

United

States

Government

Agencies

—

66,597

—

—

66,597

.6

United

States

Government

Treasuries

—

286,120

—

—

286,120

.3

Short-Term

Investments

—

—

—

15,002

15,002

.7

Total

Investments

—

380,159

—

15,002

395,161

.5

Other

Assets

and

Liabilities,

Net

.5

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

.1

A

Liabilities

Futures

Contracts

(71)

—

—

—

(71)

(—)

\*

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

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,

#### 2025
(Unaudited)

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
United

States

......................................................................................

395,161

Total

Investments

...............................................................................

395,161

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,

#### 2025
(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\*

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,272)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

395,948

Investments,

at

fair

value(>)

........................................................................................................................................................

395,161

Cash

..............................................................................................................................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

5,038

Dividends

from

affiliated

funds

.......................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

401,483

#### Liabilities
Payables:

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

#### Net

#### Assets

#### ...............................................................................................................................................................
$

401,011

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(4,337)

Shares

of

beneficial

interest

.........................................................................................................................................................

505

Additional

paid-in

capital

............................................................................................................................................................

404,843

#### Net

#### Assets

#### ...............................................................................................................................................................
$

401,011

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

7.93 Class

M

—

Net

assets

..........................................................................................................................................................

$

59,586,897

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

7,510,005

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

7.93 Class

S

—

Net

assets

............................................................................................................................................................

$

247,342,499

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

31,181,279

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

7.94 Class

Y

—

Net

assets

...........................................................................................................................................................

$

94,081,821

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

11,855,405

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

15,002

(a) Receivable

from

Broker

for

Futures

$

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

8,283

Dividends

from

affiliated

funds

.......................................................................................................................................

Total

investment

income

..............................................................................................................................................................

8,643

#### 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

..............................................................................................................................................

871

Expense

reductions

..........................................................................................................................................................

(44) Net

expenses

................................................................................................................................................................................

827

Net

investment

income

(loss)

.......................................................................................................................................................

7,816

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(4) Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

(1,272)

Foreign

currency-related

transactions

..............................................................................................................................

(2) Net

realized

gain

(loss)

................................................................................................................................................................

(1,279)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(405) Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

757

Foreign

currency-related

transactions

..............................................................................................................................

(2) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(931) #### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

6,885

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

7,816

$

10,668

Net

realized

gain

(loss)

.......................................................................................................................

(1,279)

2,717

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

14,608

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

6,885

27,993

#### Distributions
To

shareholders

Class

M

.........................................................................................................................................

(1,326)

(2,048)

Class

S

..........................................................................................................................................

(4,937)

(3,880)

Class

Y

..........................................................................................................................................

(1,963)

(3,139)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(8,226)

(9,067)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

121,480

32,715

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
120,139

51,641

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

280,872

229,231

End

of

period

.............................................................................................................................................

$

401,011

$

280,872

\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

M

Proceeds

from

shares

sold

985

$

7,704

2,845

$

22,517

Proceeds

from

reinvestment

of

distributions

1,326

2,047

Payments

for

shares

redeemed

(1,938)

(15,364)

(1,186)

(9,549)

Net

increase

(decrease)

(784)

(6,334)

1,912

15,015

Class

S

Proceeds

from

shares

sold

17,647

139,431

5,440

43,324

Proceeds

from

reinvestment

of

distributions

632

4,936

3,880

Payments

for

shares

redeemed

(3,333)

(26,060)

(2,828)

(22,741)

Net

increase

(decrease)

14,946

118,307

3,092

24,463

Class

Y

Proceeds

from

shares

sold

2,456

19,319

2,704

Proceeds

from

reinvestment

of

distributions

1,963

3,138

Payments

for

shares

redeemed

(1,496)

(11,775)

(1,552)

(12,605)

Net

increase

(decrease)

1,211

9,507

(823)

(6,763)

Total

increase

(decrease)

15,373

$

121,480

4,181

$

32,715

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Long

#### Duration

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

M

April

30,

2025\*

7.99 .16

(.04)

.12

(.18)

—

October

31,

2024

7.40 .33

.54

.87

(.28)

—

October

31,

2023(ſ)

7.89 .33

(.82)

(.49)

—

—

Class

S

April

30,

2025\*

7.98 .16

(.04)

.12

(.17)

—

October

31,

2024

7.40 .32

.53

.85

(.27)

—

October

31,

2023(ſ)

7.89 .32

(.81)

(.49)

—

—

Class

Y

April

30,

2025\*

7.99 .16

(.03)

.13

(.18)

—

October

31,

2024

7.40 .33

.54

.87

(.28)

—

October

31,

2023

8.26 .26

(.51)

(.25)

(.61)

—

October

31,

2022

10.13 .13

(1.47)

(1.34)

(.25)

(.28)

October

31,

2021

10.46 .10

(.08)

.02

(.05)

(.30)

October

31,

2020(ȸ)

10.00 .12

.45

.57

(.11)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Long

Duration

Bond

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(±)(ǿ)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.18)

7.93 1.52 59,587

.50

.35

4.15 27

(.28)

7.99 11.80 66,237

.57

.37

4.09 49

—

7.40 (6.21)

47,202

.57

.31

4.37 84

(.17)

7.93 1.58 247,342

.50

.50

4.05 27

(.27)

7.98 11.51 129,604

.57

.52

3.9 4

—

7.40 (6.21)

97,194

.58

.46

4.19 84

(.18)

7.94 1.67 94,082

.30

.30

4.20 27

(.28)

7.99 11.84 85,031

.37

.32

4.15 49

(.61)

7.40 (3.53)

84,835

.98

.26

3.3 1

(.53)

8.26 (13.88)

26,518

1.19 .26

1.47 80

(.35)

10.13 .17

39,361

.82

.27

.99

(.11)

10.46 5.77 70,753

.73

.26

1.20 117

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

49,142

Administrative

fees

15,754

Transfer

agent

fees

43,081

Trustees'

fees

1,186

$

109,163

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

11,845

$

152,834

$

149,674

$

(1)

$

(2)

$

15,002

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

395,797,622

$

2,016,164

$

(2,500,657)

$

(484,493)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 84.4%
Asset-Backed

Securities

-

4.5%

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

5.794%

due

08/15/34

(CME

Term

SOFR

Month

+

1.184%)(Ê)(Þ)

3,041

3,037

Audax

Senior

Debt

CLO

LLC

Series

2025-12A

Class

B

5.917%

due

04/22/37

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

4,160

4,163

BRAVO

Residential

Funding

Trust

Series

2024-CES1

Class

A1A

6.377%

due

04/25/54

(~)(Ê)(Þ)

799

807

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

2,787

2,786

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

2,306

2,290

Churchill

Middle

Market

CLO

LLC

Series

2025-1A

Class

BR

5.976%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

3,910

3,841

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

2,952

2,978

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

4.315%

due

04/25/47

(~)(Ê)

7,768

7,428

DLLAA

LLC

Series

2025-1A

Class

A4

5.080%

due

04/20/33

(Þ)

1,700

1,737

FIGRE

Trust

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

970

1,006

Series

2023-HE3

Class

A

6.436%

due

11/25/53

(~)(Ê)(Þ)

1,363

1,399

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

4,949

5,020

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

1,653

1,680

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

2,669

2,666

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

2,644

2,665

Series

2025-HE1

Class

A

5.829%

due

01/25/55

1,222

1,226

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

3,493

3,519

Greenpoint

Manufactured

Housing

Contract

Trust

Series

2000-4

Class

A3

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.960%

due

08/21/31

(USD

Month

LIBOR

+

2.000%)(Ê)

1,575

1,522

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)

John

Deere

Owner

Trust

Series

2024-B

Class

A4

5.190%

due

05/15/31

4,000

4,102

Kubota

Credit

Owner

Trust

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

1,750

1,790

Mid-State

Capital

Corp.

Trust

Series

2005-1

Class

A

5.745%

due

01/15/40

MMAF

Equipment

Finance

LLC

Series

2024-A

Class

A4

5.100%

due

07/13/49

(Þ)

3,160

3,235

Series

2025-A

Class

A4

5.020%

due

06/13/50

(Þ)

3,000

3,058

Option

One

Mortgage

Loan

Trust

Series

2007-FXD1

Class

3A4

5.860%

due

01/25/37

(~)(Ê)

1,230

1,207

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

2,665

2,677

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

3,712

3,740

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

2,632

2,630

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

2,819

2,897

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

1,881

1,945

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

5,763

5,863

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

1,222

1,189

Series

2023-CES2

Class

A1A

7.294%

due

10/25/63

(~)(Ê)(Þ)

2,604

2,649

87,291

Corporate

Bonds

and

Notes

-

25.3%

Consumer

Discretionary

-

3.9%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

2,963

2,708

American

Airlines,

Inc.

Pass-Through

Certificates

Trust

Series

A

2.875%

due

07/11/34

2,432

2,107

Series

AA

3.575%

due

01/15/28

1,464

1,406

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

AA

Class

AA

3.650%

due

02/15/29

7,103

6,755

Aptiv

Swiss

Holdings,

Ltd.

4.150%

due

05/01/52

1,005

685

Bath

&

Body

Works,

Inc.

6.950%

due

03/01/33

Best

Buy

Co.,

Inc.

1.950%

due

10/01/30

980

841

BorgWarner,

Inc.

5.400%

due

08/15/34

525

519

Brunswick

Corp.

5.100%

due

04/01/52

682

505

Carnival

Corp.

4.000%

due

08/01/28

(Þ)

1,890

1,804

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.150%

due

11/10/26

2,782

2,837

3.700%

due

04/01/51

545

5.250%

due

04/01/53

965

765

Series

WI

3.750%

due

02/15/28

715

694

4.200%

due

03/15/28

965

948

Comcast

Corp.

3.400%

due

04/01/30

505

Series

WI

2.937%

due

11/01/56

1,460

850

Cummins,

Inc.

5.450%

due

02/20/54

1,170

1,113

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

2,653

2,630

DR

Horton,

Inc.

5.500%

due

10/15/35

1,790

1,794

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

2,671

2,645

Ford

Motor

Co.

7.400%

due

11/01/46

1,236

1,231

General

Motors

Co.

6.125%

due

10/01/25

General

Motors

Financial

Co.,

Inc.

5.800%

due

06/23/28

2,469

2,519

Historic

TW,

Inc.

8.300%

due

01/15/36

(~)(Ê)

Home

Depot,

Inc.

(The)

3.350%

due

04/15/50

1,830

1,266

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

1,143

1,125

Hyundai

Capital

America

2.375%

due

10/15/27

(Þ)

1,215

1,147

1.800%

due

01/10/28

(Þ)

825

762

Kohl's

Corp.

4.625%

due

05/01/31

1,122

703

L

Brands,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.600%

due

07/15/37

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

2,528

2,583

Lowe's

Cos.,

Inc.

3.000%

due

10/15/50

817

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

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

3,000

2,823

McDonald's

Corp.

5.450%

due

08/14/53

Newell

Brands,

Inc.

6.875%

due

04/01/36

625

544

7.000%

due

04/01/46

668

516

Nissan

Motor

Acceptance

Co.

LLC

6.950%

due

09/15/26

(Þ)

2,000

2,017

Nordstrom,

Inc.

4.375%

due

04/01/30

703

623

5.000%

due

01/15/44

820

575

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/16/29

(Þ)

4.625%

due

04/06/31

(Þ)

980

785

Royal

Caribbean

Cruises,

Ltd.

7.500%

due

10/15/27

3.700%

due

03/15/28

RTX

Corp.

4.125%

due

11/16/28

2,270

2,252

6.400%

due

03/15/54

935

1,005

Starbucks

Corp.

3.750%

due

12/01/47

526

Steelcase,

Inc.

5.125%

due

01/18/29

648

616

Tapestry,

Inc.

5.500%

due

03/11/35

950

926

Time

Warner

Cable

LLC

5.500%

due

09/01/41

1,496

1,280

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

1,392

1,379

Travel

+

Leisure

Co.

5.750%

due

04/01/27

620

623

Under

Armour,

Inc.

3.250%

due

06/15/26

853

827

United

Airlines

Pass-Through

Trust

Series

AA

4.150%

due

08/25/31

1,366

1,296

2.700%

due

05/01/32

1,544

1,351

VF

Corp.

6.450%

due

11/01/37

Walgreens

Boots

Alliance,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.800%

due

11/18/44

851

786

4.650%

due

06/01/46

830

753

4.100%

due

04/15/50

651

569

Walmart,

Inc.

3.625%

due

12/15/47

1,835

1,403

WarnerMedia

Holdings,

Inc.

Series

WI

3.755%

due

03/15/27

820

798

5.050%

due

03/15/42

1,175

884

5.141%

due

03/15/52

3,445

2,365

Yum!

Brands,

Inc.

6.875%

due

11/15/37

5.350%

due

11/01/43

76,187

Consumer

Staples

-

1.3%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

5.875%

due

02/15/28

(Þ)

3.500%

due

03/15/29

(Þ)

Altria

Group,

Inc.

2.450%

due

02/04/32

2,024

1,716

5.950%

due

02/14/49

537

520

Campbell

Soup

Co.

3.125%

due

04/24/50

1,983

1,275

Coca-Cola

Co.

(The)

2.600%

due

06/01/50

955

583

2.750%

due

06/01/60

1,594

928

Conagra

Brands,

Inc.

1.375%

due

11/01/27

3,141

2,899

Constellation

Brands,

Inc.

4.350%

due

05/09/27

1,223

1,220

CVS

Health

Corp.

4.300%

due

03/25/28

4.780%

due

03/25/38

2,391

2,156

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

2.500%

due

01/15/27

742

716

6.500%

due

12/01/52

532

546

Kraft

Heinz

Foods

Co.

4.625%

due

01/30/29

2,312

2,319

Kroger

Co.

(The)

5.500%

due

09/15/54

1,565

1,462

Mondelez

International,

Inc.

1.250%

due

09/24/26

(Þ)

PepsiCo,

Inc.

2.875%

due

10/15/49

1,661

1,076

Philip

Morris

International,

Inc.

5.750%

due

11/17/32

2,405

2,522

Safeway,

Inc.

7.250%

due

02/01/31

Smithfield

Foods,

Inc.

3.000%

due

10/15/30

(Þ)

1,215

1,079

Sysco

Corp.

3.300%

due

02/15/50

727

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tyson

Foods,

Inc.

5.100%

due

09/28/48

2,743

2,424

25,138

Energy

-

2.1%

BP

Capital

Markets

America,

Inc.

2.939%

due

06/04/51

2,690

1,654

Buckeye

Partners,

LP

3.950%

due

12/01/26

796

776

4.125%

due

12/01/27

5.850%

due

11/15/43

Enbridge

Energy

Partners,

LP

7.375%

due

10/15/45

939

1,055

Energy

Transfer,

LP

6.100%

due

12/01/28

2,656

2,777

5.000%

due

05/15/50

1,810

1,451

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

2,873

2,784

Exxon

Mobil

Corp.

3.452%

due

04/15/51

540

Global

Marine,

Inc.

7.000%

due

06/01/28

522

Kinder

Morgan

Energy

Partners,

LP

7.300%

due

08/15/33

1,118

1,220

5.400%

due

09/01/44

1,685

1,522

Marathon

Petroleum

Corp.

Series

WI

3.800%

due

04/01/28

1,455

1,429

MPLX,

LP

4.000%

due

03/15/28

4,434

4,374

Murphy

Oil

Corp.

5.875%

due

12/01/42

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

2,298

2,581

Occidental

Petroleum

Corp.

6.200%

due

03/15/40

1,651

1,515

ONEOK,

Inc.

4.550%

due

07/15/28

2,460

2,458

5.650%

due

11/01/28

1,090

1,124

6.100%

due

11/15/32

820

849

Rockies

Express

Pipeline

LLC

4.950%

due

07/15/29

(Þ)

4.800%

due

05/15/30

(Þ)

7.500%

due

07/15/38

(Þ)

6.875%

due

04/15/40

(Þ)

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

2,479

2,442

Targa

Resources

Corp.

6.150%

due

03/01/29

2,687

2,803

Topaz

Solar

Farms

LLC

5.750%

due

09/30/39

(Þ)

Transocean,

Inc.

7.500%

due

04/15/31

692

6.800%

due

03/15/38

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.350%

due

12/15/41

Valero

Energy

Corp.

4.350%

due

06/01/28

Western

Midstream

Operating,

LP

4.500%

due

03/01/28

805

795

Williams

Cos.,

Inc.

(The)

5.300%

due

08/15/28

1,558

1,594

XTO

Energy,

Inc.

6.750%

due

08/01/37

844

953

40,216

Financial

Services

-

8.0%

Park

Funding

Trust

5.740%

due

02/15/55

(Þ)

1,210

1,179

Acadian

Asset

Management,

Inc.

4.800%

due

07/27/26

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

2,796

2,639

5.950%

due

02/15/29

(Þ)

2,700

2,773

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

1,511

1,568

American

International

Group,

Inc.

Series

5.750%

due

04/01/48

(USD

Month

LIBOR

+

2.868%)(Ê)

1,105

1,091

American

Tower

Corp.

5.500%

due

03/15/28

1,685

1,733

5.450%

due

02/15/34

830

844

American

Tower

Trust

#1

5.490%

due

03/15/28

(Þ)

7,133

7,257

3.652%

due

03/23/28

(Þ)

2,394

2,339

Aon

NA,

Inc.

5.750%

due

03/01/54

1,040

1,006

Ares

Capital

Corp.

2.150%

due

07/15/26

2,749

2,649

Aviation

Capital

Group

LLC

1.950%

due

01/30/26

(Þ)

AXIS

Specialty

Finance

PLC

4.000%

due

12/06/27

2,130

2,098

Banc

of

California

3.250%

due

05/01/31

(CME

Term

SOFR

Month

+

2.520%)(Ê)

565

532

Bank

of

America

Corp.

3.824%

due

01/20/28

(CME

Term

SOFR

Month

+

1.837%)(Ê)

1,565

1,547

5.819%

due

09/15/29

(SOFR

+

1.570%)(Ê)

915

953

2.687%

due

04/22/32

(SOFR

+

1.320%)(Ê)

2,895

2,560

2.972%

due

02/04/33

(SOFR

+

1.330%)(Ê)

1,735

1,526

Series

GMTN

3.500%

due

04/19/26

Barings

BDC,

Inc.

Series

WI

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.300%

due

11/23/26

2,558

2,462

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

2,040

1,298

Blackstone

Holdings

Finance

Co.

LLC

2.550%

due

03/30/32

(Þ)

1,195

1,019

Block

Financial

LLC

2.500%

due

07/15/28

1,562

1,452

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

2,620

2,492

Brandywine

Operating

Partnership,

LP

3.950%

due

11/15/27

589

555

8.300%

due

03/15/28

4.550%

due

10/01/29

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

2,648

2,759

6.377%

due

06/08/34

(SOFR

+

2.860%)(Ê)

1,000

1,044

CBL

&

Associated

Properties,

Inc.

5.250%

due

12/01/23

(Š)

—

Citigroup,

Inc.

2.666%

due

01/29/31

(SOFR

+

1.146%)(Ê)

1,285

1,166

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

1,600

1,398

5.449%

due

06/11/35

(SOFR

+

1.447%)(Ê)

1,830

1,833

Comerica,

Inc.

3.800%

due

07/22/26

1,420

1,397

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

2,350

2,377

Diversified

Healthcare

Trust

4.750%

due

02/15/28

845

756

Dresdner

Funding

Trust

I

8.151%

due

06/30/31

(Þ)

1,095

1,189

Enstar

Finance

LLC

5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.006%)(Ê)

2,215

2,121

EPR

Properties

Co.

4.750%

due

12/15/26

1,449

1,437

4.500%

due

06/01/27

1,173

1,154

Equifax,

Inc.

3.100%

due

05/15/30

935

863

2.350%

due

09/15/31

1,480

1,277

Equinix,

Inc.

3.900%

due

04/15/32

1,565

1,463

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

2,130

2,223

FS

KKR

Capital

Corp.

3.400%

due

01/15/26

1,480

1,460

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.625%

due

01/15/27

1,117

1,057

Genworth

Holdings,

Inc.

6.500%

due

06/15/34

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.300%

due

01/15/29

2,153

2,152

Goldman

Sachs

Group,

Inc.

(The)

3.850%

due

01/26/27

1,630

1,616

3.102%

due

02/24/33

(SOFR

+

1.410%)(Ê)

1,145

1,010

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

1,400

1,414

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

2,756

2,652

Hercules

Capital,

Inc.

2.625%

due

09/16/26

2,318

2,217

3.375%

due

01/20/27

High

Street

Funding

Trust

III

5.807%

due

02/15/55

(Þ)

680

658

Hudson

Pacific

Properties,

LP

3.950%

due

11/01/27

5.950%

due

02/15/28

4.650%

due

04/01/29

3.250%

due

01/15/30

Intercontinental

Exchange,

Inc.

3.000%

due

06/15/50

620

JPMorgan

Chase

&

Co.

3.782%

due

02/01/28

(CME

Term

SOFR

Month

+

1.599%)(Ê)

1,250

1,237

5.012%

due

01/23/30

(SOFR

+

1.310%)(Ê)

1,600

1,627

2.580%

due

04/22/32

(CME

Term

SOFR

Month

+

1.250%)(Ê)

1,455

1,289

5.502%

due

01/24/36

(SOFR

+

1.315%)(Ê)

1,380

1,404

KeyCorp.

5.000%

due

01/26/33

1,915

1,847

Lehman

Brothers

Holdings,

Inc.

7.000%

due

09/27/27

(Æ)(Ø)

—

6.875%

due

05/02/49

(Æ)(Ø)

734

—

6.625%

due

12/31/49

(Æ)(Ø)

681

—

Liberty

Mutual

Group,

Inc.

7.800%

due

03/15/37

(Þ)

Main

Street

Capital

Corp.

3.000%

due

07/14/26

1,120

1,083

Manufacturers

&

Traders

Trust

Co.

4.700%

due

01/27/28

2,965

2,976

MBIA,

Inc.

5.700%

due

12/01/34

Mercury

General

Corp.

4.400%

due

03/15/27

2,320

2,290

Morgan

Stanley

3.125%

due

07/27/26

2.943%

due

01/21/33

(SOFR

+

1.290%)(Ê)

945

828

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.424%

due

07/21/34

(SOFR

+

1.880%)(Ê)

1,725

1,743

3.217%

due

04/22/42

(SOFR

+

1.485%)(Ê)

745

549

Series

10YR

3.625%

due

01/20/27

1,685

1,669

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

1,039

1,030

Nuveen

LLC

4.000%

due

11/01/28

(Þ)

690

685

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

2,787

2,631

Ohio

National

Financial

Services,

Inc.

6.800%

due

01/24/30

(Þ)

911

883

Omega

Healthcare

Investors,

Inc.

3.375%

due

02/01/31

715

648

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

2,330

2,521

PNC

Financial

Services

Group,

Inc.

(The)

5.676%

due

01/22/35

(SOFR

+

1.902%)(Ê)

505

515

Prospect

Capital

Corp.

3.437%

due

10/15/28

967

845

Prudential

Financial,

Inc.

4.500%

due

09/15/47

(USD

Month

LIBOR

+

2.380%)(Ê)

1,931

1,877

5.700%

due

09/15/48

(USD

Month

LIBOR

+

2.665%)(Ê)

717

714

Radian

Group,

Inc.

4.875%

due

03/15/27

2,637

2,626

Realty

Income

Corp.

2.850%

due

12/15/32

1,270

1,094

S&P

Global,

Inc.

2.300%

due

08/15/60

830

Series

WI

3.900%

due

03/01/62

Sabra

Health

Care,

LP

3.200%

due

12/01/31

1,050

927

Series

WI

5.125%

due

08/15/26

1,453

1,447

Sammons

Financial

Group,

Inc.

4.450%

due

05/12/27

(Þ)

1,400

1,396

Santander

Holdings

USA,

Inc.

6.565%

due

06/12/29

(SOFR

+

2.700%)(Ê)

2,642

2,742

Series

WI

4.400%

due

07/13/27

Service

Properties

Trust

3.950%

due

01/15/28

4.950%

due

10/01/29

Simon

Property

Group,

LP

1.750%

due

02/01/28

610

571

3.250%

due

09/13/49

2,195

1,445

Sixth

Street

Specialty

Lending,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.500%

due

08/01/26

2,004

1,936

Synchrony

Financial

5.625%

due

08/23/27

1,788

1,807

Synovus

Financial

Corp.

5.625%

due

02/15/28

2,585

2,594

Truist

Financial

Corp.

4.873%

due

01/26/29

(SOFR

+

1.435%)(Ê)

1,165

1,173

1.887%

due

06/07/29

(SOFR

+

0.862%)(Ê)

1,105

1,019

Series

P

4.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.605%)(Ê)(ƒ)

1,335

1,328

Unum

Group

4.046%

due

08/15/41

(Þ)

1,185

937

4.500%

due

12/15/49

US

Bancorp

4.653%

due

02/01/29

(SOFR

+

1.230%)(Ê)

2,375

2,383

5.678%

due

01/23/35

(SOFR

+

1.860%)(Ê)

985

1,003

VICI

Properties,

LP

5.750%

due

02/01/27

(Þ)

1,884

1,907

Vornado

Realty,

LP

2.150%

due

06/01/26

522

503

3.400%

due

06/01/31

Voya

Financial,

Inc.

Series

WI

4.700%

due

01/23/48

(USD

Month

LIBOR

+

2.084%)(Ê)

2,797

2,562

Wells

Fargo

&

Co.

5.198%

due

01/23/30

(SOFR

+

1.500%)(Ê)

1,515

1,546

5.389%

due

04/24/34

(SOFR

+

2.020%)(Ê)

3,165

3,180

Western

Alliance

Bancorp

3.000%

due

06/15/31

(CME

Term

SOFR

Month

+

2.250%)(Ê)

Zions

Bancorp

NA

3.250%

due

10/29/29

156,248

Health

Care

-

2.0%

AbbVie,

Inc.

5.400%

due

03/15/54

545

522

Series

WI

3.200%

due

11/21/29

620

591

4.250%

due

11/21/49

1,600

1,299

Amgen,

Inc.

5.150%

due

03/02/28

935

955

4.200%

due

02/22/52

Bristol-Myers

Squibb

Co.

2.550%

due

11/13/50

1,295

743

5.550%

due

02/22/54

855

824

5.650%

due

02/22/64

665

639

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

3.900%

due

02/20/28

1,305

1,302

Centene

Corp.

2.450%

due

07/15/28

5,034

4,629

Edwards

Lifesciences

Corp.

4.300%

due

06/15/28

1,354

1,343

Elevance

Health,

Inc.

4.750%

due

02/15/30

5.200%

due

02/15/35

1,300

1,301

Equifax,

Inc.

5.100%

due

06/01/28

1,308

1,329

HCA,

Inc.

4.500%

due

02/15/27

1,252

1,250

5.750%

due

03/01/35

1,220

1,232

3.500%

due

07/15/51

1,763

1,139

Series

WI

3.625%

due

03/15/32

1,370

1,242

Humana,

Inc.

8.150%

due

06/15/38

1,841

2,185

Mars,

Inc.

5.000%

due

03/01/32

(Þ)

5.200%

due

03/01/35

(Þ)

1,360

1,366

5.700%

due

05/01/55

(Þ)

1,070

1,054

5.800%

due

05/01/65

(Þ)

670

659

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

1,475

898

Pfizer,

Inc.

4.750%

due

05/19/33

1,265

1,248

2.550%

due

05/28/40

770

538

Royalty

Pharma

PLC

Series

WI

1.750%

due

09/02/27

1,250

1,173

Tenet

Healthcare

Corp.

6.875%

due

11/15/31

576

592

Toledo

Hospital

(The)

4.982%

due

11/15/45

6.015%

due

11/15/48

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

2,025

2,007

6.050%

due

02/15/63

935

940

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

1,588

1,522

2.650%

due

10/15/30

1,573

1,379

Zimmer

Biomet

Holdings,

Inc.

5.350%

due

12/01/28

2,291

2,351

39,994

Materials

and

Processing

-

0.8%

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

1,100

1,098

Crown

Cork

&

Seal

Co.,

Inc.

7.375%

due

12/15/26

567

583

H.B.

Fuller

Co.

4.000%

due

02/15/27

672

654

International

Flavors

&

Fragrances,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.832%

due

10/15/27

(Þ)

3,803

3,553

2.300%

due

11/01/30

(Þ)

1,580

1,374

James

Hardie

International

Finance

Designated

Activity

Co.

5.000%

due

01/15/28

(Þ)

1,796

1,748

Owens

Corning

4.400%

due

01/30/48

1,859

1,478

RPM

International,

Inc.

4.550%

due

03/01/29

2,630

2,611

Sealed

Air

Corp.

6.875%

due

07/15/33

(Þ)

584

606

Sherwin-Williams

Co.

(The)

4.500%

due

06/01/47

874

725

United

States

Steel

Corp.

6.650%

due

06/01/37

520

505

14,935

Producer

Durables

-

1.3%

CH

Robinson

Worldwide,

Inc.

4.200%

due

04/15/28

1,993

1,977

Flowserve

Corp.

3.500%

due

10/01/30

620

572

Fluor

Corp.

4.250%

due

09/15/28

Honeywell

International,

Inc.

4.500%

due

01/15/34

925

895

Huntington

Ingalls

Industries,

Inc.

Series

WI

3.483%

due

12/01/27

1,919

1,863

2.043%

due

08/16/28

818

752

Ingersoll

Rand,

Inc.

5.400%

due

08/14/28

2,240

2,303

Jacobs

Engineering

Group,

Inc.

6.350%

due

08/18/28

2,588

2,704

Kirby

Corp.

4.200%

due

03/01/28

2,474

2,436

Lennox

International,

Inc.

5.500%

due

09/15/28

2,151

2,208

Masco

Corp.

1.500%

due

02/15/28

1,943

1,785

Nordson

Corp.

5.600%

due

09/15/28

1,244

1,282

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

6.200%

due

06/15/30

(Þ)

1,195

1,264

Republic

Services,

Inc.

5.000%

due

04/01/34

790

793

Waste

Management,

Inc.

4.625%

due

02/15/33

1,335

1,328

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

2,741

2,750

25,315

Technology

-

2.3%

Apple,

Inc.

3.000%

due

06/20/27

1,705

1,676

Booz

Allen

Hamilton,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.875%

due

09/01/28

(Þ)

1,378

1,324

CDW

LLC

/

CDW

Finance

Corp.

3.276%

due

12/01/28

2,937

2,769

Crane

NXT

Co.

4.200%

due

03/15/48

580

Dell

International

LLC

/

EMC

Corp.

Series

WI

6.020%

due

06/15/26

1,285

1,300

Entegris

Escrow

Corp.

4.750%

due

04/15/29

(Þ)

1,784

1,738

Fiserv,

Inc.

4.200%

due

10/01/28

1,405

1,393

3.500%

due

07/01/29

1,050

1,001

Foundry

JV

Holdco

LLC

6.100%

due

01/25/36

(Þ)

2,865

2,918

Gartner,

Inc.

3.625%

due

06/15/29

(Þ)

2,829

2,655

Hewlett

Packard

Enterprise

Co.

5.000%

due

10/15/34

985

951

5.600%

due

10/15/54

1,020

941

Intuit,

Inc.

5.200%

due

09/15/33

1,175

1,206

5.500%

due

09/15/53

735

719

Jabil,

Inc.

3.600%

due

01/15/30

1,195

1,125

Kyndryl

Holdings,

Inc.

6.350%

due

02/20/34

860

887

Marvell

Technology,

Inc.

4.875%

due

06/22/28

755

759

5.950%

due

09/15/33

512

Meta

Platforms,

Inc.

4.600%

due

05/15/28

1,630

1,663

5.400%

due

08/15/54

1,175

1,132

Micron

Technology,

Inc.

5.375%

due

04/15/28

1,620

1,655

Motorola

Solutions,

Inc.

4.600%

due

05/23/29

1,790

1,788

2.300%

due

11/15/30

540

NetApp,

Inc.

2.700%

due

06/22/30

1,285

1,156

5.700%

due

03/17/35

1,079

1,084

Oracle

Corp.

3.250%

due

11/15/27

2,215

2,159

2.875%

due

03/25/31

1,455

1,310

3.900%

due

05/15/35

1,521

1,348

3.950%

due

03/25/51

505

5.550%

due

02/06/53

515

Seagate

HDD

Cayman

4.875%

due

06/01/27

1,357

1,343

4.091%

due

06/01/29

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

2,577

2,493

VMware,

Inc.

1.800%

due

08/15/28

3,050

2,789

Western

Digital

Corp.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

02/15/26

45,642

Utilities

-

3.6%

Ameren

Corp.

1.750%

due

03/15/28

2,718

2,520

Ameren

Illinois

Co.

3.800%

due

05/15/28

880

874

American

Electric

Power

Co.,

Inc.

5.200%

due

01/15/29

2,308

2,356

Appalachian

Power

Co.

Series

Z

3.700%

due

05/01/50

1,430

992

AT&T,

Inc.

4.250%

due

03/01/27

1,250

1,249

3.650%

due

06/01/51

2,270

1,589

Boston

Gas

Co.

3.150%

due

08/01/27

(Þ)

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

964

DTE

Electric

Co.

Series

A

1.900%

due

04/01/28

650

612

Duke

Energy

Carolinas

LLC

2.450%

due

08/15/29

1,745

1,613

Duke

Energy

Corp.

3.250%

due

01/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.321%)(Ê)

1,774

1,669

Duke

Energy

Florida

LLC

6.200%

due

11/15/53

567

596

Duke

Energy

Progress

LLC

3.450%

due

03/15/29

1,165

1,130

Entergy

Corp.

1.900%

due

06/15/28

2,332

2,170

FirstEnergy

Transmission

LLC

2.866%

due

09/15/28

(Þ)

1,455

1,378

Series

B

3.900%

due

07/15/27

1,066

1,054

Fox

Corp.

Series

WI

4.709%

due

01/25/29

2,922

2,917

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

1,160

1,127

ITC

Holdings

Corp.

Series

144A

4.950%

due

09/22/27

(Þ)

765

772

Level

Financing,

Inc.

10.500%

due

05/15/30

(Þ)

National

Fuel

Gas

Co.

5.500%

due

10/01/26

1,924

1,945

News

Corp.

3.875%

due

05/15/29

(Þ)

3,023

2,843

NextEra

Energy

Capital

Holdings,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

2,743

2,577

NiSource,

Inc.

5.250%

due

03/30/28

1,327

1,357

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

3,046

2,870

Oglethorpe

Power

Corp.

Series

WI

3.750%

due

08/01/50

1,725

1,208

Pacific

Gas

and

Electric

Co.

3.300%

due

03/15/27

1,273

1,241

3.000%

due

06/15/28

1,728

1,636

PacifiCorp

3.500%

due

06/15/29

665

639

Public

Service

Electric

and

Gas

Co.

2.050%

due

08/01/50

2,685

1,394

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

1,785

1,863

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

1,824

1,676

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.915%)(Ê)

955

925

Southwestern

Electric

Power

Co.

Series

K

2.750%

due

10/01/26

1,692

1,649

Sprint

Capital

Corp.

6.875%

due

11/15/28

1,272

1,360

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

1,877

1,949

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

860

873

Series

WI

3.750%

due

04/15/27

1,165

1,153

2.050%

due

02/15/28

2,429

2,284

2.550%

due

02/15/31

670

594

3.300%

due

02/15/51

1,335

878

Verizon

Communications,

Inc.

3.550%

due

03/22/51

3,755

2,647

Virginia

Electric

and

Power

Co.

5.550%

due

08/15/54

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

2,896

2,845

4.300%

due

07/15/29

(Þ)

2,730

2,673

Xcel

Energy,

Inc.

4.000%

due

06/15/28

1,712

1,688

69,200

492,875

International

Debt

-

14.6%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.200%

due

08/04/27

(Þ)

1,881

1,774

Aegon

NV

5.500%

due

04/11/48

(USD

Month

LIBOR

+

3.540%)(Ê)

1,265

1,253

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

due

01/19/29

630

636

3.300%

due

01/30/32

1,410

1,246

AES

Panama

Generation

Holdings

SRL

4.375%

due

05/31/30

(Þ)

1,202

1,051

Africa

Finance

Corp.

3.125%

due

06/16/25

(Þ)

2,500

2,489

Series

REGS

4.375%

due

04/17/26

(Þ)

1,158

1,144

AGL

CLO

21,

Ltd.

5.653%

due

10/21/37

(~)(Ê)(Þ)

10,600

10,606

AGL

CLO

23,

Ltd.

Series

2025-23A

Class

A1R

5.420%

due

04/20/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

6,130

6,113

AGL

CLO

37,

Ltd.

Series

2025-37A

Class

A1

5.536%

due

04/22/38

(CME

Term

SOFR

Month

+

1.240%)(Ê)(Þ)

2,100

2,090

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

1,726

1,691

Allianz

SE

6.350%

due

09/06/53

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.232%)(Ê)(Þ)

1,400

1,435

Ares

Loan

Funding

VIII,

Ltd.

Series

2025-ALF8

Class

A1

5.543%

due

01/24/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

1,340

1,334

Ares

LVI

CLO,

Ltd.

Series

2025-56A

Class

A1R2

5.532%

due

01/25/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

3,000

2,977

Ares

LXVII

CLO,

Ltd.

Series

2025-67A

Class

A1R

5.472%

due

01/25/38

(CME

Term

SOFR

Month

+

1.190%)(Ê)(Þ)

3,650

3,624

AstraZeneca

PLC

2.125%

due

08/06/50

620

Australia

and

New

Zealand

Banking

Group,

Ltd.

2.570%

due

11/25/35

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.700%)(Ê)(Þ)

1,385

1,200

Avolon

Holdings

Funding,

Ltd.

2.750%

due

02/21/28

(Þ)

1,215

1,138

Bain

Capital

Credit

CLO,

Ltd.

Series

2024-2A

Class

A1

5.776%

due

07/15/37

(CME

Term

SOFR

Month

+

1.520%)(Ê)(Þ)

2,800

2,799

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

1,769

1,723

Banco

Santander

SA

3.490%

due

05/28/30

1,400

1,314

6.938%

due

11/07/33

2,522

2,832

Bank

of

Montreal

3.803%

due

12/15/32

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.432%)(Ê)

2,714

2,622

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

576

8.625%

due

10/27/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.389%)(Ê)

1,870

1,937

Barclays

PLC

6.490%

due

09/13/29

(SOFR

+

2.220%)(Ê)

1,880

1,979

6.224%

due

05/09/34

(SOFR

+

2.980%)(Ê)

2,370

2,467

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

5.415%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

3,260

3,257

Series

2025-1A

Class

A1R2

5.516%

due

01/15/38

(CME

Term

SOFR

Month

+

1.260%)(Ê)(Þ)

7,280

7,261

BAT

Capital

Corp.

7.081%

due

08/02/53

578

624

Series

WI

4.540%

due

08/15/47

1,495

1,174

Bellemeade

Re,

Ltd.

Series

2021-3A

Class

A2

5.734%

due

09/25/31

(SOFR

Day

Average

+

1.000%)(Ê)(Þ)

5,184

5,185

Series

2021-3A

Class

M1B

6.134%

due

09/25/31

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

522

522

Series

2021-3A

Class

M1C

6.284%

due

09/25/31

(SOFR

Day

Average

+

1.550%)(Ê)(Þ)

2,959

2,971

Series

2022-1

Class

M1C

8.434%

due

01/26/32

(SOFR

Day

Average

+

3.700%)(Ê)(Þ)

3,523

3,631

Bimbo

Bakeries

USA,

Inc.

6.050%

due

01/15/29

(Þ)

1,852

1,934

BNP

Paribas

SA

5.497%

due

05/20/30

(SOFR

+

1.590%)(Ê)(Þ)

2,370

2,420

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.483%)(Ê)

(Þ)

2,825

2,742

Canadian

Natural

Resources,

Ltd.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.850%

due

02/01/35

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-2A

Class

AR2

5.760%

due

07/20/37

(CME

Term

SOFR

Month

+

1.490%)(Ê)(Þ)

4,300

4,303

Cellnex

Telecom

SA

3.875%

due

07/07/41

(Þ)

1,385

1,068

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

2,050

1,994

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

1,514

1,505

Cencosud

SA

4.375%

due

07/17/27

(Þ)

2,875

2,841

Cenovus

Energy,

Inc.

6.750%

due

11/15/39

CI

Financial

Corp.

3.200%

due

12/17/30

1,155

1,008

CIFC

Funding,

Ltd.

Series

2024-5A

Class

A1R3

5.660%

due

07/17/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

5,400

5,403

Coca-Cola

Icecek

AS

4.500%

due

01/20/29

(Þ)

2,579

2,452

Credit

Agricole

SA

3.250%

due

01/14/30

(Þ)

1,050

970

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.644%)(Ê)

(Þ)

1,385

1,338

Daimler

Truck

Finance

North

America

LLC

5.375%

due

01/18/34

(Þ)

1,410

1,401

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)

2,720

2,807

Delhaize

America,

Inc.

9.000%

due

04/15/31

809

968

Deutsche

Bank

AG

7.146%

due

07/13/27

(SOFR

+

2.520%)(Ê)

2,323

2,383

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Diageo

Capital

PLC

5.625%

due

10/05/33

1,385

1,439

Elmwood

CLO

V,

Ltd.

Series

2024-2A

Class

ARR

5.640%

due

10/20/37

(CME

Term

SOFR

Month

+

1.370%)(Ê)(Þ)

8,200

8,196

Enbridge,

Inc.

5.700%

due

03/08/33

2,133

2,177

Series

16-A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Enel

Americas

SA

4.000%

due

10/25/26

1,434

1,417

Enel

Finance

International

NV

1.625%

due

07/12/26

(Þ)

1,156

1,117

4.625%

due

06/15/27

(Þ)

1,318

1,321

Export-Import

Bank

of

Korea

(The)

4.875%

due

01/11/26

3,900

3,916

Flatiron

CLO

26,

Ltd.

Series

2024-4A

Class

A

5.586%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

7,600

7,563

Flatiron

RR

CLO,

Ltd.

Series

2025-30A

Class

A1

1.000%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

2,500

2,492

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

1,123

1,099

Fresenius

Medical

Care

US

Finance

II,

Inc.

2.375%

due

02/16/31

(Þ)

1,720

1,455

Glencore

Funding

LLC

5.634%

due

04/04/34

(Þ)

1,510

1,511

5.893%

due

04/04/54

(Þ)

755

713

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.725%

due

09/17/36

(CME

Term

SOFR

Month

+

1.114%)(Ê)(Þ)

3,856

3,832

Home

RE,

Ltd.

Series

2021-2

Class

M2

7.984%

due

01/25/34

(SOFR

Day

Average

+

3.250%)(Ê)(Þ)

1,227

1,241

HSBC

Holdings

PLC

2.013%

due

09/22/28

(SOFR

+

1.732%)(Ê)

2,847

2,677

7.390%

due

11/03/28

(SOFR

+

3.350%)(Ê)

840

893

5.286%

due

11/19/30

(SOFR

+

1.290%)(Ê)

1,375

1,396

ICICI

Bank,

Ltd.

3.800%

due

12/14/27

(Þ)

1,467

1,438

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

4,053

4,002

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

2,354

2,238

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

2,843

2,658

Intesa

Sanpaolo

SpA

6.625%

due

06/20/33

(Þ)

2,627

2,820

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

2,095

1,971

KEB

Hana

Bank

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.409%)(Ê)(ƒ)(Þ)

1,802

1,740

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

2,370

2,407

3.574%

due

11/07/28

(USD

Month

LIBOR

+

1.205%)(Ê)

2,185

2,129

Macquarie

Airfinance

Holdings,

Ltd.

6.400%

due

03/26/29

(Þ)

5.150%

due

03/17/30

(Þ)

1,050

1,032

6.500%

due

03/26/31

(Þ)

Macquarie

Group,

Ltd.

1.629%

due

09/23/27

(SOFR

+

0.910%)(Ê)(Þ)

2,825

2,714

Magnetite

XXVI,

Ltd.

Series

2025-26A

Class

AR2

5.416%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

3,370

3,354

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

1.647%)(Ê)

2,720

2,675

Marks

&

Spencer

PLC

7.125%

due

12/01/37

(Þ)

Methanex

Corp.

5.250%

due

12/15/29

5.650%

due

12/01/44

Mexico

Generadora

de

Energia

S

de

RL

de

CV

5.500%

due

12/06/32

(Þ)

1,645

1,607

MF1,

Ltd.

Series

2022-FL8

Class

A

1.400%

due

02/19/37

(SOFR

Day

Average

+

1.350%)(Ê)(Þ)

1,354

1,349

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

2,700

2,666

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

2,263

National

Australia

Bank,

Ltd.

2.332%

due

08/21/30

(Þ)

1,730

1,511

Nokia

OYJ

4.375%

due

06/12/27

2,839

2,801

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

1,352

1,351

Oaktown

Re,

Ltd.

Series

2021-2

Class

M1C

8.084%

due

04/25/34

(SOFR

Day

Average

+

3.350%)(Ê)(Þ)

3,798

3,854

Series

2021-1A

Class

M1C

7.734%

due

10/25/33

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

516

522

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
OCP

CLO,

Ltd.

Series

2021-22A

5.643%

due

10/20/37

(~)(Ê)(Þ)

3,800

3,792

Octagon

Investment

Partners

32,

Ltd.

Series

2024-1A

Class

A1R3

5.636%

due

10/31/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

1,700

1,693

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

866

890

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

5.900%

due

11/24/31

(Þ)

Prosus

NV

3.680%

due

01/21/30

(Þ)

2,853

2,636

3.832%

due

02/08/51

(Þ)

1,530

957

PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

1,753

1,684

QBE

Insurance

Group,

Ltd.

5.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.513%)(Ê)(ƒ)(Þ)

1,880

1,879

Radnor

RE,

Ltd.

Series

2022-1

Class

M1A

8.484%

due

09/25/32

(SOFR

Day

Average

+

3.750%)(Ê)(Þ)

Reliance

Industries,

Ltd.

3.667%

due

11/30/27

(Þ)

1,732

1,694

Republic

of

South

Africa

Government

International

Bond

7.100%

due

11/19/36

(Þ)

3,569

3,403

Rogers

Communications,

Inc.

5.000%

due

02/15/29

640

645

5.300%

due

02/15/34

1,250

1,233

7.125%

due

04/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.620%)(Ê)

1,180

1,175

5.250%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.590%)(Ê)(Þ)

891

868

Santander

UK

Group

Holdings

PLC

6.833%

due

11/21/26

(SOFR

+

2.749%)(Ê)

1,880

1,899

2.469%

due

01/11/28

(SOFR

+

1.220%)(Ê)

2,985

2,869

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

2,394

2,059

Scentre

Group

Trust

Series

144A

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

1,530

1,493

Sigma

Finance

Netherlands

BV

4.875%

due

03/27/28

(Þ)

1,197

1,192

SMBC

Aviation

Capital

Finance

DAC

5.550%

due

04/03/34

(Þ)

1,395

1,381

Societe

Generale

SA

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.250%

due

08/19/26

(Þ)

765

758

2.797%

due

01/19/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.300%)(Ê)(Þ)

2,191

2,115

Standard

Chartered

PLC

7.014%

due

07/29/49

(USD

Month

LIBOR

+

1.460%)(Ê)(Þ)

950

964

Suncor

Energy,

Inc.

7.150%

due

02/01/32

2,174

2,352

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

2,143

2,162

Telecom

Italia

Capital

SA

6.375%

due

11/15/33

6.000%

due

09/30/34

882

852

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

4,025

4,015

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

2.205%)(Ê)

2,438

2,390

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransAlta

Corp.

6.500%

due

03/15/40

585

539

TransCanada

PipeLines,

Ltd.

Series

10YR

4.250%

due

05/15/28

1,633

1,620

TransCanada

Trust

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

953

878

UBS

Group

AG

2.746%

due

02/11/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

840

718

9.016%

due

11/15/33

(SOFR

+

5.020%)(Ê)(Þ)

865

1,057

UniCredit

SpA

7.296%

due

04/02/34

(USD

ICE

Swap

Rate

NY

Year

Rate

+

4.914%)(Ê)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

634

677

Var

Energi

ASA

7.500%

due

01/15/28

(Þ)

2,622

2,760

Vodafone

Group

PLC

7.000%

due

04/04/79

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

4.873%)(Ê)

1,070

1,100

Voya

CLO,

Ltd.

Series

2024-4A

Class

A1RR

5.662%

due

10/15/37

(CME

Term

SOFR

Month

+

1.360%)(Ê)(Þ)

2,000

1,995

Woori

Bank

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.125%

due

08/06/28

(Þ)

2,610

2,639

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

788

785

283,979

Mortgage-Backed

Securities

-

26.2%

Alternative

Loan

Trust

Series

2006-13T1

Class

A3

6.000%

due

05/25/36

1,424

651

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.786%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

1,888

1,886

Series

2022-FL1

Class

A

6.256%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

3,689

3,686

Banc

of

America

Mortgage

Trust

Series

2005-D

Class

2A7

3.781%

due

05/25/35

(~)(Ê)

Barclays

Mortgage

Loan

Trust

Series

2022-RPL1

Class

A

4.250%

due

02/25/28

(~)(Ê)(Þ)

1,379

1,362

BDS

LLC

Series

2022-FL11

Class

ATS

6.406%

due

03/19/39

(CME

Term

SOFR

Month

+

1.800%)(Ê)(Þ)

7,911

7,911

Series

2025-FL14

Class

A

5.582%

due

10/21/42

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

1,625

1,609

Bear

Stearns

ARM

Trust

Series

2004-5

Class

2A

4.112%

due

07/25/34

(~)(Ê)

BRAVO

Residential

Funding

Trust

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

7,425

7,477

BX

Commercial

Mortgage

Trust

Series

2021-CIP

Class

D

6.395%

due

12/15/38

(CME

Term

SOFR

Month

+

1.785%)(Ê)(Þ)

9,034

8,978

Series

2024-MDHS

Class

B

6.450%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

4,993

4,971

BX

Trust

Series

2024-BIO

Class

C

7.249%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

15,622

15,349

Series

2025-ROIC

Class

C

5.865%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

2,392

2,314

Series

2025-ROIC

Class

D

6.293%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

8,069

7,778

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

F

7.457%

due

12/15/37

(CME

Term

SOFR

Month

+

2.847%)(Ê)(Þ)

3,491

3,455

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

13,042

11,107

Series

2021-CX2

Class

C

2.864%

due

11/10/46

(~)(Ê)(Þ)

5,889

4,663

Chase

Home

Lending

Mortgage

Trust

Series

2025-3

Class

A11

5.647%

due

02/25/56

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

3,331

3,304

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

4,612

3,669

DK

Trust

Series

2024-SPBX

Class

A

6.109%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

4,021

4,013

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

3,522

3,536

Fannie

Mae

2.600%

due

2031

1,665

1,513

5.500%

due

2034

4.500%

due

2035

675

680

5.500%

due

2035

6.000%

due

2035

5.500%

due

2036

5.500%

due

2037

6.000%

due

2039

5.500%

due

2040

1,148

1,183

5.000%

due

2041

603

609

6.000%

due

2041

3.500%

due

2045

1,692

1,562

4.000%

due

2045

1,109

1,056

3.000%

due

2046

3.500%

due

2046

4.500%

due

2046

861

844

3.000%

due

2047

1,682

1,499

3.500%

due

2047

800

744

4.000%

due

2047

1,032

978

4.500%

due

2048

1,984

1,934

5.000%

due

2048

1,308

1,304

3.000%

due

2049

14,078

12,349

3.500%

due

2049

4.000%

due

2049

1,724

1,633

5.000%

due

2049

2.000%

due

2050

5,018

4,045

2.500%

due

2050

2,728

2,277

3.000%

due

2050

12,427

10,882

2.000%

due

2051

3,601

2,857

2.500%

due

2051

1,567

1,321

5.000%

due

2052

15,961

15,697

4.500%

due

2053

9,597

9,194

5.000%

due

2053

11,593

11,392

Year

TBA(Ï)

5.000%

27,070

26,499

5.500%

3,929

3,919

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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

STRIPS

3.587%

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

5.031%

due

12/25/36

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2007-73

Class

A1

0.236%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2009-70

Class

PS

Interest

Only

STRIPS

1.902%

due

01/25/37

(SOFR

Day

Average

+

6.636%)(Ê)

2,046

Series

2010-95

Class

S

Interest

Only

STRIPS

1.752%

due

09/25/40

(-1

x

SOFR

Day

Average

+

6.486%)(Ê)

1,991

FIGRE

Trust

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

3,523

3,549

Freddie

Mac

6.000%

due

2038

4.500%

due

2039

1,450

1,443

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

2039

5.500%

due

2040

4.000%

due

2041

1,751

1,702

5.500%

due

2041

4.000%

due

2044

911

875

3.500%

due

2045

3,758

3,496

3.000%

due

2046

6,165

5,498

4.000%

due

2046

4.500%

due

2046

3.000%

due

2047

1,768

1,577

3.000%

due

2048

4.000%

due

2048

657

623

4.500%

due

2048

1,181

1,146

3.000%

due

2049

783

692

2.500%

due

2050

7,871

6,674

3.000%

due

2050

9,988

8,800

2.000%

due

2051

16,996

13,566

2.500%

due

2051

8,719

7,368

4.000%

due

2052

13,888

12,971

4.500%

due

2052

15,649

14,997

5.000%

due

2052

11,645

11,452

5.500%

due

2053

12,604

12,608

6.000%

due

2054

11,173

11,345

Freddie

Mac

REMICS

Series

1999-2129

Class

SG

Interest

Only

STRIPS

6.806%

due

06/17/27

(SOFR

Day

Average

+

6.886%)(Ê)

Series

2000-2247

Class

SC

Interest

Only

STRIPS

7.315%

due

08/15/30

(-1

x

SOFR

Day

Average

+

7.386%)(Ê)

—

Series

2002-2463

Class

SJ

Interest

Only

STRIPS

7.815%

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

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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

I

4.500%

due

2039

2,104

2,101

Ginnie

Mae

II

Year

TBA(Ï)

5.500%

21,079

21,059

6.000%

12,886

13,030

Government

National

Mortgage

Association

Series

1999-27

Class

SE

Interest

Only

STRIPS

8.405%

due

08/16/29

(-1

x

CME

Term

SOFR

Month

+

8.486%)(Ê)

—

Series

2014-190

Class

PL

3.500%

due

12/20/44

985

919

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/10/38

(~)(Ê)(Þ)

2,507

2,492

HMH

Trust

Series

2017-NSS

Class

E

6.292%

due

07/05/31

(Þ)

7,770

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.678%

due

01/13/40

(~)(Ê)(Þ)

2,805

2,852

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)

11,801

10,962

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

5,482

4,835

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

2,348

2,085

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

9,116

8,047

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

4,175

3,781

Series

2024-CES1

Class

A1A

5.919%

due

06/25/54

(~)(Ê)(Þ)

1,567

1,576

Series

2024-HE2

Class

A1

6.524%

due

10/25/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,498

1,496

Series

2025-CES1

Class

A1

5.666%

due

05/25/55

(~)(Ê)(Þ)

2,529

2,544

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(Þ)

5,944

5,968

Series

2025-HE1

Class

A1

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.503%

due

08/25/55

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

7,391

7,386

Series

2025-HE1

Class

M1

5.753%

due

08/25/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

5,160

5,160

JPMorgan

Wealth

Management

Series

2020-ATR1

Class

A3

3.000%

due

02/25/50

(~)(Ê)(Þ)

1,327

1,124

MF1

LLC

Series

2022-FL9

Class

A

6.756%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

2,127

2,127

Series

2024-FL14

Class

A

6.348%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

4,418

4,418

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

5.237%

due

04/15/38

(CME

Term

SOFR

Month

+

0.915%)(Ê)(Þ)

1,845

1,841

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

Nomura

Resecuritization

Trust

Series

2015-11R

Class

3A2

3.593%

due

05/26/36

(~)(Ê)(Þ)

546

537

Preston

Ridge

Partners

Mortgage

LLC

Series

2024-1

Class

A1

6.959%

due

02/25/29

(~)(Ê)(Þ)

6,712

6,724

Series

2024-7

Class

A1

5.870%

due

11/25/29

(~)(Ê)(Þ)

1,815

1,815

Series

2024-8

Class

A1

5.897%

due

12/25/29

(~)(Ê)(Þ)

1,071

1,064

Series

2024-RCF6

Class

A1

4.000%

due

10/25/54

(~)(Ê)(Þ)

4,117

4,000

Series

2025-2

Class

A1

6.469%

due

05/25/30

(~)(Ê)(Þ)

4,000

4,009

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

892

897

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

2,076

2,090

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

8,017

8,059

Series

2025-CES1

Class

A3

6.163%

due

01/25/45

(~)(Ê)(Þ)

998

998

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

8,219

8,259

RFR

Trust

Series

2025-SGRM

Class

B

5.863%

due

03/11/29

(~)(Ê)(Þ)

6,416

6,467

Series

2025-SGRM

Class

C

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.013%

due

03/11/29

(~)(Ê)(Þ)

5,579

5,594

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

2,816

2,868

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

0.594%

due

04/19/35

(CME

Term

SOFR

Month

+

0.514%)(Ê)

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

5.565%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

3,910

3,882

Towd

Point

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.750%

due

07/25/63

(~)(Ê)(Þ)

4,448

4,486

Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

5.875%

due

02/15/40

(CME

Term

SOFR

Month

+

1.264%)(Ê)(Þ)

1,306

1,296

509,945

Non-US

Bonds

-

6.7%

Andorra

Government

International

Bond

Series

EMTN

1.250%

due

05/06/31

(Þ)

EUR

8,700

8,858

Australia

Government

International

Bond

Series

3.250%

due

06/21/39

(Þ)

AUD

1,713

966

Series

1.750%

due

06/21/51

(Þ)

AUD

12,246

4,291

Colombian

TES

Series

B

6.000%

due

04/28/28

COP

6,106,500

1,299

13.250%

due

02/09/33

COP

23,666,100

5,986

Hellenic

Republic

International

Government

Bond

3.625%

due

06/15/35

(Þ)

EUR

3,625

4,226

4.125%

due

06/15/54

(Þ)

EUR

2,351

2,680

Iceland

Rikisbref

6.500%

due

01/24/31

ISK

412,087

3,139

Japan

Year

Government

International

Bond

Series

1.600%

due

12/20/53

JPY

848,350

4,713

Series

1.800%

due

03/20/54

JPY

107,750

626

Series

2.100%

due

09/20/54

JPY

638,550

3,972

Series

2.300%

due

12/20/54

JPY

436,350

2,834

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Japan

Year

Government

International

Bond

Series

0.500%

due

03/20/60

JPY

788,850

2,735

Series

2.200%

due

03/20/64

JPY

241,250

1,415

Mexican

Bonos

de

Desarrollo

Series

M

5.500%

due

03/04/27

MXN

105,460

5,129

8.500%

due

03/01/29

MXN

21,810

1,106

Mexico

Government

International

Bond

2.250%

due

08/12/36

EUR

552

5.125%

due

05/04/37

EUR

702

772

4.000%

due

03/15/15

EUR

2,521

1,891

Petroleos

Mexicanos

Series

10.7 4.750%

due

02/26/29

(Þ)

EUR

12,736

13,007

Republic

of

South

Africa

Government

International

Bond

Series

2032

8.250%

due

03/31/32

ZAR

66,273

3,307

Series

2035

8.875%

due

02/28/35

ZAR

56,484

2,723

Romanian

Government

International

Bond

5.500%

due

09/18/28

(Þ)

EUR

3,640

4,291

5.875%

due

07/11/32

(Þ)

EUR

3,481

3,879

5.625%

due

02/22/36

(Þ)

EUR

1,784

1,850

Series

REGS

2.750%

due

02/26/26

(Þ)

EUR

4,163

4,714

5.000%

due

09/27/26

(Þ)

EUR

3,192

3,711

6.625%

due

09/27/29

(Þ)

EUR

1.750%

due

07/13/30

(Þ)

EUR

4,255

4,049

2.124%

due

07/16/31

(Þ)

EUR

3,866

3,557

3.750%

due

02/07/34

(Þ)

EUR

4,383

4,084

2.625%

due

12/02/40

(Þ)

EUR

3,872

2,609

2.875%

due

04/13/42

(Þ)

EUR

3,599

2,426

4.625%

due

04/03/49

(Þ)

EUR

966

799

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.027%

due

05/17/31

(SONIA

+

1.300%)(Ê)(Þ)

GBP

1,211

1,599

United

Kingdom

Gilt

Bonds

4.375%

due

07/31/54

(Þ)

GBP

9,700

11,322

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

4,320

5,858

131,019

United

States

Government

Treasuries

-

7.1%

United

States

Treasury

Inflation

Indexed

Bonds

2.125%

due

01/15/35

7,562

7,700

United

States

Treasury

Notes

1.625%

due

05/15/26

1,735

1,695

4.625%

due

06/30/26

2,720

2,744

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.750%

due

08/31/26

757

757

1.250%

due

12/31/26

6,199

5,958

0.625%

due

03/31/27

4,803

4,540

2.375%

due

05/15/27

5,205

5,080

0.500%

due

05/31/27

3,970

3,724

2.250%

due

08/15/27

4,999

4,853

2.250%

due

11/15/27

2,495

2,415

0.625%

due

11/30/27

15,613

14,480

2.750%

due

02/15/28

1.125%

due

02/29/28

3.125%

due

11/15/28

666

655

3.750%

due

12/31/28

3,376

3,389

4.250%

due

02/28/29

3,960

4,044

4.625%

due

04/30/29

2,915

3,019

2.375%

due

05/15/29

2,052

1,954

4.000%

due

07/31/29

596

604

3.625%

due

08/31/29

2,615

2,610

4.000%

due

10/31/29

1,478

1,496

1.750%

due

11/15/29

2,766

2,548

0.625%

due

05/15/30

696

597

6.250%

due

05/15/30

2,534

2,820

3.750%

due

06/30/30

1,612

1,612

0.625%

due

08/15/30

2,591

2,204

0.875%

due

11/15/30

3,822

3,270

1.625%

due

05/15/31

1.250%

due

08/15/31

1.375%

due

11/15/31

614

525

1.875%

due

02/15/32

2,454

2,155

2.875%

due

05/15/32

2,582

2,413

3.500%

due

02/15/33

3.875%

due

08/15/33

2,243

2,215

4.500%

due

11/15/33

2,999

3,092

4.000%

due

02/15/34

3,895

3,866

4.375%

due

05/15/34

3.875%

due

08/15/34

2,926

2,867

4.250%

due

11/15/34

3,661

3,690

4.625%

due

02/15/35

5,789

6,007

1.125%

due

05/15/40

1.375%

due

11/15/40

1,621

1,041

1.750%

due

08/15/41

1,939

1,298

2.000%

due

11/15/41

3.250%

due

05/15/42

2,005

1,674

2.875%

due

05/15/43

1,312

1,020

4.125%

due

08/15/44

2,205

2,044

4.625%

due

11/15/44

1,573

1,558

2.500%

due

05/15/46

1,723

1,202

2.750%

due

11/15/47

1,574

1,131

3.000%

due

02/15/49

2.875%

due

05/15/49

989

717

1.250%

due

05/15/50

1.375%

due

08/15/50

557

1.625%

due

11/15/50

586

2.375%

due

05/15/51

1,309

840

1.875%

due

11/15/51

2,595

1,462

2.875%

due

05/15/52

1,506

1,073

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.625%

due

02/15/53

511

4.750%

due

11/15/53

1,050

1,056

4.625%

due

05/15/54

1,030

1,017

4.250%

due

08/15/54

900

835

4.500%

due

11/15/54

3,897

3,775

137,228

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$1,689,187)

1,642,337

#### Short-Term

#### Investments

#### -

#### 15.9%
U.S.

Cash

Management

Fund(@)

142,321,108

(∞)

142,278

United

States

Treasury

Bills

4.217%

due

05/01/25

(ž)

47,074

47,068

4.246%

due

06/05/25

(ž)

45,070

44,885

4.247%

due

06/12/25

(ž)

66,857

66,527

4.229%

due

07/01/25

(ž)

8,004

7,947

#### Total

#### Short-Term

#### Investments
(cost

$308,723)

308,705

#### Total

#### Investments

#### -

#### 100.3%
(identified

cost

$1,997,910)

1,951,042

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (0.3)%
(5,135)

#### Net

#### Assets

#### -

#### 100.0%
1,945,907

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,

#### 2025
(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

#### $35.6%

Park

Funding

Trust

02/25/25

1,210,000

100.00 1,210

1,179

7-Eleven,

Inc.

09/06/24

2,963,000

92.24 2,733

2,708

Adani

Ports

&

Special

Economic

Zone,

Ltd.

02/11/25

1,881,000

95.42 1,795

1,774

AES

Panama

Generation

Holdings

SRL

04/26/21

1,202,276

102.22 1,229

1,051

Africa

Finance

Corp.

11/02/21

1,158,000

100.67 1,166

1,144

Africa

Finance

Corp.

09/13/22

2,500,000

99.76 2,494

2,489

AGL

CLO

21,

Ltd.

04/01/25

10,600,000

99.97 10,597

10,606

AGL

CLO

23,

Ltd.

01/31/25

6,130,000

100.00 6,130

6,113

AGL

CLO

37,

Ltd.

12/18/24

2,100,000

100.00 2,100

2,090

Aircastle,

Ltd.

07/07/22

2,796,000

90.57 2,532

2,639

Aircastle,

Ltd.

10/30/24

2,700,000

102.16 2,758

2,773

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

09/20/23

370,000

97.92 362

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons,

LP

/

Albertson's

LLC

08/20/24

110,000

93.96 103

Alimentation

Couche-Tard,

Inc.

05/06/24

1,726,000

96.35 1,663

1,691

Allianz

SE

10/30/24

1,400,000

106.26 1,488

1,435

American

Tower

Trust

#1

06/21/23

7,133,000

99.86 7,123

7,257

American

Tower

Trust

#1

05/08/24

2,394,000

94.08 2,252

2,339

Andorra

Government

International

Bond

04/28/21

EUR

8,700,000

113.63 9,886

8,858

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

09/20/21

3,041,469

99.99 3,041

3,037

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

06/14/23

1,887,581

98.94 1,868

1,886

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

3,688,762

99.98 3,688

3,686

Ares

Loan

Funding

VIII,

Ltd.

12/19/24

1,340,000

100.00 1,340

1,334

Ares

LVI

CLO,

Ltd.

12/27/24

3,000,000

100.00 3,000

2,977

Ares

LXVII

CLO,

Ltd.

01/21/25

3,650,000

100.00 3,650

3,624

Audax

Senior

Debt

CLO

LLC

02/21/25

4,160,000

100.00 4,160

4,163

Australia

and

New

Zealand

Banking

Group,

Ltd.

10/30/24

1,385,000

85.53 1,185

1,200

Australia

Government

International

Bond

04/01/25

AUD

12,246,000

33.69 4,126

4,291

Australia

Government

International

Bond

04/01/25

AUD

1,713,000

54.20 928

966

Aviation

Capital

Group

LLC

11/12/24

485,000

97.58 473

Avolon

Holdings

Funding,

Ltd.

10/30/24

1,215,000

93.52 1,136

1,138

Bain

Capital

Credit

CLO,

Ltd.

04/17/25

2,800,000

99.90 2,797

2,799

Banco

de

Bogota

SA

04/25/24

1,769,000

95.50 1,689

1,723

Barclays

Mortgage

Loan

Trust

03/26/24

1,379,134

97.51 1,345

1,362

Barings

CLO,

Ltd.

12/20/24

7,280,000

100.00 7,280

7,261

Barings

CLO,

Ltd.

02/14/25

3,260,000

100.00 3,260

3,257

BDS

LLC

04/04/22

7,911,120

100.00 7,911

7,911

BDS

LLC

02/21/25

1,625,000

99.75 1,621

1,609

Bellemeade

Re,

Ltd.

09/23/21

5,184,044

100.00 5,184

5,185

Bellemeade

Re,

Ltd.

09/27/21

2,959,000

100.20 2,965

2,971

Bellemeade

Re,

Ltd.

01/25/22

3,523,000

100.00 3,523

3,631

Bellemeade

Re,

Ltd.

02/15/23

521,836

97.90 511

522

Bimbo

Bakeries

USA,

Inc.

02/11/25

1,852,000

102.47 1,898

1,934

Blackstone

Holdings

Finance

Co.

LLC

10/30/24

1,195,000

85.65 1,023

1,019

BNP

Paribas

SA

04/17/24

2,825,000

94.33 2,665

2,742

BNP

Paribas

SA

10/30/24

2,370,000

101.29 2,401

2,420

Booz

Allen

Hamilton,

Inc.

03/25/25

1,378,000

95.52 1,316

1,324

Boston

Gas

Co.

01/05/24

272,000

95.61 260

BRAVO

Residential

Funding

Trust

04/30/24

798,676

99.99 799

807

BRAVO

Residential

Funding

Trust

10/09/24

2,786,603

100.00 2,786

2,786

BRAVO

Residential

Funding

Trust

04/08/25

7,424,821

100.00 7,425

7,477

Business

Jet

Securities

LLC

09/06/24

2,306,100

100.00 2,306

2,290

BX

Commercial

Mortgage

Trust

12/02/21

9,034,046

99.89 9,024

8,978

BX

Commercial

Mortgage

Trust

05/02/24

4,993,467

99.76 4,981

4,971

BX

Trust

01/24/24

15,622,000

99.76 15,585

15,349

BX

Trust

02/20/25

8,069,000

99.76 8,049

7,778

BX

Trust

02/20/25

2,392,000

99.76 2,386

2,314

CAMB

Commercial

Mortgage

Trust

01/25/19

3,491,000

100.00 3,491

3,455

CAMB

Commercial

Mortgage

Trust

10/22/21

13,042,000

102.61 13,382

11,107

CAMB

Commercial

Mortgage

Trust

09/24/24

5,889,000

81.51 4,800

4,663

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/23/25

4,300,000

99.90 4,296

4,303

Carnival

Corp.

03/25/25

1,890,000

96.11 1,816

1,804

Cellnex

Telecom

SA

10/30/24

1,385,000

78.81 1,092

1,068

Cemex

SAB

de

CV

02/11/25

1,514,000

98.46 1,491

1,505

Cencosud

SA

11/06/23

2,875,000

95.50 2,746

2,841

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,

#### 2025
(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

#### $
CF

Industries,

Inc.

09/12/23

1,100,000

97.99 1,078

1,098

Chase

Home

Lending

Mortgage

Trust

03/14/25

3,330,684

100.00 3,331

3,304

Churchill

Middle

Market

CLO

LLC

02/24/25

3,910,000

100.00 3,910

3,841

CIFC

Funding,

Ltd.

04/24/25

5,400,000

99.90 5,395

5,403

CLI

Funding

IX

LLC

07/24/24

2,951,930

100.49 2,966

2,978

Coca-Cola

Icecek

AS

04/25/24

2,579,000

93.63 2,415

2,452

Credit

Agricole

SA

04/17/24

1,385,000

93.12 1,290

1,338

Credit

Agricole

SA

10/30/24

1,050,000

91.56 961

970

Daimler

Truck

Finance

North

America

LLC

10/30/24

1,410,000

100.70 1,420

1,401

Danske

Bank

A/S

10/30/24

2,720,000

102.00 2,774

2,807

DBGS

Mortgage

Trust

04/03/19

4,612,000

100.98 4,657

3,669

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/17/24

2,653,000

97.38 2,584

2,630

DK

Trust

03/01/24

4,021,000

100.00 4,021

4,013

DLLAA

LLC

01/14/25

1,700,000

99.96 1,699

1,737

Dresdner

Funding

Trust

I

04/25/24

1,095,000

106.12 1,162

1,189

Ellington

Financial

Mortgage

Trust

12/10/24

3,522,441

100.00 3,522

3,536

Elmwood

CLO

V,

Ltd.

04/24/25

8,200,000

99.85 8,188

8,196

Enel

Finance

International

NV

10/16/23

1,156,000

95.64 1,106

1,117

Enel

Finance

International

NV

04/17/24

1,318,000

98.16 1,294

1,321

Entegris

Escrow

Corp.

08/06/24

1,784,000

97.30 1,737

1,738

Ferguson

Finance

PLC

05/06/24

2,671,000

97.83 2,613

2,645

FIGRE

Trust

03/19/24

4,948,724

100.03 4,950

5,020

FIGRE

Trust

06/06/24

1,363,385

100.98 1,377

1,399

FIGRE

Trust

09/05/24

1,653,233

102.65 1,697

1,680

FIGRE

Trust

09/09/24

2,669,438

100.00 2,669

2,666

FIGRE

Trust

12/11/24

3,522,982

100.00 3,523

3,549

FIGRE

Trust

12/11/24

2,643,970

100.41 2,655

2,665

FIGRE

Trust

02/20/25

969,826

103.49 1,004

1,006

FIGRE

Trust

03/20/25

3,492,574

100.00 3,492

3,519

FirstEnergy

Transmission

LLC

01/07/25

1,455,000

93.28 1,357

1,378

Flatiron

CLO

26,

Ltd.

11/01/24

7,600,000

100.00 7,600

7,563

Flatiron

RR

CLO,

Ltd.

03/24/25

2,500,000

100.00 2,500

2,492

Foundry

JV

Holdco

LLC

02/04/25

2,865,000

99.92 2,863

2,918

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/04/22

1,720,000

86.28 1,484

1,455

Gartner,

Inc.

03/25/25

2,829,000

94.38 2,670

2,654

Glencore

Funding

LLC

10/30/24

755,000

101.02 763

713

Glencore

Funding

LLC

10/30/24

1,510,000

101.30 1,530

1,511

GS

Mortgage

Securities

Trust

08/04/23

2,507,000

96.17 2,411

2,492

GSAA

Home

Equity

Trust

10/21/15

131,932

79.91 105

Hellenic

Republic

Government

International

Bond

04/24/24

EUR

2,351,000

104.84 2,465

2,680

Hellenic

Republic

Government

International

Bond

01/14/25

EUR

3,625,000

102.86 3,729

4,226

HGI

CRE

CLO,

Ltd.

09/17/21

3,856,116

100.00 3,856

3,832

High

Street

Funding

Trust

III

02/27/25

680,000

100.00 680

658

HMH

Trust

06/09/17

7,770,000

99.96 7,767

Home

RE,

Ltd.

07/23/21

1,227,000

100.00 1,227

1,241

Hudson

Yards

Mortgage

Trust

01/07/25

2,805,000

100.00 2,805

2,852

Hyundai

Capital

America

10/30/24

825,000

92.04 759

762

Hyundai

Capital

America

10/30/24

1,215,000

94.16 1,144

1,147

ICICI

Bank,

Ltd.

09/06/24

1,467,000

98.47 1,444

1,438

Imperial

Brands

Finance

PLC

08/08/23

4,053,000

97.83 3,961

4,001

Indianapolis

Power

&

Light

Co.

10/30/24

1,160,000

101.39 1,176

1,127

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

2,354,000

95.53 2,249

2,238

InRetail

Consumer

01/05/24

2,843,000

93.70 2,664

2,658

International

Flavors

&

Fragrances,

Inc.

07/15/24

3,803,000

92.67 3,520

3,553

International

Flavors

&

Fragrances,

Inc.

10/30/24

1,580,000

86.36 1,364

1,374

Intesa

Sanpaolo

SpA

08/09/23

2,627,000

98.93 2,599

2,820

Irwin

Home

Equity

Loan

Trust

06/30/15

88,151

101.25 89

ITC

Holdings

Corp.

01/22/25

765,000

99.89 764

772

James

Hardie

International

Finance

Designated

Activity

Co.

02/11/25

1,796,000

97.87 1,758

1,748

JDE

Peet's

NV

03/06/24

2,095,000

93.83 1,966

1,971

JPMorgan

Mortgage

Trust

06/05/20

75,771

102.68 78

JPMorgan

Mortgage

Trust

06/05/20

131,240

103.22 135

JPMorgan

Mortgage

Trust

03/30/21

409,133

101.91 417

JPMorgan

Mortgage

Trust

04/26/21

11,801,245

101.71 12,003

10,962

JPMorgan

Mortgage

Trust

01/26/22

9,116,249

99.16 9,040

8,047

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,

#### 2025
(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

04/27/22

4,174,796

95.89 4,003

3,781

JPMorgan

Mortgage

Trust

03/10/23

5,481,597

88.70 4,862

4,835

JPMorgan

Mortgage

Trust

04/20/23

2,347,929

88.61 2,080

2,085

JPMorgan

Mortgage

Trust

12/05/24

1,567,086

100.57 1,576

1,576

JPMorgan

Mortgage

Trust

12/18/24

1,497,696

100.36 1,503

1,496

JPMorgan

Mortgage

Trust

01/29/25

2,528,977

100.00 2,529

2,544

JPMorgan

Mortgage

Trust

02/26/25

5,160,000

100.00 5,160

5,160

JPMorgan

Mortgage

Trust

02/26/25

7,391,476

100.00 7,391

7,386

JPMorgan

Mortgage

Trust

03/18/25

5,943,901

100.00 5,944

5,968

JPMorgan

Wealth

Management

07/30/20

1,327,262

103.27 1,371

1,124

KEB

Hana

Bank

12/12/24

1,802,000

96.50 1,739

1,740

Kubota

Credit

Owner

Trust

06/18/24

1,750,000

99.99 1,750

1,790

Level

Financing,

Inc.

03/31/23

107,000

96.57 103

Liberty

Mutual

Group,

Inc.

05/03/22

218,000

127.90 279

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

300,000

102.70 308

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

435,000

103.51 450

Macquarie

Airfinance

Holdings,

Ltd.

10/30/24

1,050,000

98.16 1,031

1,032

Macquarie

Group,

Ltd.

10/30/24

2,825,000

94.98 2,683

2,714

Magnetite

XXVI,

Ltd.

01/28/25

3,370,000

100.00 3,370

3,354

Marks

&

Spencer

PLC

09/16/24

297,000

109.99 327

Mars,

Inc.

03/05/25

670,000

99.42 666

659

Mars,

Inc.

03/05/25

1,070,000

99.46 1,064

1,054

Mars,

Inc.

03/05/25

340,000

99.80 339

Mars,

Inc.

03/05/25

1,360,000

99.83 1,358

1,366

Mattel,

Inc.

02/11/25

3,000,000

94.78 2,843

2,823

Mexico

Generadora

de

Energia

S

de

RL

de

CV

04/04/23

1,644,891

97.26 1,600

1,607

MF1

LLC

07/19/23

2,127,237

100.23 2,132

2,127

MF1

LLC

03/17/25

4,418,000

100.19 4,426

4,418

MF1,

Ltd.

12/03/24

1,353,708

99.88 1,352

1,349

MHC

Commercial

Mortgage

Trust

04/06/21

1,845,343

99.34 1,833

1,841

MISC

Capital

Two

Labuan,

Ltd.

02/06/24

2,700,000

97.24 2,625

2,666

MMAF

Equipment

Finance

LLC

01/17/24

3,160,000

99.99 3,160

3,235

MMAF

Equipment

Finance

LLC

01/22/25

3,000,000

99.96 2,999

3,058

Mondelez

International,

Inc.

11/05/21

358,000

99.59 356

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

35,996,000

0.19 69

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

58,208,000

0.68 396

National

Australia

Bank,

Ltd.

10/30/24

1,730,000

86.46 1,496

1,511

News

Corp.

02/11/25

3,023,000

94.34 2,852

2,843

NGPL

PipeCo

LLC

09/26/19

2,298,000

123.61 2,840

2,581

Nissan

Motor

Acceptance

Co.

LLC

03/05/25

2,000,000

101.92 2,038

2,017

Nomura

Resecuritization

Trust

10/23/15

545,733

95.31 520

537

NRG

Energy,

Inc.

04/25/24

3,046,000

93.53 2,849

2,870

Nuveen

LLC

10/30/24

690,000

97.76 674

685

Oaktown

Re,

Ltd.

09/28/21

516,157

101.41 523

522

Oaktown

Re,

Ltd.

10/15/21

3,798,000

100.00 3,798

3,854

OCP

CLO,

Ltd.

04/01/25

3,800,000

99.95 3,798

3,792

Octagon

Investment

Partners

32,

Ltd.

04/28/25

1,700,000

99.88 1,698

1,693

Ohio

National

Financial

Services,

Inc.

09/16/24

911,000

101.13 921

883

Open

Text

Corp.

08/08/23

866,000

100.90 874

890

Penske

Truck

Leasing

Co.,

LP

/

PTL

Finance

Corp.

10/30/24

1,195,000

105.24 1,258

1,264

Petroleos

Mexicanos

04/02/24

EUR

12,736,000

95.78 12,199

13,007

Port

of

Newcastle

Investments

Financing

Pty,

Ltd.

09/16/24

337,000

95.92 323

Prosus

NV

08/04/22

2,853,000

89.52 2,554

2,636

Prosus

NV

10/30/24

1,530,000

67.46 1,032

957

PRPM

LLC

02/23/24

6,711,977

100.00 6,712

6,724

PRPM

LLC

10/07/24

4,117,097

96.81 3,986

4,000

PRPM

LLC

11/08/24

1,815,107

100.00 1,815

1,815

PRPM

LLC

11/26/24

1,071,194

100.00 1,071

1,064

PRPM

LLC

04/25/25

4,000,000

100.00 4,000

4,009

PTTEP

Treasury

Center

Co.,

Ltd.

12/12/24

1,753,000

95.52 1,674

1,684

QBE

Insurance

Group,

Ltd.

10/30/24

1,880,000

99.95 1,879

1,879

Radnor

RE,

Ltd.

11/30/23

53,129

101.34 54

RCKT

Mortgage

Trust

07/13/23

891,776

99.11 884

897

RCKT

Mortgage

Trust

02/15/24

2,664,837

99.98 2,664

2,677

RCKT

Mortgage

Trust

03/19/24

3,712,497

99.98 3,712

3,740

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,

#### 2025
(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

#### $
RCKT

Mortgage

Trust

08/14/24

2,632,192

99.99 2,632

2,630

RCKT

Mortgage

Trust

12/12/24

2,076,041

100.67 2,090

2,090

RCKT

Mortgage

Trust

12/12/24

8,016,854

99.99 8,016

8,059

RCKT

Mortgage

Trust

02/20/25

998,000

100.54 1,003

998

RCKT

Mortgage

Trust

02/26/25

8,219,499

100.00 8,219

8,259

Reliance

Industries,

Ltd.

12/12/24

1,732,000

97.26 1,684

1,694

Republic

of

South

Africa

Government

International

Bond

11/12/24

3,569,000

100.00 3,569

3,403

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

02/02/22

475,000

91.46 434

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

11/08/23

980,000

77.34 758

785

RFR

Trust

02/18/25

5,579,000

100.00 5,579

5,594

RFR

Trust

02/18/25

6,416,000

99.99 6,416

6,467

Rockies

Express

Pipeline

LLC

07/07/22

290,000

91.26 265

Rockies

Express

Pipeline

LLC

08/07/23

224,000

93.91 210

Rockies

Express

Pipeline

LLC

12/06/23

458,000

92.34 423

Rockies

Express

Pipeline

LLC

09/17/24

134,000

104.89 141

Rogers

Communications,

Inc.

02/02/24

891,000

97.74 871

868

Romanian

Government

International

Bond

02/23/21

EUR

3,872,000

113.42 4,392

2,609

Romanian

Government

International

Bond

07/08/21

EUR

3,599,000

110.27 3,969

2,426

Romanian

Government

International

Bond

02/24/22

EUR

3,866,000

88.26 3,412

3,557

Romanian

Government

International

Bond

02/24/22

EUR

966,000

96.86 936

799

Romanian

Government

International

Bond

09/21/22

EUR

4,163,000

97.44 4,056

4,714

Romanian

Government

International

Bond

12/02/22

EUR

4,255,000

87.86 3,739

4,049

Romanian

Government

International

Bond

09/11/23

EUR

3,640,000

107.44 3,911

4,291

Romanian

Government

International

Bond

02/15/24

EUR

1,784,000

106.78 1,905

1,850

Romanian

Government

International

Bond

02/27/24

EUR

3,192,000

110.12 3,515

3,711

Romanian

Government

International

Bond

04/19/24

EUR

4,383,000

94.36 4,136

4,084

Romanian

Government

International

Bond

03/25/25

EUR

101,000

116.02 117

Romanian

Government

International

Bond

03/26/25

EUR

3,481,000

107.20 3,732

3,879

Sabal

Trail

Transmission

LLC

09/16/24

2,479,000

99.59 2,469

2,442

Saluda

Grade

Alternative

Mortgage

Trust

11/17/23

2,818,964

101.50 2,861

2,897

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

1,880,939

102.06 1,920

1,946

Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

5,763,178

99.99 5,763

5,863

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

2,815,612

101.38 2,855

2,868

Sammons

Financial

Group,

Inc.

10/30/24

1,400,000

98.33 1,377

1,396

Saudi

Arabian

Oil

Co.

08/08/23

2,394,000

88.18 2,111

2,059

Scentre

Group

Trust

10/30/24

1,530,000

98.41 1,506

1,493

Sealed

Air

Corp.

04/22/20

584,000

104.37 609

606

Sequoia

Mortgage

Trust

10/21/16

366,179

102.42 375

Sigma

Finance

Netherlands

BV

02/11/25

1,197,000

98.78 1,182

1,192

SMBC

Aviation

Capital

Finance

DAC

10/30/24

1,395,000

100.60 1,403

1,381

Smithfield

Foods,

Inc.

10/30/24

1,215,000

87.49 1,063

1,079

Societe

Generale

SA

02/03/23

2,191,000

94.66 2,074

2,115

Societe

Generale

SA

02/06/24

765,000

97.99 750

758

Standard

Chartered

PLC

04/02/20

950,000

95.32 906

964

Suzano

Austria

GmbH

10/12/23

2,143,000

99.47 2,132

2,162

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

1,211,105

140.62 1,703

1,599

TCO

Commercial

Mortgage

Trust

12/06/24

3,910,000

99.76 3,900

3,882

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

4,024,800

100.00 4,025

4,015

Topaz

Solar

Farms

LLC

04/25/24

432,032

98.98 428

Towd

Point

Mortgage

Trust

08/17/20

1,221,977

101.64 1,242

1,189

Towd

Point

Mortgage

Trust

07/21/23

4,448,067

99.84 4,441

4,486

Towd

Point

Mortgage

Trust

10/19/23

2,603,531

99.99 2,603

2,649

UBS

Group

AG

10/30/24

865,000

122.16 1,057

1,057

UBS

Group

AG

10/30/24

840,000

85.59 719

718

UniCredit

SpA

04/22/20

304,000

105.33 320

United

Kingdom

Gilt

Bonds

03/24/25

GBP

9,700,000

111.55 10,821

11,322

Unum

Group

10/30/24

1,185,000

79.86 946

937

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

4,320,000

127.07 5,490

5,858

Var

Energi

ASA

12/05/23

2,622,000

103.29 2,708

2,760

VICI

Properties,

LP

07/06/22

1,884,000

98.74 1,860

1,907

Vistra

Operations

Co.

LLC

04/17/24

2,896,000

96.35 2,790

2,845

Vistra

Operations

Co.

LLC

10/30/24

2,730,000

96.29 2,629

2,673

Voya

CLO,

Ltd.

04/03/25

2,000,000

99.95 1,999

1,995

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,306,170

97.39 1,272

1,296

Woori

Bank

09/06/24

2,610,000

100.99 2,636

2,639

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,

#### 2025
(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

#### $
Yara

International

ASA

07/15/24

788,000

98.38 775

785

692,255

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

Long

Gilt

Futures

GBP

22,538

06/25

United

States

Year

Treasury

Note

Futures

1,068

USD

222,302

06/25

1,289

United

States

Year

Treasury

Note

Futures

1,458

USD

159,207

06/25

1,550

United

States

Year

Treasury

Note

Futures

1,270

USD

142,518

06/25

1,537

United

States

Year

Ultra

Treasury

Note

Futures

2,584

USD

296,473

06/25

4,965

United

States

Treasury

Long

Bond

Futures

919

USD

107,178

06/25

United

States

Treasury

Ultra

Bond

Futures

811

USD

98,156

06/25

(511) Short

Positions

Canadian

Year

Government

Bond

Futures

CAD

19,291

06/25

Euro-Bobl

Futures

EUR

11,724

06/25

(92) Euro-Bund

Futures

EUR

50,076

06/25

(615) Euro-Buxl

Futures

EUR

3,847

06/25

Euro-Schatz

Futures

EUR

2,582

06/25

(15) Japanese

Year

Government

Bond

Futures

JPY

10,267,450

06/25

(1,268)

Long

Gilt

Futures

GBP

1,683

06/25

(22) Three

Month

Euribor

Futures

759

EUR

186,628

12/25

(764) United

States

Year

Treasury

Note

Futures

880

USD

183,170

06/25

(1,064)

United

States

Year

Treasury

Note

Futures

USD

8,190

06/25

(127) United

States

Year

Ultra

Treasury

Note

Futures

USD

54,154

06/25

(457) United

States

Treasury

Long

Bond

Futures

USD

2,449

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

5,173

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

10,092

CAD

14,428

05/13/25

Bank

of

New

York

GBP

3,272

USD

4,234

05/13/25

(127) Citigroup

USD

AUD

500

07/09/25

Citigroup

USD

6,571

AUD

10,487

07/09/25

Citigroup

USD

BRL

05/05/25

—

Citigroup

USD

611

BRL

3,457

05/05/25

(2) Citigroup

USD

691

BRL

3,913

05/05/25

(2) Citigroup

USD

694

BRL

3,926

05/05/25

(2) Citigroup

USD

1,383

BRL

7,831

05/05/25

(3) Citigroup

USD

1,427

BRL

8,608

05/05/25

Citigroup

USD

1,526

BRL

8,635

05/05/25

(4) 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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

USD

1,648

BRL

9,728

05/05/25

Citigroup

USD

1,652

BRL

9,731

05/05/25

Citigroup

USD

683

CAD

978

07/09/25

Citigroup

USD

6,650

CAD

9,211

07/09/25

Citigroup

USD

830

COP

3,714,964

07/09/25

Citigroup

USD

1,480

COP

6,386,718

07/09/25

Citigroup

USD

728

EUR

654

07/09/25

Citigroup

USD

729

EUR

664

07/09/25

Citigroup

USD

739

EUR

664

07/09/25

Citigroup

USD

859

EUR

779

07/09/25

Citigroup

USD

2,470

EUR

2,155

07/09/25

(19) Citigroup

USD

3,317

EUR

3,012

07/09/25

Citigroup

USD

3,332

EUR

3,016

07/09/25

Citigroup

USD

3,354

EUR

3,012

07/09/25

Citigroup

USD

3,390

EUR

3,070

07/09/25

Citigroup

USD

3,456

GBP

2,632

07/09/25

Citigroup

USD

JPY

43,147

07/09/25

Citigroup

USD

3,320

KRW

4,737,142

07/09/25

Citigroup

USD

2,276

MXN

47,000

07/09/25

Citigroup

USD

2,279

MXN

47,079

07/09/25

Citigroup

USD

3,659

MXN

76,481

07/09/25

Citigroup

USD

3,754

MXN

76,000

07/09/25

Citigroup

USD

3,126

NOK

32,886

07/09/25

Citigroup

USD

THB

1,583

07/09/25

Citigroup

USD

1,871

ZAR

34,801

05/02/25

(1) Citigroup

USD

ZAR

5,894

07/09/25

Citigroup

USD

529

ZAR

10,350

07/09/25

Citigroup

USD

814

ZAR

16,155

07/09/25

Citigroup

USD

837

ZAR

16,561

07/09/25

Citigroup

USD

3,164

ZAR

59,000

07/09/25

(9) Citigroup

AUD

526

USD

07/09/25

(20) Citigroup

AUD

593

USD

07/09/25

(24) Citigroup

AUD

985

USD

590

07/09/25

(41) Citigroup

AUD

2,556

USD

1,627

07/09/25

(11) Citigroup

AUD

3,517

USD

2,201

07/09/25

(54) Citigroup

AUD

10,987

USD

6,720

07/09/25

(323) Citigroup

BRL

USD

05/05/25

—

Citigroup

BRL

3,457

USD

601

05/05/25

(8) Citigroup

BRL

3,913

USD

680

05/05/25

(10) Citigroup

BRL

3,926

USD

680

05/05/25

(12) Citigroup

BRL

7,831

USD

1,359

05/05/25

(20) Citigroup

BRL

8,608

USD

1,520

05/05/25

Citigroup

BRL

8,635

USD

1,441

05/05/25

(81) Citigroup

BRL

9,728

USD

1,718

05/05/25

Citigroup

BRL

9,731

USD

1,719

05/05/25

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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Citigroup

CAD

9,488

USD

6,626

07/09/25

(281) Citigroup

CHF

4,180

EUR

4,470

07/09/25

(19) Citigroup

COP

43,085,545

USD

10,259

07/09/25

Citigroup

CZK

30,386

EUR

1,210

07/09/25

(4) Citigroup

CZK

59,178

EUR

2,360

07/09/25

(6) Citigroup

CZK

59,236

EUR

2,360

07/09/25

(10) Citigroup

EUR

4,456

CHF

4,110

07/09/25

(50) Citigroup

EUR

6,152

CZK

154,160

07/09/25

Citigroup

EUR

6,116

GBP

5,140

07/09/25

(105) Citigroup

EUR

9,830

JPY

1,578,248

07/09/25

(58) Citigroup

EUR

974

NOK

11,590

07/09/25

Citigroup

EUR

1,176

NOK

13,980

07/09/25

Citigroup

EUR

2,262

NOK

27,108

07/09/25

Citigroup

EUR

886

USD

1,024

07/09/25

Citigroup

EUR

1,850

USD

2,038

07/09/25

(67) Citigroup

EUR

2,750

USD

3,053

07/09/25

(75) Citigroup

EUR

3,067

USD

3,415

07/09/25

(74) Citigroup

EUR

3,071

USD

3,423

07/09/25

(70) Citigroup

EUR

3,450

USD

3,750

07/09/25

(174) Citigroup

EUR

54,350

USD

60,640

07/09/25

(1,179)

Citigroup

GBP

2,522

EUR

2,974

07/09/25

Citigroup

GBP

2,618

EUR

3,114

07/09/25

Citigroup

GBP

2,632

USD

3,406

07/09/25

(103) Citigroup

GBP

8,500

USD

10,967

07/09/25

(364) Citigroup

JPY

107,690

EUR

676

07/09/25

Citigroup

JPY

39,850

USD

07/09/25

Citigroup

JPY

75,300

USD

536

07/09/25

Citigroup

JPY

89,000

USD

629

07/09/25

Citigroup

JPY

245,193

USD

1,730

07/09/25

Citigroup

JPY

391,000

USD

2,718

07/09/25

(37) Citigroup

JPY

2,259,260

USD

15,231

07/09/25

(690) Citigroup

MXN

7,715

USD

07/09/25

(20) Citigroup

MXN

366,064

USD

17,636

07/09/25

(870) Citigroup

NOK

13,928

EUR

1,176

07/09/25

(2) Citigroup

NOK

19,100

EUR

1,608

07/09/25

(8) Citigroup

NOK

19,112

EUR

1,608

07/09/25

(9) Citigroup

NOK

31,818

USD

3,054

07/09/25

(5) Citigroup

ZAR

8,625

USD

07/09/25

(4) Citigroup

ZAR

12,901

USD

678

07/09/25

(12) Citigroup

ZAR

26,096

USD

1,375

07/09/25

(21) Citigroup

ZAR

34,801

USD

1,861

07/09/25

—

Citigroup

ZAR

59,000

USD

3,165

07/09/25

Citigroup

ZAR

77,862

USD

4,131

07/09/25

(34) HSBC

USD

5,097

NOK

53,243

05/13/25

HSBC

SEK

50,765

USD

5,095

05/13/25

(159) 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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
JPMorgan

Chase

USD

6,769

EUR

6,257

05/13/25

JPMorgan

Chase

USD

12,277

EUR

10,778

05/13/25

(62) JPMorgan

Chase

USD

4,278

GBP

3,400

05/08/25

JPMorgan

Chase

USD

6,482

GBP

4,900

05/08/25

JPMorgan

Chase

USD

8,540

JPY

1,270,536

05/13/25

State

Street

USD

1,660

CHF

1,366

05/13/25

(3) State

Street

USD

1,936

EUR

1,700

05/08/25

(10) State

Street

USD

GBP

05/08/25

State

Street

USD

1,946

GBP

1,453

05/13/25

(9) State

Street

USD

SEK

3,880

05/13/25

(1) State

Street

CAD

1,004

USD

724

05/13/25

(4) State

Street

CHF

13,418

USD

15,244

05/13/25

(1,029)

State

Street

EUR

1,679

USD

1,750

05/08/25

(152) State

Street

GBP

USD

05/08/25

(18) State

Street

GBP

500

USD

631

05/08/25

(35) State

Street

GBP

13,785

USD

17,121

05/08/25

(1,251)

State

Street

JPY

224,924

USD

1,582

05/13/25

State

Street

NOK

2,844

USD

05/13/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(4,362)

#### 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

JPY

6,209,000

TONAR

(4) 0.829%

(4) 03/14/27

(156) (153) Citigroup

JPY

3,300,000

TONAR

(4) 0.846%

(4) 03/24/27

—

(98) (98) Citigroup

MXN

11,150

Interbank

Equilibrium

Interest

Rate

(1) 7.590%

(1) 06/16/27

—

(2) (2) Citigroup

MXN

45,884

Interbank

Equilibrium

Interest

Rate

(1) 7.598%

(1) 06/16/27

—

(7) (7) Citigroup

MXN

45,885

Interbank

Equilibrium

Interest

Rate

(1) 7.580%

(1) 06/16/27

—

(6) (6) Citigroup

MXN

46,081

Interbank

Equilibrium

Interest

Rate

(1) 7.593%

(1) 06/16/27

—

(7) (7) Citigroup

USD

8,500

SOFR

(4) 3.364%

(4) 08/20/54

—

765

765

Citigroup

GBP

8,100

Sterling

Overnight

Index

Average

Rate

(4) 4.446%

(4) 03/24/55

—

(170) (170) Citigroup

JPY

24,377

TONAR

(4) 1.880%

(4) 04/11/55

—

Citigroup

JPY

24,377

TONAR

(4) 1.870%

(4) 04/11/55

—

Total

Open

Interest

Rate

Swap

Contracts

(å)

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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

87,291

$

—

$

—

$

87,291

.5

Corporate

Bonds

and

Notes

—

492,875

—

—

492,875

.3

International

Debt

—

283,979

—

—

283,979

.6

Mortgage-Backed

Securities

—

509,945

—

—

509,945

.2

Non-US

Bonds

—

131,019

—

—

131,019

.7

United

States

Government

Treasuries

—

137,228

—

—

137,228

.1

Short-Term

Investments

—

166,427

—

142,278

308,705

.9

Total

Investments

—

1,808,764

—

142,278

1,951,042

.3

Other

Assets

and

Liabilities,

Net

(0

.3)

.0

Other

Financial

Instruments

Assets

Futures

Contracts

10,108

—

—

—

10,108

.5

Foreign

Currency

Exchange

Contracts

—

3,495

—

—

3,495

.2

Interest

Rate

Swap

Contracts

—

767

—

—

767

—

\*,

A

Liabilities

Futures

Contracts

(4,935)

—

—

—

(4,935)

(0

.3)

Foreign

Currency

Exchange

Contracts

—

(7,857)

—

—

(7,857)

(0

.4)

Interest

Rate

Swap

Contracts

—

(443)

—

—

(443)

(—)

\*

Total

Other

Financial

Instruments

\*\*

$

5,173

$

(4,038)

$

—

$

—

$

1,135

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Andorra

.......................................................................................

8,858

Australia

......................................................................................

16,604

Bermuda

......................................................................................

17,979

Brazil

...........................................................................................

2,947

Canada

.........................................................................................

27,838

Cayman

Islands

...........................................................................

53,328

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Chile

............................................................................................

6,252

China

...........................................................................................

7,608

Colombia

.....................................................................................

9,008

Denmark

......................................................................................

2,807

Finland

........................................................................................

2,801

France

..........................................................................................

10,343

Germany

......................................................................................

7,053

Greece

.........................................................................................

6,906

Iceland

.........................................................................................

3,139

India

............................................................................................

4,906

Ireland

.........................................................................................

6,000

Italy

.............................................................................................

6,874

Japan

...........................................................................................

18,558

Jersey

...........................................................................................

36,563

Malaysia

......................................................................................

2,666

Mexico

........................................................................................

30,855

Netherlands

.................................................................................

4,192

Nigeria

.........................................................................................

3,633

Norway

........................................................................................

2,760

Panama

........................................................................................

1,051

Peru

.............................................................................................

2,658

Romania

......................................................................................

36,091

Saudi

Arabia

................................................................................

2,059

South

Africa

................................................................................

9,433

South

Korea

................................................................................

8,295

Spain

...........................................................................................

5,214

Switzerland

.................................................................................

1,775

Thailand

......................................................................................

1,684

Turkey

.........................................................................................

2,452

United

Kingdom

..........................................................................

43,808

United

States

...............................................................................

1,536,044

Total

Investments

...................................................................

1,951,042

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,

#### 2025
(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

$

3,495

$

—

Variation

margin

on

futures

contracts\*

—

10,108

Interest

rate

swap

contracts,

at

fair

value

—

767

Total

$

3,495

$

10,875

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

4,935

Unrealized

depreciation

on

foreign

currency

exchange

contracts

7,857

—

Interest

rate

swap

contracts,

at

fair

value

—

Total

$

7,857

$

5,378

#### 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

$

—

$

—

$

(43,320)

Interest

rate

swap

contracts

—

—

(2,795)

Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

1,440

—

Total

$

$

1,440

$

(46,115)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

43,475

Interest

rate

swap

contracts

—

—

2,504

Foreign

currency

exchange

contracts

—

(5,672)

—

Total

$

—

$

(5,672)

$

45,979

\*

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,

#### 2025
(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

$

3,495

$

—

$

3,49

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

767

—

767

Total

Financial

and

Derivative

Assets

4,2

—

4,2

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

4,2

$

—

$

4,2

#### 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

New

York

$

$

$

—

$

Citigroup

2,858

2,858

—

—

HSBC

—

—

JPMorgan

Chase

982

650

State

Street

—

—

Total

$

4,262

$

3,089

$

$

903

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,

#### 2025
(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

$

7,85

$

—

$

7,85

Interest

Rate

Swap

Contracts

Interest

rate

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Liabilities

8,

—

8,

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

8,

$

—

$

8,

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

$

—

$

—

Citigroup

5,440

2,858

2,582

—

HSBC

—

JPMorgan

Chase

—

—

State

Street

2,512

—

2,490

Total

$

8,300

$

3,089

$

2,582

$

2,629

^&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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,997,910

Investments,

at

fair

value(>)

........................................................................................................................................................

1,951,042

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

989

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

3,495

Receivables:

Dividends

and

interest

......................................................................................................................................................

12,918

Dividends

from

affiliated

funds

.......................................................................................................................................

577

Investments

sold

...............................................................................................................................................................

19,207

Fund

shares

sold

...............................................................................................................................................................

1,278

From

broker(a)(b)(c)

........................................................................................................................................................

48,172

Variation

margin

on

futures

contracts

..............................................................................................................................

7,214

Prepaid

expenses

..........................................................................................................................................................................

Interest

rate

swap

contracts,

at

fair

value(•)

.................................................................................................................................

767

Total

assets

...............................................................................................................................................................

2,045,833

#### Liabilities
Payables:

Due

to

broker

(d)(e)(f)

.....................................................................................................................................................

2,263

Investments

purchased

.....................................................................................................................................................

84,978

Fund

shares

redeemed

......................................................................................................................................................

1,286

Accrued

fees

to

affiliates

..................................................................................................................................................

781

Other

accrued

expenses

....................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

2,012

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

7,857

Interest

rate

swap

contracts,

at

fair

value(•)

.................................................................................................................................

Total

liabilities

...........................................................................................................................................................

99,926

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,945,907

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(615,09

3)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,124

Additional

paid-in

capital

............................................................................................................................................................

2,558,87

#### Net

#### Assets

#### ...............................................................................................................................................................
$

1,945,907

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.11 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

9.46 Class

A

—

Net

assets

...........................................................................................................................................................

$

18,417,000

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

2,022,464

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

8.98 Class

C

—

Net

assets

...........................................................................................................................................................

$

7,133,216

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

794,214

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.18 Class

M

—

Net

assets

..........................................................................................................................................................

$

350,263,944

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

38,157,811

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

9.04 Class

R6

—

Net

assets

.........................................................................................................................................................

$

3,373,125

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

372,984

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.19 Class

S

—

Net

assets

............................................................................................................................................................

$

1,303,801,740

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

141,928,674

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

9.03 Class

Y

—

Net

assets

...........................................................................................................................................................

$

262,918,129

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

29,121,747

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

956

(•)&nbsp;&nbsp;&nbsp;&nbsp;

Interest

rate

swap

contracts

-

premiums

paid

(received)

$

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

142,278

(a) Receivable

from

Broker

for

Futures

$

35,507

(b) Receivable

from

Broker

for

Swaps

$

10,672

(c) Receivable

from

Broker

for

TBAs

$

1,993

(d) Due

to

Broker

for

Swaps

$

1,561

(e) Due

to

Broker

for

TBAs

$

(f) Due

to

Broker

for

Forwards

$

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

43,876

Dividends

from

affiliated

funds

.......................................................................................................................................

5,755

Total

investment

income

..............................................................................................................................................................

49,631

#### Expenses
Advisory

fees

...................................................................................................................................................................

3,839

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

............................................................................................................................................

1,375

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

6,612

Expense

reductions

..........................................................................................................................................................

(1,275)

Net

expenses

................................................................................................................................................................................

5,337

Net

investment

income

(loss)

.......................................................................................................................................................

44,294

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(8,504)

Investments

in

affiliated

funds

.........................................................................................................................................

(22) Futures

contracts

..............................................................................................................................................................

(43,320)

Foreign

currency

exchange

contracts

...............................................................................................................................

1,440

Interest

rate

swap

contracts

..............................................................................................................................................

(2,795)

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(52,857)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

15,192

Investments

in

affiliated

funds

.........................................................................................................................................

(26) Futures

contracts

..............................................................................................................................................................

43,475

Foreign

currency

exchange

contracts

...............................................................................................................................

(5,672)

Interest

rate

swap

contracts

..............................................................................................................................................

2,504

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

55,732

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

2,875

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

47,169

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

44,294

$

103,659

Net

realized

gain

(loss)

.......................................................................................................................

(52,857)

4,023

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

55,732

102,218

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

47,169

209,900

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(467) (737) Class

C

..........................................................................................................................................

(166) (288) Class

M

.........................................................................................................................................

(9,376)

(16,407)

Class

R6

........................................................................................................................................

(215) (130) Class

S

..........................................................................................................................................

(37,013)

(63,269)

Class

Y

..........................................................................................................................................

(7,565)

(16,455)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(54,802)

(97,286)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(134,402)

(25,474)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(142,035)

87,140

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

2,087,942

2,000,802

End

of

period

.............................................................................................................................................

$

1,945,907

$

2,087,942

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,537

$

2,508

Proceeds

from

reinvestment

of

distributions

726

Payments

for

shares

redeemed

(219) (1,979)

(413) (3,760)

Net

increase

(decrease)

1,020

(58) (526) Class

C

Proceeds

from

shares

sold

1,407

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(112) (996) (264) (2,374)

Net

increase

(decrease)

(6

8)

(599) (76) (681) Class

M

Proceeds

from

shares

sold

8,616

78,055

7,214

66,277

Proceeds

from

reinvestment

of

distributions

1,031

9,376

1,786

16,405

Payments

for

shares

redeemed

(12,138)

(110,496)

(8,253)

(75,872)

Net

increase

(decrease)

(2,491)

(23,065)

747

6,810

Class

R6

Proceeds

from

shares

sold

4,910

43,678

2,885

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(4,955)

(44,074)

(141) (1,285)

Net

increase

(decrease)

(21) (181) 194

1,730

Class

S

Proceeds

from

shares

sold

14,708

134,128

39,871

359,619

Proceeds

from

reinvestment

of

distributions

4,056

36,905

6,862

63,052

Payments

for

shares

redeemed

(29,712)

(270,780)

(37,035)

(340,367)

Net

increase

(decrease)

(10,948)

(99,747)

9,698

82,304

Class

Y

Proceeds

from

shares

sold

1,411

12,695

1,017

9,208

Proceeds

from

reinvestment

of

distributions

846

7,564

1,825

16,455

Payments

for

shares

redeemed

(3,585)

(32,089)

(15,598)

(140,774)

Net

increase

(decrease)

(1,328)

(11,830)

(12,756)

(115,111)

Total

increase

(decrease)

(14,74

4)

$

(134,402)

(2,251)

$

(25,474)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### Russell

#### Investment

#### Company

#### Strategic

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

9.14 .18

.02

.20

(.23)

—

October

31,

2024

8.68 .40

.44

.84

(.38)

—

October

31,

2023

8.92 .31

(.38)

(.07)

(.17)

—

October

31,

2022

10.96 .14

(1.98)

(1.84)

(.13)

(.07)

October

31,

2021

11.64 .12

(.07)

.05

(.14)

(.59)

October

31,

2020

11.27 .22

.43

.65

(.20)

(.08)

Class

C

April

30,

2025\*

9.02 .15

.01

.16

(.20)

—

October

31,

2024

8.57 .33

.43

.76

(.31)

—

October

31,

2023

8.84 .24

(.37)

(.13)

(.14)

—

October

31,

2022

10.88 .06

(1.96)

(1.90)

(.07)

(.07)

October

31,

2021

11.57 .04

(.06)

(.02)

(.08)

(.59)

October

31,

2020

11.22 .13

.42

.55

(.12)

(.08)

Class

M

April

30,

2025\*

9.21 .20

.02

.22

(.25)

—

October

31,

2024

8.74 .44

.44

.88

(.41)

—

October

31,

2023

8.96 .34

(.37)

(.03)

(.19)

—

October

31,

2022

11.02 .18

(2.00)

(1.82)

(.17)

(.07)

October

31,

2021

11.69 .16

(.07)

.09

(.17)

(.59)

October

31,

2020

11.31 .26

.44

.70

(.24)

(.08)

Class

R6

April

30,

2025\*

9.08 .19

.02

.21

(.25)

—

October

31,

2024

8.62 .43

.44

.87

(.41)

—

October

31,

2023

8.84 .34

(.37)

(.03)

(.19)

—

October

31,

2022

10.87 .18

(1.97)

(1.79)

(.17)

(.07)

October

31,

2021

11.54 .16

(.06)

.10

(.18)

(.59)

October

31,

2020

11.18 .26

.43

.69

(.25)

(.08)

Class

S

April

30,

2025\*

9.22 .20

.01

.21

(.24)

—

October

31,

2024

8.75 .43

.44

.87

(.40)

—

October

31,

2023

8.98 .34

(.39)

(.05)

(.18)

—

October

31,

2022

11.03 .17

(1.99)

(1.82)

(.16)

(.07)

October

31,

2021

11.70 .15

(.07)

.08

(.16)

(.59)

October

31,

2020

11.33 .25

.43

.68

(.23)

(.08)

Class

Y

April

30,

2025\*

9.06 .20

.02

.22

(.25)

—

October

31,

2024

8.61 .43

.44

.87

(.42)

—

October

31,

2023

8.83 .34

(.37)

(.03)

(.19)

—

October

31,

2022

10.85 .18

(1.95)

(1.77)

(.18)

(.07)

October

31,

2021

11.52 .15

(.05)

.10

(.18)

(.59)

October

31,

2020

11.16 .27

.42

.69

(.25)

(.08)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Strategic

Bond

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.23)

9.11 2.23 18,417

.93

.83

4.0 8

(.38)

9.14 9.76 17,460

.95

.84

4.40 91

(.17)

8.68 (.84)

17,085

1.02 .84

3.38 72

(.20)

8.92 (17.01)

20,294

1.01 .85

1.39 54

(.73)

10.96 .33

26,257

1.01 .86

1.10 89

(.28)

11.64 5.90 29,108

1.02 .85

1.91 88

(.20)

8.98 1.77 7,133

1.68 1.58 3.3 3

(.31)

9.02 8.97 7,767

1.70 1.59 3.65 91

(.14)

8.57 (1.51)

8,035

1.77 1.59 2.61 72

(.14)

8.84 (17.71)

10,827

1.76 1.60 .62

(.67)

10.88 (.32)

15,321

1.76 1.61 .36

(.20)

11.57 5.02 18,403

1.77 1.60 1.16 88

(.25)

9.18 2.40 350,264

.68

.46

4.46 32

(.41)

9.21 10.20 374,338

.70

.47

4.77 91

(.19)

8.74 (.45)

348,932

.77

.47

3.74 72

(.24)

8.96 (16.79)

507,577

.76

.48

1.76 54

(.76)

11.02 .74

657,098

.75

.49

1.41 89

(.32)

11.69 6.36 343,916

.77

.48

2.28 88

(.25)

9.04 2.32 3,373

.52

.45

4.35 32

(.41)

9.08 10.24 3,578

.55

.46

4.79 91

(.19)

8.62 (.45)

1,727

.62

.46

3.73 72

(.24)

8.84 (16.74)

2,218

.61

.47

1.81 54

(.77)

10.87 .75

1,744

.61

.48

1.45 89

(.33)

11.54 6.26 1,471

.62

.47

2.27 88

(.24)

9.19 2.35 1,303,802

.68

.56

4.3 5

(.40)

9.22 10.09 1,408,877

.70

.57

4.67 91

(.18)

8.75 (.61)

1,252,987

.77

.57

3.64 72

(.23)

8.98 (16.77)

1,751,847

.76

.58

1.64 54

(.75)

11.03 .64

2,500,018

.76

.59

1.35 89

(.31)

11.70 6.15 2,409,082

.77

.58

2.19 88

(.25)

9.03 2.46 262,918

.48

.42

4.49 32

(.42)

9.06 10.17 275,922

.50

.43

4.80 91

(.19)

8.61 (.44)

372,036

.57

.43

3.75 72

(.25)

8.83 (16.65)

604,817

.56

.44

1.79 54

(.77)

10.85 .77

831,475

.55

.45

1.41 89

(.33)

11.52 6.30 382,779

.57

.44

2.38 88

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

518,537

Administrative

fees

77,931

Distribution

fees

8,204

Shareholder

servicing

fees

1,473

Transfer

agent

fees

169,015

Trustees'

fees

6,202

$

781,362

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

293,882

$

698,813

$

850,369

$

(22)

$

(26)

$

142,278

$

5,755

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,996,060,768

$

24,781,966

$

(68,738,300)

$

(43,956,334)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 92.2%
Asset-Backed

Securities

-

4.1%

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL3

Class

A

5.794%

due

08/15/34

(CME

Term

SOFR

Month

+

1.184%)(Ê)(Þ)

988

987

Audax

Senior

Debt

CLO

LLC

Series

2025-12A

Class

B

5.917%

due

04/22/37

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

1,800

1,801

AXIS

Equipment

Finance

Receivables

XIV

LLC

Series

2024-2A

Class

B

5.200%

due

07/21/31

(Þ)

1,205

1,222

BRAVO

Residential

Funding

Trust

Series

2024-CES2

Class

A1A

5.549%

due

09/25/54

(~)(Ê)(Þ)

840

840

Business

Jet

Securities

LLC

Series

2024-2A

Class

A

5.364%

due

09/15/39

(Þ)

1,180

1,172

Churchill

Middle

Market

CLO

LLC

Series

2025-1A

Class

BR

5.976%

due

04/20/38

(CME

Term

SOFR

Month

+

1.700%)(Ê)(Þ)

1,700

1,670

CLI

Funding

IX

LLC

Series

2024-1A

Class

A

5.630%

due

07/20/49

(Þ)

1,509

1,522

Credit-Based

Asset

Servicing

&

Securitization

LLC

Series

2004-CB7

Class

AF5

3.526%

due

09/25/34

(~)(Ê)

Eagle

RE,

Ltd.

Series

2023-1

Class

M1A

6.734%

due

09/26/33

(SOFR

Day

Average

+

2.000%)(Ê)(Þ)

1,201

1,206

Elmwood

CLO

39,

Ltd.

Series

2025-2A

Class

A1

5.424%

due

04/17/38

(CME

Term

SOFR

Month

+

1.140%)(Ê)(Þ)

1,300

1,287

FIGRE

Trust

Series

2023-HE1

Class

A

5.850%

due

03/25/53

(Þ)

607

612

Series

2023-HE2

Class

B

7.688%

due

05/25/53

(~)(Ê)(Þ)

Series

2024-HE1

Class

A

6.165%

due

03/25/54

(~)(Ê)(Þ)

2,431

2,466

Series

2024-HE2

Class

A

6.380%

due

05/25/54

(~)(Ê)(Þ)

710

721

Series

2024-HE4

Class

A

5.056%

due

09/25/54

(~)(Ê)(Þ)

1,357

1,355

Series

2024-SL1

Class

A1

5.748%

due

07/25/53

(~)(Ê)(Þ)

1,187

1,196

Series

2025-HE2

Class

A

5.775%

due

03/25/55

(~)(Ê)(Þ)

1,358

1,368

Greenpoint

Manufactured

Housing

Contract

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2000-4

Class

A3

6.960%

due

08/21/31

(USD

Month

LIBOR

+

2.000%)(Ê)

JPMorgan

Mortgage

Trust

Series

2023-HE1

Class

A1

6.511%

due

11/25/53

(SOFR

Day

Average

+

1.750%)(Ê)(Þ)

1,358

1,366

Kubota

Credit

Owner

Trust

Series

2024-1A

Class

A4

5.200%

due

01/15/30

(Þ)

2,236

2,286

Series

2024-2A

Class

A4

5.190%

due

05/15/30

(Þ)

830

849

MMAF

Equipment

Finance

LLC

Series

2025-A

Class

A4

5.020%

due

06/13/50

(Þ)

1,350

1,376

OneSky

Loan

Trust

Series

A

Class

A

3.875%

due

07/15/29

1,641

1,573

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

1,307

1,313

Series

2024-CES2

Class

A1A

6.141%

due

04/25/44

(~)(Ê)(Þ)

1,818

1,832

Series

2024-CES3

Class

A1A

6.591%

due

05/25/44

(~)(Ê)(Þ)

2,173

2,204

Series

2024-CES6

Class

A1A

5.344%

due

09/25/44

(~)(Ê)(Þ)

1,346

1,345

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-FIG3

Class

A

7.067%

due

08/25/53

(~)(Ê)(Þ)

1,217

1,251

Series

2023-FIG4

Class

A

6.718%

due

11/25/53

(~)(Ê)(Þ)

923

955

Series

2024-FIG5

Class

A

6.255%

due

04/25/54

(~)(Ê)(Þ)

2,865

2,914

Towd

Point

Mortgage

Trust

Series

2020-MH1

Class

A1

2.250%

due

02/25/60

(~)(Ê)(Þ)

39,773

Corporate

Bonds

and

Notes

-

27.0%

Consumer

Discretionary

-

3.4%

7-Eleven,

Inc.

1.300%

due

02/10/28

(Þ)

American

Airlines

Pass-Through

Trust

Series

AA

Class

AA

3.650%

due

02/15/29

1,562

1,485

AutoZone,

Inc.

6.250%

due

11/01/28

Brunswick

Corp.

5.100%

due

04/01/52

Carnival

Corp.

7.000%

due

08/15/29

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.100%

due

06/01/29

795

822

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.900%

due

06/01/52

1,330

844

Series

WI

4.200%

due

03/15/28

504

Comcast

Corp.

6.450%

due

03/15/37

835

911

5.350%

due

05/15/53

1,050

963

Series

WI

3.999%

due

11/01/49

2.887%

due

11/01/51

590

Darden

Restaurants,

Inc.

4.550%

due

02/15/48

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

Discovery

Communications

LLC

Class

A

5.000%

due

09/20/37

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

Ferguson

Finance

PLC

4.250%

due

04/20/27

(Þ)

Ford

Motor

Co.

7.400%

due

11/01/46

Ford

Motor

Credit

Co.

LLC

5.125%

due

11/05/26

2,250

2,227

6.050%

due

03/05/31

6.054%

due

11/05/31

2,211

2,143

6.500%

due

02/07/35

555

537

Fox

Corp.

Series

WI

5.576%

due

01/25/49

General

Motors

Co.

5.200%

due

04/01/45

General

Motors

Financial

Co.,

Inc.

2.400%

due

04/10/28

4.900%

due

10/06/29

1,375

1,353

5.750%

due

02/08/31

1,175

1,186

5.950%

due

04/04/34

1,165

1,160

Hyatt

Hotels

Corp.

4.375%

due

09/15/28

Las

Vegas

Sands

Corp.

3.500%

due

08/18/26

5.625%

due

06/15/28

985

985

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

Mattel,

Inc.

3.750%

due

04/01/29

(Þ)

McDonald's

Corp.

Series

MTN

4.450%

due

09/01/48

O'Reilly

Automotive,

Inc.

4.350%

due

06/01/28

Paramount

Global

6.875%

due

04/30/36

665

667

5.900%

due

10/15/40

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.600%

due

01/15/45

6.375%

due

03/30/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.999%)(Ê)

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

4.625%

due

04/06/31

(Þ)

Starbucks

Corp.

4.300%

due

06/15/45

Stellantis

Finance

US,

Inc.

5.350%

due

03/17/28

(Þ)

870

876

Time

Warner

Cable

Enterprises

LLC

8.375%

due

07/15/33

723

824

Time

Warner

Cable

LLC

6.550%

due

05/01/37

2,348

2,314

7.300%

due

07/01/38

6.750%

due

06/15/39

Toll

Brothers

Finance

Corp.

Series

10YR

4.350%

due

02/15/28

506

501

United

Airlines

Pass-Through

Trust

5.800%

due

01/15/36

1,657

1,644

Series

AA

4.150%

due

08/25/31

577

548

2.700%

due

05/01/32

653

571

WarnerMedia

Holdings,

Inc.

Series

WI

5.050%

due

03/15/42

1,291

972

5.141%

due

03/15/52

800

549

32,555

Consumer

Staples

-

1.0%

Altria

Group,

Inc.

6.200%

due

11/01/28

3.400%

due

02/04/41

Campbell

Soup

Co.

3.125%

due

04/24/50

Coca-Cola

Co.

(The)

2.500%

due

03/15/51

Conagra

Brands,

Inc.

1.375%

due

11/01/27

4.850%

due

11/01/28

CVS

Health

Corp.

4.780%

due

03/25/38

625

564

5.050%

due

03/25/48

3,404

2,894

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

565

572

Estee

Lauder

Cos.,

Inc.

(The)

3.125%

due

12/01/49

General

Mills,

Inc.

5.500%

due

10/17/28

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

5.125%

due

02/01/28

529

536

6.500%

due

12/01/52

1,065

1,093

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kraft

Heinz

Foods

Co.

Series

WI

4.375%

due

06/01/46

623

504

Kroger

Co.

(The)

5.000%

due

09/15/34

695

680

Philip

Morris

International,

Inc.

4.375%

due

11/01/27

720

723

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

Tyson

Foods,

Inc.

3.550%

due

06/02/27

10,328

Energy

-

2.0%

Antero

Resources

Corp.

5.375%

due

03/01/30

(Þ)

Cheniere

Corpus

Christi

Holdings

LLC

Series

WI

5.125%

due

06/30/27

3.700%

due

11/15/29

697

665

2.742%

due

12/31/39

695

546

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

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

502

Devon

Energy

Corp.

7.875%

due

09/30/31

560

634

Eastern

Energy

Gas

Holdings

LLC

5.800%

due

01/15/35

910

939

Energy

Transfer,

LP

4.000%

due

10/01/27

655

646

6.100%

due

12/01/28

Enterprise

Products

Operating

LLC

Series

E

5.250%

due

08/16/77

(CME

Term

SOFR

Month

+

3.295%)(Ê)

Expand

Energy

Corp.

5.700%

due

01/15/35

1,180

1,167

Hess

Corp.

6.000%

due

01/15/40

1,500

1,570

5.600%

due

02/15/41

5.800%

due

04/01/47

HF

Sinclair

Corp.

Series

WI

5.000%

due

02/01/28

965

955

Kinder

Morgan,

Inc.

5.150%

due

06/01/30

850

857

Midwest

Connector

Capital

Co.

LLC

4.625%

due

04/01/29

(Þ)

MPLX,

LP

4.000%

due

03/15/28

521

514

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.500%

due

04/15/38

5.950%

due

04/01/55

730

673

NGPL

PipeCo

LLC

7.768%

due

12/15/37

(Þ)

Occidental

Petroleum

Corp.

7.875%

due

09/15/31

5.550%

due

10/01/34

715

666

6.050%

due

10/01/54

ONEOK,

Inc.

4.550%

due

07/15/28

Sabal

Trail

Transmission

LLC

4.246%

due

05/01/28

(Þ)

515

507

Sabine

Pass

Liquefaction

LLC

Series

WI

5.000%

due

03/15/27

815

821

Targa

Resources

Corp.

6.150%

due

03/01/29

504

526

Tennessee

Gas

Pipeline

Co.

LLC

2.900%

due

03/01/30

(Þ)

1,216

1,111

8.375%

due

06/15/32

515

591

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

19,004

Financial

Services

-

9.3%

Aircastle,

Ltd.

2.850%

due

01/26/28

(Þ)

5.750%

due

10/01/31

(Þ)

760

767

Alleghany

Corp.

3.250%

due

08/15/51

Ally

Financial,

Inc.

6.848%

due

01/03/30

(SOFR

+

2.820%)(Ê)

6.184%

due

07/26/35

(SOFR

+

2.290%)(Ê)

745

733

American

Express

Co.

5.667%

due

04/25/36

(SOFR

+

1.790%)(Ê)

745

763

American

International

Group,

Inc.

Series

5.750%

due

04/01/48

(USD

Month

LIBOR

+

2.868%)(Ê)

Aon

NA,

Inc.

5.750%

due

03/01/54

875

847

Athene

Global

Funding

2.950%

due

11/12/26

(Þ)

1,525

1,490

2.500%

due

03/24/28

(Þ)

855

804

Bank

of

America

Corp.

4.376%

due

04/27/28

(SOFR

+

1.580%)(Ê)

1,620

1,617

4.571%

due

04/27/33

(SOFR

+

1.830%)(Ê)

510

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.288%

due

04/25/34

(SOFR

+

1.910%)(Ê)

1,560

1,564

5.468%

due

01/23/35

(SOFR

+

1.650%)(Ê)

1,910

1,936

5.744%

due

02/12/36

(SOFR

+

1.697%)(Ê)

1,185

1,176

3.311%

due

04/22/42

(SOFR

+

1.580%)(Ê)

580

Bank

of

America

NA

Series

BKNT

6.000%

due

10/15/36

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

Berkshire

Hathaway

Finance

Corp.

2.850%

due

10/15/50

Block

Financial

LLC

2.500%

due

07/15/28

Blue

Owl

Capital

Corp.

2.625%

due

01/15/27

Brighthouse

Financial

Global

Funding

5.550%

due

04/09/27

(Þ)

1,470

1,496

Cantor

Fitzgerald,

LP

4.500%

due

04/14/27

(Þ)

605

601

Capital

One

Financial

Corp.

6.312%

due

06/08/29

(SOFR

+

2.640%)(Ê)

512

Citadel

Finance

LLC

3.375%

due

03/09/26

(Þ)

590

580

Citadel,

LP

4.875%

due

01/15/27

(Þ)

625

623

Citibank

NA

Series

BKNT

5.570%

due

04/30/34

Citigroup,

Inc.

4.786%

due

03/04/29

(SOFR

+

0.870%)(Ê)

840

844

5.174%

due

02/13/30

(SOFR

+

1.364%)(Ê)

2,480

2,515

2.561%

due

05/01/32

(SOFR

+

1.167%)(Ê)

2,435

2,127

8.125%

due

07/15/39

555

Comerica,

Inc.

3.800%

due

07/22/26

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

EPR

Properties

Co.

4.500%

due

06/01/27

4.950%

due

04/15/28

Equinix,

Inc.

1.550%

due

03/15/28

Essent

Group,

Ltd.

6.250%

due

07/01/29

680

697

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

F&G

Global

Funding

1.750%

due

06/30/26

(Þ)

1,245

1,206

Farmers

Exchange

Capital

7.050%

due

07/15/28

(Þ)

705

744

Farmers

Exchange

Capital

III

5.454%

due

10/15/54

(USD

Month

LIBOR

+

3.454%)(Ê)(Þ)

660

597

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

731

Fifth

Third

Bank

NA

4.967%

due

01/28/28

(SOFR

+

0.810%)(Ê)

755

759

Fortitude

Group

Holdings

LLC

6.250%

due

04/01/30

(Þ)

670

679

FS

KKR

Capital

Corp.

2.625%

due

01/15/27

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

1,090

1,067

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

1,248

Goldman

Sachs

Group,

Inc.

(The)

4.692%

due

10/23/30

(SOFR

+

1.135%)(Ê)

1,275

1,272

5.536%

due

01/28/36

(SOFR

+

1.380%)(Ê)

540

545

6.450%

due

05/01/36

585

616

5.734%

due

01/28/56

(SOFR

+

1.696%)(Ê)

Series

DMTN

2.383%

due

07/21/32

(SOFR

+

1.248%)(Ê)

2,940

2,528

Series

VAR

1.093%

due

12/09/26

(SOFR

+

0.789%)(Ê)

1,165

1,140

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

Hercules

Capital,

Inc.

2.625%

due

09/16/26

3.375%

due

01/20/27

HSBC

Bank

USA,

NA

Series

BKNT

7.000%

due

01/15/39

1,435

1,624

Huntington

Bancshares,

Inc.

6.208%

due

08/21/29

(SOFR

+

2.020%)(Ê)

Intercontinental

Exchange,

Inc.

5.250%

due

06/15/31

715

741

Jackson

Financial,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

3.125%

due

11/23/31

505

Jones

Lang

LaSalle,

Inc.

6.875%

due

12/01/28

JPMorgan

Chase

&

Co.

7.750%

due

07/15/25

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

515

505

4.505%

due

10/22/28

(SOFR

+

0.860%)(Ê)

1,725

1,730

8.750%

due

09/01/30

6.254%

due

10/23/34

(SOFR

+

1.810%)(Ê)

970

1,042

5.336%

due

01/23/35

(SOFR

+

1.620%)(Ê)

740

746

5.766%

due

04/22/35

(SOFR

+

1.490%)(Ê)

845

875

5.294%

due

07/22/35

(SOFR

+

1.460%)(Ê)

520

520

3.157%

due

04/22/42

(SOFR

+

1.460%)(Ê)

1,590

1,185

Lehman

Brothers

Holdings,

Inc.

5.857%

due

11/30/56

(Æ)(Ø)

1,450

M&T

Bank

Corp.

7.413%

due

10/30/29

(SOFR

+

2.800%)(Ê)

Main

Street

Capital

Corp.

3.000%

due

07/14/26

Massachusetts

Mutual

Life

Insurance

Co.

3.200%

due

12/01/61

(Þ)

1,470

880

Mercury

General

Corp.

4.400%

due

03/15/27

867

856

Morgan

Stanley

4.654%

due

10/18/30

(SOFR

+

1.100%)(Ê)

1,330

1,326

5.230%

due

01/15/31

(SOFR

+

1.108%)(Ê)

1,200

1,223

5.250%

due

04/21/34

(SOFR

+

1.870%)(Ê)

1,725

1,725

5.466%

due

01/18/35

(SOFR

+

1.730%)(Ê)

1,595

1,612

5.831%

due

04/19/35

(SOFR

+

1.580%)(Ê)

900

930

5.664%

due

04/17/36

(SOFR

+

1.757%)(Ê)

1,130

1,154

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

Nationwide

Mutual

Insurance

Co.

9.375%

due

08/15/39

(Þ)

700

915

New

York

Life

Insurance

Co.

3.750%

due

05/15/50

(Þ)

NMI

Holdings,

Inc.

6.000%

due

08/15/29

940

951

Northern

Trust

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.375%

due

05/08/32

(USD

Month

LIBOR

+

1.131%)(Ê)

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

Ohio

National

Financial

Services,

Inc.

6.800%

due

01/24/30

(Þ)

615

596

Pacific

Life

Insurance

Co.

4.300%

due

10/24/67

(USD

Month

LIBOR

+

2.796%)(Ê)(Þ)

PayPal

Holdings,

Inc.

5.100%

due

04/01/35

1,035

1,030

Piedmont

Operating

Partnership,

LP

9.250%

due

07/20/28

Prologis

Targeted

US

Logistics

Fund,

LP

5.250%

due

01/15/35

(Þ)

720

714

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

LIBOR

+

2.665%)(Ê)

Radian

Group,

Inc.

4.875%

due

03/15/27

510

508

6.200%

due

05/15/29

Sabra

Health

Care,

LP

3.900%

due

10/15/29

1,865

1,750

Series

WI

5.125%

due

08/15/26

Santander

Holdings

USA,

Inc.

2.490%

due

01/06/28

(SOFR

+

1.249%)(Ê)

6.174%

due

01/09/30

(SOFR

+

2.500%)(Ê)

SBL

Holdings,

Inc.

7.200%

due

10/30/34

(Þ)

Selective

Insurance

Group,

Inc.

5.900%

due

04/15/35

930

935

Sixth

Street

Specialty

Lending,

Inc.

2.500%

due

08/01/26

Synchrony

Financial

5.625%

due

08/23/27

3.950%

due

12/01/27

5.935%

due

08/02/30

(SOFR

+

2.130%)(Ê)

865

876

Synovus

Financial

Corp.

5.625%

due

02/15/28

Truist

Financial

Corp.

5.867%

due

06/08/34

(SOFR

+

2.361%)(Ê)

965

988

5.711%

due

01/24/35

(SOFR

+

1.922%)(Ê)

805

819

US

Bancorp

5.836%

due

06/12/34

(SOFR

+

2.260%)(Ê)

565

583

VICI

Properties,

LP

4.750%

due

04/01/28

785

786

3.875%

due

02/15/29

(Þ)

5.625%

due

04/01/35

1,090

1,081

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

4.500%

due

09/01/26

(Þ)

Voya

Financial,

Inc.

5.000%

due

09/20/34

710

678

Series

WI

4.700%

due

01/23/48

(USD

Month

LIBOR

+

2.084%)(Ê)

Wells

Fargo

&

Co.

5.018%

due

01/15/27

(CME

Term

SOFR

Month

+

0.762%)(Ê)

1,520

1,493

3.196%

due

06/17/27

(CME

Term

SOFR

Month

+

1.432%)(Ê)

2,065

2,036

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,230

1,257

4.970%

due

04/23/29

(SOFR

+

1.370%)(Ê)

810

820

5.244%

due

01/24/31

(SOFR

+

1.110%)(Ê)

1,035

1,056

5.557%

due

07/25/34

(SOFR

+

1.990%)(Ê)

1,040

1,054

5.950%

due

12/15/36

Zions

Bancorp

NA

3.250%

due

10/29/29

89,710

Health

Care

-

1.9%

AbbVie,

Inc.

5.050%

due

03/15/34

660

665

Series

WI

4.550%

due

03/15/35

4.250%

due

11/21/49

Aetna,

Inc.

6.750%

due

12/15/37

1,240

1,321

Amgen,

Inc.

3.150%

due

02/21/40

1,200

907

5.650%

due

03/02/53

880

843

Centene

Corp.

2.450%

due

07/15/28

560

515

Series

WI

4.625%

due

12/15/29

1,590

1,533

Elevance

Health,

Inc.

5.700%

due

02/15/55

905

867

HCA,

Inc.

4.500%

due

02/15/27

670

669

5.200%

due

06/01/28

5.600%

due

04/01/34

595

597

5.450%

due

09/15/34

680

674

5.500%

due

06/15/47

965

875

5.250%

due

06/15/49

615

533

Series

WI

3.125%

due

03/15/27

Horizon

Mutual

Holdings,

Inc.

Series

144A

6.200%

due

11/15/34

(Þ)

1,000

974

Humana,

Inc.

5.750%

due

12/01/28

513

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Mars,

Inc.

5.700%

due

05/01/55

(Þ)

915

901

Merck

&

Co.,

Inc.

2.750%

due

12/10/51

515

Pfizer,

Inc.

5.300%

due

05/19/53

940

870

Royalty

Pharma

PLC

5.900%

due

09/02/54

885

834

Series

WI

1.200%

due

09/02/25

1,025

1,012

UnitedHealth

Group,

Inc.

5.875%

due

02/15/53

790

783

5.375%

due

04/15/54

5.625%

due

07/15/54

675

649

Universal

Health

Services,

Inc.

Series

WI

2.650%

due

10/15/30

Zimmer

Biomet

Holdings,

Inc.

5.350%

due

12/01/28

18,933

Materials

and

Processing

-

0.6%

Amcor

Flexibles

North

America,

Inc.

5.100%

due

03/17/30

(Þ)

740

747

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

526

Celanese

US

Holdings

LLC

6.950%

due

11/15/33

670

672

International

Flavors

&

Fragrances,

Inc.

1.832%

due

10/15/27

(Þ)

555

519

James

Hardie

International

Finance

Designated

Activity

Co.

5.000%

due

01/15/28

(Þ)

506

Owens

Corning

4.400%

due

01/30/48

Rentokil

Terminix

Funding

LLC

5.000%

due

04/28/30

(Þ)

1,005

1,003

Rollins,

Inc.

5.250%

due

02/24/35

(Þ)

685

684

RPM

International,

Inc.

3.750%

due

03/15/27

4.550%

due

03/01/29

5,398

Producer

Durables

-

1.1%

Avnet,

Inc.

6.250%

due

03/15/28

Boeing

Co.

(The)

2.196%

due

02/04/26

1,490

1,460

5.705%

due

05/01/40

615

597

Series

WI

6.298%

due

05/01/29

2,055

2,163

6.528%

due

05/01/34

1,275

1,372

Burlington

Northern

Santa

Fe

LLC

3.050%

due

02/15/51

5.500%

due

03/15/55

585

573

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hexcel

Corp.

3.950%

due

02/15/27

Huntington

Ingalls

Industries,

Inc.

5.353%

due

01/15/30

970

989

Series

WI

3.483%

due

12/01/27

Jacobs

Engineering

Group,

Inc.

5.900%

due

03/01/33

Kirby

Corp.

4.200%

due

03/01/28

Lennox

International,

Inc.

5.500%

due

09/15/28

Teledyne

Technologies,

Inc.

2.250%

due

04/01/28

Vontier

Corp.

Series

WI

1.800%

due

04/01/26

870

845

Westinghouse

Air

Brake

Technologies

Corp.

4.700%

due

09/15/28

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

10,548

Technology

-

2.0%

Booz

Allen

Hamilton,

Inc.

5.950%

due

04/15/35

Broadcom,

Inc.

5.150%

due

11/15/31

1,000

1,019

3.419%

due

04/15/33

(Þ)

895

797

4.800%

due

10/15/34

4.926%

due

05/15/37

(Þ)

508

Series

WI

4.750%

due

04/15/29

4.150%

due

11/15/30

CDW

LLC

/

CDW

Finance

Corp.

3.250%

due

02/15/29

Dell

International

LLC

/

EMC

Corp.

5.000%

due

04/01/30

900

905

Foundry

JV

Holdco

LLC

5.900%

due

01/25/33

(Þ)

965

985

6.100%

due

01/25/36

(Þ)

880

896

Hewlett

Packard

Enterprise

Co.

4.550%

due

10/15/29

770

763

5.000%

due

10/15/34

Intel

Corp.

3.750%

due

08/05/27

880

865

3.050%

due

08/12/51

1,115

638

Series

WI

3.734%

due

12/08/47

Kyndryl

Holdings,

Inc.

Series

WI

2.050%

due

10/15/26

950

916

Leidos,

Inc.

5.400%

due

03/15/32

1,250

1,258

Meta

Platforms,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.400%

due

08/15/54

710

684

5.550%

due

08/15/64

665

640

Series

WI

4.450%

due

08/15/52

840

700

4.650%

due

08/15/62

MSCI,

Inc.

3.625%

due

09/01/30

(Þ)

Oracle

Corp.

2.950%

due

04/01/30

3.900%

due

05/15/35

3.800%

due

11/15/37

3.600%

due

04/01/40

1,526

1,187

6.900%

due

11/09/52

1,435

1,543

4.375%

due

05/15/55

Paychex,

Inc.

5.350%

due

04/15/32

5.600%

due

04/15/35

570

579

Qorvo,

Inc.

Series

WI

4.375%

due

10/15/29

VMware,

Inc.

1.800%

due

08/15/28

19,572

Utilities

-

5.7%

AEP

Texas,

Inc.

5.450%

due

05/15/29

1,335

1,368

Series

WI

3.950%

due

06/01/28

Ameren

Corp.

1.750%

due

03/15/28

American

Electric

Power

Co.,

Inc.

5.699%

due

08/15/25

1,090

1,092

5.200%

due

01/15/29

5.625%

due

03/01/33

1,405

1,440

Arizona

Public

Service

Co.

5.550%

due

08/01/33

915

924

5.700%

due

08/15/34

895

908

AT&T,

Inc.

4.350%

due

03/01/29

518

518

4.300%

due

02/15/30

865

858

6.800%

due

05/15/36

525

565

3.500%

due

06/01/41

760

582

Series

WI

8.750%

due

11/15/31

4.900%

due

08/15/37

780

736

3.500%

due

09/15/53

695

3.550%

due

09/15/55

1,285

858

Brooklyn

Union

Gas

Co.

(The)

6.415%

due

07/18/54

(Þ)

855

874

Consolidated

Edison

Co.

of

New

York,

Inc.

4.625%

due

12/01/54

870

717

Dominion

Energy,

Inc.

5.450%

due

03/15/35

1,155

1,151

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.625%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.207%)(Ê)

990

977

DTE

Energy

Co.

4.950%

due

07/01/27

895

904

5.200%

due

04/01/30

1,115

1,135

5.850%

due

06/01/34

1,230

1,269

Duke

Energy

Corp.

5.000%

due

08/15/52

1,278

1,094

Duke

Energy

Progress

LLC

5.050%

due

03/15/35

605

603

East

Ohio

Gas

Co.

(The)

3.000%

due

06/15/50

(Þ)

Entergy

Arkansas

LLC

5.750%

due

06/01/54

750

738

Entergy

Corp.

3.750%

due

06/15/50

508

Entergy

Louisiana

LLC

5.800%

due

03/15/55

585

576

Florida

Power

&

Light

Co.

5.960%

due

04/01/39

Georgia

Power

Co.

5.250%

due

03/15/34

935

945

Indianapolis

Power

&

Light

Co.

5.700%

due

04/01/54

(Þ)

Jersey

Central

Power

&

Light

Co.

5.100%

due

01/15/35

(Þ)

575

567

Kentucky

Utilities

Co.

Series

KENT

5.450%

due

04/15/33

690

706

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

665

654

5.850%

due

02/15/34

(Þ)

600

617

National

Fuel

Gas

Co.

4.750%

due

09/01/28

NextEra

Energy

Capital

Holdings,

Inc.

5.749%

due

09/01/25

875

877

5.250%

due

03/15/34

5.900%

due

03/15/55

1,135

1,105

4.800%

due

12/01/77

(USD

Month

LIBOR

+

2.409%)(Ê)

3.800%

due

03/15/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.547%)(Ê)

NiSource,

Inc.

5.350%

due

04/01/34

1,035

1,041

5.850%

due

04/01/55

610

596

NRG

Energy,

Inc.

2.450%

due

12/02/27

(Þ)

558

526

OGE

Energy

Corp.

5.450%

due

05/15/29

735

757

Oklahoma

Gas

and

Electric

Co.

5.800%

due

04/01/55

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Oncor

Electric

Delivery

Co.

LLC

Series

WI

5.550%

due

06/15/54

865

826

Pacific

Gas

and

Electric

Co.

2.100%

due

08/01/27

1,325

1,248

6.100%

due

01/15/29

2.500%

due

02/01/31

635

548

4.500%

due

07/01/40

4.200%

due

06/01/41

PacifiCorp

2.900%

due

06/15/52

865

508

Potomac

Electric

Power

Co.

5.500%

due

03/15/54

915

873

Public

Service

Co.

of

Colorado

5.750%

due

05/15/54

895

871

Public

Service

Co.

of

Oklahoma

5.200%

due

01/15/35

985

970

Series

G

6.625%

due

11/15/37

Public

Service

Enterprise

Group,

Inc.

5.875%

due

10/15/28

Sempra

Energy

4.125%

due

04/01/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.868%)(Ê)

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.915%)(Ê)

Sprint

Capital

Corp.

6.875%

due

11/15/28

8.750%

due

03/15/32

1,345

1,615

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

5.152%

due

03/20/28

(Þ)

1,752

1,765

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

5.300%

due

12/15/34

600

591

Tampa

Electric

Co.

5.150%

due

03/01/35

1,115

1,111

T-Mobile

USA,

Inc.

3.375%

due

04/15/29

3.500%

due

04/15/31

696

647

Series

WI

2.050%

due

02/15/28

4.500%

due

04/15/50

1,330

1,079

Trans-Allegheny

Interstate

Line

Co.

5.000%

due

01/15/31

(Þ)

580

590

Verizon

Communications,

Inc.

7.750%

due

12/01/30

640

736

Series

WI

1.680%

due

10/30/30

525

2.355%

due

03/15/32

1,990

1,698

Virginia

Electric

and

Power

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

01/15/34

840

827

Vistra

Operations

Co.

LLC

3.700%

due

01/30/27

(Þ)

509

500

5.700%

due

12/30/34

(Þ)

1,325

1,321

Xcel

Energy,

Inc.

4.000%

due

06/15/28

54,878

260,926

International

Debt

-

12.2%

Adani

Ports

&

Special

Economic

Zone,

Ltd.

4.200%

due

08/04/27

(Þ)

569

537

Adani

Transmission

Step-One,

Ltd.

4.000%

due

08/03/26

(Þ)

559

537

Aegon,

Ltd.

5.500%

due

04/11/48

(USD

Month

LIBOR

+

3.540%)(Ê)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

due

10/29/28

575

543

4.625%

due

09/10/29

985

977

4.950%

due

09/10/34

680

651

6.950%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.720%)(Ê)

785

787

AGL

CLO

21,

Ltd.

5.653%

due

10/21/37

(~)(Ê)(Þ)

4,600

4,603

AGL

CLO

23,

Ltd.

Series

2025-23A

Class

A1R

5.420%

due

04/20/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

2,740

2,732

Algonquin

Power

&

Utilities

Corp.

5.365%

due

06/15/26

(~)(Ê)

1,325

1,334

Alimentation

Couche-Tard,

Inc.

3.550%

due

07/26/27

(Þ)

2.950%

due

01/25/30

(Þ)

Anglo

American

Capital

PLC

5.750%

due

04/05/34

(Þ)

640

645

Anheuser-Busch

InBev

Worldwide,

Inc.

8.200%

due

01/15/39

5.450%

due

01/23/39

4.900%

due

02/01/46

885

806

Series

WI

4.439%

due

10/06/48

ArcelorMittal

SA

6.350%

due

06/17/54

1,055

1,017

Ares

LVI

CLO,

Ltd.

Series

2025-56A

Class

A1R2

5.532%

due

01/25/38

(CME

Term

SOFR

Month

+

1.250%)(Ê)(Þ)

2,000

1,985

Ares

LXVII

CLO,

Ltd.

Series

2025-67A

Class

A1R

5.472%

due

01/25/38

(CME

Term

SOFR

Month

+

1.190%)(Ê)(Þ)

1,640

1,629

AstraZeneca

PLC

6.450%

due

09/15/37

915

1,021

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Avolon

Holdings

Funding,

Ltd.

4.950%

due

01/15/28

(Þ)

1,970

1,959

6.375%

due

05/04/28

(Þ)

1,150

1,185

5.750%

due

03/01/29

(Þ)

640

649

5.750%

due

11/15/29

(Þ)

5.375%

due

05/30/30

(Þ)

580

578

BAE

Systems

PLC

5.300%

due

03/26/34

(Þ)

1,030

1,043

Banco

de

Bogota

SA

Series

EMTQ

4.375%

due

08/03/27

(Þ)

Banco

de

Credito

del

Peru

3.250%

due

09/30/31

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.450%)(Ê)(Þ)

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

539

531

Banco

Santander

SA

1.722%

due

09/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.900%)(Ê)

1,310

1,257

5.588%

due

08/08/28

5.439%

due

07/15/31

1,200

1,237

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

LIBOR]

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

4.375%

due

01/12/26

1,030

1,027

5.086%

due

02/25/29

(SOFR

+

0.960%)(Ê)

1,065

1,072

4.942%

due

09/10/30

(SOFR

+

1.560%)(Ê)

1,635

1,634

Barings

CLO,

Ltd.

Series

2025-1A

Class

A

5.415%

due

04/20/38

(CME

Term

SOFR

Month

+

1.130%)(Ê)(Þ)

1,410

1,409

Series

2025-1A

Class

A1R2

5.516%

due

01/15/38

(CME

Term

SOFR

Month

+

1.260%)(Ê)(Þ)

3,260

3,252

Barrick

NA

Finance

LLC

5.750%

due

05/01/43

500

BAT

Capital

Corp.

2.259%

due

03/25/28

1,179

1,109

5.350%

due

08/15/32

1,065

1,071

6.421%

due

08/02/33

665

712

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

4.390%

due

08/15/37

800

702

Bellemeade

Re,

Ltd.

Series

2021-3A

Class

M1B

6.134%

due

09/25/31

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

Series

2021-3A

Class

M1C

6.284%

due

09/25/31

(SOFR

Day

Average

+

1.550%)(Ê)(Þ)

1,461

1,467

Series

2022-2

Class

M1A

8.734%

due

09/27/32

(SOFR

Day

Average

+

4.000%)(Ê)(Þ)

977

988

Series

2023-1

Class

M1A

6.934%

due

10/25/33

(SOFR

Day

Average

+

2.200%)(Ê)(Þ)

544

544

BNP

Paribas

SA

4.625%

due

03/13/27

(Þ)

4.375%

due

03/01/33

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.483%)(Ê)

(Þ)

British

Airways

Pass-Through

Trust

4.250%

due

11/15/32

(Þ)

Canadian

Natural

Resources,

Ltd.

2.950%

due

07/15/30

574

520

Canadian

Pacific

Railway

Co.

6.125%

due

09/15/15

Carlyle

Global

Market

Strategies

CLO,

Ltd.

Series

2024-2A

Class

AR2

5.760%

due

07/20/37

(CME

Term

SOFR

Month

+

1.490%)(Ê)(Þ)

2,000

2,001

Celulosa

Arauco

y

Constitucion

SA

Series

WI

3.875%

due

11/02/27

Cemex

SAB

de

CV

5.450%

due

11/19/29

(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

Chile

Electricity

MPC

SARL

6.010%

due

01/20/33

(Þ)

1,414

1,459

CI

Financial

Corp.

3.200%

due

12/17/30

2,197

1,917

CIFC

Funding,

Ltd.

Series

2024-5A

Class

A1R3

5.660%

due

07/17/37

(CME

Term

SOFR

Month

+

1.380%)(Ê)(Þ)

700

700

Coca-Cola

Icecek

AS

4.500%

due

01/20/29

(Þ)

Colombia

Government

International

Bond

7.750%

due

11/07/36

670

640

Cooperatieve

Rabobank

UA

3.758%

due

04/06/33

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.420%)(Ê)(Þ)

1,365

1,255

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Credit

Agricole

SA

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.644%)(Ê)

(Þ)

Danske

Bank

A/S

6.259%

due

09/22/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.180%)(Ê)(Þ)

1,460

1,468

4.613%

due

10/02/30

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.100%)(Ê)(Þ)

905

897

Deutsche

Bank

AG

6.819%

due

11/20/29

(SOFR

+

2.510%)(Ê)

1,100

1,168

4.999%

due

09/11/30

(SOFR

+

1.700%)(Ê)

565

566

4.875%

due

12/01/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

2.553%)(Ê)

Elmwood

CLO

V,

Ltd.

Series

2024-2A

Class

ARR

5.640%

due

10/20/37

(CME

Term

SOFR

Month

+

1.370%)(Ê)(Þ)

3,600

3,598

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

1.625%

due

07/12/26

(Þ)

3.500%

due

04/06/28

(Þ)

Eni

SpA

5.950%

due

05/15/54

(Þ)

720

681

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

Flatiron

CLO

26,

Ltd.

Series

2024-4A

Class

A

5.586%

due

01/15/38

(CME

Term

SOFR

Month

+

1.330%)(Ê)(Þ)

2,900

2,886

Flatiron

RR

CLO,

Ltd.

Series

2025-30A

Class

A1

1.000%

due

04/15/38

(CME

Term

SOFR

Month

+

1.160%)(Ê)(Þ)

1,200

1,196

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

Galaxy

Pipeline

Assets

Bidco,

Ltd.

1.750%

due

09/30/27

(Þ)

1,109

1,068

2.940%

due

09/30/40

(Þ)

715

581

Glencore

Funding

LLC

5.186%

due

04/01/30

(Þ)

1,035

1,048

Greensaif

Pipelines

Bidco

SARL

6.103%

due

08/23/42

(Þ)

690

683

Harbour

Energy

PLC

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.327%

due

04/01/35

(Þ)

655

626

HGI

CRE

CLO,

Ltd.

Series

2021-FL2

Class

A

5.725%

due

09/17/36

(CME

Term

SOFR

Month

+

1.114%)(Ê)(Þ)

1,647

1,637

HSBC

Holdings

PLC

4.041%

due

03/13/28

(CME

Term

SOFR

Month

+

1.808%)(Ê)

508

503

5.210%

due

08/11/28

(SOFR

+

2.610%)(Ê)

1,125

1,138

5.130%

due

11/19/28

(SOFR

+

1.040%)(Ê)

990

1,000

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

517

510

Infraestructura

Energetica

Nova

SAPI

de

CV

3.750%

due

01/14/28

(Þ)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

Intesa

Sanpaolo

SpA

3.875%

due

07/14/27

(Þ)

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

546

514

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

Lloyds

Banking

Group

PLC

5.985%

due

08/07/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.480%)(Ê)

1,440

1,463

LLPL

Capital

Pte,

Ltd.

6.875%

due

02/04/39

(Þ)

Magnetite

XXVI,

Ltd.

Series

2025-26A

Class

AR2

5.416%

due

01/25/38

(CME

Term

SOFR

Month

+

1.150%)(Ê)(Þ)

1,510

1,503

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

1.647%)(Ê)

Mexico

Government

International

Bond

6.000%

due

05/13/30

1,025

1,054

MISC

Capital

Two

Labuan,

Ltd.

3.750%

due

04/06/27

(Þ)

National

Grid

PLC

5.418%

due

01/11/34

945

956

NatWest

Group

PLC

7.472%

due

11/10/26

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.850%)(Ê)

1,170

1,186

1.642%

due

06/14/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.900%)(Ê)

585

566

5.516%

due

09/30/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.270%)(Ê)

780

795

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.892%

due

05/18/29

(USD

Month

LIBOR

+

1.754%)(Ê)

Nokia

OYJ

4.375%

due

06/12/27

509

502

Oaktown

Re,

Ltd.

Series

2021-1A

Class

M1C

7.734%

due

10/25/33

(SOFR

Day

Average

+

3.000%)(Ê)(Þ)

OCP

CLO,

Ltd.

Series

2021-22A

5.643%

due

10/20/37

(~)(Ê)(Þ)

1,600

1,597

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

Orbia

Advance

Corp.

SAB

de

CV

6.800%

due

05/13/30

745

745

Prosus

NV

4.850%

due

07/06/27

(Þ)

PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

Regatta

XX

Funding,

Ltd.

Series

2025-2A

Class

AR

5.436%

due

01/15/38

(CME

Term

SOFR

Month

+

1.180%)(Ê)(Þ)

3,440

3,421

Regatta

XXVII

Funding,

Ltd.

Series

2024-1A

Class

A1

5.830%

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)

Reynolds

American,

Inc.

8.125%

due

05/01/40

695

790

Royal

Bank

of

Canada

Series

GMTN

5.153%

due

02/04/31

(SOFR

+

1.030%)(Ê)

1,220

1,242

Santander

UK

Group

Holdings

PLC

3.823%

due

11/03/28

(USD

Month

LIBOR

+

1.400%)(Ê)

Saudi

Arabian

Oil

Co.

4.250%

due

04/16/39

(Þ)

5.750%

due

07/17/54

(Þ)

795

740

Saudi

Government

International

Bond

5.750%

due

01/16/54

(Þ)

1,140

1,075

Scentre

Group

Trust

3.625%

due

01/28/26

(Þ)

1,550

1,539

Series

144A

5.125%

due

09/24/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.685%)(Ê)(Þ)

580

566

Sigma

Finance

Netherlands

BV

4.875%

due

03/27/28

(Þ)

SK

Hynix,

Inc.

5.500%

due

01/16/27

(Þ)

Societe

Generale

SA

4.250%

due

08/19/26

(Þ)

515

510

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

144A

5.250%

due

02/19/27

(Þ)

1,380

1,390

Standard

Chartered

PLC

6.750%

due

02/08/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.850%)(Ê)(Þ)

Suncor

Energy,

Inc.

7.000%

due

11/15/28

534

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

Textainer

Marine

Containers

VII,

Ltd.

Series

2024-1A

Class

A

5.250%

due

08/20/49

(Þ)

2,059

2,054

Toronto-Dominion

Bank

(The)

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

2.205%)(Ê)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransCanada

Trust

Series

16-A

5.875%

due

08/15/76

(USD

Month

LIBOR

+

4.640%)(Ê)

Triton

Container

International,

Ltd.

2.050%

due

04/15/26

(Þ)

1,215

1,180

UBS

Group

AG

4.751%

due

05/12/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.750%)(Ê)(Þ)

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.200%)(Ê)(Þ)

United

Utilities

PLC

6.875%

due

08/15/28

Var

Energi

ASA

8.000%

due

11/15/32

(Þ)

Volkswagen

Group

of

America

Finance

LLC

1.250%

due

11/24/25

(Þ)

885

865

Wipro

IT

Services

LLC

1.500%

due

06/23/26

(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

118,201

Mortgage-Backed

Securities

-

24.2%

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

Series

2021-FL4

Class

A

5.786%

due

11/15/36

(CME

Term

SOFR

Month

+

1.464%)(Ê)(Þ)

2,336

2,334

Series

2022-FL1

Class

A

6.256%

due

01/15/37

(SOFR

Day

Average

+

1.450%)(Ê)(Þ)

1,656

1,654

Banc

of

America

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2004-D

Class

2A2

6.419%

due

05/25/34

(~)(Ê)

Series

2006-B

Class

1A1

7.497%

due

10/20/46

(~)(Ê)

BRAVO

Residential

Funding

Trust

Series

2025-CES1

Class

A1A

5.703%

due

02/25/55

(~)(Ê)(Þ)

5,643

5,683

BX

Commercial

Mortgage

Trust

Series

2024-MDHS

Class

A

5.963%

due

05/15/41

(CME

Term

SOFR

Month

+

1.641%)(Ê)(Þ)

2,141

2,139

Series

2024-MDHS

Class

B

6.450%

due

05/15/41

(CME

Term

SOFR

Month

+

1.841%)(Ê)(Þ)

3,115

3,101

BX

Trust

Series

2024-BIO

Class

C

7.249%

due

02/15/41

(CME

Term

SOFR

Month

+

2.640%)(Ê)(Þ)

7,432

7,302

Series

2025-ROIC

Class

C

5.865%

due

03/15/30

(CME

Term

SOFR

Month

+

1.543%)(Ê)(Þ)

1,038

1,004

Series

2025-ROIC

Class

D

6.293%

due

03/15/30

(CME

Term

SOFR

Month

+

1.993%)(Ê)(Þ)

3,499

3,373

CAMB

Commercial

Mortgage

Trust

Series

2019-LIFE

Class

E

7.057%

due

12/15/37

(CME

Term

SOFR

Month

+

2.447%)(Ê)(Þ)

3,188

3,166

Series

2021-CX2

Class

A

2.700%

due

11/10/46

(Þ)

2,617

2,229

Chase

Home

Lending

Mortgage

Trust

Series

2020-CL1

Class

M1

6.952%

due

10/25/57

(CME

Term

SOFR

Month

+

2.364%)(Ê)(Þ)

916

934

Series

2024-1

Class

A6

6.500%

due

01/25/55

(~)(Ê)(Þ)

2,709

2,724

DBGS

Mortgage

Trust

Series

2019-1735

Class

D

4.334%

due

04/10/37

(~)(Ê)(Þ)

1,961

1,560

DK

Trust

Series

2024-SPBX

Class

A

6.109%

due

03/15/34

(CME

Term

SOFR

Month

+

1.500%)(Ê)(Þ)

2,292

2,288

Ellington

Financial

Mortgage

Trust

Series

2024-CES1

Class

A1

5.522%

due

01/26/60

(~)(Ê)(Þ)

1,632

1,638

ELP

Commercial

Mortgage

Trust

Series

2021-ELP

Class

D

6.244%

due

11/15/38

(CME

Term

SOFR

Month

+

1.634%)(Ê)(Þ)

3,543

3,516

Fannie

Mae

2.600%

due

2031

5.500%

due

2033

5.500%

due

2034

4.500%

due

2035

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

609

569

4.000%

due

2043

4.000%

due

2044

3.500%

due

2045

4.000%

due

2045

4.000%

due

2046

683

650

4.500%

due

2046

4.000%

due

2047

4.500%

due

2047

4.000%

due

2048

5.000%

due

2048

791

788

3.000%

due

2049

2,406

2,095

4.000%

due

2049

2.000%

due

2051

4,014

3,225

4.000%

due

2052

7,148

6,675

5.000%

due

2052

2,793

2,747

5.500%

due

2052

4,942

4,969

5.000%

due

2053

6,201

6,096

5.500%

due

2053

10,153

10,175

5.500%

due

2054

7,145

7,177

Year

TBA(Ï)

5.000%

9,910

9,701

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

FIGRE

Trust

Series

2024-HE6

Class

A

5.724%

due

12/25/54

(~)(Ê)(Þ)

1,581

1,593

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

5,548

4,871

2.500%

due

2051

1,237

1,045

3.500%

due

2051

1,757

1,596

3.500%

due

2052

3,794

3,429

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.000%

due

2052

5,362

5,008

5.000%

due

2052

2,850

2,803

5.500%

due

2053

19,842

19,878

6.000%

due

2054

4,742

4,815

Freddie

Mac

Reference

REMICS

Series

2006-R007

Class

ZA

6.000%

due

05/15/36

Freddie

Mac

REMICS

Series

2002-2533

Class

Z

5.500%

due

12/15/32

Series

2006-3123

Class

HT

5.000%

due

03/15/26

Series

2010-3632

Class

PK

5.000%

due

02/15/40

Series

2012-4019

Class

JD

3.000%

due

05/15/41

Ginnie

Mae

II

4.500%

due

2042

2.500%

due

2052

3,891

3,317

5.500%

due

2053

1,313

1,317

Year

TBA(Ï)

5.000%

4,000

3,922

5.500%

10,039

10,029

6.000%

9,600

9,707

GS

Mortgage

Securities

Trust

Series

2023-SHIP

Class

A

4.466%

due

09/10/38

(~)(Ê)(Þ)

2,328

2,314

Hudson

Yards

Mortgage

Trust

Series

2025-SPRL

Class

E

6.678%

due

01/13/40

(~)(Ê)(Þ)

1,257

1,278

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)

1,901

1,695

Series

2021-6

Class

A6

2.500%

due

10/25/51

(~)(Ê)(Þ)

2,737

2,542

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)

2,112

1,944

Series

2021-12

Class

A4

2.500%

due

02/25/52

(~)(Ê)(Þ)

2,695

2,377

Series

2021-14

Class

A4

2.500%

due

05/25/52

(~)(Ê)(Þ)

1,258

1,118

Series

2022-1

Class

A4

2.500%

due

07/25/52

(~)(Ê)(Þ)

1,294

1,142

Series

2022-2

Class

A4A

2.500%

due

08/25/52

(~)(Ê)(Þ)

557

Series

2022-4

Class

A4

3.000%

due

10/25/52

(~)(Ê)(Þ)

789

714

Series

2024-HE2

Class

A1

6.524%

due

10/25/54

(SOFR

Day

Average

+

1.200%)(Ê)(Þ)

1,666

1,664

Series

2025-CES1

Class

A1

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.666%

due

05/25/55

(~)(Ê)(Þ)

881

886

Series

2025-CES2

Class

A1

5.592%

due

06/25/55

(Þ)

2,582

2,592

Series

2025-HE1

Class

A1

5.503%

due

08/25/55

(SOFR

Day

Average

+

1.150%)(Ê)(Þ)

3,209

3,206

Series

2025-HE1

Class

M1

5.753%

due

08/25/55

(SOFR

Day

Average

+

1.400%)(Ê)(Þ)

2,230

2,230

MF1

LLC

Series

2022-FL9

Class

A

6.756%

due

06/19/37

(CME

Term

SOFR

Month

+

2.150%)(Ê)(Þ)

2,949

2,949

Series

2024-FL14

Class

A

6.348%

due

03/19/39

(CME

Term

SOFR

Month

+

1.737%)(Ê)(Þ)

2,102

2,102

MHC

Commercial

Mortgage

Trust

Series

2021-MHC

Class

A

5.237%

due

04/15/38

(CME

Term

SOFR

Month

+

0.915%)(Ê)(Þ)

723

722

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

Series

2017-237P

Class

XA

Interest

Only

STRIPS

0.468%

due

09/13/39

(~)(Ê)(Þ)

10,103

Series

2017-237P

Class

XB

Interest

Only

STRIPS

0.175%

due

09/13/39

(~)(Ê)(Þ)

6,248

PRPM

LLC

Series

2023-RCF1

Class

A1

4.000%

due

06/25/53

(~)(Ê)(Þ)

3,158

3,093

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

1,734

1,702

RCKT

Mortgage

Trust

Series

2024-CES5

Class

A1A

5.846%

due

08/25/44

(~)(Ê)(Þ)

938

945

Series

2024-CES9

Class

A1A

5.582%

due

12/25/44

(~)(Ê)(Þ)

3,531

3,550

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

3,587

3,604

Series

2025-CES4

Class

A1A

5.811%

due

05/25/55

(~)(Ê)(Þ)

1,090

1,100

RFR

Trust

Series

2025-SGRM

Class

B

5.863%

due

03/11/29

(~)(Ê)(Þ)

2,789

2,811

Series

2025-SGRM

Class

C

6.013%

due

03/11/29

(~)(Ê)(Þ)

2,425

2,431

Saluda

Grade

Alternative

Mortgage

Trust

Series

2023-SEQ3

Class

A1

7.162%

due

06/01/53

(~)(Ê)(Þ)

1,402

1,428

TCO

Commercial

Mortgage

Trust

Series

2024-DPM

Class

A

5.565%

due

12/15/39

(CME

Term

SOFR

Month

+

1.243%)(Ê)(Þ)

1,117

1,109

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wells

Fargo

Commercial

Mortgage

Trust

Series

2021-SAVE

Class

A

5.875%

due

02/15/40

(CME

Term

SOFR

Month

+

1.264%)(Ê)(Þ)

1,351

1,340

234,274

Municipal

Bonds

-

0.1%

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

7.375%

due

10/01/29

(Þ)

610

635

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

6.637%

due

04/01/57

1,041

Non-US

Bonds

-

0.4%

Eurohome

UK

Mortgages

PLC

Series

2007-1

Class

A

5.160%

due

06/15/44

(SONIA

+

0.269%)(Ê)(Þ)

GBP

—

—

Taurus

UK

Designated

Activity

Co.

Series

2021-UK1A

Class

B

6.027%

due

05/17/31

(SONIA

+

1.300%)(Ê)(Þ)

GBP

655

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

Series

2024-1A

Class

A2

6.172%

due

05/28/39

(Þ)

GBP

2,090

2,834

3,489

United

States

Government

Treasuries

-

24.2%

United

States

Treasury

Notes

4.875%

due

04/30/26

12,842

12,962

1.625%

due

05/15/26

8,419

8,227

1.500%

due

08/15/26

6.750%

due

08/15/26

4.125%

due

10/31/26

7,389

7,432

2.000%

due

11/15/26

8,452

8,237

6.500%

due

11/15/26

4,720

4,928

4.125%

due

02/28/27

550

555

0.625%

due

03/31/27

5,327

5,035

3.875%

due

03/31/27

1,605

1,613

2.375%

due

05/15/27

4,803

4,687

0.500%

due

05/31/27

4,958

4,651

0.625%

due

12/31/27

5,471

5,061

2.750%

due

02/15/28

6,391

6,249

1.125%

due

02/29/28

1.250%

due

03/31/28

8,137

7,614

3.750%

due

04/15/28

5,540

5,566

2.875%

due

05/15/28

6,246

6,117

1.250%

due

09/30/28

6,597

6,099

3.125%

due

11/15/28

6,937

6,821

1.500%

due

11/30/28

8,744

8,124

2.375%

due

05/15/29

4,850

4,618

1.625%

due

08/15/29

3,558

3,277

3.625%

due

08/31/29

7,065

7,051

4.000%

due

10/31/29

1,771

1,793

3.875%

due

04/30/30

1,675

1,687

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.625%

due

05/15/30

5,001

4,292

0.625%

due

08/15/30

5,923

5,038

0.875%

due

11/15/30

6,400

5,476

4.375%

due

11/30/30

5,456

5,612

1.125%

due

02/15/31

4,248

3,666

1.625%

due

05/15/31

4,069

3,585

1.250%

due

08/15/31

4,753

4,060

1.875%

due

02/15/32

4,959

4,355

4.000%

due

04/30/32

3.500%

due

02/15/33

7,275

7,029

4.500%

due

11/15/33

5,382

5,548

4.000%

due

02/15/34

1,900

1,886

4.625%

due

02/15/35

3,395

3,523

4.500%

due

02/15/36

2,950

3,043

1.125%

due

08/15/40

3,097

1,918

1.375%

due

11/15/40

3,563

2,289

1.875%

due

02/15/41

2.250%

due

05/15/41

2,192

1,605

1.750%

due

08/15/41

1,564

1,047

3.125%

due

11/15/41

1,780

1,471

2.750%

due

11/15/42

3,977

3,055

3.750%

due

11/15/43

1,515

1,337

3.125%

due

08/15/44

1,692

1,347

4.750%

due

02/15/45

3,435

3,460

2.875%

due

08/15/45

3,070

2,319

3.000%

due

02/15/48

3,342

2,509

3.125%

due

05/15/48

3,256

2,498

3.375%

due

11/15/48

1,567

1,252

1.250%

due

05/15/50

1,457

709

1.375%

due

08/15/50

1,126

562

1.625%

due

11/15/50

4,172

2,224

1.875%

due

02/15/51

4,234

2,407

2.000%

due

08/15/51

4,074

2,378

1.875%

due

11/15/51

3,879

2,185

2.250%

due

02/15/52

2,073

1,282

3.625%

due

05/15/53

1,856

1,537

4.750%

due

11/15/53

1,710

1,720

4.500%

due

11/15/54

6,235

6,039

233,681

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$906,545)

891,385

#### Short-Term

#### Investments

#### -

#### 10.6%
U.S.

Cash

Management

Fund(@)

101,093,323

(∞)

101,063

United

States

Treasury

Bills

4.218%

due

05/01/25

(ž)

1,300

1,300

#### Total

#### Short-Term

#### Investments
(cost

$102,366)

102,363

#### Total

#### Investments

#### -

#### 102.8%
(identified

cost

$1,008,911)

993,748

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### (2.8)%
(26,859)

#### Net

#### Assets

#### -

#### 100.0%
966,889

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,

#### 2025
(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

#### $27.0%

7-Eleven,

Inc.

10/02/24

385,000

91.95 354

Adani

Ports

&

Special

Economic

Zone,

Ltd.

02/10/25

569,000

95.13 541

537

Adani

Transmission

Step-One,

Ltd.

02/10/25

559,000

96.83 541

537

AGL

CLO

21,

Ltd.

04/01/25

4,600,000

99.97 4,599

4,603

AGL

CLO

23,

Ltd.

01/31/25

2,740,000

100.00 2,740

2,732

Aircastle,

Ltd.

07/15/24

760,000

99.67 758

767

Aircastle,

Ltd.

08/07/24

187,000

93.63 175

Alimentation

Couche-Tard,

Inc.

01/23/18

176,000

98.62 174

Alimentation

Couche-Tard,

Inc.

03/25/25

380,000

91.62 348

Amcor

Flexibles

North

America,

Inc.

03/12/25

740,000

99.99 740

747

Anglo

American

Capital

PLC

04/03/24

640,000

99.68 638

645

Antero

Resources

Corp.

12/11/24

289,000

98.61 285

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/23/22

2,336,044

97.08 2,268

2,334

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

06/14/23

987,917

99.67 985

987

Arbor

Realty

Commercial

Real

Estate

Notes,

Ltd.

11/22/24

1,655,521

99.98 1,655

1,654

Ares

LVI

CLO,

Ltd.

12/27/24

2,000,000

100.00 2,000

1,985

Ares

LXVII

CLO,

Ltd.

01/21/25

1,640,000

100.00 1,640

1,629

Athene

Global

Funding

11/06/19

1,525,000

96.95 1,478

1,490

Athene

Global

Funding

09/24/24

855,000

94.53 808

804

Audax

Senior

Debt

CLO

LLC

02/21/25

1,800,000

100.00 1,800

1,801

Avolon

Holdings

Funding,

Ltd.

12/05/23

1,150,000

100.21 1,152

1,185

Avolon

Holdings

Funding,

Ltd.

01/16/24

640,000

99.33 636

649

Avolon

Holdings

Funding,

Ltd.

05/08/24

230,000

99.32 228

Avolon

Holdings

Funding,

Ltd.

12/03/24

1,970,000

99.57 1,961

1,959

Avolon

Holdings

Funding,

Ltd.

03/24/25

580,000

99.61 578

578

AXIS

Equipment

Finance

Receivables

XIV

LLC

07/23/24

1,205,000

100.13 1,207

1,222

BAE

Systems

PLC

03/19/24

1,030,000

99.52 1,025

1,043

Banco

de

Bogota

SA

05/06/24

367,000

95.49 350

Banco

de

Credito

del

Peru

04/16/24

129,000

93.09 120

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

06/04/24

539,000

97.43 525

531

Bangkok

Bank

PCL

01/07/25

330,000

112.02 370

Barings

CLO,

Ltd.

12/20/24

3,260,000

100.00 3,260

3,252

Barings

CLO,

Ltd.

02/14/25

1,410,000

100.00 1,410

1,409

Bellemeade

Re,

Ltd.

09/27/21

1,461,000

99.22 1,450

1,467

Bellemeade

Re,

Ltd.

09/23/22

976,989

100.00 977

988

Bellemeade

Re,

Ltd.

02/15/23

133,881

97.90 131

Bellemeade

Re,

Ltd.

10/18/23

544,000

100.00 544

544

BNP

Paribas

SA

05/06/24

233,000

98.40 229

BNP

Paribas

SA

08/07/24

177,000

96.51 171

BRAVO

Residential

Funding

Trust

10/09/24

840,038

100.00 840

840

BRAVO

Residential

Funding

Trust

04/08/25

5,642,864

100.00 5,643

5,683

Brighthouse

Financial

Global

Funding

04/04/24

1,470,000

100.10 1,471

1,496

British

Airways

Pass-Through

Trust

11/17/20

195,212

100.00 195

Broadcom,

Inc.

05/05/20

895,000

84.67 758

797

Broadcom,

Inc.

05/05/20

508,000

93.61 476

Brooklyn

Union

Gas

Co.

(The)

07/15/24

855,000

100.00 855

874

Business

Jet

Securities

LLC

09/06/24

1,179,975

100.00 1,180

1,172

BX

Commercial

Mortgage

Trust

05/02/24

2,140,626

99.76 2,136

2,139

BX

Commercial

Mortgage

Trust

05/02/24

3,114,942

99.76 3,108

3,101

BX

Trust

01/24/24

7,432,000

99.32 7,381

7,302

BX

Trust

02/20/25

1,038,000

99.76 1,035

1,004

BX

Trust

02/20/25

3,499,000

99.76 3,491

3,373

CAMB

Commercial

Mortgage

Trust

01/25/19

3,188,000

100.00 3,188

3,166

CAMB

Commercial

Mortgage

Trust

10/22/21

2,617,000

102.61 2,685

2,229

Cantor

Fitzgerald,

LP

11/14/22

605,000

96.87 586

601

Carlyle

Global

Market

Strategies

CLO,

Ltd.

04/23/25

2,000,000

99.90 1,998

2,001

Carnival

Corp.

02/10/25

457,000

104.87 479

Cemex

SAB

de

CV

12/12/24

431,000

99.53 429

Cencosud

SA

12/11/23

477,000

96.24 459

Chase

Home

Lending

Mortgage

Trust

07/22/20

916,438

100.00 916

934

Chase

Home

Lending

Mortgage

Trust

01/25/24

2,709,189

100.37 2,719

2,724

Chile

Electricity

MPC

SARL

08/14/23

1,413,600

100.07 1,415

1,459

Churchill

Middle

Market

CLO

LLC

02/24/25

1,700,000

100.00 1,700

1,670

CIFC

Funding,

Ltd.

04/24/25

700,000

99.90 699

700

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,

#### 2025
(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

#### $
Citadel

Finance

LLC

03/03/21

590,000

99.91 589

580

Citadel,

LP

09/11/19

625,000

99.93 625

623

CLI

Funding

IX

LLC

07/24/24

1,508,558

100.49 1,516

1,522

Coca-Cola

Icecek

AS

07/12/24

280,000

94.26 264

Columbia

Pipelines

Holding

Co.

LLC

10/02/24

307,000

104.11 320

Columbia

Pipelines

Operating

Co.

LLC

10/17/23

104,000

94.84 99

Continental

Resources,

Inc.

10/25/24

515,000

95.77 493

Cooperatieve

Rabobank

UA

03/30/22

1,365,000

90.58 1,236

1,255

Credit

Agricole

SA

09/13/23

196,000

92.77 182

Danske

Bank

A/S

09/19/23

1,460,000

100.00 1,460

1,468

Danske

Bank

A/S

09/25/24

905,000

100.00 905

897

DBGS

Mortgage

Trust

04/03/19

1,961,000

100.98 1,980

1,560

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

04/16/24

357,000

97.03 346

DK

Trust

03/01/24

2,292,000

100.00 2,292

2,288

Eagle

RE,

Ltd.

09/20/23

1,201,332

100.00 1,201

1,206

East

Ohio

Gas

Co.

(The)

07/12/24

445,000

63.57 283

Ellington

Financial

Mortgage

Trust

12/10/24

1,631,648

100.00 1,632

1,638

Elmwood

CLO

39,

Ltd.

02/18/25

1,300,000

100.00 1,300

1,287

Elmwood

CLO

V,

Ltd.

04/24/25

3,600,000

99.85 3,595

3,598

ELP

Commercial

Mortgage

Trust

09/19/23

3,542,876

97.83 3,466

3,516

Enel

Finance

International

NV

07/27/23

286,000

95.03 272

Enel

Finance

International

NV

07/12/24

214,000

95.68 205

Eni

SpA

05/08/24

720,000

98.84 712

681

Eurohome

UK

Mortgages

PLC

03/18/24

GBP

125.87 —

—

F&G

Global

Funding

06/23/21

1,245,000

97.08 1,209

1,206

Farmers

Exchange

Capital

03/27/25

705,000

104.03 733

744

Farmers

Exchange

Capital

III

10/12/16

660,000

93.76 619

597

Farmers

Insurance

Exchange

10/02/24

720,000

100.00 720

731

Ferguson

Finance

PLC

03/06/24

346,000

98.41 341

FIGRE

Trust

04/28/23

607,082

99.43 604

612

FIGRE

Trust

03/19/24

2,430,788

100.03 2,432

2,466

FIGRE

Trust

07/19/24

709,680

101.26 719

721

FIGRE

Trust

09/09/24

1,356,744

100.00 1,357

1,355

FIGRE

Trust

10/31/24

1,186,860

100.11 1,188

1,196

FIGRE

Trust

12/11/24

1,581,232

100.00 1,581

1,593

FIGRE

Trust

02/20/25

417,475

103.49 432

FIGRE

Trust

03/20/25

1,358,223

100.00 1,358

1,368

Flatiron

CLO

26,

Ltd.

11/01/24

2,900,000

100.00 2,900

2,886

Flatiron

RR

CLO,

Ltd.

03/24/25

1,200,000

100.00 1,200

1,196

Fortitude

Group

Holdings

LLC

03/26/25

670,000

99.84 669

679

Foundry

JV

Holdco

LLC

02/04/25

965,000

99.90 964

985

Foundry

JV

Holdco

LLC

02/04/25

880,000

99.95 880

896

GA

Global

Funding

Trust

01/08/21

1,090,000

98.40 1,073

1,067

Galaxy

Pipeline

Assets

Bidco,

Ltd.

10/27/20

1,108,720

96.49 1,070

1,068

Galaxy

Pipeline

Assets

Bidco,

Ltd.

09/20/23

715,424

79.97 572

581

Glencore

Funding

LLC

03/24/25

1,035,000

100.00 1,035

1,048

Greensaif

Pipelines

Bidco

SARL

07/17/24

690,000

100.00 690

683

GS

Mortgage

Securities

Trust

08/04/23

2,328,000

96.17 2,239

2,314

Harbour

Energy

PLC

03/24/25

655,000

100.00 655

626

HGI

CRE

CLO,

Ltd.

09/17/21

1,647,125

97.93 1,613

1,637

Horizon

Mutual

Holdings,

Inc.

10/31/24

1,000,000

99.74 997

974

Hudson

Yards

Mortgage

Trust

01/07/25

1,257,000

100.00 1,257

1,278

Imperial

Brands

Finance

PLC

07/28/23

517,000

97.38 503

510

Indianapolis

Power

&

Light

Co.

03/07/24

395,000

99.85 394

Infraestructura

Energetica

Nova

SAPI

de

CV

07/06/22

308,000

95.53 294

InRetail

Consumer

12/11/23

272,000

91.11 248

International

Flavors

&

Fragrances,

Inc.

08/03/22

555,000

92.72 515

519

Intesa

Sanpaolo

SpA

11/14/24

353,000

97.26 343

James

Hardie

International

Finance

Designated

Activity

Co.

02/10/25

506,000

97.52 493

JDE

Peet's

NV

02/07/24

546,000

93.94 513

514

Jersey

Central

Power

&

Light

Co.

12/02/24

575,000

99.66 573

567

JPMorgan

Mortgage

Trust

03/30/21

140,227

101.91 143

JPMorgan

Mortgage

Trust

04/26/21

2,737,233

101.58 2,780

2,542

JPMorgan

Mortgage

Trust

06/24/21

2,111,865

102.31 2,161

1,944

JPMorgan

Mortgage

Trust

02/24/22

557,024

97.68 544

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,

#### 2025
(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

04/27/22

788,589

95.89 756

714

JPMorgan

Mortgage

Trust

01/19/23

1,294,063

90.14 1,166

1,142

JPMorgan

Mortgage

Trust

01/30/23

1,900,552

89.39 1,699

1,695

JPMorgan

Mortgage

Trust

01/31/23

452,009

89.53 405

JPMorgan

Mortgage

Trust

03/10/23

2,695,183

88.63 2,389

2,377

JPMorgan

Mortgage

Trust

04/20/23

1,258,240

88.61 1,115

1,118

JPMorgan

Mortgage

Trust

06/22/23

1,357,534

100.00 1,358

1,366

JPMorgan

Mortgage

Trust

05/29/24

1,665,599

100.21 1,669

1,664

JPMorgan

Mortgage

Trust

01/29/25

880,880

100.00 881

886

JPMorgan

Mortgage

Trust

02/26/25

3,208,846

100.00 3,209

3,206

JPMorgan

Mortgage

Trust

02/26/25

2,230,000

100.00 2,230

2,230

JPMorgan

Mortgage

Trust

03/18/25

2,582,028

100.00 2,582

2,592

KeySpan

Gas

East

Corp.

07/28/23

200,000

95.97 192

Kubota

Credit

Owner

Trust

02/14/24

2,236,000

99.98 2,236

2,286

Kubota

Credit

Owner

Trust

06/18/24

830,000

99.99 830

849

LG

Energy

Solution,

Ltd.

06/04/24

363,000

100.12 363

LLPL

Capital

Pte,

Ltd.

02/10/25

295,970

101.42 300

Magnetite

XXVI,

Ltd.

01/28/25

1,510,000

100.00 1,510

1,503

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

11/22/24

610,000

100.00 610

635

Mars,

Inc.

03/05/25

915,000

99.46 910

901

Massachusetts

Mutual

Life

Insurance

Co.

11/18/21

1,470,000

73.37 1,078

880

Mattel,

Inc.

02/25/25

402,000

95.23 383

MF1

LLC

05/13/22

2,949,386

99.18 2,925

2,949

MF1

LLC

01/30/24

2,102,000

99.77 2,097

2,102

MHC

Commercial

Mortgage

Trust

04/06/21

723,330

99.39 719

722

Midwest

Connector

Capital

Co.

LLC

03/25/25

307,000

98.85 303

MISC

Capital

Two

Labuan,

Ltd.

11/14/24

251,000

97.71 245

MMAF

Equipment

Finance

LLC

01/22/25

1,350,000

99.96 1,349

1,376

Monongahela

Power

Co.

07/26/23

665,000

96.32 641

654

Monongahela

Power

Co.

09/12/23

600,000

99.47 597

617

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

6,248,000

0.19 12

Morgan

Stanley

Mortgage

Capital

Holdings

LLC

Trust

08/11/17

10,103,000

0.68 69

MSCI,

Inc.

03/25/25

312,000

92.28 288

Nationwide

Mutual

Insurance

Co.

09/15/23

700,000

124.98 875

915

New

York

Life

Insurance

Co.

04/08/20

195,000

99.45 194

NGPL

PipeCo

LLC

10/02/19

297,000

122.96 365

NRG

Energy,

Inc.

04/16/24

558,000

92.20 514

526

Oaktown

Re,

Ltd.

08/23/23

403,125

101.50 409

OCP

CLO,

Ltd.

04/01/25

1,600,000

99.95 1,599

1,597

Ohio

National

Financial

Services,

Inc.

01/16/20

615,000

103.35 636

596

Open

Text

Corp.

08/01/23

290,000

101.21 293

Pacific

Life

Insurance

Co.

06/15/18

255,000

92.46 236

Prologis

Targeted

US

Logistics

Fund,

LP

08/08/24

720,000

99.39 716

714

Prosus

NV

08/01/23

260,000

97.43 253

PRPM

LLC

06/09/23

3,158,018

94.06 2,970

3,093

PRPM

LLC

02/03/25

1,734,392

97.88 1,698

1,702

PTTEP

Treasury

Center

Co.,

Ltd.

11/14/24

232,000

95.36 221

RCKT

Mortgage

Trust

02/15/24

1,307,084

99.98 1,307

1,313

RCKT

Mortgage

Trust

03/19/24

1,818,366

99.98 1,818

1,832

RCKT

Mortgage

Trust

06/27/24

2,172,510

101.13 2,197

2,204

RCKT

Mortgage

Trust

08/14/24

1,345,856

99.99 1,346

1,345

RCKT

Mortgage

Trust

12/12/24

938,127

100.67 944

945

RCKT

Mortgage

Trust

12/12/24

3,531,233

99.99 3,531

3,550

RCKT

Mortgage

Trust

02/26/25

3,587,316

100.00 3,587

3,604

RCKT

Mortgage

Trust

04/24/25

1,090,000

100.45 1,095

1,100

Regatta

XX

Funding,

Ltd.

01/28/25

3,440,000

100.00 3,440

3,421

Regatta

XXVII

Funding,

Ltd.

04/08/25

1,000,000

99.80 998

1,001

Reliance

Industries,

Ltd.

02/07/24

364,000

96.65 352

Rentokil

Terminix

Funding

LLC

04/23/25

1,005,000

99.30 998

1,003

Resorts

World

Las

Vegas

LLC

/

RWLV

Capital,

Inc.

03/30/21

395,000

98.50 389

RFR

Trust

02/18/25

2,425,000

100.00 2,425

2,431

RFR

Trust

02/18/25

2,789,000

99.99 2,789

2,811

Rollins,

Inc.

02/19/25

685,000

98.46 674

684

Sabal

Trail

Transmission

LLC

08/07/24

515,000

98.23 506

507

Saluda

Grade

Alternative

Mortgage

Trust

02/07/24

922,912

102.06 942

955

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,

#### 2025
(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

#### $
Saluda

Grade

Alternative

Mortgage

Trust

04/05/24

2,864,672

99.99 2,864

2,914

Saluda

Grade

Alternative

Mortgage

Trust

10/16/24

1,402,220

101.38 1,422

1,428

Saluda

Grade

Alternative

Mortgage

Trust

03/13/25

1,217,445

102.49 1,248

1,251

Saudi

Arabian

Oil

Co.

08/01/23

336,000

88.64 298

Saudi

Arabian

Oil

Co.

07/10/24

795,000

97.49 775

740

Saudi

Government

International

Bond

01/08/24

1,140,000

97.83 1,115

1,075

SBL

Holdings,

Inc.

10/23/24

260,000

99.70 259

Scentre

Group

Trust

05/19/20

1,550,000

98.89 1,533

1,539

Scentre

Group

Trust

09/25/24

580,000

98.23 570

566

Sigma

Finance

Netherlands

BV

12/11/24

286,000

99.11 283

SK

Hynix,

Inc.

11/14/24

155,000

100.80 156

Smithfield

Foods,

Inc.

06/04/24

182,000

97.46 177

Societe

Generale

SA

01/10/24

515,000

98.28 506

510

Societe

Generale

SA

11/12/24

1,380,000

100.00 1,380

1,390

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

04/16/20

1,752,000

99.75 1,748

1,765

Standard

Chartered

PLC

11/14/24

203,000

103.07 209

Stellantis

Finance

US,

Inc.

03/12/25

870,000

99.90 869

876

Suzano

Austria

GmbH

10/17/23

446,000

99.76 445

Taurus

UK

Designated

Activity

Co.

02/22/21

GBP

496,354

140.62 698

655

TCO

Commercial

Mortgage

Trust

12/06/24

1,117,000

99.76 1,114

1,109

Tennessee

Gas

Pipeline

Co.

LLC

11/14/22

1,216,000

88.76 1,079

1,111

Texas

Eastern

Transmission,

LP

11/13/19

178,000

101.29 180

Textainer

Marine

Containers

VII,

Ltd.

08/06/24

2,059,200

100.00 2,059

2,054

Towd

Point

Mortgage

Trust

08/17/20

258,179

101.64 262

Trans-Allegheny

Interstate

Line

Co.

04/14/25

580,000

99.90 579

590

Triton

Container

International,

Ltd.

04/06/21

1,215,000

97.68 1,187

1,180

UBS

Group

AG

11/14/24

199,000

99.49 198

UniCredit

SpA

12/11/23

438,000

95.37 418

Vantage

Data

Centers

Jersey

Borrower

Spv,

Ltd.

05/17/24

GBP

2,090,000

127.07 2,656

2,834

Var

Energi

ASA

08/01/23

436,000

106.35 464

VICI

Properties,

LP

03/25/25

223,000

95.48 213

VICI

Properties,

LP

/

VICI

Note

Co.,

Inc.

07/06/22

276,000

97.45 269

Vistra

Operations

Co.

LLC

05/06/24

509,000

96.66 492

500

Vistra

Operations

Co.

LLC

11/19/24

1,325,000

100.06 1,326

1,321

Volkswagen

Group

of

America

Finance

LLC

11/14/22

885,000

97.80 865

865

Wells

Fargo

Commercial

Mortgage

Trust

11/15/22

1,350,660

94.26 1,273

1,340

Wipro

IT

Services

LLC

07/31/23

277,000

95.65 265

XPO,

Inc.

12/11/24

202,000

101.91 206

Yara

International

ASA

12/11/24

177,000

99.31 176

260,708

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

Japanese

Year

Mini

Government

Bond

Futures

JPY

126,585

06/25

(8) Long

Gilt

Futures

GBP

6,172

06/25

United

States

Year

Treasury

Note

Futures

USD

53,910

06/25

United

States

Year

Treasury

Note

Futures

USD

32,104

06/25

585

United

States

Year

Treasury

Note

Futures

533

USD

59,813

06/25

947

United

States

Year

Ultra

Treasury

Note

Futures

1,175

USD

134,813

06/25

2,286

United

States

Treasury

Long

Bond

Futures

USD

12,712

06/25

United

States

Treasury

Ultra

Bond

Futures

USD

25,053

06/25

(23) Short

Positions

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,

#### 2025
(Unaudited)

#### Futures

#### Contracts
Amounts

in

thousands

(except

contract

amounts)

Canadian

Year

Government

Bond

Futures

CAD

5,194

06/25

Euro-Bund

Futures

EUR

6,194

06/25

(36) Japanese

Year

Government

Bond

Futures

JPY

1,828,450

06/25

(269) Long

Gilt

Futures

GBP

748

06/25

(10) United

States

Year

Treasury

Note

Futures

USD

62,236

06/25

(281) United

States

Year

Treasury

Note

Futures

USD

11,575

06/25

(83) United

States

Year

Ultra

Treasury

Note

Futures

USD

40,501

06/25

(590) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

3,182

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

3,210

CAD

4,590

05/13/25

Bank

of

New

York

GBP

1,041

USD

1,347

05/13/25

(40) HSBC

USD

1,621

NOK

16,936

05/13/25

HSBC

SEK

16,148

USD

1,621

05/13/25

(51) JPMorgan

Chase

USD

2,153

EUR

1,990

05/13/25

JPMorgan

Chase

USD

4,160

EUR

3,652

05/13/25

(21) JPMorgan

Chase

USD

2,778

GBP

2,100

05/08/25

JPMorgan

Chase

USD

2,716

JPY

404,155

05/13/25

State

Street

USD

CHF

05/13/25

(1) State

Street

USD

908

EUR

800

05/08/25

(2) State

Street

USD

1,296

GBP

1,000

05/08/25

State

Street

USD

587

GBP

05/13/25

(3) State

Street

USD

SEK

619

05/13/25

—

State

Street

CAD

USD

05/13/25

(1) State

Street

CHF

4,268

USD

4,849

05/13/25

(327) State

Street

EUR

800

USD

908

05/02/25

State

Street

EUR

856

USD

893

05/08/25

(77) State

Street

GBP

USD

05/08/25

(5) State

Street

GBP

5,870

USD

7,291

05/08/25

(532) State

Street

JPY

57,822

USD

05/13/25

State

Street

NOK

USD

05/13/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(655) 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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

39,773

$

—

$

—

$

39,773

.1

Corporate

Bonds

and

Notes

—

260,926

—

—

260,926

.0

International

Debt

—

118,201

—

—

118,201

.2

Mortgage-Backed

Securities

—

234,274

—

—

234,274

.2

Municipal

Bonds

—

1,041

—

—

1,041

.1

Non-US

Bonds

—

3,489

—

—

3,489

.4

United

States

Government

Treasuries

—

233,681

—

—

233,681

.2

Short-Term

Investments

—

1,300

—

101,063

102,363

.6

Total

Investments

—

892,685

—

101,063

993,748

.8

Other

Assets

and

Liabilities,

Net

(2

.8)

.0

Other

Financial

Instruments

Assets

Futures

Contracts

4,482

—

—

—

4,482

.5

Foreign

Currency

Exchange

Contracts

—

—

—

\*

A

Liabilities

Futures

Contracts

(1,300)

—

—

—

(1,300)

(0

.1)

Foreign

Currency

Exchange

Contracts

—

(1,060)

—

—

(1,060)

(0

.1)

Total

Other

Financial

Instruments

\*\*

$

3,184

$

(657)

$

—

$

—

$

2,527

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Australia

.............................................................................................

3,153

Belgium

..............................................................................................

1,858

Bermuda

.............................................................................................

4,721

Brazil

..................................................................................................

626

Canada

................................................................................................

9,943

Cayman

Islands

..................................................................................

22,299

Chile

...................................................................................................

2,311

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
China

..................................................................................................

2,313

Colombia

............................................................................................

998

Denmark

.............................................................................................

2,364

Finland

...............................................................................................

502

France

.................................................................................................

2,494

Germany

.............................................................................................

3,063

India

...................................................................................................

1,697

Indonesia

............................................................................................

Ireland

................................................................................................

8,215

Italy

....................................................................................................

1,937

Jersey

..................................................................................................

15,685

Luxembourg

.......................................................................................

1,017

Malaysia

.............................................................................................

Mexico

...............................................................................................

3,335

Netherlands

........................................................................................

2,003

Norway

...............................................................................................

Peru

....................................................................................................

Saudi

Arabia

.......................................................................................

2,787

South

Africa

.......................................................................................

645

South

Korea

.......................................................................................

524

Spain

..................................................................................................

2,756

Switzerland

........................................................................................

Thailand

.............................................................................................

599

Turkey

................................................................................................

United

Arab

Emirates

.........................................................................

1,650

United

Kingdom

.................................................................................

20,335

United

States

......................................................................................

872,057

Total

Investments

...............................................................................

993,748

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,

#### 2025
(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\*

—

4,4

Total

$

$

4,4

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

1,3

Unrealized

depreciation

on

foreign

currency

exchange

contracts

1,060

—

Total

$

1,060

$

1,3

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

—

$

(12,324)

Foreign

currency

exchange

contracts

—

Total

$

$

(12,324)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

12,459

Foreign

currency

exchange

contracts

(273) —

Total

$

(273) $

12,459

\*

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,

#### 2025
(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

(2) —

(2) 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

New

York

$

$

$

—

$

HSBC

—

—

JPMorgan

Chase

—

State

Street

—

—

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,

#### 2025
(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

$

1,060

$

—

$

1,060

Total

Financial

and

Derivative

Liabilities

1,060

—

1,060

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

1,060

$

—

$

1,060

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

$

—

$

—

HSBC

—

JPMorgan

Chase

—

—

State

Street

948

—

908

Total

$

1,060

$

$

—

$

953

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

1,008,911

Investments,

at

fair

value(>)

........................................................................................................................................................

993,748

Cash

..............................................................................................................................................................................................

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,126

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

6,982

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

690

Fund

shares

sold

...............................................................................................................................................................

899

From

broker(a)(b)

............................................................................................................................................................

3,848

Variation

margin

on

futures

contracts

..............................................................................................................................

3,188

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

1,011,332

#### Liabilities
Payables:

Due

to

broker

(c)(d) .........................................................................................................................................................

1,175

Investments

purchased

.....................................................................................................................................................

40,190

Fund

shares

redeemed

......................................................................................................................................................

1,489

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

1,060

Total

liabilities

...........................................................................................................................................................

44,443

#### Net

#### Assets

#### ...............................................................................................................................................................
$

966,889

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(92,670)

Shares

of

beneficial

interest

.........................................................................................................................................................

528

Additional

paid-in

capital

............................................................................................................................................................

1,059,031

#### Net

#### Assets

#### ...............................................................................................................................................................
$

966,889

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

18.30 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

19.01 Class

A

—

Net

assets

...........................................................................................................................................................

$

11,947,654

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

652,810

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

18.03 Class

C

—

Net

assets

...........................................................................................................................................................

$

2,831,301

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

157,038

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

18.30 Class

M

—

Net

assets

..........................................................................................................................................................

$

169,336,269

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

9,252,088

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

18.39 Class

R6

—

Net

assets

.........................................................................................................................................................

$

3,463,846

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

188,368

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.30 Class

S

—

Net

assets

............................................................................................................................................................

$

608,710,482

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

33,264,770

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

18.35 Class

Y

—

Net

assets

...........................................................................................................................................................

$

170,599,452

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

9,295,140

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,108

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

101,063

(a) Receivable

from

Broker

for

Futures

$

2,676

(b) Receivable

from

Broker

for

TBAs

$

1,172

(c) Due

to

Broker

for

Futures

$

(d) Due

to

Broker

for

Swaps

$

1,132

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

21,322

Dividends

from

affiliated

funds

.......................................................................................................................................

2,588

Total

investment

income

..............................................................................................................................................................

23,910

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,215

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

............................................................................................................................................

612

Transfer

agent

fees

-

Class

Y

...........................................................................................................................................

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

2,573

Expense

reductions

..........................................................................................................................................................

(286) Net

expenses

................................................................................................................................................................................

2,287

Net

investment

income

(loss)

.......................................................................................................................................................

21,623

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(2,48

6)

Investments

in

affiliated

funds

.........................................................................................................................................

(1) Futures

contracts

..............................................................................................................................................................

(12,324)

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(14,4

59)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

4,43

Investments

in

affiliated

funds

.........................................................................................................................................

(19) Futures

contracts

..............................................................................................................................................................

12,459

Foreign

currency

exchange

contracts

...............................................................................................................................

(273) Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

16,61

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

2,155

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

23,778

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

21,623

$

50,050

Net

realized

gain

(loss)

.......................................................................................................................

(14,4

59)

(1,147)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

16,61

58,974

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

23,778

107,877

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(320) (393) Class

C

..........................................................................................................................................

(72) (89) Class

M

.........................................................................................................................................

(4,779)

(7,138)

Class

R6

........................................................................................................................................

(203) (137) Class

S

..........................................................................................................................................

(17,688)

(25,771)

Class

Y

..........................................................................................................................................

(5,147)

(7,208)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(28,209)

(40,736)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(88,164)

(60,960)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(92,595)

6,181

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

1,059,484

1,053,303

End

of

period

.............................................................................................................................................

$

966,889

$

1,059,484

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

1,063

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(40) (718) (62) (1,119)

Net

increase

(decrease)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(23) (413) (69) (1,240)

Net

increase

(decrease)

(13) (225) (39) (703) Class

M

Proceeds

from

shares

sold

2,334

42,147

2,275

41,588

Proceeds

from

reinvestment

of

distributions

4,779

7,137

Payments

for

shares

redeemed

(3,282)

(59,624)

(3,908)

(70,877)

Net

increase

(decrease)

(684) (12,698)

(1,242)

(22,152)

Class

R6

Proceeds

from

shares

sold

1,356

24,546

1,064

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(1,392)

(25,157)

(37) (678) Net

increase

(decrease)

(25) (408) 29

523

Class

S

Proceeds

from

shares

sold

3,484

63,440

8,188

147,636

Proceeds

from

reinvestment

of

distributions

974

17,631

1,410

25,694

Payments

for

shares

redeemed

(7,902)

(143,904)

(11,153)

(202,485)

Net

increase

(decrease)

(3,444)

(62,833)

(1,555)

(29,155)

Class

Y

Proceeds

from

shares

sold

531

9,666

3,432

Proceeds

from

reinvestment

of

distributions

5,147

7,208

Payments

for

shares

redeemed

(1,471)

(26,843)

(1,111)

(20,450)

Net

increase

(decrease)

(657) (12,030)

(530) (9,810)

Total

increase

(decrease)

(4,821)

$

(88,164)

(3,319)

$

(60,960)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### Russell

#### Investment

#### Company

#### Investment

#### Grade

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

18.38 .37

.04

.41

(.49)

—

October

31,

2024

17.28 .77

.95

1.72 (.62)

—

October

31,

2023

17.93 .67

(.78)

(.11)

(.54)

—

October

31,

2022

22.02 .35

(4.07)

(3.72)

(.29)

(.08)

October

31,

2021

22.98 .28

(.20)

.08

(.23)

(.81)

October

31,

2020

22.16 .39

.98

1.37 (.55)

—

Class

C

April

30,

2025\*

18.11 .30

.04

.34

(.42)

—

October

31,

2024

17.04 .63

.93

1.56 (.49)

—

October

31,

2023

17.69 .52

(.77)

(.25)

(.40)

—

October

31,

2022

21.78 .19

(4.02)

(3.83)

(.18)

(.08)

October

31,

2021

22.75 .11

(.19)

(.08)

(.08)

(.81)

October

31,

2020

21.94 .22

.97

1.19 (.38)

—

Class

M

April

30,

2025\*

18.38 .41

.03

.44

(.52)

—

October

31,

2024

17.28 .84

.95

1.79 (.69)

—

October

31,

2023

17.93 .74

(.78)

(.04)

(.61)

—

October

31,

2022

21.99 .43

(4.07)

(3.64)

(.34)

(.08)

October

31,

2021

22.95 .36

(.19)

.17

(.32)

(.81)

October

31,

2020

22.13 .47

.98

1.45 (.63)

—

Class

R6

April

30,

2025\*

18.47 .40

.05

.45

(.53)

—

October

31,

2024

17.36 .85

.95

1.80 (.69)

—

October

31,

2023

18.01 .76

(.80)

(.04)

(.61)

—

October

31,

2022

22.08 .43

(4.08)

(3.65)

(.34)

(.08)

October

31,

2021

23.04 .37

(.19)

.18

(.33)

(.81)

October

31,

2020

22.21 .48

.99

1.47 (.64)

—

Class

S

April

30,

2025\*

18.37 .40

.05

.45

(.52)

—

October

31,

2024

17.27 .8

.9

1.7 7

(.67)

—

October

31,

2023

17.93 .72

(.79)

(.07)

(.59)

—

October

31,

2022

21.99 .40

(4.06)

(3.66)

(.32)

(.08)

October

31,

2021

22.95 .34

(.19)

.15

(.30)

(.81)

October

31,

2020

22.13 .45

.98

1.43 (.61)

—

Class

Y

April

30,

2025\*

18.43 .41

.04

.45

(.53)

—

October

31,

2024

17.32 .8

.9

1.81 (.70)

—

October

31,

2023

17.98 .78

(.82)

(.04)

(.62)

—

October

31,

2022

22.04 .44

(4.07)

(3.63)

(.35)

(.08)

October

31,

2021

23.00 .37

(.19)

.18

(.33)

(.81)

October

31,

2020

22.17 .49

.99

1.48 (.65)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Investment

Grade

Bond

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.49)

18.30 2.28 11,948

.81

.80

4.13 45

(.62)

18.38 10.03 11,968

.80

.78

4.2 0

(.54)

17.28 (.76)

10,934

.81

.77

3.65 77

(.37)

17.93 (17.16)

10,828

.84

.77

1.75 60

(1.04)

22.02 .32

6,911

.82

.77

1.24 91

(.55)

22.98 6.27 8,549

.82

.77

1.71 109

(.42)

18.03 1.94 2,831

1.56 1.55 3.37 45

(.49)

18.11 9.18 3,072

1.55 1.53 3. 48

(.40)

17.04 (1.50)

3,562

1.56 1.52 2.88 77

(.26)

17.69 (17.78)

4,176

1.58 1.52 .97

(.89)

21.78 (.41)

6,041

1.57 1.52 .50

(.38)

22.75 5.50 7,641

1.57 1.52 .97

(.52)

18.30 2.48 169,336

.56

.41

4.52 45

(.69)

18.38 10.45 182,613

.55

.39

4.6 1

(.61)

17.28 (.37)

193,112

.56

.38

4.05 77

(.42)

17.93 (16.84)

53,538

.59

.38

2.13 60

(1.13)

21.99 .72

59,008

.57

.38

1.60 91

(.63)

22.95 6.70 26,564

.57

.38

2.06 109

(.53)

18.39 2.48 3,464

.41

.38

4.46 45

(.69)

18.47 10.49 3,933

.40

.36

4. 65

(.61)

17.36 (.34)

3,193

.42

.35

4.15 77

(.42)

18.01 (16.80)

852

.44

.35

2.15 60

(1.14)

22.08 .75

1,045

.42

.35

1.65 91

(.64)

23.04 6.75 1,063

.42

.35

2.13 109

(.52)

18.30 2.49 608,711

.56

.51

4.41 45

(.67)

18.3 7

10.35 674,506

.55

.49

4. 52

(.59)

17.27 (.53)

660,950

.56

.48

3.93 77

(.40)

17.93 (16.90)

408,587

.58

.48

1.99 60

(1.11)

21.99 .62

648,787

.57

.48

1.53 91

(.61)

22.95 6.59 703,995

.57

.48

2.02 109

(.53)

18.35 2.50 170,599

.36

.35

4.57 45

(.70)

18.43 10.54 183,39

.36

.33

4. 67

(.62)

17.32 (.38)

181,552

.38

.33

4.37 77

(.43)

17.98 (16.77)

31,536

.39

.32

2.17 60

(1.14)

22.04 .78

48,672

.37

.32

1.66 91

(.65)

23.00 6.79 43,698

.37

.32

2.17 109

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

189,461

Administrative

fees

37,962

Distribution

fees

4,170

Shareholder

servicing

fees

578

Transfer

agent

fees

91,174

Trustees'

fees

3,816

$

327,161

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

165,912

$

285,818

$

350,647

$

(1)

$

(19)

$

101,063

$

2,588

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

1,006,465,800

$

8,778,519

$

(18,969,764)

$

(10,191,245)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 90.6%
Asset-Backed

Securities

-

12.5%

American

Express

Credit

Account

Master

Trust

Series

2022-3

Class

A

3.750%

due

08/15/27

500

Series

2024-1

Class

A

5.230%

due

04/16/29

700

715

AMSR

Trust

Series

2020-SFR2

Class

A

1.632%

due

07/17/37

(Þ)

718

714

Series

2020-SFR4

Class

A

1.355%

due

11/17/37

(Þ)

821

806

Series

2020-SFR4

Class

B

1.706%

due

11/17/37

(Þ)

570

560

Series

2020-SFR5

Class

A

1.379%

due

11/17/37

(Þ)

Series

2020-SFR5

Class

C

1.880%

due

11/17/37

(Þ)

725

714

Series

2021-SFR2

Class

A

1.527%

due

08/17/38

(Þ)

2,659

2,559

Series

2024-SFR2

Class

A

4.150%

due

11/17/41

(Þ)

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

Series

2020-1A

Class

A

2.330%

due

08/20/26

(Þ)

620

617

Series

2023-5A

Class

A

5.780%

due

04/20/28

(Þ)

1,540

1,570

Bank

of

America

Credit

Card

Trust

Series

2022-A2

Class

A2

5.000%

due

04/15/28

Series

2024-A1

Class

A

4.930%

due

05/15/29

Battalion

CLO

XV,

Ltd.

Series

2025-15A

Class

A1RR

5.260%

due

01/17/33

(CME

Term

SOFR

Month

+

0.980%)(Ê)(Þ)

1,382

1,377

Capital

One

Multi-Asset

Execution

Trust

Series

2022-A3

Class

A

4.950%

due

10/15/27

1,000

1,002

CarMax

Auto

Owner

Trust

Series

2024-1

Class

B

5.170%

due

08/15/29

Series

2024-2

Class

A3

5.500%

due

01/16/29

Series

2025-1

Class

A3

4.840%

due

01/15/30

Chase

Issuance

Trust

Series

2023-A1

Class

A

5.160%

due

09/15/28

1,085

1,099

Series

2024-A1

Class

A

4.600%

due

01/16/29

960

967

Credit

Acceptance

Auto

Loan

Trust

Series

2025-1A

Class

A

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.020%

due

03/15/35

(Þ)

700

709

DLLAA

LLC

Series

2025-1A

Class

A3

4.950%

due

09/20/29

(Þ)

Enterprise

Fleet

Financing

LLC

Series

2022-1

Class

A2

3.030%

due

01/20/28

(Þ)

FirstKey

Homes

Trust

Series

2020-SFR1

Class

A

1.339%

due

08/17/37

(Þ)

Series

2022-SFR3

Class

A

4.250%

due

07/17/38

(Þ)

2,020

2,005

Ford

Credit

Floorplan

Master

Owner

Trust

A

Series

2024-1

Class

A1

5.290%

due

04/15/29

(Þ)

GECU

Auto

Receivables

Trust

Series

2023-1A

Class

A3

5.630%

due

08/15/28

(Þ)

GoodGreen

Trust

Series

2021-1A

Class

A

2.660%

due

10/15/56

(Þ)

Hertz

Vehicle

Financing

III

LLC

Series

2021-2A

Class

A

1.680%

due

12/27/27

(Þ)

3,845

3,675

Series

2023-4A

Class

A

6.150%

due

03/25/30

(Þ)

975

1,015

Series

2025-1A

Class

A

4.910%

due

09/25/29

(Þ)

845

846

Hertz

Vehicle

Financing

LLC

Series

2022-2A

Class

A

2.330%

due

06/26/28

(Þ)

890

848

Hilton

Grand

Vacations

Trust

Series

2020-AA

Class

A

2.740%

due

02/25/39

(Þ)

Hin

Timeshare

Trust

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

853

Series

2020-2

Class

A

1.532%

due

01/17/41

(Þ)

955

872

Series

2021-2

Class

B

2.302%

due

12/17/26

(Þ)

Honda

Auto

Receivables

Owner

Trust

Series

2023-3

Class

A2

5.710%

due

03/18/26

—

—

Series

2024-1

Class

A2

5.360%

due

09/15/26

Series

2024-2

Class

A2

5.480%

due

11/18/26

Hyundai

Auto

Receivables

Trust

Series

2024-A

Class

A2A

5.290%

due

04/15/27

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Invitation

Homes

Trust

Series

2024-SFR1

Class

A

4.000%

due

09/17/41

(Þ)

John

Deere

Owner

Trust

Series

2024-A

Class

A2A

5.190%

due

02/16/27

608

608

JPMorgan

Mortgage

Acquisition

Trust

Series

2007-CH2

Class

MV2

5.002%

due

01/25/37

(CME

Term

SOFR

Month

+

0.414%)(Ê)

M&T

Bank

Auto

Receivables

Trust

Series

2024

-A

Class

A3

5.220%

due

02/17/32

(Þ)

1,315

1,333

M&T

Equipment

Notes

Series

2023-1A

Class

A4

5.750%

due

07/15/30

(Þ)

Mercedes-Benz

Auto

Receivables

Trust

Series

2025-1

Class

A2A

4.500%

due

02/15/28

1,250

1,250

Merchants

Fleet

Funding

LLC

Series

2024-1A

Class

A

5.820%

due

04/20/37

(Þ)

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust

Series

2004-HE3

Class

M1

5.557%

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-DA

Class

A

1.690%

due

05/15/69

(Þ)

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)

Navistar

Financial

Dealer

Note

Master

Trust

Series

2024-1

Class

B

5.790%

due

04/25/29

(Þ)

Nelnet

Student

Loan

Trust

Series

2021-A

Class

A2

5.464%

due

04/20/62

(CME

Term

SOFR

Month

+

1.144%)(Ê)(Þ)

NextGear

Floorplan

Master

Owner

Trust

Series

2024-2A

Class

A2

4.420%

due

09/15/29

(Þ)

856

858

Nissan

Auto

Lease

Trust

Series

2025-A

Class

B

5.030%

due

02/15/29

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-A

Class

C

5.110%

due

06/15/29

Nissan

Auto

Receivables

Owner

Trust

Series

2023-B

Class

A2A

5.950%

due

05/15/26

Nissan

Master

Owner

Trust

Receivables

Series

2024-B

Class

A

5.050%

due

02/15/29

(Þ)

Progress

Residential

Trust

Series

2021-SFR4

Class

A

1.558%

due

05/17/38

(Þ)

746

728

Series

2021-SFR5

Class

A

1.427%

due

07/17/38

(Þ)

Series

2022-SFR2

Class

A

2.950%

due

04/17/27

(Þ)

531

514

RCKT

Mortgage

Trust

Series

2024-CES1

Class

A1A

6.025%

due

02/25/44

(~)(Ê)(Þ)

SBNA

Auto

Lease

Trust

Series

2023-A

Class

A4

6.520%

due

04/20/28

(Þ)

950

967

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A

Class

A3

4.950%

due

05/21/29

(Þ)

Series

2024-3A

Class

A3

4.550%

due

06/20/30

(Þ)

700

704

SLM

Student

Loan

Trust

Series

2006-B

Class

A5

5.478%

due

12/15/39

(CME

Term

SOFR

Month

+

0.532%)(Ê)

SMB

Private

Education

Loan

Trust

Series

2023-B

Class

A1B

6.606%

due

10/16/56

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

Series

2024-A

Class

A1A

5.240%

due

03/15/56

(Þ)

STAR

Trust

Series

2022-SFR3

Class

A

6.259%

due

05/17/39

(CME

Term

SOFR

Month

+

1.650%)(Ê)(Þ)

1,625

1,623

Series

2024-SFR4

Class

A

6.359%

due

10/17/41

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

2,208

2,213

Synchrony

Card

Funding

LLC

Series

2024-A1

Class

A

5.040%

due

03/15/30

920

934

Tesla

Sustainable

Energy

Trust

Series

2024-1A

Class

A2

5.080%

due

06/21/50

(Þ)

605

612

Toyota

Auto

Loan

Extended

Note

Trust

Series

2022-1A

Class

A

3.820%

due

04/25/35

(Þ)

Toyota

Auto

Receivables

Owner

Trust

Series

2024-A

Class

A2A

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.130%

due

12/15/26

Tricon

American

Homes

Trust

Series

2020-SFR2

Class

A

1.482%

due

11/17/39

(Þ)

1,784

1,664

Tricon

Residential

Trust

Series

2024-SFR2

Class

A

4.750%

due

06/17/40

(Þ)

Verizon

Master

Trust

Series

2024-3

Class

A1A

5.340%

due

04/22/30

775

791

Series

2024-6

Class

A1A

4.170%

due

08/20/30

700

699

Series

2025-1

Class

B

4.940%

due

01/21/31

Series

2025-1

Class

C

5.090%

due

01/21/31

WF

Card

Issuance

Trust

Series

2024-A1

Class

A

4.940%

due

02/15/29

610

618

Series

2024-A2

Class

A

4.290%

due

10/15/29

935

938

World

Omni

Auto

Receivables

Trust

Series

2024-B

Class

A3

5.270%

due

09/17/29

950

961

52,485

Corporate

Bonds

and

Notes

-

39.2%

Consumer

Discretionary

-

6.0%

Alaska

Airlines

Pass-Through

Trust

4.800%

due

08/15/27

(Þ)

American

Airlines

Group,

Inc.

8.500%

due

05/15/29

(Þ)

American

Honda

Finance

Corp.

Series

GMTN

4.950%

due

01/09/26

1,300

1,303

Caesars

Entertainment,

Inc.

8.125%

due

07/01/27

(Þ)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

6.150%

due

11/10/26

567

578

Choice

Hotels

International,

Inc.

3.700%

due

12/01/29

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

4.750%

due

10/20/28

(Þ)

1,663

1,648

DISH

DBS

Corp.

5.250%

due

12/01/26

(Þ)

FactSet

Research

Systems,

Inc.

2.900%

due

03/01/27

619

597

Ford

Motor

Credit

Co.

LLC

5.800%

due

03/05/27

1,170

1,164

4.950%

due

05/28/27

855

836

General

Motors

Financial

Co.,

Inc.

5.400%

due

05/08/27

915

924

5.050%

due

04/04/28

670

672

4.300%

due

04/06/29

735

710

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Harley-Davidson

Financial

Services,

Inc.

3.050%

due

02/14/27

(Þ)

706

676

Hasbro,

Inc.

3.900%

due

11/19/29

Home

Depot,

Inc.

(The)

4.875%

due

06/25/27

745

758

Hyatt

Hotels

Corp.

5.750%

due

01/30/27

651

662

Hyundai

Capital

America

5.275%

due

06/24/27

(Þ)

Las

Vegas

Sands

Corp.

3.500%

due

08/18/26

738

722

5.900%

due

06/01/27

LKQ

Corp.

Series

WI

5.750%

due

06/15/28

566

578

Lowe's

Cos.,

Inc.

Series

10YR

3.650%

due

04/05/29

1,240

1,203

McDonald's

Corp.

Series

MTN

3.500%

due

07/01/27

710

701

Meritage

Homes

Corp.

Series

WI

5.125%

due

06/06/27

NCL

Corp.,

Ltd.

8.125%

due

01/15/29

(Þ)

PACCAR

Financial

Corp.

3.550%

due

08/11/25

2,270

2,265

Series

R

4.500%

due

11/25/26

590

595

PulteGroup,

Inc.

5.000%

due

01/15/27

660

665

Royal

Caribbean

Cruises,

Ltd.

5.375%

due

07/15/27

(Þ)

Toll

Brothers

Finance

Corp.

4.875%

due

03/15/27

737

738

Toyota

Motor

Credit

Corp.

3.650%

due

08/18/25

1,800

1,795

United

Airlines

Pass-Through

Trust

Series

A

4.300%

due

08/15/25

4.000%

due

04/11/26

3.750%

due

09/03/26

812

796

Walmart,

Inc.

3.950%

due

09/09/27

1,300

1,304

WarnerMedia

Holdings,

Inc.

Series

WI

3.755%

due

03/15/27

YMCA

of

Greater

New

York

2.303%

due

08/01/26

25,149

Consumer

Staples

-

3.1%

Altria

Group,

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.875%

due

02/04/28

535

541

Avery

Dennison

Corp.

4.875%

due

12/06/28

590

595

Cargill,

Inc.

4.875%

due

10/10/25

(Þ)

1,300

1,301

Conagra

Brands,

Inc.

1.375%

due

11/01/27

622

574

Constellation

Brands,

Inc.

3.700%

due

12/06/26

965

954

3.600%

due

02/15/28

ERAC

USA

Finance

LLC

4.600%

due

05/01/28

(Þ)

Haleon

US

Capital

LLC

Series

WI

3.375%

due

03/24/27

550

541

JBS

USA

Holding

Lux

SARL/

JBS

USA

Food

Co./

JBS

Lux

Co.

SARL

Series

WI

2.500%

due

01/15/27

790

763

Mars,

Inc.

4.450%

due

03/01/27

(Þ)

915

921

4.600%

due

03/01/28

(Þ)

745

753

Nestle

Holdings,

Inc.

5.250%

due

03/13/26

(Þ)

1,500

1,511

Philip

Morris

International,

Inc.

4.750%

due

02/12/27

945

955

Procter

&

Gamble

Co.

(The)

2.800%

due

03/25/27

1,800

1,765

Smithfield

Foods,

Inc.

4.250%

due

02/01/27

(Þ)

752

743

Tyson

Foods,

Inc.

3.550%

due

06/02/27

13,100

Energy

-

3.8%

Boardwalk

Pipelines,

LP

4.450%

due

07/15/27

Chevron

Corp.

2.954%

due

05/16/26

1,800

1,777

Chevron

USA,

Inc.

4.475%

due

02/26/28

1,270

1,286

Columbia

Pipelines

Holding

Co.

LLC

6.055%

due

08/15/26

(Þ)

6.042%

due

08/15/28

(Þ)

565

583

Continental

Resources,

Inc.

2.268%

due

11/15/26

(Þ)

Coterra

Energy,

Inc.

Series

WI

3.900%

due

05/15/27

563

555

Devon

Energy

Corp.

Series

WI

5.250%

due

10/15/27

Energy

Transfer,

LP

3.900%

due

07/15/26

676

669

Enterprise

Products

Operating

LLC

4.600%

due

01/11/27

700

705

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.375%

due

02/15/78

(CME

Term

SOFR

Month

+

2.832%)(Ê)

711

687

EQT

Corp.

3.125%

due

05/15/26

(Þ)

Exxon

Mobil

Corp.

3.043%

due

03/01/26

1,800

1,782

MPLX,

LP

1.750%

due

03/01/26

755

736

Series

0005

4.125%

due

03/01/27

1,126

1,118

NGPL

PipeCo

LLC

4.875%

due

08/15/27

(Þ)

536

535

Northwest

Pipeline

LLC

Series

WI

4.000%

due

04/01/27

Occidental

Petroleum

Corp.

3.000%

due

02/15/27

5.000%

due

08/01/27

1,865

1,865

ONEOK,

Inc.

4.850%

due

07/15/26

5.550%

due

11/01/26

Spectra

Energy

Partners,

LP

3.375%

due

10/15/26

677

665

Venture

Global

LNG,

Inc.

9.500%

due

02/01/29

(Þ)

Western

Midstream

Operating,

LP

4.650%

due

07/01/26

720

717

15,812

Financial

Services

-

13.1%

Aircastle

,

Ltd.

4.250%

due

06/15/26

507

502

2.850%

due

01/26/28

(Þ)

American

Express

Co.

1.650%

due

11/04/26

1,900

1,827

5.389%

due

07/28/27

(SOFR

+

0.970%)(Ê)

970

980

5.098%

due

02/16/28

(SOFR

+

1.000%)(Ê)

600

607

4.731%

due

04/25/29

(SOFR

+

1.260%)(Ê)

800

807

Ares

Capital

Corp.

2.150%

due

07/15/26

609

587

2.875%

due

06/15/28

AXIS

Specialty

Finance

LLC

4.900%

due

01/15/40

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.186%)(Ê)

Bank

of

America

Corp.

1.734%

due

07/22/27

(SOFR

+

0.960%)(Ê)

2.551%

due

02/04/28

(SOFR

+

1.050%)(Ê)

1,000

968

5.162%

due

01/24/31

(SOFR

+

1.000%)(Ê)

1,650

1,681

Series

frn

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.238%

due

01/24/29

(SOFR

+

0.830%)(Ê)

1,585

1,573

Bank

of

New

York

Mellon

(The)

4.729%

due

04/20/29

(SOFR

+

1.135%)(Ê)

Bank

of

New

York

Mellon

Corp.

(The)

4.414%

due

07/24/26

(SOFR

+

1.345%)(Ê)

2,000

1,998

3.992%

due

06/13/28

(SOFR

+

1.151%)(Ê)

Barings

BDC,

Inc.

Series

WI

3.300%

due

11/23/26

623

600

Blue

Owl

Capital

Corp.

3.400%

due

07/15/26

593

576

2.875%

due

06/11/28

Citigroup,

Inc.

4.786%

due

03/04/29

(SOFR

+

0.870%)(Ê)

1,420

1,427

3.980%

due

03/20/30

(CME

Term

SOFR

Month

+

1.600%)(Ê)

695

676

CNO

Financial

Group,

Inc.

5.250%

due

05/30/29

665

666

Comerica,

Inc.

4.000%

due

02/01/29

603

578

Corebridge

Financial,

Inc.

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

Enstar

Group,

Ltd.

4.950%

due

06/01/29

676

673

EPR

Properties

Co.

4.750%

due

12/15/26

631

626

Equinix

,

Inc.

1.550%

due

03/15/28

F&G

Annuities

&

Life,

Inc.

Series

WI

7.400%

due

01/13/28

568

593

FS

KKR

Capital

Corp.

2.625%

due

01/15/27

586

554

3.250%

due

07/15/27

GA

Global

Funding

Trust

1.625%

due

01/15/26

(Þ)

GLP

Capital,

LP

/

GLP

Financing

II,

Inc.

5.750%

due

06/01/28

500

507

Goldman

Sachs

Group,

Inc.

(The)

5.414%

due

05/21/27

(SOFR

+

0.750%)(Ê)

1,175

1,186

4.937%

due

04/23/28

(SOFR

+

1.319%)(Ê)

805

812

3.691%

due

06/05/28

(CME

Term

SOFR

Month

+

1.772%)(Ê)

950

935

Golub

Capital

BDC,

Inc.

2.500%

due

08/24/26

610

587

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Hat

Holdings

I

LLC

3.375%

due

06/15/26

(Þ)

694

674

Hercules

Capital,

Inc.

3.375%

due

01/20/27

706

678

JPMorgan

Chase

&

Co.

1.045%

due

11/19/26

(SOFR

+

0.800%)(Ê)

1,000

980

5.040%

due

01/23/28

(SOFR

+

1.190%)(Ê)

1,585

1,600

4.979%

due

07/22/28

(SOFR

+

0.930%)(Ê)

1,040

1,052

4.915%

due

01/24/29

(SOFR

+

0.800%)(Ê)

805

816

Series

VAR

2.947%

due

02/24/28

(SOFR

+

1.170%)(Ê)

745

726

KeyCorp.

4.700%

due

01/26/26

Lehman

Brothers

Holdings

Capital

Trust

VII

0.000%

due

11/29/49

(Æ)(Ø)(Š)(ž)

—

LPL

Holdings,

Inc.

4.000%

due

03/15/29

(Þ)

779

747

M&T

Bank

Corp.

4.833%

due

01/16/29

(SOFR

+

0.930%)(Ê)

820

821

Main

Street

Capital

Corp.

3.000%

due

07/14/26

661

639

Marsh

&

McLennan

Cos.,

Inc.

4.550%

due

11/08/27

610

617

Mercury

General

Corp.

4.400%

due

03/15/27

668

659

Met

Tower

Global

Funding

1.250%

due

09/14/26

(Þ)

985

946

Morgan

Stanley

5.652%

due

04/13/28

(SOFR

+

1.010%)(Ê)

2,300

2,350

Series

.

4.994%

due

04/12/29

(SOFR

+

1.380%)(Ê)

725

735

Series

GMTN

1.512%

due

07/20/27

(SOFR

+

0.858%)(Ê)

1,215

1,173

Morgan

Stanley

Direct

Lending

Fund

Series

WI

4.500%

due

02/11/27

608

603

Mutual

of

Omaha

Insurance

Co.

5.800%

due

07/27/26

(Þ)

Northern

Trust

Corp.

3.375%

due

05/08/32

(USD

Month

LIBOR

+

1.131%)(Ê)

542

524

Oaktree

Specialty

Lending

Corp.

2.700%

due

01/15/27

687

648

Omega

Healthcare

Investors,

Inc.

3.625%

due

10/01/29

Piedmont

Operating

Partnership,

LP

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $9.250%

due

07/20/28

PNC

Financial

Services

Group,

Inc.

(The)

6.615%

due

10/20/27

(SOFR

+

1.730%)(Ê)

5.300%

due

01/21/28

(SOFR

+

1.342%)(Ê)

1,085

1,101

Prudential

Financial,

Inc.

5.700%

due

09/15/48

(USD

Month

LIBOR

+

2.665%)(Ê)

612

610

Radian

Group,

Inc.

4.875%

due

03/15/27

609

606

Santander

Holdings

USA,

Inc.

6.499%

due

03/09/29

(SOFR

+

2.356%)(Ê)

580

602

Sixth

Street

Specialty

Lending,

Inc.

6.950%

due

08/14/28

6.125%

due

03/01/29

State

Street

Corp.

4.993%

due

03/18/27

1,925

1,954

Synchrony

Financial

3.700%

due

08/04/26

576

563

Synovus

Financial

Corp.

5.625%

due

02/15/28

VICI

Properties,

LP

4.500%

due

09/01/26

(Þ)

584

581

3.750%

due

02/15/27

(Þ)

Wells

Fargo

&

Co.

5.707%

due

04/22/28

(SOFR

+

1.070%)(Ê)

1,235

1,263

Series

W

4.900%

due

01/24/28

(SOFR

+

0.780%)(Ê)

1,270

1,278

Zions

Bancorp

NA

3.250%

due

10/29/29

725

648

54,732

Health

Care

-

1.5%

AbbVie,

Inc.

4.800%

due

03/15/27

715

724

Centene

Corp.

2.450%

due

07/15/28

730

671

CVS

Health

Corp.

1.300%

due

08/21/27

720

669

3.250%

due

08/15/29

573

540

HCA,

Inc.

5.248%

due

03/01/28

(SOFR

+

0.870%)(Ê)

1,115

1,112

5.200%

due

06/01/28

585

594

Highmark,

Inc.

1.450%

due

05/10/26

(Þ)

520

Orlando

Health

Obligated

Group

3.777%

due

10/01/28

865

846

Universal

Health

Services,

Inc.

Series

WI

1.650%

due

09/01/26

638

612

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6,267

Materials

and

Processing

-

1.2%

Berry

Global,

Inc.

Series

WI

1.650%

due

01/15/27

709

673

CF

Industries,

Inc.

4.500%

due

12/01/26

(Þ)

666

665

Georgia-Pacific

LLC

0.950%

due

05/15/26

(Þ)

Huntsman

International

LLC

4.500%

due

05/01/29

746

703

RPM

International,

Inc.

3.750%

due

03/15/27

672

662

Sealed

Air

Corp.

1.573%

due

10/15/26

(Þ)

976

928

Sherwin-Williams

Co.

(The)

2.950%

due

08/15/29

644

603

Sonoco

Products

Co.

4.450%

due

09/01/26

775

774

5,172

Producer

Durables

-

3.3%

Boeing

Co.

(The)

2.196%

due

02/04/26

Caterpillar

Financial

Services

Corp.

4.800%

due

01/06/26

1,765

1,769

CNH

Industrial

Capital

LLC

1.450%

due

07/15/26

765

736

Hexcel

Corp.

3.950%

due

02/15/27

607

600

Honeywell

International,

Inc.

2.500%

due

11/01/26

1,400

1,365

Howmet

Aerospace,

Inc.

6.750%

due

01/15/28

551

580

John

Deere

Capital

Corp.

5.150%

due

09/08/26

1,725

1,750

L3Harris

Technologies,

Inc.

5.400%

due

01/15/27

1,645

1,671

Lennox

International,

Inc.

5.500%

due

09/15/28

541

555

MasTec

,

Inc.

4.500%

due

08/15/28

(Þ)

550

535

RTX

Corp.

5.750%

due

11/08/26

540

550

TransDigm

,

Inc.

6.375%

due

03/01/29

(Þ)

Veralto

Corp.

Series

WI

5.500%

due

09/18/26

569

577

Vontier

Corp.

Series

WI

2.400%

due

04/01/28

671

628

Waste

Management,

Inc.

4.500%

due

03/15/28

965

977

Westinghouse

Air

Brake

Technologies

Corp.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

WI

3.450%

due

11/15/26

679

669

XPO,

Inc.

6.250%

due

06/01/28

(Þ)

573

579

14,040

Technology

-

2.8%

Alphabet,

Inc.

0.800%

due

08/15/27

1,700

1,592

Apple,

Inc.

Series

0002

3.350%

due

02/09/27

1,200

1,190

Broadcom,

Inc.

4.150%

due

02/15/28

635

633

5.050%

due

07/12/29

1,240

1,265

Broadridge

Financial

Solutions,

Inc.

3.400%

due

06/27/26

680

671

CDW

LLC

/

CDW

Finance

Corp.

4.250%

due

04/01/28

609

597

Microsoft

Corp.

3.125%

due

11/03/25

1,835

1,824

Oracle

Corp.

1.650%

due

03/25/26

4.800%

due

08/03/28

1,225

1,241

5.174%

due

08/03/28

(SOFR

+

0.760%)(Ê)

530

530

Skyworks

Solutions,

Inc.

1.800%

due

06/01/26

741

717

Synopsys,

Inc.

4.650%

due

04/01/28

1,185

1,199

11,625

Utilities

-

4.4%

AEP

Texas,

Inc.

Series

WI

3.950%

due

06/01/28

603

592

AT&T,

Inc.

1.700%

due

03/25/26

1,800

1,756

2.300%

due

06/01/27

735

706

4.350%

due

03/01/29

1,490

1,489

Avangrid

,

Inc.

3.800%

due

06/01/29

585

566

Consumers

Energy

Co.

4.900%

due

02/15/29

875

893

DTE

Energy

Co.

4.950%

due

07/01/27

865

874

Florida

Power

&

Light

Co.

5.050%

due

04/01/28

560

575

Georgia

Power

Co.

5.004%

due

02/23/27

KeySpan

Gas

East

Corp.

2.742%

due

08/15/26

(Þ)

607

593

Monongahela

Power

Co.

3.550%

due

05/15/27

(Þ)

National

Fuel

Gas

Co.

5.500%

due

10/01/26

730

738

NextEra

Energy

Capital

Holdings,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.214%

due

02/04/28

(SOFR

+

0.800%)(Ê)

560

560

NRG

Energy,

Inc.

4.450%

due

06/15/29

(Þ)

576

561

Pacific

Gas

and

Electric

Co.

3.000%

due

06/15/28

656

621

Pennsylvania

Electric

Co.

5.150%

due

03/30/26

(Þ)

525

526

Sempra

3.250%

due

06/15/27

Southern

California

Gas

Co.

2.950%

due

04/15/27

Southern

Co.

(The)

Series

21-A

3.750%

due

09/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.915%)(Ê)

656

635

Southern

Power

Co.

0.900%

due

01/15/26

685

667

System

Energy

Resources,

Inc.

6.000%

due

04/15/28

581

603

T-Mobile

USA,

Inc.

4.950%

due

03/15/28

935

949

4.800%

due

07/15/28

583

589

Verizon

Communications,

Inc.

2.100%

due

03/22/28

750

708

Vistra

Operations

Co.

LLC

5.050%

due

12/30/26

(Þ)

3.700%

due

01/30/27

(Þ)

684

672

Xcel

Energy,

Inc.

2.600%

due

12/01/29

851

778

18,293

164,190

International

Debt

-

14.0%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%

due

01/15/27

1,755

1,792

4.875%

due

04/01/28

620

623

Alinea

CLO

Ltd.

Series

2025-1A

Class

AR

5.170%

due

07/20/31

(CME

Term

SOFR

Month

+

0.900%)(Ê)(Þ)

560

559

America

Movil

SAB

de

CV

3.625%

due

04/22/29

Apidos

CLO

XXVI

Series

2024-12A

Class

ARR

5.736%

due

04/15/31

(CME

Term

SOFR

Month

+

1.080%)(Ê)(Þ)

Ashtead

Capital,

Inc.

4.375%

due

08/15/27

(Þ)

565

561

BAE

Systems

PLC

5.000%

due

03/26/27

(Þ)

850

861

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

4.375%

due

04/11/27

(Þ)

634

625

Banco

Santander

SA

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.175%

due

03/24/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.000%)(Ê)

5.588%

due

08/08/28

539

555

Bank

of

Montreal

5.266%

due

12/11/26

1,300

1,319

Series

f2f

4.567%

due

09/10/27

(SOFR

+

0.880%)(Ê)

630

631

Bank

of

Nova

Scotia

(The)

4.750%

due

02/02/26

1,450

1,452

4.404%

due

09/08/28

(SOFR

+

1.000%)(Ê)

1,270

1,268

Barclays

PLC

4.836%

due

05/09/28

610

609

5.088%

due

06/20/30

(USD

Month

LIBOR

+

3.054%)(Ê)

670

663

BAT

Capital

Corp.

3.215%

due

09/06/26

4.700%

due

04/02/27

526

528

3.462%

due

09/06/29

670

638

Series

WI

3.557%

due

08/15/27

650

638

Battery

Park

CLO,

Ltd.

Series

2024-1A

Class

AR

6.056%

due

07/15/36

(CME

Term

SOFR

Month

+

1.400%)(Ê)(Þ)

BCRED

MML

CLO

LLC

Series

2021-1A

Class

A

6.398%

due

01/15/35

(CME

Term

SOFR

Month

+

1.742%)(Ê)(Þ)

Canadian

Imperial

Bank

of

Commerce

5.615%

due

07/17/26

1,740

1,766

CarVal

CLO

XI

C,

Ltd.

Series

2024-3A

Class

A1

5.961%

due

10/20/37

(CME

Term

SOFR

Month

+

1.390%)(Ê)(Þ)

CCL

Industries,

Inc.

3.250%

due

10/01/26

(Þ)

683

671

Cedar

Funding

V

CLO,

Ltd.

Series

2020-5A

Class

AFRR

1.937%

due

07/17/31

(Þ)

Cedar

Funding

XII

CLO,

Ltd.

Series

2025-12A

Class

ARR

5.457%

due

01/25/38

(CME

Term

SOFR

Month

+

1.200%)(Ê)(Þ)

Cencosud

SA

4.375%

due

07/17/27

(Þ)

584

577

Coca-Cola

Europacific

Partners

PLC

1.500%

due

01/15/27

(Þ)

717

683

Cooperatieve

Rabobank

UA

3.649%

due

04/06/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.220%)(Ê)(Þ)

Credit

Agricole

SA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.247%

due

01/26/27

(SOFR

+

0.892%)(Ê)(Þ)

590

575

4.000%

due

01/10/33

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

1.644%)(Ê)

(Þ)

521

503

Danske

Bank

A/S

1.549%

due

09/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.730%)(Ê)(Þ)

706

678

Deutsche

Bank

AG

2.552%

due

01/07/28

(SOFR

+

1.318%)(Ê)

777

749

Deutsche

Telekom

International

Finance

BV

3.600%

due

01/19/27

(Þ)

750

740

Dryden

Senior

Loan

Fund

Series

2018-55A

Class

A1

5.538%

due

04/15/31

(CME

Term

SOFR

Month

+

1.282%)(Ê)(Þ)

Series

2021-87A

Class

A1

5.883%

due

05/20/34

(CME

Term

SOFR

Month

+

1.362%)(Ê)(Þ)

Series

2022-80A

Class

BR

6.398%

due

01/17/33

(CME

Term

SOFR

Month

+

1.750%)(Ê)(Þ)

Elmwood

CLO

I,

Ltd.

Series

2024-1A

Class

A1RR

5.790%

due

04/20/37

(CME

Term

SOFR

Month

+

1.520%)(Ê)(Þ)

Emera

US

Finance,

LP

Series

WI

3.550%

due

06/15/26

640

630

Enbridge,

Inc.

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

618

621

Enel

Finance

International

NV

3.500%

due

04/06/28

(Þ)

584

568

Equinor

ASA

3.000%

due

04/06/27

Evergreen

Credit

Card

Trust

Series

2025-CRT5

Class

B

5.240%

due

05/15/29

(Þ)

Fairfax

Financial

Holdings,

Ltd.

Series

WI

4.850%

due

04/17/28

528

532

First

Quantum

Minerals,

Ltd.

9.375%

due

03/01/29

(Þ)

Fortis,

Inc.

Series

WI

3.055%

due

10/04/26

604

591

Fresenius

Medical

Care

US

Finance

III,

Inc.

3.750%

due

06/15/29

(Þ)

710

674

Golden

Credit

Card

Trust

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2021-1A

Class

A

1.140%

due

08/15/28

(Þ)

1,000

960

Harbour

Energy

PLC

5.500%

due

10/15/26

(Þ)

673

668

Honda

Motor

Co.,

Ltd.

2.534%

due

03/10/27

HSBC

Holdings

PLC

5.887%

due

08/14/27

(SOFR

+

1.570%)(Ê)

685

696

5.597%

due

05/17/28

(SOFR

+

1.060%)(Ê)

Imperial

Brands

Finance

PLC

3.500%

due

07/26/26

(Þ)

735

726

ING

Groep

NV

4.017%

due

03/28/28

(SOFR

+

1.830%)(Ê)

InRetail

Consumer

3.250%

due

03/22/28

(Þ)

513

Inversiones

CMPC

SA

4.375%

due

04/04/27

(Þ)

Israel

Government

International

Bond

Series

5Y

5.375%

due

03/12/29

JDE

Peet's

NV

1.375%

due

01/15/27

(Þ)

722

679

LG

Energy

Solution,

Ltd.

5.625%

due

09/25/26

(Þ)

542

548

Lloyds

Banking

Group

PLC

5.462%

due

01/05/28

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.375%)(Ê)

700

710

Manulife

Financial

Corp.

4.061%

due

02/24/32

(USD

ICE

Swap

Rate

NY

Year

Rate

+

1.647%)(Ê)

MEGlobal

BV

4.250%

due

11/03/26

(Þ)

MF1,

Ltd.

Series

2021-FL7

Class

A

5.805%

due

10/16/36

(CME

Term

SOFR

Month

+

1.194%)(Ê)(Þ)

NBK

Tier

Financing

2,

Ltd.

1.625%

due

09/15/27

(SOFR

+

1.050%)(Ê)(Þ)

628

602

Nokia

OYJ

4.375%

due

06/12/27

674

665

Nomura

Holdings,

Inc.

1.653%

due

07/14/26

626

605

NTT

Finance

Corp.

1.162%

due

04/03/26

(Þ)

nVent

Finance

SARL

Series

WI

4.550%

due

04/15/28

534

534

Octagon

Investment

Partners

47,

Ltd.

Series

2025-1A

Class

XR2

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.322%

due

01/22/38

(CME

Term

SOFR

Month

+

1.050%)(Ê)(Þ)

Open

Text

Corp.

6.900%

due

12/01/27

(Þ)

630

647

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

3.750%

due

10/16/29

(Þ)

Prosus

NV

3.257%

due

01/19/27

(Þ)

647

631

PTTEP

Treasury

Center

Co.,

Ltd.

2.587%

due

06/10/27

(Þ)

680

653

QazaqGaz

NC

JSC

4.375%

due

09/26/27

(Þ)

Royal

Bank

of

Canada

1.200%

due

04/27/26

1,800

1,746

Series

GMTN

4.875%

due

01/19/27

5.216%

due

03/27/28

(SOFR

+

0.820%)(Ê)

835

832

4.522%

due

10/18/28

(SOFR

+

0.860%)(Ê)

890

892

Sands

China,

Ltd.

Series

WI

2.300%

due

03/08/27

Saudi

Government

International

Bond

5.125%

due

01/13/28

(Þ)

610

620

Societe

Generale

SA

4.250%

due

08/19/26

(Þ)

1.792%

due

06/09/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.000%)(Ê)(Þ)

Sumitomo

Mitsui

Financial

Group,

Inc.

1.402%

due

09/17/26

Suncor

Energy,

Inc.

7.875%

due

06/15/26

506

Suzano

Austria

GmbH

5.750%

due

07/14/26

(Þ)

696

702

Suzano

International

Finance

BV

5.500%

due

01/17/27

TELUS

Corp.

2.800%

due

02/16/27

698

679

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

due

10/01/26

TICP

CL,O

Ltd.

Series

2025-14A

Class

X

5.267%

due

01/20/38

(CME

Term

SOFR

Month

+

0.950%)(Ê)(Þ)

Toronto-Dominion

Bank

(The)

4.693%

due

09/15/27

755

762

3.625%

due

09/15/31

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

2.205%)(Ê)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Toyota

Motor

Credit

Corp.

1.339%

due

03/25/26

TransCanada

Trust

Series

16-A

5.875%

due

08/15/76

(USD

Month

LIBOR

+

4.640%)(Ê)

627

619

Transportadora

de

Gas

Internacional

SA

ESP

5.550%

due

11/01/28

(Þ)

TSMC

Arizona

Corp.

1.750%

due

10/25/26

UBS

AG

4.864%

due

01/10/28

(SOFR

+

0.720%)(Ê)

815

820

UBS

Group

AG

1.494%

due

08/10/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.850%)(Ê)(Þ)

712

684

UniCredit

SpA

1.982%

due

06/03/27

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.200%)(Ê)(Þ)

635

615

Unilever

Capital

Corp.

3.100%

due

07/30/25

1,800

1,793

Var

Energi

ASA

5.000%

due

05/18/27

(Þ)

7.500%

due

01/15/28

(Þ)

Videotron,

Ltd.

3.625%

due

06/15/29

(Þ)

Voya

CLO,

Ltd.

Series

2024-3A

Class

A1R2

5.856%

due

10/15/31

(CME

Term

SOFR

Month

+

1.200%)(Ê)(Þ)

Yara

International

ASA

4.750%

due

06/01/28

(Þ)

593

591

Zais

CLO

13,

Ltd.

Series

2024-13A

Class

A1AR

5.956%

due

07/15/32

(CME

Term

SOFR

Month

+

1.300%)(Ê)(Þ)

58,592

Mortgage-Backed

Securities

-

15.4%

A&D

Mortgage

Trust

Series

2023-NQM2

Class

A1

6.132%

due

05/25/68

(~)(Ê)(Þ)

1,384

1,388

Angel

Oak

Mortgage

Trust

Series

2024-7

Class

A1

5.621%

due

05/25/69

(~)(Ê)(Þ)

Series

2025-4

Class

A1

5.855%

due

04/25/70

(~)(Ê)(Þ)

2,572

2,593

Arbor

Multifamily

Mortgage

Securities

Trust

Series

2021-MF3

Class

A1

1.075%

due

10/15/54

Series

2021-MF3

Class

A2

2.213%

due

10/15/54

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Bank

Commercial

Mortgage

Pass-

Through

Certificates

Series

2019-BN22

Class

ASB

2.897%

due

11/15/62

Series

2019-BN24

Class

ASB

2.929%

due

11/15/62

Series

2020-BN29

Class

A1

0.549%

due

11/15/53

Barclays

Commercial

Mortgage

Trust

Series

2020-C8

Class

ASB

1.867%

due

10/15/53

Series

2023

C19

Class

A1

5.698%

due

04/15/56

Barclays

Mortgage

Loan

Trust

4.794%

due

12/26/64

(~)(Ê)(Þ)

1,975

1,952

Benchmark

Mortgage

Trust

Series

2019-B15

Class

AAB

2.859%

due

12/15/72

Series

2020-B22

Class

A1

0.509%

due

01/15/54

Series

2021-B27

Class

XA

Interest

Only

STRIPS

1.368%

due

07/15/54

(~)(Ê)

4,052

BMO

Mortgage

Trust

Series

2023-C5

Class

A1

5.740%

due

06/15/56

BOCA

Commercial

Mortgage

Trust

Series

2024-BOCA

Class

A

6.243%

due

08/15/41

(CME

Term

SOFR

Month

+

1.921%)(Ê)(Þ)

BPR

Trust

Series

2022-OANA

Class

A

6.220%

due

04/15/37

(CME

Term

SOFR

Month

+

1.898%)(Ê)(Þ)

BRAVO

Residential

Funding

Trust

Series

2024-NQM5

Class

A1

5.803%

due

06/25/64

(~)(Ê)(Þ)

1,082

1,088

Series

2025-NQM4

Class

A1

5.613%

due

05/25/65

(~)(Ê)(Þ)

1,050

1,054

BX

Commercial

Mortgage

Trust

Series

2020-VIVA

Class

D

3.667%

due

03/11/44

(~)(Ê)(Þ)

Series

2020-VIVA

Class

E

3.667%

due

03/11/44

(~)(Ê)(Þ)

Series

2021-VOLT

Class

C

5.536%

due

09/15/36

(CME

Term

SOFR

Month

+

1.214%)(Ê)(Þ)

BX

Trust

Series

2021-ARIA

Class

A

5.623%

due

10/15/36

(CME

Term

SOFR

Month

+

1.014%)(Ê)(Þ)

Series

2022-LBA6

Class

A

5.322%

due

01/15/39

(CME

Term

SOFR

Month

+

1.000%)(Ê)(Þ)

Citigroup

Commercial

Mortgage

Trust

Series

2016-P4

Class

A3

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $2.646%

due

07/10/49

840

819

Series

2019-GC41

Class

AAB

2.720%

due

08/10/56

COLT

Mortgage

Loan

Trust

Series

2024-2

Class

A1

6.125%

due

04/25/69

(~)(Ê)(Þ)

596

599

Series

2024-INV3

Class

A1

5.443%

due

09/25/69

(~)(Ê)(Þ)

642

642

Series

2025-INV2

Class

A1

5.601%

due

02/25/70

(~)(Ê)(Þ)

2,109

2,122

Commercial

Mortgage

Trust

Series

2015-LC23

Class

ASB

3.598%

due

10/10/48

Connecticut

Avenue

Securities

Trust

Series

2021-R03

Class

1M2

6.004%

due

12/25/41

(SOFR

Day

Average

+

1.650%)(Ê)(Þ)

Series

2023-R08

Class

1M2

6.854%

due

10/25/43

(SOFR

Day

Average

+

2.500%)(Ê)(Þ)

Series

2024-R02

Class

1M2

6.154%

due

02/25/44

(SOFR

Day

Average

+

1.800%)(Ê)(Þ)

Cross

Mortgage

Trust

Series

2023-H2

Class

A1A

7.135%

due

11/25/68

(~)(Ê)(Þ)

CSAIL

Commercial

Mortgage

Trust

Series

2016-C7

Class

ASB

3.314%

due

11/15/49

Series

2019-C17

Class

ASB

2.957%

due

09/15/52

Series

2020-C19

Class

A1

1.296%

due

03/15/53

ELM

Trust

Series

2024-ELM

Class

A15

5.994%

due

06/10/39

(~)(Ê)(Þ)

Fannie

Mae

4.500%

due

2025

—

—

2.280%

due

2026

3.000%

due

2034

Fannie

Mae

REMICS

Series

2007-73

Class

A1

0.236%

due

07/25/37

(SOFR

Day

Average

+

0.174%)(Ê)

Series

2024-15

Class

FD

6.084%

due

04/25/54

(SOFR

Day

Average

+

1.350%)(Ê)

1,031

1,032

Series

2024-25

Class

AD

5.000%

due

03/25/44

970

968

Series

2024-26

Class

FC

5.590%

due

05/25/54

(SOFR

Day

Average

+

1.250%)(Ê)

3,040

3,031

Series

2024-63

Class

HA

5.000%

due

06/25/52

665

666

Series

2024-90

Class

B

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.000%

due

07/25/51

856

854

Series

2024-103

Class

FE

5.924%

due

01/25/55

(SOFR

Day

Average

+

1.300%)(Ê)

1,011

1,008

Series

2024-103

Class

FH

5.874%

due

01/25/55

(SOFR

Day

Average

+

1.250%)(Ê)

2,508

2,500

Series

2024-5487

Class

EA

5.000%

due

12/25/51

2,348

2,346

Series

2024-5490

Class

LA

5.000%

due

04/25/52

2,775

2,776

Series

2025-1

Class

FB

6.103%

due

02/25/55

(SOFR

Day

Average

+

1.500%)(Ê)

1,839

1,848

Series

2025-6

Class

FE

6.047%

due

02/25/55

(SOFR

Day

Average

+

1.500%)(Ê)

1,858

1,867

Freddie

Mac

REMICS

Series

2024-5475

Class

FA

5.669%

due

11/25/54

(SOFR

Day

Average

+

1.100%)(Ê)

1,155

1,146

Series

2024-5488

Class

HA

5.000%

due

01/25/52

1,004

1,002

Freddie

Mac

STACR

REMIC

Trust

Series

2021-DNA6

Class

M2

5.854%

due

10/25/41

(SOFR

Day

Average

+

1.500%)(Ê)(Þ)

Series

2022-DNA2

Class

M1A

5.654%

due

02/25/42

(SOFR

Day

Average

+

1.300%)(Ê)(Þ)

Series

2022-DNA2

Class

M1B

6.754%

due

02/25/42

(SOFR

Day

Average

+

2.400%)(Ê)(Þ)

FRESB

Mortgage

Trust

Series

2018-SB52

Class

A10F

3.480%

due

06/25/28

(~)(Ê)

Series

2018-SB53

Class

A10F

3.643%

due

06/25/28

(~)(Ê)

Series

2018-SB54

Class

A10F

3.520%

due

05/25/28

(~)(Ê)

GS

Mortgage-Backed

Securities

Trust

Series

2025-PJ4

Class

A5

5.500%

due

09/25/55

(~)(Ê)(Þ)

935

939

JPMDB

Commercial

Mortgage

Securities

Trust

Series

2019-COR6

Class

ASB

2.982%

due

11/13/52

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

Series

2017-JP5

Class

ASB

3.549%

due

03/15/50

Series

2017-JP7

Class

A3

3.379%

due

09/15/50

JPMorgan

Mortgage

Trust

Series

2024-CCM1

Class

A4A

5.500%

due

04/25/55

(~)(Ê)(Þ)

2,948

2,961

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2025-3

Class

A1A

5.599%

due

09/25/55

(~)(Ê)(Þ)

1,155

1,162

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

2016-C32

Class

ASB

3.514%

due

12/15/49

Morgan

Stanley

Capital

I

Trust

Series

2019-H7

Class

ASB

3.171%

due

07/15/52

NYC

Commercial

Mortgage

Trust

Series

2025-3BP

Class

A

5.523%

due

02/15/42

(CME

Term

SOFR

Month

+

1.213%)(Ê)(Þ)

730

721

OBX

Trust

Series

2025-NQM6

Class

A1

5.603%

due

03/25/65

(~)(Ê)(Þ)

1,086

1,091

Series

2025-NQM7

Class

A1

5.560%

due

05/25/55

(~)(Ê)(Þ)

1,655

1,663

PRPM

LLC

Series

2024-RCF1

Class

A1

4.000%

due

01/25/54

(~)(Ê)(Þ)

645

631

Series

2025-RCF1

Class

A1

4.500%

due

02/25/55

(~)(Ê)(Þ)

581

570

Rate

Mortgage

Trust

Series

2024-J1

Class

J7

6.000%

due

07/25/54

(~)(Ê)(Þ)

Series

2024-J4

Class

A5

5.500%

due

12/25/54

(~)(Ê)(Þ)

2,987

2,989

RCKT

Mortgage

Trust

Series

2023-CES1

Class

A1A

6.515%

due

06/25/43

(~)(Ê)(Þ)

Series

2024-CES8

Class

A1A

5.490%

due

11/25/44

(~)(Ê)(Þ)

910

913

Series

2025-CES1

Class

A1A

5.653%

due

02/25/45

(~)(Ê)(Þ)

918

924

Series

2025-CES2

Class

A1A

5.503%

due

02/25/55

(~)(Ê)(Þ)

849

854

Sequoia

Mortgage

Trust

Series

2024-INV1

Class

A6

5.500%

due

10/25/54

(~)(Ê)(Þ)

2,407

2,420

Series

2025-4

Class

A5

5.500%

due

05/25/55

(~)(Ê)(Þ)

1,210

1,218

Towd

Point

Mortgage

Trust

Series

2018-2

Class

A1

3.250%

due

03/25/58

(~)(Ê)(Þ)

Series

2019-4

Class

A1

2.900%

due

10/25/59

(~)(Ê)(Þ)

Series

2021-SJ1

Class

A1

2.250%

due

07/25/68

(~)(Ê)(Þ)

Series

2021-SJ2

Class

A1A

2.250%

due

12/25/61

(~)(Ê)(Þ)

UBS

Commercial

Mortgage

Trust

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

2017-C2

Class

A3

3.225%

due

08/15/50

Verus

Securitization

Trust

Series

2024-7

Class

A1

5.095%

due

09/25/69

(~)(Ê)(Þ)

871

868

Series

2024-INV1

Class

A1

6.116%

due

03/25/69

(~)(Ê)(Þ)

Series

2024-INV2

Class

A1

5.332%

due

08/26/69

(~)(Ê)(Þ)

Series

2025-3

Class

A1

5.623%

due

05/25/70

(~)(Ê)(Þ)

775

779

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-C35

Class

A3

2.674%

due

07/15/48

732

717

Series

2019-C52

Class

ASB

2.833%

due

08/15/52

Series

2020-C55

Class

ASB

2.651%

due

02/15/53

64,436

Municipal

Bonds

-

0.4%

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1.522%

due

10/01/27

(µ)

New

York

State

Dormitory

Authority

Revenue

Bonds

4.150%

due

03/15/27

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.861%

due

11/01/26

(µ)

605

609

Redevelopment

Authority

of

the

City

of

Philadelphia

Revenue

Bonds

4.518%

due

09/01/27

Taxable

Municipal

Funding

Trust

Revenue

Bonds

4.650%

due

09/01/30

(~)(Ê)(Þ)

1,923

United

States

Government

Treasuries

-

9.1%

United

States

Treasury

Floating

Rate

Notes

4.370%

due

07/31/25

(U.S.

Treasury

Month

Bill

Money

Market

Yield

+

0.125%)(Ê)

2,365

2,365

United

States

Treasury

Notes

4.375%

due

07/31/26

1,800

1,812

4.625%

due

09/15/26

750

759

1.250%

due

12/31/26

1,800

1,730

2.500%

due

03/31/27

3,250

3,184

4.500%

due

04/15/27

5,350

5,439

3.250%

due

06/30/27

705

700

3.750%

due

08/15/27

2,000

2,007

3.375%

due

09/15/27

3,030

3,016

4.375%

due

11/30/28

13,235

13,562

4.000%

due

02/28/30

3,445

3,491

38,064

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$376,956)

379,690

#### Short-Term

#### Investments

#### -

#### 9.4%
Alphabet,

Inc.

4.092%

due

05/14/25

(ç)(Þ)(ž)

4.423%

due

06/13/25

(ç)(ž)

Apple,

Inc.

4.202%

due

05/27/25

(ç)(Þ)(ž)

Atlantic

Asset

Securitization

LLC

4.570%

due

08/13/25

(Þ)(ž)

1,000

987

LMA-Americas

LLC

4.506%

due

07/18/25

(Þ)(ž)

MUFG

Bank,

Ltd.

4.483%

due

07/07/25

(ž)

1,000

992

Natixis

SA

4.422%

due

10/07/25

(ž)

500

RWE

AG

0.000%

due

05/01/25

(ç)(ž)

1,200

1,200

Svenska

Handelsbanken

AB

4.360%

due

07/02/25

2,400

2,400

Thunder

Bay

Funding

LLC

3.792%

due

05/08/25

(ç)(Þ)(ž)

850

849

Toronto-Dominion

Bank

4.500%

due

10/07/25

U.S.

Cash

Management

Fund(@)

26,218,429

(∞)

26,211

United

States

Treasury

Bills

4.057%

due

05/22/25

(ž)

4.232%

due

06/10/25

(ž)

4.219%

due

07/17/25

(ž)

1,800

1,784

4.283%

due

08/12/25

(ž)

2,300

2,272

#### Total

#### Short-Term

#### Investments
(cost

$39,112)

39,112

#### Total

#### Investments

#### -

#### 100.0%
(identified

cost

$416,068)

418,802

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.0%

#### Net

#### Assets

#### -

#### 100.0%
419,000

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,

#### 2025
(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

#### $30.2%

A&D

Mortgage

Trust

04/08/25

1,383,729

99.94 1,383

1,388

Aircastle

,

Ltd.

09/14/23

231,000

90.56 209

Alaska

Airlines

Pass-Through

Trust

11/17/23

417,478

97.54 407

Alinea

CLO

Ltd.

01/23/25

559,852

100.00 560

559

Alphabet,

Inc.

04/14/25

250,000

99.84 250

American

Airlines

Group,

Inc.

11/17/23

90,000

102.41 92

AMSR

Trust

11/21/23

312,920

92.36 289

AMSR

Trust

11/28/23

718,480

94.56 679

714

AMSR

Trust

02/01/24

821,136

94.18 773

806

AMSR

Trust

06/07/24

2,659,388

92.05 2,448

2,559

AMSR

Trust

10/29/24

150,000

95.78 144

AMSR

Trust

02/20/25

570,000

98.01 559

560

AMSR

Trust

03/05/25

725,000

98.02 711

714

Angel

Oak

Mortgage

Trust

08/07/24

456,034

93.70 427

Angel

Oak

Mortgage

Trust

04/09/25

2,571,905

100.00 2,572

2,593

Apidos

CLO

XXVI

06/24/24

100,968

100.00 101

Apple,

Inc.

04/21/25

325,000

99.69 324

Arbor

Multifamily

Mortgage

Securities

Trust

09/27/21

345,000

102.70 354

Ashtead

Capital,

Inc.

04/29/24

565,000

96.92 548

561

Atlantic

Asset

Securitization

LLC

02/20/25

1,000,000

98.74 987

987

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

05/24/23

1,540,000

100.86 1,551

1,570

Avis

Budget

Rental

Car

Funding

(AESOP)

LLC

07/19/23

620,000

97.08 602

617

BAE

Systems

PLC

03/19/24

850,000

99.67 847

861

Banco

Inbursa

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

Inbursa

11/13/24

634,000

98.11 622

625

Barclays

Mortgage

Loan

Trust

04/01/25

1,975,224

98.92 1,954

1,952

Battalion

CLO

XV,

Ltd.

01/31/25

1,382,286

100.00 1,382

1,377

Battery

Park

CLO,

Ltd.

10/31/24

100,000

100.24 100

BCRED

MML

CLO

LLC

11/10/21

200,000

100.00 200

BOCA

Commercial

Mortgage

Trust

08/07/24

370,000

100.13 371

BPR

Trust

12/13/24

300,000

100.46 301

BRAVO

Residential

Funding

Trust

07/31/24

1,082,262

100.00 1,082

1,088

BRAVO

Residential

Funding

Trust

04/23/25

1,050,000

100.00 1,050

1,054

BX

Commercial

Mortgage

Trust

06/16/21

250,000

100.38 251

BX

Commercial

Mortgage

Trust

12/13/24

475,000

99.39 472

BX

Commercial

Mortgage

Trust

01/30/25

100,000

89.27 89

BX

Trust

10/13/21

310,000

99.81 309

BX

Trust

11/12/24

250,000

99.64 249

Caesars

Entertainment,

Inc.

02/29/24

31,000

101.86 32

Cargill,

Inc.

10/05/22

1,300,000

100.05 1,301

1,301

CarVal

CLO

XI

C,

Ltd.

08/14/24

180,000

100.00 180

CCL

Industries,

Inc.

08/13/24

683,000

97.75 668

671

Cedar

Funding

V

CLO,

Ltd.

07/23/21

181,500

100.00 182

Cedar

Funding

XII

CLO,

Ltd.

02/13/25

375,000

100.00 375

Cencosud

SA

08/14/23

584,000

96.89 566

577

CF

Industries,

Inc.

08/13/24

666,000

99.67 664

665

Coca-Cola

Europacific

Partners

PLC

09/12/24

717,000

95.44 684

683

COLT

Mortgage

Loan

Trust

08/12/24

641,721

100.00 642

642

COLT

Mortgage

Loan

Trust

02/07/25

2,109,246

100.00 2,109

2,122

COLT

Mortgage

Loan

Trust

04/08/25

595,723

100.61 599

599

Columbia

Pipelines

Holding

Co.

LLC

09/14/23

565,000

100.41 567

583

Columbia

Pipelines

Holding

Co.

LLC

09/27/23

210,000

100.17 210

Connecticut

Avenue

Securities

Trust

11/13/24

185,000

100.67 186

Connecticut

Avenue

Securities

Trust

01/14/25

450,000

102.62 462

Connecticut

Avenue

Securities

Trust

01/15/25

230,000

101.12 233

Continental

Resources,

Inc.

04/25/22

190,000

95.53 182

Cooperatieve

Rabobank

UA

04/05/22

450,000

99.52 448

Credit

Acceptance

Auto

Loan

Trust

03/18/25

700,000

100.00 700

709

Credit

Agricole

SA

05/20/21

590,000

98.18 579

575

Credit

Agricole

SA

01/22/24

521,000

93.79 489

503

Cross

Mortgage

Trust

01/08/25

229,569

101.85 234

Danske

Bank

A/S

08/13/24

706,000

95.23 672

678

Delta

Air

Lines,

Inc.

/

SkyMiles

IP,

Ltd.

08/13/24

1,663,000

99.15 1,648

1,648

Deutsche

Telekom

International

Finance

BV

10/09/24

750,000

98.50 739

740

DISH

DBS

Corp.

11/10/21

20,000

100.00 20

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,

#### 2025
(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

#### $
DLLAA

LLC

01/14/25

320,000

99.99 320

Dryden

Senior

Loan

Fund

07/26/21

99,118

100.00 99

Dryden

Senior

Loan

Fund

04/08/22

270,000

99.38 268

Dryden

Senior

Loan

Fund

11/20/23

200,000

99.49 199

ELM

Trust

11/01/24

450,000

101.07 455

Elmwood

CLO

I,

Ltd.

02/01/24

130,000

100.00 130

Enel

Finance

International

NV

04/29/24

584,000

94.50 552

568

Enterprise

Fleet

Financing

LLC

03/23/22

6,719

99.99 7

EQT

Corp.

09/07/21

290,000

98.91 287

ERAC

USA

Finance

LLC

04/26/23

375,000

99.76 374

Evergreen

Credit

Card

Trust

01/08/25

320,000

100.00 320

First

Quantum

Minerals,

Ltd.

02/29/24

200,000

103.20 206

FirstKey

Homes

Trust

02/29/24

444,364

94.48 420

FirstKey

Homes

Trust

05/06/24

2,020,497

97.66 1,973

2,005

Ford

Credit

Floorplan

Master

Owner

Trust

A

01/29/25

450,000

101.37 456

Freddie

Mac

STACR

REMIC

Trust

02/07/22

23,051

100.00 23

Freddie

Mac

STACR

REMIC

Trust

02/07/22

300,000

101.98 306

Freddie

Mac

STACR

REMIC

Trust

12/27/24

364,930

100.49 367

Fresenius

Medical

Care

US

Finance

III,

Inc.

08/13/24

710,000

94.59 672

674

GA

Global

Funding

Trust

01/08/21

285,000

99.98 285

GECU

Auto

Receivables

Trust

08/07/23

270,000

99.99 270

Georgia-Pacific

LLC

05/20/21

170,000

97.41 166

Golden

Credit

Card

Trust

11/13/24

1,000,000

94.81 948

960

GoodGreen

Trust

04/21/21

141,427

99.98 141

GS

Mortgage-Backed

Securities

Trust

04/16/25

935,000

99.70 932

939

Harbour

Energy

PLC

11/13/24

673,000

99.85 672

668

Harley-Davidson

Financial

Services,

Inc.

11/13/24

706,000

95.63 675

676

Hat

Holdings

I

LLC

09/12/24

694,000

97.69 678

674

Hertz

Vehicle

Financing

III

LLC

05/27/22

3,845,000

94.47 3,608

3,675

Hertz

Vehicle

Financing

III

LLC

12/26/23

975,000

102.81 1,002

1,015

Hertz

Vehicle

Financing

III

LLC

03/05/25

845,000

99.99 845

846

Hertz

Vehicle

Financing

LLC

02/06/24

890,000

94.13 838

848

Highmark,

Inc.

05/05/21

520,000

99.97 520

Hilton

Grand

Vacations

Trust

06/02/20

86,477

100.00 87

Hin

Timeshare

Trust

03/19/24

147,219

99.98 147

Home

Partners

of

America

Trust

02/13/24

955,080

86.29 824

872

Home

Partners

of

America

Trust

01/30/25

888,375

96.22 855

853

Home

Partners

of

America

Trust

02/06/25

312,027

95.79 299

Hyundai

Capital

America

06/18/24

200,000

100.06 200

Imperial

Brands

Finance

PLC

06/13/24

735,000

97.62 718

726

InRetail

Consumer

02/14/24

513,000

91.95 472

Inversiones

CMPC

SA

08/23/23

230,000

97.04 223

Invitation

Homes

Trust

08/16/24

189,675

96.08 182

JDE

Peet's

NV

09/12/24

722,000

94.97 686

679

JPMorgan

Mortgage

Trust

11/13/24

2,947,536

98.64 2,908

2,961

JPMorgan

Mortgage

Trust

04/15/25

1,155,000

100.00 1,155

1,162

KeySpan

Gas

East

Corp.

07/17/24

607,000

96.79 588

593

LG

Energy

Solution,

Ltd.

04/29/24

542,000

99.83 541

548

LMA-Americas

LLC

03/19/25

300,000

99.05 297

LPL

Holdings,

Inc.

10/09/24

779,000

95.54 744

747

M&T

Bank

Auto

Receivables

Trust

03/13/24

1,315,000

99.98 1,315

1,333

M&T

Equipment

Notes

08/08/23

280,000

99.98 280

Mars,

Inc.

03/05/25

745,000

100.00 745

753

Mars,

Inc.

03/05/25

915,000

99.92 914

921

MasTec

,

Inc.

09/14/23

550,000

93.70 515

535

MEGlobal

BV

08/23/23

260,000

97.91 255

Merchants

Fleet

Funding

LLC

06/11/24

290,824

99.99 291

Met

Tower

Global

Funding

09/07/21

985,000

98.18 967

946

MF1,

Ltd.

09/10/21

153,012

100.00 153

Mill

City

Mortgage

Loan

Trust

01/29/25

126,921

96.72 123

Monongahela

Power

Co.

12/12/23

440,000

96.82 426

Mutual

of

Omaha

Insurance

Co.

07/19/23

435,000

99.97 435

MVW

LLC

11/19/24

75,605

94.03 71

Navient

Private

Education

Refi

Loan

Trust

01/27/23

160,261

96.68 155

Navient

Private

Education

Refi

Loan

Trust

11/21/24

93,512

92.84 87

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,

#### 2025
(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

#### $
Navient

Private

Education

Refi

Loan

Trust

11/22/24

380,229

89.55 341

Navient

Private

Education

Refi

Loan

Trust

03/24/25

39,156

91.58 36

Navient

Private

Education

Refi

Loan

Trust

03/26/25

215,079

88.42 190

Navistar

Financial

Dealer

Note

Master

Trust

10/28/24

100,000

100.92 101

NBK

Tier

Financing

2,

Ltd.

07/17/24

628,000

94.33 592

602

NCL

Corp.,

Ltd.

01/10/24

30,000

104.04 31

Nelnet

Student

Loan

Trust

01/07/22

385,000

99.81 384

Nestle

Holdings,

Inc.

02/29/24

1,500,000

100.26 1,504

1,511

NextGear

Floorplan

Master

Owner

Trust

11/22/24

856,000

99.06 848

858

NGPL

PipeCo

LLC

04/26/23

536,000

98.70 529

535

Nissan

Master

Owner

Trust

Receivables

11/04/24

235,000

100.78 237

NRG

Energy,

Inc.

12/05/24

576,000

97.06 559

561

NTT

Finance

Corp.

02/24/21

350,000

97.80 342

NYC

Commercial

Mortgage

Trust

02/05/25

730,000

99.75 728

721

OBX

Trust

04/09/25

1,085,759

99.87 1,084

1,091

OBX

Trust

04/24/25

1,655,000

100.00 1,655

1,663

Octagon

Investment

Partners

47,

Ltd.

12/20/24

495,000

100.00 495

Open

Text

Corp.

08/13/24

630,000

103.71 653

647

Pennsylvania

Electric

Co.

03/28/23

525,000

99.92 525

526

Progress

Residential

Trust

01/12/24

746,421

92.54 691

728

Progress

Residential

Trust

02/29/24

178,732

91.97 164

Progress

Residential

Trust

11/21/24

530,769

95.97 509

514

Promigas

SA

ESP

/

Gases

del

Pacifico

SAC

01/10/25

363,000

91.20 331

Prosus

NV

02/15/23

647,000

95.32 617

631

PRPM

LLC

01/07/25

645,389

97.33 628

631

PRPM

LLC

02/03/25

581,360

97.88 569

570

PTTEP

Treasury

Center

Co.,

Ltd.

02/10/25

680,000

95.33 648

653

QazaqGaz

NC

JSC

08/23/23

440,000

95.84 422

Rate

Mortgage

Trust

06/28/24

14,000

99.47 14

Rate

Mortgage

Trust

11/14/24

2,986,837

98.87 2,953

2,989

RCKT

Mortgage

Trust

11/12/24

910,390

99.41 905

913

RCKT

Mortgage

Trust

11/19/24

253,791

100.70 256

RCKT

Mortgage

Trust

12/03/24

209,280

100.47 210

RCKT

Mortgage

Trust

01/17/25

918,245

100.00 918

924

RCKT

Mortgage

Trust

02/26/25

849,446

100.00 849

854

Royal

Caribbean

Cruises,

Ltd.

02/29/24

100,000

98.90 99

Saudi

Government

International

Bond

01/06/25

610,000

99.87 609

620

SBNA

Auto

Lease

Trust

11/21/24

950,000

102.01 969

967

Sealed

Air

Corp.

09/15/21

976,000

97.34 942

928

Sequoia

Mortgage

Trust

11/15/24

2,407,291

99.21 2,388

2,420

Sequoia

Mortgage

Trust

04/16/25

1,210,000

99.73 1,207

1,218

SFS

Auto

Receivables

Securitization

Trust

01/09/24

170,000

100.00 170

SFS

Auto

Receivables

Securitization

Trust

12/17/24

700,000

99.93 700

704

SMB

Private

Education

Loan

Trust

05/12/23

211,459

100.00 211

SMB

Private

Education

Loan

Trust

03/07/24

200,548

99.97 201

Smithfield

Foods,

Inc.

10/09/24

752,000

98.39 740

743

Societe

Generale

SA

09/12/24

430,000

98.81 425

Societe

Generale

SA

10/09/24

334,000

95.75 320

STAR

Trust

07/06/23

1,624,932

99.79 1,621

1,623

STAR

Trust

09/18/24

2,208,275

100.01 2,209

2,213

Suzano

Austria

GmbH

05/09/24

696,000

99.98 696

702

Taxable

Municipal

Funding

Trust

Revenue

Bonds

08/17/20

170,000

100.00 170

Tesla

Sustainable

Energy

Trust

11/01/24

605,000

100.00 605

612

Thunder

Bay

Funding

LLC

02/10/25

850,000

99.92 849

849

TICP

CL,O

Ltd.

02/03/25

390,000

100.00 390

Towd

Point

Mortgage

Trust

07/01/19

229,839

98.37 226

Towd

Point

Mortgage

Trust

11/18/21

279,674

101.00 282

Towd

Point

Mortgage

Trust

12/15/21

199,812

96.25 192

Towd

Point

Mortgage

Trust

11/19/24

173,064

94.88 164

Toyota

Auto

Loan

Extended

Note

Trust

11/21/24

400,000

97.99 392

TransDigm

,

Inc.

02/29/24

90,000

100.50 90

Transportadora

de

Gas

Internacional

SA

ESP

01/22/24

484,000

98.24 476

Tricon

American

Homes

Trust

01/12/24

1,784,287

89.26 1,593

1,664

Tricon

Residential

Trust

05/22/24

299,659

97.47 292

UBS

Group

AG

11/13/24

712,000

95.12 677

684

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,

#### 2025
(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

#### $
UniCredit

SpA

09/14/23

635,000

93.27 592

615

Var

Energi

ASA

05/11/23

194,000

98.79 192

Var

Energi

ASA

09/14/23

201,000

102.29 206

Venture

Global

LNG,

Inc.

02/29/24

80,000

105.46 84

Verus

Securitization

Trust

05/20/24

200,857

99.87 201

Verus

Securitization

Trust

08/14/24

468,220

100.00 468

Verus

Securitization

Trust

04/08/25

871,429

99.28 865

868

Verus

Securitization

Trust

04/15/25

775,000

100.00 775

779

VICI

Properties,

LP

07/17/24

584,000

98.80 577

581

VICI

Properties,

LP

02/10/25

199,000

97.61 194

Videotron,

Ltd.

12/05/24

348,000

94.55 329

Vistra

Operations

Co.

LLC

09/14/23

684,000

97.34 666

672

Vistra

Operations

Co.

LLC

11/19/24

365,000

99.96 365

Voya

CLO,

Ltd.

04/24/24

141,765

100.00 142

XPO,

Inc.

09/14/23

573,000

98.81 566

579

Yara

International

ASA

08/14/23

593,000

96.32 571

591

Zais

CLO

13,

Ltd.

08/07/24

102,296

100.00 102

126,678

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

Japanese

Year

Mini

Government

Bond

Futures

JPY

28,130

06/25

(1) Long

Gilt

Futures

GBP

3,928

06/25

United

States

Year

Treasury

Note

Futures

USD

59,530

06/25

United

States

Year

Treasury

Note

Futures

USD

9,718

06/25

United

States

Year

Ultra

Treasury

Note

Futures

USD

6,769

06/25

United

States

Treasury

Ultra

Bond

Futures

USD

06/25

Short

Positions

Canadian

Year

Government

Bond

Futures

CAD

3,215

06/25

Euro-Bund

Futures

EUR

3,953

06/25

(23) Japanese

Year

Mini

Government

Bond

Futures

JPY

1,125,200

06/25

(166) United

States

Year

Treasury

Note

Futures

USD

3,746

06/25

(30) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

523

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

USD

3,841

CAD

5,491

05/13/25

Bank

of

New

York

GBP

1,449

USD

1,875

05/13/25

(56) HSBC

USD

1,764

NOK

18,422

05/13/25

HSBC

SEK

17,565

USD

1,763

05/13/25

(55) JPMorgan

Chase

USD

2,928

EUR

2,706

05/13/25

JPMorgan

Chase

USD

3,600

EUR

3,161

05/13/25

(18) JPMorgan

Chase

USD

3,073

JPY

457,196

05/13/25

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,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

USD

CHF

05/13/25

(1) State

Street

USD

528

GBP

05/13/25

(2) State

Street

USD

SEK

568

05/13/25

—

State

Street

CAD

USD

05/13/25

(1) State

Street

CHF

4,952

USD

5,626

05/13/25

(380) State

Street

JPY

52,863

USD

05/13/25

State

Street

NOK

USD

05/13/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(91) #### 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

7,065

5.000%

(2) 06/20/30

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

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Asset-Backed

Securities

$

—

$

52,485

$

—

$

—

$

52,485

12.5 Corporate

Bonds

and

Notes

—

164,1

—

—

164,1

39.2 International

Debt

—

58,592

—

—

58,592

14.0 Mortgage-Backed

Securities

—

64,4

—

—

64,436

15.4 Municipal

Bonds

—

1,923

—

—

1,923

0.4 United

States

Government

Treasuries

—

38,06

—

—

38,06

9.1 Short-Term

Investments

—

12,90

—

26,21

39,112

9.4 Total

Investments

—

392,5

—

26,21

418,802

100.0 Other

Assets

and

Liabilities,

Net

—

\*

100.0 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,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Other

Financial

Instruments

Assets

Futures

Contracts

743

—

—

—

743

0.2 Foreign

Currency

Exchange

Contracts

—

—

—

0.1 Credit

Default

Swap

Contracts

—

—

—

0.1 A

Liabilities

Futures

Contracts

(220) —

—

—

(220) (0.1)

Foreign

Currency

Exchange

Contracts

—

(513) —

—

(513) (0.1)

Total

Other

Financial

Instruments

\*\*

$

523

$

$

—

$

—

$

740

\*

Less

than

0.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Brazil

...........................................................................................

1,681

Canada

.........................................................................................

19,030

Cayman

Islands

...........................................................................

3,665

Chile

............................................................................................

805

China

...........................................................................................

630

Colombia

.....................................................................................

825

Denmark

......................................................................................

678

Finland

........................................................................................

665

France

..........................................................................................

2,318

Germany

......................................................................................

3,363

Ireland

.........................................................................................

2,415

Israel

............................................................................................

541

Italy

.............................................................................................

1,183

Japan

...........................................................................................

2,748

Kazakhstan

..................................................................................

Kuwait

.........................................................................................

859

Macao

..........................................................................................

Mexico

........................................................................................

886

Netherlands

.................................................................................

1,390

Norway

........................................................................................

874

Peru

.............................................................................................

Saudi

Arabia

................................................................................

620

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
South

Korea

................................................................................

548

Spain

...........................................................................................

952

Sweden

........................................................................................

2,400

Switzerland

.................................................................................

1,504

Taiwan

.........................................................................................

Thailand

......................................................................................

653

United

Kingdom

..........................................................................

10,755

United

States

...............................................................................

355,127

Zambia

........................................................................................

Total

Investments

........................................................................

418,802

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,

#### 2025
(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

$

—

$

$

—

Variation

margin

on

futures

contracts\*

—

—

743

Credit

default

swap

contracts,

at

fair

value

—

—

Total

$

$

$

743

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

513

—

Total

$

—

$

513

$

#### 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

$

—

$

—

$

(958) Credit

default

swap

contracts

(12)

—

—

Foreign

currency

exchange

contracts

—

—

Total

$

(12)

$

$

(958) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

—

$

—

$

1,745

Credit

default

swap

contracts

—

—

Foreign

currency

exchange

contracts

—

—

Total

$

$

$

1,745

\*

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,

#### 2025
(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

—

Total

Financial

and

Derivative

Assets

730

—

730

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

730

$

—

$

730

#### 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

New

York

$

$

$

—

$

Goldman

Sachs

—

—

HSBC

—

—

JPMorgan

Chase

—

State

Street

—

—

Total

$

730

$

$

—

$

647

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,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

$

513

$

—

$

513

Total

Financial

and

Derivative

Liabilities

513

—

513

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

513

$

—

$

513

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities,

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Pledged^

#### Net

#### Amount
Bank

of

New

York

$

$

$

—

$

—

HSBC

—

JPMorgan

Chase

—

—

State

Street

—

Total

$

513

$

$

—

$

^&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

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

416,068

Investments,

at

fair

value(>)

........................................................................................................................................................

418,802

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,830

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

852

Variation

margin

on

futures

contracts

..............................................................................................................................

524

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

assets

...............................................................................................................................................................

424,301

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

1,334

Due

to

broker

(c) ..............................................................................................................................................................

Investments

purchased

.....................................................................................................................................................

2,865

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

513

Total

liabilities

...........................................................................................................................................................

5,301

#### Net

#### Assets

#### ...............................................................................................................................................................
$

419,000

#### 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,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(8,120)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

426,899

#### Net

#### Assets

#### ...............................................................................................................................................................
$

419,000

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

18.89 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.5

%):

Class

A

.....................................................

$

19. 37

Class

A

—

Net

assets

...........................................................................................................................................................

$

8,938,134

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

473,076

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

18.52 Class

C

—

Net

assets

...........................................................................................................................................................

$

5,885,051

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

317,745

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

18.96 Class

M

—

Net

assets

..........................................................................................................................................................

$

42,509,005

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,242,333

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

18.99 Class

R6

—

Net

assets

.........................................................................................................................................................

$

1,228,212

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

64,686

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

18.94 Class

S

—

Net

assets

............................................................................................................................................................

$

172,142,694

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

9,087,755

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

18.96 Class

Y

—

Net

assets

...........................................................................................................................................................

$

188,297,018

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

9,930,308

Amounts

in

thousands

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

26,211

(a) Receivable

from

Broker

for

Futures

$

555

(b) Receivable

from

Broker

for

Swaps

$

(c) Due

to

Broker

for

Futures

$

(#)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

9,776

Dividends

from

affiliated

funds

.......................................................................................................................................

547

Total

investment

income

..............................................................................................................................................................

10,323

#### Expenses
Advisory

fees

...................................................................................................................................................................

761

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

..............................................................................................................................................

1,39

Expense

reductions

..........................................................................................................................................................

(275) Net

expenses

................................................................................................................................................................................

1,11

Net

investment

income

(loss)

.......................................................................................................................................................

9,20

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

Investments

in

affiliated

funds

.........................................................................................................................................

(6) Futures

contracts

..............................................................................................................................................................

(958) Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

(12) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(601) Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

2,448

Futures

contracts

..............................................................................................................................................................

1,745

Foreign

currency

exchange

contracts

...............................................................................................................................

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

4,395

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

3,794

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

13,001

#### 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,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

9,20

$

16,561

Net

realized

gain

(loss)

.......................................................................................................................

(601) (474) Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

4,395

11,99

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

13,00

28,08

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(186) (317) Class

C

..........................................................................................................................................

(107) (219) Class

M

.........................................................................................................................................

(914) (1,769)

Class

R6

........................................................................................................................................

(15) (23) Class

S

..........................................................................................................................................

(3,89

1)

(7,072)

Class

Y

..........................................................................................................................................

(4,709)

(6,230)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(9,82

2)

(15,630)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(42,874)

(16,44

1)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(39,695)

(3,990)

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

458,695

462,685

End

of

period

.............................................................................................................................................

$

419,000

$

458,695

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

2024

Shares

Dollars

Shares

Dollars

Class

A

Proceeds

from

shares

sold

$

506

$

944

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(35) (655) (108) (1,999)

Net

increase

(decrease)

(41) (746) Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(52) (961) (185) (3,374)

Net

increase

(decrease)

(24) (442) (150) (2,727)

Class

M

Proceeds

from

shares

sold

779

14,661

7,981

Proceeds

from

reinvestment

of

distributions

914

1,769

Payments

for

shares

redeemed

(912) (17,170)

(1,029)

(19,092)

Net

increase

(decrease)

(84) (1,595)

(506) (9,342)

Class

R6

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(9) (178) (15) (286) Net

increase

(decrease)

600

Class

S

Proceeds

from

shares

sold

915

17,184

4,866

91,270

Proceeds

from

reinvestment

of

distributions

3,888

7,057

Payments

for

shares

redeemed

(1,400)

(26,299)

(9,736)

(180,463)

Net

increase

(decrease)

(278) (5,227)

(4,490)

(82,136)

Class

Y

Proceeds

from

shares

sold

744

4,057

76,352

Proceeds

from

reinvestment

of

distributions

4,709

6,230

Payments

for

shares

redeemed

(2,215)

(41,696)

(222) (4,147)

Net

increase

(decrease)

(1,925)

(36,243)

4,169

78,435

Total

increase

(decrease)

(2,277)

$

(42,874)

(1,014)

$

(16,441)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### Russell

#### Investment

#### Company

#### Short

#### Duration

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

18.75 .37

.16

.53

(.39)

—

—

October

31,

2024

18.17 .71

.54

1.25 (.67)

—

—

October

31,

2023

18.00 .48

.09

.57

(.40)

—

—

October

31,

2022

19.56 .18

(1.48)

(1.30)

(.06)

(.17)

(.03)

October

31,

2021

19.74 .15

(.15)

—

(Ɵ)

(.18)

—

—

October

31,

2020

19.39 .29

.46

.75

(.40)

—

—

Class

C

April

30,

2025\*

18.39 .29

.17

.46

(.33)

—

—

October

31,

2024

17.83 .56

.53

1.09 (.53)

—

—

October

31,

2023

17.68 .34

.09

.43

(.28)

—

—

October

31,

2022

19.31 .04

(1.46)

(1.42)

(.02)

(.17)

(.02)

October

31,

2021

19.55 (—)

(Ɵ)

(.14)

(.14)

(.10)

—

—

October

31,

2020

19.21 .14

.46

.60

(.26)

—

—

Class

M

April

30,

2025\*

18.82 .40

.16

.56

(.42)

—

—

October

31,

2024

18.23 .77

.54

1.31 (.72)

—

—

October

31,

2023

18.04 .55

.09

.64

(.45)

—

—

October

31,

2022

19.59 .26

(1.52)

(1.26)

(.08)

(.17)

(.04)

October

31,

2021

19.77 .20

(.14)

.06

(.24)

—

—

October

31,

2020

19.42 .35

.46

.81

(.46)

—

—

Class

R6

April

30,

2025\*

18.84 .40

.17

.57

(.42)

—

—

October

31,

2024

18.25 .77

.54

1.31 (.72)

—

—

October

31,

2023

18.07 .55

.08

.63

(.45)

—

—

October

31,

2022

19.61 .25

(1.50)

(1.25)

(.08)

(.17)

(.04)

October

31,

2021

19.80 .20

(.15)

.05

(.24)

—

—

October

31,

2020

19.44 .35

.47

.82

(.46)

—

—

Class

S

April

30,

2025\*

18.80 .39

.17

.56

(.42)

—

—

October

31,

2024

18.21 .76

.54

1.30 (.71)

—

—

October

31,

2023

18.03 .53

.09

.62

(.44)

—

—

October

31,

2022

19.58 .24

(1.50)

(1.26)

(.08)

(.17)

(.04)

October

31,

2021

19.76 .19

(.14)

.05

(.23)

—

—

October

31,

2020

19.41 .34

.46

.80

(.45)

—

—

Class

Y

April

30,

2025\*

18.82 .40

.16

.56

(.42)

—

—

October

31,

2024

18.23 .78

.54

1.32 (.73)

—

—

October

31,

2023

18.05 .55

.08

.63

(.45)

—

—

October

31,

2022

19.59 .25

(1.49)

(1.24)

(.09)

(.17)

(.04)

October

31,

2021

19.77 .21

(.14)

.07

(.25)

—

—

October

31,

2020

19.42 .35

.47

.82

(.47)

—

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Short

Duration

Bond

Fund

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.39)

18.89 2.89 8,938

.96

.79

3.97 53

(.67)

18.75 6.98 8,839

1.01 .81

3.83 122

(.40)

18.17 3.17 9,304

1.08 .81

2.64 82

(.26)

18.00 (6.72)

9,274

1.07 .81

.97

(.18)

19.56 .01

13,720

1.06 .80

.75

(.40)

19.74 3.93 17,805

1.06 .82

1.47 116

(.33)

18.52 2.51 5,885

1.71 1.54 3.21 53

(.53)

18.39 6.20 6,285

1.76 1.56 3.06 122

(.28)

17.83 2.42 8,766

1.83 1.56 1.86 82

(.21)

17.68 (7.45)

12,863

1.82 1.56 .21

(.10)

19.31 (.74)

19,621

1.81 1.55 (.01)

(.26)

19.55 3.15 24,160

1.81 1.57 .74

(.42)

18.96 2.97 42,509

.71

.49

4.27 53

(.72)

18.82 7.33 43,771

.76

.51

4.12 122

(.45)

18.23 3.55 51,631

.82

.51

3.03 82

(.29)

18.04 (6.50)

34,488

.82

.51

1.42 55

(.24)

19.59 .31

18,909

.81

.50

1.01 109

(.46)

19.77 4.24 14,069

.81

.52

1.80 116

(.42)

18.99 3.02 1,228

.57

.49

4.34 53

(.72)

18.84 7.32 622

.61

.51

4.13 122

(.45)

18.25 3.49 530

.68

.51

2.98 82

(.29)

18.07 (6.44)

.67

.51

1.33 55

(.24)

19.61 .26

.66

.50

1.03 109

(.46)

19.80 4.29 466

.66

.52

1.78 116

(.42)

18.94 3.00 172,143

.71

.54

4.21 53

(.71)

18.80 7.28 176,077

.76

.56

4.07 122

(.44)

18.21 3.45 252,345

.83

.56

2.92 82

(.29)

18.03 (6.53)

235,416

.82

.56

1.31 55

(.23)

19.58 .26

221,213

.81

.55

.99

(.45)

19.76 4.19 242,018

.81

.57

1.74 116

(.42)

18.96 3.04 188,297

.52

.46

4.28 53

(.73)

18.82 7.35 223,101

.56

.48

4.17 122

(.45)

18.23 3.52 140,109

.63

.49

3.01 82

(.30)

18.05 (6.43)

114,263

.62

.48

1.33 55

(.25)

19.59 .33

129,318

.61

.47

1.06 109

(.47)

19.77 4.27 138,332

.61

.49

1.82 116

#### 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,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

100,957

Administrative

fees

16,628

Distribution

fees

5,473

Shareholder

servicing

fees

1,215

Transfer

agent

fees

14,094

$

138,367

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

24,217

$

230,406

$

228,406

$

(6)

$

—

$

26,211

$

547

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

416,308,01

$

4,049,683

$

(1,188,359)

$

2,861,32

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 96.1%
Alabama

-

2.6%

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,000

4.000 12/01/49

1,000

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.250 02/01/53

2,610

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

500

5.250 12/01/53

529

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

1,550

5.250 05/01/55

1,644

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(ae)(Þ)

8.000 07/01/28

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

(ae)(Þ)

6.000 07/01/45

Cooper

Green

Mercy

Health

Services

Authority

Revenue

Bonds

2,000

5.250 09/01/42

2,102

County

of

Jefferson

Sewer

Revenue

Bonds

6,000

5.250 10/01/45

6,140

County

of

Jefferson

Sewer

Revenue

Bonds

5,675

5.250 10/01/49

5,706

County

of

Jefferson

Sewer

Revenue

Bonds

2,145

5.500 10/01/53

2,190

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

2,147

Homewood

Educational

Building

Authority

Revenue

Bonds

1,900

5.500 10/01/54

1,931

Homewood

Educational

Building

Authority

Revenue

Bonds

5.000 10/01/56

Hoover

Industrial

Development

Board

Revenue

Bonds

1,805

5.750 10/01/49

1,821

Hoover

Industrial

Development

Board

Revenue

Bonds

(~)(ae)(Ê)

785

6.375 11/01/50

867

Houston

County

Health

Care

Authority

Revenue

Bonds

1,085

5.000 10/01/30

1,089

MidCity

Improvement

District

Special

Assessment

1,000

4.500 11/01/42

839

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

1,184

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

3,225

4.750 12/01/54

2,935

Montgomery

Educational

Building

Authority

Revenue

Bonds

820

5.000 10/01/36

802

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

4,920

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,735

5.250 03/01/55

1,813

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

1,130

5.000 05/01/55

1,182

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

2,550

5.000 01/01/56

2,612

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

7,500

5.250 05/01/44

7,241

54,904

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

2,000

4.000 10/01/49

1,652

Northern

Tobacco

Securitization

Corp.

Revenue

Bonds

1,835

Zero

coupon

06/01/66

1,861

Arizona

-

1.4%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.810%)

(Ê)

4,795

4.080 01/01/37

4,648

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500 07/15/29

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/31

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,365

6.000 07/01/37

1,398

Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 07/01/41

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 12/15/41

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/43

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

675

7.125 05/01/44

708

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,000

3.000 07/01/46

705

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/48

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/49

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 11/01/50

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/51

Arizona

Industrial

Development

Authority

Revenue

Bonds

3,185

4.000 07/01/51

2,650

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

2,725

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 12/15/51

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.375 07/01/53

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

700

5.000 07/15/53

649

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,050

7.625 05/01/54

1,119

Arizona

Industrial

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/54

Arizona

Industrial

Development

Authority

Revenue

Bonds

1,500

4.500 07/01/54

1,234

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

874

5.125 01/01/59

742

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,160

5.000 07/01/44

1,166

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

600

5.000 07/01/35

596

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,000

5.000 07/01/44

965

City

of

Phoenix

Industrial

Development

Authority

(The)

Revenue

Bonds

1,650

5.000 07/01/46

1,554

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

3.500 07/01/29

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

4.100 07/01/34

Estrella

Mountain

Ranch

Community

Facilities

District

Special

Assessment

4.750 07/01/43

Glendale

Industrial

Development

Authority

Revenue

Bonds

715

5.000 05/15/41

689

Glendale

Industrial

Development

Authority

Revenue

Bonds

1,360

5.000 05/15/56

1,226

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

5.500 05/01/40

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

5.750 05/01/50

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.875 11/15/52

533

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

7.000 11/15/57

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

6.000 08/01/28

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

1,000

6.250 08/01/40

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.250 10/01/40

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)(Þ)

3.500 07/01/44

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4.250 07/01/44

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 10/15/47

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 07/01/50

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/01/51

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 10/01/51

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.250 07/01/53

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 07/01/54

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

6.375 10/01/54

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 07/01/56

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.375 07/01/58

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

2.400 06/01/35

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/54

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/59

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/64

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/50

Tempe

Industrial

Development

Authority

Revenue

Bonds

5.000 12/01/54

30,422

Arkansas

-

0.6%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arkansas

Development

Finance

Authority

Revenue

Bonds

810

5.000 02/01/34

835

Arkansas

Development

Finance

Authority

Revenue

Bonds

800

5.000 02/01/36

819

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.500 07/01/38

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.250 07/01/41

Arkansas

Development

Finance

Authority

Revenue

Bonds

900

3.500 07/01/46

595

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

5,750

4.500 09/01/49

5,067

Arkansas

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,625

4.750 09/01/49

1,483

Arkansas

Development

Finance

Authority

Revenue

Bonds

1,325

5.450 09/01/52

1,305

Arkansas

Development

Finance

Authority

Revenue

Bonds

5.700 05/01/53

Arkansas

River

Power

Authority

Revenue

Bonds

1,680

5.000 10/01/33

1,733

12,356

California

-

8.1%

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

696

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

500

4.500 07/01/54

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

625

5.250 07/01/54

638

California

Community

Choice

Financing

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.450%)(ae)(Ê)

3.360 02/01/52

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.250 01/01/54

3,114

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(Ê)

1,000

5.000 02/01/55

1,050

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

2,421

California

Community

Housing

Agency

Revenue

Bonds

(Þ)

3.000 02/01/57

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

4,5

Zero

coupon

06/01/55

2,558

California

Enterprise

Development

Authority

Revenue

Bonds

(Þ)

1,095

4.000 06/01/61

839

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

1,013

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,000

4.000 04/01/45

1,787

California

Health

Facilities

Financing

Authority

Revenue

Bonds

3,000

5.000 08/15/47

2,884

California

Health

Facilities

Financing

Authority

Revenue

Bonds

530

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(ae)

4.000 04/01/49

California

Health

Facilities

Financing

Authority

Revenue

Bonds

4.000 05/15/51

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(Þ)

765

4.125 01/01/35

719

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

(Þ)

6,025

9.500 01/01/65

5,795

California

Municipal

Finance

Authority

Revenue

Bonds

645

5.000 12/31/27

657

California

Municipal

Finance

Authority

Revenue

Bonds

2,825

4.000 07/15/29

2,715

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

1,475

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

1,130

5.000 10/01/39

1,118

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

6,650

5.000 12/31/43

6,570

California

Municipal

Finance

Authority

Revenue

Bonds

2,000

4.000 10/01/49

1,725

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

3,498

California

Municipal

Finance

Authority

Revenue

Bonds

(µ)

1,000

3.000 05/15/51

719

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/51

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 07/01/52

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/52

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/54

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.375 01/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/55

California

Municipal

Finance

Authority

Revenue

Bonds

(Þ)

5.500 01/01/60

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 07/01/62

California

Municipal

Finance

Authority

Special

Tax

5.500 09/01/48

California

Municipal

Finance

Authority

Special

Tax

5.000 09/01/52

California

Municipal

Finance

Authority

Special

Tax

575

5.000 09/01/57

546

California

Pollution

Control

Financing

Authority

Revenue

Bonds

1,000

3.375 07/01/25

999

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

5.000 07/01/35

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

750

5.000 07/01/37

785

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(Þ)

2,590

5.000 11/21/45

2,570

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

3.125 05/15/29

California

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

6.250 07/01/54

622

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/37

997

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/38

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 08/01/42

1,003

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/45

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

5.000 08/01/45

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,100

4.000 10/01/46

887

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

998

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

793

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.375 07/01/56

California

School

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 06/01/58

530

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/59

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/61

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.250 03/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

6.375 04/01/62

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

6.500 06/01/62

512

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

(ae)

5.000 05/15/32

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

503

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/39

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 12/01/41

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,450

5.250 12/01/44

1,435

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

8,100

5.000 12/01/46

7,888

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,225

5.000 04/01/47

1,197

California

Statewide

Communities

Development

Authority

Revenue

Bonds

5.000 05/15/47

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/49

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/51

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.250 07/01/52

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,445

5.500 12/01/54

1,422

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,500

5.250 12/01/56

1,478

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.500 12/01/58

1,004

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

1,781

California

Statewide

Financing

Authority

Revenue

Bonds

3,325

Zero

coupon

06/01/46

529

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

4.000 09/01/46

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

4.000 09/01/51

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

(Þ)

4.000 09/01/51

City

&

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

Long

Beach

Marina

System

Revenue

Bonds

5.000 05/15/40

City

of

Long

Beach

Marina

System

Revenue

Bonds

1,185

5.000 05/15/45

1,186

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

2,520

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

1,700

4.000 05/15/50

1,443

City

of

Oroville

Revenue

Bonds

5.250 04/01/34

City

of

Oroville

Revenue

Bonds

5.250 04/01/39

City

of

Oroville

Revenue

Bonds

1,435

5.250 04/01/49

1,108

City

of

Oroville

Revenue

Bonds

1,050

5.250 04/01/54

787

City

of

Palm

Desert

Special

Tax

3.000 09/01/31

City

of

Roseville

Special

Tax

4.000 09/01/40

City

of

Roseville

Special

Tax

4.000 09/01/45

City

of

Roseville

Special

Tax

1,550

4.000 09/01/50

1,290

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Coachella

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

2,500

Zero

coupon

08/01/43

1,021

County

of

El

Dorado

Special

Tax

5.000 09/01/49

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/52

County

of

Placer

Community

Facilities

District

Special

Tax

920

3.000 09/01/41

705

County

of

San

Diego

Special

Tax

3.000 09/01/50

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

910

3.600 05/01/47

720

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,250

4.000 10/01/56

958

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

925

3.000 12/01/56

653

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

1,000

3.000 02/01/57

664

CSCDA

Community

Improvement

Authority

Revenue

Bonds

(Þ)

600

3.250 04/01/57

Dublin

Community

Facilities

District

No.

2015-1

Special

Tax

5.000 09/01/37

Dublin

Community

Facilities

District

No.

2015-1

Special

Tax

5.000 09/01/47

Fairfield

Community

Facilities

District

Special

Tax

5.000 09/01/50

Foothill/Eastern

Transportation

Corridor

Agency

Revenue

Bonds

(µ)

4,074

4.000 01/15/46

3,995

Foothill-Eastern

Transportation

Corridor

Agency

Revenue

Bonds

6,531

4.000 01/15/46

6,231

Fremont

Community

Facilities

District

No.

Special

Tax

1,255

5.000 09/01/26

1,260

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

1,055

3.850 06/01/50

986

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

2,365

5.000 06/01/51

2,374

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

55,700

Zero

coupon

06/01/66

5,933

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

2,000

5.000 07/01/45

1,888

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

(Þ)

3,500

5.000 07/01/61

3,092

Independent

Cities

Finance

Authority

Revenue

Bonds

(µ)(Þ)

900

4.000 06/01/46

843

Inland

Empire

Tobacco

Securitization

Corp.

Revenue

Bonds

2,250

Zero

coupon

06/01/36

1,000

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

570

Jurupa

Public

Financing

Authority

Special

Tax

1,000

5.000 09/01/43

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

(~)(Ê)

3.600 07/01/51

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

(~)(Ê)

3.550 07/01/57

Los

Angeles

Department

of

Water

&

Power

Water

System

Revenue

Bonds

(~)(Ê)

16,400

4.000 07/01/51

16,400

Moreno

Valley

Unified

School

District

General

Obligation

Unlimited

(µ)

1,000

3.000 08/01/50

738

M-S-R

Energy

Authority

Revenue

Bonds

2,700

6.500 11/01/39

3,156

Natomas

Unified

School

District

General

Obligation

Unlimited

(µ)

4.000 08/01/42

Northern

California

Gas

Authority

No.

Revenue

Bonds

(USD

Month

LIBOR

+

0.720%)(Ê)

785

3.973 07/01/27

780

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)

1,750

5.250 09/01/52

1,808

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

(USD

Month

LIBOR

+

0.550%)(µ)(Ê)

3.740 06/01/34

San

Diego

County

Regional

Airport

Authority

Revenue

Bonds

2,000

4.000 07/01/56

1,631

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

6,485

5.000 05/01/49

6,492

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

1,500

5.500 05/01/55

1,563

San

Francisco

City

&

County

Redevelopment

Agency

Tax

Allocation

1,190

5.000 08/01/35

1,206

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

San

Jacinto

Community

Facilities

District

Special

Tax

5.000 09/01/33

San

Jacinto

Community

Facilities

District

Special

Tax

5.000 09/01/34

Silicon

Valley

Tobacco

Securitization

Authority

Revenue

Bonds

9,550

Zero

coupon

06/01/56

1,097

State

of

California

General

Obligation

Unlimited

2,000

5.000 08/01/46

2,015

State

of

California

General

Obligation

Unlimited

4.000 04/01/49

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

5.000 06/01/48

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

515

Zero

coupon

06/01/54

University

of

California

Revenue

Bonds

3.000 05/15/51

William

S

Hart

Union

High

School

District

Special

Tax

5.000 09/01/47

172,643

Colorado

-

3.5%

3rd

and

Havana

Metropolitan

District

General

Obligation

Limited

750

5.250 12/01/49

607

Allison

Valley

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/47

Arista

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

8.250 12/15/39

505

Aurora

Crossroads

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

7.750 12/15/50

500

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

Belford

North

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

8.500 12/15/50

501

Bent

Grass

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.250 12/01/49

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

1,593

Canyons

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.500 12/01/54

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

511

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

700

5.350 12/01/50

606

Citadel

on

Colfax

Business

Improvement

District

Revenue

Bonds

(~)(Ê)

7.875 12/15/50

City

&

County

of

Denver

Special

Facilities

Airport

Revenue

Bonds

3,615

5.000 10/01/32

3,552

Cloverleaf

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/51

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

500

5.000 11/01/49

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/51

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

1,935

4.000 07/01/51

1,334

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/01/51

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(µ)

2,000

4.000 06/01/52

1,649

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 07/01/53

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.800 04/01/54

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

5.000 09/01/57

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.750 04/01/59

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 10/01/59

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 02/01/61

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,350

4.000 05/01/61

1,021

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

4.000 10/01/61

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

5.000 09/01/62

Colorado

Health

Facilities

Authority

Revenue

Bonds

515

6.000 07/01/31

519

Colorado

Health

Facilities

Authority

Revenue

Bonds

810

6.000 07/01/36

816

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000 08/01/39

Colorado

Health

Facilities

Authority

Revenue

Bonds

4.000 01/01/42

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,225

4.000 08/01/44

1,947

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

1,021

Colorado

Health

Facilities

Authority

Revenue

Bonds

2,000

5.250 11/01/52

2,054

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

500

2.400 12/01/52

500

Colorado

Health

Facilities

Authority

Revenue

Bonds

500

5.250 12/01/54

511

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,834

5.000 07/01/57

1,355

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

801

Colorado

School

of

Mines

Revenue

Bonds

1,850

4.000 12/01/49

1,615

Colorado

Springs

Urban

Renewal

Authority

Tax

Allocation

(Æ)(Ø)

500

5.750 12/01/47

Constitution

Heights

Metropolitan

District

General

Obligation

Limited

1,755

5.000 12/01/49

1,558

Copper

Ridge

Metropolitan

District

Revenue

Bonds

725

5.000 12/01/39

661

Copperleaf

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.000 12/15/41

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

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

&

Hospital

Authority

Certificate

of

Participation

5.000 12/01/32

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

4.000 12/01/38

Denver

Health

&

Hospital

Authority

Certificate

of

Participation

5.000 12/01/48

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

5.000 12/01/34

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

4.000 12/01/35

Denver

Health

&

Hospital

Authority

Revenue

Bonds

(Þ)

4.000 12/01/36

Denver

Health

&

Hospital

Authority

Revenue

Bonds

4.000 12/01/39

Denver

Health

&

Hospital

Authority

Revenue

Bonds

4.000 12/01/40

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,500

5.250 12/01/45

1,500

Denver

International

Business

Center

Metropolitan

District

No.

General

Obligation

Unlimited

3.750 12/01/39

Denver

International

Business

Center

Metropolitan

District

No.

General

Obligation

Unlimited

4.000 12/01/48

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

525

5.250 12/01/39

501

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

1,267

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Greenspire

Metropolitan

District

No.

General

Obligation

Limited

500

5.125 12/01/51

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

5.000 12/01/35

High

Plains

Metropolitan

District

General

Obligation

Unlimited

(µ)

4.000 12/01/47

Highlands

Metropolitan

District

No.

General

Obligation

Limited

500

5.000 12/01/51

Independence

Metropolitan

District

No.

General

Obligation

Limited

500

5.375 12/01/54

Jefferson

Center

Metropolitan

District

No.

Revenue

Bonds

1,350

4.375 12/01/47

1,206

Johnstown

Farms

East

Metropolitan

District

General

Obligation

Limited

(~)(Ê)

500

5.000 12/01/51

Johnstown

Plaza

Metropolitan

District

General

Obligation

Limited

2,229

4.250 12/01/46

1,916

Jones

District

Community

Authority

Board

Revenue

Bonds

500

5.750 12/01/50

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

(Þ)

1,000

6.625 12/01/56

1,001

Ledge

Rock

Center

Residential

Metropolitan

District

No.

General

Obligation

Limited

500

6.375 12/01/54

Loretto

Heights

Community

Authority

Revenue

Bonds

(~)(Ê)

500

4.875 12/01/51

Meridian

Ranch

Metropolitan

District

2018

Subdistrict

General

Obligation

Limited

500

6.750 12/01/52

502

Mineral

Business

Improvement

District

General

Obligation

Limited

(Þ)

5.750 12/01/54

Mineral

Business

Improvement

District

General

Obligation

Limited

(~)(Ê)(Þ)

8.500 12/15/54

Mirabelle

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.125 12/15/49

Murphy

Creek

Metropolitan

District

No.

General

Obligation

Limited

850

5.000 12/01/51

747

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

994

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

500

5.250 12/01/50

Parkdale

Community

Authority

Revenue

Bonds

(~)(Ê)

500

7.750 12/15/50

503

Parkdale

Community

Authority

Revenue

Bonds

(Þ)

500

7.750 12/01/53

Pinery

Commercial

Metropolitan

District

No.

Revenue

Bonds

500

5.750 12/01/54

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

503

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

500

5.000 12/15/41

Prairie

Center

Metropolitan

District

No.

General

Obligation

Limited

2,825

4.875 12/15/44

2,647

Pronghorn

Valley

Metropolitan

District

General

Obligation

Limited

515

3.750 12/01/41

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

Zero

coupon

12/01/25

Pueblo

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,375

4.750 12/01/45

1,189

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

540

Sky

Dance

Metropolitan

District

No.

General

Obligation

Limited

500

6.000 12/01/54

South

Timnath

Metropolitan

District

No.

General

Obligation

Limited

720

5.500 12/01/48

711

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

1,000

5.000 12/01/37

1,001

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

1,000

5.000 12/01/47

920

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Sunset

Parks

Metropolitan

District

General

Obligation

Limited

(Þ)

500

5.125 12/01/54

Takoda

Metropolitan

District

General

Obligation

Limited

500

6.000 12/01/50

503

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)

500

6.875 12/15/52

Trevenna

Metropolitan

District

General

Obligation

Limited

500

5.750 12/01/54

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

(Þ)

1,349

5.625 12/01/48

1,293

Waterview

II

Metropolitan

District

General

Obligation

Limited

500

5.000 12/01/51

Waterview

North

Metropolitan

District

No.

General

Obligation

Limited

(Þ)

500

5.750 12/01/54

West

Meadow

Metropolitan

District

General

Obligation

Limited

(Þ)

500

6.500 12/01/50

523

Westview

South

Community

Development

District

Special

Assessment

5.375 05/01/43

Winsome

Metropolitan

District

No.

General

Obligation

Limited

(~)(Ê)(Þ)

500

5.125 12/01/50

74,838

Connecticut

-

0.9%

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

1,139

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

719

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,535

4.000 07/01/39

2,990

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,000

5.000 07/01/39

976

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

720

4.000 07/01/41

625

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,100

5.000 01/01/45

982

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,500

5.000 07/01/48

1,379

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/49

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,250

4.000 07/01/51

991

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.375 07/01/52

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.375 07/01/54

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 01/01/55

Hartford

Stadium

Authority

Revenue

Bonds

5.000 02/01/36

Hartford

Stadium

Authority

Revenue

Bonds

4.000 02/01/42

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

(Þ)

2,045

7.000 02/01/45

2,003

Stamford

Housing

Authority

Revenue

Bonds

5.500 10/01/35

Stamford

Housing

Authority

Revenue

Bonds

6.000 10/01/40

Stamford

Housing

Authority

Revenue

Bonds

6.375 10/01/45

Stamford

Housing

Authority

Revenue

Bonds

6.500 10/01/55

Stamford

Housing

Authority

Revenue

Bonds

6.250 10/01/60

State

of

Connecticut

Bradley

International

Airport

CFC

Revenue

Bonds

4.000 07/01/49

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/29

State

of

Connecticut

General

Obligation

Unlimited

1,500

5.000 06/15/31

1,571

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

1,816

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

(Þ)

6.000 04/01/52

Town

of

Hamden

Revenue

Bonds

750

7.000 01/01/53

798

19,672

Delaware

-

0.1%

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Town

of

Bridgeville

Special

Tax

4.000 07/01/35

1,180

District

of

Columbia

-

1.1%

District

of

Columbia

Income

Tax

Revenue

Bonds

575

5.250 05/01/48

606

District

of

Columbia

Revenue

Bonds

2,510

5.000 10/01/35

2,499

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,008

District

of

Columbia

Revenue

Bonds

1,000

5.000 07/01/47

981

District

of

Columbia

Revenue

Bonds

1,000

5.000 06/01/55

937

District

of

Columbia

Tax

Allocation

Revenue

Bonds

(Þ)

6.600 06/01/49

District

of

Columbia

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

11,835

Zero

coupon

06/15/46

3,126

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/43

1,001

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,510

4.000 10/01/44

1,345

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

10,620

4.000 10/01/49

9,148

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,280

3.000 10/01/50

901

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

4.000 10/01/53

22,820

Florida

-

10.8%

Abbott

Square

Community

Development

District

Special

Assessment

5.500 06/15/52

Alachua

County

Health

Facilities

Authority

Revenue

Bonds

1,500

4.000 10/01/46

1,248

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

4.000 11/01/40

Armstrong

Community

Development

District

Special

Assessment

4.000 11/01/50

Artisan

Lakes

East

Community

Development

District

Special

Assessment

2.300 05/01/26

Artisan

Lakes

East

Community

Development

District

Special

Assessment

2.750 05/01/31

Artisan

Lakes

East

Community

Development

District

Special

Assessment

945

3.125 05/01/41

720

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

1,077

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

2,331

Avelar

Creek

Community

Development

District

Special

Assessment

4.000 05/01/36

Avenir

Community

Development

District

Special

Assessment

(Þ)

5.000 05/01/41

Avenir

Community

Development

District

Special

Assessment

5.375 05/01/43

Avenir

Community

Development

District

Special

Assessment

3.400 05/01/52

Avenir

Community

Development

District

Special

Assessment

5.625 05/01/54

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

4.500 06/01/39

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

(Þ)

4.625 06/01/49

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

5.000 11/01/31

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

1,060

5.000 11/01/39

1,028

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

1,250

3.200 05/01/41

962

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

500

5.000 05/01/42

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

(Þ)

5.250 05/01/55

Bannon

Lakes

Community

Development

District

Special

Assessment

5.000 11/01/48

Bartram

Park

Community

Development

District

Special

Assessment

4.250 05/01/29

Bartram

Park

Community

Development

District

Special

Assessment

4.500 05/01/35

Bay

Laurel

Center

Community

Development

District

Special

Assessment

4.000 05/01/37

Baywinds

Community

Development

District

Special

Assessment

4.250 05/01/37

Beaumont

Community

Development

District

Special

Assessment

(Þ)

6.375 11/01/49

Berry

Bay

Community

Development

District

Special

Assessment

2.625 05/01/26

Berry

Bay

Community

Development

District

Special

Assessment

5.000 05/01/44

Berry

Bay

Community

Development

District

Special

Assessment

5.750 05/01/53

Berry

Bay

Community

Development

District

Special

Assessment

5.350 05/01/54

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

6.000 06/15/52

Black

Creek

Community

Development

District

Special

Assessment

3.750 06/15/40

Black

Creek

Community

Development

District

Special

Assessment

4.000 06/15/50

Blue

Lake

Community

Development

District

Special

Assessment

4.250 06/15/39

Bonterra

Community

Development

District

Special

Assessment

1,570

4.125 05/01/47

1,352

Bonterra

Community

Development

District

Special

Assessment

580

5.000 05/01/47

539

Botaniko

Community

Development

District

Special

Assessment

3.625 05/01/40

Bradbury

Community

Development

District

Special

Assessment

5.250 05/01/43

Bradbury

Community

Development

District

Special

Assessment

5.500 05/01/53

Bridgewalk

Community

Development

District

Special

Assessment

6.500 12/15/53

Brightwater

Community

Development

District

Special

Assessment

3.150 05/01/41

Brightwater

Community

Development

District

Special

Assessment

(Þ)

5.350 05/01/44

Brightwater

Community

Development

District

Special

Assessment

(Þ)

5.625 05/01/55

Brookstone

Community

Development

District

Special

Assessment

5.625 05/01/52

Buckhead

Trails

Community

Development

District

Special

Assessment

5.625 05/01/42

Buckhead

Trails

Community

Development

District

Special

Assessment

5.750 05/01/52

Buckhead

Trails

Community

Development

District

Special

Assessment

5.875 05/01/54

Buena

Lago

Community

Development

District

Special

Assessment

5.500 05/01/52

Buena

Lago

Community

Development

District

Special

Assessment

5.550 05/01/54

Caldera

Community

Development

District

Special

Assessment

1,000

5.200 05/01/54

929

Campo

Bello

Community

Development

District

Special

Assessment

4.000 12/15/39

Campo

Bello

Community

Development

District

Special

Assessment

4.000 12/15/49

Capital

Projects

Finance

Authority

Revenue

Bonds

(Þ)

2,295

5.000 06/01/49

2,212

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)

5.000 06/01/58

Capital

Projects

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/58

894

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,970

4.500 01/01/35

1,906

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5.000 06/01/41

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

5.250 12/01/43

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

6.250 05/01/48

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

1,255

5.000 12/15/49

1,058

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)

5,405

5.250 12/01/58

5,207

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

958

Capital

Trust

Authority

Revenue

Bonds

5.000 06/15/44

Capital

Trust

Authority

Revenue

Bonds

(Þ)

6.875 12/01/44

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/50

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.250 07/01/55

Capital

Trust

Authority

Revenue

Bonds

5.125 06/15/59

Caribe

Palm

Community

Development

District

Special

Assessment

4.000 05/01/25

Caribe

Palm

Community

Development

District

Special

Assessment

4.000 05/01/26

Caribe

Palm

Community

Development

District

Special

Assessment

545

4.500 05/01/35

545

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

732

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

535

4.125 11/01/38

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

1,560

4.250 11/01/48

1,210

CFM

Community

Development

District

Special

Assessment

Revenue

Bonds

4.000 05/01/51

Chaparral

Palm

Bay

Community

Development

District

Special

Assessment

5.200 05/01/44

Chaparral

Palm

Bay

Community

Development

District

Special

Assessment

5.500 05/01/55

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

3.375 05/01/41

Chapel

Creek

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/52

Charles

Cove

Community

Development

District

Special

Assessment

4.000 05/01/52

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.500 10/01/36

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 10/01/49

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

4.000 10/01/51

1,571

City

of

Atlantic

Beach

Revenue

Bonds

1,000

5.000 11/15/37

989

City

of

Cape

Coral

Water

&

Sewer

Revenue

Bonds

1,000

4.000 10/01/36

977

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

949

City

of

Venice

Revenue

Bonds

(Þ)

5.500 01/01/55

City

of

Venice

Revenue

Bonds

(Þ)

5.625 01/01/60

Cityplace

Community

Development

District

Special

Assessment

Revenue

Bonds

(µ)

1,550

4.562 05/01/46

1,485

Coddington

Community

Development

District

Special

Assessment

5.750 05/01/52

Collier

County

Educational

Facilities

Authority

Revenue

Bonds

2,400

5.000 06/01/43

2,162

Collier

County

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 05/01/52

790

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

Connerton

East

Community

Development

District

Special

Assessment

5.625 06/15/55

Copes

Landing

Community

Development

District

Special

Assessment

Revenue

Bonds

5.875 05/01/53

Copes

Landing

Community

Development

District

Special

Assessment

Revenue

Bonds

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Cordova

Palms

Community

Development

District

Special

Assessment

1,015

5.400 05/01/42

1,022

Cordova

Palms

Community

Development

District

Special

Assessment

1,455

4.000 05/01/52

1,116

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

Country

Greens

Community

Development

District

Special

Assessment

3.200 05/01/25

Country

Greens

Community

Development

District

Special

Assessment

3.875 05/01/31

Country

Greens

Community

Development

District

Special

Assessment

4.000 05/01/34

County

of

Broward

Port

Facilities

Revenue

Bonds

4.000 09/01/44

County

of

Broward

Port

Facilities

Revenue

Bonds

2,000

5.250 09/01/47

2,066

County

of

Lake

Revenue

Bonds

500

5.750 08/15/50

County

of

Miami-Dade

Aviation

Revenue

Bonds

2,775

5.000 10/01/49

2,747

County

of

Miami-Dade

Seaport

Department

Revenue

Bonds

1,165

5.250 10/01/52

1,180

County

of

Monroe

Airport

Revenue

Bonds

2,250

5.000 10/01/52

2,138

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

3,700

6.000 10/01/36

4,294

County

of

Osceola

Transportation

Revenue

Bonds

1,340

5.000 10/01/44

1,350

Creekview

Community

Development

District

Special

Assessment

5.375 05/01/44

Creekview

Community

Development

District

Special

Assessment

5.625 05/01/55

Cresswind

Lake

Harris

Community

Development

District

Special

Assessment

1,000

5.300 05/01/55

910

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

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

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

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

5.250 05/01/53

Del

Webb

Sunchase

Community

Development

District

Special

Assessment

1,000

5.625 05/01/55

978

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

3.750 05/01/34

Durbin

Crossing

Community

Development

District

Special

Assessment

(µ)

4.000 05/01/37

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

3.375 05/01/41

Eagle

Hammock

Community

Development

District

Special

Assessment

5.375 05/01/52

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

4.125 05/01/40

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

4.125 05/01/51

East

547

Community

Development

District

Special

Assessment

6.500 05/01/54

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

(Þ)

625

5.000 11/01/38

609

East

Nassau

Stewardship

District

Special

Assessment

1,250

5.250 05/01/29

1,251

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
East

Nassau

Stewardship

District

Special

Assessment

1,270

3.500 05/01/41

1,018

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

West

Community

Development

District

Special

Assessment

5.500 05/01/54

Elevation

Pointe

Community

Development

District

Special

Assessment

700

4.400 05/01/42

623

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

3.250 05/01/25

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

3.500 05/01/26

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

790

3.750 05/01/31

769

Enclave

at

Black

Point

Marina

Community

Development

District

Special

Assessment

1,170

4.000 05/01/37

1,121

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

707

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

(µ)

3.000 08/15/50

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5,525

4.000 08/15/50

4,498

Everlands

Community

Development

District

Special

Assessment

(Þ)

5.200 06/15/44

Everlands

Community

Development

District

Special

Assessment

(Þ)

5.500 06/15/54

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

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)

9,475

12.000 07/15/32

9,854

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/40

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

940

4.000 02/01/46

843

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/30/46

Florida

Development

Finance

Corp.

Revenue

Bonds

1,150

5.000 06/15/47

1,122

Florida

Development

Finance

Corp.

Revenue

Bonds

2,000

5.250 07/01/47

1,975

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

2,403

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.500 07/01/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.875 08/15/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.125 10/01/52

Florida

Development

Finance

Corp.

Revenue

Bonds

(µ)

675

5.250 07/01/53

678

Florida

Development

Finance

Corp.

Revenue

Bonds

2,375

5.500 07/01/53

2,371

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

1,089

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/30/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.625 07/01/56

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.250 10/01/56

Florida

Development

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

4,495

8.250 07/01/57

4,631

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)

2,850

10.000 07/15/59

2,928

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

5.000 03/01/39

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

5.000 03/01/44

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

1,350

5.000 06/01/48

1,169

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

515

5.000 03/01/49

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

GIR

East

Community

Development

District

Special

Assessment

5.300 05/01/45

GIR

East

Community

Development

District

Special

Assessment

5.500 05/01/55

Governors

Park

South

Community

Development

District

Special

Assessment

5.400 05/01/45

Governors

Park

South

Community

Development

District

Special

Assessment

5.650 05/01/55

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

4.750 05/01/36

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

5.000 05/01/46

Grand

Oaks

Community

Development

District

Special

Assessment

4.000 11/01/51

Greater

Orlando

Aviation

Authority

Revenue

Bonds

750

5.000 11/15/36

750

Greenbriar

Community

Development

District

Special

Assessment

5.650 05/01/45

Greenbriar

Community

Development

District

Special

Assessment

5.875 05/01/54

Hacienda

Lakes

Community

Development

District

Special

Assessment

4.625 05/01/46

Hacienda

North

Community

Development

District

Special

Assessment

6.500 05/01/53

Hammock

Oaks

Community

Development

District

Special

Assessment

6.150 05/01/54

Hammock

Oaks

Community

Development

District

Special

Assessment

(Þ)

5.750 05/01/55

Hammock

Reserve

Community

Development

District

Special

Assessment

4.700 05/01/42

Hammock

Reserve

Community

Development

District

Special

Assessment

5.000 05/01/52

Harbor

Bay

Community

Development

District

Special

Assessment

3.750 05/01/34

Harbor

Bay

Community

Development

District

Special

Assessment

3.875 05/01/39

Harbor

Bay

Community

Development

District

Special

Assessment

4.100 05/01/48

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

Revenue

Bonds

5.450 11/01/45

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

Revenue

Bonds

5.375 05/01/53

Harmony

on

Lake

Eloise

Community

Development

District

Special

Assessment

Revenue

Bonds

5.650 11/01/54

Harmony

West

Community

Development

District

Special

Assessment

(Þ)

1,185

5.250 05/01/49

1,127

Harmony

West

Community

Development

District

Special

Assessment

5.650 05/01/55

Hawks

Point

Community

Development

District

Special

Assessment

4.250 05/01/35

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Highlands

Community

Development

District

Special

Assessment

4.250 05/01/36

Highlands

Meadows

II

Community

Development

District

Special

Assessment

5.375 11/01/37

Highlands

Meadows

II

Community

Development

District

Special

Assessment

5.500 11/01/47

Highlands

Meadows

West

Community

Development

District

Special

Assessment

3.625 05/01/40

Highlands

Meadows

West

Community

Development

District

Special

Assessment

4.000 05/01/50

Hillcrest

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.000 05/01/44

Hillcrest

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.300 05/01/54

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/40

Hills

Minneola

Community

Development

District

Special

Assessment

5.550 05/01/44

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/50

Hills

Minneola

Community

Development

District

Special

Assessment

5.875 05/01/54

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

1,695

4.000 08/01/50

1,469

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

3,305

4.000 08/01/55

2,692

Hobe-St.

Lucie

Conservancy

District

Special

Assessment

5.600 05/01/44

Hunt

Club

Grove

Community

Development

District

Special

Assessment

5.625 06/15/54

Island

Lakes

Estate

Special

Assessment

6.000 12/15/53

Isles

of

Bartram

Park

Community

Development

District

Special

Assessment

4.625 11/01/37

Juniper

Cove

Community

Development

District

Special

Assessment

5.450 05/01/45

Juniper

Cove

Community

Development

District

Special

Assessment

5.700 05/01/55

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

4.500 05/01/38

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

3.125 05/01/41

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

(Þ)

4.625 05/01/48

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

5.650 05/01/43

Kindred

Community

Development

District

II

Special

Assessment

3.750 05/01/50

Kindred

Community

Development

District

II

Special

Assessment

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

Knightsbridge

Community

Development

District

Special

Assessment

(Þ)

1,000

5.500 06/15/54

968

Lake

Deer

Community

Development

District

Special

Assessment

5.625 05/01/53

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

5.250 05/01/43

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/53

Lake

Frances

Community

Development

District

Special

Assessment

3.000 05/01/26

Lake

Frances

Community

Development

District

Special

Assessment

689

4.000 05/01/37

637

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

4.250 05/01/26

Lakewood

Ranch

Stewardship

District

Special

Assessment

915

4.875 05/01/35

906

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

630

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

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

4.625 11/01/38

Landings

at

Miami

Community

Development

District

Special

Assessment

(Þ)

4.750 11/01/48

Landmark

at

Doral

Community

Development

District

Special

Assessment

3.375 05/01/30

Landmark

at

Doral

Community

Development

District

Special

Assessment

3.000 05/01/35

Landmark

at

Doral

Community

Development

District

Special

Assessment

3.000 05/01/38

Landmark

at

Doral

Community

Development

District

Special

Assessment

4.000 05/01/38

Lee

County

Industrial

Development

Authority

Revenue

Bonds

5.250 10/01/52

Lee

County

Industrial

Development

Authority

Revenue

Bonds

5.250 11/15/54

Lee

County

Industrial

Development

Authority

Revenue

Bonds

775

5.250 10/01/57

687

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

1,008

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

3.250 05/01/31

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

3.450 05/01/41

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

5.650 05/01/54

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

6.000 05/01/54

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

6.050 05/01/54

Lucerne

Park

Community

Development

District

Special

Assessment

4.625 05/01/39

Lucerne

Park

Community

Development

District

Special

Assessment

4.750 05/01/50

Magnolia

Island

Community

Development

District

Special

Assessment

5.550 05/01/45

Magnolia

Island

Community

Development

District

Special

Assessment

5.750 05/01/55

Mandarin

Grove

Community

Development

District

Special

Assessment

(Þ)

6.625 05/01/53

Marion

Ranch

Community

Development

District

Special

Assessment

5.700 05/01/44

Marion

Ranch

Community

Development

District

Special

Assessment

5.950 05/01/54

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/38

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Meadow

Pointe

III

Community

Development

District

Special

Assessment

520

4.400 05/01/31

520

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

3.400 05/01/25

Meadow

Pointe

IV

Community

Development

District

Special

Assessment

650

4.100 05/01/30

648

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

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.125 07/01/38

1,622

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,750

5.000 11/15/39

1,750

Miami

Beach

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

871

Miami

World

Center

Community

Development

District

Special

Assessment

510

5.125 11/01/39

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Miami

World

Center

Community

Development

District

Special

Assessment

1,150

5.250 11/01/49

1,092

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

Mid-Bay

Bridge

Authority

Revenue

Bonds

1,000

5.000 10/01/40

998

Midtown

Miami

Community

Development

District

Special

Assessment

5.000 05/01/29

Mirada

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/44

Mirada

II

Community

Development

District

Special

Assessment

3.500 05/01/41

Mirada

II

Community

Development

District

Special

Assessment

1,615

4.000 05/01/51

1,246

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

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

690

5.750 05/01/43

704

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

Oak

Creek

Community

Development

District

Special

Assessment

3.850 05/01/25

Ocala

Preserve

Community

Development

District

Special

Assessment

1,175

3.100 11/01/41

884

Ocala

Preserve

Community

Development

District

Special

Assessment

5.700 05/01/43

Ocala

Preserve

Community

Development

District

Special

Assessment

5.875 05/01/53

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

4.850 05/01/39

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.250 06/15/43

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.000 05/01/49

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

5.375 06/15/53

Orange

County

Health

Facilities

Authority

Revenue

Bonds

805

4.500 10/01/56

765

Orchid

Grove

Community

Development

District

Special

Assessment

1,245

5.000 05/01/36

1,230

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)

600

11.500 07/01/27

799

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

Park

Community

Development

District

Special

Assessment

730

3.125 05/01/41

556

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

920

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Palm

Glades

Community

Development

District

Special

Assessment

3.750 05/01/31

Palm

Glades

Community

Development

District

Special

Assessment

4.000 11/01/38

Palm

Glades

Community

Development

District

Special

Assessment

5.000 05/01/39

Palm

Glades

Community

Development

District

Special

Assessment

4.200 11/01/48

Parker

Pointe

Community

Development

District

Special

Assessment

1,000

5.750 05/01/54

1,001

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

5.500 05/01/44

Parrish

Lakes

Community

Development

District

Special

Assessment

5.400 05/01/53

Parrish

Lakes

Community

Development

District

Special

Assessment

5.625 05/01/53

Parrish

Lakes

Community

Development

District

Special

Assessment

5.800 05/01/54

Parrish

Lakes

II

Community

Development

District

Special

Assessment

5.125 05/01/44

Parrish

Lakes

II

Community

Development

District

Special

Assessment

5.450 05/01/54

Parrish

Plantation

Community

Development

District

Special

Assessment

6.050 05/01/54

Pasadena

Ridge

Community

Development

District

Special

Assessment

5.050 05/01/44

Pasadena

Ridge

Community

Development

District

Special

Assessment

5.375 05/01/55

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.375 05/01/36

Peace

Creek

Community

Development

District

Special

Assessment

5.125 06/15/43

Peace

Creek

Community

Development

District

Special

Assessment

5.375 06/15/53

Peace

Creek

Community

Development

District

Special

Assessment

5.625 05/01/55

Peace

Crossing

Community

Development

District

Special

Assessment

5.700 05/01/44

Peace

Crossing

Community

Development

District

Special

Assessment

6.000 05/01/54

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

545

4.125 12/15/28

544

Pinellas

County

Industrial

Development

Authority

Revenue

Bonds

1,270

5.000 07/01/29

1,275

Pioneer

Ranch

Community

Development

District

Special

Assessment

5.000 05/01/44

Pioneer

Ranch

Community

Development

District

Special

Assessment

5.300 05/01/55

Portico

Community

Development

District

Special

Assessment

Revenue

Bonds

3.625 05/01/40

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

535

5.250 11/01/38

534

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

Randal

Park

Community

Development

District

Special

Assessment

(Þ)

540

5.050 05/01/39

527

Randal

Park

Community

Development

District

Special

Assessment

(Þ)

895

5.200 05/01/49

845

Regal

Village

Community

Development

District

Special

Assessment

5.500 05/01/54

Reunion

East

Community

Development

District

Special

Assessment

755

5.000 05/01/33

754

Reunion

East

Community

Development

District

Special

Assessment

2,000

3.150 05/01/41

1,529

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

4.000 05/01/52

Rolling

Hills

Community

Development

District

Special

Assessment

950

4.000 05/01/52

731

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

5.350 05/01/55

Rustic

Oaks

Community

Development

District

Special

Assessment

1,000

3.450 05/01/42

785

Rye

Crossing

Community

Development

District

Special

Assessment

5.250 05/01/53

Rye

Ranch

Community

Development

District

Special

Assessment

(Þ)

6.000 11/01/53

Rye

Ranch

Community

Development

District

Special

Assessment

6.625 05/01/54

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

1,000

3.350 12/15/41

778

Saltleaf

Community

Development

District

Special

Assessment

6.000 05/01/56

Saltmeadows

Community

Development

District

Special

Assessment

5.500 05/01/53

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

861

Savanna

Lakes

Community

Development

District

Special

Assessment

5.500 06/15/54

Sawgrass

Village

Community

Development

District

Special

Assessment

5.750 05/01/53

Sawgrass

Village

Community

Development

District

Special

Assessment

6.375 11/01/53

Scenic

Terrace

North

Community

Development

District

Special

Assessment

5.875 05/01/43

Scenic

Terrace

North

Community

Development

District

Special

Assessment

6.125 05/01/54

Scenic

Terrace

South

Community

Development

District

Special

Assessment

4.500 05/01/42

Scenic

Terrace

South

Community

Development

District

Special

Assessment

4.625 05/01/53

Scenic

Terrace

South

Community

Development

District

Special

Assessment

6.750 11/01/53

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

5.500 06/15/53

Sebastian

Isles

Community

Development

District

Special

Assessment

5.300 05/01/54

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 06/15/51

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

4.000 06/15/56

Seminole

Improvement

District

Revenue

Bonds

5.300 10/01/37

Seminole

Palms

Community

Development

District

Special

Assessment

5.700 05/01/53

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/39

Shell

Point

Community

Development

District

Special

Assessment

(Þ)

5.375 11/01/49

Sherwood

Manor

Community

Development

District

Special

Assessment

5.500 05/01/43

Sherwood

Manor

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Sherwood

Manor

Community

Development

District

Special

Assessment

5.625 05/01/53

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

3.100 06/15/31

Silverlake

Community

Development

District

Special

Assessment

5.500 05/01/53

Six

Mile

Creek

Community

Development

District

Special

Assessment

3.100 05/01/31

Six

Mile

Creek

Community

Development

District

Special

Assessment

4.125 11/01/40

Six

Mile

Creek

Community

Development

District

Special

Assessment

750

3.400 05/01/41

593

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Solaeris

Community

Development

District

Special

Assessment

6.250 05/01/55

Somerset

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

5.900 05/01/54

Somerset

Community

Development

District

Special

Assessment

Revenue

Bonds

1,000

4.200 05/01/37

912

South

Broward

Hospital

District

Revenue

Bonds

1,750

3.000 05/01/51

1,260

South

Fork

III

Community

Development

District

Special

Assessment

5.000 05/01/38

South

Kendall

Community

Development

District

Special

Assessment

4.125 11/01/40

Southern

Groves

Community

Development

District

No.

Special

Assessment

600

4.000 05/01/43

502

Southern

Groves

Community

Development

District

No.

Special

Assessment

2,630

4.000 05/01/48

2,096

Southshore

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

5.625 05/01/54

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

5.250 05/01/44

Springs

at

Lake

Alfred

Community

Development

District

Special

Assessment

5.600 05/01/54

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

995

5.500 06/15/53

964

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

550

4.000 12/15/41

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 12/15/46

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 12/15/50

St.

Johns

County

Industrial

Development

Authority

Revenue

Bonds

4.000 08/01/55

Stellar

North

Community

Development

District

Special

Assessment

825

3.200 05/01/41

635

Stonegate

Preserve

Community

Development

District

Special

Assessment

6.125 12/15/53

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

835

Storey

Creek

Community

Development

District

Special

Assessment

5.200 06/15/42

Storey

Creek

Community

Development

District

Special

Assessment

5.375 06/15/52

Storey

Park

Community

Development

District

Special

Assessment

(Þ)

650

3.300 06/15/41

506

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

Talis

Park

Community

Development

District

Special

Assessment

4.000 05/01/33

Tamarindo

Community

Development

District

Special

Assessment

3.375 05/01/41

Tapestry

Community

Development

District

Special

Assessment

Revenue

Bonds

5.000 05/01/46

Tern

Bay

Community

Development

District

Special

Assessment

4.000 06/15/42

Terreno

Community

Development

District

Special

Assessment

5.400 05/01/45

Terreno

Community

Development

District

Special

Assessment

5.250 05/01/53

Terreno

Community

Development

District

Special

Assessment

5.650 05/01/55

Timber

Creek

Community

Development

District

Special

Assessment

(Þ)

1,000

5.000 11/01/48

921

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

962

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Touchstone

Community

Development

District

Special

Assessment

(Þ)

4.625 06/15/38

Touchstone

Community

Development

District

Special

Assessment

(Þ)

4.750 06/15/48

Towne

Park

Community

Development

District

Special

Assessment

4.625 05/01/50

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

(Þ)

6.375 11/01/53

Tradition

Community

Development

District

No.

Special

Assessment

3.000 05/01/41

Tradition

Community

Development

District

No.

Special

Assessment

4.000 05/01/52

Triple

Creek

Community

Development

District

Special

Assessment

5.250 11/01/27

Triple

Creek

Community

Development

District

Special

Assessment

6.125 11/01/46

Triple

Creek

Community

Development

District

Special

Assessment

(Þ)

5.375 11/01/48

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

5.000 11/01/39

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

4.750 11/01/47

TSR

Community

Development

District

Special

Assessment

Revenue

Bonds

5.125 11/01/49

Tuckers

Pointe

Community

Development

District

Special

Assessment

3.625 05/01/32

Tuckers

Pointe

Community

Development

District

Special

Assessment

4.000 05/01/52

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

5.875 05/01/43

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

6.125 05/01/54

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

6.000 05/01/55

Two

Creeks

Community

Development

District

Special

Assessment

3.500 05/01/32

Two

Creeks

Community

Development

District

Special

Assessment

3.625 05/01/37

Two

Lakes

Community

Development

District

Special

Assessment

3.750 12/15/39

Two

Lakes

Community

Development

District

Special

Assessment

(Þ)

5.000 12/15/47

Two

Lakes

Community

Development

District

Special

Assessment

5.000 05/01/55

Two

Rivers

East

Community

Development

District

Special

Assessment

5.875 05/01/53

Two

Rivers

North

Community

Development

District

Special

Assessment

5.250 05/01/52

Two

Rivers

West

Community

Development

District

Special

Assessment

6.000 05/01/43

Two

Rivers

West

Community

Development

District

Special

Assessment

6.250 05/01/53

Two

Rivers

West

Community

Development

District

Special

Assessment

6.125 11/01/53

Two

Rivers

West

Community

Development

District

Special

Assessment

5.875 05/01/54

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

500

5.500 11/01/47

503

Varrea

South

Community

Development

District

Special

Assessment

5.400 05/01/53

V-Dana

Community

Development

District

Special

Assessment

500

3.125 05/01/31

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

820

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

5.375 05/01/54

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Verano

No.

Community

Development

District

Special

Assessment

4.750 11/01/25

Verano

No.

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/31

Verano

No.

Community

Development

District

Special

Assessment

5.125 11/01/35

Verano

No.

Community

Development

District

Special

Assessment

(Þ)

4.000 05/01/37

Verano

No.

Community

Development

District

Special

Assessment

5.250 11/01/46

Verano

No.

Community

Development

District

Special

Assessment

5.350 05/01/44

Verano

No.

Community

Development

District

Special

Assessment

4.000 05/01/50

Verano

No.

Community

Development

District

Special

Assessment

5.625 05/01/55

Verano

No.

Community

Development

District

Special

Assessment

6.625 11/01/52

500

Verano

No.

Community

Development

District

Special

Assessment

5.375 05/01/43

Verano

No.

Community

Development

District

Special

Assessment

5.625 05/01/53

Vida's

Way

Community

Development

District

Special

Assessment

4.875 05/01/44

Vida's

Way

Community

Development

District

Special

Assessment

5.200 05/01/54

Viera

East

Community

Development

District

Special

Assessment

(µ)

2.750 05/01/38

Viera

Stewardship

District

Special

Assessment

5.300 05/01/43

Viera

Stewardship

District

Special

Assessment

5.500 05/01/54

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

(Þ)

3.250 05/01/40

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

(Þ)

575

3.500 05/01/51

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

3.250 05/01/52

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

960

5.500 05/01/53

985

Village

Community

Development

District

No.

Special

Assessment

(Þ)

5.000 05/01/43

Village

Community

Development

District

No.

Special

Assessment

(Þ)

5.250 05/01/54

Villages

of

Glen

Creek

Community

Development

District

Special

Assessment

5.250 05/01/53

Villamar

Community

Development

District

Special

Assessment

905

4.625 05/01/39

856

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

1,265

5.750 05/01/53

1,267

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

Watergrass

Community

Development

District

II

Special

Assessment

5.250 05/01/49

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

5.125 11/01/38

Waterset

Central

Community

Development

District

Special

Assessment

(Þ)

5.250 11/01/49

Wellness

Ridge

Community

Development

District

Special

Assessment

5.125 06/15/43

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

5.000 06/15/44

Wellness

Ridge

Community

Development

District

Special

Assessment

5.375 06/15/53

Wellness

Ridge

Community

Development

District

Special

Assessment

(Þ)

5.200 06/15/55

Wesbridge

Community

Development

District

Special

Assessment

4.250 11/01/49

West

Hillcrest

Community

Development

District

Special

Assessment

5.500 06/15/53

West

Port

Community

Development

District

Special

Assessment

3.400 05/01/41

West

Port

Community

Development

District

Special

Assessment

(Þ)

1,700

4.000 05/01/51

1,340

West

Port

Community

Development

District

Special

Assessment

5.250 05/01/52

West

Villages

Improvement

District

Special

Assessment

4.750 05/01/39

West

Villages

Improvement

District

Special

Assessment

1,935

3.500 05/01/41

1,551

West

Villages

Improvement

District

Special

Assessment

5.375 05/01/42

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
West

Villages

Improvement

District

Special

Assessment

5.375 05/01/43

West

Villages

Improvement

District

Special

Assessment

5.000 05/01/50

West

Villages

Improvement

District

Special

Assessment

5.500 05/01/53

West

Villages

Improvement

District

Special

Assessment

5.625 05/01/53

West

Villages

Improvement

District

Special

Assessment

5.625 05/01/54

West

Villages

Improvement

District

Special

Assessment

6.250 05/01/54

West

Villages

Improvement

District

Special

Assessment

6.000 05/01/55

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

4.100 05/01/37

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

(Þ)

4.125 05/01/38

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

815

4.000 05/01/50

623

Westside

Haines

City

Community

Development

District

Special

Assessment

5.750 05/01/44

Westside

Haines

City

Community

Development

District

Special

Assessment

6.000 05/01/54

Westview

North

Community

Development

District

Special

Assessment

6.000 06/15/52

Westview

South

Community

Development

District

Special

Assessment

5.375 05/01/43

Westview

South

Community

Development

District

Special

Assessment

5.600 05/01/53

Westview

South

Community

Development

District

Special

Assessment

5.625 05/01/53

Westwood

of

Pasco

Community

Development

District

Special

Assessment

500

5.400 05/01/43

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

935

4.000 05/01/52

717

Wind

Meadows

South

Community

Development

District

Special

Assessment

5.625 05/01/53

Winding

Cypress

Community

Development

District

Special

Assessment

5.000 11/01/45

Winding

Cypress

Community

Development

District

Special

Assessment

5.000 11/01/49

Winding

Oaks

Community

Development

District

Special

Assessment

5.400 05/01/44

Winding

Oaks

Community

Development

District

Special

Assessment

5.700 05/01/55

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

4.250 05/01/52

Windward

Community

Development

District

Special

Assessment

Revenue

Bonds

4.400 11/01/35

Woodland

Crossing

Community

Development

District

Special

Assessment

(Þ)

6.125 05/01/56

Woodland

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.300 05/01/45

Woodland

Preserve

Community

Development

District

Special

Assessment

(Þ)

5.500 05/01/55

Woodland

Ranch

Estates

Community

Development

District

Special

Assessment

5.550 05/01/45

Woodland

Ranch

Estates

Community

Development

District

Special

Assessment

5.750 05/01/55

Yarborough

Lane

Community

Development

District

Special

Assessment

1,625

5.600 05/01/55

1,589

Zephyr

Lakes

Community

Development

District

Special

Assessment

3.375 05/01/41

Zephyr

Lakes

Community

Development

District

Special

Assessment

4.000 05/01/51

230,053

Georgia

-

1.8%

Atlanta

Development

Authority

(The)

Revenue

Bonds

(Þ)

3,200

6.500 12/15/48

2,742

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

1,125

5.500 04/01/39

1,135

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

3,330

3.875 07/01/51

2,517

City

of

Rockdale

Special

Assessment

(Þ)

7.500 09/15/54

Columbia

County

Hospital

Authority

Revenue

Bonds

5.125 04/01/53

Columbia

County

Hospital

Authority

Revenue

Bonds

1,100

5.750 04/01/53

1,188

Coweta

County

Residential

Care

Facilities

for

the

Elderly

Authority

Revenue

Bonds

970

4.000 03/01/36

861

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

1,000

4.125 11/01/45

889

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

(ae)

5.000 07/15/38

Development

Authority

of

Cobb

County

(The)

Revenue

Bonds

1,450

5.000 07/15/38

1,450

Development

Authority

of

Lagrange

Revenue

Bonds

5.000 10/15/52

East

Palm

Drive

Community

Development

District

Special

Assessment

5.375 06/15/54

Gainesville

&

Hall

County

Development

Authority

Educational

Facilities

Revenue

Bonds

5.125 03/01/52

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

1,210

3.625 01/01/31

1,147

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

5.000 01/01/36

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

3,920

4.000 01/01/54

3,268

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

(Þ)

2,795

5.000 01/01/54

2,545

Glynn-Brunswick

Memorial

Hospital

Authority

Revenue

Bonds

1,000

4.000 08/01/38

893

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

1,077

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

5.000 12/01/53

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,775

5.000 06/01/55

1,873

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,365

5.000 07/01/48

2,429

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

1,500

4.000 01/01/49

1,373

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,000

4.000 01/01/49

1,695

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

3,220

4.000 01/01/49

2,734

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,000

5.000 01/01/49

998

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

(µ)

2,000

5.000 01/01/56

2,012

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,500

4.000 01/01/59

1,268

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,500

5.000 01/01/63

1,444

Private

Colleges

&

Universities

Authority

Revenue

Bonds

1,000

5.000 10/01/40

1,005

Private

Colleges

&

Universities

Authority

Revenue

Bonds

(~)(Ê)

1.950 09/01/52

Rockdale

County

Development

Authority

Revenue

Bonds

(Þ)

4.000 01/01/38

Sunbridge

Stewardship

District

Special

Assessment

5.500 05/01/52

38,983

Guam

-

0.5%

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

3.720 09/01/27

American

Samoa

Economic

Development

Authority

Revenue

Bonds

(Þ)

625

5.000 09/01/38

622

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

Business

Privilege

Tax

Revenue

Bonds

2,825

4.000 01/01/36

2,703

Guam

Business

Privilege

Tax

Revenue

Bonds

1,420

4.000 01/01/42

1,278

Guam

Department

of

Education

Certificate

of

Participation

750

4.250 02/01/30

742

Guam

Department

of

Education

Certificate

of

Participation

545

5.000 02/01/40

526

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,605

5.000 01/01/46

1,585

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,000

5.000 01/01/50

990

Port

Authority

of

Guam

Revenue

Bonds

5.000 07/01/36

Territory

of

Guam

General

Obligation

Unlimited

5.000 11/15/31

Territory

of

Guam

Revenue

Bonds

500

5.000 12/01/31

502

Territory

of

Guam

Revenue

Bonds

500

5.000 11/01/35

515

10,503

Hawaii

-

0.6%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Kauai

County

Community

Facilities

District

Special

Tax

1,250

5.000 05/15/51

1,200

State

of

Hawaii

Airports

System

Revenue

Bonds

1,000

5.000 07/01/51

988

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,670

3.100 05/01/26

1,635

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

3,940

6.000 07/01/28

4,044

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

1,470

5.000 01/01/30

1,408

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,150

4.000 03/01/37

1,052

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,360

3.200 07/01/39

1,111

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

5.000 07/01/39

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

5.125 07/01/43

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

3.500 10/01/49

11,998

Idaho

-

0.1%

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

679

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,790

4.650 01/01/54

1,743

2,998

Illinois

-

7.4%

Bridgeview

Finance

Corp.

Sales

Tax

Revenue

Bonds

2,100

5.000 12/01/37

2,135

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

2,150

5.750 04/01/48

2,239

Chicago

Board

of

Education

General

Obligation

Unlimited

5.000 12/01/25

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

Zero

coupon

12/01/27

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

Zero

coupon

12/01/29

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,500

5.000 12/01/29

1,549

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

1,611

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

1,000

5.000 12/01/32

1,019

Chicago

Board

of

Education

General

Obligation

Unlimited

5.125 12/01/32

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

5.000 12/01/34

Chicago

Board

of

Education

General

Obligation

Unlimited

735

5.250 12/01/35

735

Chicago

Board

of

Education

General

Obligation

Unlimited

990

5.000 12/01/36

935

Chicago

Board

of

Education

General

Obligation

Unlimited

2,000

4.000 12/01/37

1,792

Chicago

Board

of

Education

General

Obligation

Unlimited

1,000

5.000 12/01/37

988

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

1,717

Chicago

Board

of

Education

General

Obligation

Unlimited

3,040

4.000 12/01/42

2,589

Chicago

Board

of

Education

General

Obligation

Unlimited

1,875

5.000 12/01/42

1,807

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

2,000

7.000 12/01/42

2,075

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

681

Chicago

Board

of

Education

General

Obligation

Unlimited

2,325

7.000 12/01/44

2,347

Chicago

Board

of

Education

General

Obligation

Unlimited

6,540

5.000 12/01/46

6,156

Chicago

Board

of

Education

General

Obligation

Unlimited

1,460

6.500 12/01/46

1,484

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

1,500

7.000 12/01/46

1,562

Chicago

Board

of

Education

General

Obligation

Unlimited

1,800

4.000 12/01/47

1,450

Chicago

Board

of

Education

General

Obligation

Unlimited

4,905

5.000 12/01/47

4,636

Chicago

Board

of

Education

General

Obligation

Unlimited

6.000 12/01/49

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chicago

Board

of

Education

Revenue

Bonds

500

5.750 04/01/35

513

Chicago

Board

of

Education

Revenue

Bonds

2,240

5.000 04/01/42

2,214

Chicago

Board

of

Education

Revenue

Bonds

1,725

5.000 04/01/46

1,652

Chicago

Board

of

Education

Revenue

Bonds

3,445

6.000 04/01/46

3,495

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

992

Chicago

O'Hare

International

Airport

Revenue

Bonds

600

5.000 01/01/52

589

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,635

5.500 01/01/53

3,729

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4.000 01/01/39

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

3,450

5.000 12/01/46

3,455

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Calumet

City

General

Obligation

Unlimited

1,620

4.500 03/01/37

1,563

City

of

Chicago

General

Obligation

Unlimited

1,200

5.000 01/01/28

1,224

City

of

Chicago

General

Obligation

Unlimited

5.000 01/01/30

City

of

Chicago

General

Obligation

Unlimited

940

5.000 01/01/31

957

City

of

Chicago

General

Obligation

Unlimited

2,000

5.000 01/01/38

1,922

City

of

Chicago

General

Obligation

Unlimited

4,525

6.000 01/01/38

4,605

City

of

Chicago

General

Obligation

Unlimited

6,225

5.500 01/01/49

6,247

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

4.000 01/01/52

City

of

Marion

Sales

Tax

Revenue

Bonds

1,800

6.375 06/01/45

1,764

City

of

Marion

Sales

Tax

Revenue

Bonds

1,275

6.625 06/01/55

1,265

County

of

Cook

Revenue

Bonds

6.500 01/01/45

Eastern

Illinois

Economic

Development

Authority

Revenue

Bonds

6.000 05/01/46

Illinois

Finance

Authority

Revenue

Bonds

5.500 04/01/32

Illinois

Finance

Authority

Revenue

Bonds

965

5.000 05/15/33

852

Illinois

Finance

Authority

Revenue

Bonds

500

2.250 07/01/33

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.250 08/01/35

1,488

Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

542

5.000 05/15/36

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 09/01/36

1,004

Illinois

Finance

Authority

Revenue

Bonds

1,350

5.500 04/01/37

1,275

Illinois

Finance

Authority

Revenue

Bonds

1,865

5.000 05/15/37

1,886

Illinois

Finance

Authority

Revenue

Bonds

630

5.000 12/01/37

600

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

2,776

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.000 10/01/45

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 08/01/46

963

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

1,426

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

3,250

6.125 04/01/49

3,226

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/49

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 02/15/50

920

Illinois

Finance

Authority

Revenue

Bonds

2,300

4.000 10/01/50

1,877

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

6.125 10/01/50

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

4.125 12/01/50

972

Illinois

Finance

Authority

Revenue

Bonds

5.000 05/15/51

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

511

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 10/01/55

791

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)

2,075

6.125 04/01/58

2,016

Illinois

Finance

Authority

Revenue

Bonds

500

6.750 05/15/58

518

Illinois

Housing

Development

Authority

Revenue

Bonds

825

4.875 04/01/50

833

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

575

5.000 06/15/31

601

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/36

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/37

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/38

Illinois

State

University

Revenue

Bonds

(µ)

5.000 04/01/39

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

06/15/30

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,100

Zero

coupon

06/15/38

1,140

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

Zero

coupon

06/15/41

680

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

500

4.000 12/15/42

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,000

Zero

coupon

06/15/43

2,076

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

4.000 06/15/50

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,000

5.000 06/15/50

992

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

10,000

Zero

coupon

12/15/51

2,351

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

6,000

4.000 06/15/52

4,796

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

5.000 06/15/53

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

2,170

Zero

coupon

12/15/54

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

7,100

Zero

coupon

12/15/56

1,255

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,950

Zero

coupon

12/15/56

548

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

720

5.000 06/15/57

683

Sangamon

County

Water

Reclamation

District

General

Obligation

Limited

(µ)

1,750

4.000 01/01/49

1,477

Sangamon

County

Water

Reclamation

District

General

Obligation

Unlimited

1,000

5.750 01/01/53

1,003

Southwestern

Illinois

Development

Authority

Revenue

Bonds

5.750 08/01/42

State

of

Illinois

General

Obligation

Unlimited

1,625

5.000 11/01/25

1,637

State

of

Illinois

General

Obligation

Unlimited

1,270

5.000 02/01/27

1,302

State

of

Illinois

General

Obligation

Unlimited

750

5.000 02/01/28

767

State

of

Illinois

General

Obligation

Unlimited

700

5.000 10/01/28

731

State

of

Illinois

General

Obligation

Unlimited

5,775

5.000 11/01/28

5,950

State

of

Illinois

General

Obligation

Unlimited

750

5.000 10/01/29

780

State

of

Illinois

General

Obligation

Unlimited

3,530

5.000 11/01/29

3,632

State

of

Illinois

General

Obligation

Unlimited

(µ)

4.000 02/01/31

State

of

Illinois

General

Obligation

Unlimited

5.000 05/01/32

State

of

Illinois

General

Obligation

Unlimited

1,000

5.000 10/01/33

1,028

State

of

Illinois

General

Obligation

Unlimited

500

5.000 12/01/35

508

State

of

Illinois

General

Obligation

Unlimited

5.500 05/01/39

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Illinois

General

Obligation

Unlimited

2,600

5.000 12/01/39

2,623

State

of

Illinois

General

Obligation

Unlimited

(µ)

1,000

4.000 06/01/41

917

State

of

Illinois

General

Obligation

Unlimited

2,500

4.000 11/01/41

2,230

State

of

Illinois

General

Obligation

Unlimited

1,000

3.000 12/01/41

759

State

of

Illinois

General

Obligation

Unlimited

1,910

4.500 12/01/41

1,843

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

1,301

Town

of

Cortland

Special

Service

Areas

No.

Special

Tax

5.800 03/01/37

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.750 03/01/53

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.000 01/01/55

Village

of

Bellwood

Tax

Allocation

Revenue

Bonds

5.000 12/01/50

Village

of

Lincolnwood

Tax

Allocation

(Þ)

1,400

5.750 12/01/43

1,415

Village

of

Morton

Grove

Tax

Increment

Revenue

Tax

Allocation

1,000

5.000 01/01/39

953

157,969

Indiana

-

0.6%

City

of

Goshen

Revenue

Bonds

(Þ)

1,000

5.000 08/01/41

844

City

of

Valparaiso

Revenue

Bonds

(Þ)

5.000 01/01/54

Indiana

Finance

Authority

Revenue

Bonds

975

4.125 12/01/26

980

Indiana

Finance

Authority

Revenue

Bonds

3.000 11/01/30

Indiana

Finance

Authority

Revenue

Bonds

500

4.250 11/01/30

503

Indiana

Finance

Authority

Revenue

Bonds

5.000 10/01/32

Indiana

Finance

Authority

Revenue

Bonds

2,000

5.500 03/01/44

2,074

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

1,926

Indiana

Finance

Authority

Revenue

Bonds

5.000 06/01/53

Indiana

Finance

Authority

Revenue

Bonds

560

5.000 07/01/55

506

Indiana

Finance

Authority

Revenue

Bonds

5.250 07/01/55

Indiana

Finance

Authority

Revenue

Bonds

2,750

5.000 07/01/59

2,511

Indiana

Finance

Authority

Revenue

Bonds

510

5.375 06/01/64

506

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

6.000 03/01/53

Town

of

Upland

Revenue

Bonds

1,695

4.000 09/01/41

1,549

Town

of

Upland

Revenue

Bonds

2.500 09/01/50

Town

of

Whiteland

Tax

Allocation

Revenue

Bonds

(Þ)

6.125 03/01/49

13,545

Iowa

-

0.8%

City

of

Coralville

Revenue

Bonds

1,720

5.000 05/01/42

1,751

Iowa

Finance

Authority

Revenue

Bonds

900

5.000 05/15/43

901

Iowa

Finance

Authority

Revenue

Bonds

1,200

5.000 05/15/47

1,162

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/48

Iowa

Finance

Authority

Revenue

Bonds

2,000

5.000 05/15/49

1,913

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,700

5.000 12/01/50

1,889

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 12/01/50

Iowa

Finance

Authority

Revenue

Bonds

5.000 05/15/55

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

3,290

4.000 10/01/45

2,760

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

1,500

5.000 10/01/47

1,463

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.375 10/01/52

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

6.000 10/01/55

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,110

4.000 06/01/49

3,529

Iowa

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

815

Zero

coupon

06/01/65

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3.000 09/01/61

Xenia

Rural

Water

District

Revenue

Bonds

(ae)

1,250

5.000 12/01/36

1,285

17,964

Kansas

-

0.2%

City

of

Manhattan

Revenue

Bonds

4.000 06/01/46

City

of

Manhattan

Revenue

Bonds

4.000 06/01/52

City

of

Prairie

Village

Tax

Allocation

2.875 04/01/30

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

5.000 05/15/50

Wyandotte

County

City

Unified

Government

Revenue

Bonds

665

5.000 09/01/27

661

Wyandotte

County

City

Unified

Government

Revenue

Bonds

(Þ)

4,800

Zero

coupon

09/01/34

2,522

Wyandotte

County

City

Unified

Government

Revenue

Bonds

4.500 06/01/40

4,233

Kentucky

-

0.5%

City

of

Ashland

Revenue

Bonds

750

4.000 02/01/38

691

City

of

Henderson

Revenue

Bonds

(Þ)

1,350

4.450 01/01/42

1,246

City

of

Henderson

Revenue

Bonds

(Þ)

1,050

4.700 01/01/52

954

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

1,008

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(Ê)

2,250

2.600 05/01/34

2,250

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 06/01/37

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 12/01/41

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(µ)

4.000 06/01/45

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,500

5.000 06/01/45

1,426

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

2,700

5.000 08/01/49

2,651

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

575

5.250 04/01/54

608

11,762

Louisiana

-

1.0%

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 12/01/50

1,008

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

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

733

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

5.875 06/01/45

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

(Þ)

4.375 06/01/48

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

5.625 06/15/51

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

500

5.250 11/15/53

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

625

5.250 11/15/59

588

Louisiana

Local

Government

Environmental

Facilities

&

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

580

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

(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

5.500 09/01/59

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

1,870

5.750 09/01/64

1,937

Louisiana

Public

Facilities

Authority

Revenue

Bonds

8,140

5.000 09/01/66

7,852

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

Parish

of

St.

James

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,000

5.850 08/01/41

1,001

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,050

2.200 06/01/37

1,029

Plaquemines

Port

Harbor

&

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

21,093

Maine

-

0.1%

Finance

Authority

of

Maine

Revenue

Bonds

(~)(ae)(Ê)(Þ)

4.625 12/01/47

Finance

Authority

of

Maine

Revenue

Bonds

(Æ)(Ø)(Þ)

925

8.000 12/01/51

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/46

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

5.000 07/01/46

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

500

5.000 07/01/48

501

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 07/01/50

1,309

Maryland

-

1.6%

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

717

City

of

Baltimore

Revenue

Bonds

1,090

5.000 09/01/46

1,042

City

of

Baltimore

Revenue

Bonds

5.000 06/01/51

City

of

Baltimore

Tax

Allocation

(Þ)

3.500 06/01/39

City

of

Baltimore

Tax

Allocation

(Þ)

3.625 06/01/46

City

of

Brunswick

Special

Tax

5.000 07/01/36

City

of

Gaithersburg

Revenue

Bonds

5.000 01/01/37

City

of

Gaithersburg

Revenue

Bonds

5.125 01/01/42

County

of

Baltimore

Revenue

Bonds

4.000 01/01/45

County

of

Baltimore

Revenue

Bonds

865

4.000 01/01/50

711

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Frederick

Educational

Facilities

Revenue

Bonds

(Þ)

3,705

5.000 09/01/45

3,448

County

of

Frederick

Special

Tax

(Þ)

4.000 07/01/50

County

of

Frederick

Tax

Allocation

(Þ)

1,985

4.625 07/01/43

1,802

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

975

Maryland

Economic

Development

Corp.

Revenue

Bonds

4.000 07/01/40

Maryland

Economic

Development

Corp.

Revenue

Bonds

2,500

5.250 06/30/47

2,508

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3,625

5.000 07/01/48

3,605

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

5,000

5.250 06/30/52

4,951

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.250 06/30/53

1,005

Maryland

Economic

Development

Corp.

Revenue

Bonds

4,250

5.750 07/01/53

4,404

Maryland

Economic

Development

Corp.

Revenue

Bonds

5.000 06/01/58

Maryland

Economic

Development

Corp.

Revenue

Bonds

500

6.000 07/01/58

524

Maryland

Economic

Development

Corp.

Tax

Allocation

4.000 09/01/40

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

3.000 10/01/34

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

600

5.250 01/01/37

601

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000 10/01/40

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 07/01/43

1,261

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000 07/01/45

984

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,500

4.000 01/01/51

1,278

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.500 05/01/52

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

6.125 07/01/53

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

6.250 07/01/63

Maryland

Stadium

Authority

Revenue

Bonds

1,200

Zero

coupon

05/01/53

Maryland

Stadium

Authority

Revenue

Bonds

1,000

Zero

coupon

05/01/54

Maryland

Stadium

Authority

Revenue

Bonds

750

Zero

coupon

05/01/55

34,102

Massachusetts

-

1.1%

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,500

5.000 10/01/51

1,540

Commonwealth

of

Massachusetts

General

Obligation

Limited

500

5.000 01/01/54

515

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,525

8.500 10/01/26

1,534

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,415

5.000 09/01/35

1,415

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,580

5.000 10/01/35

1,580

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,000

5.000 10/01/37

1,001

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,000

5.000 10/01/38

947

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

925

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

1,300

5.000 07/01/41

1,155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 10/01/43

Massachusetts

Development

Finance

Agency

Revenue

Bonds

3,585

5.000 07/01/44

3,422

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

3,637

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 07/01/50

Massachusetts

Development

Finance

Agency

Revenue

Bonds

510

5.500 08/15/50

530

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000 07/01/52

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 07/01/52

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,000

4.500 07/01/54

1,838

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

5.000 07/01/54

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.250 07/01/55

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2.000 07/01/37

Massachusetts

Educational

Financing

Authority

Revenue

Bonds

2,000

3.000 07/01/51

1,244

22,886

Michigan

-

2.1%

City

of

Detroit

General

Obligation

Limited

(~)(Ê)

6,864

4.000 04/01/44

5,096

City

of

Detroit

General

Obligation

Unlimited

3.110 04/01/28

City

of

Detroit

General

Obligation

Unlimited

1,000

5.000 04/01/29

1,031

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

1,018

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

673

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

570

5.500 04/01/45

587

City

of

Detroit

General

Obligation

Unlimited

775

5.000 04/01/46

777

City

of

Detroit

General

Obligation

Unlimited

1,900

5.000 04/01/50

1,881

Detroit

Service

Learning

Academy

Revenue

Bonds

1,000

4.000 07/01/41

851

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/37

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/44

Ivywood

Classical

Academy

Revenue

Bonds

6.000 01/01/54

Ivywood

Classical

Academy

Revenue

Bonds

6.250 01/01/59

Kalamazoo

Economic

Development

Corp.

Revenue

Bonds

5.000 05/15/55

Kentwood

Economic

Development

Corp.

Revenue

Bonds

4.000 11/15/43

Kentwood

Economic

Development

Corp.

Revenue

Bonds

4.000 11/15/45

Michigan

Finance

Authority

Revenue

Bonds

1,130

4.000 02/01/29

1,100

Michigan

Finance

Authority

Revenue

Bonds

1,000

5.000 07/01/33

1,003

Michigan

Finance

Authority

Revenue

Bonds

1,635

5.000 02/01/37

1,637

Michigan

Finance

Authority

Revenue

Bonds

3.267 06/01/39

Michigan

Finance

Authority

Revenue

Bonds

4.250 12/01/39

Michigan

Finance

Authority

Revenue

Bonds

4.000 12/01/41

Michigan

Finance

Authority

Revenue

Bonds

745

4.000 02/01/42

620

Michigan

Finance

Authority

Revenue

Bonds

1,375

5.000 10/01/44

1,294

Michigan

Finance

Authority

Revenue

Bonds

5,000

Zero

coupon

06/01/45

1,349

Michigan

Finance

Authority

Revenue

Bonds

1,025

4.000 09/01/45

821

Michigan

Finance

Authority

Revenue

Bonds

1,815

5.500 11/15/45

1,511

Michigan

Finance

Authority

Revenue

Bonds

5.000 12/01/46

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Michigan

Finance

Authority

Revenue

Bonds

5.000 02/01/47

Michigan

Finance

Authority

Revenue

Bonds

4.000 09/01/50

Michigan

Finance

Authority

Revenue

Bonds

4.000 11/15/50

Michigan

Finance

Authority

Revenue

Bonds

4.000 12/01/51

Michigan

Finance

Authority

Revenue

Bonds

4.375 02/28/54

Michigan

Finance

Authority

Revenue

Bonds

1,400

5.500 02/28/57

1,467

Michigan

Finance

Authority

Revenue

Bonds

17,355

Zero

coupon

06/01/65

1,721

Michigan

Mathematics

&

Science

Initiative

Revenue

Bonds

1,110

4.000 01/01/41

942

Michigan

Strategic

Fund

Revenue

Bonds

5.000 05/15/37

Michigan

Strategic

Fund

Revenue

Bonds

1,000

5.000 11/15/43

989

Michigan

Strategic

Fund

Revenue

Bonds

5.000 05/15/44

Michigan

Strategic

Fund

Revenue

Bonds

(µ)

4.500 06/30/48

Michigan

Strategic

Fund

Revenue

Bonds

4,500

5.000 06/30/48

4,346

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

1,146

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

4,255

Zero

coupon

06/01/52

565

Michigan

Tobacco

Settlement

Finance

Authority

Revenue

Bonds

34,055

Zero

coupon

06/01/58

1,117

State

of

Michigan

Trunk

Line

Revenue

Bonds

3,500

5.500 11/15/49

3,757

Summit

Academy

North

Revenue

Bonds

555

2.250 11/01/26

540

Tipton

Academy

Revenue

Bonds

4.000 06/01/51

Universal

Academy

Revenue

Bonds

500

4.000 12/01/31

44,263

Minnesota

-

0.5%

City

of

Bethel

Revenue

Bonds

1,000

5.000 07/01/59

906

City

of

Eagan

Revenue

Bonds

(Þ)

6.250 02/01/45

City

of

Eagan

Revenue

Bonds

(Þ)

6.375 02/01/55

City

of

Eagan

Revenue

Bonds

(Þ)

6.500 02/01/65

City

of

Forest

Lake

Charter

School

Lease

Revenue

Bonds

500

5.250 08/01/43

City

of

Ham

Lake

Revenue

Bonds

2,000

5.000 11/01/36

1,999

City

of

Minneapolis

Charter

Lease

Revenue

Bonds

(Þ)

1,400

5.000 12/01/32

1,377

City

of

St.

Cloud

Revenue

Bonds

5.000 05/01/54

City

of

State

Cloud

Revenue

Bonds

4.000 05/01/49

City

of

Woodbury

Revenue

Bonds

4.000 12/01/40

City

of

Woodbury

Revenue

Bonds

4.000 12/01/50

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

2,437

Duluth

Economic

Development

Authority

Revenue

Bonds

1,425

5.250 02/15/58

1,425

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

(ae)

4.000 03/01/29

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

718

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/40

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

5.000 05/01/47

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.250 07/01/33

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

(Þ)

5.500 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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

5.500 12/01/57

11,747

Mississippi

-

0.2%

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)(Þ)

830

6.000 10/15/30

821

Mississippi

Business

Finance

Corp.

Revenue

Bonds

1,400

2.375 06/01/44

850

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

1,025

4.000 10/01/34

909

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

900

4.000 10/01/35

789

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

950

4.000 10/01/36

822

Mississippi

Development

Bank

Revenue

Bonds

(Þ)

4.000 10/01/41

4,354

Missouri

-

0.7%

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

5.000 03/01/36

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,650

4.000 03/01/41

1,501

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

525

4.875 06/15/34

523

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

2,221

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.750 11/15/47

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

5.750 06/15/54

Western

Gateway

Transportation

Development

District

Revenue

Bonds

(Þ)

5.250 12/01/48

Joplin

Industrial

Development

Authority

Revenue

Bonds

3.500 11/01/40

Joplin

Industrial

Development

Authority

Revenue

Bonds

4.250 11/01/50

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/54

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

(Þ)

1,750

5.000 02/01/40

1,678

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

5.000 08/15/39

Missouri

Southern

State

University

Revenue

Bonds

4.000 10/01/34

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1.870 06/01/36

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000 02/01/42

870

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.250 02/01/48

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,200

5.000 12/01/52

1,214

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.250 02/01/54

Plaza

at

Noah's

Ark

Community

Improvement

District

Revenue

Bonds

3.000 05/01/25

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

631

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

14,262

Montana

-

0.1%

County

of

Gallatin

Revenue

Bonds

(Þ)

4.000 10/15/41

County

of

Gallatin

Revenue

Bonds

(Þ)

1,000

4.000 10/15/46

660

County

of

Gallatin

Revenue

Bonds

(Þ)

1,125

1.000 10/15/55

871

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,500

5.000 07/01/43

1,513

3,205

Nevada

-

0.4%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Carson

City

Hospital

Revenue

Bonds

1,025

5.000 09/01/47

989

City

of

Las

Vegas Special

Improvement

District

No.

817

Summerlin

Village

Special

Assessment

500

5.750 06/01/43

527

City

of

Las

Vegas Special

Improvement

District

No.

817

Summerlin

Village

Special

Assessment

6.000 06/01/48

City

of

Las

Vegas

Special

Improvement

District

No.

613

Special

Assessment

5.500 12/01/53

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.250 06/01/37

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.375 06/01/42

City

of

Las

Vegas

Special

Improvement

District

No.

813

Special

Assessment

4.500 06/01/47

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

3.000 06/01/41

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

3.125 06/01/51

City

of

Las

Vegas

Special

Improvement

District

No.

818

Special

Assessment

1,115

5.000 12/01/49

1,037

City

of

Sparks

Special

Improvement

District

No.

Special

Assessment

500

5.125 06/01/54

Henderson

Local

Improvement

Districts

Special

Assessment

4.000 09/01/35

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

&

Visitors

Authority

Revenue

Bonds

5.000 07/01/30

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

5.000 07/01/43

Las

Vegas

Redevelopment

Agency

Tax

Allocation

5.000 06/15/45

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

4.000 06/01/49

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

5.000 12/01/49

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

1,100

5.000 07/15/37

1,085

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(~)(ae)(Ê)(Þ)

1,425

9.500 01/01/65

1,368

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

1,000

5.000 07/01/34

1,025

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/45

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/51

8,067

New

Hampshire

-

1.0%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)(Þ)

2.950 04/01/29

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

500

5.625 02/01/30

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

500

5.375 12/01/31

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

750

5.300 12/01/32

735

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

5.875 12/15/32

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4.875 12/01/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,275

5.625 12/15/33

1,286

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

800

5.875 12/15/33

795

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

7,060

6.890 04/01/34

7,316

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

900

Zero

coupon

12/01/34

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

1,552

5.375 12/15/35

1,513

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

545

6.250 12/15/38

556

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

988

4.250 07/20/41

941

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

3.625 07/01/43

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

535

3.750 07/01/45

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5.250 07/01/48

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,000

4.000 01/01/51

767

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

5.000 08/01/32

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

845

5.000 08/01/35

862

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

500

5.000 10/01/36

506

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

935

5.000 08/01/37

949

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

980

5.000 08/01/40

993

21,066

New

Jersey

-

3.6%

Atlantic

City

General

Obligation

Unlimited

5.000 12/01/25

Atlantic

City

General

Obligation

Unlimited

5.000 12/01/28

Essex

County

Improvement

Authority

Revenue

Bonds

545

4.000 06/15/38

524

Essex

County

Improvement

Authority

Revenue

Bonds

815

4.000 06/15/46

712

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,785

5.250 09/15/29

2,786

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.625 11/15/30

500

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

4.000 07/01/32

New

Jersey

Economic

Development

Authority

Revenue

Bonds

500

5.000 07/01/32

500

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

500

5.000 06/15/41

515

New

Jersey

Economic

Development

Authority

Revenue

Bonds

675

3.000 08/01/41

516

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

5.000 06/01/42

New

Jersey

Economic

Development

Authority

Revenue

Bonds

635

5.000 06/15/42

641

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5,000

5.000 11/01/44

5,065

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,275

4.000 06/15/46

1,121

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

981

New

Jersey

Economic

Development

Authority

Revenue

Bonds

2,000

5.000 10/01/47

1,936

New

Jersey

Economic

Development

Authority

Revenue

Bonds

1,250

5.000 01/01/48

1,127

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

4.125 07/01/54

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

650

5.250 07/01/54

673

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,400

Zero

coupon

12/15/26

1,324

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

600

Zero

coupon

12/15/29

506

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

1,947

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

4.000 12/15/31

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

910

Zero

coupon

12/15/32

674

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

500

Zero

coupon

12/15/33

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/33

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

Zero

coupon

12/15/34

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

2,975

Zero

coupon

12/15/35

1,923

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,125

Zero

coupon

12/15/35

2,020

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/35

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,255

Zero

coupon

12/15/36

2,003

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

3,425

Zero

coupon

12/15/36

2,108

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5.000 12/15/36

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

7,235

Zero

coupon

12/15/37

4,222

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

4.000 06/15/38

2,224

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,

#### 2025
(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

2,750

Zero

coupon

12/15/38

1,518

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

7,975

4.000 06/15/45

7,170

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3.500 06/15/46

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3.000 06/15/50

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

4.125 06/15/55

2,616

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.250 06/15/55

3,113

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,785

4.000 01/01/48

1,681

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

2,403

South

Jersey

Port

Corp.

Revenue

Bonds

6,285

5.000 01/01/42

6,144

South

Jersey

Port

Corp.

Revenue

Bonds

1,600

5.000 01/01/48

1,538

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.500 11/01/42

990

South

Jersey

Transportation

Authority

Revenue

Bonds

1,000

4.625 11/01/47

969

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

4,215

5.000 06/01/46

4,036

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

6.000 12/01/25

Union

County

Improvement

Authority

Revenue

Bonds

(Þ)

1,100

6.750 12/01/41

698

75,890

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

885

1,356

New

York

-

7.6%

Albany

Capital

Resource

Corp.

Revenue

Bonds

4.750 06/01/54

Albany

Capital

Resource

Corp.

Revenue

Bonds

5.000 06/01/64

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

2,730

5.000 07/15/42

2,725

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

510

Zero

coupon

07/15/46

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

2.500 06/15/31

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

9.750 07/01/32

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/36

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

500

6.500 07/01/42

500

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/49

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

4.000 06/15/51

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

1,000

4.000 11/01/51

777

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 12/01/51

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 06/15/52

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

5.250 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

6.500 07/01/52

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/53

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 12/01/55

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/56

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 06/15/57

Build

NYC

Resource

Corp.

Revenue

Bonds

5.250 07/01/57

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

6.500 07/01/57

Build

NYC

Resource

Corp.

Revenue

Bonds

4.750 06/15/58

Build

NYC

Resource

Corp.

Revenue

Bonds

500

5.250 07/01/62

502

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.500 06/15/63

City

of

New

York

General

Obligation

Unlimited

2,000

4.500 05/01/49

1,953

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,000

5.000 07/01/45

1,000

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

2,175

5.000 07/01/46

2,179

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

1,500

5.000 07/01/51

1,449

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

1,882

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

5.000 07/01/38

Hempstead

Town

Local

Development

Corp.

Revenue

Bonds

500

5.500 06/15/57

Huntington

Local

Development

Corp.

Revenue

Bonds

705

4.750 07/01/31

673

Huntington

Local

Development

Corp.

Revenue

Bonds

700

5.250 07/01/56

580

Jefferson

County

Civic

Facility

Development

Corp.

Revenue

Bonds

1,000

4.000 11/01/32

921

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/25

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/27

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

2,500

5.000 11/15/40

2,501

Metropolitan

Transportation

Authority

Revenue

Bonds

2,585

4.000 11/15/45

2,272

Metropolitan

Transportation

Authority

Revenue

Bonds

500

4.750 11/15/45

Metropolitan

Transportation

Authority

Revenue

Bonds

1,500

5.000 11/15/45

1,521

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

2,500

4.000 11/15/48

2,188

Metropolitan

Transportation

Authority

Revenue

Bonds

4.000 11/15/48

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

900

4.000 11/15/50

759

Metropolitan

Transportation

Authority

Revenue

Bonds

4,300

4.000 11/15/50

3,635

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/50

Metropolitan

Transportation

Authority

Revenue

Bonds

1,125

5.250 11/15/55

1,144

Nassau

County

Tobacco

Settlement

Corp.

Revenue

Bonds

12,290

Zero

coupon

06/01/60

704

New

York

City

Housing

Development

Corp.

Revenue

Bonds

500

5.250 12/15/31

506

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,665

3.000 01/01/46

1,173

New

York

City

Industrial

Development

Revenue

Bonds

(µ)

1,375

3.000 03/01/49

970

New

York

City

Industrial

Development

Revenue

Bonds

3.000 03/01/49

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

5.250 05/01/49

New

York

Counties

Tobacco

Trust

IV

Revenue

Bonds

9,455

Zero

coupon

06/01/60

570

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

5.150 11/15/34

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,900

5.375 11/15/40

1,900

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

1,000

2.750 02/15/44

742

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

12,615

5.000 11/15/44

12,537

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

2,600

7.250 11/15/44

2,600

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

Power

Authority

Revenue

Bonds

2,000

4.000 11/15/50

1,791

New

York

State

Dormitory

Authority

Revenue

Bonds

(Þ)

900

5.000 12/01/30

890

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

1,077

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

720

3.000 09/01/50

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/50

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.250 05/01/52

New

York

State

Dormitory

Authority

Revenue

Bonds

840

5.000 05/01/52

856

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

4.000 07/01/53

1,730

New

York

State

Dormitory

Authority

Revenue

Bonds

1,435

4.000 03/15/54

1,266

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000 07/01/57

858

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

500

2.750 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

1,403

New

York

State

Thruway

Authority

Revenue

Bonds

10,000

4.000 03/15/39

9,768

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

3,494

New

York

State

Urban

Development

Corp.

Revenue

Bonds

2,500

5.000 03/15/52

2,552

New

York

Transportation

Development

Corp.

Revenue

Bonds

2.250 08/01/26

New

York

Transportation

Development

Corp.

Revenue

Bonds

720

5.000 08/01/26

720

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,925

4.000 10/01/30

1,888

New

York

Transportation

Development

Corp.

Revenue

Bonds

530

3.000 08/01/31

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,245

5.250 08/01/31

1,280

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,315

4.000 07/01/33

1,263

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

3,119

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,745

5.000 10/01/35

1,769

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,075

4.000 01/01/36

1,934

New

York

Transportation

Development

Corp.

Revenue

Bonds

775

5.375 08/01/36

792

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,700

4.000 12/01/39

1,598

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,510

5.000 12/01/39

1,534

New

York

Transportation

Development

Corp.

Revenue

Bonds

625

5.625 04/01/40

648

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,185

5.000 10/01/40

1,191

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

2,563

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

5,373

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

1,000

4.000 07/01/46

848

New

York

Transportation

Development

Corp.

Revenue

Bonds

750

5.000 07/01/46

740

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,440

5.250 01/01/50

2,409

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

2,500

5.000 06/30/54

2,484

New

York

Transportation

Development

Corp.

Revenue

Bonds

12,135

5.500 06/30/54

12,316

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,225

6.000 06/30/54

2,329

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,810

5.500 12/31/54

2,858

New

York

Transportation

Development

Corp.

Revenue

Bonds

3,700

5.000 06/30/60

3,530

New

York

Transportation

Development

Corp.

Revenue

Bonds

4,050

5.375 06/30/60

4,041

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,190

5.500 12/31/60

1,202

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Niagara

Area

Development

Corp.

Revenue

Bonds

5.000 07/01/52

Nuveen

AMT-Free

Municipal

Credit

Income

Fund

Tax-Exempt

Preferreds

(~)(Ê)

2,300

3.360 03/01/29

2,300

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

4.000 12/01/38

Oneida

County

Local

Development

Corp.

Revenue

Bonds

4.000 07/01/39

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/39

Oneida

County

Local

Development

Corp.

Revenue

Bonds

(µ)

3.000 12/01/40

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

700

6.000 09/01/43

739

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.000 08/01/32

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.125 08/01/44

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.375 08/01/54

Orange

County

Funding

Corp.

Revenue

Bonds

5.000 07/01/42

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,450

5.000 01/15/52

2,433

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

5.500 08/01/52

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

5.750 12/01/44

1,213

Suffolk

Regional

Off-Track

Betting

Co.

Revenue

Bonds

1,200

6.000 12/01/53

1,217

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

2,000

4.000 06/01/50

1,688

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,850

4.250 05/15/58

1,694

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

5.000 11/01/46

Westchester

County

Local

Development

Corp.

Revenue

Bonds

(µ)

1,000

5.000 11/01/51

1,032

Westchester

County

Local

Development

Corp.

Revenue

Bonds

6.250 11/01/52

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

162,373

North

Carolina

-

0.8%

Greater

Asheville

Regional

Airport

Authority

Revenue

Bonds

(µ)

1,000

5.500 07/01/47

1,057

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

503

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

4.000 03/01/41

981

North

Carolina

Medical

Care

Commission

Revenue

Bonds

2,180

4.000 09/01/41

1,858

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 10/01/45

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 09/01/46

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,000

5.000 01/01/49

936

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,100

5.000 09/01/49

1,037

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

1,585

North

Carolina

Medical

Care

Commission

Revenue

Bonds

700

4.000 01/01/52

555

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,335

5.000 09/01/54

1,227

North

Carolina

Turnpike

Authority

Revenue

Bonds

2,000

5.000 01/01/43

2,024

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

4,360

5.000 01/01/58

4,385

17,443

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

986

City

of

Horace

General

Obligation

Unlimited

4.850 08/01/26

City

of

Horace

General

Obligation

Unlimited

5.000 05/01/50

County

of

Burleigh

Revenue

Bonds

5.200 04/15/46

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

1,000

5.000 06/01/38

949

County

of

Ward

Health

Care

Facilities

Revenue

Bonds

2,500

5.000 06/01/53

2,269

5,544

Ohio

-

4.6%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

3,000

5.250 11/15/46

3,011

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

4.000 06/01/37

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

4.000 06/01/38

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,800

3.000 06/01/48

1,252

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,730

4.000 06/01/48

1,456

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

37,755

5.000 06/01/55

32,504

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

28,915

Zero

coupon

06/01/57

2,734

Centerville

Health

Care

Revenue

Bonds

5.250 11/01/37

Centerville

Health

Care

Revenue

Bonds

5.250 11/01/50

City

of

Cleveland

Revenue

Bonds

1,245

5.375 09/15/27

1,246

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,000

4.000 08/01/44

900

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

(Þ)

5.875 01/01/49

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

1,500

5.500 08/01/52

1,561

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

4.000 12/01/55

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

(Þ)

4.500 12/01/55

Columbus

Regional

Airport

Authority

Revenue

Bonds

3,335

5.500 01/01/55

3,464

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

1,405

4.000 11/15/38

1,227

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

(Þ)

600

7.000 07/01/53

585

County

of

Cuyahoga

Hospital

Revenue

Bonds

1,000

5.000 02/15/37

998

County

of

Cuyahoga

Hospital

Revenue

Bonds

990

5.250 02/15/47

990

County

of

Cuyahoga

Hospital

Revenue

Bonds

3,300

5.000 02/15/57

3,101

County

of

Cuyahoga

Hospital

Revenue

Bonds

3,020

5.500 02/15/57

3,022

County

of

Darke

Revenue

Bonds

4.000 09/01/40

County

of

Darke

Revenue

Bonds

4.000 09/01/45

County

of

Darke

Revenue

Bonds

5.000 09/01/49

County

of

Franklin

Revenue

Bonds

5.250 07/01/41

County

of

Franklin

Revenue

Bonds

1,055

5.500 07/01/41

1,095

County

of

Franklin

Revenue

Bonds

1,195

5.250 11/15/55

1,072

County

of

Lucas

Hospital

Revenue

Bonds

4.000 11/15/45

County

of

Lucas

Hospital

Revenue

Bonds

4,325

5.250 11/15/48

4,168

County

of

Muskingum

Revenue

Bonds

5.000 02/15/48

Cuyahoga

County

Hospital

Revenue

Bonds

5.000 05/15/32

Cuyahoga

County

Hospital

Revenue

Bonds

5.375 05/15/37

Cuyahoga

County

Hospital

Revenue

Bonds

2,140

5.000 02/15/42

2,121

Cuyahoga

County

Hospital

Revenue

Bonds

5.500 05/15/42

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Dayton-Montgomery

County

Port

Authority

Revenue

Bonds

930

5.000 12/01/44

917

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

1,050

5.000 12/01/51

936

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/59

1,045

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

3.250 09/01/29

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

4.250 01/15/38

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(Þ)

4,665

4.500 01/15/48

4,108

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,385

5.250 12/01/43

1,294

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

2,000

5.000 11/01/44

1,863

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,100

4.000 07/01/46

911

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/47

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,500

5.000 01/15/50

1,520

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

1,300

5.000 12/01/50

1,229

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/52

Ohio

Housing

Finance

Agency

Revenue

Bonds

(Þ)

5.700 08/01/43

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

3,175

5.000 11/15/45

3,223

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

5.000 12/01/46

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

4.250 12/01/50

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.375 06/15/56

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

3,000

5.000 12/01/44

2,924

Port

of

Greater

Cincinnati

Development

Authority

Tax

Allocation

5.125 12/01/55

State

of

Ohio

Revenue

Bonds

(Þ)

5.000 12/01/38

State

of

Ohio

Revenue

Bonds

3.000 01/15/45

State

of

Ohio

Revenue

Bonds

1,915

4.000 01/15/46

1,644

State

of

Ohio

Revenue

Bonds

(Þ)

5.000 12/01/48

State

of

Ohio

Revenue

Bonds

4.000 01/15/50

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

925

5.000 07/01/39

885

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

877

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/51

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/57

Warren

County

Port

Authority

Revenue

Bonds

1,370

4.000 12/01/53

1,057

97,142

Oklahoma

-

0.4%

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

2,828

Oklahoma

Development

Finance

Authority

Revenue

Bonds

950

5.500 08/15/57

950

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

(~)(ae)(Ê)

1,555

5.000 06/01/35

1,556

Tulsa

Airports

Improvement

Trust

Revenue

Bonds

625

5.500 12/01/35

625

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

560

4.375 12/01/41

529

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

(Þ)

690

4.000 12/01/43

641

Tulsa

County

Industrial

Authority

Revenue

Bonds

1,000

5.250 11/15/37

1,011

Wagoner

County

Development

Authority

Revenue

Bonds

6.750 05/01/40

9,023

Oregon

-

0.5%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

640

5.000 08/01/41

636

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Astoria

Hospital

Facilities

Authority

Revenue

Bonds

5.250 08/01/54

Clackamas

County

Hospital

Facility

Authority

Revenue

Bonds

5.375 11/15/55

County

of

Yamhill

Revenue

Bonds

4.000 12/01/41

County

of

Yamhill

Revenue

Bonds

1,655

4.000 12/01/51

1,393

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

993

Oregon

State

Facilities

Authority

Revenue

Bonds

2,500

5.000 04/01/45

2,466

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

922

Salem

Hospital

Facility

Authority

Revenue

Bonds

950

4.000 05/15/47

791

Union

County

Hospital

Facility

Authority

Revenue

Bonds

1,505

5.000 07/01/37

1,530

Yamhill

County

Hospital

Authority

Revenue

Bonds

5.000 11/15/51

9,916

Pennsylvania

-

4.6%

Adams

County

General

Authority

Revenue

Bonds

575

5.000 08/15/50

571

Allegheny

County

Airport

Authority

Revenue

Bonds

(µ)

1,700

4.000 01/01/46

1,484

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

4.000 01/01/56

791

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

1,865

4.000 04/01/44

1,640

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

5.125 05/01/30

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

900

3.000 06/15/31

855

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/41

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/51

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

4.000 06/15/56

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,515

5.000 05/01/28

1,516

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

500

5.000 05/01/32

500

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

750

5.250 05/01/32

771

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

1,000

5.000 05/01/33

997

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

500

5.000 05/01/42

511

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,450

5.000 05/01/42

4,127

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

700

5.250 05/01/42

679

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

710

6.000 05/01/42

738

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

3,007

5.000 06/30/39

2,770

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,488

6.000 06/30/44

1,061

Berks

County

Municipal

Authority

(The)

Revenue

Bonds

1,175

5.000 10/01/49

1,008

Bethlehem

Redevelopment

Authority

Revenue

Bonds

1,600

5.250 10/01/49

1,616

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

725

4.000 07/01/51

575

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

2,245

5.000 07/01/54

2,092

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

985

5.000 04/01/44

916

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

5.750 04/01/54

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

625

5.000 11/01/25

625

Chester

County

Health

&

Education

Facilities

Authority

Revenue

Bonds

1,985

5.000 11/01/37

1,775

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/27

1,013

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,

#### 2025
(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)

2,000

5.625 10/15/42

1,976

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

800

4.500 10/01/49

700

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,255

5.000 12/15/51

1,190

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.000 10/15/52

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,065

4.500 10/01/54

906

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

(Þ)

1,770

5.000 09/15/33

1,738

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

1,301

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

1,525

4.000 06/01/39

1,405

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

850

5.875 10/15/40

704

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

1,000

5.125 10/15/41

751

Dauphin

County

General

Authority

Revenue

Bonds

(Þ)

2,700

6.250 10/15/53

1,997

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/25

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/26

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/27

Doylestown

Hospital

Authority

Revenue

Bonds

5.000 07/01/28

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

2,050

5.375 07/01/39

2,213

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

5.000 07/01/46

Doylestown

Hospital

Authority

Revenue

Bonds

(ae)

5.000 07/01/46

Franklin

County

Industrial

Development

Authority

Revenue

Bonds

2,000

5.000 12/01/38

1,965

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

(USD

Month

LIBOR

+

0.770%)(Ê)

4.461 05/01/37

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

4.000 06/01/44

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

(Þ)

1,765

6.500 07/15/48

1,788

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000 07/01/27

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000 07/01/28

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

500

5.000 07/01/34

506

Huntingdon

County

General

Authority

Revenue

Bonds

1,000

5.000 05/01/46

965

Lancaster

County

Hospital

Authority

Revenue

Bonds

1,000

5.250 07/01/41

960

Lancaster

County

Hospital

Authority

Revenue

Bonds

750

5.000 03/01/50

616

Lancaster

Higher

Education

Authority

Revenue

Bonds

1,195

5.000 10/01/37

1,197

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,000

5.000 10/01/42

1,918

Lancaster

Industrial

Development

Authority

Revenue

Bonds

675

4.000 07/01/46

574

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

Lehigh

County

General

Purpose

Authority

Revenue

Bonds

1,000

4.000 06/01/52

798

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,500

5.000 12/01/37

1,503

Northampton

County

General

Purpose

Authority

Revenue

Bonds

1,625

5.000 10/01/36

1,638

Northeastern

Pennsylvania

Hospital

&

Education

Authority

Revenue

Bonds

5.000 05/01/44

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,110

5.000 12/31/34

2,121

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,550

5.250 12/01/37

2,555

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

958

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,250

5.000 06/30/42

1,231

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

2,567

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

8,685

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 07/01/49

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.250 06/30/53

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(µ)

500

5.000 12/31/57

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

675

6.000 06/30/61

705

Pennsylvania

Higher

Education

Assistance

Agency

Revenue

Bonds

3,500

5.000 06/01/51

3,336

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

1,018

Pennsylvania

Turnpike

Commission

Revenue

Bonds

1,250

5.000 12/01/40

1,252

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(~)(Ê)(Þ)

940

4.875 12/15/35

898

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.375 06/15/38

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

900

5.000 06/15/40

878

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

4.000 05/01/42

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

1,775

6.250 05/01/42

1,600

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

750

5.125 06/15/42

738

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.500 06/15/43

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 06/15/50

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.250 06/15/52

Scranton

Redevelopment

Authority

Revenue

Bonds

5.000 11/15/28

Scranton

School

District

General

Obligation

Limited

(µ)

2,025

4.250 06/01/37

1,957

Susquehanna

Area

Regional

Airport

Authority

Revenue

Bonds

5.000 01/01/38

Upper

Dauphin

Industrial

Development

Authority

Revenue

Bonds

(Þ)

6.250 07/01/57

Washington

County

Redevelopment

Authority

Tax

Allocation

5.000 07/01/28

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

4.000 11/15/36

West

Cornwall

Township

Municipal

Authority

Revenue

Bonds

555

4.000 11/15/46

98,990

Puerto

Rico

-

7.4%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,290

5.625 07/01/27

1,311

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

653

5.625 07/01/29

673

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,601

5.750 07/01/31

2,738

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

6,448

Zero

coupon

07/01/33

4,383

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,434

4.000 07/01/33

2,292

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

3,932

4.000 07/01/35

3,644

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

843

4.000 07/01/37

769

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,457

4.000 07/01/41

1,248

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,337

4.000 07/01/46

3,518

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

13,550

1.000 11/01/43

8,096

Commonwealth

of

Puerto

Rico

Notes

(~)(Æ)(Ê)(Ø)

8,163

1.000 11/01/51

4,713

Commonwealth

of

Puerto

Rico

Notes

(~)(Ê)

5,055

1.000 11/01/51

1,749

GDB

Debt

Recovery

Authority

of

Puerto

Rico

Revenue

Bonds

8,179

7.500 08/20/40

7,811

HTA

CL

Trust

Revenue

Bonds

615

5.250 07/01/38

615

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.500 07/01/26

583

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

600

3.750 07/01/27

571

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

5.000 07/01/30

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,800

5.000 07/01/35

1,820

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,550

5.000 07/01/37

1,568

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,480

4.000 07/01/42

3,861

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

2,000

4.000 07/01/47

1,641

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

11,785

5.000 07/01/47

11,179

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)

5.375 07/01/22

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

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

885

5.250 07/01/26

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

1,049

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,370

5.000 07/01/28

1,857

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.520%)(µ)(Ê)

3,525

3.772 07/01/29

3,284

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.250 07/01/30

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,150

5.250 07/01/31

634

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,280

5.000 07/01/32

2,358

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)

7.000 07/01/33

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

655

5.250 07/01/35

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,020

6.750 07/01/36

562

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 07/01/37

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

3,675

5.500 07/01/38

2,025

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

4,205

5.250 07/01/40

2,317

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,845

5.000 07/01/42

1,016

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(Æ)(Ø)

1,000

7.000 07/01/43

551

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.500 01/01/41

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.500 01/01/42

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

625

6.750 01/01/45

700

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

Revenue

Bonds

6.750 01/01/46

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/27

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/29

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

Zero

coupon

07/01/31

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

585

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

8,107

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,175

4.550 07/01/40

1,106

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

5,000

Zero

coupon

07/01/46

1,597

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

65,134

Zero

coupon

07/01/46

20,881

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

19,794

Zero

coupon

07/01/51

4,557

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

5,593

4.750 07/01/53

5,154

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

10,525

4.784 07/01/58

9,617

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

21,185

5.000 07/01/58

20,132

157,627

Rhode

Island

-

0.3%

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

(~)(Ê)

2.750 09/01/43

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,000

4.125 05/15/53

897

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

520

5.250 05/15/54

525

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

500

5.000 10/01/42

514

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

650

4.600 10/01/49

626

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

5.000 06/01/50

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

15,450

Zero

coupon

06/01/52

2,549

5,832

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

1,995

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.250 02/01/54

1,056

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

4.625 06/15/32

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

(Þ)

500

5.250 06/15/52

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,465

5.250 11/15/52

1,416

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

575

4.500 11/01/54

547

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.500 11/01/54

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.750 11/15/54

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(Þ)

5.250 06/15/57

South

Carolina

Ports

Authority

Revenue

Bonds

(ae)

5.250 07/01/55

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,851

4.000 12/01/39

2,721

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,364

4.000 12/01/46

1,209

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,000

5.000 12/01/52

1,004

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,579

Spartanburg

Regional

Health

Services

District

Revenue

Bonds

(µ)

1,000

3.000 04/15/49

714

15,114

South

Dakota

-

0.1%

County

of

Lincoln

Revenue

Bonds

1,940

4.000 08/01/41

1,669

County

of

Lincoln

Revenue

Bonds

4.000 08/01/56

County

of

Lincoln

Revenue

Bonds

650

4.000 08/01/61

2,200

Tennessee

-

0.4%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

500

4.000 08/01/36

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

3,000

5.000 08/01/44

2,974

Greenville

Health

&

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

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

5.000 10/01/34

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

5.000 07/01/46

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(µ)

1,500

4.000 05/01/51

1,260

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

Zero

coupon

06/01/43

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

(Þ)

4.000 06/01/51

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(Þ)

5.000 06/01/44

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(Þ)

5.250 06/01/56

Wilson

County

Sports

Authority

Revenue

Bonds

(~)(Ê)

3,205

2.930 09/01/29

3,205

9,220

Texas

-

6.1%

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

1,402

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

710

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

520

3.000 08/15/49

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.625 08/15/52

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

4.000 02/15/54

851

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

(~)(ae)(Ê)(Þ)

4.875 06/15/56

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.750 08/15/57

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

4.875 06/15/59

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

500

6.750 02/15/62

504

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/64

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/29

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/32

Austin

Convention

Enterprises,

Inc.

Revenue

Bonds

5.000 01/01/33

Bastrop

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,024

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

910

5.000 07/15/37

881

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

755

5.000 07/15/42

697

Board

of

Managers

Joint

Guadalupe

County-City

of

Seguin

Hospital

Revenue

Bonds

5.250 12/01/35

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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)

650

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

949

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

(Þ)

2,000

6.500 07/01/26

1,987

Cedar

Bayou

Navigation

District

Special

Assessment

585

6.000 09/15/51

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,000

4.000 01/01/41

906

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

(ae)

5.000 01/01/45

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

504

5.000 09/15/51

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/52

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

7.375 09/15/52

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/53

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/54

City

of

Arlington

Tax

Allocation

Revenue

Bonds

920

4.000 08/15/41

789

City

of

Aubrey

Special

Assessment

(Þ)

5.875 09/01/43

City

of

Aubrey

Special

Assessment

(Þ)

6.000 09/01/45

City

of

Aubrey

Special

Assessment

(Þ)

6.000 09/01/53

City

of

Aubrey

Special

Assessment

(Þ)

5.625 12/31/55

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.125 11/01/33

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.500 11/01/51

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

5.250 11/01/53

City

of

Balch

Springs

Special

Assessment

Revenue

Bonds

(Þ)

5.875 09/15/54

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/26

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/41

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/51

City

of

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)

3.250 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,020

3.000 09/01/35

891

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

1,428

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.500 09/01/41

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/01/41

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

3.375 09/01/42

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/01/42

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/43

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/44

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/45

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

1,845

4.375 09/01/49

1,533

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

650

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

(Þ)

730

5.625 09/01/55

693

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

512

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

6.750 09/15/52

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/55

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/52

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/52

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/54

City

of

Dayton

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/01/54

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/45

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

6.875 09/15/54

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/55

City

of

Decatur

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/15/55

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/44

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/15/44

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

6.250 09/15/54

City

of

Dorchester

Special

Assessment

Revenue

Bonds

(Þ)

7.250 09/15/54

City

of

Dripping

Springs

Special

Assessment

(Þ)

5.250 09/01/54

City

of

Elmendorf

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

3.750 08/15/41

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

4.000 08/15/51

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

4.375 08/15/52

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

6.000 08/15/52

City

of

Fate

Special

Assessment

Revenue

Bonds

(Þ)

5.375 08/15/53

City

of

Forney

Special

Assessment

Revenue

Bonds

(Þ)

628

6.500 09/15/53

618

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

602

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

4.500 09/01/32

City

of

Hackberry

Special

Assessment

620

4.500 09/01/38

562

City

of

Hackberry

Special

Assessment

Contract

Revenue

Bonds

5.000 09/01/44

City

of

Hackberry

Special

Assessment

Contract

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

695

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

3,924

City

of

Houston

Airport

System

Revenue

Bonds

500

5.000 07/01/29

500

City

of

Houston

Airport

System

Revenue

Bonds

5.000 07/15/30

City

of

Houston

Airport

System

Revenue

Bonds

2,800

5.000 07/15/35

2,729

City

of

Houston

Airport

System

Revenue

Bonds

1,000

5.500 07/15/38

1,005

City

of

Houston

Airport

System

Revenue

Bonds

575

4.000 07/15/41

City

of

Houston

Airport

System

Revenue

Bonds

540

4.000 07/01/47

City

of

Huntsville

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/44

City

of

Huntsville

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/54

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

705

5.125 09/01/45

660

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/56

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/01/58

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/47

City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

802

5.750 09/01/53

802

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/44

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/52

City

of

Kaufman

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/54

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/32

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.625 09/01/39

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

3.750 09/01/41

City

of

Kyle

Special

Assessment

Revenue

Bonds

5.000 09/01/42

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/43

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

4.750 09/01/44

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/47

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/50

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/53

City

of

Kyle

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/54

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

3.750 09/01/42

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/01/54

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.250 09/15/39

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/15/42

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/15/42

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/49

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/52

City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/52

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Lavon

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/54

City

of

Lewisville

Special

Assessment

Revenue

Bonds

(Þ)

8.000 09/01/53

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/42

City

of

Liberty

Hill

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/52

City

of

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

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/41

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/01/44

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

7.375 09/01/44

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/51

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

5.125 09/01/51

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

6.625 09/01/54

City

of

Marble

Falls

Special

Assessment

Revenue

Bonds

(Þ)

7.625 09/01/54

City

of

McLendon-Chisholm

Special

Assessment

(µ)

2.500 09/15/35

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

3.625 09/15/41

City

of

McLendon-Chisholm

Special

Assessment

(µ)

650

3.000 09/15/45

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

4.375 09/15/49

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

4.000 09/15/51

City

of

McLendon-Chisholm

Special

Assessment

(Þ)

5.750 09/15/52

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/39

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/43

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

1,000

5.375 09/01/48

966

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/49

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/53

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/01/53

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/53

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/31

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/15/51

City

of

Midlothian

Special

Assessment

Revenue

Bonds

(Þ)

4.750 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

(Þ)

4.500 09/01/41

City

of

New

Braunfels

Special

Assessment

(Þ)

4.750 09/01/51

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

625

3.125 09/01/41

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

Oak

Point

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/15/54

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

5.625 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.000 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.125 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.500 09/15/52

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/15/55

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

(Þ)

7.125 09/15/55

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

8.250 09/15/43

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

7.500 09/15/53

City

of

Plano

Special

Assessment

Revenue

Bonds

(Þ)

8.500 09/15/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/39

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)

4.875 09/01/48

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/01/49

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/50

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.125 09/01/50

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.000 09/01/51

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/52

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/52

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

6.375 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

7.000 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

7.875 09/01/53

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/54

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/54

City

of

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)

4.375 09/15/30

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

San

Marcos

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/01/51

City

of

Santa

Fe

Special

Assessment

Revenue

Bonds

(Þ)

509

4.875 09/01/42

City

of

Santa

Fe

Special

Assessment

Revenue

Bonds

(Þ)

859

5.000 09/01/52

799

City

of

Seagoville

Special

Assessment

Revenue

Bonds

(Þ)

6.000 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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

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

Uhland

Special

Assessment

Revenue

Bonds

(Þ)

750

6.625 09/01/52

791

City

of

Uhland

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/01/55

City

of

Waxahachie

Special

Assessment

(Þ)

5.500 08/15/52

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/34

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

5.750 06/15/44

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

6.000 06/15/54

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

5.100 09/01/44

Club

Municipal

Management

District

No.

Special

Assessment

(Þ)

1,172

5.375 09/01/55

1,085

Conroe

Local

Government

Corp.

Revenue

Bonds

4.000 10/01/50

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.250 09/01/44

County

of

Bastrop

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/01/53

County

of

Bastrop

Special

Assessment

Revenue

Bonds

5.500 09/01/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.250 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.750 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.000 12/31/44

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.375 12/31/45

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.875 12/31/45

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.625 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.125 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

6.250 12/31/54

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

5.625 12/31/55

County

of

Denton

Special

Assessment

Revenue

Bonds

(Þ)

500

6.125 12/31/55

County

of

Hays

Special

Assessment

Revenue

Bonds

(Þ)

5.500 09/15/42

County

of

Hays

Special

Assessment

Revenue

Bonds

(Þ)

5.750 09/15/52

County

of

Montgomery

Special

Assessment

5.250 09/15/45

County

of

Montgomery

Special

Assessment

5.375 09/15/54

County

of

Montgomery

Special

Assessment

5.500 09/15/54

Dallas

Independent

School

District

General

Obligation

Unlimited

3,000

4.000 02/15/55

2,648

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

5.800 10/01/46

1,042

Grand

Parkway

Transportation

Corp.

Revenue

Bonds

(µ)

5,200

4.000 10/01/49

4,605

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

897

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

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

General

Obligation

Unlimited

(µ)

1,660

4.500 09/01/54

1,471

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

1,195

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)

2,570

4.625 10/01/31

2,521

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

(Þ)

1,000

4.000 08/15/36

910

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

857

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.250 01/01/42

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

700

4.000 08/15/46

563

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,250

4.000 08/15/51

961

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,065

5.750 07/15/52

1,064

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,100

4.000 08/15/56

816

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6,795

5.500 01/01/57

6,151

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

600

7.000 01/01/57

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.000 07/15/57

North

East

Texas

Regional

Mobility

Authority

Revenue

Bonds

5.000 01/01/46

North

Parkway

Municipal

Management

District

No.

Special

Assessment

(Þ)

4.000 09/15/41

North

Texas

Tollway

Authority

Revenue

Bonds

1,345

3.000 01/01/46

943

North

Texas

Tollway

Authority

Revenue

Bonds

(µ)

2,000

3.000 01/01/46

1,472

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

925

10.000 07/01/26

951

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.750 01/01/36

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.000 01/01/39

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

2.875 01/01/41

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.125 01/01/44

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

1,450

3.000 01/01/50

939

Port

Beaumont

Navigation

District

Revenue

Bonds

(Þ)

5.250 01/01/54

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,900

4.100 01/01/28

1,748

Red

River

Education

Finance

Corp.

Education

Revenue

Bonds

1,255

5.500 10/01/46

1,218

San

Antonio

Education

Facilities

Corp.

Revenue

Bonds

1,000

4.000 04/01/51

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
South

Manvel

Development

Authority

Tax

Allocation

4.500 04/01/39

South

Manvel

Development

Authority

Tax

Allocation

5.000 04/01/43

South

Manvel

Development

Authority

Tax

Allocation

5.250 04/01/50

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

505

5.000 05/15/45

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 10/01/49

Tarrant

County

Hospital

District

General

Obligation

Limited

4.250 08/15/53

Texas

City

Industrial

Development

Corp.

Revenue

Bonds

770

4.125 12/01/45

668

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

1,000

5.000 12/15/31

1,042

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

5,500

5.000 06/30/58

5,388

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

5,150

5.500 12/31/58

5,232

Texas

Water

Development

Board

Revenue

Bonds

1,500

5.000 10/15/58

1,545

Town

of

Argyle

Special

Assessment

Revenue

Bonds

(Þ)

5.250 09/01/47

Town

of

Hickory

Creek

Special

Assessment

3.875 09/01/37

Town

of

Lakewood

Village

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/52

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

727

5.750 09/01/38

735

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

802

Town

of

Providence

Village

Special

Assessment

(Þ)

5.350 09/01/45

Town

of

Providence

Village

Special

Assessment

(Þ)

5.250 09/01/54

Town

of

Providence

Village

Special

Assessment

(Þ)

5.500 09/01/55

Travis

County

Development

Authority

Special

Assessment

(Þ)

5.500 09/01/52

Travis

County

Development

Authority

Special

Assessment

(Þ)

5.125 09/01/54

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/36

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/37

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/39

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/40

Village

of

Salado

Special

Assessment

Revenue

Bonds

(Þ)

6.500 09/01/54

Viridian

Municipal

Management

District

Special

Assessment

3.125 12/01/35

Viridian

Municipal

Management

District

Special

Assessment

3.375 12/01/40

Viridian

Municipal

Management

District

Special

Assessment

4.750 12/01/43

Viridian

Municipal

Management

District

Special

Assessment

3.500 12/01/47

Westside

Special

Improvement

District

General

Obligation

Limited

600

3.000 08/15/51

130,175

Utah

-

1.2%

Arrowhead

Springs

Public

Infrastructure

District

Special

Assessment

(Þ)

5.625 12/01/54

Benloch

Ranch

Improvement

Association

No.

Revenue

Bonds

(Š)(Þ)

9.750 12/01/39

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

2,000

4.000 03/01/51

1,619

Black

Desert

Public

Infrastructure

District

General

Obligation

Limited

(~)(Ê)(Þ)

500

7.375 09/15/51

Black

Desert

Public

Infrastructure

District

Special

Assessment

(Þ)

600

5.625 12/01/53

584

City

of

Salt

Lake

Airport

Revenue

Bonds

1,365

5.250 07/01/48

1,388

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

3,240

5.500 07/01/53

3,365

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

Firefly

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.625 03/01/54

500

Firefly

Public

Infrastructure

District

No.

Special

Assessment

(Þ)

544

5.625 12/01/43

544

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

750

5.500 02/01/50

589

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

(Þ)

1,500

4.500 06/01/51

1,113

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

902

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

Military

Installation

Development

Authority

Revenue

Bonds

550

4.000 06/01/41

Military

Installation

Development

Authority

Revenue

Bonds

2,275

4.000 06/01/52

1,701

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

6.375 03/01/55

513

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

(~)(Ê)(Þ)

500

5.125 12/01/29

Red

Bridge

Public

Infrastructure

District

No.

General

Obligation

Limited

(Þ)

500

4.375 02/01/51

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

(Þ)

1,000

4.125 06/01/41

877

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/38

915

Utah

Infrastructure

Agency

Revenue

Bonds

2,000

5.000 10/15/40

2,002

Utah

Infrastructure

Agency

Revenue

Bonds

850

4.000 10/15/41

744

Utah

Infrastructure

Agency

Revenue

Bonds

1,100

6.000 10/15/47

1,166

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

710

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(Þ)

1,420

4.250 06/15/51

1,043

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

26,098

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

&

Health

Buildings

Financing

Agency

Revenue

Bonds

550

5.000 10/01/42

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

5.500 10/01/43

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

875

5.250 10/01/52

713

Vermont

Student

Assistance

Corp.

Revenue

Bonds

1,600

4.500 06/15/45

1,415

3,212

Virgin

Islands

-

0.7%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

750

5.000 10/01/28

772

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

7,845

5.000 10/01/30

8,130

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

2,640

5.000 10/01/32

2,735

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

750

5.000 10/01/39

737

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

1,680

5.000 10/01/32

1,621

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

14,761

Virginia

-

1.3%

Albemarle

County

Economic

Development

Authority

Revenue

Bonds

500

4.000 06/01/54

Farmville

Industrial

Development

Authority

Revenue

Bonds

5,300

5.000 01/01/40

5,282

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

Newport

News

Economic

Development

Authority

Revenue

Bonds

1,000

5.000 12/01/38

1,002

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/45

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

1,120

5.200 06/01/46

1,026

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,805

6.706 06/01/46

3,066

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

14,450

Zero

coupon

06/01/47

4,009

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

871

Virginia

College

Building

Authority

Revenue

Bonds

3.000 06/01/41

Virginia

College

Building

Authority

Revenue

Bonds

4.000 06/01/46

Virginia

Housing

Development

Authority

Revenue

Bonds

4.600 09/01/50

Virginia

Housing

Development

Authority

Revenue

Bonds

675

4.650 09/01/55

647

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,005

5.000 01/01/36

1,025

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

500

5.000 12/31/47

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,000

4.000 01/01/48

2,550

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000 12/31/49

969

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,550

5.000 12/31/52

1,503

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

3,570

5.000 12/31/56

3,376

27,535

Washington

-

1.3%

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,000

5.125 12/01/48

963

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

1,500

5.000 12/01/44

1,456

Port

of

Seattle

Industrial

Development

Corp.

Revenue

Bonds

5.000 04/01/30

Port

of

Seattle

Revenue

Bonds

4.000 08/01/47

Skagit

County

Public

Hospital

District

No.

Revenue

Bonds

3,050

5.500 12/01/54

3,094

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.625 12/01/40

1,509

Washington

Higher

Education

Facilities

Authority

Revenue

Bonds

975

4.000 10/01/42

858

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

1,998

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

1,710

5.000 07/01/33

1,818

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,200

5.000 07/01/48

2,163

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4,400

3.000 07/01/58

2,819

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,820

4.000 07/01/58

2,272

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,420

4.000 07/01/58

1,204

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

2,525

4.000 01/01/41

2,103

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

2,316

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/48

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/49

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.000 01/01/55

Whidbey

Island

Public

Hospital

District

General

Obligation

Unlimited

1,500

5.500 12/01/33

1,458

27,402

West

Virginia

-

0.4%

City

of

Huntington

Tax

Allocation

700

5.000 06/01/39

666

City

of

Huntington

Tax

Allocation

5.500 06/01/49

City

of

Huntington

Tax

Allocation

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)

4.250 06/01/42

City

of

South

Charleston

Revenue

Bonds

(Þ)

1,150

4.500 06/01/50

878

County

of

Monongalia

Tax

Allocation

(Þ)

5.750 06/01/43

County

of

Monongalia

Tax

Allocation

(Þ)

6.000 06/01/53

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Ohio

Special

District

Excise

Tax

Revenue

Bonds

3.000 03/01/35

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,155

4.125 06/01/43

1,016

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

1,070

4.875 06/01/43

1,012

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

(Þ)

975

8.000 06/01/53

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 01/01/43

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

1,725

4.125 01/01/47

1,407

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

1,000

4.125 01/01/47

859

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

5.500 09/01/48

7,637

Wisconsin

-

3.1%

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,685

4.000 03/01/28

1,647

Public

Finance

Authority

Revenue

Bonds

(Þ)

3,000

6.000 06/01/28

3,009

Public

Finance

Authority

Revenue

Bonds

1,720

5.250 07/01/28

1,720

Public

Finance

Authority

Revenue

Bonds

565

6.145 08/01/28

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/28

1,016

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/29

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 07/01/30

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/15/30

Public

Finance

Authority

Revenue

Bonds

4.300 11/01/30

Public

Finance

Authority

Revenue

Bonds

(Þ)

500

Zero

coupon

12/15/30

Public

Finance

Authority

Revenue

Bonds

(Æ)(Ø)(Þ)

3,825

6.750 08/01/31

3,436

Public

Finance

Authority

Revenue

Bonds

675

5.000 10/01/31

682

Public

Finance

Authority

Revenue

Bonds

710

5.000 10/01/32

716

Public

Finance

Authority

Revenue

Bonds

(Þ)

528

5.375 12/15/32

518

Public

Finance

Authority

Revenue

Bonds

(Þ)

516

5.500 12/15/32

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/34

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,282

Zero

coupon

12/15/34

716

Public

Finance

Authority

Revenue

Bonds

1,000

5.750 04/01/35

1,001

Public

Finance

Authority

Revenue

Bonds

5.000 06/15/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 12/01/35

Public

Finance

Authority

Revenue

Bonds

(Þ)

850

5.000 12/15/36

832

Public

Finance

Authority

Revenue

Bonds

(Þ)

630

5.250 05/15/37

630

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.500 12/01/37

Public

Finance

Authority

Revenue

Bonds

(Þ)

775

Zero

coupon

12/15/37

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,750

5.250 07/01/38

1,803

Public

Finance

Authority

Revenue

Bonds

1,595

5.000 06/01/39

1,597

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.000 06/15/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 10/01/39

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,700

4.750 06/01/40

1,605

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,710

7.125 06/01/41

1,763

Public

Finance

Authority

Revenue

Bonds

(Þ)

600

5.000 01/01/42

538

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 04/01/42

Public

Finance

Authority

Revenue

Bonds

(Þ)

750

5.250 05/15/42

737

Public

Finance

Authority

Revenue

Bonds

500

5.000 07/01/42

Public

Finance

Authority

Revenue

Bonds

1,010

5.000 06/15/44

998

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.500 12/01/44

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

4.000 01/01/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

5.250 03/01/45

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,285

6.500 06/01/45

1,171

Public

Finance

Authority

Revenue

Bonds

600

5.250 06/15/45

595

Public

Finance

Authority

Revenue

Bonds

800

5.500 06/15/45

797

Public

Finance

Authority

Revenue

Bonds

725

5.350 12/01/45

735

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.625 02/01/46

Public

Finance

Authority

Revenue

Bonds

(Þ)

6.250 09/01/46

Public

Finance

Authority

Revenue

Bonds

5.250 07/01/47

Public

Finance

Authority

Revenue

Bonds

(µ)

4.125 07/01/49

Public

Finance

Authority

Revenue

Bonds

1,650

5.000 11/15/49

1,594

Public

Finance

Authority

Revenue

Bonds

3.000 01/01/50

Public

Finance

Authority

Revenue

Bonds

(Þ)

875

5.625 06/01/50

818

Public

Finance

Authority

Revenue

Bonds

5.500 06/15/50

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/50

Public

Finance

Authority

Revenue

Bonds

(Þ)

525

7.000 12/01/50

530

Public

Finance

Authority

Revenue

Bonds

720

4.000 02/01/51

509

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/51

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 06/15/51

862

Public

Finance

Authority

Revenue

Bonds

1,750

4.000 09/30/51

1,392

Public

Finance

Authority

Revenue

Bonds

2,000

4.000 12/01/51

1,582

Public

Finance

Authority

Revenue

Bonds

(Þ)

650

5.750 02/01/52

670

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,600

4.000 04/01/52

1,282

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

759

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

(Þ)

1,000

5.875 10/01/54

656

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

600

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

990

Public

Finance

Authority

Revenue

Bonds

4,750

4.000 03/31/56

3,684

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,575

4.500 06/01/56

1,129

Public

Finance

Authority

Revenue

Bonds

(Þ)

890

5.000 06/15/56

666

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 01/01/57

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/15/57

Public

Finance

Authority

Revenue

Bonds

5.375 06/15/57

Public

Finance

Authority

Revenue

Bonds

(µ)

5.000 07/01/58

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(Þ)

6.750 07/01/58

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/59

Public

Finance

Authority

Revenue

Bonds

(Þ)

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

584

Public

Finance

Authority

Revenue

Bonds

(Þ)

5.250 07/01/61

Public

Finance

Authority

Revenue

Bonds

1,000

5.000 02/01/62

961

Public

Finance

Authority

Revenue

Bonds

(Þ)

2,475

6.000 02/01/62

2,571

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

657

Public

Finance

Authority

Tax

Allocation

5.000 08/01/39

Public

Finance

Authority

Tax

Allocation

(Þ)

1,150

5.000 06/01/41

1,139

Public

Finance

Authority

Tax

Allocation

(~)(Ê)(Þ)

625

8.000 06/15/42

620

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

750

5.000 08/01/27

757

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,020

4.000 12/01/41

789

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,175

5.000 03/15/50

1,133

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 12/01/51

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

800

5.500 02/15/54

826

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.750 08/15/54

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 12/01/56

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.750 08/15/59

66,615

Wyoming

-

0.0%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

1,000

3.625 07/15/39

870

#### Total

#### Municipal

#### Bonds
(cost

$2,138,167)

2,049,033

#### Loan

#### Agreements

#### -

#### 0.0%
Rialto

Bioenergy

Facility

LLC

2024

New

Money

Term

Loan

(USD

Month

LIBOR

+

10.000%)(Ê)(Š)

14.326 02/28/31

—

Rialto

Bioenergy

Facility

LLC

2024

Roll

Up

Term

Loan

(USD

Month

LIBOR

+

10.000%)(Ê)(Š)

14.286 02/28/31

Rialto

Bioenergy

Facility

LLC

First

Lien

Term

Loan

(USD

Month

LIBOR

+

10.000%)(Ê)(Š)

14.326 06/06/24

—

Rialto

Bioenergy

Facility

LLC

New

Money

Dip

Term

Loan

(USD

Month

LIBOR +

10.000%)(Ê)(Š)

14.286 06/06/25

Rialto

Bioenergy

Facility

LLC

New

Money

Term

Loan

(USD

Month

LIBOR

+

10.000%)(Ê)(Š)

14.286 06/06/25

Rialto

Bioenergy

Facility

LLC

Term

Loan

(USD

Month

LIBOR +

10.000%)(Ê)(Š)

923

14.326 06/06/25

—

#### Total

#### Loan

#### Agreements
(cost

$1,785)

#### Short-Term

#### Investments

#### -

#### 2.7%
U.S.

Cash

Management

Fund

a(@)

58,542,804

(∞)

58,525

#### Total

#### Short-Term

#### Investments
(cost

$58,531)

58,525

#### Total

#### Investments

#### -

#### 98.8%
(identified

cost

$2,198,483)

2,107,566

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.2%
24,662

#### Net

#### Assets

#### -

#### 100.0%
2,132,228

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,

#### 2025
(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

#### $21.5%

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

11/19/21

900,000

101.97 918

855

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

06/29/17

4,450,000

101.10 4,524

4,127

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

08/18/17

500,000

105.28 526

500

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/19/18

1,000,000

104.99 1,050

997

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/19/18

1,515,000

100.65 1,527

1,516

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/21/21

710,000

100.00 710

738

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/26/22

700,000

99.50 699

679

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

12/20/24

750,000

103.36 775

771

American

Samoa

Economic

Development

Authority

Revenue

Bonds

06/16/21

100,000

100.00 100

American

Samoa

Economic

Development

Authority

Revenue

Bonds

01/25/23

625,000

101.37 634

622

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

11/06/24

125,000

100.15 125

Arbors

Community

Development

District

Special

Assessment

Revenue

Bonds

11/06/24

100,000

99.64 100

Arizona

Industrial

Development

Authority

Revenue

Bonds

09/08/17

1,365,000

106.83 1,458

1,398

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/28/20

440,000

98.73 434

Arizona

Industrial

Development

Authority

Revenue

Bonds

10/08/20

700,000

105.82 741

649

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

210,000

102.24 215

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

75,000

103.70 78

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.07 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

08/11/21

30,000

109.59 33

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00 1,250

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.35 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

100,000

98.36 98

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

1,050,000

97.15 1,020

1,119

Arizona

Industrial

Development

Authority

Revenue

Bonds

12/04/24

675,000

97.45 658

708

Arkansas

Development

Finance

Authority

Revenue

Bonds

10/04/22

5,750,000

85.02 4,889

5,067

Arkansas

Development

Finance

Authority

Revenue

Bonds

03/27/25

1,625,000

95.94 1,559

1,483

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

08/26/22

500,000

103.47 517

504

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

04/20/23

215,000

100.00 215

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.16 97

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

97.48 97

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

100,000

98.85 99

Arrowhead

Springs

Public

Infrastructure

District

Special

Assessment

02/13/25

275,000

100.00 275

Astonia

Community

Development

District

Special

Assessment

07/09/21

1,380,000

99.82 1,378

1,077

Atlanta

Development

Authority

(The)

Revenue

Bonds

08/22/24

3,200,000

81.91 2,621

2,742

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

1,125,000

100.00 1,125

1,135

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

3,330,000

86.65 2,885

2,517

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

2,380,000

100.00 2,380

2,331

Avenir

Community

Development

District

Special

Assessment

03/19/24

370,000

100.24 371

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00 100

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

04/30/19

100,000

100.00 100

Avimor

Community

Infrastructure

District

No.

Special

Assessment

05/22/24

187,000

100.00 187

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

12/14/18

1,060,000

99.49 1,055

1,028

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

11/14/24

250,000

100.00 250

Banning

Lewis

Ranch

Metropolitan

District

No.

General

Obligation

Limited

07/23/21

500,000

100.00 500

Beaumont

Community

Development

District

Special

Assessment

01/25/19

90,000

100.00 90

Benloch

Ranch

Improvement

Association

No.

Revenue

Bonds

06/29/20

334,164

100.00 334

Bent

Grass

Metropolitan

District

General

Obligation

Limited

06/24/20

500,000

100.00 500

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

91.81 1,836

1,619

Black

Desert

Public

Infrastructure

District

Special

Assessment

05/09/24

600,000

100.00 600

584

Brazoria

County

Industrial

Development

Corp.

Revenue

Bonds

06/08/22

650,000

97.91 636

Brightwater

Community

Development

District

Special

Assessment

11/06/24

125,000

100.00 125

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,

#### 2025
(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

#### $
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

93.62 309

Build

NYC

Resource

Corp.

Revenue

Bonds

06/11/21

100,000

105.86 106

Build

NYC

Resource

Corp.

Revenue

Bonds

07/22/21

100,000

100.00 100

Build

NYC

Resource

Corp.

Revenue

Bonds

11/12/21

1,000,000

110.21 1,102

777

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

100.88 151

Build

NYC

Resource

Corp.

Revenue

Bonds

06/23/22

500,000

101.69 508

500

Build

NYC

Resource

Corp.

Revenue

Bonds

07/13/22

100,000

98.76 99

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

97.35 97

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

100,000

99.00 99

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

98.47 98

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

1,000,000

100.00 1,000

949

Calhoun

County

Navigation

Industrial

Development

Authority

Revenue

Bonds

07/20/21

2,000,000

100.57 2,011

1,987

California

Community

College

Financing

Authority

Revenue

Bonds

07/27/22

475,000

97.61 464

California

Community

Housing

Agency

Revenue

Bonds

05/03/22

3,095,000

86.79 2,649

2,421

California

Community

Housing

Agency

Revenue

Bonds

08/30/22

200,000

75.96 152

California

Community

Housing

Agency

Revenue

Bonds

03/01/23

175,000

65.48 115

California

Enterprise

Development

Authority

Revenue

Bonds

06/18/21

1,095,000

76.58 839

839

California

Enterprise

Development

Authority

Revenue

Bonds

10/18/24

250,000

102.14 255

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

08/13/20

765,000

100.29 767

719

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

02/21/25

6,025,000

97.46 5,872

5,795

California

Municipal

Finance

Authority

Revenue

Bonds

07/01/15

1,000,000

99.52 995

1,000

California

Municipal

Finance

Authority

Revenue

Bonds

11/02/16

1,500,000

102.17 1,533

1,475

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

104.19 99

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

60,000

104.47 63

California

Municipal

Finance

Authority

Revenue

Bonds

06/18/20

1,130,000

105.78 1,195

1,118

California

Municipal

Finance

Authority

Revenue

Bonds

01/16/25

275,000

99.23 273

California

Municipal

Finance

Authority

Revenue

Bonds

01/16/25

125,000

99.53 124

California

Pollution

Control

Financing

Authority

Revenue

Bonds

02/17/23

750,000

104.76 786

785

California

Pollution

Control

Financing

Authority

Revenue

Bonds

08/04/23

2,590,000

98.38 2,550

2,570

California

Pollution

Control

Financing

Authority

Revenue

Bonds

10/23/23

250,000

101.34 253

California

Public

Finance

Authority

Revenue

Bonds

01/26/21

600,000

112.95 678

622

California

Public

Finance

Authority

Revenue

Bonds

03/17/23

100,000

91.88 92

California

School

Finance

Authority

Revenue

Bonds

12/10/15

500,000

106.42 532

California

School

Finance

Authority

Revenue

Bonds

06/21/17

1,000,000

105.41 1,054

997

California

School

Finance

Authority

Revenue

Bonds

10/22/20

600,000

104.00 624

530

California

School

Finance

Authority

Revenue

Bonds

10/30/20

150,000

105.11 158

California

School

Finance

Authority

Revenue

Bonds

10/30/20

60,000

97.96 59

California

School

Finance

Authority

Revenue

Bonds

04/19/21

100,000

109.08 109

California

School

Finance

Authority

Revenue

Bonds

04/29/21

1,100,000

110.05 1,211

887

California

School

Finance

Authority

Revenue

Bonds

06/18/21

80,000

105.53 84

California

School

Finance

Authority

Revenue

Bonds

06/18/21

100,000

106.39 106

California

School

Finance

Authority

Revenue

Bonds

07/21/21

400,000

102.30 409

California

School

Finance

Authority

Revenue

Bonds

07/22/21

465,000

112.45 523

California

School

Finance

Authority

Revenue

Bonds

03/11/22

250,000

98.00 245

California

School

Finance

Authority

Revenue

Bonds

03/23/22

315,000

101.63 320

California

School

Finance

Authority

Revenue

Bonds

03/23/22

250,000

102.58 256

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.87 1,029

1,003

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

101.45 172

California

School

Finance

Authority

Revenue

Bonds

06/15/22

385,000

100.00 385

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.15 250

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.24 251

California

School

Finance

Authority

Revenue

Bonds

09/01/22

250,000

100.26 251

California

School

Finance

Authority

Revenue

Bonds

10/27/22

500,000

98.07 490

512

California

School

Finance

Authority

Revenue

Bonds

10/27/22

975,000

98.54 961

998

California

School

Finance

Authority

Revenue

Bonds

11/01/22

1,000,000

64.27 643

793

California

School

Finance

Authority

Revenue

Bonds

05/25/23

125,000

98.73 123

California

School

Finance

Authority

Revenue

Bonds

05/22/24

375,000

98.33 371

California

Statewide

Communities

Development

Authority

Revenue

Bonds

12/28/16

8,100,000

97.40 7,890

7,888

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,

#### 2025
(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

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

200,000

105.18 210

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

1,000,000

107.35 1,073

1,004

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

250,000

104.02 260

California

Statewide

Communities

Development

Authority

Revenue

Bonds

01/16/19

200,000

104.54 209

California

Statewide

Communities

Development

Authority

Revenue

Bonds

05/15/19

100,000

110.21 110

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/24/22

1,500,000

100.70 1,511

1,478

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/30/22

400,000

99.66 399

California

Statewide

Communities

Development

Authority

Revenue

Bonds

10/30/24

225,000

98.02 221

Cape

Girardeau

County

Industrial

Development

Authority

Tax

Allocation

09/25/24

500,000

97.92 490

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

100.52 2,307

2,212

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

125,000

99.36 124

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/13/18

5,405,000

98.73 5,336

5,207

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/24/20

1,255,000

105.91 1,329

1,058

Capital

Trust

Agency,

Inc.

Revenue

Bonds

07/17/20

1,970,000

100.00 1,970

1,906

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/18/21

325,000

109.88 357

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.19 107

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

107.87 108

Capital

Trust

Agency,

Inc.

Revenue

Bonds

01/04/22

300,000

115.19 346

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

425,000

100.00 425

Capital

Trust

Agency,

Inc.

Revenue

Bonds

06/23/23

400,000

100.00 400

Capital

Trust

Authority

Revenue

Bonds

09/27/24

900,000

100.00 900

958

Capital

Trust

Authority

Revenue

Bonds

11/25/24

350,000

100.98 353

Capital

Trust

Authority

Revenue

Bonds

04/03/25

200,000

97.27 195

Capital

Trust

Authority

Revenue

Bonds

04/03/25

100,000

97.67 98

Cedar

Crossings

Community

Development

District

Special

Assessment

03/03/25

100,000

99.55 100

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

375,000

100.00 375

Central

Etowah

County

Solid

Waste

Disposal

Authority

Revenue

Bonds

08/07/20

150,000

100.00 150

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

103.45 47

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

12/09/15

210,000

99.16 208

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

05/31/19

350,000

103.87 364

Charlotte

County

Industrial

Development

Authority

Revenue

Bonds

06/17/22

2,000,000

76.50 1,530

1,571

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

99.17 1,983

1,976

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,065,000

94.38 1,005

906

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

800,000

97.96 784

700

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

1,500,000

93.17 1,398

1,562

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

2,000,000

94.68 1,894

2,075

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

05/07/21

100,000

110.30 110

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

Special

Tax

11/17/23

275,000

97.00 267

City

of

Anna

Special

Assessment

Revenue

Bonds

07/28/21

504,000

100.00 504

City

of

Anna

Special

Assessment

Revenue

Bonds

12/14/22

175,000

100.00 175

City

of

Anna

Special

Assessment

Revenue

Bonds

09/13/23

125,000

99.38 124

City

of

Anna

Special

Assessment

Revenue

Bonds

10/11/23

200,000

98.54 197

City

of

Anna

Special

Assessment

Revenue

Bonds

07/10/24

100,000

100.00 100

City

of

Aubrey

Special

Assessment

09/23/22

183,000

99.41 182

City

of

Aubrey

Special

Assessment

08/25/23

120,000

100.00 120

City

of

Aubrey

Special

Assessment

08/25/23

125,000

99.32 124

City

of

Aubrey

Special

Assessment

02/28/25

260,000

99.48 259

City

of

Austin

Special

Assessment

Revenue

Bonds

12/14/18

230,000

100.00 230

City

of

Austin

Special

Assessment

Revenue

Bonds

12/01/22

100,000

99.30 99

City

of

Austin

Special

Assessment

Revenue

Bonds

11/22/24

100,000

99.55 100

City

of

Balch

Springs

Special

Assessment

Revenue

Bonds

04/29/25

125,000

99.37 124

City

of

Baltimore

Tax

Allocation

10/03/19

100,000

100.00 100

City

of

Baltimore

Tax

Allocation

10/03/19

100,000

100.12 100

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

122,000

100.00 122

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

191,000

100.00 191

City

of

Bee

Cave

Special

Assessment

Revenue

Bonds

10/27/21

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

99.03 248

City

of

Buda

Special

Assessment

Revenue

Bonds

01/22/25

500,000

99.10 495

City

of

Celina

Special

Assessment

Revenue

Bonds

09/11/19

135,000

100.00 135

City

of

Celina

Special

Assessment

Revenue

Bonds

08/12/20

1,845,000

95.26 1,758

1,533

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,

#### 2025
(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

11/10/21

25,000

100.00 25

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

25,000

100.00 25

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

61,000

100.00 61

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

90,000

100.00 90

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

72,000

100.00 72

City

of

Celina

Special

Assessment

Revenue

Bonds

11/10/21

28,000

100.00 28

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

98.84 129

City

of

Celina

Special

Assessment

Revenue

Bonds

12/15/21

255,000

99.32 253

City

of

Celina

Special

Assessment

Revenue

Bonds

12/15/21

55,000

99.41 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

650

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

125,000

100.00 125

City

of

Celina

Special

Assessment

Revenue

Bonds

03/15/23

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

04/12/23

375,000

99.29 372

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

99.08 149

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

100,000

99.63 100

City

of

Celina

Special

Assessment

Revenue

Bonds

01/15/25

300,000

100.00 300

City

of

Celina

Special

Assessment

Revenue

Bonds

01/15/25

730,000

99.16 723

693

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

93.35 224

City

of

Crandall

Special

Assessment

Revenue

Bonds

06/08/21

100,000

99.33 99

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

500,000

100.00 500

512

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

175,000

100.00 175

City

of

Crandall

Special

Assessment

Revenue

Bonds

10/18/22

246,000

100.00 246

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

99.13 74

City

of

Dayton

Special

Assessment

Revenue

Bonds

04/19/22

105,000

100.00 105

City

of

Dayton

Special

Assessment

Revenue

Bonds

04/19/22

100,000

100.00 100

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

99.29 149

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

99.15 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.27 99

City

of

Decatur

Special

Assessment

Revenue

Bonds

02/11/25

100,000

99.57 100

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

150,000

99.33 149

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

146,000

99.39 145

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

100,000

99.77 100

City

of

Dorchester

Special

Assessment

Revenue

Bonds

09/10/24

131,000

99.78 131

City

of

Dripping

Springs

Special

Assessment

09/18/24

70,000

99.25 69

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.10 99

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.27 99

City

of

Eagan

Revenue

Bonds

02/06/25

100,000

99.29 99

City

of

Elmendorf

Special

Assessment

Revenue

Bonds

08/20/21

272,000

87.33 238

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

295,000

102.06 301

City

of

Erie

Higher

Education

Building

Authority

Revenue

Bonds

03/29/17

1,770,000

102.06 1,807

1,738

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

110,000

100.52 111

City

of

Fate

Special

Assessment

Revenue

Bonds

10/19/21

100,000

99.39 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

99.06 99

City

of

Forney

Special

Assessment

Revenue

Bonds

06/27/23

628,000

96.85 608

618

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

08/16/17

150,000

100.00 150

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

1,000,000

100.00 1,000

844

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,

#### 2025
(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

Haslet

Special

Assessment

Revenue

Bonds

07/30/20

200,000

105.20 210

City

of

Haslet

Special

Assessment

Revenue

Bonds

10/19/21

200,000

98.86 198

City

of

Henderson

Revenue

Bonds

03/25/22

1,050,000

99.29 1,040

954

City

of

Henderson

Revenue

Bonds

03/25/22

1,350,000

96.33 1,276

1,246

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

99.49 99

City

of

Hutto

Special

Assessment

Revenue

Bonds

04/05/21

296,000

99.89 296

City

of

Hutto

Special

Assessment

Revenue

Bonds

10/22/21

200,000

99.03 198

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

99.06 698

660

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

255,000

100.00 255

City

of

Justin

Special

Assessment

Revenue

Bonds

04/01/24

802,000

99.30 796

802

City

of

Kaufman

Special

Assessment

Revenue

Bonds

11/22/22

100,000

101.06 101

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

99.41 199

City

of

Kyle

Special

Assessment

Revenue

Bonds

06/21/23

260,000

100.00 260

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/16/24

100,000

100.00 100

City

of

Kyle

Special

Assessment

Revenue

Bonds

02/05/25

100,000

98.98 99

City

of

Lago

Vista

Special

Assessment

Revenue

Bonds

01/05/24

210,000

100.00 210

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

135,000

104.22 141

City

of

Lavon

Special

Assessment

Revenue

Bonds

08/21/19

100,000

99.47 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

98.78 314

City

of

Lavon

Special

Assessment

Revenue

Bonds

02/02/22

136,000

99.13 135

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

Manor

Special

Assessment

Revenue

Bonds

12/19/19

100,000

100.00 100

City

of

Manor

Special

Assessment

Revenue

Bonds

05/06/21

100,000

100.00 100

City

of

Manor

Special

Assessment

Revenue

Bonds

05/06/21

100,000

102.36 102

City

of

Manor

Special

Assessment

Revenue

Bonds

05/16/24

100,000

99.07 99

City

of

Manor

Special

Assessment

Revenue

Bonds

02/19/25

100,000

87.74 88

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

104.94 105

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

101.59 51

City

of

McLendon-Chisholm

Special

Assessment

05/25/22

270,000

99.44 268

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

1,000,000

100.00 1,000

966

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

400,000

100.00 400

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

200,000

99.68 199

City

of

Mesquite

Special

Assessment

Revenue

Bonds

07/18/23

150,000

99.42 149

City

of

Mesquite

Special

Assessment

Revenue

Bonds

10/08/24

100,000

99.26 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

03/24/21

100,000

100.00 100

City

of

Midlothian

Special

Assessment

Revenue

Bonds

08/10/22

200,000

100.00 200

City

of

Midlothian

Special

Assessment

Revenue

Bonds

08/10/22

115,000

100.00 115

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,

#### 2025
(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

Minneapolis

Charter

Lease

Revenue

Bonds

12/08/17

1,400,000

101.76 1,425

1,377

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

11/09/21

100,000

100.00 100

City

of

New

Braunfels

Special

Assessment

11/09/21

100,000

100.00 100

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

99.56 75

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

07/22/21

625,000

100.00 625

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

09/26/24

100,000

98.96 99

City

of

Pflugerville

Special

Assessment

Revenue

Bonds

02/12/25

125,000

99.18 124

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

117,000

100.00 117

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

150,000

100.00 150

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

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

Pilot

Point

Special

Assessment

Revenue

Bonds

04/25/25

200,000

100.00 200

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

140,000

100.00 140

City

of

Plano

Special

Assessment

Revenue

Bonds

10/24/23

115,000

100.00 115

City

of

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

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/19

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/19

300,000

103.13 309

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

160,000

100.00 160

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/23/20

125,000

100.00 125

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/25/21

185,000

101.01 185

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

75,000

100.00 75

City

of

Princeton

Special

Assessment

Revenue

Bonds

06/28/22

270,000

100.00 270

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/26/22

74,000

100.00 74

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/25/23

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

07/25/23

125,000

100.00 125

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

100,000

100.00 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

150,000

100.00 150

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/12/23

250,000

98.18 245

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/11/23

100,000

99.02 99

City

of

Princeton

Special

Assessment

Revenue

Bonds

08/27/24

100,000

99.63 100

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/29/24

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

99.08 50

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

06/15/21

100,000

102.59 103

City

of

Red

Oak

Special

Assessment

Revenue

Bonds

06/15/21

100,000

99.06 99

City

of

Rockdale

Special

Assessment

10/31/23

400,000

97.10 388

City

of

Royse

Special

Assessment

Revenue

Bonds

08/14/19

125,000

99.52 124

City

of

Royse

Special

Assessment

Revenue

Bonds

06/30/20

100,000

102.72 103

City

of

Royse

Special

Assessment

Revenue

Bonds

07/15/20

200,000

100.69 201

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

30,000

100.73 30

City

of

Royse

Special

Assessment

Revenue

Bonds

07/30/20

100,000

101.25 101

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

99.64 100

City

of

Royse

Special

Assessment

Revenue

Bonds

07/10/24

50,000

98.93 49

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

100,000

100.00 100

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

150,000

100.00 150

City

of

San

Marcos

Special

Assessment

Revenue

Bonds

12/16/21

100,000

100.00 100

City

of

San

Marcos

Special

Assessment

Revenue

Bonds

12/20/23

130,000

100.00 130

City

of

Santa

Fe

Special

Assessment

Revenue

Bonds

03/25/22

509,000

100.00 509

City

of

Santa

Fe

Special

Assessment

Revenue

Bonds

03/25/22

859,000

100.00 859

799

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

150,000

100.00 150

City

of

Seagoville

Special

Assessment

Revenue

Bonds

03/19/24

325,000

98.77 321

City

of

Sinton

Special

Assessment

Revenue

Bonds

01/19/22

100,000

100.00 100

City

of

Sinton

Special

Assessment

Revenue

Bonds

01/19/22

200,000

98.95 198

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,

#### 2025
(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

South

Charleston

Revenue

Bonds

01/14/22

165,000

100.00 165

City

of

South

Charleston

Revenue

Bonds

01/14/22

185,000

100.00 185

City

of

South

Charleston

Revenue

Bonds

01/14/22

100,000

100.34 100

City

of

South

Charleston

Revenue

Bonds

01/14/22

1,150,000

100.35 1,154

878

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

07/29/22

2,350,000

98.36 2,311

2,221

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/22/23

112,000

98.64 110

City

of

Tomball

Special

Assessment

Revenue

Bonds

08/22/23

100,000

99.32 99

City

of

Tomball

Special

Assessment

Revenue

Bonds

02/05/25

199,000

100.00 199

City

of

Uhland

Special

Assessment

Revenue

Bonds

11/03/22

750,000

100.00 750

791

City

of

Uhland

Special

Assessment

Revenue

Bonds

10/31/24

100,000

100.00 100

City

of

Valparaiso

Revenue

Bonds

04/26/24

400,000

100.00 400

City

of

Venice

Revenue

Bonds

11/20/24

100,000

101.22 101

City

of

Venice

Revenue

Bonds

11/20/24

175,000

101.64 178

City

of

Waxahachie

Special

Assessment

05/17/22

100,000

100.00 100

Cleveland-Cuyahoga

County

Port

Authority

Revenue

Bonds

11/14/24

150,000

99.68 149

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

08/19/21

200,000

90.09 180

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

09/02/21

100,000

101.65 102

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

25,000

98.48 25

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

100,000

99.44 99

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

08/21/24

50,000

99.87 50

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

100,000

100.00 100

Club

Municipal

Management

District

No.

Special

Assessment

11/26/24

1,172,000

100.00 1,172

1,085

CMFA

Special

Finance

Agency

Revenue

Bonds

11/10/21

285,000

91.74 261

CMFA

Special

Finance

Agency

VIII

Revenue

Bonds

11/01/21

350,000

92.33 323

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/04/21

435,000

100.09 435

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

02/01/22

1,935,000

89.40 1,730

1,334

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

05/10/23

400,000

100.00 400

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

08/22/23

330,000

86.54 286

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

300,000

100.00 300

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

04/19/24

200,000

97.81 196

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

600,000

100.00 600

585

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

12/18/19

1,000,000

112.48 1,125

976

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

1,100,000

92.77 923

982

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

225,000

91.85 207

Coral

Junction

Public

Infrastructure

District

No.

Special

Assessment

05/26/22

146,000

100.00 146

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

50,000

100.00 50

County

of

Bastrop

Special

Assessment

Revenue

Bonds

05/22/23

100,000

98.91 99

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

100.00 175

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

98.79 173

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

100,000

98.84 99

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

300,000

99.33 298

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

300,000

99.64 299

County

of

Denton

Special

Assessment

Revenue

Bonds

11/19/24

175,000

99.66 174

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

200,000

100.00 200

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

300,000

100.00 300

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

500,000

100.00 500

County

of

Denton

Special

Assessment

Revenue

Bonds

03/11/25

250,000

100.00 250

County

of

Frederick

Educational

Facilities

Revenue

Bonds

01/18/18

3,705,000

98.95 3,666

3,448

County

of

Frederick

Special

Tax

10/29/20

230,000

98.05 225

County

of

Frederick

Tax

Allocation

07/20/23

1,985,000

97.77 1,941

1,802

County

of

Gallatin

Revenue

Bonds

12/09/21

1,000,000

102.92 1,029

660

County

of

Gallatin

Revenue

Bonds

02/11/25

230,000

68.34 157

County

of

Gallatin

Revenue

Bonds

03/21/25

1,125,000

78.85 887

871

County

of

Hays

Special

Assessment

Revenue

Bonds

12/06/22

200,000

100.00 200

County

of

Hays

Special

Assessment

Revenue

Bonds

12/06/22

356,000

100.00 356

County

of

Monongalia

Tax

Allocation

07/21/23

130,000

99.18 129

County

of

Monongalia

Tax

Allocation

07/21/23

90,000

99.21 89

County

of

Prince

George's

Special

Obligation

Tax

Allocation

11/16/18

340,000

99.48 338

CSCDA

Community

Improvement

Authority

Revenue

Bonds

11/24/21

925,000

85.83 794

653

CSCDA

Community

Improvement

Authority

Revenue

Bonds

03/09/22

910,000

87.07 792

720

CSCDA

Community

Improvement

Authority

Revenue

Bonds

05/18/22

1,000,000

65.67 657

664

CSCDA

Community

Improvement

Authority

Revenue

Bonds

06/02/22

1,250,000

87.82 1,098

958

CSCDA

Community

Improvement

Authority

Revenue

Bonds

08/04/22

600,000

73.96 444

Curiosity

Creek

Community

Development

District

Special

Assessment

11/12/24

100,000

100.00 100

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,

#### 2025
(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

#### $
Curiosity

Creek

Community

Development

District

Special

Assessment

11/12/24

100,000

100.00 100

Dauphin

County

General

Authority

Revenue

Bonds

01/05/18

1,000,000

98.19 982

751

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

850,000

100.00 850

704

Dauphin

County

General

Authority

Revenue

Bonds

12/21/20

2,700,000

104.62 2,827

1,997

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

150,000

98.98 148

Davenport

Road

South

Community

Development

District

Special

Assessment

02/06/18

100,000

99.03 99

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

300,000

106.93 321

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

340,000

97.64 332

Denver

Health

&

Hospital

Authority

Revenue

Bonds

08/23/17

200,000

99.14 198

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

525,000

99.29 523

501

Desert

Edge

Public

Infrastructure

District

No.

General

Obligation

Limited

04/17/25

500,000

72.93 365

District

of

Columbia

Tax

Allocation

Revenue

Bonds

05/01/24

325,000

55.45 180

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

2,050,000

100.92 2,069

2,213

DW

Bayview

Community

Development

District

Special

Assessment

02/05/21

75,000

99.69 75

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

225,000

101.25 228

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

75,000

93.87 70

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

625,000

100.00 625

609

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

100.95 101

Edinburg

Economic

Development

Corp.

Revenue

Bonds

04/17/19

100,000

99.91 100

Erie

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

02/02/21

4,000,000

6.51 260

Everlands

Community

Development

District

Special

Assessment

10/30/24

100,000

100.00 100

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

1,267

Finance

Authority

of

Maine

Revenue

Bonds

12/17/21

925,000

69.77 645

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

99.40 497

500

Firefly

Public

Infrastructure

District

No.

Special

Assessment

04/18/24

544,000

99.48 541

544

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/20

115,000

103.48 119

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

160,000

101.65 163

Florida

Development

Finance

Corp.

Revenue

Bonds

09/04/20

100,000

102.69 103

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

1,220,000

97.79 1,193

1,089

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

99.44 224

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

100,000

106.24 106

Florida

Development

Finance

Corp.

Revenue

Bonds

06/04/21

200,000

92.89 186

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

200,000

86.68 173

Florida

Development

Finance

Corp.

Revenue

Bonds

09/24/21

500,000

101.88 509

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

405,000

97.92 397

Florida

Development

Finance

Corp.

Revenue

Bonds

05/31/22

315,000

98.19 309

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

250,000

100.00 250

Florida

Development

Finance

Corp.

Revenue

Bonds

08/19/22

225,000

100.00 225

Florida

Development

Finance

Corp.

Revenue

Bonds

04/26/24

9,475,000

100.59 9,531

9,854

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

175,000

95.72 167

Florida

Development

Finance

Corp.

Revenue

Bonds

05/23/24

250,000

96.67 242

Florida

Development

Finance

Corp.

Revenue

Bonds

07/08/24

150,000

93.23 140

Florida

Development

Finance

Corp.

Revenue

Bonds

12/20/24

2,850,000

98.00 2,793

2,928

Florida

Development

Finance

Corp.

Revenue

Bonds

02/06/25

4,495,000

100.84 4,533

4,631

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

1,350,000

103.88 1,402

1,169

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

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

08/17/18

1,765,000

106.83 1,886

1,788

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

2,795,000

82.01 2,301

2,545

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

1,210,000

94.52 1,144

1,147

George

L

Smith

II

Congress

Center

Authority

Revenue

Bonds

03/26/21

160,000

99.49 159

Granary

Metropolitan

District

No.

Special

Assessment

12/11/24

260,000

100.00 260

Hammock

Oaks

Community

Development

District

Special

Assessment

03/26/25

155,000

100.00 155

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

1,185,000

100.00 1,185

1,127

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/29/24

2,000,000

86.80 1,736

1,888

Hastings

Campus

Housing

Finance

Authority

Revenue

Bonds

02/06/25

3,500,000

93.67 3,278

3,092

Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

100,000

99.27 99

Hillcrest

Preserve

Community

Development

District

Special

Assessment

12/04/24

150,000

99.41 149

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,

#### 2025
(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

#### $
Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

230,000

90.46 208

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

160,000

93.40 149

Western

Gateway

Transportation

Development

District

Revenue

Bonds

02/21/19

250,000

100.00 250

Illinois

Finance

Authority

Revenue

Bonds

02/25/20

3,250,000

102.05 3,253

3,226

Illinois

Finance

Authority

Revenue

Bonds

07/01/21

3,250,000

107.30 3,523

2,776

Illinois

Finance

Authority

Revenue

Bonds

10/13/22

2,075,000

97.71 2,013

2,016

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

500,000

99.23 496

511

Illinois

Finance

Authority

Revenue

Bonds

11/26/24

1,000,000

100.00 1,000

972

Illinois

Finance

Authority

Revenue

Bonds

02/26/25

1,500,000

100.00 1,500

1,488

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.07 101

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

100,000

101.25 101

Independent

Cities

Finance

Authority

Revenue

Bonds

03/12/21

900,000

110.63 996

843

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

05/22/20

50,000

100.00 50

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

05/22/20

25,000

100.00 25

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.00 500

533

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

250,000

100.00 250

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

310,000

99.03 307

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

250,000

97.67 244

Kansas

City

Land

Clearance

Redevelopment

Authority

Tax

Allocation

01/10/18

1,750,000

100.05 1,751

1,678

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

185,000

100.00 185

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

275,000

100.00 275

Knightsbridge

Community

Development

District

Special

Assessment

03/14/24

1,000,000

99.70 997

968

Kremmling

Memorial

Hospital

District

Certificate

of

Participation

02/08/24

1,000,000

98.36 984

1,001

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

250,000

100.00 250

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

07/16/18

1,000,000

100.00 1,000

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

50,000

99.19 50

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

100,000

99.42 99

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

200,000

100.00 200

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

10/03/19

100,000

99.42 99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.02 99

Lakewood

Ranch

Stewardship

District

Special

Assessment

04/26/17

100,000

99.46 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

100,000

100.00 100

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

06/10/21

250,000

97.64 244

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

02/17/23

500,000

99.23 496

503

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

12/05/24

625,000

100.30 627

588

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

12/05/24

500,000

100.99 505

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

230,000

102.42 236

Louisiana

Public

Facilities

Authority

Revenue

Bonds

11/19/21

265,000

102.61 272

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

150,000

98.94 148

Louisiana

Public

Facilities

Authority

Revenue

Bonds

07/01/22

100,000

99.73 100

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.15 98

Louisiana

Public

Facilities

Authority

Revenue

Bonds

09/16/22

100,000

98.62 99

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.00 388

Louisiana

Public

Facilities

Authority

Revenue

Bonds

02/05/24

400,000

97.08 388

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

109.50 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

01/24/20

50,000

110.21 55

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.55 117

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/04/20

115,000

101.70 117

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

225,000

100.00 225

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

109.29 109

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

02/09/23

175,000

86.96 152

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

200,000

100.27 201

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/09/23

225,000

100.29 226

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

06/15/23

100,000

76.14 76

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

10/10/24

325,000

98.93 322

Maryland

Economic

Development

Corp.

Revenue

Bonds

03/20/25

3,625,000

100.83 3,655

3,605

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

04/28/22

100,000

100.49 100

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.27 100

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

06/22/23

100,000

100.30 100

Massachusetts

Development

Finance

Agency

Revenue

Bonds

12/07/17

1,000,000

105.80 1,058

1,001

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

109.53 1,424

1,155

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

100,000

99.23 99

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

250,000

98.64 247

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

200,000

99.28 199

Medical

School

Campus

Public

Infrastructure

District

General

Obligation

Limited

08/19/20

750,000

100.00 750

589

Mercer

County

Industrial

Development

Authority

Revenue

Bonds

05/11/23

370,000

73.45 272

11/05/21

100,000

100.00 100

Metropolitan

Government

Nashville

&

Davidson

County

Industrial

Development

Board

Special

Assessment

11/05/21

175,000

40.94 72

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

130,000

98.22 128

Miami-Dade

County

Industrial

Development

Authority

Revenue

Bonds

06/02/22

185,000

98.45 182

Mida

Golf

and

Equestrian

Center

Public

Infrastructure

District

General

Obligation

Limited

06/06/22

1,500,000

81.61 1,224

1,113

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

902

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

101.57 508

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

96.34 482

MidCity

Improvement

District

Special

Assessment

09/13/24

100,000

100.00 100

Mineral

Business

Improvement

District

General

Obligation

Limited

10/30/24

100,000

100.00 100

Mineral

Business

Improvement

District

General

Obligation

Limited

10/30/24

150,000

100.00 150

Mission

Economic

Development

Corp.

Revenue

Bonds

10/30/18

2,570,000

99.65 2,561

2,521

Mississippi

Business

Finance

Corp.

Revenue

Bonds

09/06/19

830,000

100.06 830

821

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

104.38 209

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

950,000

105.05 998

822

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

900,000

105.14 946

789

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

1,025,000

105.40 1,080

909

Mohegan

Tribal

Finance

Authority

Revenue

Bonds

10/06/15

2,045,000

100.20 2,049

2,003

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,070,000

99.26 1,056

1,012

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

05/27/21

1,155,000

95.11 1,058

1,016

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

975,000

22.39 218

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

40,000

99.51 40

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

190,000

99.66 189

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/26/19

400,000

96.64 387

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

180,000

100.00 180

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

08/13/20

535,000

90.04 482

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/03/24

7,060,000

100.00 7,060

7,316

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

545,000

100.00 545

556

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/04/24

1,275,000

100.00 1,275

1,286

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

220,000

100.00 220

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

09/13/24

1,552,000

100.00 1,552

1,513

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

10/18/24

750,000

100.00 750

735

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

10/31/24

500,000

100.00 500

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

11/20/24

900,000

54.69 492

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/04/24

500,000

100.00 500

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

12/06/24

450,000

99.25 447

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

04/25/25

800,000

99.14 793

795

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

06/10/20

1,000,000

101.52 1,015

857

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

700,000

90.62 570

563

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,000,000

111.41 1,114

910

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

86.38 1,080

961

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

07/11/23

100,000

98.99 99

New

York

Liberty

Development

Corp.

Revenue

Bonds

05/27/20

12,615,000

95.42 11,857

12,537

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

514

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

York

Liberty

Development

Corp.

Revenue

Bonds

07/28/22

2,600,000

101.23 2,632

2,600

New

York

Liberty

Development

Corp.

Revenue

Bonds

11/09/22

325,000

96.49 314

New

York

Liberty

Development

Corp.

Revenue

Bonds

01/18/23

1,900,000

99.53 1,891

1,900

New

York

State

Dormitory

Authority

Revenue

Bonds

06/16/15

400,000

102.52 410

New

York

State

Dormitory

Authority

Revenue

Bonds

10/27/23

900,000

94.99 855

890

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

08/10/23

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

99.56 199

North

Parkway

Municipal

Management

District

No.

Special

Assessment

10/07/21

75,000

99.40 75

North

Powerline

Road

Community

Development

District

Special

Assessment

05/26/22

140,000

100.00 140

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

4,665,000

95.39 4,364

4,108

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

11/16/17

445,000

97.15 432

Ohio

Housing

Finance

Agency

Revenue

Bonds

02/28/25

250,000

100.00 250

Olympia

Public

Infrastructure

District

No.

General

Obligation

Limited

05/03/24

500,000

99.38 497

513

Olympia

Public

Infrastructure

District

No.

Revenue

Bonds

05/03/24

500,000

100.00 500

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

02/02/24

700,000

107.15 750

739

Oregon

State

Facilities

Authority

Revenue

Bonds

09/23/16

1,000,000

108.71 1,087

993

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

1,000,000

103.64 1,036

922

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

91.15 456

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

07/29/22

600,000

100.00 600

799

Parish

of

St.

James

Revenue

Bonds

05/20/20

100,000

100.00 100

Parish

of

St.

James

Revenue

Bonds

05/20/20

1,000,000

100.00 1,000

1,001

Parish

of

St.

James

Revenue

Bonds

05/20/20

125,000

100.00 125

Parkdale

Community

Authority

Revenue

Bonds

03/04/24

500,000

82.18 411

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

900,000

110.52 995

878

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

150,000

98.87 148

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

100,000

99.58 100

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

10/11/23

940,000

91.37 859

898

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

03/28/24

1,775,000

94.75 1,682

1,600

Pinellas

County

Educational

Facilities

Authority

Revenue

Bonds

09/21/23

545,000

98.10 535

544

Plaquemines

Port

Harbor

&

Terminal

District

Revenue

Bonds

06/04/24

550,000

97.75 538

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

88.62 1,285

939

Port

Beaumont

Navigation

District

Revenue

Bonds

08/04/21

325,000

90.67 295

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

300,000

100.00 300

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

400,000

100.00 400

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

925,000

100.00 925

951

Port

Beaumont

Navigation

District

Revenue

Bonds

05/31/24

350,000

100.00 350

Port

of

Beaumont

Industrial

Development

Authority

Revenue

Bonds

08/04/21

1,900,000

100.00 1,900

1,748

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

115,000

99.22 114

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

10/13/17

500,000

99.66 498

Public

Finance

Authority

Revenue

Bonds

04/07/17

750,000

102.85 771

737

Public

Finance

Authority

Revenue

Bonds

04/07/17

630,000

102.87 648

630

Public

Finance

Authority

Revenue

Bonds

02/21/19

525,000

100.89 525

Public

Finance

Authority

Revenue

Bonds

05/01/19

15,000

100.35 15

Public

Finance

Authority

Revenue

Bonds

11/27/19

1,000,000

100.00 1,000

656

Public

Finance

Authority

Revenue

Bonds

06/12/20

75,000

102.44 77

Public

Finance

Authority

Revenue

Bonds

07/30/20

30,000

100.19 30

Public

Finance

Authority

Revenue

Bonds

07/30/20

125,000

102.53 128

Public

Finance

Authority

Revenue

Bonds

07/30/20

50,000

103.77 52

Public

Finance

Authority

Revenue

Bonds

08/10/20

150,000

106.06 159

Public

Finance

Authority

Revenue

Bonds

08/28/20

525,000

101.44 533

Public

Finance

Authority

Revenue

Bonds

08/28/20

450,000

104.95 472

Public

Finance

Authority

Revenue

Bonds

09/16/20

65,000

104.76 68

Public

Finance

Authority

Revenue

Bonds

12/03/20

1,150,000

89.99 1,035

990

Public

Finance

Authority

Revenue

Bonds

03/26/21

1,285,000

91.31 1,173

1,171

Public

Finance

Authority

Revenue

Bonds

03/26/21

875,000

98.55 862

818

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.08 108

Public

Finance

Authority

Revenue

Bonds

05/28/21

100,000

108.50 108

Public

Finance

Authority

Revenue

Bonds

08/02/21

1,575,000

85.76 1,351

1,129

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

515

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

11/10/21

890,000

101.75 906

666

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,000,000

108.40 1,084

862

Public

Finance

Authority

Revenue

Bonds

11/18/21

1,685,000

99.85 1,683

1,647

Public

Finance

Authority

Revenue

Bonds

11/19/21

125,000

100.43 126

Public

Finance

Authority

Revenue

Bonds

11/19/21

785,000

83.99 659

584

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,600,000

103.73 1,660

1,282

Public

Finance

Authority

Revenue

Bonds

01/21/22

100,000

104.83 105

Public

Finance

Authority

Revenue

Bonds

03/11/22

275,000

102.39 282

Public

Finance

Authority

Revenue

Bonds

03/31/22

2,475,000

100.00 2,475

2,571

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

100.00 150

Public

Finance

Authority

Revenue

Bonds

04/14/22

100,000

100.75 101

Public

Finance

Authority

Revenue

Bonds

04/14/22

150,000

98.33 147

Public

Finance

Authority

Revenue

Bonds

05/25/22

175,000

97.66 171

Public

Finance

Authority

Revenue

Bonds

05/25/22

300,000

98.19 295

Public

Finance

Authority

Revenue

Bonds

09/01/22

165,000

98.24 162

Public

Finance

Authority

Revenue

Bonds

09/29/22

1,000,000

99.01 990

1,016

Public

Finance

Authority

Revenue

Bonds

06/14/23

100,000

98.73 99

Public

Finance

Authority

Revenue

Bonds

08/04/23

90,000

93.03 84

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.67 50

Public

Finance

Authority

Revenue

Bonds

08/24/23

50,000

99.72 50

Public

Finance

Authority

Revenue

Bonds

09/08/23

1,710,000

92.66 1,585

1,763

Public

Finance

Authority

Revenue

Bonds

09/11/23

1,750,000

99.15 1,735

1,803

Public

Finance

Authority

Revenue

Bonds

09/11/23

750,000

99.85 749

759

Public

Finance

Authority

Revenue

Bonds

11/15/23

400,000

100.84 403

Public

Finance

Authority

Revenue

Bonds

12/20/23

3,825,000

83.15 3,181

3,436

Public

Finance

Authority

Revenue

Bonds

06/28/24

528,000

100.00 528

518

Public

Finance

Authority

Revenue

Bonds

07/31/24

325,000

100.00 325

Public

Finance

Authority

Revenue

Bonds

08/28/24

515,597

100.00 516

Public

Finance

Authority

Revenue

Bonds

08/29/24

200,000

102.54 205

Public

Finance

Authority

Revenue

Bonds

08/29/24

525,000

102.60 539

530

Public

Finance

Authority

Revenue

Bonds

10/04/24

1,282,000

56.76 725

716

Public

Finance

Authority

Revenue

Bonds

11/21/24

600,000

91.92 552

538

Public

Finance

Authority

Revenue

Bonds

11/25/24

100,000

97.12 97

Public

Finance

Authority

Revenue

Bonds

11/27/24

900,000

73.77 664

657

Public

Finance

Authority

Revenue

Bonds

12/04/24

270,000

93.34 252

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

500,000

72.06 360

Public

Finance

Authority

Revenue

Bonds

01/28/25

650,000

104.37 678

670

Public

Finance

Authority

Revenue

Bonds

02/28/25

775,000

49.38 383

Public

Finance

Authority

Revenue

Bonds

03/12/25

849,618

100.00 850

832

Public

Finance

Authority

Revenue

Bonds

03/24/25

1,700,000

96.44 1,640

1,605

Public

Finance

Authority

Revenue

Bonds

03/24/25

3,000,000

99.44 2,983

3,009

Public

Finance

Authority

Tax

Allocation

03/27/24

1,150,000

97.31 1,119

1,139

Public

Finance

Authority

Tax

Allocation

03/27/24

625,000

97.70 611

620

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

1,375,000

90.08 1,239

1,189

Pueblo

Urban

Renewal

Authority

Tax

Allocation

03/24/21

100,000

97.16 97

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/21

11,785,000

94.96 10,876

11,179

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/12/21

4,480,000

93.81 4,270

3,861

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100.00 600

583

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

08/19/21

600,000

100.00 600

571

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/05/22

1,550,000

99.71 1,544

1,568

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/23/23

1,800,000

100.79 1,814

1,820

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

07/30/24

2,000,000

91.45 1,829

1,641

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/25

400,000

104.15 417

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

540,000

100.00 540

527

Randal

Park

Community

Development

District

Special

Assessment

11/30/18

895,000

100.00 895

845

Red

Bridge

Public

Infrastructure

District

No.

General

Obligation

Limited

07/01/21

500,000

100.00 500

River

Hall

Community

Development

District

Special

Assessment

11/01/24

65,000

100.00 65

River

Hall

Community

Development

District

Special

Assessment

11/01/24

75,000

100.00 75

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

100,000

99.55 100

Rockdale

County

Development

Authority

Revenue

Bonds

05/16/18

225,000

100.41 226

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

100,000

100.00 100

Rolling

Oaks

Community

Development

District

Special

Assessment

10/24/18

200,000

100.00 200

Rolling

Oaks

Community

Development

District

Special

Assessment

11/09/22

150,000

99.36 149

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

516

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Rye

Ranch

Community

Development

District

Special

Assessment

09/13/23

60,000

99.32 60

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

99.19 50

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

100,000

99.29 99

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

07/01/21

335,000

92.13 309

Seminole

County

Industrial

Development

Authority

Revenue

Bonds

08/03/21

100,000

111.99 112

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

08/01/24

225,000

100.52 226

Shelby

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

08/01/24

100,000

100.75 101

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

99.65 174

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

200,000

98.76 197

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

175,000

97.97 171

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

125,000

98.86 124

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

100,000

99.69 100

Somerset

Bay

Community

Development

District

Special

Assessment

Revenue

Bonds

05/20/24

100,000

100.00 100

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

425,000

97.57 415

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

03/30/22

500,000

99.13 496

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

01/06/25

100,000

96.30 96

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

01/07/25

200,000

98.07 196

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

140,000

100.70 141

St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

07/27/17

230,000

100.85 232

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

12/04/15

1,470,000

101.49 1,492

1,408

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

10/10/23

3,940,000

100.00 3,940

4,044

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

250,000

100.37 251

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

250,000

98.55 246

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

02/21/25

1,425,000

97.66 1,392

1,368

State

of

Ohio

Revenue

Bonds

11/14/19

275,000

105.92 291

State

of

Ohio

Revenue

Bonds

12/05/19

110,000

107.58 118

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

09/30/21

2,200,000

82.59 1,683

1,816

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

375,000

102.03 383

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

05/17/24

100,000

98.90 99

Stoneybrook

South

Community

Development

District

Special

Assessment

11/25/20

1,125,000

87.77 1,094

835

Storey

Park

Community

Development

District

Special

Assessment

05/25/21

650,000

98.95 643

506

Stuart

Crossing

Community

Development

District

Special

Assessment

03/13/24

100,000

98.99 99

Sunset

Parks

Metropolitan

District

General

Obligation

Limited

10/30/24

500,000

100.00 500

Taney

County

Industrial

Development

Authority

Revenue

Bonds

04/12/23

400,000

100.00 400

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

1,000,000

98.30 983

921

Tolomato

Community

Development

District

Special

Assessment

03/15/18

100,000

99.34 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.30 99

Touchstone

Community

Development

District

Special

Assessment

02/02/18

100,000

99.46 99

Town

of

Argyle

Special

Assessment

Revenue

Bonds

01/24/18

145,000

100.00 145

Town

of

Lakewood

Village

Special

Assessment

Revenue

Bonds

08/12/22

175,000

100.00 175

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/07/18

727,000

100.00 727

735

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

99.11 99

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

11/02/22

750,000

100.00 750

802

Town

of

Providence

Village

Special

Assessment

08/07/24

370,000

99.26 367

Town

of

Providence

Village

Special

Assessment

02/19/25

76,000

100.00 76

Town

of

Providence

Village

Special

Assessment

02/19/25

100,000

99.56 100

Town

of

Whiteland

Tax

Allocation

Revenue

Bonds

07/11/24

125,000

99.75 125

Towns

at

Woodsdale

Community

Development

District

Special

Assessment

10/13/23

100,000

99.67 100

Travis

County

Development

Authority

Special

Assessment

09/13/22

100,000

100.00 100

Travis

County

Development

Authority

Special

Assessment

12/03/24

100,000

98.87 99

Triple

Creek

Community

Development

District

Special

Assessment

11/08/18

265,000

98.66 261

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

08/24/21

690,000

98.66 681

641

Tulsa

Authority

for

Economic

Opportunity

Tax

Allocation

09/16/21

560,000

94.38 528

529

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

02/03/23

7,500,000

94.55 7,091

7,241

Two

Lakes

Community

Development

District

Special

Assessment

06/19/17

200,000

102.34 205

UIPA

Crossroads

Public

Infrastructure

District

Tax

Allocation

12/28/21

1,000,000

100.00 1,000

877

Union

County

Improvement

Authority

Revenue

Bonds

10/23/19

1,100,000

85.07 936

698

Union

County

Improvement

Authority

Revenue

Bonds

02/22/24

100,000

97.01 97

Union

Park

East

Community

Development

District

Special

Assessment

06/02/17

500,000

102.60 513

503

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

97.18 194

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

517

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

300,000

95.98 288

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

11/17/21

450,000

100.57 453

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

890,000

102.08 909

710

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

1,420,000

102.20 1,451

1,043

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

12/14/21

400,000

103.07 412

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

73.87 314

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

03/01/23

200,000

69.22 138

V-Dana

Community

Development

District

Special

Assessment

07/23/20

100,000

98.41 98

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

840,000

97.46 819

820

Ventana

Community

Development

District

Special

Assessment

Revenue

Bonds

03/01/18

500,000

97.63 488

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

101.53 51

Verano

No.

Community

Development

District

Special

Assessment

05/04/17

100,000

98.87 99

Verano

No.

Community

Development

District

Special

Assessment

05/30/17

100,000

100.00 100

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

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

875,000

90.28 790

713

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

275,000

98.29 270

Village

at

Southgate

Metropolitan

District

General

Obligation

Limited

05/04/18

1,349,000

100.00 1,349

1,293

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

260,000

100.00 260

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

09/11/20

575,000

100.00 575

Village

Community

Development

District

No.

Special

Assessment

06/22/23

400,000

100.00 400

Village

Community

Development

District

No.

Special

Assessment

06/22/23

200,000

100.29 201

Village

of

Lincolnwood

Tax

Allocation

01/23/25

1,400,000

100.00 1,400

1,415

Village

of

Salado

Special

Assessment

Revenue

Bonds

06/07/24

100,000

100.00 100

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

03/11/16

450,000

101.03 455

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

10/24/24

350,000

102.50 359

Washington

Economic

Development

Finance

Authority

Revenue

Bonds

12/15/20

1,500,000

103.10 1,546

1,509

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

200,000

107.41 215

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/19/19

150,000

107.90 162

Washington

State

Housing

Finance

Commission

Revenue

Bonds

09/10/21

2,525,000

104.49 2,638

2,103

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00 150

Waterset

Central

Community

Development

District

Special

Assessment

05/01/18

150,000

100.00 150

Waterview

North

Metropolitan

District

No.

General

Obligation

Limited

12/18/24

500,000

100.00 500

Wellness

Ridge

Community

Development

District

Special

Assessment

12/05/24

100,000

100.46 100

Wellness

Ridge

Community

Development

District

Special

Assessment

12/05/24

100,000

99.70 100

West

Meadow

Metropolitan

District

General

Obligation

Limited

04/21/23

500,000

99.25 496

523

West

Port

Community

Development

District

Special

Assessment

08/05/20

1,700,000

101.77 1,730

1,340

Westchester

County

Industrial

Development

Agency

Revenue

Bonds

07/22/24

350,000

102.43 358

Western

Regional

Off-Track

Betting

Corp.

Revenue

Bonds

08/27/21

115,000

98.99 114

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

09/20/19

100,000

100.00 100

Westside

Community

Development

District

Special

Assessment

Revenue

Bonds

09/20/19

100,000

99.85 100

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

93.42 934

885

Winsome

Metropolitan

District

No.

General

Obligation

Limited

07/08/21

500,000

100.00 500

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

750,000

101.67 763

757

Woodland

Crossing

Community

Development

District

Special

Assessment

04/16/25

200,000

99.66 199

Woodland

Preserve

Community

Development

District

Special

Assessment

03/06/25

100,000

100.00 100

Woodland

Preserve

Community

Development

District

Special

Assessment

03/06/25

100,000

99.56 100

Wyandotte

County

City

Unified

Government

Revenue

Bonds

04/03/23

4,800,000

45.73 2,220

2,522

459,364

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.

518

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

13,412

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amount

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Municipal

Bonds

Alabama

$

—

$

54,904

$

—

$

—

$

54,904

.6

Alaska

—

1,861

—

—

1,861

.1

Arizona

—

30,422

—

—

30,422

.4

Arkansas

—

12,356

—

—

12,356

.6

California

—

172,643

—

—

172,643

.1

Colorado

—

74,838

—

—

74,838

.5

Connecticut

—

19,672

—

—

19,672

.9

Delaware

—

1,180

—

—

1,180

.1

District

of

Columbia

—

22,820

—

—

22,820

.1

Florida

—

230,053

—

—

230,053

.8

Georgia

—

38,983

—

—

38,983

.8

Guam

—

10,503

—

—

10,503

.5

Hawaii

—

11,998

—

—

11,998

.6

Idaho

—

2,998

—

—

2,998

.1

Illinois

—

157,969

—

—

157,969

.4

Indiana

—

13,545

—

—

13,545

.6

Iowa

—

17,964

—

—

17,964

.8

Kansas

—

4,233

—

—

4,233

.2

Kentucky

—

11,762

—

—

11,762

.5

Louisiana

—

21,093

—

—

21,093

.0

Maine

—

1,309

—

—

1,309

.1

Maryland

—

34,102

—

—

34,102

.6

Massachusetts

—

22,886

—

—

22,886

.1

Michigan

—

44,263

—

—

44,263

.1

Minnesota

—

11,747

—

—

11,747

.5

Mississippi

—

4,354

—

—

4,354

.2

Missouri

—

14,262

—

—

14,262

.7

Montana

—

3,205

—

—

3,205

.1

Nevada

—

8,067

—

—

8,067

.4

New

Hampshire

—

21,066

—

—

21,066

.0

New

Jersey

—

75,890

—

—

75,890

.6

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

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amount

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
New

Mexico

—

1,356

—

—

1,356

.1

New

York

—

162,373

—

—

162,373

.6

North

Carolina

—

17,443

—

—

17,443

.8

North

Dakota

—

5,544

—

—

5,544

.3

Ohio

—

97,142

—

—

97,142

.6

Oklahoma

—

9,023

—

—

9,023

.4

Oregon

—

9,916

—

—

9,916

.5

Pennsylvania

—

98,990

—

—

98,990

.6

Puerto

Rico

—

157,627

—

—

157,627

.4

Rhode

Island

—

5,832

—

—

5,832

.3

South

Carolina

—

15,114

—

—

15,114

.7

South

Dakota

—

2,200

—

—

2,200

.1

Tennessee

—

9,220

—

—

9,220

.4

Texas

—

130,175

—

—

130,175

.1

Utah

—

25,793

—

26,098

.2

Vermont

—

3,212

—

—

3,212

.1

Virgin

Islands

—

14,761

—

—

14,761

.7

Virginia

—

27,535

—

—

27,535

.3

Washington

—

27,402

—

—

27,402

.3

West

Virginia

—

7,637

—

—

7,637

.4

Wisconsin

—

66,615

—

—

66,615

.1

Wyoming

—

870

—

—

870

—

\*

Loan

Agreements

—

—

—

—

\*

Short-Term

Investments

—

—

—

58,525

58,525

.7

Total

Investments

—

2,048,728

58,525

2,107,566

.8

Other

Assets

and

Liabilities,

Net

.2

.0

Other

Financial

Instruments

Assets

Futures

Contracts

—

—

—

—

\*

Total

Other

Financial

Instruments

\*\*

$

$

—

$

—

$

—

$

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

520

Tax-Exempt

High

Yield

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

$

#### 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

$

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.

Tax-Exempt

High

Yield

Bond

Fund

521

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

2,198,483

Investments,

at

fair

value(>)

........................................................................................................................................................

2,107,566

Receivables:

Dividends

and

interest

......................................................................................................................................................

31,397

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

2,623

Fund

shares

sold

...............................................................................................................................................................

2,932

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

2,145,217

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

7,989

Fund

shares

redeemed

......................................................................................................................................................

3,789

Accrued

fees

to

affiliates

..................................................................................................................................................

974

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

12,989

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,132,228

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

522

Tax-Exempt

High

Yield

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(190,598)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,219

Additional

paid-in

capital

............................................................................................................................................................

2,320,607

#### Net

#### Assets

#### ...............................................................................................................................................................
$

2,132,228

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.60 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.75%):

Class

A

.....................................................

$

.

Class

A

—

Net

assets

...........................................................................................................................................................

$

12,389,116

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,289,944

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.57 Class

C

—

Net

assets

...........................................................................................................................................................

$

6,411,079

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

669,627

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.61 Class

M

—

Net

assets

..........................................................................................................................................................

$

555,143,062

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

57,796,098

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.61 Class

S

—

Net

assets

............................................................................................................................................................

$

1,558,284,829

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

162,138,163

Amounts

in

thousands

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

58,525

(a) Receivable

from

Broker

for

Futures

$

(#)

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

523

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

50,784

Dividends

from

affiliated

funds

.......................................................................................................................................

1,454

Total

investment

income

..............................................................................................................................................................

52,238

#### Expenses
Advisory

fees

...................................................................................................................................................................

5,036

Administrative

fees

..........................................................................................................................................................

513

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

..........................................................................................................................................

561

Transfer

agent

fees

-

Class

S

............................................................................................................................................

1,562

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

8,204

Expense

reductions

..........................................................................................................................................................

(1,801)

Net

expenses

................................................................................................................................................................................

6,403

Net

investment

income

(loss)

.......................................................................................................................................................

45,835

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(5,816)

Investments

in

affiliated

funds

.........................................................................................................................................

(6) Futures

contracts

..............................................................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

(5,373)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(67,529)

Investments

in

affiliated

funds

.........................................................................................................................................

(7) Futures

contracts

..............................................................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(67,389)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(72,762)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(26,927)

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

524

Tax-Exempt

High

Yield

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

45,835

$

80,800

Net

realized

gain

(loss)

.......................................................................................................................

(5,373)

(3,887)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(67,389)

184,977

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(26,927)

261,890

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(277) (453) Class

C

..........................................................................................................................................

(120) (193) Class

M

.........................................................................................................................................

(12,914)

(23,335)

Class

S

..........................................................................................................................................

(35,165)

(55,511)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(48,476)

(79,492)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

132,987

307,234

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
57,584

489,632

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

2,074,644

1,585,012

End

of

period

.............................................................................................................................................

$

2,132,228

$

2,074,644

#### 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

525

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

1,735

$

4,706

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(217) (2,121)

(296) (2,926)

Net

increase

(decrease)

(14) (109) 227

2,233

Class

C

Proceeds

from

shares

sold

899

2,722

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(133) (1,298)

(182) (1,783)

Net

increase

(decrease)

(29) (280) 115

1,132

Class

M

Proceeds

from

shares

sold

9,135

90,036

19,001

187,416

Proceeds

from

reinvestment

of

distributions

1,296

12,858

2,383

23,298

Payments

for

shares

redeemed

(15,570)

(155,034)

(10,340)

(101,393)

Net

increase

(decrease)

(5,139)

(52,140)

11,044

109,321

Class

S

Proceeds

from

shares

sold

35,029

347,360

44,126

429,592

Proceeds

from

reinvestment

of

distributions

3,537

35,119

5,670

55,442

Payments

for

shares

redeemed

(20,059)

(196,963)

(29,667)

(290,486)

Net

increase

(decrease)

18,507

185,516

20,129

194,548

Total

increase

(decrease)

13,325

$

132,987

31,515

$

307,234

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

526

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.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025\*

9.9 4

.19

(.3

2)

(.1

3)

(.21)

(.21)

October

31,

2024

8.95 .39

.98

1.37 (.38)

(.38)

October

31,

2023

9.08 .36

(.11)

.25

(.38)

(.38)

October

31,

2022

11.26 .29

(2.15)

(1.86)

(.32)

(.32)

October

31,

2021

10.69 .29

.61

.90

(.33)

(.33)

October

31,

2020

11.00 .27

(.23)

.04

(.35)

(.35)

Class

C

April

30,

2025\*

9.91 .16

(.33)

(.17)

(.17)

(.17)

October

31,

2024

8.92 .31

.99

1.30 (.31)

(.31)

October

31,

2023

9.05 .29

(.11)

.18

(.31)

(.31)

October

31,

2022

11.24 .22

(2.17)

(1.95)

(.24)

(.24)

October

31,

2021

10.67 .20

.62

.82

(.25)

(.25)

October

31,

2020

10.98 .19

(.23)

(.04)

(.27)

(.27)

Class

M

April

30,

2025\*

9.94 .21

(.31)

(.10)

(.23)

(.23)

October

31,

2024

8.95 .42

.99

1.41 (.42)

(.42)

October

31,

2023

9.08 .40

(.12)

.28

(.41)

(.41)

October

31,

2022

11.27 .33

(2.16)

(1.83)

(.36)

(.36)

October

31,

2021

10.70 .33

.60

.93

(.36)

(.36)

October

31,

2020

11.00 .31

(.22)

.09

(.39)

(.39)

Class

S

April

30,

2025\*

9.95 .21

(.33)

(.12)

(.22)

(.22)

October

31,

2024

8.95 .41

1.00 1.41 (.41)

(.41)

October

31,

2023

9.08 .39

(.12)

.27

(.40)

(.40)

October

31,

2022

11.28 .32

(2.17)

(1.85)

(.35)

(.35)

October

31,

2021

10.70 .32

.61

.93

(.35)

(.35)

October

31,

2020

11.00 .30

(.22)

.08

(.38)

(.38)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

High

Yield

Bond

Fund

527

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

9.60 (1.37)

12,389

1.01 .89

3.98 12

9.94 15.51 12,961

1.03 .90

3.92 16

8.95 2.52 9,631

1.04 .89

3.77 35

9.08 (16.83)

12,202

1.04 .89

2.73 43

11.26 8.45 21,752

1.05 .89

2.57 14

10.69 .47

11,594

1.06 .89

2.55 40

9.57 (1.74)

6,411

1.76 1.64 3.23 12

9.91 14.73 6,927

1.78 1.65 3.17 16

8.92 1.77 5,214

1.79 1.64 3.03 35

9.05 (17.56)

5,652

1.79 1.64 2.08 43

11.24 7.69 6,804

1.80 1.64 1.81 14

10.67 (.30)

3,961

1.80 1.64 1.81 40

9.61 (1.10)

555,143

.76

.54

4.33 12

9.94 15.90 625,790

.78

.55

4.27 16

8.95 2.88 464,352

.79

.54

4.13 35

9.08 (16.59)

468,687

.79

.54

3.20 43

11.27 8.81 472,832

.80

.54

2.92 14

10.70 .89

204,017

.80

.54

2.90 40

9.61 (1.23)

1,558,285

.76

.61

4.27 12

9.95 15.94 1,428,966

.78

.62

4.20 16

8.95 2.81 1,105,815

.79

.61

4.07 35

9.08 (16.73)

1,037,125

.79

.61

3.12 43

11.28 8.80 1,104,233

.79

.63

2.84 14

10.70 .79

921,426

.80

.64

2.81 40

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### High

#### Yield

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

528

Tax-Exempt

High

Yield

Bond

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

614,532

Administrative

fees

84,434

Distribution

fees

6,572

Shareholder

servicing

fees

1,332

Transfer

agent

fees

266,996

$

973,866

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

77,991

$

441,084

$

460,537

$

(6)

$

(7)

$

58,525

$

1,454

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

2,199,932,646

$

40,768,635

$

(132,987,737)

$

(92,219,102)

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

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $

#### Municipal

#### Bonds

#### -

#### 99.0%
Alabama

-

4.1%

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,500

5.000 09/01/36

1,677

Alabama

Federal

Aid

Highway

Finance

Authority

Revenue

Bonds

1,250

5.000 09/01/37

1,387

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,429

5.000 06/01/25

3,433

Alabama

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 02/01/28

521

Alabama

Housing

Finance

Authority

Revenue

Bonds

3,000

5.750 10/01/55

3,215

Alabama

Housing

Finance

Authority

Revenue

Bonds

4,495

5.750 04/01/56

4,854

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,315

5.000 06/01/25

2,316

Black

Belt

Energy

Gas

District

Revenue

Bonds

2,500

5.000 07/01/29

2,566

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

8,170

5.250 09/01/32

8,666

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000 11/01/34

7,360

Black

Belt

Energy

Gas

District

Revenue

Bonds

1,600

5.000 11/01/34

1,681

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

850

4.000 12/01/49

850

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.350%)(ae)(Ê)

2,135

3.260 10/01/52

2,076

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

14,300

4.000 10/01/52

14,287

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

4,575

5.250 02/01/53

4,777

Black

Belt

Energy

Gas

District

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.650%)(ae)(Ê)

24,865

3.560 04/01/53

23,775

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

710

4.000 04/01/53

709

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.500 11/01/53

5,230

Black

Belt

Energy

Gas

District

Revenue

Bonds

(~)(ae)(Ê)

7,860

5.250 12/01/53

8,318

City

of

Birmingham

Special

Care

Facilities

Financing

Authority

Revenue

Bonds

2,000

5.000 06/01/32

2,002

City

of

Gadsden

General

Obligation

Unlimited

(µ)

1,690

5.000 08/01/27

1,753

County

of

Jefferson

Sewer

Revenue

Bonds

500

5.000 10/01/39

519

County

of

Jefferson

Sewer

Revenue

Bonds

580

5.250 10/01/42

600

County

of

Jefferson

Sewer

Revenue

Bonds

1,025

5.250 10/01/45

1,049

County

of

Jefferson

Sewer

Revenue

Bonds

7,500

5.500 10/01/53

7,657

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

1,054

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

9,990

5.250 06/01/32

10,565

Energy

Southeast

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

850

5.750 04/01/54

927

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

1,000

5.000 11/15/36

1,038

Health

Care

Authority

for

Baptist

Health

(The)

Revenue

Bonds

1,195

5.000 11/15/37

1,235

Homewood

Educational

Building

Authority

Revenue

Bonds

1,475

5.500 10/01/49

1,504

Houston

County

Health

Care

Authority

Revenue

Bonds

5.000 10/01/30

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

3,240

5.125 08/01/44

3,315

Jacksonville

Public

Educational

Building

Authority

Revenue

Bonds

(µ)

840

5.250 08/01/49

859

Limestone

County

Water

&

Sewer

Authority

Revenue

Bonds

5.000 12/01/41

Mobile

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

700

3.780 06/01/34

698

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

963

Prichard

Waterworks

and

Sewer

Board

Water

Revenue

Bonds

(Æ)(Ø)

1,670

4.000 11/01/38

1,012

Southeast

Alabama

Gas

Supply

District

(The)

Revenue

Bonds

(~)(ae)(Ê)

4,090

5.000 04/01/32

4,271

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

25,825

5.000 02/01/31

27,004

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

20,480

5.000 11/01/32

21,507

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

6,350

5.000 06/01/35

6,505

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

14,000

5.000 11/01/35

14,102

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,

#### 2025
(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)

10,200

5.500 01/01/53

10,809

Southeast

Energy

Authority,

A

Cooperative

District

Revenue

Bonds

(~)(ae)(Ê)

835

5.000 05/01/53

857

Town

of

Pike

Road

General

Obligation

Limited

3,055

5.000 03/01/43

3,195

Town

of

Pike

Road

General

Obligation

Limited

7,875

5.000 03/01/48

8,073

Tuscaloosa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.250 05/01/44

University

of

South

Alabama

Revenue

Bonds

(µ)

715

5.000 10/01/32

738

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

(Þ)

1,825

3.750 09/01/26

1,828

West

Jefferson

Industrial

Development

Board

Revenue

Bonds

(~)(Ê)

1,730

3.650 06/01/28

1,728

236,765

Alaska

-

0.1%

Alaska

Industrial

Development

&

Export

Authority

Revenue

Bonds

5.000 06/01/33

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/26

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/27

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/28

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/29

Alaska

Municipal

Bond

Bank

Authority

Revenue

Bonds

5.000 12/01/30

CIVICVentures

Revenue

Bonds

800

4.000 09/01/38

746

Municipality

of

Anchorage

General

Obligation

Unlimited

1,000

4.000 09/01/41

939

State

of

Alaska

General

Obligation

Unlimited

580

5.000 08/01/27

602

State

of

Alaska

General

Obligation

Unlimited

870

5.000 08/01/28

917

4,886

Arizona

-

1.9%

Arizona

Health

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.250%)(ae)(Ê)

715

3.160 11/04/25

711

Arizona

Health

Facilities

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.810%)

(Ê)

6,575

1.770 01/01/37

6,373

Arizona

Health

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.250%)(Ê)

3,035

3.160 01/01/46

3,007

Arizona

Industrial

Development

Authority

Revenue

Bonds

2.650 07/01/26

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,500

5.000 09/01/26

1,533

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,050

5.000 01/01/27

13,368

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/27

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Æ)(Ø)

5.000 05/01/28

Arizona

Industrial

Development

Authority

Revenue

Bonds

5.000 11/01/28

Arizona

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,250

4.500 07/15/29

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

4.000 07/01/31

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

4.000 07/01/42

1,249

Arizona

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,880

5.000 10/01/44

5,961

Arizona

Industrial

Development

Authority

Revenue

Bonds

5.000 11/01/44

Arizona

Industrial

Development

Authority

Revenue

Bonds

895

5.125 01/01/59

813

Arizona

Transportation

Board

Revenue

Bonds

2,735

5.000 07/01/25

2,737

Chandler

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,650

3.800 12/01/35

1,660

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,500

5.000 07/01/28

2,586

City

of

Glendale

Excise

Tax

Revenue

Bonds

2,025

5.000 07/01/32

2,085

City

of

Glendale

Water

&

Sewer Revenue

Bonds

1,500

5.000 07/01/42

1,587

City

of

Lake

Havasu

City

Wastewater

System

Revenue

General

Obligation

Limited

1,200

5.000 07/01/40

1,293

City

of

Lake

Havasu

City

Wastewater

System

Revenue

General

Obligation

Limited

1,000

5.000 07/01/41

1,076

City

of

Mesa

General

Obligation

Unlimited

2,000

5.000 07/01/42

2,134

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,000

5.000 07/01/34

1,088

City

of

Mesa

Utility

System

Revenue

Bonds

(µ)

1,025

5.000 07/01/41

1,081

City

of

Mesa

Utility

System

Revenue

Bonds

2,500

5.000 07/01/43

2,570

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

1,750

5.000 07/01/39

1,890

City

of

Phoenix

Civic

Improvement

Corp.

Revenue

Bonds

3,000

5.000 07/01/40

3,217

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

1,000

Coconino

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.750 03/01/39

1,003

County

of

Pinal

Revenue

Bonds

1,775

5.000 08/01/25

1,777

Entertainment

Center

Community

Facilities

District

Revenue

Bonds

2,772

4.000 07/01/37

2,743

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

1,000

5.125 11/15/29

1,000

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

(Þ)

500

6.750 11/15/42

536

La

Paz

County

Industrial

Development

Authority

Revenue

Bonds

4.000 02/15/41

Maricopa

County

&

Phoenix Industrial

Development

Authority

Revenue

Bonds

1,750

5.750 03/01/56

1,907

Maricopa

County

Elementary

School

District

No.

Osborn

General

Obligation

Unlimited

(µ)

5.000 07/01/26

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

850

5.000 09/01/30

880

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3.000 07/01/31

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 09/01/31

1,033

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4,000

5.000 01/01/32

4,081

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

925

5.000 09/01/32

953

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

800

5.000 09/01/33

822

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

1,225

4.000 07/01/34

1,190

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5,000

5.000 01/01/35

5,071

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

610

4.000 01/01/41

556

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

515

4.000 07/01/41

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

3,780

6.250 03/01/55

4,182

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,000

3.875 06/01/29

5,035

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

1,800

2.400 06/01/35

1,461

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

3,315

3.600 04/01/40

2,861

Maricopa

County

Pollution

Control

Corp.

Revenue

Bonds

825

4.500 08/01/42

778

Maricopa

County

Unified

School

District

No.

11-Peoria

General

Obligation

Unlimited

(µ)

5.000 07/01/29

Northern

Arizona

University

Certificate

of

Participation

(µ)

1,050

5.000 09/01/28

1,109

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

5.000 07/01/28

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

5.000 07/01/29

Pinal

County

Elementary

School

District

No.

Casa

Grande

General

Obligation

Unlimited

(µ)

765

5.000 07/01/30

788

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue

Bonds

2,000

5.000 01/01/42

2,148

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue

Bonds

1,500

5.000 01/01/43

1,602

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue

Bonds

1,950

5.000 12/01/45

1,953

Salt

Verde

Financial

Corp.

Revenue

Bonds

5.000 12/01/37

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/15/44

Tucson

Industrial

Development

Authority/Pima

County

Industrial

Development

Authority

Revenue

Bonds

2,500

5.500 01/01/56

2,668

112,857

Arkansas

-

0.3%

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.000 07/01/26

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.000 07/01/28

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Arkansas

Development

Finance

Authority

Revenue

Bonds

3.000 07/01/32

Arkansas

Development

Finance

Authority

Revenue

Bonds

3.125 07/01/36

Batesville

Public

Facilities

Board

Revenue

Bonds

625

5.000 06/01/26

626

Batesville

Public

Facilities

Board

Revenue

Bonds

560

5.000 06/01/27

563

City

of

Batesville

Sales

&

Use

Tax

Revenue

Bonds

(µ)

1,355

5.000 02/01/39

1,432

City

of

Fort

Smith

Water

&

Sewer

Revenue

Bonds

3,500

5.000 10/01/31

3,659

Conway

Health

Facilities

Board

Revenue

Bonds

500

5.000 08/01/28

505

County

of

Pulaski

Revenue

Bonds

1,000

5.000 03/01/41

1,030

Little

Rock

School

District

General

Obligation

Limited

(µ)

3,640

2.000 02/01/36

2,766

Rogers

School

District

No.

General

Obligation

Limited

1,285

4.000 02/01/37

1,284

Rogers

School

District

No.

General

Obligation

Limited

3,815

4.000 02/01/38

3,769

Southern

Arkansas

University

Revenue

Bonds

(µ)

860

4.000 03/01/36

822

University

of

Central

Arkansas

Revenue

Bonds

(µ)

5.000 11/01/36

17,415

California

-

8.2%

Alameda

Community

Facilities

District

Special

Tax

5.000 09/01/48

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.300%)

(ae)(Ê)

1,750

3.210 04/01/56

1,732

Bay

Area

Toll

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.410%)

(ae)(Ê)

1,200

3.320 04/01/56

1,166

Beaumont

Financing

Authority

Special

Tax

990

5.000 09/01/45

990

Brentwood

Infrastructure

Financing

Authority

Special

Assessment

(µ)

990

5.000 09/02/29

991

Brentwood

Union

School

District

General

Obligation

Unlimited

5.000 08/01/32

Brentwood

Union

School

District

General

Obligation

Unlimited

5.000 08/01/33

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

Revenue

Bonds

(µ)

1,000

4.000 07/01/54

899

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,250

4.000 08/01/31

1,235

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(Ê)

13,810

5.000 08/01/32

14,189

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(Ê)

650

5.000 09/01/32

682

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

14,745

5.000 10/01/32

15,390

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

16,325

5.250 01/01/54

16,946

California

Community

Choice

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 02/01/54

California

County

Tobacco

Securitization

Agency

Revenue

Bonds

5.000 06/01/49

California

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/32

California

Educational

Facilities

Authority

Revenue

Bonds

800

5.000 10/01/35

834

California

Educational

Facilities

Authority

Revenue

Bonds

1,755

5.000 10/01/53

1,766

California

Enterprise

Development

Authority

Revenue

Bonds

1,310

3.500 08/01/40

1,172

California

Enterprise

Development

Authority

Revenue

Bonds

2,970

4.000 08/01/40

2,853

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,265

5.000 02/01/27

1,315

California

Health

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 10/01/27

1,030

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,350

5.000 02/01/28

1,398

California

Health

Facilities

Financing

Authority

Revenue

Bonds

2,075

5.000 12/01/28

2,163

California

Health

Facilities

Financing

Authority

Revenue

Bonds

5.000 08/15/32

California

Health

Facilities

Financing

Authority

Revenue

Bonds

600

5.000 08/15/33

611

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,370

5.000 12/01/34

1,443

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,600

5.000 08/15/35

1,602

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/40

1,177

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

5,298

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,620

5.000 10/01/44

1,621

California

Health

Facilities

Financing

Authority

Revenue

Bonds

1,130

5.250 12/01/44

1,147

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

Health

Facilities

Financing

Authority

Revenue

Bonds

850

5.000 08/15/47

817

California

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5.000 11/01/26

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

2,515

3.250 08/01/29

2,498

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

675

4.000 05/01/39

659

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

540

4.000 05/01/40

519

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,410

5.000 07/01/40

1,434

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

2,100

5.000 07/01/41

2,124

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,800

5.000 07/01/42

1,816

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,400

5.000 07/01/43

1,405

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

1,000

5.000 07/01/44

998

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

5.000 11/01/44

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

6,400

5.250 07/01/49

6,451

California

Infrastructure

&

Economic

Development

Bank

Revenue

Bonds

(~)(ae)(Ê)

2,750

1.200 12/01/50

2,464

California

Municipal

Finance

Authority

Certificate

of

Participation

(µ)

1,200

5.250 11/01/35

1,257

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/25

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,150

3.750 06/01/27

1,150

California

Municipal

Finance

Authority

Revenue

Bonds

690

5.000 08/15/27

724

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/27

California

Municipal

Finance

Authority

Revenue

Bonds

(ae)

5.000 01/01/28

California

Municipal

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

875

5.000 07/01/28

910

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/28

California

Municipal

Finance

Authority

Revenue

Bonds

590

4.000 11/15/28

590

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/29

California

Municipal

Finance

Authority

Revenue

Bonds

10,100

5.000 05/15/30

10,533

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/31

California

Municipal

Finance

Authority

Revenue

Bonds

800

5.000 08/15/32

832

California

Municipal

Finance

Authority

Revenue

Bonds

5.000 10/01/33

California

Municipal

Finance

Authority

Revenue

Bonds

1,200

5.000 08/15/34

1,246

California

Municipal

Finance

Authority

Revenue

Bonds

4.000 07/01/41

California

Municipal

Finance

Authority

Revenue

Bonds

820

5.000 05/15/42

836

California

Municipal

Finance

Authority

Revenue

Bonds

1,470

5.000 05/15/43

1,478

California

Municipal

Finance

Authority

Revenue

Bonds

570

5.000 07/01/47

570

California

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.700 08/01/40

California

Public

Finance

Authority

Revenue

Bonds

4.000 10/15/26

California

Public

Finance

Authority

Revenue

Bonds

4.000 10/15/28

California

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

680

4.000 10/15/31

661

California

School

Finance

Authority

Revenue

Bonds

(Þ)

500

4.000 11/01/31

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/33

California

School

Finance

Authority

Revenue

Bonds

(Þ)

830

4.000 11/01/36

772

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 07/01/39

California

School

Finance

Authority

Revenue

Bonds

(Þ)

545

5.000 07/01/40

544

California

School

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 08/01/42

1,003

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/44

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 08/01/46

California

School

Finance

Authority

Revenue

Bonds

(Þ)

4.000 10/01/46

California

School

Finance

Authority

Revenue

Bonds

(Þ)

5.000 06/01/54

California

State

Public

Works

Board

Revenue

Bonds

2,040

5.000 04/01/43

2,167

California

State

Public

Works

Board

Revenue

Bonds

1,725

5.000 04/01/45

1,813

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
California

State

University

Revenue

Bonds

6,350

5.000 11/01/41

6,416

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

1,620

3.500 11/01/27

1,597

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

5.000 12/01/27

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,320

1.750 09/01/29

1,154

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,315

5.000 11/01/29

2,484

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

701

California

Statewide

Communities

Development

Authority

Revenue

Bonds

(Þ)

2,865

6.125 11/01/33

2,867

California

Statewide

Communities

Development

Authority

Revenue

Bonds

3.000 04/01/37

California

Statewide

Communities

Development

Authority

Revenue

Bonds

5.000 05/15/40

California

Statewide

Communities

Development

Authority

Revenue

Bonds

3,500

5.000 12/01/41

3,686

California

Statewide

Communities

Development

Authority

Revenue

Bonds

570

5.250 12/01/44

564

California

Statewide

Communities

Development

Authority

Revenue

Bonds

1,825

5.000 04/01/47

1,784

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

1,987

Central

Valley

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,570

5.000 08/01/35

3,836

Chula

Vista

Community

Facilities

District

Special

Tax

880

4.000 09/01/36

835

Chula

Vista

Community

Facilities

District

Special

Tax

770

4.000 09/01/41

681

City

&

County

of

San

Francisco

Certificate

of

Participation

5,420

4.000 04/01/40

5,314

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

4.000 09/01/41

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

Tax

Allocation

(Þ)

5.000 09/01/32

City

&

County

of

San

Francisco

Infrastructure

&

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

615

City

of

Beaumont

Special

Tax

650

5.000 09/01/44

659

City

of

Bell

General

Obligation

Unlimited

(µ)

500

3.375 08/01/33

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

970

City

of

Fillmore

Special

Tax

1,100

5.000 09/01/43

1,131

City

of

Lemoore

Water

Revenue

Bonds

(µ)

500

5.000 06/01/38

516

City

of

Lemoore

Water

Revenue

Bonds

(µ)

600

5.000 06/01/39

619

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,535

5.000 05/15/38

5,910

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

7,630

4.000 05/15/39

7,513

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

5,640

5.000 05/15/39

5,999

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

12,945

4.000 05/15/40

12,526

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

9,645

5.000 05/15/41

10,363

City

of

Los

Angeles

Department

of

Airports

Revenue

Bonds

4,535

5.000 05/15/42

4,854

City

of

Palm

Desert

Special

Tax

4.000 09/01/30

City

of

Palm

Desert

Special

Tax

4.000 09/01/33

City

of

Palm

Desert

Special

Tax

4.000 09/01/36

City

of

Rancho

Cordova

Special

Tax

1,490

4.000 09/01/26

1,494

City

of

Rocklin

Special

Tax

(µ)

1,490

4.000 09/01/43

1,394

City

of

Roseville

Special

Tax

4.000 09/01/26

City

of

Roseville

Special

Tax

5.000 09/01/30

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

2,261

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

645

City

of

Roseville

Special

Tax

1,500

6.000 09/01/53

1,611

City

of

San

Mateo

Special

Tax

(µ)

2,930

5.250 09/01/35

3,179

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

516

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

600

5.000 09/01/37

618

County

of

Los

Angeles

Community

Facilities

District

No.

2021-01

Special

Tax

5.000 09/01/47

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,105

5.000 09/01/28

1,146

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

5.000 09/01/29

Desert

Hot

Springs

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

775

5.000 09/01/32

800

Dublin

Community

Facilities

District

No.

2015-1

Special

Tax

2,285

5.000 09/01/37

2,307

East

County

Advanced

Water

Purification

Joint

Powers

Authority

Revenue

Bonds

10,000

3.125 09/01/26

10,003

El

Camino

Community

College

District

Foundation

(The)

General

Obligation

Unlimited

4.000 08/01/43

Fontana

Unified

School

District

General

Obligation

Unlimited

(µ)

1,500

2.375 08/01/44

968

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(ae)

1,150

5.000 06/01/25

1,152

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(ae)

3,690

5.000 06/01/27

3,837

Golden

State

Tobacco

Securitization

Corp.

Revenue

Bonds

(ae)

3,050

5.000 06/01/28

3,229

Hayward

Unified

School

District

General

Obligation

Unlimited

(µ)

2,000

4.000 08/01/42

1,894

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

2,050

5.000 08/01/37

2,205

Hercules

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

635

5.000 08/01/42

669

Hollister

Joint

Powers

Financing

Authority

Wastewater

Revenue

Bonds

(µ)

1,000

5.000 06/01/36

1,013

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

760

5.000 08/15/29

799

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

5.000 08/15/30

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,845

5.000 08/15/31

1,934

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,625

5.000 08/15/32

1,700

Indio

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,100

5.000 08/15/33

1,148

Inglewood

Redevelopment

Agency

Successor

Agency

Tax

Allocation

(µ)

1,000

5.000 05/01/33

1,029

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/31

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/32

Inglewood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

5.000 08/01/33

508

Irvine

Facilities

Financing

Authority

Revenue

Bonds

1,850

5.250 05/01/48

1,860

Irvine

Unified

School

District

Special

Tax

5.000 09/01/30

Irvine

Unified

School

District

Special

Tax

5.000 09/01/34

Irvine

Unified

School

District

Special

Tax

5.000 09/01/36

Kern

Community

College

District

General

Obligation

Unlimited

1,000

5.250 08/01/35

1,118

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Los

Angeles

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

630

3.750 12/01/46

628

Los

Angeles

County

Metropolitan

Transportation

Authority

Revenue

Bonds

1,200

5.000 07/01/38

1,234

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

4,325

5.000 07/01/27

4,438

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

5,495

5.000 07/01/28

5,623

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

5,520

5.000 07/01/29

5,784

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

1,000

5.000 07/01/29

1,047

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

1,270

5.000 07/01/30

1,342

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

6,095

5.000 07/01/30

6,442

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

4,130

5.000 07/01/31

4,389

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

965

5.000 07/01/31

989

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

2,000

5.000 07/01/32

2,074

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

3,740

5.000 07/01/33

4,019

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

7,265

5.000 07/01/33

7,718

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

1,975

5.000 07/01/34

2,055

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

830

5.000 07/01/35

870

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

5.000 07/01/36

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

4,455

5.000 07/01/37

4,671

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

700

5.000 07/01/37

737

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

1,035

5.000 07/01/38

1,077

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

6,280

5.000 07/01/39

6,420

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

1,290

5.000 07/01/40

1,329

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

5.000 07/01/41

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

830

5.000 07/01/42

850

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

525

5.000 07/01/48

525

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

(~)(Ê)

3.600 07/01/51

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

5.000 07/01/52

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

(~)(Ê)

3.650 07/01/55

Los

Angeles

Department

of

Water

&

Power

Revenue

Bonds

(~)(Ê)

3.550 07/01/57

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

1,555

5.000 07/01/27

1,580

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

(~)(Ê)

800

4.150 07/01/35

800

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

1,100

5.000 07/01/39

1,125

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

865

5.000 07/01/39

902

Los

Angeles

Department

of

Water

&

Power

System

Revenue

Bonds

2,000

5.000 07/01/46

1,999

Los

Angeles

Department

of

Water

&

Power

Water

System

Revenue

Bonds

725

5.000 07/01/27

731

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

2,135

5.000 07/01/25

2,140

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

675

5.000 07/01/26

690

Los

Angeles

Unified

School

District

General

Obligation

Unlimited

1,355

5.000 07/01/27

1,412

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

565

Zero

coupon

08/01/31

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

500

Zero

coupon

08/01/32

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

685

Zero

coupon

08/01/33

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

Lynwood

Unified

School

District

General

Obligation

Unlimited

(µ)

990

Zero

coupon

08/01/36

583

Madera

Development

Agency

Successor

Agency

Tax

Allocation

2,305

5.000 09/01/36

2,405

Madera

Unified

School

District

General

Obligation

Unlimited

1,250

4.000 08/01/44

1,183

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Menifee

Union

School

District

Special

Tax

5.000 09/01/42

Modesto

Irrigation

District

Revenue

Bonds

(USD

Month

LIBOR

+

0.630%)(µ)(Ê)

2,500

3.820 09/01/37

2,428

Mountain

House

Community

Facilities

District

Special

Tax

5.000 09/01/40

Napa

Valley

Community

College

District

General

Obligation

Unlimited

4,000

4.000 08/01/31

4,016

Needles

Unified

School

District

General

Obligation

Unlimited

(µ)

700

1.000 08/01/33

551

Oxnard

Financing

Authority

Revenue

Bonds

(µ)

775

5.000 06/01/34

776

Oxnard

School

District

General

Obligation

Unlimited

(µ)

810

5.250 08/01/28

814

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/29

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/30

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/31

Palmdale

Water

District

Public

Financing

Authority

Revenue

Bonds

(µ)

5.000 10/01/32

Palomar

Health

General

Obligation

Unlimited

2,230

5.000 08/01/29

2,220

Reef-Sunset

Unified

School

District

General

Obligation

Unlimited

(µ)

665

5.000 08/01/38

686

Rio

Vista

Public

Financing

Authority

Special

Tax

5.000 09/01/27

Rio

Vista

Public

Financing

Authority

Special

Tax

5.000 09/01/29

River

Islands

Public

Financing

Authority

Special

Tax

(µ)

555

4.000 09/01/37

542

River

Islands

Public

Financing

Authority

Special

Tax

4.000 09/01/41

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,000

5.000 10/01/28

1,007

Riverside

County

Public

Financing

Authority

Tax

Allocation

(µ)

1,150

5.000 10/01/30

1,156

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

llston

10/01/28

501

Riverside

County

Redevelopment

Successor

Agency

Tax

Allocation

(µ)

1,010

5.000 10/01/37

1,028

Riverside

County

Transportation

Commission

Revenue

Bonds

4.000 06/01/37

Riverside

County

Transportation

Commission

Revenue

Bonds

4.000 06/01/38

Riverside

County

Transportation

Commission

Revenue

Bonds

530

4.000 06/01/39

504

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

2,743

Sacramento

County

Water

Financing

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.550%)(µ)(Ê)

1,770

0.785 06/01/34

1,642

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

2,950

Zero

coupon

07/01/34

1,927

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

1,885

Zero

coupon

07/01/36

1,100

Salinas

City

Elementary

School

District

General

Obligation

Unlimited

(µ)

3,180

Zero

coupon

07/01/37

1,748

San

Diego

Community

College

District

General

Obligation

Unlimited

(ae)

2,000

5.000 08/01/41

2,048

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

929

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

10,000

5.000 05/01/43

10,443

San

Francisco

City

&

County

Airports

Commission

International

Airport

Revenue

Bonds

3,000

5.250 05/01/48

3,158

San

Jacinto

Unified

School

District

Financing

Authority

Revenue

Bonds

5.000 09/01/36

San

Joaquin

Hills

Transportation

Corridor

Agency

Revenue

Bonds

1,640

5.250 01/15/49

1,640

San

Joaquin

Valley

Clean

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,200

5.500 07/01/35

2,406

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
San

Leandro

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 08/01/34

San

Ysidro

School

District

Certificate

of

Participation

(µ)

1,175

5.000 09/01/28

1,181

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

525

5.000 08/01/31

543

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

780

5.000 08/01/33

805

Sanger

Unified

School

District

General

Obligation

Unlimited

(µ)

1,275

5.000 08/01/34

1,315

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,000

5.000 04/01/29

1,045

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

830

5.000 04/01/31

866

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

650

5.000 04/01/32

677

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,360

5.000 04/01/33

1,414

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,425

5.000 04/01/34

1,479

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

1,500

5.000 04/01/35

1,550

Santa

Ana

Unified

School

District

Certificate

of

Participation

(µ)

2,120

5.000 04/01/36

2,186

Santa

Clara

Unified

School

District

General

Obligation

Unlimited

2,500

3.250 07/01/44

2,039

South

Orange

County

Public

Financing

Authority

Special

Tax

1,500

5.000 08/15/28

1,574

South

Orange

County

Public

Financing

Authority

Special

Tax

(µ)

700

5.000 08/15/30

732

Southern

California

Public

Power

Authority

Revenue

Bonds

1,475

5.000 07/01/31

1,572

Southern

California

Public

Power

Authority

Revenue

Bonds

1,215

5.000 07/01/35

1,291

Southern

California

Public

Power

Authority

Revenue

Bonds

5.000 07/01/39

Southern

California

Public

Power

Authority

Revenue

Bonds

1,650

5.000 07/01/43

1,687

State

of

California

General

Obligation

Unlimited

605

5.000 03/01/42

654

State

of

California

General

Obligation

Unlimited

1,720

5.000 03/01/43

1,850

State

of

California

General

Obligation

Unlimited

1,285

4.000 09/01/43

1,242

State

of

California

General

Obligation

Unlimited

4,000

5.000 03/01/44

4,283

State

of

California

General

Obligation

Unlimited

5.000 04/01/49

Stockton

Community

Facilities

District

Special

Tax

2.250 09/01/26

Stockton

Community

Facilities

District

Special

Tax

2.375 09/01/28

Stockton

Community

Facilities

District

Special

Tax

2.750 09/01/31

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/33

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/34

Stockton

Community

Facilities

District

Special

Tax

3.000 09/01/35

Stockton

Community

Facilities

District

Special

Tax

3.125 09/01/37

Stockton

Community

Facilities

District

Special

Tax

3.125 09/01/39

Stockton

Community

Facilities

District

Special

Tax

3.250 09/01/41

Stockton

Community

Facilities

District

Special

Tax

800

5.000 09/01/44

811

Stockton

Community

Facilities

District

Special

Tax

525

5.000 09/01/49

522

Stockton

Public

Financing

Authority

Water

Revenue

Bonds

(µ)

1,565

5.000 10/01/30

1,644

Tobacco

Securitization

Authority

of

Northern

California

Revenue

Bonds

4.000 06/01/49

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

5.000 06/01/28

Tobacco

Securitization

Authority

of

Southern

California

Revenue

Bonds

500

5.000 06/01/35

515

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

5.000 10/01/35

Transbay

Joint

Powers

Authority

Tax

Allocation

685

5.000 10/01/36

721

Transbay

Joint

Powers

Authority

Tax

Allocation

5.000 10/01/38

Transbay

Joint

Powers

Authority

Tax

Allocation

5.000 10/01/39

Transbay

Joint

Powers

Authority

Tax

Allocation

5.000 10/01/40

University

of

California

Revenue

Bonds

3,300

5.000 05/15/28

3,497

University

of

California

Revenue

Bonds

10,065

5.000 05/15/40

10,946

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
University

of

California

Revenue

Bonds

2,255

5.500 05/15/40

2,518

University

of

California

Revenue

Bonds

2,650

5.000 05/15/41

2,674

Vista

Unified

School

District

General

Obligation

Unlimited

(µ)

3,455

5.250 08/01/41

3,747

Washington

Township

Health

Care

District

Revenue

Bonds

875

5.750 07/01/48

907

475,267

Colorado

-

2.5%

Adams

Co.

Five

Star

Schools

General

Obligation

Unlimited

1,000

5.250 12/15/43

1,086

Adams

Co.

Five

Star

Schools

General

Obligation

Unlimited

1,700

5.250 12/15/44

1,834

Arapahoe

County

School

District

No.

Cherry

Creek

General

Obligation

Unlimited

2,250

2.300 12/15/28

2,122

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000 10/01/27

1,035

Arkansas

River

Power

Authority

Revenue

Bonds

1,200

5.000 10/01/28

1,251

Arkansas

River

Power

Authority

Revenue

Bonds

1,005

5.000 10/01/29

1,046

Arkansas

River

Power

Authority

Revenue

Bonds

1,000

5.000 10/01/30

1,038

Arkansas

River

Power

Authority

Revenue

Bonds

750

5.000 10/01/31

777

Arkansas

River

Power

Authority

Revenue

Bonds

2,660

5.000 10/01/38

2,714

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

2,000

5.000 12/01/33

2,136

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

4.000 12/01/46

Baseline

Metropolitan

District

No.

General

Obligation

Unlimited

(µ)

5.000 12/01/49

BNC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

5.000 12/01/32

Boulder

Larimer

&

Weld

Counties

St.

Vrain

Valley

School

District

General

Obligation

Unlimited

(ae)

1,500

5.000 12/15/26

1,543

Buffalo

Ridge

Metropolitan

District

General

Obligation

Unlimited

(µ)

1,000

5.000 12/01/35

1,030

City

&

County

of

Denver

Airport

System

Revenue

Bonds

900

5.000 11/15/40

956

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,215

5.000 11/15/41

1,286

City

&

County

of

Denver

Airport

System

Revenue

Bonds

1,190

5.000 11/15/42

1,255

City

&

County

of

Denver

Dedicated

Excise

Tax

Revenue

Bonds

2,580

5.000 08/01/44

2,589

City

of

Boulder

Water

&

Sewer

Revenue

Bonds

4,250

4.000 12/01/42

4,008

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,000

5.250 12/01/38

1,092

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

800

5.000 12/01/41

835

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,000

5.000 12/01/42

1,037

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,500

5.000 12/01/43

1,546

Colorado

Bridge

&

Tunnel

Enterprise

Revenue

Bonds

(µ)

1,660

5.250 12/01/49

1,723

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/30

1,001

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

850

5.000 12/01/31

852

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/36

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

4.000 05/01/41

Colorado

Educational

&

Cultural

Facilities

Authority

Revenue

Bonds

4.000 10/01/46

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,725

5.000 11/01/25

1,741

Colorado

Health

Facilities

Authority

Revenue

Bonds

750

2.125 05/15/28

720

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,075

5.000 11/15/29

1,140

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 08/01/30

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,295

5.000 11/15/31

2,493

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

3,150

5.000 08/01/32

3,396

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

1,950

5.000 08/01/33

2,073

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,500

5.000 08/01/34

1,563

Colorado

Health

Facilities

Authority

Revenue

Bonds

855

5.000 08/01/35

884

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

5,885

5.000 08/01/35

6,296

Colorado

Health

Facilities

Authority

Revenue

Bonds

4,000

5.000 05/15/36

4,288

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 01/01/37

988

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000 08/01/38

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.250 11/01/38

1,170

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/01/39

1,016

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

5.250 11/01/39

1,047

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,330

5.000 12/01/39

1,386

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,000

4.000 11/15/46

874

Colorado

Health

Facilities

Authority

Revenue

Bonds

1,100

5.500 11/01/47

1,143

Colorado

Health

Facilities

Authority

Revenue

Bonds

(µ)

850

4.000 08/01/49

754

Colorado

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,785

5.000 08/01/49

4,791

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.500 11/01/26

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

805

4.250 11/01/49

807

Colorado

Housing

and

Finance

Authority

Revenue

Bonds

3,110

3.250 05/01/52

3,028

Colorado

Mesa

University

Revenue

Bonds

2,260

5.000 05/15/31

2,395

Denver

City

&

County

School

District

No.

General

Obligation

Unlimited

2,000

5.500 12/01/46

2,173

Denver

Health

&

Hospital

Authority

Revenue

Bonds

1,465

5.000 12/01/30

1,521

Denver

Health

&

Hospital

Authority

Revenue

Bonds

620

5.000 12/01/31

643

Denver

Health

&

Hospital

Authority

Revenue

Bonds

5.000 12/01/33

Denver

Urban

Renewal

Authority

Tax

Allocation

(Þ)

1,125

5.250 12/01/39

1,074

Public

Highway

Authority

Revenue

Bonds

(SOFR

+

0.750%)(ae)(Ê)

5,400

3.658 09/01/26

5,360

Public

Highway

Authority

Revenue

Bonds

(µ)

3,865

Zero

coupon

09/01/27

3,572

Public

Highway

Authority

Revenue

Bonds

1,000

5.000 09/01/28

1,052

Public

Highway

Authority

Revenue

Bonds

(µ)

1,620

Zero

coupon

09/01/30

1,327

Public

Highway

Authority

Revenue

Bonds

5.000 09/01/34

Public

Highway

Authority

Revenue

Bonds

1,200

5.000 09/01/36

1,273

Elbert

County

Independence

Water

&

Sanitation

District

Revenue

Bonds

500

5.125 12/01/33

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

(Þ)

1,250

5.000 12/01/32

1,272

Flatiron

Meadows

Metropolitan

District

General

Obligation

Limited

(µ)

800

5.000 12/01/39

842

Glen

Metropolitan

District

No.

General

Obligation

Limited

1,320

5.000 12/01/47

1,188

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

1,000

5.250 12/01/34

1,040

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

500

5.250 12/01/35

519

Grand

River

Hospital

District

General

Obligation

Unlimited

(µ)

2,555

5.250 12/01/37

2,643

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,065

5.000 06/01/34

2,202

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

1,525

5.000 06/01/36

1,606

Gunnison

County

Housing

Authority

Revenue

Bonds

(µ)

2,155

5.000 06/01/40

2,220

Lakes

at

Centerra

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,050

4.000 12/01/43

960

Morgan

Hill

Metropolitan

District

No.

General

Obligation

Limited

3.000 12/01/31

Park

Creek

Metropolitan

District

Revenue

Bonds

1,000

5.000 12/01/26

1,008

Park

Creek

Metropolitan

District

Revenue

Bonds

(µ)

1,150

5.000 12/01/28

1,171

Park

Creek

Metropolitan

District

Revenue

Bonds

5.000 12/01/34

Park

Creek

Metropolitan

District

Revenue

Bonds

500

5.000 12/01/37

501

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

(Þ)

1,500

5.000 12/15/41

1,421

Public

Authority

for

Colorado

Energy

Revenue

Bonds

835

6.250 11/15/28

877

Regional

Transportation

District

Certificate

of

Participation

2,000

5.000 06/01/39

2,165

Regional

Transportation

District

Revenue

Bonds

500

5.000 01/15/28

514

Southlands

Metropolitan

District

No.

General

Obligation

Unlimited

5.000 12/01/47

State

of

Colorado

Certificate

of

Participation

2,300

6.000 12/15/38

2,631

State

of

Colorado

Certificate

of

Participation

2,000

6.000 12/15/41

2,253

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,500

5.000 12/01/36

1,567

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

2,875

5.000 12/01/37

3,000

STC

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,045

5.000 12/01/39

1,081

Sterling

Ranch

Community

Authority

Board

Revenue

Bonds

500

3.375 12/01/30

Trails

at

Crowfoot

Metropolitan

District

No.

General

Obligation

Limited

(µ)

4.000 12/01/44

Trailside

Metropolitan

District

No.

General

Obligation

Limited

(µ)

750

5.000 12/01/39

791

University

of

Colorado

Hospital

Authority

Revenue

Bonds

5,385

5.000 11/15/29

5,753

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/29

Vauxmont

Metropolitan

District

General

Obligation

Limited

(µ)

5.000 12/15/30

VDW

Metropolitan

District

No.

General

Obligation

Limited

(µ)

885

4.000 12/01/45

794

Village

at

Dry

Creek

Metropolitan

District

No.

(The)

General

Obligation

Limited

500

4.375 12/01/44

Wildwing

Metropolitan

District

No.

General

Obligation

Limited

(µ)

1,000

4.250 12/01/44

943

144,868

Connecticut

-

1.6%

City

of

Ansonia

Certificate

of

Participation

4.750 12/01/45

City

of

Bridgeport

General

Obligation

Unlimited

1,345

5.000 08/15/27

1,395

City

of

Bridgeport

General

Obligation

Unlimited

1,640

5.000 11/01/33

1,689

City

of

Bridgeport

General

Obligation

Unlimited

700

5.000 11/01/34

719

City

of

Hartford

General

Obligation

Unlimited

(µ)

5.000 07/01/25

City

of

Hartford

General

Obligation

Unlimited

(µ)

2,205

5.000 07/01/31

2,211

City

of

Hartford

General

Obligation

Unlimited

(µ)

4.000 07/15/33

City

of

New

Haven

General

Obligation

Unlimited

600

5.000 08/01/26

610

City

of

New

Haven

General

Obligation

Unlimited

(µ)

600

5.000 02/01/27

616

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

523

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,915

5.000 09/01/30

1,921

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/32

City

of

New

Haven

General

Obligation

Unlimited

5.500 08/01/33

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,000

4.000 08/01/37

946

City

of

New

Haven

General

Obligation

Unlimited

(µ)

1,900

5.250 08/01/43

2,018

City

of

West

Haven

General

Obligation

Unlimited

5.000 11/01/25

City

of

West

Haven

General

Obligation

Unlimited

525

5.000 11/01/26

535

City

of

West

Haven

General

Obligation

Unlimited

5.000 11/01/27

Connecticut

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,605

3.850 05/15/27

1,606

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,000

5.000 07/01/26

1,008

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,830

5.000 01/01/27

1,873

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,315

2.950 07/01/27

1,303

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

6,700

5.000 07/01/29

7,067

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

5.000 01/01/30

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

3,000

5.000 07/01/35

3,190

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

1,025

5.000 07/01/40

1,076

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

500

4.000 07/01/41

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000 07/01/44

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

5,000

2.800 07/01/48

4,972

Metropolitan

District

(The)

General

Obligation

Unlimited

(µ)

630

5.000 11/01/30

642

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Norwalk

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

3.050 09/01/27

995

South

Central

Connecticut

Regional

Water

Authority

Revenue

Bonds

3,935

4.000 08/01/38

3,893

Stamford

Housing

Authority

Revenue

Bonds

2,000

4.250 10/01/30

1,973

State

of

Connecticut

Clean

Water

Fund

-

State

Revolving

Fund

Revenue

Bonds

4,000

5.000 02/01/33

4,257

State

of

Connecticut

General

Obligation

Unlimited

1,060

5.000 06/15/27

1,100

State

of

Connecticut

General

Obligation

Unlimited

9,860

5.000 04/15/28

10,377

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/28

State

of

Connecticut

General

Obligation

Unlimited

5,500

5.000 03/15/29

5,568

State

of

Connecticut

General

Obligation

Unlimited

5.000 06/15/29

State

of

Connecticut

General

Obligation

Unlimited

3,025

3.000 01/15/32

2,861

State

of

Connecticut

General

Obligation

Unlimited

1,750

4.000 04/15/37

1,751

State

of

Connecticut

General

Obligation

Unlimited

1,000

3.000 11/15/42

806

State

of

Connecticut

Special

Tax

Revenue

Bonds

1,275

4.000 05/01/36

1,283

State

of

Connecticut

Special

Tax

Revenue

Bonds

2,500

4.000 05/01/40

2,432

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,000

5.250 07/01/40

3,256

State

of

Connecticut

Special

Tax

Revenue

Bonds

3,200

4.000 11/01/40

3,098

Town

of

Hamden

General

Obligation

Unlimited

(µ)

5.000 08/15/29

Town

of

Stratford

General

Obligation

Unlimited

(µ)

1,970

4.000 01/01/38

1,892

University

of

Connecticut

Revenue

Bonds

(µ)

1,585

5.000 03/15/29

1,606

University

of

Connecticut

Revenue

Bonds

(µ)

665

5.000 04/15/29

695

University

of

Connecticut

Revenue

Bonds

(µ)

3,455

5.000 01/15/36

3,526

92,162

Delaware

-

0.5%

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 08/01/29

Delaware

State

Economic

Development

Authority

Revenue

Bonds

5.000 08/01/39

Delaware

State

Economic

Development

Authority

Revenue

Bonds

4.000 09/01/41

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

600

5.000 06/01/30

615

Delaware

State

Health

Facilities

Authority

Revenue

Bonds

2,000

5.000 10/01/40

2,068

Delaware

State

Housing

Authority

Revenue

Bonds

2,105

4.300 07/01/44

2,010

Delaware

State

Housing

Authority

Revenue

Bonds

5,990

5.750 01/01/55

6,396

Delaware

State

Housing

Authority

Revenue

Bonds

2,330

6.000 01/01/55

2,520

Delaware

State

Housing

Authority

Revenue

Bonds

2,795

5.500 07/01/55

2,968

Delaware

State

Housing

Authority

Revenue

Bonds

4,000

5.750 01/01/56

4,305

Delaware

Transportation

Authority

Revenue

Bonds

1,730

3.000 07/01/41

1,453

Delaware

Transportation

Authority

Revenue

Bonds

1,780

3.000 07/01/42

1,477

State

of

Delaware

General

Obligation

Unlimited

1,520

5.000 05/01/36

1,684

Town

of

Bridgeville

Special

Tax

4.000 07/01/25

Town

of

Bridgeville

Special

Tax

4.000 07/01/26

Town

of

Bridgeville

Special

Tax

4.000 07/01/27

Town

of

Bridgeville

Special

Tax

4.000 07/01/30

Town

of

Bridgeville

Special

Tax

(Þ)

875

5.250 07/01/44

863

27,378

District

of

Columbia

-

1.0%

District

of

Columbia

General

Obligation

Unlimited

2,000

5.000 06/01/42

2,024

District

of

Columbia

General

Obligation

Unlimited

1,285

5.250 01/01/48

1,348

District

of

Columbia

General

Obligation

Unlimited

1,600

5.000 08/01/49

1,645

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,850

5.000 12/01/25

1,867

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,605

5.000 06/01/26

1,614

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 07/01/26

5,011

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,575

3.650 07/01/27

1,582

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 12/01/27

5,184

District

of

Columbia

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 02/01/28

1,032

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)

4,500

5.000 10/01/41

4,564

District

of

Columbia

Income

Tax

Revenue

Bonds

1,755

5.000 10/01/37

1,916

District

of

Columbia

Income

Tax

Revenue

Bonds

2,500

5.000 12/01/37

2,687

District

of

Columbia

Income

Tax

Revenue

Bonds

2,185

4.000 03/01/45

2,019

District

of

Columbia

Revenue

Bonds

2,000

5.000 06/01/36

2,008

District

of

Columbia

Revenue

Bonds

1,325

5.000 07/01/37

1,342

District

of

Columbia

Revenue

Bonds

1,905

5.000 06/01/40

1,912

District

of

Columbia

Water

&

Sewer

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.000 10/01/57

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Bonds

5,000

5.000 10/01/26

5,135

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

630

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

1,500

Zero

coupon

10/01/37

814

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,000

5.000 10/01/38

1,027

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

(µ)

3,000

4.000 10/01/44

2,760

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Bonds

1,805

4.000 10/01/49

1,555

Washington

Convention

&

Sports

Authority

Revenue

Bonds

1,300

5.000 10/01/27

1,355

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

600

5.000 07/15/37

639

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

2,500

5.000 07/15/48

2,572

55,416

Florida

-

6.0%

Abbott

Square

Community

Development

District

Special

Assessment

4.500 06/15/27

Aberdeen

Community

Development

District

Special

Assessment

(µ)

1,000

3.250 05/01/36

903

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)

1,210

2.750 05/01/25

1,210

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,250

3.000 05/01/26

1,246

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,285

3.125 05/01/27

1,279

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,330

3.250 05/01/28

1,325

Arborwood

Community

Development

District

Special

Assessment

(µ)

1,370

3.500 05/01/32

1,343

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

540

2.875 05/01/27

527

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

2,010

Ave

Maria

Stewardship

Community

District

Special

Assessment

(Þ)

500

4.500 05/01/33

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Ave

Maria

Stewardship

Community

District

Special

Assessment

(µ)

2,920

3.000 05/01/38

2,534

Ave

Maria

Stewardship

Community

District

Special

Assessment

2,000

4.000 05/01/42

1,691

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

854

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

766

Bella

Collina

Community

Development

District

Special

Assessment

595

4.250 05/01/31

586

Berry

Bay

Community

Development

District

Special

Assessment

4.625 05/01/30

Black

Creek

Community

Development

District

Special

Assessment

5.125 06/15/32

Bonterra

Community

Development

District

Special

Assessment

3.250 05/01/27

Bonterra

Community

Development

District

Special

Assessment

3.400 05/01/28

Bonterra

Community

Development

District

Special

Assessment

720

3.625 05/01/31

698

Bonterra

Community

Development

District

Special

Assessment

655

4.000 05/01/37

621

Bridgewalk

Community

Development

District

Special

Assessment

2.500 06/15/27

Bridgewalk

Community

Development

District

Special

Assessment

5.500 12/15/30

Broward

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.050 09/01/56

Buena

Lago

Community

Development

District

Special

Assessment

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

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

1,002

Capital

Trust

Agency,

Inc.

Revenue

Bonds

(Þ)

500

5.250 12/01/58

Capital

Trust

Authority

Revenue

Bonds

(Þ)

4.750 07/01/40

Capital

Trust

Authority

Revenue

Bonds

(Þ)

1,525

5.000 06/01/44

1,428

Capital

Trust

Authority

Revenue

Bonds

(Þ)

5.000 07/01/45

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

693

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

598

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

926

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

1,317

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,000

4.000 07/01/42

841

City

of

Fort

Lauderdale

Special

Assessment

(Þ)

1,625

4.000 07/01/48

1,277

City

of

Fort

Lauderdale

Water

&

Sewer

Revenue

Bonds

2,440

4.000 03/01/38

2,402

City

of

Jacksonville

Revenue

Bonds

3,000

5.000 10/01/26

3,077

City

of

Miami

Beach

Parking

Revenue

Bonds

(µ)

1,755

5.000 09/01/33

1,761

City

of

Miami

Beach

Revenue

Bonds

1,350

5.000 09/01/45

1,351

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

St.

Petersburg

Public

Utility

Revenue

Bonds

1,000

5.000 10/01/49

1,015

City

of

Tallahassee

Revenue

Bonds

650

5.000 12/01/28

653

City

of

Tampa

Special

Assessment

Revenue

Bonds

2,345

5.250 05/01/46

2,394

City

of

Venice

Revenue

Bonds

(Þ)

900

4.250 01/01/30

874

City

of

West

Palm

Beach

Utility

System

Revenue

Bonds

1,800

5.000 10/01/42

1,823

Cityplace

Community

Development

District

Special

Assessment

(µ)

2,380

1.359 05/01/28

2,347

Cityplace

Community

Development

District

Special

Assessment

(µ)

3,000

0.630 05/01/33

2,999

Cobblestone

Community

Development

District

Special

Assessment

3.400 05/01/27

Cobblestone

Community

Development

District

Special

Assessment

3.800 05/01/32

Cobblestone

Community

Development

District

Special

Assessment

(Þ)

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

2,415

Connerton

East

Community

Development

District

Special

Assessment

605

4.250 06/15/30

599

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

638

Copper

Oaks

Community

Development

District

Special

Assessment

770

3.000 05/01/35

631

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

5,815

County

of

Broward

Tourist

Development

Tax

Revenue

Bonds

(µ)

4,500

4.000 09/01/39

4,365

County

of

Escambia

Revenue

Bonds

(~)(ae)(Ê)

1,500

3.450 10/01/31

1,469

County

of

Miami-Dade

Revenue

Bonds

(µ)

4,310

Zero

coupon

10/01/35

2,567

County

of

Miami-Dade

Revenue

Bonds

1,865

5.000 04/01/45

1,923

County

of

Miami-Dade

Revenue

Bonds

1,285

5.000 04/01/48

1,316

County

of

Miami-Dade

Transit

System

Revenue

Bonds

9,515

5.000 07/01/44

9,786

County

of

Okeechobee

Revenue

Bonds

(~)(Ê)

4,000

3.800 07/01/39

4,027

County

of

Osceola

Transportation

Revenue

Bonds

(ae)

1,000

6.150 10/01/24

1,169

County

of

Pasco

Revenue

Bonds

(µ)

5.250 09/01/35

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

4,127

County

of

Pasco

Revenue

Bonds

(µ)

710

5.750 09/01/54

754

County

of

St.

Johns

Water

&

Sewer

Revenue

Bonds

3,000

5.000 06/01/52

3,082

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

500

4.250 11/01/30

Creek

Preserve

Community

Development

District

Special

Assessment

(Þ)

1,255

4.700 11/01/39

1,194

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

689

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

1,659

Crystal

Cay

Community

Development

District

Special

Assessment

850

3.050 05/01/41

641

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

671

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

643

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/32

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/37

Cypress

Shadows

Community

Development

District

Special

Assessment

5.000 11/01/42

Deer

Run

Community

Development

District

Special

Assessment

1,040

5.400 05/01/39

1,055

Deerbrook

Community

Development

District

Special

Assessment

4.375 05/01/30

DG

Farms

Community

Development

District

Special

Assessment

2.750 05/01/25

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

2.375 05/01/26

DW

Bayview

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/32

Eagle

Pointe

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/25

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

1,025

5.250 05/01/29

1,025

East

Nassau

Stewardship

District

Special

Assessment

3.000 05/01/31

Eden

Hills

Community

Development

District

Special

Assessment

3.250 05/01/27

Edgewater

East

Community

Development

District

Special

Assessment

2.500 05/01/26

Edgewater

East

Community

Development

District

Special

Assessment

3.000 05/01/27

Edgewater

East

Community

Development

District

Special

Assessment

3.100 05/01/31

Edgewater

West

Community

Development

District

Special

Assessment

1,000

4.500 05/01/31

992

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

1,054

Enbrook

Community

Development

District

Special

Assessment

(Þ)

2.500 05/01/25

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/33

1,026

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

552

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/15/36

1,021

Escambia

County

Health

Facilities

Authority

Revenue

Bonds

5.000 08/15/38

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

3.250 11/01/25

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

4.000 11/01/40

Fish

Lake

Cover

Community

Development

District

Special

Assessment

545

4.350 05/01/32

537

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

881

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/01/25

Florida

Development

Finance

Corp.

Revenue

Bonds

5.000 04/01/26

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 06/01/26

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 12/15/29

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 06/01/31

Florida

Development

Finance

Corp.

Revenue

Bonds

4.000 07/01/31

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

925

5.000 10/01/32

931

Florida

Development

Finance

Corp.

Revenue

Bonds

760

5.000 06/15/33

775

Florida

Development

Finance

Corp.

Revenue

Bonds

800

5.000 06/15/34

814

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

1,279

Florida

Development

Finance

Corp.

Revenue

Bonds

1,325

5.000 06/15/36

1,342

Florida

Development

Finance

Corp.

Revenue

Bonds

1,750

5.000 02/01/37

1,777

Florida

Development

Finance

Corp.

Revenue

Bonds

2,780

5.000 06/15/37

2,811

Florida

Development

Finance

Corp.

Revenue

Bonds

860

5.000 06/15/38

868

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.000 12/15/39

Florida

Development

Finance

Corp.

Revenue

Bonds

(Þ)

5.125 06/01/40

Florida

Development

Finance

Corp.

Revenue

Bonds

1,000

5.250 06/01/44

1,022

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

800

4.500 06/01/33

751

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

(Þ)

4.750 06/01/38

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.350 10/01/26

Florida

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

7,000

3.500 05/01/28

6,977

Florida

Insurance

Assistance

Revenue

Bonds

1,780

5.000 09/01/25

1,790

Florida

Insurance

Assistance

Revenue

Bonds

605

5.000 09/01/26

613

Florida

Insurance

Assistance

Revenue

Bonds

1,425

5.000 09/01/27

1,454

Florida

Municipal

Power

Agency

Revenue

Bonds

4,720

5.000 10/01/28

4,820

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

1,052

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/25

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/26

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/27

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/28

Forest

Brooke

Community

Development

District

Special

Assessment

3.000 11/01/29

Forest

Brooke

Community

Development

District

Special

Assessment

1,000

3.000 11/01/39

826

Fox

Branch

Ranch

Community

Development

District

Special

Assessment

4.150 05/01/30

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

515

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

776

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

754

Grove

Resort

Community

Development

District

Special

Assessment

2.950 05/01/27

Hacienda

North

Community

Development

District

Special

Assessment

1,000

5.500 05/01/33

1,027

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

Harbor

Bay

Community

Development

District

Special

Assessment

880

3.300 05/01/29

855

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

611

Harmony

West

Community

Development

District

Special

Assessment

635

5.000 05/01/43

604

Harvest

Ridge

Community

Development

District

Special

Assessment

650

5.375 05/01/54

596

Heritage

Harbor

North

Community

Development

District

Special

Assessment

5.000 05/01/34

Hillcrest

Community

Development

District

Special

Assessment

4.000 11/01/28

Hillcrest

Community

Development

District

Special

Assessment

4.500 11/01/38

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

3.000 05/01/25

Hills

Minneola

Community

Development

District

Special

Assessment

(Þ)

3.500 05/01/31

Hillsborough

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

710

3.250 09/01/27

705

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

11,900

4.000 08/01/45

10,426

Hilltop

Point

Community

Development

District

Special

Assessment

5.100 05/01/32

Hyde

Park

Community

Development

District

No.

Special

Assessment

3.250 05/01/27

Hyde

Park

Community

Development

District

No.

Special

Assessment

500

3.600 05/01/32

Island

Lakes

Estate

Special

Assessment

4.875 12/15/28

JEA

Water

&

Sewer

System

Revenue

Bonds

8,340

5.250 10/01/49

8,797

Julington

Creek

Plantation

Community

Development

District

Special

Assessment

(µ)

1,035

5.000 05/01/32

1,087

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

922

Kindred

Community

Development

District

II

Special

Assessment

2.200 05/01/26

Kindred

Community

Development

District

II

Special

Assessment

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

Knightsbridge

Community

Development

District

Special

Assessment

(Þ)

690

5.200 06/15/44

669

Lake

Emma

Community

Development

District

Special

Assessment

(Þ)

4.500 05/01/30

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

3.400 05/01/31

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

3.625 05/01/31

Lakeshore

Ranch

Community

Development

District

Special

Assessment

3.000 05/01/25

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Lakeshore

Ranch

Community

Development

District

Special

Assessment

2,675

3.000 05/01/35

2,353

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

527

Lakewood

Ranch

Stewardship

District

Special

Assessment

(µ)

585

2.000 05/01/30

523

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

3.125 05/01/30

Lakewood

Ranch

Stewardship

District

Special

Assessment

(Þ)

3.200 05/01/30

Lakewood

Ranch

Stewardship

District

Special

Assessment

2.625 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

2.700 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

545

4.500 05/01/31

541

Lakewood

Ranch

Stewardship

District

Special

Assessment

4.625 05/01/31

Lakewood

Ranch

Stewardship

District

Special

Assessment

500

6.125 05/01/43

522

Lakewood

Ranch

Stewardship

District

Special

Assessment

585

5.250 05/01/44

571

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

Industrial

Development

Authority

Revenue

Bonds

1,550

4.375 11/15/29

1,557

Lee

County

Industrial

Development

Authority

Revenue

Bonds

(~)(Ê)

2,635

5.000 04/01/33

2,651

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

830

LT

Ranch

Community

Development

District

Special

Assessment

5.200 05/01/27

LT

Ranch

Community

Development

District

Special

Assessment

880

4.650 05/01/31

877

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

970

Madeira

Community

Development

District

Special

Assessment

1,560

5.000 05/01/35

1,607

Madeira

Community

Development

District

Special

Assessment

585

5.000 05/01/39

593

Mangrove

Point

&

Mangrove

Manor

Community

Development

District

Special

Assessment

3.800 05/01/27

McJunkin

Parkland

Community

Development

District

Special

Assessment

(Þ)

4.750 11/01/29

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

2.400 05/01/26

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

3.000 05/01/31

Mediterranea

Community

Development

District

Special

Assessment

4.250 05/01/29

Mediterranea

Community

Development

District

Special

Assessment

1,130

4.750 05/01/37

1,085

Merrick

Square

Community

Development

District

Special

Assessment

4.500 05/01/30

Middleton

Community

Development

District

A

Special

Assessment

Revenue

Bonds

600

4.200 05/01/39

568

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

1,926

Mirabella

Community

Development

District

Special

Assessment

728

5.000 05/01/44

699

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

North

Dade

Community

Development

District

Special

Assessment

3.500 05/01/25

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

780

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/28

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/34

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/38

North

Miami

Community

Redevelopment

Agency

Revenue

Bonds

5.000 03/01/43

Orange

County

Health

Facilities

Authority

Revenue

Bonds

2,055

5.000 08/01/40

2,136

Orlando

Utilities

Commission

Revenue

Bonds

(~)(ae)(Ê)

575

1.250 10/01/28

517

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

1,040

Palm

Beach

County

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/43

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.000 06/01/26

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

4.000 05/15/30

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

625

4.000 06/01/31

609

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

1,105

4.000 05/15/36

1,019

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

7.500 05/15/53

Palm

Beach

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,515

5.000 02/01/27

3,560

Palm

Coast

Park

Community

Development

District

Special

Assessment

2.400 05/01/26

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

750

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

3.100 05/01/25

Parker

Road

Community

Development

District

Special

Assessment

3.375 05/01/30

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

2.500 05/01/25

Parkway

Center

Community

Development

District

Special

Assessment

3.500 05/01/25

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 05/01/25

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.000 05/01/27

Paseo

Community

Development

District

Capital

Improvements

Special

Assessment

Revenue

Bonds

4.500 05/01/31

Peace

Creek

Community

Development

District

Special

Assessment

4.500 05/01/32

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

2.375 12/15/26

Pine

Isle

Community

Development

District

Special

Assessment

4.500 06/15/30

Pine

Isle

Community

Development

District

Special

Assessment

(Þ)

3.000 12/15/31

Pine

Isle

Community

Development

District

Special

Assessment

525

5.375 06/15/43

521

Pine

Isle

Community

Development

District

Special

Assessment

815

5.500 06/15/53

790

Pinellas

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.300 01/01/27

Pioneer

Ranch

Community

Development

District

Special

Assessment

4.200 05/01/31

Polk

County

Housing

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

522

4.150 06/01/26

526

Portico

Community

Development

District

Special

Assessment

Revenue

Bonds

3.250 05/01/31

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

1,438

Prosperity

Lakes

Community

Development

District

Special

Assessment

5.150 12/15/30

Ranches

At

Lake

Mcleod

Community

Development

District

Special

Assessment

4.625 06/15/30

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

651

Reunion

West

Community

Development

District

Special

Assessment

2.600 05/01/27

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

505

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

689

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

602

River

Hall

Community

Development

District

Special

Assessment

685

3.000 05/01/38

545

River

Landing

Community

Development

District

Special

Assessment

625

4.200 05/01/32

616

River

Landing

Community

Development

District

Special

Assessment

850

4.125 05/01/40

761

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

Riverwalk

Community

Development

District

Special

Assessment

(Þ)

4.150 05/01/30

Riverwalk

Community

Development

District

Special

Assessment

610

4.650 05/01/31

608

Rivington

Community

Development

District

Special

Assessment

3.250 05/01/27

Rivington

Community

Development

District

Special

Assessment

3.625 05/01/32

Rolling

Hills

Community

Development

District

Special

Assessment

3.400 05/01/32

Rolling

Hills

Community

Development

District

Special

Assessment

3.650 05/01/32

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

849

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

2.125 05/01/26

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

591

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

1,414

Sarasota

National

Community

Development

District

Special

Assessment

2,200

4.000 05/01/39

1,922

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

School

Board

of

Miami-Dade

County

(The)

Certificate

of

Participation

5,000

5.000 05/01/31

5,000

School

District

of

Broward

County

General

Obligation

Unlimited

885

5.000 07/01/39

936

School

District

of

Broward

County

General

Obligation

Unlimited

590

5.000 07/01/40

620

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

(Þ)

4.625 06/15/30

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

652

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

Seminole

Palms

Community

Development

District

Special

Assessment

4.750 05/01/30

Seminole

Palms

Community

Development

District

Special

Assessment

(Þ)

700

4.450 05/01/31

693

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

4.000 05/01/25

Somerset

Community

Development

District

Special

Assessment

600

4.000 05/01/26

597

Somerset

Community

Development

District

Special

Assessment

625

4.000 05/01/27

617

Somerset

Community

Development

District

Special

Assessment

4.000 05/01/32

Sorrento

Pines

Community

Development

District

Revenue

Bonds

4.375 05/01/30

South

Fork

East

Community

Development

District

Special

Assessment

3.000 05/01/25

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

1,775

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

841

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

637

Southshore

Bay

Community

Development

District

Revenue

Bonds

4.750 05/01/31

Stonegate

Community

Development

District

Special

Assessment

3.000 05/01/25

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

1,038

Stonegate

Community

Development

District

Special

Assessment

1,465

3.000 05/01/39

1,081

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

1,157

Stoneybrook

North

Community

Development

District

Special

Assessment

5.500 11/01/29

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

4.500 06/15/30

Storey

Drive

Community

Development

District

Special

Assessment

2.550 06/15/27

Stuart

Crossing

Community

Development

District

Special

Assessment

(Þ)

4.375 05/01/31

Summer

Woods

Community

Development

District

Special

Assessment

2.500 05/01/26

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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

619

Sunbridge

Stewardship

District

Special

Assessment

500

5.200 05/01/42

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

1,730

Tampa

Bay

Water

Revenue

Bonds

1,545

5.000 10/01/41

1,637

Tampa

Bay

Water

Revenue

Bonds

3,500

5.000 10/01/49

3,629

Tampa-Hillsborough

County

Expressway

Authority

Revenue

Bonds

4,210

5.000 07/01/48

4,228

Tern

Bay

Community

Development

District

Special

Assessment

620

3.125 06/15/27

611

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

521

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

2.500 06/15/25

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

650

3.000 06/15/30

618

Tohoqua

Community

Development

District

Special

Assessment

Revenue

Bonds

3.125 05/01/31

Tolomato

Community

Development

District

Special

Assessment

1,050

2.625 05/01/27

1,022

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

1,478

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,810

3.000 05/01/31

1,754

Tolomato

Community

Development

District

Special

Assessment

1,500

3.200 05/01/32

1,378

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,180

3.000 05/01/33

1,088

Tolomato

Community

Development

District

Special

Assessment

(µ)

930

3.000 05/01/37

814

Tolomato

Community

Development

District

Special

Assessment

(µ)

600

3.000 05/01/40

Tolomato

Community

Development

District

Special

Assessment

(µ)

1,300

4.000 05/01/40

1,243

Tolomato

Community

Development

District

Special

Assessment

880

4.800 05/01/44

799

Touchstone

Community

Development

District

Special

Assessment

1,800

5.500 05/01/53

1,773

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

Lakes

Community

Development

District

Special

Assessment

715

5.000 05/01/33

760

Two

Lakes

Community

Development

District

Special

Assessment

5.000 05/01/44

Two

Rivers

East

Community

Development

District

Special

Assessment

825

4.875 05/01/30

832

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

633

Union

Park

East

Community

Development

District

Special

Assessment

(Þ)

2.400 05/01/26

Varrea

South

Community

Development

District

Special

Assessment

4.250 05/01/30

V-Dana

Community

Development

District

Special

Assessment

2.600 05/01/26

V-Dana

Community

Development

District

Special

Assessment

3.125 05/01/31

V-Dana

Community

Development

District

Special

Assessment

4.450 05/01/32

V-Dana

Community

Development

District

Special

Assessment

500

5.375 05/01/45

501

Venetian

Parc

Community

Development

District

Special

Assessment

1,340

5.000 05/01/44

1,373

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Verano

No.

Community

Development

District

Special

Assessment

2.375 05/01/26

Verano

No.

Community

Development

District

Special

Assessment

3.000 05/01/31

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

985

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1,125

3.800 05/01/28

1,132

Village

Community

Development

District

No.

Special

Assessment

Revenue

Bonds

1.800 05/01/26

Village

Community

Development

District

No.

Special

Assessment

(Þ)

4.250 05/01/28

Village

Community

Development

District

No.

Special

Assessment

(Þ)

660

4.375 05/01/33

664

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

895

5.625 05/01/43

906

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

1,925

5.000 06/01/33

1,926

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

750

5.000 06/01/35

772

Volusia

County

Educational

Facility

Authority

Revenue

Bonds

500

5.000 06/01/36

512

Volusia

County

School

Board

Certificate

of

Participation

(µ)

1,280

5.000 08/01/32

1,290

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

635

4.450 05/01/28

633

Watergrass

Community

Development

District

II

Special

Assessment

1,035

2.500 05/01/31

937

Watergrass

Community

Development

District

II

Special

Assessment

2,260

5.150 05/01/38

2,239

Watergrass

Community

Development

District

II

Special

Assessment

1,380

2.800 05/01/39

988

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

Villages

Improvement

District

Special

Assessment

5.250 05/01/30

West

Villages

Improvement

District

Special

Assessment

825

3.125 05/01/31

775

West

Villages

Improvement

District

Special

Assessment

740

4.500 05/01/31

734

West

Villages

Improvement

District

Special

Assessment

875

5.000 05/01/35

897

West

Villages

Improvement

District

Special

Assessment

905

5.750 05/01/45

932

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

Whispering

Pines

Community

Development

District

Special

Assessment

5.375 05/01/43

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

914

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

514

Windward

at

Lakewood

Ranch

Community

Development

District

Special

Assessment

4.000 05/01/42

Wiregrass

II

Community

Development

District

Special

Assessment

4.800 05/01/32

Woodcreek

Community

Development

District

Special

Assessment

600

5.350 05/01/45

572

346,783

Georgia

-

3.5%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Athens-Clarke

County

Unified

Government

Development

Authority

Revenue

Bonds

850

3.000 06/15/39

730

Atlanta

Development

Authority

(The)

Revenue

Bonds

1,550

5.250 07/01/40

1,551

Atlanta

Development

Authority

(The)

Tax

Allocation

(Þ)

500

5.000 04/01/34

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

785

2.375 07/01/26

775

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

(µ)(Þ)

2,080

2.875 07/01/31

1,846

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,700

5.000 05/01/27

4,850

Atlanta

Urban

Residential

Finance

Authority

Revenue

Bonds

500

3.400 02/01/29

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

760

3.950 12/01/32

766

Bartow

County

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

2.875 08/01/43

996

City

of

Atlanta

Airport

Passenger

Facility

Charge

Revenue

Bonds

8,750

5.000 07/01/41

9,214

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

(ae)

1,000

5.000 11/01/33

1,000

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

8,370

5.000 11/01/40

8,374

Columbus

County

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.300 11/01/27

County

of

Fulton

Water

&

Sewerage

Revenue

Bonds

1,000

4.000 01/01/35

991

Coweta

County

Water

&

Sewage

Authority

Revenue

Bonds

4.000 06/01/46

Coweta

County

Water

&

Sewage

Authority

Revenue

Bonds

5.000 06/01/49

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

5,425

3.375 03/12/27

5,377

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

750

3.700 06/13/28

749

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

9,350

3.600 02/01/30

9,318

Development

Authority

of

Burke

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

800

2.875 12/01/49

797

Development

Authority

of

Monroe

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,200

3.875 10/01/48

2,204

Development

Authority

of

Monroe

County

(The)

Revenue

Bonds

(~)(ae)(Ê)

1.000 07/01/49

East

Palm

Drive

Community

Development

District

Special

Assessment

4.375 06/15/31

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

2,000

5.000 10/15/30

2,155

Gwinnett

County

School

District

General

Obligation

Unlimited

7,500

5.000 08/01/25

7,537

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

2,350

4.000 11/01/25

2,341

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

550

4.000 11/01/26

544

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(Þ)

1,210

4.000 11/01/27

1,183

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

2,800

5.000 05/15/29

2,908

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,150

5.000 04/01/31

6,408

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

9,750

5.000 09/01/31

10,207

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

5,450

5.000 12/01/31

5,645

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,675

5.000 06/01/32

7,042

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

24,750

5.000 12/01/32

25,642

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 07/01/52

1,995

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

1,500

4.000 09/01/52

1,484

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

6,000

5.000 12/01/52

6,183

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,000

5.000 06/01/53

7,229

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

7,670

5.000 07/01/53

7,984

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

36,000

4.608 12/01/53

35,610

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

(~)(ae)(Ê)

840

5.000 12/01/53

876

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

1,195

5.000 01/01/48

1,181

Municipal

Electric

Authority

of

Georgia

Revenue

Bonds

2,000

5.000 07/01/52

2,014

Paulding

County

Hospital

Authority

Revenue

Bonds

(µ)

1,975

4.000 04/01/41

1,852

Private

Colleges

&

Universities

Authority

Revenue

Bonds

5.000 10/01/29

Private

Colleges

&

Universities

Authority

Revenue

Bonds

750

4.000 04/01/39

722

State

of

Georgia

General

Obligation

Unlimited

9,585

5.000 07/01/25

9,616

Sunbridge

Stewardship

District

Special

Assessment

4.500 05/01/27

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Sunbridge

Stewardship

District

Special

Assessment

5.000 05/01/32

Sunbridge

Stewardship

District

Special

Assessment

920

5.400 05/01/42

920

Upper

Oconee

Basin

Water

Authority

Revenue

Bonds

1,000

5.000 07/01/55

1,032

Warner

Robins

Housing

Authority

Resident

Council

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 02/01/28

203,509

Guam

-

0.6%

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/30

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/32

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/33

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/34

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/37

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/38

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/39

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/40

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/41

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/42

Antonio

B

Won

Pat

International

Airport

Authority

Revenue

Bonds

5.000 10/01/43

Guam

Business

Privilege

Tax

Revenue

Bonds

5.000 01/01/28

Guam

Business

Privilege

Tax

Revenue

Bonds

7,725

5.000 11/15/28

7,747

Guam

Business

Privilege

Tax

Revenue

Bonds

5.000 01/01/29

Guam

Business

Privilege

Tax

Revenue

Bonds

5.000 01/01/31

Guam

Business

Privilege

Tax

Revenue

Bonds

5,980

4.000 01/01/36

5,722

Guam

Department

of

Education

Certificate

of

Participation

4.250 02/01/30

Guam

Government

Waterworks

Authority

Revenue

Bonds

5.000 07/01/25

Guam

Government

Waterworks

Authority

Revenue

Bonds

605

5.000 07/01/29

618

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,325

5.000 07/01/37

1,376

Guam

Government

Waterworks

Authority

Revenue

Bonds

1,360

5.000 07/01/40

1,364

Guam

Government

Waterworks

Authority

Revenue

Bonds

2,000

5.000 01/01/46

1,975

Guam

Power

Authority

Revenue

Bonds

5.000 10/01/29

Guam

Power

Authority

Revenue

Bonds

1,825

5.000 10/01/34

1,864

Guam

Power

Authority

Revenue

Bonds

2,690

5.000 10/01/35

2,743

Guam

Power

Authority

Revenue

Bonds

5.000 10/01/41

Territory

of

Guam

Revenue

Bonds

5.000 11/01/27

Territory

of

Guam

Revenue

Bonds

5.000 11/01/28

Territory

of

Guam

Revenue

Bonds

2,000

5.000 12/01/28

2,016

Territory

of

Guam

Revenue

Bonds

5.000 11/01/29

Territory

of

Guam

Revenue

Bonds

5.000 11/01/30

Territory

of

Guam

Revenue

Bonds

2,535

5.000 12/01/32

2,543

Territory

of

Guam

Revenue

Bonds

555

5.000 12/01/35

556

Territory

of

Guam

Revenue

Bonds

980

5.000 12/01/36

982

34,168

Hawaii

-

0.2%

City

&

County

Honolulu

Wastewater

System

Revenue

Bonds

1,575

5.000 07/01/36

1,596

City

&

County

of

Honolulu

Revenue

Bonds

(~)(ae)(Ê)

1,270

5.000 06/01/27

1,289

Hawaii

State

General

Obligation

Unlimited

1,500

5.000 01/01/37

1,558

Kauai

County

Community

Facilities

District

Special

Tax

4.000 05/15/27

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

796

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Hawaii

Airports

System

Revenue

Bonds

6,500

5.000 07/01/49

6,674

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

(Þ)

600

5.000 07/01/34

599

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

1,400

3.200 07/01/39

1,144

14,549

Idaho

-

0.2%

City

of

Boise

City

Airport

Revenue

Bonds

1,000

5.000 09/01/51

1,017

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,090

5.000 09/01/27

2,092

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,045

5.000 09/01/28

2,043

Idaho

Health

Facilities

Authority

Revenue

Bonds

2,400

5.000 09/01/31

2,339

Idaho

Health

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 03/01/35

1,076

Idaho

Housing

&

Finance

Association

Revenue

Bonds

1,670

5.000 07/15/31

1,672

Idaho

Housing

&

Finance

Association

Revenue

Bonds

635

3.000 05/01/32

610

10,849

Illinois

-

10.6%

Berwyn

Municipal

Securitization

Corp.

Revenue

Bonds

(µ)

1,000

5.000 01/01/35

1,049

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)(ae)

5.000 01/01/37

Carol

Stream

Park

District

General

Obligation

Unlimited

(µ)

630

5.000 01/01/37

634

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/26

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/27

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

Zero

coupon

01/01/28

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

565

5.000 01/01/32

585

Champaign

Community

Unit

School

District

No.4

General

Obligation

Unlimited

5.000 01/01/33

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

5.750 04/01/34

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Revenue

Bonds

785

5.000 04/01/46

752

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

675

5.000 12/01/25

681

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

15,875

5.000 12/01/27

16,368

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

10,880

Zero

coupon

12/01/28

9,402

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

2,750

5.000 12/01/28

2,855

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

3,630

Zero

coupon

12/01/30

2,838

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

8,000

5.000 12/01/31

8,184

Chicago

Board

of

Education

General

Obligation

Unlimited

3,575

5.000 12/01/31

3,592

Chicago

Board

of

Education

General

Obligation

Unlimited

(µ)

6,500

5.000 12/01/32

6,626

Chicago

Board

of

Education

General

Obligation

Unlimited

7,875

5.000 12/01/33

7,890

Chicago

Board

of

Education

General

Obligation

Unlimited

1,465

5.250 12/01/35

1,465

Chicago

Board

of

Education

General

Obligation

Unlimited

3,860

5.000 12/01/37

3,814

Chicago

Board

of

Education

General

Obligation

Unlimited

1,250

5.000 12/01/38

1,229

Chicago

Board

of

Education

General

Obligation

Unlimited

3,375

5.000 12/01/39

3,305

Chicago

Board

of

Education

General

Obligation

Unlimited

5.250 12/01/39

Chicago

Board

of

Education

General

Obligation

Unlimited

(Þ)

5,000

7.000 12/01/42

5,188

Chicago

Board

of

Education

General

Obligation

Unlimited

3,420

5.000 12/01/46

3,226

Chicago

Board

of

Education

General

Obligation

Unlimited

6,875

5.000 12/01/47

6,498

Chicago

Board

of

Education

Revenue

Bonds

10,000

5.750 04/01/33

10,276

Chicago

Board

of

Education

Revenue

Bonds

5.000 04/01/34

Chicago

Board

of

Education

Revenue

Bonds

5.000 04/01/35

Chicago

Board

of

Education

Revenue

Bonds

5.000 04/01/36

Chicago

Board

of

Education

Revenue

Bonds

5.000 04/01/37

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Chicago

Midway

International

Airport

Revenue

Bonds

(µ)

5,000

5.000 01/01/35

5,372

Chicago

Midway

International

Airport

Revenue

Bonds

4,000

5.000 01/01/41

4,010

Chicago

Midway

International

Airport

Revenue

Bonds

8,420

5.000 01/01/46

8,421

Chicago

O'Hare

International

Airport

Revenue

Bonds

5,345

4.000 01/01/34

5,372

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,210

5.000 01/01/36

1,295

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,500

4.000 01/01/37

6,416

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

3,515

4.000 01/01/37

3,469

Chicago

O'Hare

International

Airport

Revenue

Bonds

7,045

5.000 01/01/37

7,149

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,950

5.000 01/01/39

7,175

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,200

5.000 01/01/39

1,290

Chicago

O'Hare

International

Airport

Revenue

Bonds

1,000

5.000 01/01/40

1,066

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,700

5.250 01/01/40

1,826

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,810

5.000 01/01/41

7,138

Chicago

O'Hare

International

Airport

Revenue

Bonds

4.000 01/01/42

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,150

5.000 01/01/42

3,319

Chicago

O'Hare

International

Airport

Revenue

Bonds

(µ)

1,000

5.250 01/01/42

1,065

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,900

5.000 01/01/43

4,084

Chicago

O'Hare

International

Airport

Revenue

Bonds

3,250

5.250 01/01/44

3,450

Chicago

O'Hare

International

Airport

Revenue

Bonds

2,300

5.000 01/01/45

2,388

Chicago

O'Hare

International

Airport

Revenue

Bonds

6,830

5.000 01/01/48

7,008

Chicago

Park

District

General

Obligation

Limited

(µ)

5,000

4.000 01/01/32

5,028

Chicago

Park

District

General

Obligation

Limited

(µ)

6,810

4.000 01/01/33

6,811

Chicago

Park

District

General

Obligation

Limited

1,000

5.000 01/01/38

1,065

Chicago

Park

District

General

Obligation

Limited

(µ)

3,145

4.000 01/01/39

2,936

Chicago

Park

District

General

Obligation

Limited

(µ)

14,300

5.000 01/01/44

14,561

Chicago

Park

District

General

Obligation

Limited

2,680

5.250 01/01/46

2,774

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,870

5.000 01/01/26

3,911

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

3,895

5.000 01/01/28

4,044

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

10,035

5.000 01/01/29

10,533

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

19,040

5.500 01/01/31

20,210

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

710

4.000 01/01/38

681

Chicago

Sales

Tax

Securitization

Corp.

Revenue

Bonds

4,600

5.000 01/01/43

4,790

Chicago

Transit

Authority

Capital

Grant

Receipts

Revenue

Bonds

1,250

5.000 06/01/27

1,293

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue

Bonds

2,730

5.000 12/01/41

2,875

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

3.750 07/01/41

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

715

5.500 03/01/29

762

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

795

5.500 03/01/31

857

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

580

City

of

Calumet

City

General

Obligation

Unlimited

(µ)

1,725

4.500 03/01/43

1,681

City

of

Chicago

General

Obligation

Unlimited

(µ)

2,650

Zero

coupon

01/01/27

2,502

City

of

Chicago

General

Obligation

Unlimited

670

5.000 01/01/28

684

City

of

Chicago

General

Obligation

Unlimited

4,675

5.000 01/01/29

4,784

City

of

Chicago

General

Obligation

Unlimited

870

5.000 01/01/31

886

City

of

Chicago

General

Obligation

Unlimited

4,000

5.000 01/01/32

4,121

City

of

Chicago

General

Obligation

Unlimited

4.000 01/01/35

City

of

Chicago

General

Obligation

Unlimited

600

5.000 01/01/35

611

City

of

Chicago

General

Obligation

Unlimited

3,700

5.000 01/01/38

3,556

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Chicago

General

Obligation

Unlimited

4,750

6.000 01/01/38

4,834

City

of

Chicago

General

Obligation

Unlimited

5,750

5.500 01/01/40

5,923

City

of

Chicago

General

Obligation

Unlimited

660

5.500 01/01/43

671

City

of

Chicago

General

Obligation

Unlimited

4,290

5.000 01/01/44

4,125

City

of

Chicago

General

Obligation

Unlimited

2,325

5.250 01/01/45

2,326

City

of

Chicago

General

Obligation

Unlimited

1,465

5.500 01/01/49

1,470

City

of

Chicago

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 11/01/25

3,025

City

of

Chicago

Special

Assessment

(Þ)

3.200 12/01/29

City

of

Chicago

Special

Assessment

(Þ)

3.290 12/01/30

City

of

Chicago

Special

Assessment

(Þ)

3.380 12/01/31

City

of

Chicago

Special

Assessment

(Þ)

3.450 12/01/32

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

2,420

5.000 01/01/32

2,607

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

5.000 01/01/36

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

4,920

5.000 01/01/36

5,007

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,050

5.000 01/01/37

1,113

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,000

5.000 01/01/40

1,053

City

of

Chicago

Wastewater

Transmission

Revenue

Bonds

(µ)

1,350

5.000 01/01/41

1,411

City

of

Chicago

Waterworks

Revenue

Bonds

1,100

5.000 11/01/26

1,131

City

of

Country

Club

Hills

General

Obligation

Unlimited

(µ)

1,000

4.000 12/01/29

997

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/37

1,060

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,000

5.000 12/15/38

1,053

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,080

5.250 12/15/40

1,145

City

of

Joliet

General

Obligation

Unlimited

(µ)

1,195

5.500 12/15/42

1,268

City

of

Joliet

General

Obligation

Unlimited

(µ)

2,725

5.500 12/15/44

2,889

City

of

Peoria

General

Obligation

Unlimited

(µ)

5.000 01/01/29

City

of

Peoria

General

Obligation

Unlimited

(µ)

5.000 01/01/31

City

of

Springfield

Electric

Revenue

Bonds

(µ)

10,000

3.000 03/01/38

8,517

Cook

County

High

School

District

No.

Proviso

Township

General

Obligation

Limited

(µ)

2,475

5.500 12/01/36

2,568

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

County

of

Cook

General

Obligation

Unlimited

1,250

5.000 11/15/29

1,337

County

of

Cook

Sales

Tax

Revenue

Bonds

5.000 11/15/32

County

of

Cook

Sales

Tax

Revenue

Bonds

1,250

5.250 11/15/36

1,291

County

of

Cook

Sales

Tax

Revenue

Bonds

2,000

4.000 11/15/37

1,946

County

of

Cook

Sales

Tax

Revenue

Bonds

1,630

5.000 11/15/37

1,719

County

of

Cook

Sales

Tax

Revenue

Bonds

5.000 11/15/38

County

of

Cook

Sales

Tax

Revenue

Bonds

500

4.000 11/15/39

County

of

Cook

Sales

Tax

Revenue

Bonds

4.000 11/15/41

County

of

Cook

Sales

Tax

Revenue

Bonds

1,500

5.000 11/15/41

1,563

County

of

Cook

Sales

Tax

Revenue

Bonds

1,385

5.000 11/15/42

1,435

Governors

State

University

Certificate

of

Participation

(µ)

500

5.000 07/01/25

501

Illinois

Development

Finance

Authority

Revenue

Bonds

2,500

Zero

coupon

07/15/25

2,481

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/25

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/26

Illinois

Finance

Authority

Revenue

Bonds

(ae)

3,200

5.000 01/01/27

3,294

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 02/15/27

507

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Illinois

Finance

Authority

Revenue

Bonds

(Æ)(Ø)

580

5.000 02/15/27

Illinois

Finance

Authority

Revenue

Bonds

4.000 10/15/27

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/27

1,019

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/28

Illinois

Finance

Authority

Revenue

Bonds

5.000 02/15/29

Illinois

Finance

Authority

Revenue

Bonds

520

5.000 08/01/29

532

Illinois

Finance

Authority

Revenue

Bonds

5.000 12/01/29

Illinois

Finance

Authority

Revenue

Bonds

625

5.000 08/01/30

642

Illinois

Finance

Authority

Revenue

Bonds

630

5.000 08/15/30

678

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

1,053

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 12/01/32

509

Illinois

Finance

Authority

Revenue

Bonds

695

5.000 09/01/33

727

Illinois

Finance

Authority

Revenue

Bonds

5.000 10/01/33

Illinois

Finance

Authority

Revenue

Bonds

1,725

5.000 08/15/34

1,839

Illinois

Finance

Authority

Revenue

Bonds

5.000 09/01/34

Illinois

Finance

Authority

Revenue

Bonds

520

5.000 09/01/35

540

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.000 03/01/36

1,003

Illinois

Finance

Authority

Revenue

Bonds

3,250

5.250 04/01/38

3,579

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 07/01/38

992

Illinois

Finance

Authority

Revenue

Bonds

(Þ)

1,300

5.250 08/01/38

1,354

Illinois

Finance

Authority

Revenue

Bonds

790

5.000 09/01/38

813

Illinois

Finance

Authority

Revenue

Bonds

1,000

5.250 04/01/39

1,087

Illinois

Finance

Authority

Revenue

Bonds

1,000

4.000 07/01/39

982

Illinois

Finance

Authority

Revenue

Bonds

750

5.500 10/01/39

792

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

3.875 05/01/40

Illinois

Finance

Authority

Revenue

Bonds

4.000 09/01/41

Illinois

Finance

Authority

Revenue

Bonds

4.000 11/01/41

Illinois

Finance

Authority

Revenue

Bonds

1,500

5.000 07/01/42

1,610

Illinois

Finance

Authority

Revenue

Bonds

500

5.000 07/01/43

532

Illinois

Finance

Authority

Revenue

Bonds

11,485

5.000 08/15/44

11,490

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

500

5.000 12/01/47

Illinois

Finance

Authority

Revenue

Bonds

1,915

5.250 10/01/49

1,978

Illinois

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/52

4,098

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,415

4.000 06/01/26

1,415

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,240

5.000 11/01/26

4,342

Illinois

Housing

Development

Authority

Revenue

Bonds

(~)(Ê)

4,730

5.000 02/01/27

4,789

Illinois

Housing

Development

Authority

Revenue

Bonds

725

4.250 10/01/39

718

Illinois

Housing

Development

Authority

Revenue

Bonds

2,575

4.375 10/01/41

2,537

Illinois

Housing

Development

Authority

Revenue

Bonds

3,460

4.450 04/01/43

3,264

Illinois

Housing

Development

Authority

Revenue

Bonds

590

4.700 10/01/44

594

Illinois

Housing

Development

Authority

Revenue

Bonds

1,190

4.000 10/01/49

1,190

Illinois

Housing

Development

Authority

Revenue

Bonds

2,025

3.000 04/01/51

1,967

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Illinois

Housing

Development

Authority

Revenue

Bonds

4,800

6.000 10/01/55

5,236

Illinois

Municipal

Electric

Agency

Revenue

Bonds

4,500

4.000 02/01/34

4,316

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

925

5.000 06/15/30

953

Illinois

Sports

Facilities

Authority

(The)

Revenue

Bonds

(µ)

1,000

5.250 06/15/31

1,001

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 12/01/32

5,031

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,000

5.000 01/01/37

5,002

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

7,425

5.000 01/01/38

7,424

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5,650

5.000 01/01/39

5,650

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

9,195

5.000 01/01/40

9,202

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

1,175

5.000 01/01/42

1,194

Jersey

&

Greene

County

Community

Unit

School

District

No.

Jerseyville

General

Obligation

Unlimited

(µ)

1,100

5.000 12/01/27

1,108

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

3,920

5.000 12/01/27

4,078

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000 12/01/28

2,070

Kane

County

School

District

No.

Aurora

East

Side

General

Obligation

(µ)

2,000

5.000 12/01/29

2,068

Lake

County

Community

Consolidated

School

District

No.

Antioch

General

Obligation

Unlimited

5,750

5.000 01/01/47

5,853

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,615

4.000 12/15/26

1,629

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

4.000 12/15/27

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

5.000 12/15/27

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

800

5.000 06/15/29

828

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/29

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

5,705

Zero

coupon

06/15/30

4,604

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,300

5.000 12/15/30

1,343

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

555

5.000 12/15/31

573

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

600

5.000 12/15/33

617

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,540

Zero

coupon

06/15/34

1,681

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

500

5.000 12/15/34

514

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

540

2.169 12/15/37

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

2,000

Zero

coupon

12/15/40

961

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,500

1.730 12/15/42

1,012

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,250

4.000 12/15/42

1,090

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

600

Zero

coupon

06/15/44

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

1,650

1.452 12/15/47

1,082

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

(µ)

3,475

Zero

coupon

12/15/56

644

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

General

Obligation

Unlimited

1,500

5.000 12/01/45

1,506

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/27

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/29

Northern

Illinois

University

Revenue

Bonds

(µ)

5.000 10/01/31

Sales

Tax

Securitization

Corp.

Revenue

Bonds

6,385

5.000 01/01/27

6,547

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000 01/01/28

1,038

Sales

Tax

Securitization

Corp.

Revenue

Bonds

5,955

5.000 01/01/32

6,125

Sales

Tax

Securitization

Corp.

Revenue

Bonds

1,000

5.000 01/01/36

1,066

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

720

5.500 02/01/38

781

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

5.500 02/01/43

Sangamon

&

Christian

Counties

Community

Unit

School

District

No.

3A

Rochester

General

Obligation

Unlimited

(µ)

5.500 02/01/47

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/33

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/34

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/35

South

Sangamon

Water

Commission

General

Obligation

Unlimited

(µ)

4.000 01/01/37

Southern

Illinois

University

Revenue

Bonds

(µ)

1,470

5.000 04/01/27

1,472

Southern

Illinois

University

Revenue

Bonds

(µ)

850

5.000 04/01/28

851

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

1,005

5.000 10/15/33

1,013

Southwestern

Illinois

Development

Authority

Revenue

Bonds

(µ)

2,545

5.500 12/01/39

2,738

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/26

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/29

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/38

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/40

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

5.000 01/01/41

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

525

5.000 01/01/43

547

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

600

5.000 01/01/44

622

St.

Clair

County

Community

Unit

School

District

No.

Cahokia

General

Obligation

Unlimited

(µ)

5.000 01/01/49

State

of

Illinois

General

Obligation

Unlimited

4,250

5.000 11/01/25

4,281

State

of

Illinois

General

Obligation

Unlimited

1,490

5.000 11/01/26

1,522

State

of

Illinois

General

Obligation

Unlimited

1,155

5.000 11/01/27

1,194

State

of

Illinois

General

Obligation

Unlimited

1,610

5.000 10/01/28

1,681

State

of

Illinois

General

Obligation

Unlimited

11,210

5.000 11/01/28

11,550

State

of

Illinois

General

Obligation

Unlimited

4,085

5.000 03/01/29

4,285

State

of

Illinois

General

Obligation

Unlimited

3,200

5.000 10/01/29

3,329

State

of

Illinois

General

Obligation

Unlimited

6,810

5.000 11/01/29

7,006

State

of

Illinois

General

Obligation

Unlimited

(µ)

4,500

4.000 02/01/30

4,501

State

of

Illinois

General

Obligation

Unlimited

1,875

5.000 03/01/30

1,984

State

of

Illinois

General

Obligation

Unlimited

600

5.500 05/01/30

637

State

of

Illinois

General

Obligation

Unlimited

1,300

5.000 05/01/32

1,339

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

5.250 05/01/38

518

State

of

Illinois

General

Obligation

Unlimited

650

5.000 02/01/39

677

State

of

Illinois

General

Obligation

Unlimited

1,375

5.000 05/01/39

1,434

State

of

Illinois

General

Obligation

Unlimited

805

5.250 05/01/39

847

State

of

Illinois

General

Obligation

Unlimited

1,000

4.000 10/01/39

922

State

of

Illinois

General

Obligation

Unlimited

825

4.000 10/01/40

749

State

of

Illinois

General

Obligation

Unlimited

1,250

5.000 05/01/41

1,278

State

of

Illinois

General

Obligation

Unlimited

(µ)

1,675

4.000 06/01/41

1,536

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/42

725

State

of

Illinois

General

Obligation

Unlimited

720

5.000 05/01/43

723

State

of

Illinois

General

Obligation

Unlimited

1,125

5.500 03/01/47

1,162

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Illinois

Sales

Tax

Revenue

Bonds

2,000

5.000 06/15/25

2,004

Town

of

Cicero

General

Obligation

Unlimited

(µ)

1,010

5.000 01/01/26

1,020

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

1,605

5.250 12/01/35

1,657

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,075

5.250 12/01/36

3,166

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

3,240

5.250 12/01/37

3,326

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

2,985

5.250 12/01/38

3,055

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

1,034

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/27

627

Village

of

Romeoville

General

Obligation

Unlimited

600

5.000 12/30/28

635

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,430

5.000 12/01/26

1,466

Village

of

Rosemont

General

Obligation

Unlimited

(µ)

1,500

5.000 12/01/27

1,559

Volo

Village

Special

Service

Area

No.

&

Special

Tax

(µ)

1,094

5.000 03/01/34

1,102

Will

County

Forest

Preserve

District

General

Obligation

Limited

500

5.000 12/15/41

524

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

817

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

1,030

5.250 01/01/40

1,093

Will

County

School

District

No.

Manhattan

General

Obligation

Unlimited

(µ)

4,700

5.500 01/01/47

4,936

Williamson

Jackson,

Perry,

Randolph

Counties

Community

College

District

No.

530

General

Obligation

Unlimited

(µ)

1,450

5.000 12/01/25

1,464

613,503

Indiana

-

1.4%

Avon

Community

School

Building

Corp.

Revenue

Bonds

1,000

5.500 07/15/40

1,095

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,540

5.500 07/15/40

1,654

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

1,900

5.000 07/15/41

1,991

Brownsburg

1999

School

Building

Corp.

Revenue

Bonds

4,810

5.500 07/15/42

5,118

City

of

Rockport

Pollution

Control

Revenue

Bonds

1,500

3.050 06/01/25

1,499

City

of

Rockport

Pollution

Control

Revenue

Bonds

1,275

3.125 07/01/25

1,273

Evansville

Waterworks

District

Revenue

Bonds

(µ)

500

5.000 01/01/37

532

Indiana

Finance

Authority

Revenue

Bonds

1,500

4.125 12/01/26

1,507

Indiana

Finance

Authority

Revenue

Bonds

4.000 07/01/30

Indiana

Finance

Authority

Revenue

Bonds

1,000

3.000 11/01/30

953

Indiana

Finance

Authority

Revenue

Bonds

800

5.000 06/01/38

826

Indiana

Finance

Authority

Revenue

Bonds

675

5.000 10/01/38

730

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

23,285

5.000 12/01/40

23,292

Indiana

Finance

Authority

Revenue

Bonds

5.000 03/01/41

Indiana

Finance

Authority

Revenue

Bonds

1,500

5.000 10/01/42

1,594

Indiana

Finance

Authority

Revenue

Bonds

855

5.000 06/01/43

857

Indiana

Finance

Authority

Revenue

Bonds

5.250 11/15/46

Indiana

Finance

Authority

Revenue

Bonds

750

4.250 03/01/49

651

Indiana

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2.100 11/01/49

Indiana

Housing

&

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,055

5.000 10/01/26

3,076

Indiana

Housing

&

Community

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

615

3.300 01/01/28

610

Indiana

Municipal

Power

Agency

Revenue

Bonds

(µ)

5,685

5.000 01/01/43

5,981

Indianapolis

Local

Public

Improvement

Bond

Bank

Revenue

Bonds

2,650

5.000 01/01/48

2,715

IPS

Multi-School

Building

Corp.

Revenue

Bonds

2,500

5.250 07/15/42

2,617

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Northwestern

School

Building

Corp.

Revenue

Bonds

800

6.000 07/15/39

892

Northwestern

School

Building

Corp.

Revenue

Bonds

1,000

6.000 07/15/41

1,104

South

Bend

Redevelopment

Authority

Revenue

Bonds

2,735

4.000 08/01/38

2,612

South

Bend

Redevelopment

Authority

Revenue

Bonds

4.250 08/01/43

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

2,890

5.000 07/01/37

3,046

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,000

5.000 07/01/39

1,044

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,910

5.000 07/01/40

1,983

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,000

5.000 07/01/41

1,033

Terre

Haute

Sanitary

District

Revenue

Bonds

(µ)

1,700

5.000 07/01/42

1,754

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

3,720

5.500 07/15/41

4,056

Tri-Creek

2002

High

School

Building

Corp.

Revenue

Bonds

4,930

5.500 07/15/43

5,320

82,920

Iowa

-

0.8%

City

of

Coralville

General

Obligation

Unlimited

(µ)

735

5.000 05/01/36

760

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,400

5.000 05/01/38

1,439

City

of

Coralville

General

Obligation

Unlimited

(µ)

2,265

5.000 05/01/40

2,309

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,650

5.000 05/01/41

1,676

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,170

5.000 06/01/42

1,204

City

of

Coralville

General

Obligation

Unlimited

(µ)

1,010

5.000 06/01/43

1,036

City

of

Coralville

Revenue

Bonds

860

5.000 05/01/42

876

City

of

Des

Moines

General

Obligation

Unlimited

1,480

1.500 06/01/34

1,137

City

of

Orange

Sewer

Revenue

Bonds

(µ)

4.000 06/01/34

City

of

Waterloo

General

Obligation

Unlimited

700

4.500 06/01/27

708

Iowa

City

Community

School

District

General

Obligation

Unlimited

2,000

2.500 06/01/38

1,584

Iowa

Finance

Authority

Revenue

Bonds

(ae)

1,000

5.000 12/01/32

1,111

Iowa

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,520

5.000 12/01/32

2,795

Iowa

Finance

Authority

Revenue

Bonds

675

5.000 05/15/43

676

Iowa

Finance

Authority

Revenue

Bonds

2,500

4.500 07/01/44

2,390

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

1,565

Iowa

Finance

Authority

Revenue

Bonds

5,300

6.250 07/01/54

5,775

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

4.000 10/01/35

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/35

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/36

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/37

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

655

5.250 10/01/40

659

Iowa

Higher

Education

Loan

Authority

Revenue

Bonds

5.000 10/01/45

State

of

Iowa

Board

of

Regents

Revenue

Bonds

7,000

4.125 09/01/42

6,674

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,250

4.250 09/01/43

3,093

State

of

Iowa

Board

of

Regents

Revenue

Bonds

3,500

4.375 09/01/45

3,334

West

Des

Moines

Community

School

District

Infrastructure

Sales

Services

&

Use

Tax

Revenue

Bonds

(µ)

2,265

6.000 07/01/29

2,408

45,985

Kansas

-

0.3%

Butler

County

Unified

School

District

No.

El

Dorado

General

Obligation

Unlimited

(µ)

1,375

3.000 09/01/39

1,112

City

of

Burlington

Revenue

Bonds

(~)(ae)(Ê)

1,225

4.300 06/01/26

1,235

City

of

Manhattan

Revenue

Bonds

4.000 06/01/36

City

of

Prairie

Village

Tax

Allocation

820

3.125 04/01/36

758

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
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)

6,795

5.000 06/01/27

6,958

Kansas

Development

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

5.000 09/01/27

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,110

5.000 04/01/31

1,120

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000 04/01/32

1,009

Kansas

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,000

5.000 04/01/38

1,003

Wyandotte

County

City

Unified

Government

Revenue

Bonds

1,255

4.500 06/01/40

1,204

14,769

Kentucky

-

2.0%

City

of

Ashland

Revenue

Bonds

2,565

5.000 02/01/40

2,575

County

of

Boone

Revenue

Bonds

2,750

3.700 08/01/27

2,736

County

of

Owen

Revenue

Bonds

(~)(ae)(Ê)

3.875 06/01/40

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

800

4.000 03/01/45

721

Fayette

County

School

District

Finance

Corp.

Revenue

Bonds

850

4.000 03/01/48

744

Kentucky

Asset

Liability

Commission

Revenue

Bonds

3,015

5.000 09/01/26

3,087

Kentucky

Bond

Development

Corp.

Revenue

Bonds

(µ)

2,300

5.000 09/01/49

2,320

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,785

4.000 07/01/31

1,728

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

1,000

5.000 07/01/33

1,001

Kentucky

Economic

Development

Finance

Authority

Revenue

Bonds

(~)(µ)(ae)(Ê)

7,500

5.000 08/15/35

8,208

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

2,015

Kentucky

Interlocal

School

Transportation

Association

Certificate

of

Participation

4.000 03/01/26

Kentucky

Interlocal

School

Transportation

Association

Certificate

of

Participation

4.000 03/01/27

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

2,170

5.000 01/01/36

2,357

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

1,000

5.000 01/01/37

1,077

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

5.000 01/01/38

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

2,350

5.000 01/01/40

2,469

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

1,000

5.000 01/01/41

1,042

Kentucky

Municipal

Energy

Agency

Revenue

Bonds

(µ)

1,150

5.000 01/01/45

1,179

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.250 12/01/29

5,243

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

8,075

5.250 02/01/32

8,534

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

33,760

5.000 08/01/32

35,323

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

4.000 02/01/50

1,993

Kentucky

Public

Energy

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.000 08/01/52

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

1,900

5.000 11/01/25

1,917

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

4,725

5.000 11/01/25

4,764

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

7,270

5.000 11/01/27

7,559

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,750

5.000 05/01/31

2,861

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

(µ)

2,000

5.000 05/01/32

2,077

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

1,400

5.000 10/01/27

1,453

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

780

5.000 10/01/32

792

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

4,250

2.000 10/01/33

3,390

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

875

4.000 10/01/34

840

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

(µ)

2,350

4.000 10/01/40

2,222

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

830

5.000 10/01/41

863

Louisville/Jefferson

County

Metropolitan

Government

Revenue

Bonds

560

5.000 10/01/42

581

115,490

Louisiana

-

1.7%

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Cameron

Parish

School

District

No.

General

Obligation

Unlimited

4.000 10/01/31

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(ae)

1,000

5.000 06/01/25

1,001

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/36

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/37

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/38

City

of

New

Orleans

Sewerage

Service

Revenue

Bonds

(µ)

4.000 06/01/40

City

of

Shreveport

General

Obligation

Unlimited

(µ)

1,000

5.000 03/01/41

1,055

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,020

5.000 12/01/31

1,053

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

2,955

5.000 12/01/32

2,978

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

1,000

5.000 12/01/33

1,007

City

of

Shreveport

Water

&

Sewer

Revenue

Bonds

(µ)

5,000

4.000 12/01/44

4,438

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

23,550

0.180 08/01/35

23,550

East

Baton

Rouge

Parish

Industrial

Development

Board,

Inc.

Revenue

Bonds

(~)(Ê)

11,280

0.180 12/01/40

11,280

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

805

5.000 11/01/37

809

Greater

New

Orleans

Expressway

Commission

Revenue

Bonds

(µ)

1,910

5.000 11/01/42

1,913

Jefferson

Parish

Consolidated

Sewerage

District

No.

Revenue

Bonds

(µ)

4.000 02/01/42

Juban

Crossing

Economic

Development

District

Revenue

Bonds

5.000 09/15/38

Juban

Trails

Community

Development

District

Special

Assessment

3.375 06/01/27

Juban

Trails

Community

Development

District

Special

Assessment

3.750 06/01/32

Lafayette

Consolidated

Government

Revenue

Bonds

(µ)

700

5.000 11/01/29

705

Louisiana

Housing

Corp.

Revenue

Bonds

3,870

5.000 07/01/26

3,944

Louisiana

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.750 02/01/27

2,002

Louisiana

Housing

Corp.

Revenue

Bonds

745

4.500 12/01/47

749

Louisiana

Housing

Corp.

Revenue

Bonds

1,000

6.000 06/01/55

1,085

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

4.250 11/15/30

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

7,050

3.500 11/01/32

6,675

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(µ)

5.000 10/01/33

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

6,000

2.500 04/01/36

4,799

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

(Þ)

5.000 11/15/44

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

2,500

4.150 09/01/27

2,498

Louisiana

Offshore

Terminal

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.200 09/01/28

2,496

Louisiana

Public

Facilities

Authority

Revenue

Bonds

935

5.000 10/01/32

969

Louisiana

Public

Facilities

Authority

Revenue

Bonds

780

5.000 10/01/34

801

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

5.000 10/01/35

1,024

Louisiana

Public

Facilities

Authority

Revenue

Bonds

1,000

4.000 10/01/42

932

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

2,596

Louisiana

Public

Facilities

Authority

Revenue

Bonds

(~)(Ê)

4,500

0.750 05/01/54

4,500

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

1,050

5.000 07/01/37

1,128

Louisiana

Stadium

&

Exposition

District

Revenue

Bonds

5.000 07/01/38

New

Orleans

Aviation

Board

Revenue

Bonds

(µ)

2,250

5.000 01/01/33

2,311

Parish

of

St.

James

Revenue

Bonds

(~)(Ê)(Þ)

1,000

6.100 06/01/30

1,057

Parish

of

St.

John

the

Baptist

Revenue

Bonds

(~)(ae)(Ê)

1,410

4.050 06/01/37

1,413

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

(µ)

1,000

5.000 04/01/48

1,008

Port

New

Orleans

Board

of

Commissioners

Revenue

Bonds

825

5.250 04/01/55

855

State

of

Louisiana

Gasoline

&

Fuels

Tax

Revenue

Bonds

(SOFR

+

0.500%)(ae)(Ê)

540

3.538 05/01/43

529

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
State

of

Louisiana

General

Obligation

Unlimited

1,000

5.000 03/01/40

1,044

97,569

Maine

-

0.1%

City

of

Portland

General

Airport

Revenue

Bonds

800

4.000 01/01/39

757

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/38

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/40

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(µ)

5.000 07/01/42

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,000

4.000 07/01/45

883

Maine

State

Housing

Authority

Revenue

Bonds

5.000 06/15/36

Maine

State

Housing

Authority

Revenue

Bonds

5.000 06/15/37

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

1,000

5.000 07/01/31

1,086

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

1,000

5.000 07/01/32

1,091

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

5.000 07/01/33

Maine

Turnpike

Authority

Revenue

Bonds

(µ)

500

5.000 07/01/34

549

6,544

Maryland

-

0.8%

City

of

Annapolis

General

Obligation

Unlimited

1,725

4.000 08/01/27

1,760

City

of

Baltimore

Revenue

Bonds

4.500 06/01/33

City

of

Baltimore

Revenue

Bonds

(µ)

1,460

4.000 07/01/36

1,452

City

of

Baltimore

Revenue

Bonds

(µ)

2,030

4.000 07/01/37

1,997

City

of

Baltimore

Revenue

Bonds

(µ)

605

4.000 07/01/39

579

City

of

Baltimore

Revenue

Bonds

4.875 06/01/42

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

692

City

of

Gaithersburg

Revenue

Bonds

600

5.125 01/01/42

607

County

of

Baltimore

General

Obligation

Unlimited

500

5.000 03/01/33

531

County

of

Baltimore

Revenue

Bonds

4.000 01/01/32

County

of

Baltimore

Revenue

Bonds

4.000 01/01/33

County

of

Baltimore

Revenue

Bonds

4.000 01/01/34

County

of

Baltimore

Revenue

Bonds

4.000 01/01/37

County

of

Baltimore

Revenue

Bonds

4.000 01/01/38

County

of

Baltimore

Revenue

Bonds

4.000 01/01/39

County

of

Charles

General

Obligation

Unlimited

2,870

1.625 10/01/34

2,210

County

of

Charles

General

Obligation

Unlimited

1,955

1.750 10/01/35

1,477

County

of

Frederick

Tax

Allocation

890

3.250 07/01/29

869

County

of

Frederick

Tax

Allocation

500

3.750 07/01/39

County

of

Howard

Tax

Allocation

650

5.000 02/15/44

659

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

692

Maryland

Community

Development

Administration

Revenue

Bonds

3,000

5.000 09/01/42

3,054

Maryland

Community

Development

Administration

Revenue

Bonds

1,525

4.500 09/01/48

1,535

Maryland

Department

of

Housing

&

Community

Development

Revenue

Bonds

1,750

4.450 07/01/44

1,673

Maryland

Department

of

Housing

&

Community

Development

Revenue

Bonds

1,250

6.250 03/01/56

1,399

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,500

5.000 06/01/35

1,547

Maryland

Economic

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,625

4.100 10/01/36

1,643

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,000

5.375 07/01/38

1,062

Maryland

Economic

Development

Corp.

Revenue

Bonds

1,250

5.625 07/01/43

1,319

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)

(Ê)

3,000

5.000 07/01/31

3,259

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,250

5.000 10/01/50

1,265

Maryland

Stadium

Authority

Revenue

Bonds

2,500

5.000 05/01/47

2,520

Montgomery

County

Housing

Opportunities

Commission

Revenue

Bonds

3,000

3.850 07/01/34

2,941

State

of

Maryland

Department

of

Transportation

Revenue

Bonds

3,000

5.000 12/01/26

3,092

State

of

Maryland

General

Obligation

Unlimited

2,000

4.000 08/01/29

2,000

Washington

Suburban

Sanitary

Commission

Revenue

Bonds

3,130

5.000 06/01/27

3,259

48,396

Massachusetts

-

1.1%

City

of

Somerville

General

Obligation

Unlimited

1,500

2.000 10/15/38

1,063

Commonwealth

of

Massachusetts

General

Obligation

Limited

(µ)

1,000

5.500 08/01/30

1,103

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,490

2.000 03/01/37

2,629

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,825

5.000 07/01/37

3,885

Commonwealth

of

Massachusetts

General

Obligation

Limited

1,010

2.000 03/01/38

738

Commonwealth

of

Massachusetts

General

Obligation

Limited

4,000

4.000 02/01/42

3,769

Commonwealth

of

Massachusetts

General

Obligation

Limited

2,000

4.000 09/01/42

1,880

Commonwealth

of

Massachusetts

General

Obligation

Limited

5,425

5.250 09/01/43

5,586

Commonwealth

of

Massachusetts

General

Obligation

Limited

3,500

5.000 10/01/51

3,594

Commonwealth

of

Massachusetts

General

Obligation

Unlimited

2,350

5.250 10/01/47

2,467

Commonwealth

of

Massachusetts

Transportation

Fund

Revenue

Bonds

3,000

Zero

coupon

07/01/31

2,377

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue

Bonds

5,000

5.250 07/01/48

5,261

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(~)(Ê)

4,500

5.000 11/01/26

4,538

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

825

5.000 11/15/28

855

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,675

5.000 07/01/31

1,695

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,200

5.000 10/01/31

1,206

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,240

5.000 10/01/32

1,244

Massachusetts

Development

Finance

Agency

Revenue

Bonds

750

5.000 10/01/33

752

Massachusetts

Development

Finance

Agency

Revenue

Bonds

(Þ)

4.250 07/01/34

Massachusetts

Development

Finance

Agency

Revenue

Bonds

835

5.000 10/01/34

831

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

570

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/38

1,667

Massachusetts

Development

Finance

Agency

Revenue

Bonds

515

5.250 10/01/38

509

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,000

5.000 10/01/39

2,201

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,500

5.000 10/01/40

1,639

Massachusetts

Development

Finance

Agency

Revenue

Bonds

1,230

5.250 01/01/41

1,279

Massachusetts

Development

Finance

Agency

Revenue

Bonds

4.000 07/01/42

Massachusetts

Development

Finance

Agency

Revenue

Bonds

2,185

5.250 07/01/50

2,219

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

1,260

0.800 12/01/25

1,260

Massachusetts

School

Building

Authority

Revenue

Bonds

3,655

5.000 11/15/39

3,712

62,291

Michigan

-

2.1%

Calhoun

County

Hospital

Finance

Authority

Revenue

Bonds

750

5.000 02/15/28

753

Center

Line

Public

Schools

General

Obligation

Unlimited

1,000

5.250 05/01/43

1,057

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/26

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/27

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/28

City

of

Detroit

General

Obligation

Unlimited

5.250 05/01/28

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/29

City

of

Detroit

General

Obligation

Unlimited

800

5.250 05/01/29

845

City

of

Detroit

General

Obligation

Unlimited

5.000 04/01/30

City

of

Detroit

General

Obligation

Unlimited

750

5.250 05/01/30

799

City

of

Detroit

General

Obligation

Unlimited

600

5.250 05/01/31

645

City

of

Detroit

General

Obligation

Unlimited

730

5.250 05/01/32

788

City

of

Detroit

General

Obligation

Unlimited

5.500 04/01/33

503

City

of

Detroit

General

Obligation

Unlimited

895

5.250 05/01/33

969

City

of

Detroit

General

Obligation

Unlimited

915

5.000 04/01/34

956

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

1,000

5.000 04/01/50

990

City

of

Detroit

Sewage

Disposal

System

Revenue

Bonds

(USD

Month

LIBOR

+

0.600%)(µ)(Ê)

3,160

3.663 07/01/32

3,117

Detroit

Downtown

Development

Authority

Tax

Allocation

1,375

5.000 07/01/48

1,393

Detroit

Regional

Convention

Facility

Authority

Revenue

Bonds

1,105

5.000 10/01/39

1,162

Downriver

Utility

Wastewater

Authority

Revenue

Bonds

(µ)

895

5.000 04/01/28

934

Eastern

Michigan

University

Revenue

Bonds

(µ)

1,000

5.000 03/01/33

1,018

Ferndale

Public

Schools

General

Obligation

Unlimited

1,400

5.000 05/01/46

1,431

Grand

Rapids

Charter

Township

Economic

Development

Corp.

Revenue

Bonds

2,230

4.000 05/15/27

2,217

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

2,430

5.000 05/01/34

2,460

Grand

Rapids

Public

Schools

General

Obligation

Unlimited

(µ)

1,000

5.000 05/01/35

1,012

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/25

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/26

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/27

Grand

Traverse

County

Hospital

Finance

Authority

Revenue

Bonds

5.000 07/01/28

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

1,000

5.000 07/01/26

1,021

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/35

3,050

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,075

5.000 07/01/37

2,267

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

3,000

5.000 07/01/38

3,256

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Bonds

2,650

5.000 07/01/46

2,659

Kalamazoo

Hospital

Finance

Authority

Revenue

Bonds

(ae)

4.000 05/15/31

Karegnondi

Water

Authority

Revenue

Bonds

855

5.000 11/01/34

874

Karegnondi

Water

Authority

Revenue

Bonds

1,000

5.000 11/01/35

1,019

Karegnondi

Water

Authority

Revenue

Bonds

1,400

5.000 11/01/37

1,424

Michigan

Finance

Authority

Revenue

Bonds

(ae)

2,245

5.000 05/15/25

2,246

Michigan

Finance

Authority

Revenue

Bonds

1,075

5.250 02/01/27

1,088

Michigan

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)(Þ)

6,495

3.875 02/01/28

6,470

Michigan

Finance

Authority

Revenue

Bonds

4,655

5.000 07/01/28

4,659

Michigan

Finance

Authority

Revenue

Bonds

1,410

5.000 07/01/29

1,411

Michigan

Finance

Authority

Revenue

Bonds

(ae)

655

5.000 11/15/29

655

Michigan

Finance

Authority

Revenue

Bonds

(ae)

7,385

3.750 12/01/29

7,394

Michigan

Finance

Authority

Revenue

Bonds

4,155

5.000 04/15/30

4,447

Michigan

Finance

Authority

Revenue

Bonds

4.000 02/01/32

Michigan

Finance

Authority

Revenue

Bonds

1,500

5.000 11/15/32

1,524

Michigan

Finance

Authority

Revenue

Bonds

500

5.000 07/01/35

501

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Michigan

Finance

Authority

Revenue

Bonds

585

5.000 12/01/36

585

Michigan

Finance

Authority

Revenue

Bonds

2,230

5.000 12/01/39

2,307

Michigan

Finance

Authority

Revenue

Bonds

675

5.000 06/01/40

691

Michigan

Finance

Authority

Revenue

Bonds

2,405

5.000 11/01/44

2,406

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

(~)(ae)(Ê)

5,790

3.625 04/01/27

5,797

Michigan

State

Housing

Development

Authority

Revenue

Bonds

500

4.000 12/01/39

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

943

Michigan

State

Housing

Development

Authority

Revenue

Bonds

2,545

4.250 12/01/49

2,549

Michigan

State

Housing

Development

Authority

Revenue

Bonds

750

4.450 12/01/49

700

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3,000

6.250 06/01/55

3,259

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

1,570

5.000 05/01/41

1,647

South

Lyon

Community

Schools

General

Obligation

Unlimited

(µ)

750

5.000 05/01/43

781

State

of

Michigan

Trunk

Line

Revenue

Bonds

10,000

5.500 11/15/44

10,917

State

of

Michigan

Trunk

Line

Revenue

Bonds

1,105

5.000 11/15/45

1,141

Summit

Academy

North

Revenue

Bonds

780

4.000 11/01/31

743

Wayne

County

Airport

Authority

Revenue

Bonds

635

5.000 12/01/29

636

Wayne

County

Airport

Authority

Revenue

Bonds

5.000 12/01/37

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

3,915

5.000 12/01/39

3,917

Wayne

County

Airport

Authority

Revenue

Bonds

(µ)

5,590

5.000 12/01/40

5,601

119,726

Minnesota

-

0.5%

City

of

Crookston

Revenue

Bonds

2,410

5.000 05/01/34

1,298

City

of

Independence

Revenue

Bonds

4.000 07/01/31

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

965

5.000 11/15/28

993

City

of

St.

Cloud

Revenue

Bonds

5.000 05/01/48

City

of

St.

Cloud

Revenue

Bonds

4.000 05/01/49

City

of

Woodbury

Revenue

Bonds

3.000 12/01/30

Duluth

Economic

Development

Authority

Revenue

Bonds

5.000 06/15/30

Duluth

Economic

Development

Authority

Revenue

Bonds

5.000 06/15/32

518

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/38

Duluth

Economic

Development

Authority

Revenue

Bonds

4.000 06/15/39

Duluth

Independent

School

District

No.

709

Certificate

of

Participation

5.000 02/01/26

Elk

River

Independent

School

District

No.

728

General

Obligation

Unlimited

5,750

2.250 02/01/37

4,514

Minneapolis

Special

School

District

No.

General

Obligation

Unlimited

800

4.000 02/01/37

802

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

1,015

5.000 10/01/29

1,046

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

585

5.000 10/01/31

602

Minnesota

Higher

Education

Facilities

Authority

Revenue

Bonds

4.000 12/01/31

Minnesota

Housing

Finance

Agency

Revenue

Bonds

1,850

6.250 01/01/55

2,027

Minnesota

Housing

Finance

Agency

Revenue

Bonds

10,700

6.250 07/01/55

11,772

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

3.000 10/01/34

Port

Authority

of

the

City

of

St.

Paul

Revenue

Bonds

500

4.000 10/01/41

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
St.

Paul

Housing

&

Redevelopment

Authority

Revenue

Bonds

1,075

4.250 12/01/32

1,054

27,556

Mississippi

-

1.2%

County

of

Lowndes

Revenue

Bonds

(~)(ae)(Ê)

1,500

2.650 04/01/37

1,475

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

7,975

0.140 12/01/30

7,975

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

20,080

0.180 12/01/30

20,080

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

3,440

0.250 12/01/30

3,440

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

1,498

0.700 12/01/30

1,498

Mississippi

Business

Finance

Corp.

Revenue

Bonds

(~)(Ê)

25,330

0.700 11/01/35

25,330

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 10/01/29

Mississippi

Development

Bank

Revenue

Bonds

(µ)

1,000

5.000 03/01/34

1,006

Mississippi

Development

Bank

Revenue

Bonds

4,175

5.000 03/01/43

4,241

Mississippi

Home

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 11/01/27

Mississippi

Home

Corp.

Revenue

Bonds

2,000

5.000 12/01/39

2,085

Mississippi

Hospital

Equipment

&

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

973

Warren

County

Revenue

Bonds

(~)(ae)(Ê)

500

1.375 05/01/34

71,540

Missouri

-

1.4%

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.000 03/01/30

1,024

Cape

Girardeau

County

Industrial

Development

Authority

Revenue

Bonds

4.000 03/01/41

City

of

Poplar

Bluff

Certificate

of

Participation

2.500 10/01/41

City

of

Poplar

Bluff

Certificate

of

Participation

2.625 10/01/46

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

1,000

5.000 07/01/47

1,005

City

of

St.

Louis

Airport

Revenue

Bonds

(µ)

17,000

5.250 07/01/49

17,830

City

of

St.

Louis

Industrial

Development

Authority

(The)

Revenue

Bonds

4.875 06/15/34

County

of

Boone

Revenue

Bonds

2,230

5.000 08/01/30

2,008

County

of

Boone

Revenue

Bonds

1,700

4.000 08/01/33

1,340

Jefferson

City

School

District

General

Obligation

Unlimited

8,050

5.500 03/01/43

8,548

Jefferson

County

School

District

No.

Northwest

General

Obligation

Unlimited

2,115

5.250 03/01/39

2,278

Jefferson

County

School

District

No.

Northwest

General

Obligation

Unlimited

1,500

5.250 03/01/41

1,599

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

(Þ)

5.000 06/01/46

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

4.325 08/15/47

Lees

Summit

Industrial

Development

Authority

Revenue

Bonds

4.825 08/15/47

Maryland

Heights

Industrial

Development

Authority

Revenue

Bonds

620

4.375 03/15/30

576

Metropolitan

Sewer

District

Revenue

Bonds

6,150

5.000 05/01/47

6,194

Missouri

Housing

Development

Commission

Revenue

Bonds

4,700

5.750 05/01/56

5,040

Missouri

Joint

Municipal

Electric

Utility

Commission

Revenue

Bonds

1,655

5.000 12/01/26

1,657

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

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

670

4.000 05/01/26

670

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 06/01/28

1,037

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,165

5.000 02/01/31

1,225

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 08/01/36

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 02/15/38

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 08/01/41

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

700

5.250 02/01/44

710

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 02/15/44

Missouri

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

5.000 05/01/52

5,217

North

Kansas

City

School

District

No.

General

Obligation

Unlimited

4,000

5.250 03/01/39

4,348

North

Kansas

City

School

District

No.

General

Obligation

Unlimited

2,500

5.250 03/01/40

2,702

Pattonville

School

District

General

Obligation

Unlimited

640

5.250 03/01/41

682

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

6,905

St.

Louis

Municipal

Finance

Corp.

Revenue

Bonds

(µ)

2,000

5.000 10/01/45

2,048

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

500

6.000 03/01/36

572

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000 03/01/38

1,137

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

1,000

6.000 03/01/39

1,130

Wright

City

R-II

School

District

General

Obligation

Unlimited

(µ)

900

6.000 03/01/41

1,008

80,488

Montana

-

0.3%

City

of

Forsyth

Revenue

Bonds

5,370

3.875 07/01/28

5,410

City

of

Forsyth

Revenue

Bonds

(~)(Ê)

2,035

3.900 03/01/31

1,995

County

of

Gallatin

Revenue

Bonds

(Þ)

2,420

4.000 10/15/32

2,117

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 02/01/28

Montana

Board

of

Housing

Revenue

Bonds

825

4.300 12/01/44

778

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

5.000 06/01/33

Montana

Facility

Finance

Authority

Health

Care

Facilities

Revenue

Bonds

1,000

5.000 06/01/34

1,025

Yellowstone

County

Lockwood

School

District

No.

General

Obligation

Unlimited

1,335

5.000 07/01/26

1,362

Yellowstone

County

Lockwood

School

District

No.

General

Obligation

Unlimited

1,460

5.000 07/01/27

1,514

15,762

Nebraska

-

0.3%

City

of

Lincoln

Electric

System

Revenue

Bonds

1,710

5.000 09/01/27

1,764

Nebraska

State

Highway

Commission

Revenue

Bonds

1,100

4.000 06/15/41

1,075

Nebraska

State

Highway

Commission

Revenue

Bonds

4.000 06/15/42

Omaha

Public

Power

District

Nebraska

City

Station

Unit

Revenue

Bonds

4,250

5.250 02/01/42

4,253

Omaha

Public

Power

District

Nebraska

City

Station

Unit

Revenue

Bonds

7,130

5.000 02/01/46

7,139

Omaha

School

District

General

Obligation

Unlimited

1,850

1.750 12/15/35

1,375

15,980

Nevada

-

1.0%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

2.750 06/01/33

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

515

2.750 06/01/36

City

of

Las

Vegas

Special

Improvement

District

No.

818

Special

Assessment

1,870

5.000 12/01/44

1,804

Clark

County

School

District

General

Obligation

Limited

1,255

5.000 06/15/30

1,312

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

3,263

Clark

County

School

District

General

Obligation

Limited

2,500

4.000 06/15/44

2,269

County

of

Clark

Department

of

Aviation

Revenue

Bonds

5,270

5.000 07/01/26

5,384

County

of

Clark

Department

of

Aviation

Revenue

Bonds

1,025

5.000 07/01/36

1,096

County

of

Clark

General

Obligation

Limited

2,555

5.000 06/01/33

2,676

County

of

Clark

General

Obligation

Limited

6,620

3.000 11/01/33

6,207

County

of

Clark

General

Obligation

Limited

4,500

4.000 07/01/39

4,339

County

of

Humboldt

Revenue

Bonds

1,155

3.550 10/01/29

1,160

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
County

of

Washoe

Revenue

Bonds

(~)(ae)(Ê)

1,155

3.625 10/01/29

1,160

Henderson

Local

Improvement

Districts

Special

Assessment

3.000 09/01/36

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

5.000 07/01/26

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

1,750

5.000 07/01/37

1,808

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

5,365

5.000 07/01/43

5,398

Las

Vegas

Convention

&

Visitors

Authority

Revenue

Bonds

3,650

4.000 07/01/49

3,173

Las

Vegas

Valley

Water

District

General

Obligation

Limited

2,000

5.000 06/01/25

2,003

Las

Vegas

Valley

Water

District

General

Obligation

Limited

1,040

4.000 03/01/33

1,060

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

(Þ)

4.500 12/15/29

Nevada

Housing

Division

Revenue

Bonds

(~)(ae)(Ê)

5.000 07/01/27

Reno-Tahoe

Airport

Authority

Revenue

Bonds

5.000 07/01/39

Reno-Tahoe

Airport

Authority

Revenue

Bonds

600

5.000 07/01/41

632

Reno-Tahoe

Airport

Authority

Revenue

Bonds

650

5.000 07/01/42

683

Reno-Tahoe

Airport

Authority

Revenue

Bonds

690

5.000 07/01/43

721

Reno-Tahoe

Airport

Authority

Revenue

Bonds

670

5.000 07/01/44

696

State

of

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

5.000 07/15/27

State

of

Nevada

Highway

Improvement

Revenue

Bonds

2,850

3.000 12/01/39

2,416

State

of

Nevada

Highway

Improvement

Revenue

Bonds

1,000

3.000 12/01/40

829

State

of

Nevada

Highway

Improvement

Revenue

Bonds

1,000

3.000 12/01/41

818

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

845

5.000 07/01/33

869

Tahoe-Douglas

Visitors

Authority

Revenue

Bonds

5.000 07/01/40

Truckee

Meadows

Water

Authority

Revenue

Bonds

1,600

5.000 07/01/37

1,615

56,396

New

Hampshire

-

1.0%

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(Þ)

4.875 12/01/33

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,688

3.625 08/20/39

5,204

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,969

4.184 11/20/39

8,714

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

775

4.000 01/01/41

669

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

5,286

4.168 01/20/41

5,019

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,951

4.250 07/20/41

3,763

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

(~)(Ê)

8,462

4.163 10/20/41

7,815

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

1,805

5.250 07/01/44

1,850

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

3,765

5.250 07/01/49

3,809

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

(~)

(ae)(Ê)

1,600

3.300 08/03/27

1,595

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,945

5.000 08/01/32

2,006

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,730

5.000 08/01/33

1,784

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,740

5.000 08/01/35

1,775

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,920

5.000 08/01/37

1,950

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,035

5.000 08/01/38

1,051

New

Hampshire

Health

and

Education

Facilities

Authority

Act

Revenue

Bonds

1,000

5.000 08/01/40

1,013

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

1,650

6.250 01/01/55

1,784

New

Hampshire

Housing

Finance

Authority

Revenue

Bonds

6,100

6.500 01/01/56

6,842

57,069

New

Jersey

-

3.0%

Atlantic

City

General

Obligation

Unlimited

(µ)

5.000 03/01/26

Atlantic

City

General

Obligation

Unlimited

(µ)

750

5.000 03/01/32

768

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

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Camden

County

Improvement

Authority

(The)

Revenue

Bonds

(~)(Ê)

950

5.000 03/01/27

963

Camden

County

Improvement

Authority

(The)

Revenue

Bonds

6.000 06/15/42

City

of

Bayonne

General

Obligation

Unlimited

(µ)(ae)

3,365

5.000 07/01/26

3,435

Essex

County

Improvement

Authority

Revenue

Bonds

4.000 06/15/38

Jersey

City

General

Obligation

Unlimited

5.000 11/01/31

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

1,150

5.750 10/15/48

1,279

Jersey

City

Municipal

Utilities

Authority

Revenue

Bonds

(µ)

1,000

5.750 10/15/55

1,105

Jersey

City

Municipal

Utilities

Authority

Revenue

Notes

2,000

5.000 05/01/25

2,000

New

Jersey

Building

Authority

Revenue

Bonds

(µ)(ae)

580

5.000 06/15/26

591

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

515

5.250 07/01/26

526

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

900

5.000 12/15/26

927

New

Jersey

Economic

Development

Authority

Revenue

Bonds

795

5.000 07/01/27

801

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(µ)

2,005

5.000 07/01/28

2,059

New

Jersey

Economic

Development

Authority

Revenue

Bonds

(ae)

1,000

5.500 06/15/30

1,036

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

677

New

Jersey

Economic

Development

Authority

Revenue

Bonds

4,975

5.000 06/15/36

5,082

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

1,019

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

4.000 06/15/46

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,960

5.000 07/01/33

2,014

New

Jersey

Educational

Facilities

Authority

Revenue

Bonds

3,800

5.000 07/01/33

3,925

New

Jersey

General

Obligation

Unlimited

5,425

4.000 06/01/31

5,644

New

Jersey

General

Obligation

Unlimited

1,090

5.000 06/01/40

1,132

New

Jersey

General

Obligation

Unlimited

7,500

5.000 06/01/41

7,800

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(ae)

780

5.000 07/01/26

796

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 07/01/28

1,018

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,700

5.000 07/01/29

1,753

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

1,000

5.000 07/01/31

1,015

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000 07/01/42

1,128

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

9,000

5.000 07/01/43

9,071

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

0.900 11/01/25

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

1,910

2.950 10/01/26

1,886

New

Jersey

Housing

&

Mortgage

Finance

Agency

Revenue

Bonds

3,250

3.375 11/01/27

3,242

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/25

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

1,130

Zero

coupon

12/15/26

1,073

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,100

Zero

coupon

12/15/26

1,986

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,335

5.000 06/15/29

2,367

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,465

Zero

coupon

12/15/29

1,235

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,600

5.000 06/15/30

5,671

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

735

5.000 06/15/31

743

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

Zero

coupon

12/15/31

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

865

4.000 12/15/31

868

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,

#### 2025
(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

1,945

Zero

coupon

12/15/32

1,445

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,165

5.000 12/15/33

1,204

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,265

5.000 12/15/34

3,378

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

(µ)

5,200

Zero

coupon

12/15/35

3,361

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

790

5.000 12/15/35

814

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

14,860

Zero

coupon

12/15/36

9,146

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.000 12/15/36

1,028

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

26,955

Zero

coupon

12/15/37

15,729

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,000

Zero

coupon

12/15/38

2,760

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

685

4.250 12/15/38

665

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

5,050

5.000 06/15/39

5,349

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

2,000

5.250 06/15/39

2,137

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

3,000

5.000 06/15/41

3,119

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,000

5.250 06/15/41

1,060

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

1,025

4.000 06/15/42

935

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,755

5.000 01/01/27

3,845

New

Jersey

Turnpike

Authority

Revenue

Bonds

1,700

5.000 01/01/32

1,764

New

Jersey

Turnpike

Authority

Revenue

Bonds

2,000

5.000 01/01/33

2,042

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,000

5.000 01/01/42

3,162

New

Jersey

Turnpike

Authority

Revenue

Bonds

3,250

5.000 01/01/44

3,407

New

Jersey

Turnpike

Authority

Revenue

Bonds

10,000

5.000 01/01/45

10,451

Passaic

County

Improvement

Authority

(The)

Revenue

Bonds

670

5.250 07/01/43

684

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

697

Randolph

Township

School

District

General

Obligation

Unlimited

800

1.000 08/01/28

740

Randolph

Township

School

District

General

Obligation

Unlimited

665

1.000 08/01/29

599

Randolph

Township

School

District

General

Obligation

Unlimited

1,725

1.000 08/01/30

1,512

Randolph

Township

School

District

General

Obligation

Unlimited

1,785

1.000 08/01/31

1,520

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

1,000

5.000 11/01/39

1,067

South

Jersey

Transportation

Authority

Revenue

Bonds

(µ)

4,000

4.000 11/01/40

3,862

Tobacco

Settlement

Financing

Corp.

Revenue

Bonds

3,000

5.000 06/01/46

2,872

172,075

New

Mexico

-

0.5%

City

of

Farmington

Revenue

Bonds

1,200

1.800 04/01/29

1,071

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

8,305

3.875 06/01/29

8,267

City

of

Farmington

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.900 06/01/40

1,373

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,045

5.000 02/01/42

1,045

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

4.700 09/01/49

New

Mexico

Mortgage

Finance

Authority

Revenue

Bonds

3,820

3.000 07/01/52

3,696

New

Mexico

Municipal

Energy

Acquisition

Authority

Revenue

Bonds

(~)(ae)(Ê)

7,500

5.000 05/01/25

7,500

Santa

Fe

Public

School

District

General

Obligation

Unlimited

1,000

5.000 08/01/27

1,039

State

of

New

Mexico

Severance

Tax

Permanent

Fund

Revenue

Bonds

5,000

5.000 07/01/25

5,014

29,485

New

York

-

8.5%

Albany

Capital

Resource

Corp.

Revenue

Bonds

835

4.000 06/01/29

776

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

5.250 04/01/39

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

5.250 04/01/49

Allegany

County

Capital

Resource

Corp.

Revenue

Bonds

5.250 04/01/54

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

3,000

5.000 07/15/25

3,007

Brooklyn

Arena

Local

Development

Corp.

Revenue

Bonds

1,845

5.000 07/15/42

1,842

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/29

Build

NYC

Resource

Corp.

Revenue

Bonds

650

5.000 08/01/30

666

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/31

Build

NYC

Resource

Corp.

Revenue

Bonds

4.000 06/15/32

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/32

Build

NYC

Resource

Corp.

Revenue

Bonds

525

5.000 08/01/32

537

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 06/15/33

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 08/01/33

Build

NYC

Resource

Corp.

Revenue

Bonds

550

5.000 07/01/35

569

Build

NYC

Resource

Corp.

Revenue

Bonds

5.000 07/01/36

Build

NYC

Resource

Corp.

Revenue

Bonds

575

5.000 07/01/37

594

Build

NYC

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 09/01/39

Build

NYC

Resource

Corp.

Revenue

Bonds

700

4.500 06/15/43

668

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

1,550

City

of

New

York

General

Obligation

Unlimited

1,850

5.000 09/01/26

1,898

City

of

New

York

General

Obligation

Unlimited

2,380

5.000 06/01/34

2,382

City

of

New

York

General

Obligation

Unlimited

(µ)

2,500

3.000 08/01/36

2,182

City

of

New

York

General

Obligation

Unlimited

2,500

5.250 05/01/38

2,721

City

of

New

York

General

Obligation

Unlimited

2,000

5.250 05/01/39

2,164

City

of

New

York

General

Obligation

Unlimited

13,755

5.000 09/01/39

14,659

City

of

New

York

General

Obligation

Unlimited

4,815

5.250 09/01/40

5,188

City

of

New

York

General

Obligation

Unlimited

4.000 03/01/42

City

of

New

York

General

Obligation

Unlimited

5.000 03/01/44

City

of

New

York

General

Obligation

Unlimited

(µ)

3,000

5.000 09/01/44

3,124

City

of

New

York

General

Obligation

Unlimited

2,390

5.250 02/01/45

2,570

City

of

New

York

General

Obligation

Unlimited

3,215

5.250 03/01/47

3,398

City

of

New

York

General

Obligation

Unlimited

(µ)

2,785

5.000 09/01/47

2,866

City

of

New

York

General

Obligation

Unlimited

2,750

5.250 10/01/47

2,890

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

(Þ)

5.000 07/01/37

County

of

Nassau

General

Obligation

Limited

(µ)

2,525

5.000 04/01/38

2,651

Genesee

County

Funding

Corp.

(The)

Revenue

Bonds

650

5.000 12/01/29

680

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

7,495

5.000 02/15/35

7,647

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,260

5.000 02/15/39

5,303

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

10,055

4.000 02/15/44

9,287

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

5,000

5.000 02/15/45

5,047

Hudson

Yards

Infrastructure

Corp.

Revenue

Bonds

(µ)

2,625

4.000 02/15/47

2,396

Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

6,055

3.000 09/01/29

5,855

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000 09/01/32

1,039

Long

Island

Power

Authority

Revenue

Bonds

750

5.000 09/01/33

778

Long

Island

Power

Authority

Revenue

Bonds

1,000

5.000 09/01/34

1,033

Long

Island

Power

Authority

Revenue

Bonds

1,250

5.000 09/01/35

1,285

Long

Island

Power

Authority

Revenue

Bonds

1,825

5.000 09/01/37

1,869

Long

Island

Power

Authority

Revenue

Bonds

4,250

5.000 09/01/42

4,478

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Long

Island

Power

Authority

Revenue

Bonds

(~)(ae)(Ê)

3,550

5.000 09/01/52

3,647

Mahopac

Central

School

District

General

Obligation

Unlimited

1,755

1.800 06/01/36

1,336

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/25

Metropolitan

Transportation

Authority

Revenue

Bonds

(SOFR

+

0.600%)(Ê)

1,220

3.508 11/01/26

1,206

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/27

Metropolitan

Transportation

Authority

Revenue

Bonds

1,315

5.000 11/15/28

1,371

Metropolitan

Transportation

Authority

Revenue

Bonds

5.250 11/15/28

Metropolitan

Transportation

Authority

Revenue

Bonds

1,645

5.000 11/15/29

1,701

Metropolitan

Transportation

Authority

Revenue

Bonds

550

5.000 11/15/30

590

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

1,958

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000 11/15/34

Metropolitan

Transportation

Authority

Revenue

Bonds

1,510

5.000 11/15/37

1,611

Metropolitan

Transportation

Authority

Revenue

Bonds

2,720

5.000 11/15/40

2,843

Metropolitan

Transportation

Authority

Revenue

Bonds

810

4.000 11/15/43

728

Metropolitan

Transportation

Authority

Revenue

Bonds

(µ)

1,450

5.000 11/15/44

1,463

Metropolitan

Transportation

Authority

Revenue

Bonds

6,075

4.000 11/15/45

5,325

Metropolitan

Transportation

Authority

Revenue

Bonds

3,040

5.000 11/15/45

3,041

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

5.000 11/15/45

2,668

Metropolitan

Transportation

Authority

Revenue

Bonds

2,540

4.000 11/15/46

2,211

Metropolitan

Transportation

Authority

Revenue

Bonds

2,375

5.000 11/15/47

2,403

Metropolitan

Transportation

Authority

Revenue

Bonds

4,625

5.250 11/15/49

4,756

Metropolitan

Transportation

Authority

Revenue

Bonds

(~)(Ê)

13,285

0.700 11/15/50

13,285

Nassau

County

Local

Economic

Assistance

Corp.

Revenue

Bonds

750

4.000 07/01/33

754

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,400

3.400 01/02/29

2,379

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2,070

2.400 08/01/40

1,514

New

York

City

Housing

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,895

3.400 11/01/62

5,867

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

2,660

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

955

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

2,500

5.000 06/15/25

2,506

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

(~)(Ê)

3,195

2.000 06/15/33

3,195

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

2,500

5.000 06/15/39

2,506

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,050

4.000 06/15/40

4,840

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

1,800

5.000 06/15/40

1,833

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5,000

5.000 06/15/46

5,236

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

6,965

5.000 06/15/48

7,174

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

8,355

5.000 06/15/49

8,563

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

5,000

5.000 07/15/32

5,046

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,750

5.000 07/15/40

2,755

New

York

City

Transitional

Finance

Authority

Building

Aid

Revenue

Bonds

2,760

5.000 07/15/43

2,771

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

4.000 02/01/38

2,200

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

2,250

5.000 08/01/42

2,304

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds

500

4.000 05/01/43

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,

#### 2025
(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

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

Revenue

Bonds

1,215

5.000 11/01/28

1,291

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.000 11/01/32

1,107

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,000

5.500 05/01/40

1,107

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

5,000

5.000 11/01/42

5,328

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

6,250

5.250 11/01/45

6,703

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

2,150

5.000 11/01/46

2,237

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

10,545

5.250 05/01/48

11,169

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

1,370

5.250 05/01/49

1,451

New

York

City

Transitional

Finance

Authority

Revenue

Bonds

4,000

5.500 11/01/49

4,324

New

York

Convention

Center

Development

Corp.

Revenue

Bonds

(µ)

6,985

Zero

coupon

11/15/40

3,289

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

1,490

5.150 11/15/34

1,491

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

750

5.375 11/15/40

750

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

14,190

2.750 11/15/41

10,595

New

York

Liberty

Development

Corp.

Revenue

Bonds

(µ)

6,475

4.000 02/15/43

6,005

New

York

Liberty

Development

Corp.

Revenue

Bonds

(Þ)

6,470

5.000 11/15/44

6,430

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

1,091

New

York

Power

Authority

Revenue

Bonds

(µ)

5.250 11/15/39

New

York

Power

Authority

Revenue

Bonds

(µ)

5.250 11/15/40

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000 03/15/26

1,338

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 08/15/26

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 08/15/27

New

York

State

Dormitory

Authority

Revenue

Bonds

2,365

5.000 03/15/30

2,407

New

York

State

Dormitory

Authority

Revenue

Bonds

(ae)

5.000 02/15/31

New

York

State

Dormitory

Authority

Revenue

Bonds

2,635

5.000 03/15/31

2,647

New

York

State

Dormitory

Authority

Revenue

Bonds

1,315

5.000 03/15/32

1,446

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/32

New

York

State

Dormitory

Authority

Revenue

Bonds

4,800

5.000 10/01/32

4,929

New

York

State

Dormitory

Authority

Revenue

Bonds

1,465

5.000 07/01/33

1,528

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

2,613

New

York

State

Dormitory

Authority

Revenue

Bonds

525

4.000 07/01/35

516

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/35

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000 07/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/36

New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

4.000 03/15/37

4,742

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/37

New

York

State

Dormitory

Authority

Revenue

Bonds

2,000

5.000 10/01/37

2,066

New

York

State

Dormitory

Authority

Revenue

Bonds

550

3.000 03/15/38

New

York

State

Dormitory

Authority

Revenue

Bonds

2,250

4.000 03/15/38

2,224

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000 07/01/38

963

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 09/01/38

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

5.000 10/01/38

1,028

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000 03/15/39

981

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
New

York

State

Dormitory

Authority

Revenue

Bonds

4,750

5.000 03/15/39

4,949

New

York

State

Dormitory

Authority

Revenue

Bonds

500

5.250 05/01/39

536

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

7,455

New

York

State

Dormitory

Authority

Revenue

Bonds

1,075

4.000 03/15/40

1,039

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/40

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

3,153

New

York

State

Dormitory

Authority

Revenue

Bonds

1,685

4.000 03/15/41

1,616

New

York

State

Dormitory

Authority

Revenue

Bonds

1,300

5.000 03/15/41

1,333

New

York

State

Dormitory

Authority

Revenue

Bonds

725

5.250 05/01/41

768

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

5,926

New

York

State

Dormitory

Authority

Revenue

Bonds

525

5.250 05/01/42

553

New

York

State

Dormitory

Authority

Revenue

Bonds

2,100

4.000 03/15/43

1,984

New

York

State

Dormitory

Authority

Revenue

Bonds

(µ)

1,000

5.250 10/01/43

1,061

New

York

State

Dormitory

Authority

Revenue

Bonds

1,000

4.000 03/15/45

923

New

York

State

Dormitory

Authority

Revenue

Bonds

4.000 07/01/45

New

York

State

Dormitory

Authority

Revenue

Bonds

5,250

4.000 03/15/47

4,750

New

York

State

Dormitory

Authority

Revenue

Bonds

12,000

5.000 03/15/47

12,485

New

York

State

Dormitory

Authority

Revenue

Bonds

7,100

5.000 03/15/48

7,370

New

York

State

Dormitory

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,655

5.000 05/01/48

2,675

New

York

State

Energy

Research

&

Development

Authority

Revenue

Bonds

2,900

4.000 04/01/34

2,880

New

York

State

Environmental

Facilities

Corp.

Revenue

Bonds

4,100

5.000 06/15/33

4,179

New

York

State

Housing

Finance

Agency

Revenue

Bonds

960

0.750 11/01/25

960

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,865

3.350 06/15/29

1,872

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1,375

3.450 12/15/30

1,385

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

1.100 11/01/61

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

3,000

3.100 05/01/62

2,919

New

York

State

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

4,500

3.850 05/01/62

4,501

New

York

State

Thruway

Authority

Revenue

Bonds

4,700

4.000 03/15/43

4,441

New

York

State

Urban

Development

Corp.

Revenue

Bonds

2,500

5.000 03/15/38

2,640

New

York

State

Urban

Development

Corp.

Revenue

Bonds

1,000

4.000 03/15/39

980

New

York

State

Urban

Development

Corp.

Revenue

Bonds

5,000

5.000 03/15/41

5,346

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,130

5.000 12/01/28

1,180

New

York

Transportation

Development

Corp.

Revenue

Bonds

(µ)

4,700

5.000 12/01/31

5,007

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,235

5.000 12/01/32

1,309

New

York

Transportation

Development

Corp.

Revenue

Bonds

1,205

5.000 12/01/34

1,269

New

York

Transportation

Development

Corp.

Revenue

Bonds

725

5.000 12/01/35

761

New

York

Transportation

Development

Corp.

Revenue

Bonds

500

5.000 12/01/36

524

New

York

Transportation

Development

Corp.

Revenue

Bonds

2,850

5.000 12/01/37

2,978

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

576

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Oneida

Indian

Nation

of

New

York

Revenue

Bonds

(Þ)

1,000

6.000 09/01/43

1,056

Onondaga

Civic

Development

Corp.

Revenue

Bonds

1,000

5.000 12/01/39

1,089

Onondaga

Civic

Development

Corp.

Revenue

Bonds

5.000 12/01/40

Orange

County

Funding

Corp.

Revenue

Bonds

750

4.000 07/01/35

654

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000 08/01/39

1,069

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,000

5.000 01/15/40

2,158

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,000

5.000 08/01/40

1,062

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

2,755

5.000 10/15/41

2,761

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

1,470

5.000 11/15/42

1,496

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Bonds

1,550

2.000 10/01/31

1,363

Suffolk

Tobacco

Asset

Securitization

Corp.

Revenue

Bonds

4.000 06/01/50

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

8,400

5.000 03/15/27

8,676

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000 02/01/28

5,246

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,000

4.000 11/15/38

2,001

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,000

5.000 11/15/38

1,007

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

2,300

4.000 11/15/39

2,274

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5,000

5.000 11/15/41

5,336

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

(~)(µ)(Ê)

6,375

2.000 05/15/45

6,024

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

1,150

5.250 12/01/54

1,198

TSASC,

Inc.

Revenue

Bonds

2,500

5.000 06/01/29

2,564

Utility

Debt

Securitization

Authority

Revenue

Bonds

1,000

5.000 12/15/33

1,009

Utility

Debt

Securitization

Authority

Revenue

Bonds

2,935

5.000 12/15/41

3,178

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 01/01/32

507

Westchester

County

Local

Development

Corp.

Revenue

Bonds

500

5.000 07/01/35

528

Westchester

County

Local

Development

Corp.

Revenue

Bonds

525

5.000 01/01/37

546

Westchester

County

Local

Development

Corp.

Revenue

Bonds

5.000 07/01/38

493,225

North

Carolina

-

0.9%

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

0.800 01/15/48

986

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

500

5.000 01/15/49

535

Charlotte-Mecklenburg

Hospital

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 01/15/50

1,048

City

of

Charlotte

Airport

Revenue

Bonds

1,500

5.000 07/01/47

1,510

City

of

Charlotte

Airport

Revenue

Bonds

1,310

5.000 07/01/48

1,351

City

of

Charlotte

Water

&

Sewer

System

Revenue

Bonds

2,000

5.000 07/01/33

2,168

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1.375 05/01/34

County

of

Alamance

General

Obligation

Unlimited

2,555

2.000 05/01/35

2,039

County

of

Gaston

General

Obligation

Unlimited

2,500

5.000 03/01/39

2,757

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

6,575

3.200 01/15/26

6,552

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

(~)(ae)(Ê)

795

5.000 04/01/28

829

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,750

4.350 01/01/44

1,674

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,000

4.550 07/01/44

976

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

895

4.000 01/01/50

895

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

5,390

5.500 01/01/54

5,682

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,500

6.250 01/01/55

2,736

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

1,700

6.250 07/01/55

1,846

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2,000

6.250 01/01/56

2,204

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 01/01/26

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 03/01/26

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
North

Carolina

Medical

Care

Commission

Revenue

Bonds

565

5.000 01/01/27

566

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

789

North

Carolina

Medical

Care

Commission

Revenue

Bonds

5.000 03/01/28

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.250 09/01/28

North

Carolina

Medical

Care

Commission

Revenue

Bonds

560

5.000 01/01/29

559

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/29

North

Carolina

Medical

Care

Commission

Revenue

Bonds

655

5.000 01/01/30

652

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

713

North

Carolina

Medical

Care

Commission

Revenue

Bonds

625

5.000 01/01/31

621

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/31

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,650

4.000 09/01/34

1,643

North

Carolina

Medical

Care

Commission

Revenue

Bonds

1,500

5.000 10/01/35

1,500

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 03/01/36

North

Carolina

Medical

Care

Commission

Revenue

Bonds

500

5.000 01/01/38

503

North

Carolina

Medical

Care

Commission

Revenue

Bonds

4.000 09/01/41

North

Carolina

Turnpike

Authority

Revenue

Bonds

(µ)

1,310

5.000 01/01/28

1,341

North

Carolina

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/28

1,030

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

3,515

50,795

North

Dakota

-

0.2%

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

800

4.000 12/01/35

755

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

675

4.000 12/01/37

642

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000 12/01/37

576

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

5.000 12/01/39

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,795

4.000 12/01/41

1,637

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

500

5.000 12/01/41

518

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

550

5.000 12/01/43

565

City

of

Grand

Forks

Healthcare

System

Revenue

Bonds

(µ)

1,000

5.000 12/01/48

1,006

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

1,535

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

1,000

6.250 01/01/55

1,093

North

Dakota

Housing

Finance

Agency

Revenue

Bonds

2,250

6.000 07/01/55

2,444

11,374

Ohio

-

1.4%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

700

4.000 11/15/37

650

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

4.000 11/15/38

American

Municipal

Power,

Inc.

Revenue

Bonds

5.000 02/15/27

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

5.000 06/01/34

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

5.000 06/01/35

1,022

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue

Bonds

1,000

4.000 06/01/39

913

City

of

Columbus

General

Obligation

Unlimited

4,685

4.000 04/01/33

4,702

City

of

Norwood

Special

Obligation

Revenue

Bonds

500

4.375 12/01/30

City

of

Norwood

Special

Obligation

Revenue

Bonds

750

5.000 12/01/35

758

City

of

Norwood

Special

Obligation

Revenue

Bonds

1,500

5.000 12/01/41

1,460

City

of

Upper

Arlington

General

Obligation

Limited

610

5.250 12/01/36

616

City

of

Upper

Arlington

General

Obligation

Limited

500

5.750 12/01/40

506

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Columbus

Regional

Airport

Authority

Revenue

Bonds

2,500

5.250 01/01/50

2,640

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

1,337

County

of

Cuyahoga

Hospital

Revenue

Bonds

7,450

5.000 02/15/37

7,432

County

of

Cuyahoga

Hospital

Revenue

Bonds

1,000

5.500 02/15/52

1,000

County

of

Franklin

Revenue

Bonds

700

5.000 07/01/35

721

County

of

Franklin

Revenue

Bonds

800

5.000 07/01/36

821

County

of

Franklin

Revenue

Bonds

575

4.000 07/01/40

County

of

Franklin

Revenue

Bonds

580

5.250 11/15/40

557

County

of

Hamilton

Revenue

Bonds

1,350

5.000 01/01/31

1,355

County

of

Miami

Revenue

Bonds

1,940

5.000 08/01/49

1,915

County

of

Montgomery

Revenue

Bonds

1,000

5.250 09/01/49

1,009

County

of

Warren

Revenue

Bonds

5.000 05/15/34

Cuyahoga

Metropolitan

Housing

Authority

Revenue

Bonds

2.000 12/01/31

Euclid

City

School

District

General

Obligation

Unlimited

3,925

5.250 01/15/44

3,957

Forest

Hills

Local

School

District

General

Obligation

Unlimited

4,125

5.000 12/01/44

4,128

Green

Local

School

District/Summit

County

General

Obligation

Unlimited

1,000

5.500 11/01/47

1,059

North

Olmsted

City

School

District

General

Obligation

Unlimited

(µ)

1,240

5.000 10/15/48

1,259

Northeast

Ohio

Medical

University

Revenue

Bonds

4.000 12/01/35

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

1,000

2.875 02/01/26

985

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

4,500

3.200 05/01/26

4,487

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,360

4.000 09/01/30

2,366

Ohio

Air

Quality

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

5,000

4.000 01/01/34

5,035

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

520

5.000 07/01/31

533

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 01/15/33

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

750

5.000 07/01/33

767

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.000 07/01/34

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

695

4.000 07/01/36

670

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

570

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

5.750 09/01/37

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

685

5.000 05/01/40

719

Ohio

Higher

Educational

Facility

Commission

Revenue

Bonds

6.000 09/01/42

Ohio

Housing

Finance

Agency

Revenue

Bonds

2,800

6.250 03/01/56

3,053

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds

4,965

5.000 12/01/37

5,502

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(Þ)

3.750 12/01/31

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4.375 06/15/56

State

of

Ohio

General

Obligation

Unlimited

2,430

5.000 05/01/36

2,430

State

of

Ohio

General

Obligation

Unlimited

2,025

5.000 05/01/37

2,074

State

of

Ohio

Revenue

Bonds

2,200

4.000 01/15/38

2,078

State

of

Ohio

Revenue

Bonds

(~)(ae)(Ê)

1,435

2.750 01/01/52

1,405

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

1,965

5.000 07/01/29

1,966

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/38

Toledo-Lucas

County

Port

Authority

Revenue

Bonds

4.000 01/01/41

79,304

Oklahoma

-

0.6%

Carter

County

Public

Facilities

Authority

Revenue

Bonds

3,625

5.000 09/01/31

3,713

City

of

Tulsa

General

Obligation

Unlimited

2,800

2.000 11/01/28

2,602

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

775

5.000 07/01/26

793

Oklahoma

Capitol

Improvement

Authority

Revenue

Bonds

750

5.000 07/01/27

780

Oklahoma

County

Independent

School

District

No.

Deer

Creek

General

Obligation

Unlimited

2,840

5.000 09/01/25

2,856

Oklahoma

Development

Finance

Authority

Revenue

Bonds

2,000

5.000 08/15/28

2,003

Oklahoma

Development

Finance

Authority

Revenue

Bonds

3,000

5.250 08/15/43

3,021

Oklahoma

Housing

Finance

Agency

Collateralized

Revenue

Bonds

(~)(ae)(Ê)

4.000 06/01/28

Oklahoma

Housing

Finance

Agency

Revenue

Bonds

5,000

6.500 03/01/56

5,564

Oklahoma

Turnpike

Authority

Revenue

Bonds

1,175

5.000 01/01/39

1,250

Oklahoma

Turnpike

Authority

Revenue

Bonds

1,000

5.000 01/01/40

1,055

Oklahoma

Turnpike

Authority

Revenue

Bonds

3,000

5.000 01/01/41

3,208

Oklahoma

Turnpike

Authority

Revenue

Bonds

2,000

5.500 01/01/53

2,121

Oklahoma

Water

Resources

Board

Revenue

Bonds

1,500

5.000 04/01/33

1,542

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/26

511

Payne

County

Economic

Development

Authority

Revenue

Bonds

(µ)

500

5.000 09/01/27

517

Tulsa

County

Home

Finance

Authority

Revenue

Bonds

2,000

5.750 01/01/56

2,128

Wagoner

County

Development

Authority

Revenue

Bonds

6.500 05/01/35

34,164

Oregon

-

0.5%

Astoria

Hospital

Facilities

Authority

Revenue

Bonds

900

5.250 08/01/49

907

City

of

Portland

Sewer

System

Revenue

Bonds

1,500

5.000 10/01/41

1,596

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

1,185

City

of

Portland

Sewer

System

Revenue

Bonds

1,250

5.000 10/01/49

1,297

Hillsboro

School

District

No.

1J

General

Obligation

Unlimited

2,120

4.000 06/15/37

2,125

Medford

Hospital

Facilities

Authority

Revenue

Bonds

500

5.000 08/15/25

502

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

744

Salem

Hospital

Facility

Authority

Revenue

Bonds

5.000 05/15/26

Salem

Hospital

Facility

Authority

Revenue

Bonds

1,530

4.000 05/15/41

1,357

State

of

Oregon

General

Obligation

Unlimited

1,220

5.000 05/01/26

1,244

State

of

Oregon

General

Obligation

Unlimited

1.250 08/01/27

State

of

Oregon

General

Obligation

Unlimited

1.375 08/01/28

State

of

Oregon

General

Obligation

Unlimited

1.500 08/01/29

State

of

Oregon

General

Obligation

Unlimited

500

5.000 12/01/31

511

State

of

Oregon

General

Obligation

Unlimited

3,250

5.000 05/01/39

3,564

State

of

Oregon

General

Obligation

Unlimited

2,000

5.000 05/01/40

2,169

State

of

Oregon

General

Obligation

Unlimited

2,000

5.250 06/01/42

2,191

State

of

Oregon

General

Obligation

Unlimited

1,750

5.250 06/01/43

1,909

State

of

Oregon

General

Obligation

Unlimited

4.250 06/01/49

State

of

Oregon

Housing

&

Community

Services

Department

Revenue

Bonds

2,400

6.500 07/01/54

2,633

Tualatin

Valley

Water

District

Revenue

Bonds

2,345

5.000 06/01/41

2,486

27,912

Pennsylvania

-

3.3%

Adams

County

General

Authority

Revenue

Bonds

500

3.600 06/01/29

Adams

County

General

Authority

Revenue

Bonds

500

5.000 06/01/34

532

Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/39

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Adams

County

General

Authority

Revenue

Bonds

5.000 06/01/44

Allegheny

County

Airport

Authority

Revenue

Bonds

1,000

5.000 01/01/35

1,066

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

790

5.000 10/15/26

790

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

835

5.000 10/15/27

831

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

870

5.000 10/15/28

862

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

(SOFR

+

0.290%)(ae)(Ê)

750

3.328 02/01/33

741

Allegheny

County

Higher

Education

Building

Authority

Revenue

Bonds

665

5.250 09/01/33

683

Allegheny

County

Industrial

Development

Authority

Revenue

Bonds

5.125 05/01/30

Allegheny

County

Sanitary

Authority

Revenue

Bonds

1,000

4.000 06/01/35

1,005

Allentown

City

School

District

General

Obligation

Limited

(µ)

2,600

5.000 02/01/32

2,744

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

770

5.000 05/01/27

776

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000 05/01/27

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

725

5.000 05/01/32

726

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

(Þ)

4,105

5.000 05/01/42

4,107

Bethel

Park

School

District

General

Obligation

Limited

1,295

5.000 08/01/41

1,383

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/25

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/26

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/27

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/28

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/29

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/30

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/30

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/31

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 10/01/32

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000 07/01/33

606

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

535

5.000 07/01/34

530

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/35

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

635

5.000 07/01/36

626

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,340

5.000 07/01/37

1,315

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,390

5.000 07/01/38

1,358

Bucks

County

Industrial

Development

Authority

Revenue

Bonds

1,440

5.000 07/01/39

1,401

Butler

County

General

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.700%)

(µ)(Ê)

14,730

1.660 10/01/34

13,600

Cheltenham

Township

Industrial

Development

Authority

Revenue

Bonds

2,380

5.000 04/01/34

2,419

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

3,715

5.000 10/15/32

3,717

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,000

5.125 10/15/37

967

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,320

4.000 12/01/37

1,308

Chester

County

Industrial

Development

Authority

Revenue

Bonds

1,500

4.000 12/01/38

1,469

Chester

County

Industrial

Development

Authority

Revenue

Bonds

(Þ)

1,080

4.250 10/01/44

945

Chester

County

Industrial

Development

Authority

Special

Assessment

(Þ)

4.375 03/01/28

Chester

County

School

Authority

Revenue

Bonds

500

5.000 04/01/42

521

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

General

Obligation

Unlimited

(~)(Ê)

0.250 08/01/31

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000 08/01/33

5,131

City

of

Philadelphia

General

Obligation

Unlimited

5,000

5.000 08/01/34

5,133

City

of

Wilkes-Barre

General

Obligation

Unlimited

(µ)

1,000

4.000 11/15/38

930

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

York

General

Obligation

Unlimited

955

5.000 11/15/26

967

City

of

York

General

Obligation

Unlimited

1,755

5.000 11/15/27

1,789

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

13,626

Commonwealth

Financing

Authority

Revenue

Bonds

(µ)

10,075

4.000 06/01/39

9,282

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

5,705

3.500 03/01/31

5,629

Commonwealth

of

Pennsylvania

General

Obligation

Unlimited

2,200

4.000 08/15/44

2,047

Conrad

Weiser

Area

School

District

General

Obligation

Limited

(µ)

1,680

4.000 09/01/34

1,686

County

of

Allegheny

General

Obligation

Unlimited

2,205

5.000 11/01/41

2,220

County

of

Luzerne

General

Obligation

Unlimited

(µ)

500

5.000 12/15/27

521

Cumberland

County

Municipal

Authority

Revenue

Bonds

940

5.000 01/01/38

928

Cumberland

Valley

School

District

General

Obligation

Limited

(µ)

1,000

5.000 11/15/47

1,022

Delaware

River

Port

Authority

Revenue

Bonds

4,700

5.000 01/01/37

4,704

Doylestown

Hospital

Authority

Revenue

Bonds

(Þ)

500

5.000 07/01/31

528

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

3,000

5.000 06/01/34

3,289

General

Authority

of

Southcentral

Pennsylvania

Revenue

Bonds

4.000 06/01/44

Haverford

Township

School

District

General

Obligation

Limited

750

5.000 03/15/42

788

Haverford

Township

School

District

General

Obligation

Limited

750

5.000 03/15/44

781

Indiana

County

Industrial

Development

Authority

Revenue

Bonds

(µ)

650

5.000 05/01/27

669

Lancaster

Higher

Education

Authority

Revenue

Bonds

2,250

5.000 10/01/37

2,254

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

4.000 12/01/35

Lancaster

Municipal

Authority

Healthcare

Revenue

Bonds

1,200

5.000 05/01/44

1,204

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

8,105

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

Revenue

Bonds

650

5.250 07/01/44

575

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

4.000 09/01/38

Montgomery

County

Higher

Education

&

Health

Authority

Revenue

Bonds

1,000

4.000 09/01/39

909

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,645

4.100 06/01/29

1,667

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

4.000 10/01/36

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

1,500

5.000 11/15/36

1,507

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

4.000 10/01/41

Montgomery

County

Industrial

Development

Authority

Revenue

Bonds

610

5.000 11/15/42

624

Northampton

County

General

Purpose

Authority

Revenue

Bonds

5.000 10/01/31

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4,200

5.000 08/15/34

4,517

Northern

Tioga

School

District

General

Obligation

Limited

(µ)

650

5.000 04/01/30

666

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,820

0.950 12/01/33

1,738

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 04/15/36

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 10/15/37

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

2,300

5.000 07/01/38

2,387

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

1,500

3.000 04/01/39

1,244

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

4.000 07/01/41

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

1,640

5.000 12/01/38

1,641

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

1,000

4.900 06/01/41

1,012

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3,275

3.000 10/01/51

3,150

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

2,586

5.750 10/01/53

2,728

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

995

6.000 10/01/54

1,073

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Revenue

Bonds

12,365

5.250 12/01/44

12,724

Pennsylvania

Turnpike

Commission

Registration

Fee

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.850%)(ae)(Ê)

3.760 07/15/41

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/36

787

Pennsylvania

Turnpike

Commission

Revenue

Bonds

750

5.000 12/01/38

777

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/25

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

660

5.000 06/15/27

666

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/28

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

1,000

4.500 06/15/29

1,002

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/29

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(µ)

510

5.000 12/01/29

524

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/30

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 08/01/30

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.000 06/15/32

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

(Þ)

5.000 06/15/33

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

500

5.250 11/01/52

512

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

1,820

5.500 07/01/53

1,953

Pittsburgh

School

District

General

Obligation

Limited

(µ)

3,000

3.000 09/01/40

2,417

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

500

4.000 09/01/35

503

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

5.000 09/01/35

Pittsburgh

Water

&

Sewer

Authority

Revenue

Bonds

(µ)

715

5.000 09/01/36

752

Reading

School

District

General

Obligation

Limited

(µ)

785

5.000 03/01/35

803

Reading

School

District

General

Obligation

Limited

(µ)

720

5.000 03/01/36

735

Redevelopment

Authority

of

the

City

of

Philadelphia

Revenue

Bonds

725

5.000 09/01/44

750

School

District

of

Philadelphia

(The)

General

Obligation

Limited

(µ)(ae)

5.000 09/01/27

Scranton

School

District

General

Obligation

Limited

(µ)

5.000 06/01/32

511

Scranton

School

District

General

Obligation

Limited

(µ)

5.000 12/01/33

Scranton

School

District

General

Obligation

Limited

(µ)

575

5.000 06/01/34

598

Scranton

School

District

General

Obligation

Limited

(µ)

560

5.000 06/01/36

579

Tulpehocken

Area

School

District

General

Obligation

Limited

(µ)

3,490

5.250 10/01/45

3,638

West

Mifflin

School

District

General

Obligation

Limited

(µ)

1,000

5.000 04/01/28

1,020

West

Mifflin

School

District

General

Obligation

Limited

(µ)

3,045

4.000 04/01/30

3,050

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/28

Westmoreland

County

Industrial

Development

Authority

Revenue

Bonds

5.000 07/01/30

Wilkes-Barre

Finance

Authority

Revenue

Bonds

4.000 03/01/42

189,934

Puerto

Rico

-

3.3%

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

5.375 07/01/25

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

19,341

5.625 07/01/27

19,661

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,379

5.625 07/01/29

1,422

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

2,025

5.750 07/01/31

2,132

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,055

Zero

coupon

07/01/33

2,756

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

4,680

4.000 07/01/33

4,406

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,150

4.000 07/01/35

1,066

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,100

4.000 07/01/41

942

Commonwealth

of

Puerto

Rico

General

Obligation

Unlimited

1,730

4.000 07/01/46

1,403

HTA

CL

Trust

Revenue

Bonds

5.250 07/01/38

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

5.000 07/01/25

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,840

5.000 07/01/28

1,892

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

775

5.000 07/01/30

798

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

5,460

5.000 07/01/33

5,569

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

8,700

5.000 07/01/35

8,796

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

4,655

5.000 07/01/37

4,710

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

1,290

4.000 07/01/42

1,113

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

(Þ)

9,400

5.000 07/01/47

8,916

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(USD

Month

LIBOR

+

0.520%)(µ)(Ê)

8,835

1.480 07/01/29

8,232

Puerto

Rico

Electric

Power

Authority

Revenue

Bonds

(µ)

4.375 07/01/30

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

5.000 07/01/32

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Central

Facilities

Financial

Authority

Revenue

Bonds

4.000 07/01/37

Puerto

Rico

Municipal

Finance

Agency

Revenue

Bonds

(µ)

1,435

5.000 08/01/27

1,435

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,265

Zero

coupon

07/01/27

3,912

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

4,575

Zero

coupon

07/01/29

3,825

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

13,003

Zero

coupon

07/01/31

9,918

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

1,700

Zero

coupon

07/01/33

1,168

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

17,834

4.500 07/01/34

17,428

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

66,630

4.329 07/01/40

62,472

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

13,793

4.550 07/01/40

13,152

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Bonds

(Æ)(Ø)

1,450

Zero

coupon

07/01/46

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

566

189,716

Rhode

Island

-

0.5%

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

529

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,175

5.500 05/15/40

1,286

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

1,435

5.500 05/15/41

1,563

Rhode

Island

Health

&

Educational

Building

Corp.

Revenue

Bonds

3,965

5.500 05/15/47

4,216

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

5.000 08/15/27

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

2,495

5.000 05/15/28

2,519

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

1,250

5.000 05/15/29

1,262

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

3,135

5.000 05/15/48

3,237

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Bonds

2,130

5.000 05/15/49

2,182

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

520

5.000 10/01/27

542

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

5.000 04/01/28

509

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

3,330

5.000 10/01/41

3,461

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

1,000

5.000 10/01/42

1,028

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

775

4.450 10/01/44

745

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Revenue

Bonds

5,300

5.250 10/01/49

5,474

28,981

South

Carolina

-

1.2%

Charleston

County

Airport

District

Revenue

Bonds

770

5.000 07/01/39

823

Charleston

County

Airport

District

Revenue

Bonds

800

5.000 07/01/40

848

Charleston

County

Airport

District

Revenue

Bonds

600

5.000 07/01/41

631

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Charleston

County

Airport

District

Revenue

Bonds

850

5.000 07/01/42

890

Charleston

County

Airport

District

Revenue

Bonds

1,375

5.000 07/01/43

1,432

Charleston

County

Airport

District

Revenue

Bonds

1,000

5.000 07/01/44

1,036

City

of

Anderson

Water

&

Sewer

Revenue

Bonds

950

5.000 07/01/29

1,015

Clemson

University

Revenue

Bonds

2,800

5.000 05/01/50

2,894

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,140

5.000 12/01/27

1,178

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,410

5.000 12/01/28

1,450

Orangeburg

County

Facilities

Corp.

Revenue

Bonds

1,560

5.000 12/01/30

1,601

Patriots

Energy

Group

Financing

Agency

Revenue

Bonds

(SOFR

+

1.900%)(ae)(Ê)

5,150

4.808 03/01/31

5,150

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

525

5.000 11/15/30

537

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000 11/15/33

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,650

5.000 04/01/34

1,789

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,500

4.000 03/01/35

2,384

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

625

4.000 11/01/42

577

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

(µ)

2,075

4.000 11/01/42

1,941

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

625

5.250 11/01/43

664

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

1,000

5.500 11/15/44

1,016

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,399

4.000 12/01/30

3,495

South

Carolina

Public

Service

Authority

Revenue

Bonds

2,080

5.000 12/01/31

2,119

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

3,986

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

2,600

5.000 12/01/40

2,724

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

1,690

5.500 12/01/41

1,818

South

Carolina

Public

Service

Authority

Revenue

Bonds

(µ)

3,100

5.000 12/01/42

3,215

South

Carolina

Public

Service

Authority

Revenue

Bonds

3,000

5.000 12/01/42

3,082

South

Carolina

Public

Service

Authority

Revenue

Bonds

7,150

5.000 12/01/46

7,175

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,500

5.750 12/01/47

1,584

South

Carolina

Public

Service

Authority

Revenue

Bonds

1,000

5.000 12/01/48

999

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Bonds

(~)

(Ê)

3,300

5.000 10/01/26

3,322

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Bonds

3,740

4.600 07/01/49

3,715

South

Carolina

State

Housing

Finance

&

Development

Authority

Revenue

Bonds

3,400

6.500 07/01/55

3,811

Sumter

Two

School

Facilities,

Inc.

Revenue

Bonds

(µ)

1,360

5.000 12/01/26

1,371

70,645

South

Dakota

-

0.1%

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

575

5.250 06/15/34

639

Brookings

School

District

No.

005-1

General

Obligation

Limited

(µ)

1,600

5.500 06/15/43

1,735

County

of

Lincoln

Revenue

Bonds

4.000 08/01/41

South

Dakota

Housing

Development

Authority

Revenue

Bonds

2,000

6.250 11/01/55

2,214

South

Dakota

Housing

Development

Authority

Revenue

Bonds

2,500

6.500 11/01/55

2,813

7,487

Tennessee

-

1.3%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,000

5.000 08/01/25

1,004

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

600

5.000 10/01/26

602

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(µ)

3,850

5.000 12/01/34

4,108

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

5.000 10/01/35

Chattanooga

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,845

5.250 12/01/49

1,899

City

of

Knoxville

General

Obligation

Unlimited

2,860

3.000 05/01/34

2,634

Greenville

Health

&

Educational

Facilities

Board

Revenue

Bonds

700

4.000 07/01/40

633

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Health

Educational

and

Housing

Facility

Board

of

the

City

of

Memphis

(The)

Revenue

Bonds

(~)(ae)(Ê)

11,489

5.000 07/01/27

11,708

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

4,665

4.050 12/01/27

4,704

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(~)(ae)

(Ê)

1,310

5.000 12/01/27

1,343

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

1,750

5.000 04/01/29

1,771

Knox

County

Health

Educational

&

Housing

Facility

Board

Revenue

Bonds

(µ)

5.250 07/01/49

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

2,210

5.000 07/01/35

2,228

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

Revenue

Bonds

(~)(ae)(Ê)

3.850 02/01/48

Metropolitan

Government

of

Nashville

&

Davidson

County

General

Obligation

Unlimited

5,750

1.750 01/01/36

4,267

Metropolitan

Knoxville

Airport

Authority

Revenue

Bonds

500

5.000 06/01/39

535

Metropolitan

Knoxville

Airport

Authority

Revenue

Bonds

560

5.000 06/01/41

589

Shelby

County

Health

Educational

&

Housing

Facilities

Board

Revenue

Bonds

(~)

(ae)(Ê)

7,400

5.000 09/01/29

7,694

Shelby

County

Health

Educational

&

Housing

Facilities

Board

Revenue

Bonds

10,130

5.250 09/01/39

10,629

Tennergy

Corp.

Revenue

Bonds

(~)(ae)(Ê)

2,750

5.000 12/01/29

2,856

Tennessee

Housing

Development

Agency

Revenue

Bonds

(~)(ae)(Ê)

8,500

3.500 10/01/25

8,484

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,640

3.000 01/01/29

2,535

Tennessee

Housing

Development

Agency

Revenue

Bonds

2,250

4.950 07/01/38

2,311

73,241

Texas

-

9.6%

Alamito

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5,400

5.000 08/01/44

5,450

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

4,015

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 12/01/28

513

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

785

5.000 12/01/33

801

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

(Þ)

770

4.125 06/15/34

739

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,275

4.250 08/15/34

1,202

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

650

5.000 12/01/34

662

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,250

5.000 02/15/37

1,334

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

550

5.000 08/15/37

596

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 02/15/38

1,063

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

500

5.000 08/15/38

538

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

1,125

5.000 02/15/39

1,191

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

632

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

2,500

4.000 02/15/44

2,299

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.750 08/15/44

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/49

Arlington

Independent

School

District

General

Obligation

Unlimited

2,175

5.000 02/15/39

2,197

Austin

Community

College

District

General

Obligation

Limited

750

5.250 08/01/53

785

Barbers

Hill

Independent

School

District

General

Obligation

Unlimited

1,625

4.000 02/15/41

1,562

Baytown

Municipal

Development

District

Revenue

Bonds

1,440

5.000 10/01/38

1,495

Baytown

Municipal

Development

District

Revenue

Bonds

1,515

5.000 10/01/39

1,565

Baytown

Municipal

Development

District

Revenue

Bonds

1,590

5.000 10/01/40

1,629

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,765

4.000 07/15/31

1,668

Bexar

County

Health

Facilities

Development

Corp.

Revenue

Bonds

1,430

5.000 07/15/33

1,416

Bexar

Management

and

Development

Corp.

Revenue

Bonds

(~)(ae)(Ê)

835

3.020 05/01/28

822

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Boerne

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,000

4.000 02/01/28

1,024

Cedar

Port

Navigation

&

Improvement

District

General

Obligation

Unlimited

2,450

4.250 09/01/41

2,409

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

(ae)

1,200

5.000 07/01/25

1,203

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

1,405

5.000 01/01/36

1,438

Central

Texas

Regional

Mobility

Authority

Revenue

Bonds

4.000 01/01/40

Central

Texas

Turnpike

System

Revenue

Bonds

(µ)

4,500

Zero

coupon

08/15/25

4,455

Central

Texas

Turnpike

System

Revenue

Bonds

(~)(ae)(Ê)

4,000

5.000 08/15/30

4,204

Central

Texas

Turnpike

System

Revenue

Bonds

2,775

5.000 08/15/34

3,037

Central

Texas

Turnpike

System

Revenue

Bonds

2,150

5.000 08/15/39

2,236

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,000

4.000 04/01/39

975

City

of

Amarillo

Waterworks

&

Sewer

System

Revenue

Bonds

1,130

4.000 04/01/40

1,087

City

of

Anna

Special

Assessment

Revenue

Bonds

(Þ)

4.875 09/15/30

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

1,785

5.000 02/15/34

1,850

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

3,620

5.000 02/15/37

3,725

City

of

Arlington

Special

Tax

Revenue

Bonds

(µ)

6,250

5.000 02/15/43

6,353

City

of

Aubrey

Special

Assessment

(µ)

1,135

5.000 09/01/40

1,180

City

of

Austin

Electric

Utility

Revenue

Bonds

750

5.000 11/15/40

802

City

of

Austin

Special

Assessment

Revenue

Bonds

(Þ)

4.250 11/01/32

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

700

5.000 11/15/38

749

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

500

5.000 11/15/39

532

City

of

Austin

Water

&

Wastewater

System

Revenue

Bonds

1,000

5.000 11/15/40

1,058

City

of

Beaumont

Waterworks

&

Sewer

System

Revenue

Bonds

(µ)

550

5.000 09/01/41

576

City

of

Boyd

Special

Assessment

Revenue

Bonds

(Þ)

1,005

5.125 09/15/43

962

City

of

Bryan

General

Obligation

Limited

2,520

2.375 08/15/36

2,016

City

of

Bryan

General

Obligation

Limited

2,580

2.375 08/15/37

2,015

City

of

Bryan

General

Obligation

Limited

2,640

2.375 08/15/38

2,008

City

of

Bryan

General

Obligation

Limited

2,705

2.500 08/15/39

2,054

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)

510

4.375 09/01/30

506

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

5.000 09/01/30

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

(Þ)

4.625 09/01/31

City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/34

City

of

Celina

Special

Assessment

Revenue

Bonds

575

4.800 09/01/37

551

City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/37

City

of

Celina

Special

Assessment

Revenue

Bonds

5.000 09/01/38

512

City

of

Celina

Special

Assessment

Revenue

Bonds

(µ)

1,000

5.000 09/01/39

1,038

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

756

City

of

College

Station

General

Obligation

Limited

2,975

2.000 02/15/35

2,314

City

of

College

Station

General

Obligation

Limited

2,035

2.000 02/15/36

1,541

City

of

College

Station

General

Obligation

Limited

3,160

2.125 02/15/38

2,314

City

of

College

Station

General

Obligation

Limited

1,295

2.125 02/15/40

899

City

of

College

Station

General

Obligation

Limited

2,370

2.250 02/15/41

1,642

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

1,400

5.000 07/15/28

1,476

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000 07/15/29

3,206

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

3,000

5.000 07/15/31

3,272

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,000

5.000 07/15/32

2,193

City

of

Corpus

Christi

Utility

System

Revenue

Bonds

2,500

5.000 07/15/41

2,659

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

585

City

of

Crandall

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/35

City

of

Dallas

General

Obligation

Limited

10,160

5.000 02/15/26

10,314

City

of

Dallas

General

Obligation

Limited

3,985

5.000 02/15/27

4,118

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,105

4.000 08/15/29

1,117

City

of

Dallas

Hotel

Occupancy

Tax

Revenue

Bonds

(µ)

1,400

4.000 08/15/31

1,409

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,020

5.000 07/01/26

1,030

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

5.000 08/01/26

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,890

5.000 09/01/26

1,898

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

935

5.000 10/01/27

967

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

665

3.300 01/01/28

660

City

of

Dallas

Housing

Finance

Corp.

Revenue

Bonds

(~)(Ê)

5.000 07/01/42

City

of

Denton

General

Obligation

Limited

5,000

4.125 02/15/50

4,519

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

El

Paso

Water

&

Sewer

Revenue

Bonds

1,500

5.250 03/01/49

1,569

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

1,001

City

of

Fort

Worth

Special

Assessment

Revenue

Bonds

(µ)

1,000

5.000 09/01/44

1,030

City

of

Fort

Worth

Special

Tax

Revenue

Bonds

2,050

5.250 03/01/36

2,053

City

of

Fort

Worth

Water

&

Sewer

System

Revenue

Bonds

6,045

3.000 02/15/35

5,473

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

1,730

5.000 08/01/39

1,840

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

550

5.250 08/01/40

593

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

1,900

5.250 08/01/41

2,037

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

750

5.250 08/01/42

800

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

600

5.250 08/01/43

637

City

of

Galveston

Wharves

&

Terminal

Revenue

Bonds

675

5.250 08/01/44

713

City

of

Garland

Electric

Utility

System

Revenue

Bonds

(µ)

500

5.000 03/01/40

527

City

of

Greenville

Waterworks

&

Sewer

System

Revenue

Bonds

(µ)

3,955

5.000 02/15/44

4,104

City

of

Hackberry

Revenue

Bonds

1,710

4.625 09/01/37

1,668

City

of

Hackberry

Special

Assessment

1,350

4.500 09/01/38

1,223

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

2,097

City

of

Houston

Airport

System

Revenue

Bonds

2,175

5.000 07/01/30

2,278

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

1,530

5.000 07/01/43

1,555

City

of

Houston

Combined

Utility

System

Revenue

Bonds

4,535

5.000 11/15/26

4,660

City

of

Houston

Combined

Utility

System

Revenue

Bonds

(µ)

3,275

Zero

coupon

12/01/26

3,116

City

of

Houston

Combined

Utility

System

Revenue

Bonds

1,690

5.000 11/15/27

1,763

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,470

5.000 09/01/27

1,487

City

of

Houston

Hotel

Occupancy

Tax

&

Special

Revenue

Bonds

1,240

5.000 09/01/34

1,285

City

of

Hutto

Special

Assessment

Revenue

Bonds

(Þ)

2.500 09/01/26

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Justin

Special

Assessment

Revenue

Bonds

(Þ)

745

4.625 09/01/28

745

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

2,022

City

of

Laredo

Waterworks

&

Sewer

System

Revenue

Bonds

2,000

4.000 03/01/49

1,750

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

872

City

of

Lubbock

General

Obligation

Limited

1,800

5.000 02/15/40

1,915

City

of

Manor

Special

Assessment

Revenue

Bonds

(Þ)

4.500 09/15/30

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

588

City

of

Mesquite

Special

Assessment

Revenue

Bonds

(Þ)

816

5.000 09/01/43

770

City

of

Mesquite

Waterworks

&

Sewer

System

Revenue

Bonds

1,085

5.000 03/01/27

1,121

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

City

of

Princeton

Special

Assessment

Revenue

Bonds

(Þ)

2.750 09/01/25

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)

732

4.250 09/01/30

722

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)

4.125 09/15/39

City

of

Royse

Special

Assessment

Revenue

Bonds

(Þ)

5.375 09/15/44

City

of

Sachse

Special

Assessment

Revenue

Bonds

(Þ)

659

5.625 09/15/42

661

City

of

San

Antonio

Electric

&

Gas

Systems

Revenue

Bonds

1,575

5.000 02/01/41

1,675

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

1,246

City

of

Waxahachie

Special

Assessment

(Þ)

4.875 08/15/27

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

4.000 08/15/30

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

3.000 08/15/32

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

3.000 08/15/33

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

3.000 08/15/34

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000 08/15/36

1,478

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,500

4.000 08/15/37

1,462

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

5.000 08/15/38

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

1,000

5.000 08/15/39

1,063

Clifton

Higher

Education

Finance

Corp.

Revenue

Bonds

(µ)

930

3.000 08/15/40

742

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

&

Improvement

District

No.

General

Obligation

Unlimited

(µ)

2,025

5.250 09/01/30

2,131

Comal

County

Water

Control

&

Improvement

District

No.

General

Obligation

Unlimited

(µ)

1,700

4.000 09/01/44

1,550

Comal

Independent

School

District

General

Obligation

Unlimited

5,000

3.000 02/01/39

4,228

Conroe

Local

Government

Corp.

Revenue

Bonds

5.000 10/01/35

Conroe

Local

Government

Corp.

Revenue

Bonds

4.000 10/01/41

County

of

Bastrop

Special

Assessment

Revenue

Bonds

(Þ)

4.375 09/01/30

County

of

Harris

General

Obligation

Unlimited

1,000

4.000 09/15/42

949

County

of

Harris

General

Obligation

Unlimited

1,315

4.000 09/15/43

1,233

County

of

Montgomery

Special

Assessment

601

4.375 09/15/32

597

County

of

Travis

General

Obligation

Limited

4.000 03/01/43

County

of

Travis

General

Obligation

Unlimited

4.000 03/01/44

County

of

Wise

General

Obligation

Limited

5.000 02/15/26

County

of

Wise

General

Obligation

Limited

5.000 02/15/27

County

of

Wise

General

Obligation

Limited

5.000 02/15/28

Crandall

Independent

School

District

General

Obligation

Unlimited

1,350

5.000 08/15/53

1,381

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)

555

5.000 08/15/41

564

Cypress-Fairbanks

Independent

School

District

General

Obligation

Unlimited

3,000

2.250 02/15/41

2,111

Dallas

Area

Rapid

Transit

Tax

Allocation

(ae)

515

5.000 12/01/25

520

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

5.000 11/01/25

1,009

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4,000

5.000 11/01/36

4,329

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,000

4.000 11/01/39

968

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

3,500

4.000 11/01/41

3,318

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

1,255

4.000 11/01/45

1,129

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5,000

4.000 11/01/46

4,455

Dallas

Independent

School

District

General

Obligation

Unlimited

3,280

2.000 02/15/42

2,100

Denton

Independent

School

District

General

Obligation

Unlimited

1,320

5.000 08/15/26

1,353

Eagle

Mountain

&

Saginaw

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

600

4.000 08/01/27

611

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

720

5.000 08/15/40

756

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

750

5.000 08/15/41

783

East

Montgomery

County

Improvement

District

Sales

Tax

Revenue

Bonds

(µ)

725

5.000 08/15/42

753

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

802

El

Paso

County

Hospital

District

General

Obligation

Limited

1,010

5.000 08/15/30

1,022

El

Paso

Independent

School

District

General

Obligation

Limited

(~)(ae)(Ê)

500

5.000 02/01/40

507

Fort

Bend

County

Municipal

Utility

District

No.

134B

General

Obligation

Unlimited

(µ)

1,980

6.000 03/01/29

2,097

Fort

Bend

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

6,745

4.000 08/01/27

6,826

Fort

Worth

Independent

School

District

General

Obligation

Unlimited

2,500

5.000 02/15/47

2,530

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

624

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Frisco

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/37

1,090

Gulf

Coast

Waste

Disposal

Authority

Revenue

Bonds

(~)(Ê)

0.790 09/01/25

Harlandale

Independent

School

District

General

Obligation

Unlimited

1,125

4.000 08/15/32

1,126

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,000

5.000 07/01/29

1,048

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

2,800

5.000 07/01/31

3,032

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6.375 01/01/33

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

6,160

5.000 07/01/34

6,758

Harris

County

Municipal

Utility

District

No.

General

Obligation

Unlimited

(µ)

3,700

6.500 09/01/29

3,956

Harris

County

Toll

Road

Authority

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,075

4.050 11/01/50

2,091

Harrisburg

Redevelopment

Authority

Tax

Allocation

(µ)

5.000 09/01/25

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

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

650

5.250 02/15/39

708

Highland

Park

Independent

School

District/Potter

County

General

Obligation

Unlimited

2,195

5.250 02/15/40

2,377

Housing

Synergy

PFC

Revenue

Bonds

(~)(ae)(Ê)

3,000

5.000 02/01/27

3,037

Houston

Higher

Education

Finance

Corp.

Revenue

Bonds

1,600

5.000 08/15/28

1,607

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

1,471

Houston

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,050

3.650 02/01/28

1,048

Hutto

Independent

School

District

General

Obligation

Unlimited

1,600

5.000 08/01/44

1,679

Jacksboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

680

4.000 02/15/48

696

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 02/01/29

1,211

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

1,017

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

2,562

Kermit

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 02/15/53

1,017

Laredo

Independent

School

District

General

Obligation

Unlimited

1,250

5.000 08/01/26

1,278

Lewisville

Independent

School

District

General

Obligation

Unlimited

7,150

5.000 08/15/43

7,472

Lower

Colorado

River

Authority

Revenue

Bonds

3,060

5.000 05/15/31

3,063

Lower

Colorado

River

Authority

Revenue

Bonds

(µ)

3,500

5.000 05/15/42

3,680

Lubbock

Independent

School

District

General

Obligation

Unlimited

1,000

4.000 02/15/40

954

Matagorda

County

Navigation

District

No.

Revenue

Bonds

2,850

2.600 11/01/29

2,669

Mesquite

Housing

Finance

Corp.

(The)

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.350 08/01/27

1,968

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

1,375

Montgomery

County

Toll

Road

Authority

Revenue

Bonds

1,340

5.000 09/15/37

1,343

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/25

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(µ)

5.000 07/01/26

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000 11/01/26

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

515

4.000 08/15/27

509

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

595

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

5.000 11/01/27

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

535

4.000 08/15/28

525

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

899

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

1,200

4.250 10/01/30

1,188

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

513

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

1,215

4.000 08/15/31

1,164

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

914

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

1,129

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

1,172

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

1,003

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

(Þ)

4.000 08/15/41

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

770

5.000 12/01/49

728

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

5,125

5.000 09/01/29

5,506

North

Texas

Municipal

Water

District

Water

System

Revenue

Bonds

1,600

3.000 09/01/32

1,500

North

Texas

Tollway

Authority

Revenue

Bonds

3,065

5.000 01/01/27

3,099

North

Texas

Tollway

Authority

Revenue

Bonds

1,000

5.000 01/01/32

1,022

North

Texas

Tollway

Authority

Revenue

Bonds

900

Zero

coupon

01/01/37

550

North

Texas

Tollway

Authority

Revenue

Bonds

1,895

4.000 01/01/37

1,823

North

Texas

Tollway

Authority

Revenue

Bonds

4.000 01/01/40

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

1,980

3.450 08/01/27

1,993

Northside

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

995

3.000 08/01/53

994

Pasadena

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

5,750

3.230 08/15/27

5,771

Pearland

Independent

School

District

General

Obligation

Unlimited

(ae)

5.250 02/15/26

Pearland

Independent

School

District

General

Obligation

Unlimited

1,250

5.250 02/15/32

1,266

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,275

5.000 02/15/35

1,316

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,650

5.000 02/15/38

1,664

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

650

5.000 02/15/39

655

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,250

5.000 02/15/40

2,268

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

4,695

5.000 02/15/41

4,710

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

2,425

5.000 02/15/42

2,442

Pecos

Barstow

Toyah

Independent

School

District

General

Obligation

Unlimited

1,675

5.000 02/15/43

1,680

Pflugerville

Independent

School

District

General

Obligation

Unlimited

3,245

4.000 02/15/45

2,970

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 08/15/27

711

Pottsboro

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

750

4.000 08/15/27

763

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

596

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Prosper

Independent

School

District

General

Obligation

Unlimited

2,000

3.000 02/15/40

1,680

Prosper

Independent

School

District

General

Obligation

Unlimited

(~)(ae)(Ê)

525

4.000 02/15/50

531

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

2,469

Royse

City

Special

Assessment

(Þ)

4.125 09/15/40

Sabine-Neches

Navigation

District

General

Obligation

Limited

500

5.250 02/15/36

540

Sabine-Neches

Navigation

District

General

Obligation

Limited

650

5.250 02/15/38

698

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,885

5.250 02/15/40

2,002

Sabine-Neches

Navigation

District

General

Obligation

Limited

1,500

5.250 02/15/42

1,579

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.450 07/01/27

San

Antonio

Housing

Trust

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

665

5.000 10/01/27

686

San

Antonio

Municipal

Facilities

Corp.

Revenue

Bonds

(~)(ae)(Ê)

675

5.000 08/01/27

704

San

Antonio

Water

System

Revenue

Bonds

680

5.000 05/15/39

737

Sherman

Independent

School

District

General

Obligation

Unlimited

6,000

5.000 02/15/53

6,161

SMHA

Finance

Public

Facility

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,035

3.700 07/01/27

1,038

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

Revenue

Bonds

(µ)

4.000 09/01/36

Southwest

Houston

Redevelopment

Authority

Tax

Allocation

(µ)

1,300

5.000 09/01/33

1,327

Spring

Independent

School

District

General

Obligation

Unlimited

5,000

4.000 08/15/40

4,796

State

of

Texas

General

Obligation

Unlimited

8,500

5.000 10/01/36

8,500

State

of

Texas

General

Obligation

Unlimited

9,350

5.000 10/01/36

9,350

State

of

Texas

General

Obligation

Unlimited

1,350

5.000 08/01/40

1,353

Strategic

Housing

Finance

Corp.

of

Travis

County

Revenue

Bonds

(~)(ae)(Ê)

905

3.350 03/01/28

897

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

5.000 10/01/44

Tarrant

County

Hospital

District

General

Obligation

Limited

2,510

4.000 08/15/43

2,352

Tarrant

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

1,125

5.000 03/01/27

1,142

Texas

A&M

University

Revenue

Bonds

1,395

3.000 05/15/39

1,184

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

5.000 08/01/26

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

2,000

3.050 09/01/27

1,976

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

(~)(ae)(Ê)

665

5.000 03/01/41

666

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

6,590

3.500 07/01/52

6,424

Texas

Department

of

Housing

&

Community

Affairs

Revenue

Bonds

5,920

5.750 01/01/56

6,411

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

Revenue

Bonds

1,425

6.250 12/15/26

1,458

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.550%)(Ê)

725

0.670 09/15/27

710

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

Revenue

Bonds

(USD

Month

LIBOR

+

0.690%)(Ê)

27,240

3.739 09/15/27

26,815

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

5.000 12/15/25

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,305

5.000 12/15/28

4,440

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Revenue

Bonds

4,520

5.000 12/15/32

4,709

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

Revenue

Bonds

(~)(ae)(Ê)

16,500

5.000 01/01/34

17,237

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

6,890

5.000 12/31/32

7,214

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

597

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

1,120

4.000 06/30/33

1,100

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

2,325

5.000 12/31/36

2,411

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

Revenue

Bonds

505

4.000 12/31/38

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,175

5.000 05/01/33

1,254

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

1,000

5.250 05/01/35

1,077

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/37

537

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

600

5.250 05/01/39

640

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/41

529

Texas

Public

Finance

Authority

Revenue

Bonds

(µ)

500

5.250 05/01/42

526

Texas

Water

Development

Board

Revenue

Bonds

4.000 10/15/36

Texas

Water

Development

Board

Revenue

Bonds

1,215

4.000 10/15/40

1,148

Texas

Water

Development

Board

Revenue

Bonds

1,425

5.000 10/15/47

1,473

Tomball

Independent

School

District

General

Obligation

Unlimited

4,750

3.875 02/15/36

4,758

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

750

3.250 09/01/31

701

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

(Þ)

800

3.500 09/01/36

679

Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

(Þ)

708

3.125 09/01/41

532

Travis

County

Development

Authority

Special

Assessment

(Þ)

563

4.500 09/01/31

558

Travis

County

Development

Authority

Special

Assessment

(Þ)

500

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

557

Travis

County

Development

Authority

Special

Assessment

688

5.000 09/01/44

636

Travis

County

Housing

Finance

Corp.

Revenue

Bonds

(~)(ae)(Ê)

725

3.400 07/01/28

720

Trinity

River

Authority

Revenue

Bonds

1,325

5.000 02/01/42

1,396

Uptown

Development

Authority

Tax

Allocation

3.000 09/01/34

Uptown

Development

Authority

Tax

Allocation

820

5.000 09/01/35

809

Viridian

Municipal

Management

District

Special

Assessment

2.375 12/01/25

Viridian

Municipal

Management

District

Special

Assessment

3.750 12/01/27

Viridian

Municipal

Management

District

Special

Assessment

2,013

4.125 12/01/37

1,798

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

1,017

Westpointe

Special

Improvement

District

General

Obligation

Limited

(µ)

550

5.000 08/15/41

573

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

892

White

Settlement

Independent

School

District

General

Obligation

Unlimited

1,000

5.000 08/15/28

1,004

Wylie

Independent

School

District/Collin

County

General

Obligation

Unlimited

5,000

5.250 08/15/49

5,249

555,905

Utah

-

1.3%

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

2,200

5.000 02/01/43

2,343

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

9,210

5.000 02/01/52

9,441

City

of

Salt

Lake

City

Public

Utilities

Revenue

Bonds

4,125

5.250 02/01/55

4,340

County

of

Utah

Revenue

Bonds

9,530

5.000 05/15/46

9,535

Intermountain

Power

Agency

Revenue

Bonds

1,285

5.000 07/01/34

1,370

Intermountain

Power

Agency

Revenue

Bonds

1,600

5.000 07/01/36

1,702

Intermountain

Power

Agency

Revenue

Bonds

5.000 07/01/38

Intermountain

Power

Agency

Revenue

Bonds

1,370

5.000 07/01/40

1,428

Intermountain

Power

Agency

Revenue

Bonds

1,215

5.000 07/01/41

1,254

Intermountain

Power

Agency

Revenue

Bonds

3,385

5.000 07/01/42

3,485

Intermountain

Power

Agency

Revenue

Bonds

770

5.000 07/01/44

787

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

598

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Intermountain

Power

Agency

Revenue

Bonds

6,865

5.250 07/01/44

7,153

Jordan

School

District

General

Obligation

Unlimited

2,750

5.000 06/15/27

2,864

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

(Þ)

500

5.500 06/15/39

Nebo

School

District

General

Obligation

Unlimited

1,785

2.000 07/01/32

1,538

Ogden

City

School

District

Municipal

Building

Authority

Revenue

Bonds

5.000 01/15/28

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

3.400 08/01/27

Utah

Housing

Corp.

Revenue

Bonds

(~)(ae)(Ê)

565

3.700 08/01/27

565

Utah

Housing

Corp.

Revenue

Bonds

3,500

6.500 07/01/55

3,848

Utah

Infrastructure

Agency

Revenue

Bonds

5.000 10/15/28

Utah

Infrastructure

Agency

Revenue

Bonds

4,260

5.000 10/15/29

4,334

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

1,671

Utah

Infrastructure

Agency

Revenue

Bonds

1,785

5.250 10/15/33

1,815

Utah

Infrastructure

Agency

Revenue

Bonds

2,755

5.500 10/15/33

2,929

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

5.000 10/15/34

1,006

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/36

937

Utah

Infrastructure

Agency

Revenue

Bonds

1,500

4.000 10/15/39

1,340

Utah

Infrastructure

Agency

Revenue

Bonds

1,215

5.000 10/15/40

1,216

Utah

Infrastructure

Agency

Revenue

Bonds

1,000

4.000 10/15/42

862

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

(µ)

1,110

4.000 04/15/35

1,073

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,435

4.000 04/15/40

1,316

Utah

State

Charter

School

Finance

Authority

Revenue

Bonds

1,000

5.000 10/15/46

1,002

73,163

Vermont

-

0.0%

City

of

Burlington

Airport

Revenue

Bonds

5.000 07/01/27

City

of

Burlington

Airport

Revenue

Bonds

5.000 07/01/28

University

of

Vermont

and

State

Agricultural

College

Revenue

Bonds

925

5.000 10/01/43

937

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

(Þ)

550

5.500 10/01/43

500

Vermont

Housing

Finance

Agency

Revenue

Bonds

546

4.750 11/01/48

549

2,890

Virgin

Islands

-

0.5%

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

6,000

5.000 10/01/26

6,111

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

14,870

5.000 10/01/27

15,254

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,150

5.000 10/01/28

4,273

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

4,035

5.000 10/01/30

4,182

Matching

Fund

Special

Purpose

Securitization

Corp.

Revenue

Bonds

550

5.000 10/01/39

540

Virgin

Islands

Public

Finance

Authority

Revenue

Bonds

(µ)

630

5.000 10/01/32

636

30,996

Virginia

-

1.8%

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

3,290

5.000 01/01/26

3,328

Arlington

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,300

5.000 07/01/31

1,372

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

5.000 03/01/26

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

916

1.000 03/01/30

761

Ballston

Quarter

Community

Development

Authority

Tax

Allocation

5.500 03/01/46

Chesapeake

Bay

Bridge

&

Tunnel

District

Revenue

Bonds

(µ)

3,760

5.000 07/01/41

3,781

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,520

5.000 06/01/26

4,526

Chesapeake

Redevelopment

&

Housing

Authority

Revenue

Bonds

(~)(ae)(Ê)

850

5.000 05/01/43

862

City

of

Harrisonburg

General

Obligation

Unlimited

1,255

1.750 07/15/36

938

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

599

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Newport

News

General

Obligation

Unlimited

3.000 02/01/31

City

of

Newport

News

General

Obligation

Unlimited

4.000 02/01/33

County

of

Fairfax

General

Obligation

Unlimited

3,385

4.000 10/01/28

3,403

Fairfax

County

Industrial

Development

Authority

Revenue

Bonds

5,770

4.000 05/15/44

5,199

FHLMC

Multifamily

VRD

Certificates

Revenue

Bonds

14,966

4.759 08/25/41

15,483

Hampton

Roads

Transportation

Accountability

Commission

Revenue

Bonds

5,015

5.000 07/01/26

5,123

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

750

5.000 07/01/36

801

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

700

5.000 07/01/37

745

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

950

5.000 07/01/38

989

Isle

of

Wight

County

Economic

Development

Authority

Revenue

Bonds

(µ)

2,000

5.250 07/01/48

2,067

Louisa

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,250

3.800 05/28/27

4,271

Salem

Economic

Development

Authority

Revenue

Bonds

775

5.000 04/01/35

792

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/39

Salem

Economic

Development

Authority

Revenue

Bonds

4.000 04/01/40

Virginia

Beach

Development

Authority

Revenue

Bonds

825

5.375 09/01/29

838

Virginia

College

Building

Authority

Revenue

Bonds

5.000 06/01/30

Virginia

College

Building

Authority

Revenue

Bonds

4.000 06/01/36

Virginia

Commonwealth

Transportation

Board

Revenue

Bonds

2,065

5.000 05/15/27

2,145

Virginia

Housing

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

13,000

3.625 04/01/26

12,960

Virginia

Housing

Development

Authority

Revenue

Bonds

950

4.650 12/01/44

943

Virginia

Housing

Development

Authority

Revenue

Bonds

1,510

3.100 12/01/45

1,154

Virginia

Public

Building

Authority

Revenue

Bonds

3,740

5.000 08/01/29

3,754

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

1,000

5.000 01/01/33

1,039

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

2,270

4.000 07/01/42

2,147

Williamsburg

Economic

Development

Authority

Revenue

Bonds

(µ)

1,000

4.000 07/01/43

935

Winchester

Economic

Development

Authority

Revenue

Bonds

5.000 01/01/40

Winchester

Economic

Development

Authority

Revenue

Bonds

1,035

5.000 01/01/41

1,078

Winchester

Economic

Development

Authority

Revenue

Bonds

5.000 01/01/42

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

11,500

3.800 05/28/27

11,569

Wise

County

Industrial

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,205

0.750 10/01/40

4,148

York

County

Economic

Development

Authority

Pollution

Control

Revenue

Bonds

(~)

(ae)(Ê)

2,350

3.650 05/01/33

2,343

101,715

Washington

-

1.6%

Central

Puget

Sound

Regional

Transit

Authority

Revenue

Bonds

3,850

5.000 11/01/41

3,875

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,625

4.000 07/01/35

1,618

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

1,825

4.000 09/01/36

1,828

City

of

Seattle

Drainage

&

Wastewater

Revenue

Bonds

500

4.000 09/01/37

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

4.000 07/01/37

City

of

Seattle

Municipal

Light

&

Power

Revenue

Bonds

2,355

4.000 07/01/41

2,242

County

of

King

Sewer

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.230%)(ae)

(Ê)

14,275

3.140 01/01/40

14,020

County

of

Pierce

General

Obligation

Limited

2,040

2.600 07/01/36

1,702

County

of

Snohomish

General

Obligation

Limited

3,500

2.000 12/01/33

2,867

Energy

Northwest

Revenue

Bonds

1,685

5.000 07/01/26

1,728

Energy

Northwest

Revenue

Bonds

1,600

5.000 07/01/27

1,671

Energy

Northwest

Revenue

Bonds

1,170

4.000 07/01/42

1,109

Franklin

County

School

District

No.

Pasco

General

Obligation

Unlimited

5,125

5.500 12/01/40

5,614

Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

5,000

5.000 12/01/38

5,074

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

600

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Grant

County

Public

Hospital

District

No.

General

Obligation

Unlimited

500

5.500 12/01/39

526

Grant

County

Public

Utility

District

No.

Priest

Rapids

Hydroelectric

Project

Revenue

Bonds

4,600

4.000 01/01/26

4,622

King

County

School

District

No.

Lake

Washington

General

Obligation

Unlimited

650

5.000 12/01/34

678

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

1,135

5.000 12/01/41

1,213

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

1,300

5.000 12/01/42

1,383

Pierce

County

School

District

No.

Bethel

General

Obligation

Unlimited

885

5.000 12/01/43

935

Seattle

Housing

Authority

Revenue

Bonds

895

1.000 06/01/26

865

Skagit

County

Public

Hospital

District

No.

Revenue

Bonds

900

5.500 12/01/42

935

Spokane

Public

Facilities

District

Revenue

Bonds

970

5.000 12/01/34

988

State

of

Washington

General

Obligation

Unlimited

2,550

5.000 02/01/26

2,587

State

of

Washington

General

Obligation

Unlimited

1,645

5.000 08/01/35

1,694

State

of

Washington

General

Obligation

Unlimited

1,000

5.000 08/01/37

1,055

State

of

Washington

General

Obligation

Unlimited

4,715

5.000 06/01/38

4,989

State

of

Washington

General

Obligation

Unlimited

1,820

5.000 02/01/39

1,879

State

of

Washington

General

Obligation

Unlimited

1,300

5.000 02/01/41

1,332

State

of

Washington

General

Obligation

Unlimited

3,000

5.000 07/01/41

3,191

State

of

Washington

General

Obligation

Unlimited

3,500

5.000 08/01/42

3,531

State

of

Washington

General

Obligation

Unlimited

1,250

5.000 08/01/47

1,304

State

of

Washington

General

Obligation

Unlimited

810

5.000 02/01/49

838

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

600

4.000 10/01/30

608

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,000

5.000 08/01/38

1,008

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

1,650

4.000 03/01/41

1,494

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

2,940

4.000 07/01/31

2,928

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

(µ)

1,905

4.000 07/01/36

1,869

Washington

State

Housing

Finance

Commission

Revenue

Bonds

5.000 07/01/38

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(Þ)

5.625 07/01/38

Washington

State

Housing

Finance

Commission

Revenue

Bonds

(~)(Ê)

3,737

4.221 03/20/50

3,436

90,455

West

Virginia

-

0.3%

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

1,921

State

of

West

Virginia

General

Obligation

Unlimited

1,180

5.000 06/01/41

1,218

West

Virginia

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,175

3.375 06/15/28

4,134

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

(µ)

2,380

5.000 01/01/28

2,493

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

759

West

Virginia

Hospital

Finance

Authority

Revenue

Bonds

5.000 09/01/32

500

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

(µ)

1,750

5.000 09/01/40

1,787

West

Virginia

Housing

Development

Fund

Revenue

Bonds

(~)(ae)(Ê)

5.000 04/01/27

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.350 11/01/39

992

West

Virginia

Housing

Development

Fund

Revenue

Bonds

1,000

4.700 11/01/44

994

West

Virginia

University

Revenue

Bonds

(~)(ae)(Ê)

2,525

5.000 10/01/41

2,697

19,076

Wisconsin

-

1.2%

City

of

Milwaukee

General

Obligation

Unlimited

(µ)

1,375

5.000 04/01/26

1,395

City

of

Racine

Waterworks

System

Revenue

Bonds

(µ)

1,170

5.000 09/01/29

1,206

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

601

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
City

of

Shawano

Electric

System

Revenue

Bonds

(µ)

1,415

5.000 05/01/35

1,515

Hudson

School

District

General

Obligation

Unlimited

1,050

2.250 03/01/27

1,015

Marinette

School

District

General

Obligation

Unlimited

(µ)

1,785

1.650 03/01/33

1,436

Monroe

School

District

General

Obligation

Unlimited

(µ)

1,265

4.000 03/01/41

1,216

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/26

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/27

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/28

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/29

Public

Finance

Authority

Revenue

Bonds

860

4.000 01/01/30

845

Public

Finance

Authority

Revenue

Bonds

1,000

5.000 01/01/30

1,057

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/30

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/30

Public

Finance

Authority

Revenue

Bonds

(~)(ae)(Ê)

635

4.000 10/01/30

662

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/31

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,320

4.000 04/01/32

1,301

Public

Finance

Authority

Revenue

Bonds

(Þ)

4.000 06/15/32

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/32

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/33

Public

Finance

Authority

Revenue

Bonds

800

4.250 06/15/34

788

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/34

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,300

4.000 07/15/34

1,259

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,000

5.000 10/01/34

1,005

Public

Finance

Authority

Revenue

Bonds

(Þ)

825

5.000 12/15/34

839

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

(µ)

4.000 07/01/36

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/36

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/37

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/37

Public

Finance

Authority

Revenue

Bonds

600

4.000 11/15/37

574

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

1,280

Public

Finance

Authority

Revenue

Bonds

5.000 01/01/40

Public

Finance

Authority

Revenue

Bonds

(Þ)

1,500

5.500 06/01/40

1,536

Public

Finance

Authority

Revenue

Bonds

5.000 06/15/40

Public

Finance

Authority

Revenue

Bonds

(µ)

4.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/40

Public

Finance

Authority

Revenue

Bonds

4,960

5.000 03/01/41

4,973

Public

Finance

Authority

Revenue

Bonds

4.000 07/01/41

Public

Finance

Authority

Revenue

Bonds

5.000 07/01/41

Public

Finance

Authority

Revenue

Bonds

(~)(Ê)

965

4.000 10/01/41

970

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

602

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Rate

#### %

#### Date

#### of

#### Maturity

#### Fair

#### Value

#### $
Public

Finance

Authority

Revenue

Bonds

(Þ)

750

4.000 06/15/42

639

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

5.350 12/01/45

Public

Finance

Authority

Revenue

Bonds

6,120

5.000 03/01/46

6,131

Public

Finance

Authority

Revenue

Bonds

725

5.250 11/15/50

741

Public

Finance

Authority

Revenue

Bonds

600

5.500 06/01/55

600

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/38

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/39

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/40

Racine

Unified

School

District

General

Obligation

Unlimited

(µ)

5.000 04/01/41

University

of

Wisconsin

Hospitals

&

Clinics

Revenue

Bonds

(~)(ae)(Ê)

3,600

5.000 10/01/31

3,865

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(Þ)

1,485

5.000 08/01/27

1,498

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

800

4.200 08/15/28

800

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.400 08/15/29

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 03/15/30

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/36

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.250 08/15/39

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

1,415

5.000 04/01/41

1,498

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/41

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000 10/01/41

500

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000 09/15/45

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

0.600 02/15/50

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(µ)

1,075

4.500 02/15/54

1,050

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(SIFMA

Municipal

Swap

Index

+

0.180%

(ae)(Ê)

3.090 08/15/54

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(Ê)

1,180

5.000 08/15/54

1,256

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

(~)(ae)(Ê)

1,530

5.000 08/15/54

1,552

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

2,000

5.000 08/01/26

2,031

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(ae)(Ê)

4,765

5.000 12/01/26

4,885

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,000

5.000 09/01/39

2,081

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,100

4.250 09/01/44

1,903

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

2,905

6.000 09/01/54

3,118

Wisconsin

Housing

&

Economic

Development

Authority

Revenue

Bonds

(~)(Ê)

1,000

5.000 11/01/58

1,027

67,723

Wyoming

-

0.1%

County

of

Campbell

Solid

Waste

Facilities

Revenue

Bonds

6,795

3.625 07/15/39

5,912

Wyoming

Community

Development

Authority

Revenue

Bonds

1,645

4.300 12/01/40

1,632

Wyoming

Community

Development

Authority

Revenue

Bonds

1,190

5.750 06/01/53

1,238

8,782

#### Total

#### Municipal

#### Bonds
(cost

$5,799,632)

5,717,899

#### Total

#### Investments

#### -

#### 99.0%
(identified

cost

$5,799,632)

5,717,899

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 1.0%
55,523

#### Net

#### Assets

#### -

#### 100.0%
5,773,422

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

603

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $3.2%

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

05/22/23

770,000

100.86 777

776

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

01/18/24

4,105,000

100.00 4,105

4,107

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

04/17/24

725,000

101.60 737

725

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/15/21

215,000

101.76 219

Arizona

Industrial

Development

Authority

Revenue

Bonds

04/06/22

1,250,000

100.00 1,250

1,197

Arizona

Industrial

Development

Authority

Revenue

Bonds

01/12/23

250,000

99.24 248

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

06/20/24

770,000

99.43 766

739

Artisan

Lakes

East

Community

Development

District

Special

Assessment

06/17/21

195,000

100.00 195

Astonia

Community

Development

District

Special

Assessment

07/09/21

250,000

100.00 250

Astonia

Community

Development

District

Special

Assessment

07/09/21

85,000

100.00 85

Atlanta

Development

Authority

(The)

Tax

Allocation

08/22/24

500,000

100.00 500

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/09/22

2,080,000

92.79 1,930

1,846

Atlanta

Urban

Redevelopment

Agency

Revenue

Bonds

05/11/22

785,000

98.66 774

775

Ave

Maria

Stewardship

Community

District

Special

Assessment

07/24/23

500,000

99.66 498

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

11/14/24

850,000

100.00 850

854

Build

NYC

Resource

Corp.

Revenue

Bonds

07/19/23

250,000

102.34 256

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

125,000

101.65 127

Build

NYC

Resource

Corp.

Revenue

Bonds

12/18/24

100,000

99.38 99

California

School

Finance

Authority

Revenue

Bonds

07/16/21

500,000

112.06 560

California

School

Finance

Authority

Revenue

Bonds

04/27/22

1,000,000

102.87 1,029

1,003

California

School

Finance

Authority

Revenue

Bonds

06/28/22

830,000

89.07 739

772

California

School

Finance

Authority

Revenue

Bonds

11/17/22

125,000

98.92 124

California

School

Finance

Authority

Revenue

Bonds

02/09/23

100,000

88.38 88

California

School

Finance

Authority

Revenue

Bonds

05/17/23

100,000

100.00 100

California

School

Finance

Authority

Revenue

Bonds

06/09/23

545,000

100.36 547

544

California

School

Finance

Authority

Revenue

Bonds

01/19/24

430,000

99.69 429

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

100.63 252

California

School

Finance

Authority

Revenue

Bonds

07/26/24

250,000

101.57 254

California

Statewide

Communities

Development

Authority

Revenue

Bonds

02/12/14

2,865,000

105.30 3,017

2,867

California

Statewide

Communities

Development

Authority

Revenue

Bonds

09/22/17

1,620,000

99.67 1,615

1,597

California

Statewide

Communities

Development

Authority

Revenue

Bonds

08/08/18

350,000

103.47 362

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

225,000

103.34 232

Capital

Projects

Finance

Authority

Revenue

Bonds

12/06/24

250,000

105.85 265

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

98.56 493

Capital

Trust

Agency,

Inc.

Revenue

Bonds

12/03/20

1,000,000

105.61 1,056

1,002

Capital

Trust

Agency,

Inc.

Revenue

Bonds

09/24/21

100,000

108.86 109

Capital

Trust

Authority

Revenue

Bonds

08/22/24

1,525,000

100.93 1,539

1,428

Capital

Trust

Authority

Revenue

Bonds

04/03/25

150,000

96.66 145

Capital

Trust

Authority

Revenue

Bonds

04/03/25

150,000

96.84 145

Chester

County

Industrial

Development

Authority

Revenue

Bonds

09/14/22

3,715,000

99.09 3,668

3,717

Chester

County

Industrial

Development

Authority

Revenue

Bonds

10/18/24

1,080,000

97.29 1,051

945

Chester

County

Industrial

Development

Authority

Special

Assessment

08/16/18

100,000

99.67 100

Chicago

Board

of

Education

General

Obligation

Unlimited

07/11/17

5,000,000

94.68 4,734

5,188

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

104.46 392

City

&

County

of

San

Francisco

Infrastructure

&

Revitalization

Fing

District

No.

Tax

Allocation

08/12/22

375,000

106.96 401

City

of

Anna

Special

Assessment

Revenue

Bonds

09/13/23

369,000

100.00 369

City

of

Austin

Special

Assessment

Revenue

Bonds

11/22/24

465,000

99.36 462

City

of

Boyd

Special

Assessment

Revenue

Bonds

01/19/24

1,005,000

99.70 1,002

962

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

75,000

100.00 75

City

of

Celina

Special

Assessment

Revenue

Bonds

04/13/22

191,000

100.00 191

City

of

Celina

Special

Assessment

Revenue

Bonds

09/14/22

129,000

100.00 129

City

of

Celina

Special

Assessment

Revenue

Bonds

04/12/23

510,000

100.00 510

506

City

of

Celina

Special

Assessment

Revenue

Bonds

07/12/23

186,000

100.00 186

City

of

Celina

Special

Assessment

Revenue

Bonds

04/10/24

165,000

100.00 165

City

of

Celina

Special

Assessment

Revenue

Bonds

11/13/24

200,000

100.00 200

City

of

Chicago

Special

Assessment

02/16/22

348,000

100.00 348

City

of

Chicago

Special

Assessment

02/16/22

275,000

100.00 275

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

604

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

Chicago

Special

Assessment

02/16/22

325,000

100.00 325

City

of

Chicago

Special

Assessment

02/16/22

300,000

100.00 300

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

585

City

of

Crandall

Special

Assessment

Revenue

Bonds

02/19/25

425,000

99.59 423

City

of

Dripping

Springs

Special

Assessment

06/07/23

372,000

100.00 372

City

of

Dripping

Springs

Special

Assessment

09/18/24

381,000

100.00 381

City

of

Fate

Special

Assessment

Revenue

Bonds

04/05/22

185,000

100.00 185

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,625,000

104.22 1,693

1,277

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,000,000

105.00 1,050

841

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

1,450,000

105.67 1,532

1,317

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

230,000

111.02 255

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

240,000

112.56 270

City

of

Fort

Lauderdale

Special

Assessment

02/11/22

255,000

113.91 290

City

of

Fort

Lauderdale

Special

Assessment

10/02/23

210,000

100.10 210

City

of

Haslet

Special

Assessment

Revenue

Bonds

10/19/21

179,000

100.00 179

City

of

Hutto

Special

Assessment

Revenue

Bonds

10/22/21

153,000

100.00 153

City

of

Justin

Special

Assessment

Revenue

Bonds

03/27/18

745,000

100.00 745

745

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/20/21

165,000

100.00 165

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

385,000

100.00 385

City

of

Kyle

Special

Assessment

Revenue

Bonds

01/18/23

2,069,000

99.52 2,060

2,022

City

of

Kyle

Special

Assessment

Revenue

Bonds

10/18/23

230,000

99.54 229

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

91.03 897

872

City

of

Lavon

Special

Assessment

Revenue

Bonds

10/16/24

240,000

100.00 240

City

of

Manor

Special

Assessment

Revenue

Bonds

06/22/23

233,000

99.76 232

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

240,000

100.00 240

City

of

Mesquite

Special

Assessment

Revenue

Bonds

09/05/18

595,000

100.00 595

588

City

of

Mesquite

Special

Assessment

Revenue

Bonds

04/04/23

816,000

100.00 816

770

City

of

Midlothian

Special

Assessment

Revenue

Bonds

03/24/21

145,000

100.00 145

City

of

Mustang

Ridge

Special

Assessment

Revenue

Bonds

11/21/23

284,000

100.00 284

City

of

Oak

Point

Special

Assessment

Revenue

Bonds

09/26/24

309,000

99.72 308

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

417,000

100.00 417

City

of

Pilot

Point

Special

Assessment

Revenue

Bonds

05/13/22

500,000

100.00 500

City

of

Princeton

Special

Assessment

Revenue

Bonds

04/24/18

295,000

100.00 295

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/02/20

50,000

100.13 50

City

of

Princeton

Special

Assessment

Revenue

Bonds

05/25/21

128,000

100.00 128

City

of

Princeton

Special

Assessment

Revenue

Bonds

09/28/21

210,000

100.00 210

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

280,000

100.00 280

City

of

Princeton

Special

Assessment

Revenue

Bonds

03/29/22

134,000

100.00 134

City

of

Princeton

Special

Assessment

Revenue

Bonds

02/14/23

732,000

100.00 732

722

City

of

Princeton

Special

Assessment

Revenue

Bonds

10/11/23

344,000

100.00 344

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

102.44 179

City

of

Royse

Special

Assessment

Revenue

Bonds

10/11/23

203,000

100.00 203

City

of

Royse

Special

Assessment

Revenue

Bonds

07/10/24

400,000

99.10 396

City

of

Sachse

Special

Assessment

Revenue

Bonds

11/15/22

659,000

100.00 659

661

City

of

Venice

Revenue

Bonds

11/20/24

900,000

100.00 900

874

City

of

Venus

Special

Assessment

Revenue

Bonds

11/09/21

250,000

99.68 249

City

of

Waxahachie

Special

Assessment

05/17/22

301,000

100.00 301

Clinton

County

Capital

Resource

Corp.

Revenue

Bonds

01/15/25

460,000

106.32 489

Club

Municipal

Management

District

No.

Special

Assessment

12/01/21

84,000

100.00 84

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

99.63 234

Columbus-Franklin

County

Finance

Authority

Revenue

Bonds

12/21/23

325,000

100.00 325

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

07/22/20

100,000

104.53 104

Corkscrew

Farms

Community

Development

District

Special

Assessment

12/13/17

125,000

100.00 125

County

of

Bastrop

Special

Assessment

Revenue

Bonds

05/22/23

367,000

99.64 366

County

of

Gallatin

Revenue

Bonds

12/09/21

450,000

104.41 470

County

of

Gallatin

Revenue

Bonds

12/09/21

2,420,000

98.58 2,386

2,117

County

of

Gallatin

Revenue

Bonds

02/11/25

655,000

68.34 448

County

of

Prince

George's

Special

Obligation

Tax

Allocation

02/02/24

275,000

99.76 274

Creek

Preserve

Community

Development

District

Special

Assessment

04/13/23

1,255,000

95.51 1,199

1,194

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

605

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Creek

Preserve

Community

Development

District

Special

Assessment

01/17/24

500,000

98.69 493

Cypress

Bluff

Community

Development

District

Special

Assessment

08/19/20

800,000

99.48 796

671

Denver

Urban

Renewal

Authority

Tax

Allocation

10/11/18

1,125,000

99.29 1,120

1,074

Doylestown

Hospital

Authority

Revenue

Bonds

04/15/24

500,000

101.32 507

528

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

25,000

100.00 25

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

10,000

100.00 10

Eagle

Pointe

Community

Development

District

Special

Assessment

07/15/20

60,000

99.60 60

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

08/29/18

290,000

99.90 290

Enbrook

Community

Development

District

Special

Assessment

10/06/20

55,000

100.00 55

Entrada

Community

Development

District

Special

Assessment

09/23/21

370,000

99.64 369

Fiddlers

Business

Improvement

District

General

Obligation

Unlimited

05/13/22

1,250,000

100.53 1,257

1,272

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

100,000

104.29 104

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

150,000

106.24 159

Florida

Development

Finance

Corp.

Revenue

Bonds

06/20/19

125,000

110.34 138

Florida

Development

Finance

Corp.

Revenue

Bonds

10/21/20

225,000

102.61 231

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

110,000

100.15 110

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

135,000

109.33 148

Florida

Development

Finance

Corp.

Revenue

Bonds

05/13/21

100,000

110.33 110

Florida

Development

Finance

Corp.

Revenue

Bonds

07/23/21

100,000

103.04 103

Florida

Development

Finance

Corp.

Revenue

Bonds

08/18/22

925,000

103.53 958

931

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

800,000

100.35 803

751

Florida

Higher

Educational

Facilities

Financial

Authority

Revenue

Bonds

06/08/18

150,000

100.59 151

Hammock

Oaks

Community

Development

District

Special

Assessment

03/26/25

500,000

100.00 500

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

620,000

100.00 620

611

Harmony

West

Community

Development

District

Special

Assessment

06/19/18

420,000

100.00 420

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

140,000

100.00 140

Hills

Minneola

Community

Development

District

Special

Assessment

07/16/20

50,000

100.00 50

Illinois

Finance

Authority

Revenue

Bonds

02/15/23

1,300,000

99.52 1,294

1,354

Illinois

Finance

Authority

Revenue

Bonds

04/03/25

155,000

101.07 157

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

1,000,000

100.00 1,000

1,000

Industrial

Development

Authority

of

the

County

of

Pima

(The)

Revenue

Bonds

10/06/22

500,000

100.54 503

536

Joshua

Farms

Municipal

Management

District

No.

Special

Assessment

04/12/23

450,000

100.00 450

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

09/24/24

275,000

100.00 275

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

12/19/17

255,000

100.00 255

Knightsbridge

Community

Development

District

Special

Assessment

03/14/24

690,000

100.00 690

669

Lake

Emma

Community

Development

District

Special

Assessment

07/07/23

110,000

99.77 110

Lakewood

Ranch

Stewardship

District

Special

Assessment

09/18/20

310,000

99.93 310

Lakewood

Ranch

Stewardship

District

Special

Assessment

10/08/20

100,000

100.00 100

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

12/05/24

325,000

100.39 326

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Bonds

12/05/24

450,000

100.61 453

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/20/22

2,350,000

100.25 2,356

2,341

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

01/13/23

550,000

99.19 546

544

Main

Street

Natural

Gas,

Inc.

Revenue

Bonds

11/13/24

1,210,000

99.71 1,206

1,183

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

09/23/21

515,000

109.67 562

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

12/09/21

100,000

104.71 105

Massachusetts

Development

Finance

Agency

Revenue

Bonds

10/31/18

825,000

101.28 836

855

Massachusetts

Development

Finance

Agency

Revenue

Bonds

08/21/24

450,000

99.32 447

McJunkin

Parkland

Community

Development

District

Special

Assessment

11/01/18

445,000

100.00 445

Michigan

Finance

Authority

Revenue

Bonds

02/03/25

6,495,000

100.00 6,495

6,470

Mida

Mountain

Village

Public

Infrastructure

District

Tax

Allocation

12/12/24

500,000

100.94 505

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

200,000

102.97 206

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

300,000

103.91 312

Mississippi

Development

Bank

Revenue

Bonds

10/01/21

100,000

104.00 104

Monongalia

County

Commission

Excise

Tax

District

Revenue

Bonds

11/01/23

265,000

99.04 262

Naples

Reserve

Community

Development

District

Special

Assessment

05/10/18

455,000

99.70 454

Nevada

Department

of

Business

&

Industry

Revenue

Bonds

04/06/18

390,000

100.00 390

New

Hampshire

Business

Finance

Authority

Revenue

Bonds

06/20/24

440,000

100.00 440

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

1,215,000

104.58 1,271

1,164

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/10/21

535,000

106.21 568

525

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

606

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

455,000

89.45 407

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

930,000

95.74 890

899

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

02/15/23

515,000

98.50 507

509

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

03/06/23

370,000

81.47 301

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

11/13/24

1,000,000

100.37 1,004

1,003

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

12/11/24

1,205,000

97.64 1,177

1,129

New

York

Liberty

Development

Corp.

Revenue

Bonds

07/07/20

6,470,000

96.23 6,184

6,430

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/19/22

675,000

100.56 679

675

New

York

Liberty

Development

Corp.

Revenue

Bonds

03/07/23

1,490,000

100.01 1,490

1,491

New

York

Liberty

Development

Corp.

Revenue

Bonds

09/20/23

750,000

98.90 742

750

Oneida

Indian

Nation

of

New

York

Revenue

Bonds

11/15/24

1,000,000

110.01 1,100

1,056

Oregon

State

Facilities

Authority

Revenue

Bonds

10/10/17

750,000

104.14 781

745

Parish

of

St.

James

Revenue

Bonds

04/11/25

1,000,000

104.19 1,042

1,057

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

305,000

100.36 306

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

660,000

105.37 695

666

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

415,000

107.40 446

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

11/20/20

440,000

108.08 475

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/30/23

270,000

100.46 271

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

07/18/23

140,000

102.21 143

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

06/13/24

1,000,000

100.00 1,000

1,002

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

100,000

100.00 100

Pine

Isle

Community

Development

District

Special

Assessment

11/04/21

125,000

100.00 125

Port

of

Greater

Cincinnati

Development

Authority

Revenue

Bonds

03/30/21

100,000

100.22 100

Prairie

Center

Metropolitan

District

No.

Revenue

Bonds

01/05/23

1,500,000

96.17 1,443

1,421

Public

Finance

Authority

Revenue

Bonds

12/03/20

215,000

110.12 237

Public

Finance

Authority

Revenue

Bonds

01/21/22

1,320,000

100.62 1,328

1,301

Public

Finance

Authority

Revenue

Bonds

02/02/22

750,000

103.32 775

639

Public

Finance

Authority

Revenue

Bonds

02/02/22

450,000

103.55 466

Public

Finance

Authority

Revenue

Bonds

02/02/22

455,000

103.69 472

Public

Finance

Authority

Revenue

Bonds

11/08/23

1,000,000

98.78 988

1,005

Public

Finance

Authority

Revenue

Bonds

04/23/24

400,000

100.54 402

Public

Finance

Authority

Revenue

Bonds

09/25/24

1,300,000

104.11 1,353

1,280

Public

Finance

Authority

Revenue

Bonds

09/25/24

825,000

105.92 874

839

Public

Finance

Authority

Revenue

Bonds

12/04/24

250,000

97.14 243

Public

Finance

Authority

Revenue

Bonds

12/04/24

1,300,000

99.62 1,295

1,259

Public

Finance

Authority

Revenue

Bonds

03/24/25

1,500,000

103.30 1,549

1,536

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

11/16/21

4,655,000

101.47 4,932

4,710

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

09/29/22

315,000

100.01 315

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

10/12/22

9,400,000

95.22 8,383

8,916

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

12/12/22

1,840,000

100.93 1,857

1,893

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/25/23

5,460,000

101.94 5,566

5,569

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

02/07/23

8,700,000

100.37 8,747

8,796

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

01/06/25

775,000

104.15 807

798

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

Revenue

Bonds

03/21/25

1,290,000

92.05 1,187

1,113

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

300,000

99.67 299

Rivers

Edge

III

Community

Development

District

Special

Assessment

04/07/21

105,000

99.93 105

Riverwalk

Community

Development

District

Special

Assessment

03/07/25

250,000

100.00 250

Royse

City

Special

Assessment

07/15/20

100,000

100.00 100

Rye

Ranch

Community

Development

District

Special

Assessment

09/13/23

185,000

100.00 185

Savanna

Lakes

Community

Development

District

Special

Assessment

05/11/23

175,000

99.86 175

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

06/13/23

220,000

100.00 220

Seminole

Palms

Community

Development

District

Special

Assessment

09/04/24

700,000

100.00 700

693

Sherwood

Manor

Community

Development

District

Special

Assessment

09/13/18

470,000

99.50 468

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

09/26/24

325,000

100.88 328

Somerset

Bay

Community

Development

District

Special

Assessment

05/20/24

370,000

100.00 370

State

of

Hawaii

Department

of

Budget

&

Finance

Revenue

Bonds

06/14/24

600,000

102.29 614

599

Stonewater

Community

Development

District

Special

Assessment

10/13/21

115,000

100.00 115

Stuart

Crossing

Community

Development

District

Special

Assessment

03/13/24

260,000

100.00 260

Summerstone

Community

Development

District

Special

Assessment

09/09/21

120,000

100.00 120

Talis

Park

Community

Development

District

Special

Assessment

11/13/24

1,875,000

100.00 1,875

1,730

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

535,000

100.00 535

521

Timber

Creek

Community

Development

District

Special

Assessment

06/20/18

400,000

99.90 400

Town

of

Bridgeville

Special

Tax

04/24/24

875,000

100.00 875

863

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

750,000

100.00 750

701

Town

of

Flower

Mound

Special

Assessment

Revenue

Bonds

02/09/21

800,000

100.00 800

679

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

607

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Town

of

Little

Elm

Special

Assessment

Revenue

Bonds

12/08/21

708,000

100.00 708

532

Travis

County

Development

Authority

Special

Assessment

09/13/22

302,000

100.00 302

Travis

County

Development

Authority

Special

Assessment

03/19/24

563,000

100.00 563

558

Travis

County

Development

Authority

Special

Assessment

12/03/24

600,000

100.12 601

557

Travis

County

Development

Authority

Special

Assessment

12/03/24

500,000

99.87 499

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

250,000

92.09 230

Union

Park

East

Community

Development

District

Special

Assessment

01/12/22

42,500

100.06 42

Upper

Illinois

River

Valley

Redevelopment

Authority

Revenue

Bonds

03/16/23

410,000

97.52 400

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

50,000

100.00 50

Veranda

Community

Development

District

II

Special

Assessment

02/24/21

15,000

100.00 15

Vermont

Educational

&

Health

Buildings

Financing

Agency

Revenue

Bonds

05/11/23

550,000

98.29 541

500

Village

Community

Development

District

No.

Special

Assessment

06/22/23

175,000

100.00 175

Village

Community

Development

District

No.

Special

Assessment

06/22/23

660,000

100.00 660

664

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

98.49 212

Water

Works

Board

of

the

City

of

Birmingham

(The)

Revenue

Bonds

08/29/24

1,825,000

100.00 1,825

1,827

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

02/22/24

1,485,000

101.67 1,510

1,498

182,619

For

a

description

of

restricted

securities

see

note

in

the

Notes

to

Financial

Statements.

#### Presentation

#### of

#### Portfolio

#### Holdings
Amount

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Municipal

Bonds

Alabama

$

—

$

236,765

$

—

$

—

$

236,765

.1

Alaska

—

4,886

—

—

4,886

.1

Arizona

—

112,857

—

—

112,857

.9

Arkansas

—

17,415

—

—

17,415

.3

California

—

475,267

—

—

475,267

.2

Colorado

—

144,868

—

—

144,868

.5

Connecticut

—

92,162

—

—

92,162

.6

Delaware

—

27,378

—

—

27,378

.5

District

of

Columbia

—

55,416

—

—

55,416

.0

Florida

—

346,783

—

—

346,783

.0

Georgia

—

203,509

—

—

203,509

.5

Guam

—

34,168

—

—

34,168

.6

Hawaii

—

14,549

—

—

14,549

.2

Idaho

—

10,849

—

—

10,849

.2

Illinois

—

613,503

—

—

613,503

.6

Indiana

—

82,920

—

—

82,920

.4

Iowa

—

45,985

—

—

45,985

.8

Kansas

—

14,769

—

—

14,769

.3

Kentucky

—

115,490

—

—

115,490

.0

Louisiana

—

97,569

—

—

97,569

.7

Maine

—

6,544

—

—

6,544

.1

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

608

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amount

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Maryland

—

48,396

—

—

48,396

.8

Massachusetts

—

62,291

—

—

62,291

.1

Michigan

—

119,726

—

—

119,726

.1

Minnesota

—

27,556

—

—

27,556

.5

Mississippi

—

71,540

—

—

71,540

.2

Missouri

—

80,488

—

—

80,488

.4

Montana

—

15,762

—

—

15,762

.3

Nebraska

—

15,980

—

—

15,980

.3

Nevada

—

56,396

—

—

56,396

.0

New

Hampshire

—

57,069

—

—

57,069

.0

New

Jersey

—

172,075

—

—

172,075

.0

New

Mexico

—

29,485

—

—

29,485

.5

New

York

—

493,225

—

—

493,225

.5

North

Carolina

—

50,795

—

—

50,795

.9

North

Dakota

—

11,374

—

—

11,374

.2

Ohio

—

79,304

—

—

79,304

.4

Oklahoma

—

34,164

—

—

34,164

.6

Oregon

—

27,912

—

—

27,912

.5

Pennsylvania

—

189,934

—

—

189,934

.3

Puerto

Rico

—

189,716

—

—

189,716

.3

Rhode

Island

—

28,981

—

—

28,981

.5

South

Carolina

—

70,645

—

—

70,645

.2

South

Dakota

—

7,487

—

—

7,487

.1

Tennessee

—

73,241

—

—

73,241

.3

Texas

—

555,905

—

—

555,905

.6

Utah

—

73,163

—

—

73,163

.3

Vermont

—

2,890

—

—

2,890

—

\*

Virgin

Islands

—

30,996

—

—

30,996

.5

Virginia

—

101,715

—

—

101,715

.8

Washington

—

90,455

—

—

90,455

.6

West

Virginia

—

19,076

—

—

19,076

.3

Wisconsin

—

67,723

—

—

67,723

.2

Wyoming

—

8,782

—

—

8,782

.1

Total

Investments

$

—

$

5,717,899

$

—

$

—

$

5,717,899

.0

Other

Assets

and

Liabilities,

Net

.3

.0

\*

Less

than

.05%

of

net

assets.

(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.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

609

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

610

Tax-Exempt

Bond

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

5,799,632

Investments,

at

fair

value

.............................................................................................................................................................

5,717,899

Cash

..............................................................................................................................................................................................

12,240

Receivables:

Dividends

and

interest

......................................................................................................................................................

74,497

Investments

sold

...............................................................................................................................................................

23,109

Fund

shares

sold

...............................................................................................................................................................

8,735

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

5,836,523

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

52,116

Fund

shares

redeemed

......................................................................................................................................................

8,378

Accrued

fees

to

affiliates

..................................................................................................................................................

2,221

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

63,101

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,773,422

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

611

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(369,754)

Shares

of

beneficial

interest

.........................................................................................................................................................

2,686

Additional

paid-in

capital

............................................................................................................................................................

6,140,490

#### Net

#### Assets

#### ...............................................................................................................................................................
$

5,773,422

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

21.58 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

3.75%):

Class

A

.....................................................

$

22. 42

Class

A

—

Net

assets

...........................................................................................................................................................

$

39,503,921

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,830,209

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

21.43 Class

C

—

Net

assets

...........................................................................................................................................................

$

18,565,923

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

866,329

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

21.50 Class

M

—

Net

assets

..........................................................................................................................................................

$

1,601,743,955

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

74,500,536

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

21.49 Class

S

—

Net

assets

............................................................................................................................................................

$

4,113,608,418

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,401,204

(#)

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.

612

Tax-Exempt

Bond

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

111,233

Total

investment

income

..............................................................................................................................................................

111,233

#### Expenses
Advisory

fees

...................................................................................................................................................................

8,670

Administrative

fees

..........................................................................................................................................................

1,383

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

..........................................................................................................................................

1,604

Transfer

agent

fees

-

Class

S

............................................................................................................................................

4,113

Professional

fees

..............................................................................................................................................................

Registration

fees

...............................................................................................................................................................

Shareholder

servicing

fees

-

Class

C

...............................................................................................................................

Trustees'

fees

....................................................................................................................................................................

Printing

fees

.....................................................................................................................................................................

Miscellaneous

..................................................................................................................................................................

Expenses

before

reductions

..............................................................................................................................................

16,741

Expense

reductions

..........................................................................................................................................................

(2,527)

Net

expenses

................................................................................................................................................................................

14,214

Net

investment

income

(loss)

.......................................................................................................................................................

97,019

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

(24,142)

Net

realized

gain

(loss)

................................................................................................................................................................

(24,142)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

....................................................................................................................................................................

(87,852)

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(87,852)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(111,994)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(14,975)

.

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

613

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

97,019

$

170,293

Net

realized

gain

(loss)

.......................................................................................................................

(24,142)

(46,999)

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(87,852)

298,473

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(14,975)

421,767

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(768) (1,241)

Class

C

..........................................................................................................................................

(270) (456) Class

M

.........................................................................................................................................

(30,780)

(54,479)

Class

S

..........................................................................................................................................

(76,629)

(123,857)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(108,447)

(180,033)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

152,687

759,928

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
29,265

1,001,662

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

5,744,157

4,742,495

End

of

period

.............................................................................................................................................

$

5,773,422

$

5,744,157

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

614

Tax-Exempt

Bond

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

4,247

600

$

13,228

Proceeds

from

reinvestment

of

distributions

765

1,235

Payments

for

shares

redeemed

(401) (8,767)

(311) (6,875)

Net

increase

(decrease)

(172) (3,755)

7,588

Class

C

Proceeds

from

shares

sold

2,832

5,052

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(179) (3,897)

(229) (5,014)

Net

increase

(decrease)

(37) (795) 22

Class

M

Proceeds

from

shares

sold

11,226

245,025

25,272

555,486

Proceeds

from

reinvestment

of

distributions

1,400

30,653

2,484

54,386

Payments

for

shares

redeemed

(19,230)

(422,075)

(12,819)

(281,274)

Net

increase

(decrease)

(6,604)

(146,397)

14,937

328,598

Class

S

Proceeds

from

shares

sold

36,240

793,344

48,943

1,073,935

Proceeds

from

reinvestment

of

distributions

3,497

76,525

5,650

123,638

Payments

for

shares

redeemed

(26,017)

(566,235)

(35,319)

(774,325)

Net

increase

(decrease)

13,720

303,634

19,274

423,248

Total

increase

(decrease)

6,907

$

152,687

34,578

$

759,928

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

616

Tax-Exempt

Bond

Fund

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Total

#### Distributions
Class

A

April

30,

2025\*

22.04 .33

(.42)

(.09)

(.37)

(.37)

October

31,

2024

20.97 .63

1.12 1.75 (.68)

(.68)

October

31,

2023

20.93 .55

.10

.65

(.61)

(.61)

October

31,

2022

23.94 .39

(2.92)

(2.53)

(.48)

(.48)

October

31,

2021

23.67 .40

.36

.76

(.49)

(.49)

October

31,

2020

23.75 .36

.12

.48

(.56)

(.56)

Class

C

April

30,

2025\*

21.89 .25

(.41)

(.16)

(.30)

(.30)

October

31,

2024

20.83 .47

1.12 1.59 (.53)

(.53)

October

31,

2023

20.80 .39

.09

.48

(.45)

(.45)

October

31,

2022

23.78 .23

(2.89)

(2.66)

(.32)

(.32)

October

31,

2021

23.53 .23

.34

.57

(.32)

(.32)

October

31,

2020

23.61 .19

.12

.31

(.39)

(.39)

Class

M

April

30,

2025\*

21.95 .37

(.40)

(.03)

(.42)

(.42)

October

31,

2024

20.89 .72

1.10 1.82 (.76)

(.76)

October

31,

2023

20.85 .64

.09

.73

(.69)

(.69)

October

31,

2022

23.85 .48

(2.91)

(2.43)

(.57)

(.57)

October

31,

2021

23.58 .49

.36

.85

(.58)

(.58)

October

31,

2020

23.67 .45

.11

.56

(.65)

(.65)

Class

S

April

30,

2025\*

21.95 .36

(.41)

(.05)

(.41)

(.41)

October

31,

2024

20.88 .69

1.12 1.81 (.74)

(.74)

October

31,

2023

20.85 .61

.09

.70

(.67)

(.67)

October

31,

2022

23.84 .46

(2.90)

(2.44)

(.55)

(.55)

October

31,

2021

23.58 .47

.35

.82

(.56)

(.56)

October

31,

2020

23.66 .43

.12

.55

(.63)

(.63)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Tax-Exempt

Bond

Fund

617

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

21.58 (.41)

39,504

.82

.80

3.03 27

22.04 8.39 44,132

.82

.80

2.87 39

20.97 3.03 34,759

.83

.81

2.55 48

20.93 (10.70)

30,595

.84

.82

1.74 42

23.94 3.22 39,060

.84

.82

1.67 19

23.67 2.06 34,384

.84

.82

1.53 43

21.43 (.76)

18,566

1.57 1.51 2.33 27

21.89 7.65 19,769

1.57 1.51 2.15 39

20.83 2.28 18,352

1.58 1.52 1.82 48

20.80 (11.29)

20,240

1.59 1.53 1.03 42

23.78 2.44 26,500

1.59 1.53 .96

23.53 1.35 23,071

1.59 1.53 .82

21.50 (.17)

1,601,744

.57

.41

3.43 27

21.95 8.78 1,780,639

.57

.41

3.26 39

20.89 3.43 1,381,959

.58

.42

2.94 48

20.85 (10.34)

1,168,139

.59

.43

2.16 42

23.85 3.63 1,168,245

.59

.43

2.04 19

23.58 2.43 509,715

.59

.43

1.92 43

21.49 (.27)

4,113,608

.57

.51

3.34 27

21.95 8.73 3,899,617

.57

.51

3.16 39

20.88 3.28 3,307,425

.58

.52

2.84 48

20.85 (10.40)

2,795,945

.59

.53

2.05 42

23.84 3.49 3,006,439

.59

.53

1.96 19

23.58 2.37 2,575,388

.59

.53

1.82 43

#### Russell

#### Investment

#### Company

#### Tax-Exempt

#### Bond

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

618

Tax-Exempt

Bond

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

1,430,993

Administrative

fees

229,378

Distribution

fees

19,795

Shareholder

servicing

fees

3,832

Transfer

agent

fees

537,491

$

2,221,489

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

5,808,766,196

$

72,053,610

$

(162,920,502)

$

(90,866,892)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

619

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 94.7%
Australia

-

7.2%

Atlas

Arteria,

Ltd.

1,691,033

5,610

Aurizon

Holdings,

Ltd.

41,519

Cleanaway

Waste

Management,

Ltd.

644,723

1,074

NEXTDC,

Ltd.(Æ)

49,367

Qube

Holdings,

Ltd.

802,486

2,041

Transurban

Group(Æ)

1,771,658

16,013

25,196

Belgium

-

0.0%

Elia

Group

SA

786

Brazil

-

0.9%

Cia

Paranaense

de

Energia

-

Copel

162,003

Motiva

Infraestrutura

de

Mobilidade

SA

724,318

1,717

Rumo

SA

149,200

510

Santos

Brasil

Participacoes

SA

214,709

512

3,037

Canada

-

6.6%

AltaGas,

Ltd.

93,622

2,771

Canadian

Pacific

Kansas

City,

Ltd.

13,032

946

Enbridge,

Inc.

228,224

10,666

Gibson

Energy,

Inc.

1,563

Pembina

Pipeline

Corp.

107,278

4,101

South

Bow

Corp.

Class

W

16,917

TC

Energy

Corp.

79,987

4,041

22,967

China

-

2.2%

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

4,366,000

1,583

China

Merchants

Port

Holdings

Co.,

Ltd.

380,466

623

China

Tower

Corp.,

Ltd.

Class

H(Þ)

1,523,400

2,214

ENN

Energy

Holdings,

Ltd.

371,282

2,961

Shenzhen

International

Holdings,

Ltd.

240,000

Zhejiang

Expressway

Co.,

Ltd.

Class

H

296,000

7,872

France

-

7.0%

Aeroports

de

Paris

SA

57,730

7,226

Engie

SA

93,643

1,933

Getlink

SE

583,595

11,079

Veolia

Environnement

SA

32,307

1,181

Vinci

SA

20,959

2,951

24,370

Germany

-

2.1%

E.ON

SE

80,335

1,406

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

27,161

1,792

RWE

AG

109,094

4,231

7,429

Hong

Kong

-

0.2%

CLP

Holdings,

Ltd.

43,000

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Power

Assets

Holdings,

Ltd.

69,000

825

Italy

-

2.9%

Enav

SpA(Þ)

59,325

Enel

SpA

487,842

4,227

Hera

SpA

470,321

2,221

Infrastrutture

Wireless

Italiane

SpA(Þ)

114,698

1,370

Snam

Rete

Gas

SpA

147,729

846

Terna

-

Rete

Elettrica

Nazionale

117,179

1,165

10,093

Japan

-

2.0%

Chubu

Electric

Power

Co.,

Inc.

26,400

East

Japan

Railway

Co.

14,901

Japan

Airport

Terminal

Co.,

Ltd.

141,100

4,052

Kamigumi

Co.,

Ltd.

7,213

Osaka

Gas

Co.,

Ltd.

11,500

Tokyo

Gas

Co.,

Ltd.

1,700

Tokyo

Metro

Co.,

Ltd.

74,500

945

West

Japan

Railway

Co.

36,600

768

6,954

Luxembourg

-

0.1%

SES

SA

60,707

Malaysia

-

0.2%

Tenaga

Nasional

BHD

222,000

714

Mexico

-

7.0%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

47,058

519

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

-

ADR

13,665

1,216

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

413,798

8,401

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

-

ADR

12,886

2,648

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

214,337

6,790

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

ADR

10,241

3,242

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

134,751

1,507

24,323

Netherlands

-

0.1%

Koninklijke

Vopak

NV

12,441

516

New

Zealand

-

1.7%

Auckland

International

Airport,

Ltd.

1,220,878

5,459

Infratil,

Ltd.

69,021

5,893

Philippines

-

0.3%

International

Container

Terminal

Services,

Inc.

167,475

1,029

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

620

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Singapore

-

0.3%

Parkway

Life

Real

Estate

Investment

Trust(ö)

57,117

Sembcorp

Industries,

Ltd.

177,600

899

1,084

Spain

-

6.3%

Aena

SME

SA(Þ)

56,936

14,316

Cellnex

Telecom

SA(Þ)

32,138

1,300

Endesa

SA

6,205

Iberdrola

SA

277,475

5,002

Redeia

Corp.

SA

50,079

1,051

21,856

Switzerland

-

1.9%

Flughafen

Zurich

AG

26,267

6,668

United

Kingdom

-

4.9%

National

Grid

PLC

617,753

8,930

National

Grid

PLC

-

ADR

6,758

Pennon

Group

PLC

120,022

802

Severn

Trent

PLC

Class

H

146,976

5,473

SSE

PLC

64,421

1,456

17,154

United

States

-

40.8%

AES

Corp.

(The)

51,643

516

Alliant

Energy

Corp.

18,083

1,104

Ameren

Corp.

29,857

2,963

American

Electric

Power

Co.,

Inc.

48,782

5,285

American

Tower

Corp.(ö)

13,846

3,121

Casella

Waste

Systems,

Inc.

Class

A(Æ)

4,944

581

CenterPoint

Energy,

Inc.

74,831

2,902

Cheniere

Energy,

Inc.

38,629

8,928

CMS

Energy

Corp.

8,713

642

Consolidated

Edison,

Inc.

18,961

2,138

Constellation

Energy

Corp.

19,787

4,421

Crown

Castle,

Inc.(ö)

8,269

874

CSX

Corp.

22,145

622

Digital

Realty

Trust,

Inc.(ö)

4,956

796

Dominion

Energy,

Inc.

57,964

3,152

DT

Midstream,

Inc.

22,980

2,234

DTE

Energy

Co.

7,729

1,059

Duke

Energy

Corp.

64,680

7,892

Edison

International

2,645

Entergy

Corp.

69,867

5,811

Equinix,

Inc.(ö)

Evergy,

Inc.

50,596

3,496

Eversource

Energy

32,663

1,943

Exelon

Corp.

113,724

5,334

Ferrovial

SE

18,353

897

GFL

Environmental,

Inc.

47,812

2,386

Kinder

Morgan,

Inc.

174,605

4,592

Kinetik

Holdings,

Inc.

7,578

NextEra

Energy,

Inc.

95,721

6,402

NiSource,

Inc.

84,888

3,320

Norfolk

Southern

Corp.

3,883

870

NRG

Energy,

Inc.

5,693

624

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
ONEOK,

Inc.

80,320

6,599

PG&E

Corp.

122,378

2,022

Pinnacle

West

Capital

Corp.

8,797

837

PPL

Corp.

43,465

1,586

Public

Service

Enterprise

Group,

Inc.

72,875

5,825

Republic

Services,

Inc.

Class

A

9,127

2,289

SBA

Communications

Corp.(ö)

6,734

1,639

Sempra

Energy

29,187

2,168

Southern

Co.

(The)

28,601

2,628

Targa

Resources

Corp.

31,558

5,393

TXNM

Energy,

Inc.

9,869

525

UGI

Corp.

71,584

2,347

Union

Pacific

Corp.

2,697

582

Venture

Global,

Inc.

Class

A

43,528

Vistra

Corp.

11,421

1,480

Waste

Connections,

Inc.

19,019

3,758

Waste

Management,

Inc.

1,501

WEC

Energy

Group,

Inc.

16,244

1,779

Williams

Cos.,

Inc.

(The)

105,831

6,198

Xcel

Energy,

Inc.

115,127

8,139

142,280

#### Total

#### Common

#### Stocks
(cost

$255,970)

330,666

#### Short-Term

#### Investments

#### -

#### 4.4%
United

States

-

4.4%

U.S.

Cash

Management

Fund(@)

15,344,907

(∞)

15,340

#### Total

#### Short-Term

#### Investments
(cost

$15,340)

15,340

#### Total

#### Investments

#### -

#### 99.1%
(identified

cost

$271,310)

346,006

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.9%
3,073

#### Net

#### Assets

#### -

#### 100.0%
349,079

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

621

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $5.6%

Aena

SME

SA

02/11/15

EUR

56,936

104.89 5,972

14,316

Cellnex

Telecom

SA

03/20/19

EUR

32,138

31.85 1,023

1,300

China

Tower

Corp.,

Ltd.

02/17/25

HKD

1,523,400

1.42 2,169

2,214

Enav

SpA

04/07/25

EUR

59,325

3.84 228

Infrastrutture

Wireless

Italiane

SpA

06/18/15

EUR

114,698

9.25 1,060

1,370

19,464

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

3,371

06/25

MSCI

Emerging

Markets

Index

Futures

USD

1,443

06/25

SPI

Index

Futures

AUD

3,664

06/25

XAE

Energy

Index

Futures

USD

2,115

06/25

XAU

Utilities

Index

Futures

USD

7,357

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

556

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

1,244

AUD

2,000

06/18/25

Bank

of

America

USD

EUR

05/02/25

(2) Bank

of

America

USD

2,244

EUR

2,000

06/18/25

Bank

of

America

AUD

USD

06/18/25

(17) Bank

of

America

EUR

700

USD

767

06/18/25

(28) Bank

of

America

JPY

26,964

USD

05/01/25

(1) BNP

Paribas

USD

530

AUD

841

06/18/25

BNP

Paribas

USD

1,026

EUR

938

06/18/25

Royal

Bank

of

Canada

USD

530

AUD

841

06/18/25

Royal

Bank

of

Canada

USD

1,026

EUR

938

06/18/25

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

622

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

.

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Australia

$

—

$

25,196

$

—

$

—

$

25,196

.2

Belgium

—

—

—

—

\*

Brazil

3,037

—

—

—

3,037

.9

Canada

22,967

—

—

—

22,967

.6

China

—

7,872

—

—

7,872

.2

France

—

24,370

—

—

24,370

.0

Germany

—

7,429

—

—

7,429

.1

Hong

Kong

—

825

—

—

825

.2

Italy

—

10,093

—

—

10,093

.9

Japan

—

6,954

—

—

6,954

.0

Luxembourg

—

—

—

.1

Malaysia

—

714

—

—

714

.2

Mexico

24,323

—

—

—

24,323

.0

Netherlands

—

516

—

—

516

.1

New

Zealand

—

5,893

—

—

5,893

.7

Philippines

—

1,029

—

—

1,029

.3

Singapore

—

1,084

—

—

1,084

.3

Spain

—

21,856

—

—

21,856

.3

Switzerland

—

6,668

—

—

6,668

.9

United

Kingdom

16,661

—

—

17,154

.9

United

States

141,383

897

—

—

142,280

.8

Short-Term

Investments

—

—

—

15,340

15,340

.4

Total

Investments

192,203

138,463

—

15,340

346,006

.1

Other

Assets

and

Liabilities,

Net

.9

.0

Other

Financial

Instruments

Assets

Futures

Contracts

556

—

—

—

556

.2

Foreign

Currency

Exchange

Contracts

—

—

—

—

\*

A

Liabilities

Foreign

Currency

Exchange

Contracts

(3)

(45)

—

—

(48)

(—)

\*

Total

Other

Financial

Instruments

\*\*

$

553

$

$

—

$

—

$

670

\*

Less

than

.05%

of

net

assets.

\*\*

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.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

623

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Infrastructure

#### Subindustry

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Airport

Services

.................................................................................

64,176

Cable

&

Satellite

................................................................................

Construction

&

Engineering

..............................................................

3,848

Diversified

..........................................................................................

6,842

Electric

Utilities

.................................................................................

73,543

Environmental

&

Facilities

Services

.................................................

10,438

Gas

Utilities

.......................................................................................

9,273

Healthcare

REITs

...............................................................................

Highways

&

Railtracks

......................................................................

36,417

Integrated

Telecommunication

Services

............................................

4,885

Internet

Services

&

Infrastructure

......................................................

Marine

Ports

&

Services

....................................................................

4,381

Multi-Sector

Holdings

.......................................................................

Multi-Utilities

....................................................................................

49,238

Oil

&

Gas

Storage

&

Transportation

.................................................

54,389

Rail

Transportation

.............................................................................

5,645

Water

Utilities

....................................................................................

6,275

#### Short-Term

#### Investments

#### .......................................................
15,340

Total

Investments

...............................................................................

346,006

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

624

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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\*

556

—

Total

$

556

$

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

$

(269) $

—

Foreign

currency

exchange

contracts

—

(174) Total

$

(269) $

(174) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

$

—

Foreign

currency

exchange

contracts

—

Total

$

$

\*

Includes

cumulative

appreciation

(depreciation)

of

future

contracts

as

reported

in

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

625

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

—

—

Royal

Bank

of

Canada

—

—

Total

$

$

$

—

$

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

626

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

627

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

271,310

Investments,

at

fair

value(>)

........................................................................................................................................................

346,006

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,731

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

670

Variation

margin

on

futures

contracts

..............................................................................................................................

557

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

350,114

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Total

liabilities

...........................................................................................................................................................

1,035

#### Net

#### Assets

#### ...............................................................................................................................................................
$

349,079

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

628

Global

Infrastructure

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

76,079

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

272,648

#### Net

#### Assets

#### ...............................................................................................................................................................
$

349,079

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.88 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

10.48 Class

A

—

Net

assets

...........................................................................................................................................................

$

7,597,746

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

769,033

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.71 Class

C

—

Net

assets

...........................................................................................................................................................

$

1,508,593

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

155,312

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.90 Class

M

—

Net

assets

..........................................................................................................................................................

$

42,537,391

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

4,298,688

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

9.92 Class

S

—

Net

assets

............................................................................................................................................................

$

250,869,063

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

25,281,364

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

9.92 Class

Y

—

Net

assets

...........................................................................................................................................................

$

46,566,020

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

4,692,301

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,729

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

15,340

(a) Receivable

from

Broker

for

Futures

$

670

(#)

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.

Global

Infrastructure

Fund

629

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

5,521

Dividends

from

affiliated

funds

.......................................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(350) Total

investment

income

..............................................................................................................................................................

5,421

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,435

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

..............................................................................................................................................

2,051

Expense

reductions

..........................................................................................................................................................

(393) Net

expenses

................................................................................................................................................................................

1,658

Net

investment

income

(loss)

.......................................................................................................................................................

3,763

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

7,56

Investments

in

affiliated

funds

.........................................................................................................................................

(2) Futures

contracts

..............................................................................................................................................................

(269) Foreign

currency

exchange

contracts

...............................................................................................................................

(174) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

7,124

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

12,807

Futures

contracts

..............................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

13,493

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

20,617

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

24,380

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

630

Global

Infrastructure

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

3,763

$

8,804

Net

realized

gain

(loss)

.......................................................................................................................

7,124

6,396

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

13,493

58,855

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

24,380

74,055

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(223) (102) Class

C

..........................................................................................................................................

(49) (26) Class

M

.........................................................................................................................................

(1,449)

(1,163)

Class

S

..........................................................................................................................................

(8,346)

(5,775)

Class

Y

..........................................................................................................................................

(1,750)

(1,365)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(11,817)

(8,431)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(5,585)

47,390

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
6,978

113,014

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

342,101

229,087

End

of

period

.............................................................................................................................................

$

349,079

$

342,101

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

631

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

2,170

$

1,518

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(5

1)

(465) (71) (619) Net

increase

(decrease)

1,928

1,001

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(21) (194) (61) (517) Net

increase

(decrease)

(10) (95) (41) (347) Class

M

Proceeds

from

shares

sold

3,743

934

8,202

Proceeds

from

reinvestment

of

distributions

1,449

1,163

Payments

for

shares

redeemed

(1,192)

(11,435)

(984) (8,614)

Net

increase

(decrease)

(632) (6,243)

751

Class

S

Proceeds

from

shares

sold

2,179

20,743

10,266

85,314

Proceeds

from

reinvestment

of

distributions

849

7,576

4,420

Payments

for

shares

redeemed

(2,612)

(24,668)

(4,296)

(37,758)

Net

increase

(decrease)

3,651

6,465

51,976

Class

Y

Proceeds

from

shares

sold

1,293

Proceeds

from

reinvestment

of

distributions

1,751

1,365

Payments

for

shares

redeemed

(725) (6,810)

(967) (8,649)

Net

increase

(decrease)

(504) (4,826)

(664) (5,991)

Total

increase

(decrease)

(52

9)

$

(5,585)

5,943

$

47,390

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

632

Global

Infrastructure

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

9.54 .09

.57

.66

(.11)

(.21)

October

31,

2024

7.67 .22

1.86 2.08 (.21)

—

October

31,

2023

8.13 .19

(.36)

(.17)

(.17)

(.12)

October

31,

2022

10.16 .14

(.69)

(.55)

(.24)

(1.24)

October

31,

2021

8.75 .19

1.97 2.16 (.26)

(.49)

October

31,

2020

11.47 .17

(1.40)

(1.23)

(.24)

(1.25)

Class

C

April

30,

2025\*

9.40 .05

.56

.61

(.09)

(.21)

October

31,

2024

7.55 .15

1.85 2.00 (.15)

—

October

31,

2023

8.01 .12

(.36)

(.24)

(.10)

(.12)

October

31,

2022

10.03 .07

(.68)

(.61)

(.17)

(1.24)

October

31,

2021

8.64 .12

1.94 2.06 (.18)

(.49)

October

31,

2020

11.36 .09

(1.38)

(1.29)

(.18)

(1.25)

Class

M

April

30,

2025\*

9.55 .11

.58

.69

(.13)

(.21)

October

31,

2024

7.68 .25

1.86 2.11 (.24)

—

October

31,

2023

8.13 .22

(.35)

(.13)

(.20)

(.12)

October

31,

2022

10.17 .17

(.70)

(.53)

(.27)

(1.24)

October

31,

2021

8.76 .20

1.99 2.19 (.29)

(.49)

October

31,

2020

11.47 .22

(1.41)

(1.19)

(.27)

(1.25)

Class

S

April

30,

2025\*

9.58 .10

.57

.67

(.12)

(.21)

October

31,

2024

7.70 .24

1.87 2.11 (.23)

—

October

31,

2023

8.16 .21

(.36)

(.15)

(.19)

(.12)

October

31,

2022

10.20 .16

(.70)

(.54)

(.26)

(1.24)

October

31,

2021

8.78 .20

1.99 2.19 (.28)

(.49)

October

31,

2020

11.49 .19

(1.39)

(1.20)

(.26)

(1.25)

Class

Y

April

30,

2025\*

9.58 .11

.57

.68

(.13)

(.21)

October

31,

2024

7.70 .26

1.87 2.13 (.25)

—

October

31,

2023

8.16 .25

(.39)

(.14)

(.20)

(.12)

October

31,

2022

10.20 .18

(.70)

(.52)

(.28)

(1.24)

October

31,

2021

8.77 .24

1.98 2.22 (.30)

(.49)

October

31,

2020

11.49 .20

(1.41)

(1.21)

(.26)

(1.25)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Infrastructure

Fund

633

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.32)

9.88 7.30 7,598

1.49 1.26 1.97 37

(.21)

9.54 27.37 5,415

1.61 1.27 2.45 67

(.29)

7.67 (2.35)

3,574

1.96 1.28 2.25 61

(1.48)

8.13 (5.95)

4,039

2.17 1.28 1.58 62

(.75)

10.16 25.50 4,719

2.00 1.30 1.99 66

(1.49)

8.75 (12.52)

4,250

2.06 1.33 1.75 79

(.30)

9.71 6.80 1,509

2.23 2.01 1.20 37

(.15)

9.40 26.57 1,554

2.37 2.02 1.74 67

(.22)

7.55 (3.15)

1,557

2.71 2.03 1.47 61

(1.41)

8.01 (6.67)

2,104

2.92 2.03 .84

(.67)

10.03 24.65 2,547

2.75 2.05 1.23 66

(1.43)

8.64 (13.17)

2,453

2.81 2.08 .99

(.34)

9.90 7.57 42,537

1.23 .91

2.33 37

(.24)

9.55 27.74 47,115

1.36 .92

2.83 67

(.32)

7.68 (1.87)

37,232

1.70 .93

2.61 61

(1.51)

8.13 (5.70)

8,829

1.92 .93

1.92 62

(.78)

10.17 25.91 8,775

1.78 .95

2.07 66

(1.52)

8.76 (12.17)

13,151

1.81 .98

2.20 79

(.33)

9.92 7.38 250,869

1.23 1.01 2.20 37

(.23)

9.58 27.69 238,223

1.36 1.02 2.75 67

(.31)

7.70 (2.08)

141,617

1.71 1.03 2.48 61

(1.50)

8.16 (5.79)

53,243

1.91 1.03 1.81 62

(.77)

10.20 25.84 73,700

1.77 1.05 2.10 66

(1.51)

8.78 (12.23)

108,464

1.82 1.08 2.02 79

(.34)

9.92 7.48 46,566

1.04 .83

2.36 37

(.25)

9.58 27.89 49,794

1.17 .84

2.92 67

(.32)

7.70 (1.92)

45,107

1.51 .85

2.99 61

(1.52)

8.16 (5.60)

6,619

1.72 .85

1.99 62

(.79)

10.20 26.21 6,380

1.54 .87

2.44 66

(1.51)

8.77 (12.27)

4,810

1.49 .90

1.91 79

#### Russell

#### Investment

#### Company

#### Global

#### Infrastructure

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

634

Global

Infrastructure

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

2025

with

underlying

funds

which

are,

or

were,

an

affiliated

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

179,716

Administrative

fees

13,417

Distribution

fees

2,418

Shareholder

servicing

fees

Transfer

agent

fees

40,210

$

236,064

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

9,375

$

70,729

$

64,762

$

(2)

$

—

$

15,340

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

278,432,960

$

72,639,067

$

(4,395,157)

$

68,

243,910

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

635

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Common

#### Stocks

#### -

#### 93.6%
Australia

-

5.3%

Charter

Hall

Group(ö)

139,641

1,517

Dexus

Property

Group(ö)

198,120

957

Goodman

Group(ö)

406,704

7,854

GPT

Group

(The)(ö)

62,666

Ingenia

Communities

Group(ö)

327,306

1,167

Mirvac

Group(ö)

1,602,723

2,345

NEXTDC,

Ltd.(Æ)

59,676

Region

RE,

Ltd.(ö)

410,626

610

Scentre

Group(ö)

825,176

1,911

Stockland(ö)

667,534

2,352

19,353

Belgium

-

1.0%

Aedifica

SA(ö)

17,723

1,424

Shurgard

Self

Storage,

Ltd.(ö)

8,401

VGP

NV

4,853

Warehouses

De

Pauw

CVA(ö)

53,972

1,382

3,606

Canada

-

1.1%

Boardwalk

Real

Estate

Investment

Trust(ö)

31,948

1,506

Chartwell

Retirement

Residences

126,962

1,594

First

Capital

Real

Estate

Investment

Trust(ö)

71,571

887

3,987

France

-

2.4%

Argan

SA(ö)

5,403

Covivio

SA(ö)

16,991

951

Icade

SA(ö)

12,194

Klepierre

SA(ö)

88,710

3,253

Mercialys

SA(ö)

23,580

Unibail

-

Rodamco

-Westfield(ö)

44,275

3,748

8,930

Germany

-

2.4%

LEG

Immobilien

SE

11,283

952

Sirius

Real

Estate,

Ltd.(ö)

217,733

TAG

Immobilien

AG

92,961

1,506

Vonovia

SE

181,516

6,025

8,752

Hong

Kong

-

2.6%

Hongkong

Land

Holdings,

Ltd.

277,600

1,362

Link

Real

Estate

Investment

Trust(ö)

736,083

3,452

Sun

Hung

Kai

Properties,

Ltd.

365,543

3,455

Wharf

Real

Estate

Investment

Co.,

Ltd.

481,000

1,155

9,424

Japan

-

9.3%

Activia

Properties,

Inc.(ö)

1,090

Daiwa

Securities

Living

Investments

Corp.(ö)

1,565

988

GLP

J-REIT(ö)

600

517

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Industrial

&

Infrastructure

Fund

Investment

Corp.(ö)

2,038

1,666

Invincible

Investment

Corp.(ö)

Japan

Metropolitan

Fund

Investment

Corp.(ö)

3,145

2,092

Japan

Real

Estate

Investment

Corp.(ö)

1,388

1,101

KDX

Realty

Investment

Corp.

Class

A(ö)

1,783

1,854

Keihanshin

Building

Co.,

Ltd.

107,600

1,132

Mitsubishi

Estate

Co.,

Ltd.

397,518

6,979

Mitsui

Fudosan

Co.,

Ltd.

620,381

6,124

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

2,642

1,884

Mori

Trust

Sogo

REIT,

Inc.(ö)

3,420

1,519

Nippon

Accommodations

Fund,

Inc.(ö)

1,240

1,010

Nippon

Building

Fund,

Inc.(ö)

694

645

Nippon

Prologis

REIT,

Inc.(ö)

864

1,426

Nomura

Real

Estate

Holdings,

Inc.

40,600

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

1,351

1,344

Orix

JREIT,

Inc.(ö)

522

657

Sumitomo

Realty

&

Development

Co.,

Ltd.

38,300

1,422

33,862

Netherlands

-

0.2%

CTP

NV(Þ)

32,924

620

Singapore

-

2.9%

CapitaLand

Ascendas

REIT(Æ)(ö)

1,294,200

2,639

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

1,368,300

2,254

Capitaland

Investment,

Ltd.

469,300

990

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

1,179,000

592

Frasers

Centrepoint

Trust(ö)

1,063,700

1,841

Frasers

Logistics

&

Commercial

Trust(Æ)(ö)(Þ)

619,400

Mapletree

Logistics

Trust(ö)

1,181,900

1,015

Parkway

Life

Real

Estate

Investment

Trust(ö)

288,482

935

10,691

Spain

-

0.5%

Cellnex

Telecom

SA(Þ)

22,193

898

Merlin

Properties

Socimi

SA(ö)

90,610

1,030

1,928

Sweden

-

1.5%

Castellum

AB

85,390

1,039

Catena

AB

17,240

813

Fastighets

AB

Balder

Class

B(Æ)

343,722

2,471

Nyfosa

AB

54,402

513

Wihlborgs

Fastigheter

AB

54,133

562

5,398

Switzerland

-

0.7%

PSP

Swiss

Property

AG

9,482

1,691

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

636

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Swiss

Prime

Site

AG

Class

A

6,777

957

2,648

United

Kingdom

-

4.0%

Big

Yellow

Group

PLC(ö)

78,147

1,049

British

Land

Co.

PLC

(The)(ö)

379,258

1,991

Grainger

PLC

533,038

1,533

Land

Securities

Group

PLC(ö)

139,865

1,106

Life

Science

REIT

PLC(ö)

442,419

LondonMetric

Property

PLC(ö)

1,341,287

3,448

PRS

REIT

PLC

(The)(ö)

246,163

Safestore

Holdings

PLC(ö)

115,614

971

Segro

PLC(ö)

210,355

1,911

Shaftesbury

Capital

PLC(ö)

327,052

593

Unite

Group

PLC

(The)(ö)

133,118

1,530

14,770

United

States

-

59.7%

Agree

Realty

Corp.(ö)

80,416

6,241

American

Healthcare

REIT,

Inc.(ö)

78,869

2,546

American

Homes

Rent

Class

A(ö)

92,989

3,477

American

Tower

Corp.(ö)

7,574

1,707

Americold

Realty

Trust,

Inc.(ö)

91,937

1,778

AvalonBay

Communities,

Inc.(ö)

28,040

5,888

Brixmor

Property

Group,

Inc.(ö)

151,237

3,767

BXP,

Inc.(ö)

10,884

694

Caesars

Entertainment,

Inc.(Æ)

70,197

1,899

Camden

Property

Trust(ö)

2,663

Crown

Castle,

Inc.(ö)

39,430

4,170

CubeSmart

(ö)

52,392

2,131

Digital

Realty

Trust,

Inc.(ö)

82,545

13,252

EastGroup

Properties,

Inc.(ö)

26,169

4,276

EPR

Properties(ö)

41,120

2,035

Equinix

,

Inc.(ö)

16,830

14,486

Essential

Properties

Realty

Trust,

Inc.

(ö)

129,212

4,157

Essex

Property

Trust,

Inc.(ö)

24,168

6,746

Extra

Space

Storage,

Inc.(ö)

34,201

5,011

Federal

Realty

Investment

Trust(ö)

5,529

520

First

Industrial

Realty

Trust,

Inc.(ö)

43,093

2,050

Healthcare

Realty

Trust,

Inc.(ö)

137,171

2,130

Healthpeak

Properties,

Inc.(ö)

28,210

503

Highwoods

Properties,

Inc.(ö)

33,262

946

Host

Hotels

&

Resorts,

Inc.(ö)

213,468

3,014

Independence

Realty

Trust,

Inc.(ö)

108,891

2,116

Invitation

Homes,

Inc.(ö)

181,984

6,222

Iron

Mountain,

Inc.(ö)

77,369

6,938

Kilroy

Realty

Corp.(ö)

34,738

1,095

Kimco

Realty

Corp.(ö)

209,939

4,195

Kite

Realty

Group

Trust(ö)

17,444

Lamar

Advertising

Co.

Class

A(ö)

2,307

Mid-America

Apartment

Communities,

Inc.(ö)

36,692

5,858

Omega

Healthcare

Investors,

Inc.(ö)

71,234

2,782

PACS

Group,

Inc.(Æ)

16,278

Prologis,

Inc.(ö)

141,715

14,483

Public

Storage(ö)

34,834

10,465

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Realty

Income

Corp.(ö)

68,339

3,954

Regency

Centers

Corp.(ö)

28,025

2,023

Ryman

Hospitality

Properties,

Inc.(ö)

1,297

SBA

Communications

Corp.(ö)

6,215

1,513

Simon

Property

Group,

Inc.(ö)

63,860

10,050

SL

Green

Realty

Corp.(ö)

2,442

SmartStop

Self

Storage

REIT,

Inc.

39,115

1,374

Sun

Communities,

Inc.(ö)

67,177

8,359

Terreno

Realty

Corp.(ö)

29,363

1,654

UDR,

Inc.(ö)

66,662

2,792

Ventas,

Inc.(ö)

76,965

5,394

VICI

Properties,

Inc.(ö)

219,449

7,027

Vornado

Realty

Trust(ö)

19,424

685

Welltower

,

Inc.(ö)

148,913

22,723

Weyerhaeuser

Co.(ö)

59,887

1,552

218,021

#### Total

#### Common

#### Stocks
(cost

$264,028)

341,990

#### Short-Term

#### Investments

#### -

#### 5.5%
United

States

-

5.5%

U.S.

Cash

Management

Fund(@)

20,019,945

(∞)

20,014

#### Total

#### Short-Term

#### Investments
(cost

$20,014)

20,014

#### Total

#### Investments

#### -

#### 99.1%
(identified

cost

$284,042)

362,004

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 0.9%
3,180

#### Net

#### Assets

#### -

#### 100.0%
365,184

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

637

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $0.5%

Cellnex

Telecom

SA

09/25/23

EUR

22,193

34.16 758

898

CTP

NV

04/16/21

EUR

32,924

16.20 533

620

Frasers

Logistics

&

Commercial

Trust

03/20/25

SGD

619,400

0.69 428

1,943

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

580

USD

20,828

06/25

1,207

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

1,207

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Common

Stocks

Australia

$

—

$

19,353

$

—

$

—

$

19,353

.3

Belgium

—

3,606

—

—

3,606

.0

Canada

3,987

—

—

—

3,987

.1

France

—

8,930

—

—

8,930

.4

Germany

—

8,752

—

—

8,752

.4

Hong

Kong

—

9,424

—

—

9,424

.6

Japan

—

33,862

—

—

33,862

.3

Netherlands

—

620

—

—

620

.2

Singapore

—

10,691

—

—

10,691

.9

Spain

—

1,928

—

—

1,928

.5

Sweden

—

5,398

—

—

5,398

.5

Switzerland

—

2,648

—

—

2,648

.7

United

Kingdom

—

14,770

—

—

14,770

.0

United

States

218,021

—

—

—

218,021

.7

Short-Term

Investments

—

—

—

20,014

20,014

.5

Total

Investments

222,008

119,982

—

20,014

362,004

.1

Other

Assets

and

Liabilities,

Net

.9

.0

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

638

Global

Real

Estate

Securities

Fund

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Other

Financial

Instruments

Assets

Futures

Contracts

1,207

—

—

—

1,207

.3

Total

Other

Financial

Instruments

\*

$

1,207

$

—

$

—

$

—

$

1,207

\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Property

#### Sector

#### Exposure

#### Fair

#### Value

#### $

#### Common

#### Stocks
Diversified

..........................................................................................

72,553

Healthc

are

..........................................................................................

38,763

Industrial

............................................................................................

44,522

Lodging/Resorts

.................................................................................

12,226

Office

..................................................................................................

12,843

Residential

..........................................................................................

59,154

Retail

..................................................................................................

48,129

Self

Storage

........................................................................................

21,351

Technology

.........................................................................................

32,449

#### Short-Term

#### Investments

#### .......................................................
20,014

Total

Investments

...............................................................................

362,004

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

639

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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\*

$

1,207

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Foreign

#### Currency

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Futures

contracts

$

(1,944)

$

—

Foreign

currency

exchange

contracts

—

(37) Total

$

(1,944)

$

(37) Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

1,

762

$

—

Foreign

currency

exchange

contracts

—

Total

$

1,

762

$

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

640

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

284,042

Investments,

at

fair

value(>)

........................................................................................................................................................

362,004

Foreign

currency

holdings(^)

.......................................................................................................................................................

685

Receivables:

Dividends

and

interest

......................................................................................................................................................

779

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

3,951

Fund

shares

sold

...............................................................................................................................................................

Foreign

capital

gains

taxes

recoverable

...........................................................................................................................

From

broker(a)

.................................................................................................................................................................

Variation

margin

on

futures

contracts

..............................................................................................................................

1,209

Prepaid

expenses

..........................................................................................................................................................................

Total

assets

...............................................................................................................................................................

369,476

#### Liabilities
Payables:

Investments

purchased

.....................................................................................................................................................

3,529

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Total

liabilities

...........................................................................................................................................................

4,292

#### Net

#### Assets

#### ...............................................................................................................................................................
$

365,184

#### 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

641

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(5,937)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

370,996

#### Net

#### Assets

#### ...............................................................................................................................................................
$

365,184

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

28.24 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

29.96 Class

A

—

Net

assets

...........................................................................................................................................................

$

9,451,154

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

334,652

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

26.64 Class

C

—

Net

assets

...........................................................................................................................................................

$

5,163,708

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

193,834

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

29.26 Class

M

—

Net

assets

..........................................................................................................................................................

$

57,405,437

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

1,961,637

Net

asset

value

per

share:

Class

R6

(#)

........................................................................................................................................

$

29.32 Class

R6

—

Net

assets

.........................................................................................................................................................

$

2,982,174

Class

R6

—

Shares

outstanding

($.01

par

value)

................................................................................................................

101,721

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

29.30 Class

S

—

Net

assets

............................................................................................................................................................

$

238,495,

501

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,138,879

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

29.30 Class

Y

—

Net

assets

...........................................................................................................................................................

$

51,685,813

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

1,763,784

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

682

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

20,014

(a) Receivable

from

Broker

for

Futures

$

(#)

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.

642

Global

Real

Estate

Securities

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Dividends

.........................................................................................................................................................................

$

6,867

Dividends

from

affiliated

funds

.......................................................................................................................................

Interest

..............................................................................................................................................................................

Less

foreign

taxes

withheld

.............................................................................................................................................

(197) Total

investment

income

..............................................................................................................................................................

6,950

#### Expenses
Advisory

fees

...................................................................................................................................................................

1,514

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

..............................................................................................................................................

2,223

Expense

reductions

..........................................................................................................................................................

(181) Net

expenses

................................................................................................................................................................................

2,042

Net

investment

income

(loss)

.......................................................................................................................................................

4,908

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

3,591

Investments

in

affiliated

funds

.........................................................................................................................................

(4) Futures

contracts

..............................................................................................................................................................

(1,944)

Foreign

currency

exchange

contracts

...............................................................................................................................

(37) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,676

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

......................................................................................................................................................................

(21,113)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

1,762

Foreign

currency

exchange

contracts

...............................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(19,305)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(17,629)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

(12,721)

#### 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

643

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

4,908

$

9,541

Net

realized

gain

(loss)

.......................................................................................................................

1,676

8,242

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(19,305)

80,373

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

(12,721)

98,156

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(170) (188) Class

C

..........................................................................................................................................

(80) (87) Class

M

.........................................................................................................................................

(1,076)

(1,407)

Class

R6

........................................................................................................................................

(75) (86) Class

S

..........................................................................................................................................

(4,431)

(5,207)

Class

Y

..........................................................................................................................................

(1,109)

(1,514)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(6,941)

(8,489)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(23,031)

(41,951)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(42,693)

47,716

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

407,877

360,161

End

of

period

.............................................................................................................................................

$

365,184

$

407,877

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

644

Global

Real

Estate

Securities

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

668

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(30) (856) (71) (1,953)

Net

increase

(decrease)

(7) (207) (40) (1,098)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(25) (670) (56) (1,477)

Net

increase

(decrease)

(18) (483) (42) (1,111)

Class

M

Proceeds

from

shares

sold

12,219

12,830

Proceeds

from

reinvestment

of

distributions

1,076

1,406

Payments

for

shares

redeemed

(737) (21,991)

(519) (14,887)

Net

increase

(decrease)

(282) (8,696)

(25) (651) Class

R6

Proceeds

from

shares

sold

6,180

614

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(249) (7,263)

(11) (315) Net

increase

(decrease)

(33) (1,008)

Class

S

Proceeds

from

shares

sold

956

28,563

1,363

38,855

Proceeds

from

reinvestment

of

distributions

4,415

5,190

Payments

for

shares

redeemed

(1,209)

(35,437)

(2,518)

(72,336)

Net

increase

(decrease)

(100) (2,459)

(977) (28,291)

Class

Y

Proceeds

from

shares

sold

1,244

1,789

Proceeds

from

reinvestment

of

distributions

1,109

1,514

Payments

for

shares

redeemed

(433) (12,531)

(493) (14,488)

Net

increase

(decrease)

(353) (10,178)

(377) (11,185)

Total

increase

(decrease)

(793) $

(23,031)

(1,447)

$

(41,951)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

646

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.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

29.68 .33

(1.27)

(.94)

(.50)

—

—

October

31,

2024

23.66 .58

5.98 6.56 (.54)

—

—

October

31,

2023

25.23 .59

(1.62)

(1.03)

(.54)

—

—

October

31,

2022

37.09 .46

(9.80)

(9.34)

(1.12)

(1.01)

(.39)

October

31,

2021

26.92 .63

9.99 10.62 (.45)

—

—

October

31,

2020

35.83 .42

(6.97)

(6.55)

(1.75)

(.61)

—

Class

C

April

30,

2025\*

28.02 .21

(1.19)

(.98)

(.40)

—

—

October

31,

2024

22.39 .36

5.65 6.01 (.38)

—

—

October

31,

2023

23.95 .37

(1.53)

(1.16)

(.40)

—

—

October

31,

2022

35.34 .21

(9.31)

(9.10)

(.99)

(1.01)

(.29)

October

31,

2021

25.77 .35

9.55 9.90 (.33)

—

—

October

31,

2020

34.40 .19

(6.66)

(6.47)

(1.55)

(.61)

—

Class

M

April

30,

2025\*

30.74 .39

(1.32)

(.93)

(.55)

—

—

October

31,

2024

24.48 .70

6.20 6.90 (.64)

—

—

October

31,

2023

26.06 .71

(1.68)

(.97)

(.61)

—

—

October

31,

2022

38.24 .59

(10.14)

(9.55)

(1.17)

(1.01)

(.45)

October

31,

2021

27.71 .84

10.22 11.06 (.53)

—

—

October

31,

2020

36.81 .54

(7.17)

(6.63)

(1.86)

(.61)

—

Class

R6

April

30,

2025\*

30.79 .36

(1.27)

(.91)

(.56)

—

—

October

31,

2024

24.52 .74

6.19 6.93 (.66)

—

—

October

31,

2023

26.10 .72

(1.68)

(.96)

(.62)

—

—

October

31,

2022

38.29 .61

(10.14)

(9.53)

(1.19)

(1.01)

(.46)

October

31,

2021

27.74 .78

10.32 11.10 (.55)

—

—

October

31,

2020

36.86 .56

(7.18)

(6.62)

(1.89)

(.61)

—

Class

S

April

30,

2025\*

30.78 .38

(1.32)

(.94)

(.54)

—

—

October

31,

2024

24.51 .68

6.20 6.88 (.61)

—

—

October

31,

2023

26.10 .68

(1.68)

(1.00)

(.59)

—

—

October

31,

2022

38.28 .56

(10.14)

(9.58)

(1.16)

(1.01)

(.43)

October

31,

2021

27.75 .74

10.29 11.03 (.50)

—

—

October

31,

2020

36.86 .51

(7.18)

(6.67)

(1.83)

(.61)

—

Class

Y

April

30,

2025\*

30.78 .40

(1.31)

(.91)

(.57)

—

—

October

31,

2024

24.51 .74

6.19 6.93 (.66)

—

—

October

31,

2023

26.09 .73

(1.68)

(.95)

(.63)

—

—

October

31,

2022

38.28 .62

(10.14)

(9.52)

(1.20)

(1.01)

(.46)

October

31,

2021

27.73 .88

10.22 11.10 (.55)

—

—

October

31,

2020

36.84 .57

(7.18)

(6.61)

(1.89)

(.61)

—

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Global

Real

Estate

Securities

Fund

647

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.50)

28.24 (3.13)

9,451

1.44 1.36 2.32 35

(.54)

29.68 27.87 10,149

1.42 1.35 2.10 70

(.54)

23.66 (4.24)

9,037

1.42 1.37 2.24 63

(2.52)

25.23 (26.85)

10,570

1.39 1.34 1.44 68

(.45)

37.09 39.58 16,012

1.38 1.33 1.87 81

(2.36)

26.92 (18.98)

12,554

1.40 1.36 1.43 88

(.40)

26.64 (3.48)

5,164

2.19 2.11 1.56 35

(.38)

28.02 26.94 5,932

2.17 2.10 1.36 70

(.40)

22.39 (4.97)

5,678

2.17 2.12 1.49 63

(2.29)

23.95 (27.42)

7,166

2.14 2.09 .68

(.33)

35.34 38.50 11,271

2.13 2.08 1.09 81

(2.16)

25.77 (19.56)

10,102

2.15 2.11 .68

(.55)

29.26 (2.98)

57,405

1.19 1.01 2.67 35

(.64)

30.74 28.34 68,961

1.17 1.00 2.44 70

(.61)

24.48 (3.90)

55,520

1.17 1.02 2.59 63

(2.63)

26.06 (26.62)

83,807

1.14 .99

1.79 68

(.53)

38.24 40.07 123,210

1.13 .98

2.36 81

(2.47)

27.71 (18.69)

38,678

1.15 1.01 1.79 88

(.56)

29.32 (2.91)

2,982

1.03 .94

2.47 35

(.66)

30.79 28.42 4,138

1.02 .93

2.52 70

(.62)

24.52 (3.84)

2,955

1.02 .95

2.64 63

(2.66)

26.10 (26.56)

1,893

.99

.92

1.86 68

(.55)

38.29 40.16 2,888

.98

.91

2.22 81

(2.50)

27.74 (18.65)

2,205

1.00 .94

1.86 88

(.54)

29.30 (3.03)

238,496

1.19 1.11 2.58 35

(.61)

30.78 28.22 253,559

1.17 1.10 2.35 70

(.59)

24.51 (4.01)

225,853

1.17 1.12 2.49 63

(2.60)

26.10 (26.67)

355,075

1.14 1.09 1.69 68

(.50)

38.28 39.90 542,275

1.13 1.08 2.12 81

(2.44)

27.75 (18.78)

406,795

1.15 1.11 1.68 88

(.57)

29.30 (2.93)

51,686

.99

.91

2.73 35

(.66)

30.78 28.46 65,138

.97

.90

2.56 70

(.63)

24.51 (3.82)

61,118

.97

.92

2.64 63

(2.67)

26.09 (26.54)

85,474

.94

.89

1.88 68

(.55)

38.28 40.20 126,027

.93

.88

2.46 81

(2.50)

27.73 (18.61)

49,121

.96

.91

1.88 88

#### Russell

#### Investment

#### Company

#### Global

#### Real

#### Estate

#### Securities

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

648

Global

Real

Estate

Securities

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025

,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

209,087

Administrative

fees

13,965

Distribution

fees

4,972

Shareholder

servicing

fees

1,029

Transfer

agent

fees

45,028

Trustees'

fees

692

$

274,773

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

11,047

$

114,754

$

105,784

$

(4)

$

$

20,014

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

309,294,492

$

59,280,262

$

(5,363,655)

$

53,916,607

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

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 35.1%
Corporate

Bonds

and

Notes

-

14.4%

Consumer

Discretionary

-

2.9%

American

Airlines

Group,

Inc.

6.500%

due

07/01/25

596

596

Cable

One,

Inc.

6.668%

due

03/15/26

(ž)

815

770

Etsy,

Inc.

0.250%

due

06/15/28

866

740

FuboTV,

Inc.

3.250%

due

02/15/26

544

525

Guess?,

Inc.

3.750%

due

04/15/28

JetBlue

Airways

Corp.

0.500%

due

04/01/26

613

578

Magnite,

Inc.

0.250%

due

03/15/26

Marriott

Vacations

Worldwide

Corp.

6.577%

due

01/15/26

(ž)

3.250%

due

12/15/27

703

641

National

Vision

Holdings,

Inc.

2.500%

due

05/15/25

875

870

Peloton

Interactive,

Inc.

12.826%

due

02/15/26

(ž)

771

700

RealReal,

Inc.

(The)

4.000%

due

02/15/31

Southwest

Airlines

Co.

1.250%

due

05/01/25

Vail

Resorts,

Inc.

5.987%

due

01/01/26

(ž)

882

848

Wayfair,

Inc.

0.625%

due

10/01/25

748

728

8,336

Consumer

Staples

-

0.3%

Alarm.com,

Inc.

5.591%

due

01/15/26

(ž)

600

577

CVS

Health

Corp.

7.000%

due

03/10/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.886%)(Ê)

HRB

Winddown,

Inc.

8.875%

due

03/15/25

(Š)

1,640

—

Land

O'Lakes,

Inc.

Series

144A

7.250%

due

12/31/99

(Þ)

908

Energy

-

0.6%

Array

Technologies,

Inc.

1.000%

due

12/01/28

BP

Capital

Markets

PLC

4.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.398%)(Ê)(ƒ)

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.924%)(Ê)(ƒ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.450%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.153%)(Ê)(ƒ)

Energy

Transfer,

LP

Series

B

6.625%

due

12/31/99

(USD

Month

LIBOR

+

4.155%)(Ê)(ƒ)

Series

G

7.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.306%)(Ê)(ƒ)

Series

H

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.694%)(Ê)(ƒ)

Enphase

Energy,

Inc.

6.248%

due

03/01/26

(ž)

719

683

6.435%

due

03/01/28

(ž)

1,652

Financial

Services

-

4.2%

Affirm

Holdings,

Inc.

5.311%

due

11/15/26

(ž)

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

Express

Co.

3.550%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.854%)(Ê)(ƒ)

Apollo

Global

Management,

Inc.

6.000%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.168%)(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

LIBOR

+

4.135%)(Ê)

Athene

Holding,

Ltd.

6.625%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.607%)(Ê)

Bank

of

America

Corp.

5.518%

due

10/25/35

(SOFR

+

1.738%)(Ê)

6.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.684%)(Ê)(ƒ)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

FF

5.875%

due

12/31/99

(CME

Term

SOFR

Month

+

3.193%)(Ê)(ƒ)

Series

RR

4.375%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.760%)(Ê)(ƒ)

Series

TT

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.231%)(Ê)(ƒ)

Bank

of

New

York

Mellon

Corp.

(The)

Series

F

4.625%

due

12/29/49

(CME

Term

SOFR

Month

+

3.393%)(Ê)

Series

I

3.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.630%)(Ê)(ƒ)

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

848

822

Charles

Schwab

Corp.

(The)

Series

H

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.079%)(Ê)(ƒ)

Series

I

4.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.168%)(Ê)(ƒ)

Citigroup,

Inc.

Series

AA

7.625%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.211%)(Ê)(ƒ)

Series

DD

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.757%)(Ê)(ƒ)

Series

FF

6.950%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.726%)(Ê)(ƒ)

Series

X

3.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.417%)(Ê)(ƒ)

Corebridge

Financial,

Inc.

6.375%

due

09/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.646%)(Ê)

Series

WI

6.875%

due

12/15/52

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.846%)(Ê)

Enstar

Finance

LLC

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

01/15/42

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.006%)(Ê)

Equitable

Holdings,

Inc.

6.700%

due

03/28/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.390%)(Ê)

Farm

Credit

Bank

of

Texas

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.291%)(Ê)(ƒ)

Series

5.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.415%)(Æ)(Ê)

(ƒ)(Þ)

GA

Global

Funding

Trust

4.700%

due

10/15/51

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.796%)(Ê)(Þ)

Global

Atlantic

Finance

Co.

7.950%

due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.608%)(Ê)(Þ)

Goldman

Sachs

Capital

I,

Ltd.

6.345%

due

02/15/34

Goldman

Sachs

Group,

Inc.

(The)

6.850%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.461%)(Ê)(ƒ)

Series

T

3.800%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.969%)(Ê)(ƒ)

Series

U

3.650%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.915%)(Ê)(ƒ)

Series

X

7.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.809%)(Ê)(ƒ)

Hartford

Insurance

Group,

Inc.

(The)

Series

ICON

6.710%

due

02/12/47

(CME

Term

SOFR

Month

+

2.387%)(Ê)(Þ)

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Þ)(ž)

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)

JPMorgan

Chase

&

Co.

Series

NN

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.875%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.737%)(Ê)(ƒ)

Series

OO

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.152%)(Ê)(ƒ)

Lincoln

National

Corp.

Series

C

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.318%)(Ê)(ƒ)

M&T

Bank

Corp.

3.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.679%)(Ê)(ƒ)

MetLife

Capital

Trust

IV

7.875%

due

12/15/67

(Þ)

MetLife,

Inc.

6.400%

due

12/15/36

9.250%

due

04/08/68

(Þ)

Series

G

6.350%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.078%)(Ê)

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

661

615

PennyMac

Corp.

5.500%

due

03/15/26

745

735

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)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

Redwood

Trust,

Inc.

Series

REOP

7.750%

due

06/15/27

572

566

Reinsurance

Group

of

America,

Inc.

6.650%

due

09/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.392%)(Ê)

Repay

Holdings

Corp.

7.530%

due

02/01/26

(Þ)(ž)

SBL

Holdings,

Inc.

5.000%

due

02/18/31

(Þ)

6.500%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.620%)(Ê)(ƒ)(Þ)

7.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.580%)(Ê)(ƒ)(Þ)

Square,

Inc.

0.250%

due

11/01/27

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)

Series

J

6.700%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.628%)(Ê)(ƒ)

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

Truist

Financial

Corp.

Series

Q

5.100%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.349%)(Ê)(ƒ)

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

621

614

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

757

699

US

Bancorp

Series

J

5.300%

due

12/31/99

(CME

Term

SOFR

Month

+

3.176%)(Ê)(ƒ)

Voya

Financial,

Inc.

Series

A

6.125%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.358%)(Ê)(ƒ)

Wells

Fargo

&

Co.

5.950%

due

12/01/86

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

BB

3.900%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.453%)(Ê)(ƒ)

11,858

Health

Care

-

2.7%

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

CONMED

Corp.

2.250%

due

06/15/27

797

738

DexCom,

Inc.

0.250%

due

11/15/25

Envista

Holdings

Corp.

1.750%

due

08/15/28

582

528

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

Guardant

Health,

Inc.

5.199%

due

11/15/27

(ž)

529

Haemonetics

Corp.

5.561%

due

03/01/26

(ž)

680

650

Herbalife,

Ltd.

4.250%

due

06/15/28

533

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

792

779

Livongo

Health,

Inc.

0.875%

due

06/01/25

NeoGenomics,

Inc.

1.250%

due

05/01/25

0.250%

due

01/15/28

Novocure,

Ltd.

6.598%

due

11/01/25

(ž)

Pacira

Pharmaceutical,

Inc.

0.750%

due

08/01/25

893

880

Retrophin,

Inc.

2.500%

due

09/15/25

Teladoc

Health,

Inc.

1.250%

due

06/01/27

894

813

7,651

Materials

and

Processing

-

0.2%

MP

Materials

Corp.

0.250%

due

04/01/26

(Þ)

Producer

Durables

-

0.2%

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

700

689

Technology

-

2.5%

Airbnb,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.998%

due

03/15/26

(ž)

990

949

Bandwidth,

Inc.

0.500%

due

04/01/28

Cerence,

Inc.

1.500%

due

07/01/28

Five9,

Inc.

0.500%

due

06/01/25

845

840

Fiverr

International,

Ltd.

6.166%

due

11/01/25

(ž)

539

523

Groupon,

Inc.

1.125%

due

03/15/26

Match

Group

Financeco,

Inc.

0.875%

due

06/15/26

(Þ)

Okta,

Inc.

0.125%

due

09/01/25

638

626

0.375%

due

06/15/26

PagerDuty,

Inc.

1.250%

due

07/01/25

Porch

Group,

Inc.

0.750%

due

09/15/26

(Þ)

Snap,

Inc.

0.250%

due

05/01/25

0.125%

due

03/01/28

767

651

Unity

Software,

Inc.

5.089%

due

11/15/26

(ž)

Upwork,

Inc.

0.250%

due

08/15/26

Ziff

Davis,

Inc.

1.750%

due

11/01/26

813

764

7,028

Utilities

-

0.8%

AES

Corp.

(The)

7.600%

due

01/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.201%)(Ê)

6.950%

due

07/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.890%)(Ê)

American

Electric

Power

Co.,

Inc.

6.950%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.675%)(Ê)

7.050%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.750%)(Ê)

3.875%

due

02/15/62

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.675%)(Ê)

CenterPoint

Energy,

Inc.

6.700%

due

05/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.586%)(Ê)

Series

A

7.000%

due

02/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.254%)(Ê)

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
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)

Series

A

6.875%

due

02/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.386%)(Ê)

Series

C

4.350%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.195%)(Ê)(ƒ)

Edison

International

7.875%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.658%)(Ê)

Entergy

Corp.

7.125%

due

12/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.670%)(Ê)

EUSHI

Finance,

Inc.

Series

WI

7.625%

due

12/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.136%)(Ê)

Evergy,

Inc.

6.650%

due

06/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.558%)(Ê)

Exelon

Corp.

6.500%

due

03/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.975%)(Ê)

NextEra

Energy

Capital

Holdings,

Inc.

6.750%

due

06/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.457%)(Ê)

6.700%

due

09/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.364%)(Ê)

6.375%

due

08/15/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.053%)(Ê)

5.650%

due

05/01/79

(USD

Month

LIBOR

+

3.156%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $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

+

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Sempra

4.125%

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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)

6.875%

due

10/01/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.789%)(Ê)

2,154

40,725

International

Debt

-

20.3%

Abu

Dhabi

Developmental

Holding

Co.

PJSC

4.500%

due

05/06/30

(Þ)

Abu

Dhabi

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International

Bond

Series

REGS

3.125%

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09/30/49

(Þ)

682

Adnoc

Murban

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4.500%

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09/11/34

(Þ)

Aeropuerto

Internacional

De

Tocumen

SA

Series

REGS

5.125%

due

08/11/61

(Þ)

662

African

Export-Import

Bank

(The)

Series

REGS

3.994%

due

09/21/29

(Þ)

548

511

Algonquin

Power

&

Utilities

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01/18/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.249%)(Ê)

AltaGas,

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due

10/15/54

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.573%)(Ê)(Þ)

Angolan

Government

International

Bond

Series

REGS

9.125%

due

11/26/49

(Þ)

Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

4.125%

due

07/09/35

(~)(Ê)

611

3.500%

due

07/09/41

(~)(Ê)

AXA

SA

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

654

Multi-Strategy

Income

Fund

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#### Company

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Amounts

in

thousands

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amounts)

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#### ($)

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12/15/30

6.379%

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12/29/49

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Axian

Telecom

Series

REGS

7.375%

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02/16/27

(Þ)

Bahrain

Government

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Series

REGS

6.750%

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09/20/29

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Banco

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12/31/99

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Yield

Curve

Rate

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Banco

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Yield

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Rate

T

Note

Constant

Maturity

Year

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Banco

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Panama

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REGS

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08/11/30

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Banco

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SA

Series

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12/31/99

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

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Bank

Negara

Indonesia

Persero

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

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562

528

Bapco

Energies

BSC

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Series

REGS

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due

11/07/28

(Þ)

572

606

Barclays

Bank

PLC

6.278%

due

12/31/99

(USD

Month

LIBOR

+

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Barclays

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8.000%

due

12/31/99

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

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5.431%)(Ê)(ƒ)

9.625%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

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Bell

Canada

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09/15/55

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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)

Amounts

in

thousands

(except

share

amounts)

#### Principal

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12/31/99

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Treasury

Yield

Curve

Rate

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Note

Constant

Maturity

Year

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9.250%

due

12/31/99

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

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Brazil

Government

International

Bond

6.625%

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03/15/35

700

699

Brookfield

Infrastructure

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ULC

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03/15/55

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Treasury

Yield

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Rate

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Note

Constant

Maturity

Year

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CBB

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Programme

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WLL

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09/16/27

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Centrais

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Brasileiras

SA

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02/04/30

(Þ)

CFAMC

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04/27/27

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595

589

CFAMC

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Co.,

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02/24/30

(Þ)

China

Government

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4.125%

due

11/20/27

(Þ)

Colombia

Government

International

Bond

8.500%

due

04/25/35

8.750%

due

11/14/53

Comision

Federal

de

Electricidad

5.000%

due

07/30/49

(Þ)

Commerzbank

AG

7.500%

due

12/31/99

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SOFR

ICE

Swap

Year

Rate

+

4.322%)

(Ê)(ƒ)(Þ)

Corp.

Financiera

de

Desarrollo

SA

Series

REGS

2.400%

due

09/28/27

(Þ)

Corp.

Nacional

del

Cobre

de

Chile

Series

REGS

5.950%

due

01/08/34

(Þ)

3.150%

due

01/15/51

(Þ)

871

527

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(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)

Development

Bank

of

Kazakhstan

JSC

5.625%

due

04/07/30

(Þ)

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

DP

World

PLC

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

655

#### Russell

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#### Company

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(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

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REGS

6.850%

due

07/02/37

(Þ)

620

677

Ecopetrol

SA

4.625%

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11/02/31

8.375%

due

01/19/36

7.375%

due

09/18/43

5.875%

due

05/28/45

5.875%

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11/02/51

Ecuador

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REGS

6.900%

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07/31/30

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9.848%

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07/31/30

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5.500%

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07/31/35

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Egypt

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8.625%

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02/04/30

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Series

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8.500%

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01/31/47

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El

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9.650%

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11/21/54

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Emera,

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16-A

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06/15/76

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Month

LIBOR

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Empresa

de

Transmision

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Series

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05/02/49

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732

537

Empresa

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Series

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09/14/47

(Þ)

921

687

Enbridge,

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06/27/54

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

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5.500%

due

07/15/77

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Term

SOFR

Month

+

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6.250%

due

03/01/78

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Term

SOFR

Month

+

3.903%)(Ê)

7.375%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.708%)(Ê)

7.625%

due

01/15/83

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.418%)(Ê)

8.500%

due

01/15/84

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.431%)(Ê)

Series

16-A

6.000%

due

01/15/77

(CME

Term

SOFR

Month

+

4.152%)(Ê)

Series

20-A

5.750%

due

07/15/80

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.314%)(Ê)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

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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.

Series

REGS

6.350%

due

08/10/28

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539

533

Export-Import

Bank

of

India

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REGS

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due

01/13/31

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984

852

First

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Silver

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01/15/27

505

Franshion

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04/09/26

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4.250%

due

07/23/29

(Þ)

Freeport

Indonesia

PT

Series

REGS

6.200%

due

04/14/52

(Þ)

Georgian

Railway

JSC

Series

REGS

4.000%

due

06/17/28

(Þ)

563

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

5.000%

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07/03/29

(~)(Ê)(Þ)

Grupo

Energia

Bogota

SA

Series

REGS

4.875%

due

05/15/30

(Þ)

709

696

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

8.509%

due

01/14/29

(Þ)

HSBC

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PLC

6.500%

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09/15/37

6.500%

due

12/31/99

(USD

ICE

Swap

Rate

NY

Year

Rate

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3.606%)(Ê)(ƒ)

Hungary

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Bond

5.500%

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03/26/36

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Series

REGS

6.125%

due

05/22/28

(Þ)

Indonesia

Asahan

Aluminium

PT

/

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Industri

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PT

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5.800%

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05/15/50

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Indonesia

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4.550%

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01/11/28

3.550%

due

03/31/32

561

515

5.650%

due

01/11/53

ING

Groep

NV

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

656

Multi-Strategy

Income

Fund

#### Russell

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#### Company

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#### 2025
(Unaudited)

Amounts

in

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12/31/49

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Year

Rate

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4.875%

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12/31/99

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Treasury

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Curve

Rate

T

Note

Constant

Maturity

Year

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5.750%

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12/31/99

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Treasury

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Rate

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Instituto

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Series

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05/15/43

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762

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Ivory

Coast

Government

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8.250%

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01/30/37

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Jordan

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Series

REGS

7.500%

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01/13/29

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KazMunayGas

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6.375%

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10/24/48

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Krung

Thai

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12/31/99

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Treasury

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Rate

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Note

Constant

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Year

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600

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Treasury

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Rate

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Note

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Year

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Mazoon

Assets

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11/08/27

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545

543

Meiji

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Rate

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Note

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6.100%

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06/11/55

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Yield

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Rate

T

Note

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Year

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Mexico

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Trust

Series

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07/31/47

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Mexico

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7.375%

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05/13/55

MVM

Energetika

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06/09/28

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701

733

NatWest

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12/31/99

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Treasury

Yield

Curve

Rate

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Note

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Maturity

Year

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Nice,

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6.058%

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09/15/25

(ž)

686

671

Nigeria

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Series

REGS

9.625%

due

06/09/31

(Þ)

10.375%

due

12/09/34

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Amounts

in

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share

amounts)

#### Principal

#### Amount

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#### or

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Nordea

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12/31/99

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Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.110%)(Ê)(ƒ)(Þ)

OCP

SA

7.500%

due

05/02/54

(Þ)

Series

REGS

3.750%

due

06/23/31

(Þ)

755

667

Oman

Government

International

Bond

Series

REGS

5.375%

due

03/08/27

(Þ)

6.750%

due

10/28/27

(Þ)

OQ

SAOC

Series

REGS

5.125%

due

05/06/28

(Þ)

Pakistan

Government

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Bond

Series

REGS

6.875%

due

12/05/27

(Þ)

Pakistan

Water

and

Power

Development

Authority

7.500%

due

06/04/31

(Þ)

753

540

Panama

Government

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Bond

8.000%

due

03/01/38

4.500%

due

04/16/50

Paraguay

Government

International

Bond

6.650%

due

03/04/55

(Þ)

Pertamina

Persero

PT

Series

REGS

4.150%

due

02/25/60

(Þ)

650

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

Series

REGS

4.875%

due

07/17/49

(Þ)

Peruvian

Government

International

Bond

2.783%

due

01/23/31

5.375%

due

02/08/35

5.875%

due

08/08/54

Petrobras

Global

Finance

BV

6.900%

due

03/19/49

6.750%

due

06/03/50

6.850%

due

12/31/99

677

587

Petroleos

de

Venezuela

SA

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

Series

REGS

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

Series

REGS

5.625%

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06/19/47

(Þ)

1,231

751

Petroleos

Mexicanos

Series

REGS

6.625%

due

12/31/99

(Þ)

894

561

Series

WI

6.750%

due

09/21/47

940

630

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

657

#### Russell

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#### Company

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(Unaudited)

Amounts

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thousands

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01/23/50

827

603

Petronas

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due

01/03/31

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5.848%

due

04/03/55

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Series

REGS

3.404%

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04/28/61

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1,523

979

Philippine

Government

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5.170%

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10/13/27

1.950%

due

01/06/32

Philippines

Government

International

Bond

2.650%

due

12/10/45

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

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Qatar

Government

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4.500%

due

02/27/28

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Series

REGS

4.500%

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04/23/28

(Þ)

QazaqGaz

NC

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REGS

4.375%

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09/26/27

(Þ)

Republic

of

Azerbaijan

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Series

REGS

3.500%

due

09/01/32

(Þ)

Republic

of

Chile

Government

International

Bond

4.950%

due

01/05/36

Republic

of

Kenya

Government

International

Bond

9.500%

due

03/05/36

(Þ)

Republic

of

Poland

Government

International

Bond

4.875%

due

02/12/30

5.375%

due

02/12/35

5.500%

due

03/18/54

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

Republic

of

South

Africa

Government

International

Bond

4.300%

due

10/12/28

5.750%

due

09/30/49

Series

REGS

7.100%

due

11/19/36

(Þ)

Republic

of

Uzbekistan

Government

International

Bond

Series

REGS

3.900%

due

10/19/31

(Þ)

Republic

of

Zambia

Government

International

Bond

0.500%

due

12/31/53

(Þ)

Series

REGS

0.500%

due

12/31/53

(Þ)

Romanian

Government

International

Bond

Series

REGS

3.000%

due

02/14/31

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $7.500%

due

02/10/37

(Þ)

4.000%

due

02/14/51

(Þ)

Samruk-Kazyna

JSC

Series

REGS

2.000%

due

10/28/26

(Þ)

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

Series

REGS

2.250%

due

11/24/30

(Þ)

660

581

Saudi

Government

International

Bond

Series

REGS

4.750%

due

01/16/30

(Þ)

565

567

5.750%

due

01/16/54

(Þ)

Sea,

Ltd.

0.250%

due

09/15/26

901

843

Senegal

Government

International

Bond

Series

REGS

6.250%

due

05/23/33

(Þ)

Societe

Generale

SA

6.750%

due

12/31/99

(USD

Swap

Semiannual

30/360

[versus

Month

LIBOR]

Year

Rate

+

3.929%)(Ê)

(ƒ)(Þ)

10.000%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.448%)

(Ê)(ƒ)(Þ)

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

7.500%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.667%)(Ê)(Þ)

7.625%

due

03/01/55

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.949%)(Ê)(Þ)

Southern

Gas

Corridor

CJSC

Series

REGS

6.875%

due

03/24/26

(Þ)

524

528

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)

SSR

Mining,

Inc.

2.500%

due

04/01/39

Svenska

Handelsbanken

AB

4.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.048%)(Ê)(ƒ)(Þ)

Swedbank

AB

7.750%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.657%)(Ê)(ƒ)(Þ)

TC

Ziraat

Bankasi

AS

Series

REGS

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $8.994%

due

08/02/34

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.327%)(Ê)(Þ)

665

676

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

Series

REGS

7.000%

due

10/28/29

(Þ)

632

627

Tierra

Mojada

Luxembourg

II

Sarl

Series

REGS

5.750%

due

12/01/40

(Þ)

Toronto-Dominion

Bank

(The)

8.125%

due

10/31/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.075%)(Ê)

TransCanada

Trust

5.300%

due

03/15/77

(USD

Month

LIBOR

+

3.208%)(Ê)

5.500%

due

09/15/79

(SOFR

+

4.416%)(Ê)

5.600%

due

03/07/82

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.986%)(Ê)

Series

16-A

5.875%

due

08/15/76

(USD

Month

LIBOR

+

4.640%)(Ê)

Transnet

SOC,

Ltd.

Series

REGS

8.250%

due

02/06/28

(Þ)

607

611

Trinidad

Generation

Unlimited

Series

REGS

5.250%

due

11/04/27

(Þ)

638

610

Turkiye

Government

International

Bond

6.500%

due

01/03/35

Series

7Y

7.125%

due

02/12/32

Turkiye

Ihracat

Kredi

Bankasi

AS

Series

REGS

5.750%

due

07/06/26

(Þ)

700

695

UBS

Group

AG

6.850%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

3.630%)

(Ê)(ƒ)(Þ)

7.750%

due

12/31/99

(USD

SOFR

ICE

Swap

Year

Rate

+

4.160%)

(Ê)(ƒ)(Þ)

Series

144A

9.250%

due

12/31/99

(U.S.

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.745%)(Ê)(ƒ)(Þ)

Ukraine

Government

International

Bond

Zero

coupon

due

02/01/35

(~)(Æ)

(Ê)(Ø)(Þ)

1.750%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $3.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

8.250%

due

07/09/26

(Æ)(Ø)(Þ)

733

636

Uruguay

Government

International

Bond

5.750%

due

10/28/34

5.442%

due

02/14/37

5.250%

due

09/10/60

Uzbekneftegaz

JSC

Series

REGS

4.750%

due

11/16/28

(Þ)

687

621

Venezuela

Government

International

Bond

Series

REGS

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

8.250%

due

10/13/24

(Æ)(Ø)(Þ)

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

11.950%

due

08/05/31

(Æ)(Ø)(Þ)

Wix.com,

Ltd.

5.600%

due

08/15/25

(ž)

624

614

YPF

SA

Series

REGS

6.950%

due

07/21/27

(Þ)

8.500%

due

06/27/29

(Þ)

523

524

Ziraat

Katilim

Varlik

Kiralama

AS

9.375%

due

11/12/26

(Þ)

57,546

Non-US

Bonds

-

0.4%

AIB

Group

PLC

7.125%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

4.387%)(Ê)(ƒ)(Þ)

EUR

CaixaBank

SA

6.250%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

3.935%)(Ê)(ƒ)(Þ)

EUR

Deutsche

Bank

AG

7.375%

due

12/31/99

(EURIBOR

ICE

Swap

Rate

+

5.112%)(Ê)(ƒ)(Þ)

EUR

Lebanon

Government

International

Bond

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

Stichting

AK

Rabobank

Certificaten

6.500%

due

12/29/49

(~)(Ê)(Þ)

EUR

Telefonica

Europe

BV

6.135%

due

12/31/99

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

3.347%)(Ê)(ƒ)(Þ)

EUR

Unibail-Rodamco-Westfield

4.875%

due

12/31/49

(EUR

Swap

Annual

[versus

Month

EURIBOR]

Year

Rate

+

2.505%)(Ê)(Þ)

EUR

1,107

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$99,920)

99,378

#### Common

#### Stocks

#### -

#### 52.7%
Consumer

Discretionary

-

6.5%

Alibaba

Group

Holding,

Ltd.

62,060

931

Alibaba

Group

Holding,

Ltd.

-

ADR

1,265

Allegro.eu

SA(Æ)(Þ)

4,703

Amazon.com,

Inc.(Æ)

5,883

1,085

Americana

Restaurants

International

PLC

49,778

Anta

Sports

Products,

Ltd.

17,600

Aristocrat

Leisure,

Ltd.

4,502

Autoliv,

Inc.

3,405

AutoZone,

Inc.(Æ)

Bandai

Namco

Holdings,

Inc.

1,000

Bath

&

Body

Works,

Inc.

7,432

Best

Buy

Co.,

Inc.

Bridgestone

Corp.

2,000

BYD

Co.,

Ltd.

Class

H

6,500

Caesars

Entertainment,

Inc.(Æ)

8,254

Cie

Financiere

Richemont

SA

Class

A

2,301

Cie

Generale

des

Etablissements

Michelin

SCA

8,606

Comcast

Corp.

Class

A

2,163

Costco

Wholesale

Corp.

552

549

CTS

Eventim

AG

&

Co.

KGaA

Daiwa

House

Industry

Co.,

Ltd.

600

Dassault

Aviation

SA

Dave

&

Buster's

Entertainment,

Inc.

(Æ)

7,897

Davide

Campari-Milano

NV

51,513

De'

Longhi

SpA

748

Deckers

Outdoor

Corp.(Æ)

2,030

Denny's

Corp.(Æ)

56,863

Diageo

PLC

7,238

DiDi

Global,

Inc.

-

ADR(Æ)

8,336

DR

Horton,

Inc.

DraftKings,

Inc.

Class

A(Æ)

2,456

eBay,

Inc.

592

Ferguson

Enterprises,

Inc.

Ferrari

NV

Flutter

Entertainment

PLC(Æ)

1,119

Ford

Otomotiv

Sanayi

AS

1,652

Fox

Corp.

Class

B

4,741

Games

Workshop

Group

PLC

Gap,

Inc.

(The)

4,781

General

Motors

Co.

6,090

Genuine

Parts

Co.

Gildan

Activewear,

Inc.

Class

A

7,323

Grab

Holdings,

Ltd.

Class

A(Æ)

15,759

H

World

Group,

Ltd.

24,900

Hermes

International

Home

Depot,

Inc.

(The)

Honda

Motor

Co.,

Ltd.

1,600

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Howden

Joinery

Group

PLC

25,764

Hyundai

Department

Store

Co.,

Ltd.

2,194

Industria

de

Diseno

Textil

SA

7,396

InterContinental

Hotels

Group

PLC

1,462

ITOCHU

Corp.

6,700

JB

Hi-Fi,

Ltd.

1,419

JD.com,

Inc.

Class

A

4,100

Kuaishou

Technology(Æ)(Þ)

31,600

Kyocera

Corp.

8,700

Lennar

Corp.

Class

A

Li

Auto,

Inc.

-

ADR(Æ)

4,613

Li

Auto,

Inc.

Class

A(Æ)

7,600

Lithia

Motors,

Inc.

Class

A

LVMH

Moet

Hennessy

Louis

Vuitton

SE

Matthews

International

Corp.

Class

A

9,812

Mazda

Motor

Corp.

7,100

McDonald's

Corp.

1,179

Meituan

Class

B(Æ)(Þ)

10,300

MercadoLibre,

Inc.(Æ)

Midea

Group

Co.,

Ltd.

Class

A

7,100

Moncler

SpA

598

Netflix,

Inc.

Class

B(Æ)

Next

PLC

1,251

NIKE,

Inc.

Class

B

1,260

Nintendo

Co.,

Ltd.

800

Omnicom

Group,

Inc.

O'Reilly

Automotive,

Inc.(Æ)

Oriental

Holdings

BHD

21,374

Pernod

Ricard

SA

1,735

PulteGroup,

Inc.

Rational

AG

Rolls-Royce

Holdings

PLC

21,891

Santos

Brasil

Participacoes

SA

29,850

Scout24

SE(Þ)

1,170

SEA,

Ltd.

-

ADR(Æ)

2,003

Secom

Co.,

Ltd.

600

Sekisui

Chemical

Co.,

Ltd.

5,300

SJM

Holdings,

Ltd.(Æ)

103,000

Spectris

PLC

13,357

Subaru

Corp.

1,900

Target

Corp.

Tencent

Holdings,

Ltd.

18,532

1,150

Tencent

Holdings,

Ltd.

-

ADR

1,327

Tesla,

Inc.(Æ)

806

Thule

Group

AB

(The)(Þ)

2,222

TJX

Cos.,

Inc.

(The)

1,700

Toyota

Industries

Corp.

2,200

Tri

Pointe

Homes,

Inc.(Æ)

11,692

Universal

Music

Group

NV

4,577

Volkswagen

AG

593

Walmart,

Inc.

1,893

Weichai

Power

Co.,

Ltd.

Class

A

43,600

Williams-Sonoma,

Inc.

939

Wolters

Kluwer

NV

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wuliangye

Yibin

Co.,

Ltd.

Class

A

1,800

Yamaha

Corp.

32,000

18,264

Consumer

Staples

-

2.6%

Albertsons

Cos.,

Inc.

Class

A

1,078

Alimentation

Couche-Tard,

Inc.

Altria

Group,

Inc.

5,811

Ambev

SA

49,469

Anheuser-Busch

InBev

SA

3,068

Archer-Daniels-Midland

Co.

Asahi

Group

Holdings,

Ltd.

1,500

Astarta

Holding

PLC

2,570

Barry

Callebaut

AG

Beiersdorf

AG

BIM

Birlesik

Magazalar

AS

5,204

BrasilAgro

-

Companhia

Brasileira

de

Propiedades

Agricolas

5,335

British

American

Tobacco

PLC

1,163

Campbell

Co.

(The)

Carrefour

SA

6,297

Chagee

Holdings,

Ltd.

-

ADR(Æ)

511

China

Mengniu

Dairy

Co.,

Ltd.

70,000

China

Resources

Beverage

Holdings

Co,

Ltd.(Æ)

43,750

Church

&

Dwight

Co.,

Inc.

Clorox

Co.

(The)

Coca-Cola

Co.

(The)

4,594

Coca-Cola

Icecek

AS

40,040

Colgate-Palmolive

Co.

5,323

Conagra

Brands,

Inc.

577

CP

ALL

PCL

38,700

CVS

Health

Corp.

584

DO

&

CO

AG(Æ)

Essity

Aktiebolag

Class

B

595

First

Pacific

Co.,

Ltd.

68,000

First

Resources,

Ltd.

49,700

General

Mills,

Inc.

1,868

Genting

Plantations

Bhd

30,500

George

Weston,

Ltd.

Golden

Agri-Resources,

Ltd.

837,120

Grocery

Outlet

Holding

Corp.(Æ)

12,462

GS

Holdings

Corp.

2,690

Haleon

PLC

38,208

Henkel

AG

&

Co.

KGaA

Hershey

Co.

(The)

Hormel

Foods

Corp.

995

Imperial

Tobacco

Group

PLC

1,101

Japan

Tobacco,

Inc.

700

JDE

Peet's

NV

2,053

JM

Smucker

Co.

(The)

Kao

Corp.

500

Kato

Sangyo

Co.,

Ltd.

600

Kellanova

1,175

Keurig

Dr

Pepper,

Inc.

2,692

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kimberly-Clark

Corp.

1,201

Kirin

Holdings

Co.,

Ltd.

1,300

Koninklijke

Ahold

Delhaize

NV

590

Kraft

Heinz

Co.

(The)

801

Kroger

Co.

(The)

2,335

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

130,305

—

Loblaw

Cos.,

Ltd.

Marks

&

Spencer

Group

PLC

21,109

McCormick

&

Co.,

Inc.

808

Metro,

Inc.

Class

A

Mondelez

International,

Inc.

Class

A

3,515

Monster

Beverage

Corp.(Æ)

4,824

National

Vision

Holdings,

Inc.(Æ)

27,580

PepsiCo,

Inc.

2,395

Philip

Morris

International,

Inc.

2,608

Procter

&

Gamble

Co.

(The)

2,314

Puregold

Price

Club,

Inc.

17,454

Raia

Drogasil

SA

10,573

Tyson

Foods,

Inc.

Class

A

1,193

Unicharm

Corp.

22,700

Unilever

PLC

2,886

Uni-President

Enterprises

Corp.

23,000

Wal-Mart

de

Mexico

SAB

de

CV

38,249

WH

Group,

Ltd.(Þ)

170,379

Zabka

Group

SA(Æ)

12,298

7,354

Energy

-

1.7%

Baker

Hughes

Co.

2,744

Cenovus

Energy,

Inc.

16,591

Chevron

Corp.

1,294

Coterra

Energy,

Inc.

3,268

Ecopetrol

SA

-

ADR

4,238

EOG

Resources,

Inc.

1,954

EQT

Corp.

3,341

Equinor

ASA

Class

N

1,281

Eramet

SA

743

Expro

Group

Holdings

NV(Æ)

15,927

Exxon

Mobil

Corp.

4,610

Gazprom

PJSC(Æ)(Š)

376,946

—

Imperial

Oil,

Ltd.

500

Japan

Petroleum

Exploration

Co.,

Ltd.

6,000

Kinder

Morgan,

Inc.

1,368

Matrix

Service

Co.(Æ)

11,373

NAC

Kazatomprom

JSC

-

GDR(Þ)

5,048

Nexgen

Energy,

Ltd.(Æ)

10,417

Paladin

Energy,

Ltd.(Æ)

32,367

Petroleo

Brasileiro

SA

-

ADR

17,713

Phillips

Range

Resources

Corp.

4,303

Reliance

Industries,

Ltd.

-

GDR(Þ)

5,193

Schneider

Electric

SE

1,368

Shell

PLC

6,393

Suncor

Energy,

Inc.

1,246

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Targa

Resources

Corp.

1,787

TechnipFMC

PLC

6,237

Teck

Resources,

Ltd.

Class

B

4,616

Tongwei

Co.,

Ltd.

Class

A

39,300

TotalEnergies

SE

778

Tourmaline

Oil

Corp.

1,077

Tullow

Oil

PLC(Æ)

92,600

Viper

Energy,

Inc.

3,228

Williams

Cos.,

Inc.

(The)

5,733

YPF

SA

-

ADR(Æ)

4,826

Financial

Services

-

15.0%

ABN

AMRO

Bank

NV(Þ)

7,538

Aedifica

SA(ö)

1,344

Aflac,

Inc.

2,078

Agree

Realty

Corp.(ö)

2,382

AIA

Group,

Ltd.

37,000

AIB

Group

PLC

20,309

Air

Lease

Corp.

Class

A

8,325

Akbank

TAS

50,319

Allianz

SE

Allstate

Corp.

(The)

855

Alpha

FX

Group

PLC(Þ)

2,181

Alpha

Services

and

Holdings

SA

50,354

Amadeus

IT

Group

SA

Class

A

1,338

American

Financial

Group,

Inc.

American

Homes

Rent

Class

A(ö)

3,836

Americold

Realty

Trust,

Inc.(ö)

11,289

Ameriprise

Financial,

Inc.

Arch

Capital

Group,

Ltd.

500

Argan

SA(ö)

897

Ashmore

Group

PLC

8,009

Assurant,

Inc.

Aurizon

Holdings,

Ltd.

11,595

AvalonBay

Communities,

Inc.(ö)

Azrieli

Group,

Ltd.

Baloise

Holding

AG

Banco

BTG

Pactual

SA(Æ)

16,536

Banco

Santander

SA

5,803

Bank

Central

Asia

Tbk

PT

310,182

Bank

Leumi

Le-Israel

BM

4,197

Bank

Mandiri

Persero

Tbk

PT

607,992

Bank

of

America

Corp.

8,444

Bank

of

China

(Hong

Kong),

Ltd.

6,500

Bank

of

Ireland

Group

PLC

16,822

Bank

of

Montreal

977

Bank

of

New

York

Mellon

Corp.

(The)

Bank

of

Nova

Scotia

(The)

BDO

Unibank,

Inc.

61,876

Beazley

PLC

13,495

Berkshire

Hathaway,

Inc.

Class

B(Æ)

844

BGC

Group,

Inc.

Class

A

67,119

608

Big

Yellow

Group

PLC(ö)

6,308

BlackRock,

Inc.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Blackstone,

Inc.

Class

A

1,524

BNP

Paribas

SA

1,899

Brambles,

Ltd.

11,719

British

Land

Co.

PLC

(The)(ö)

9,048

Brixmor

Property

Group,

Inc.(ö)

11,816

Broadstone

Net

Lease,

Inc.(ö)

16,029

Brookfield

Corp.

1,380

Brown

&

Brown,

Inc.

BXP,

Inc.(ö)

718

Canadian

Imperial

Bank

of

Commerce

1,785

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

124,500

Capitec

Bank

Holdings,

Ltd.

773

Catena

AB

1,220

Chailease

Holding

Co.,

Ltd.

21,000

Charles

Schwab

Corp.

(The)

4,818

Charter

Hall

Group(ö)

14,846

China

Common

Rich

Renewable

Energy

Investments,

Ltd.(Æ)(Š)

205,123

—

China

Construction

Bank

Corp.

Class

H

158,500

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

56,400

China

Merchants

Bank

Co.,

Ltd.

Class

H

20,000

China

Resources

Land,

Ltd.

43,500

Chubb,

Ltd.

Cincinnati

Financial

Corp.

645

CITIC

Securities

Co.,

Ltd.

Class

H

23,000

Citigroup,

Inc.

3,310

CK

Hutchison

Holdings,

Ltd.

Class

B

35,500

Close

Brothers

Group

PLC(Æ)

4,313

CME

Group,

Inc.

Class

A

1,904

528

Country

Garden

Services

Holdings

Co.,

Ltd.

91,000

Cresud

SACIF

y

A

-

ADR

2,144

Crown

Castle,

Inc.(ö)

5,224

552

Dai-ichi

Life

Holdings,

Inc.

4,200

DBS

Group

Holdings,

Ltd.

800

Digital

Core

REIT

Management

Pte,

Ltd.(ö)

144,600

Digital

Realty

Trust,

Inc.(ö)

6,642

1,066

DNB

Bank

ASA

919

EastGroup

Properties,

Inc.(ö)

1,351

EQT

AB

949

Equinix,

Inc.(ö)

935

805

Erie

Indemnity

Co.

Class

A

Erste

Group

Bank

AG

Essex

Property

Trust,

Inc.(ö)

975

EXOR

NV

532

Extra

Space

Storage,

Inc.(ö)

4,072

597

Fairfax

Financial

Holdings,

Ltd.

Fastighets

AB

Balder

Class

B(Æ)

17,502

Fidelity

National

Financial,

Inc.

518

FinecoBank

Banca

Fineco

SpA

11,859

Franklin

Resources,

Inc.

3,572

Frasers

Centrepoint

Trust(ö)

71,500

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

662

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Generali

1,306

Goodman

Group(ö)

25,695

Grainger

PLC

26,796

Great-West

Lifeco,

Inc.

779

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

13,746

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

530

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

1,688

Hang

Seng

Bank,

Ltd.

1,600

Hankook

Technology

Group

Co.,

Ltd.

4,240

Hannover

Rueck

SE

Hartford

Insurance

Group,

Inc.

(The)

1,172

HDFC

Bank,

Ltd.

-

ADR

9,302

676

Healthcare

Realty

Trust,

Inc.(ö)

17,433

Highwoods

Properties,

Inc.(ö)

3,921

Hiscox,

Ltd.

9,699

Hong

Kong

Exchanges

&

Clearing,

Ltd.

3,000

Hongkong

Land

Holdings,

Ltd.

7,800

Host

Hotels

&

Resorts,

Inc.(ö)

24,237

HSBC

Holdings

PLC

7,162

iA

Financial

Corp.,

Inc.

ICICI

Bank,

Ltd.

-

ADR

18,830

632

Industrivarden

AB

Class

A

580

Ingenia

Communities

Group(ö)

43,387

Insurance

Australia

Group,

Ltd.

7,375

Intact

Financial

Corp.

600

Investor

AB

Class

B

6,382

Invitation

Homes,

Inc.(ö)

21,608

739

Iron

Mountain,

Inc.(ö)

6,647

596

Itau

Unibanco

Holding

SA

-

ADR

13,759

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Post

Bank

Co.,

Ltd.

Class

A

1,600

Japan

Post

Holdings

Co.,

Ltd.

1,900

Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

2,215

542

Kasikornbank

PCL

6,400

KB

Financial

Group,

Inc.

1,375

KE

Holdings,

Inc.

-

ADR

10,330

Kemper

Corp.

11,096

656

Kilroy

Realty

Corp.(ö)

3,733

Kimco

Realty

Corp.(ö)

23,160

Klepierre

SA(ö)

5,593

Korean

Reinsurance

Co.

8,463

Lamar

Advertising

Co.

Class

A(ö)

668

Land

Securities

Group

PLC(ö)

18,878

LEG

Immobilien

SE

1,328

Link

Real

Estate

Investment

Trust(ö)

44,630

London

Stock

Exchange

Group

PLC

2,030

LondonMetric

Property

PLC(ö)

117,192

Longfor

Group

Holdings,

Ltd.(Þ)

156,500

LSR

Group

PJSC(Æ)(Š)

25,878

—

LX

Holdings

Corp.

1,079

M&T

Bank

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Manulife

Financial

Corp.

7,658

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

1,966

MasterCard,

Inc.

Class

A

1,231

675

Mercialys

SA(ö)

3,162

MetLife,

Inc.

Mid-America

Apartment

Communities,

Inc.(ö)

Millrose

Properties,

Inc.

Class

A(ö)

Mirvac

Group(ö)

84,011

Mitsubishi

Estate

Co.,

Ltd.

25,100

Mitsubishi

UFJ

Financial

Group,

Inc.

7,900

Mitsui

Fudosan

Co.,

Ltd.

45,675

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

Mizuho

Financial

Group,

Inc.

4,800

Morgan

Stanley

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

181,547

—

MS&AD

Insurance

Group

Holdings,

Inc.

3,900

Muenchener

Rueckversicherungs-

Gesellschaft

AG

656

National

Bank

Holdings

Corp.

Class

A

8,801

NatWest

Group

PLC

30,431

New

China

Life

Insurance

Co.,

Ltd.

Class

H

26,500

Newmark

Group,

Inc.

Class

A

25,830

Nippon

Accommodations

Fund,

Inc.(ö)

Nippon

Building

Fund,

Inc.(ö)

Nippon

Prologis

REIT,

Inc.(ö)

Nomura

Holdings,

Inc.

16,000

Nomura

Real

Estate

Holdings,

Inc.

6,400

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

Northern

Trust

Corp.

Nyfosa

AB

7,106

Omega

Healthcare

Investors,

Inc.(ö)

7,260

Orix

JREIT,

Inc.(ö)

Oversea-Chinese

Banking

Corp.,

Ltd.

8,700

Parkway

Life

Real

Estate

Investment

Trust(ö)

36,900

Perella

Weinberg

Partners

11,655

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

23,561

Piraeus

Financial

Holdings

SA

28,928

PNC

Financial

Services

Group,

Inc.

(The)

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

3,589

Principal

Financial

Group,

Inc.

764

Progressive

Corp.

(The)

Prologis,

Inc.(ö)

7,694

786

Prosperity

Bancshares,

Inc.

7,027

Prosus

NV

4,727

Prudential

PLC

16,859

Public

Storage(ö)

1,806

543

Qifu

Technology,

Inc.

-

ADR

3,721

Raiffeisen

Bank

International

AG

1,218

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

663

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Raymond

James

Financial,

Inc.

REA

Group,

Ltd.

651

Realty

Income

Corp.(ö)

5,060

Regions

Financial

Corp.

852

RELX

PLC

4,828

Resona

Holdings,

Inc.

23,200

Roko

AB(Æ)

Royal

Bank

of

Canada

2,371

Safestore

Holdings

PLC(ö)

15,878

Sampo

OYJ

Class

A

9,230

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

Saudi

National

Bank

(The)

7,858

SBA

Communications

Corp.(ö)

562

Sberbank

of

Russia

PJSC(Æ)(Š)

169,110

—

Schroders

PLC

16,885

SEI

Investments

Co.

SGS

SA

720

Shurgard

Self

Storage,

Ltd.(ö)

563

Simon

Property

Group,

Inc.(ö)

4,254

669

Societe

Generale

SA

968

Sprott,

Inc.

552

Standard

Bank

Group,

Ltd.

5,816

Stockland(ö)

73,921

Sumitomo

Mitsui

Financial

Group,

Inc.

900

Sun

Communities,

Inc.(ö)

4,449

554

Sun

Hung

Kai

Properties,

Ltd.

19,000

Sun

Life

Financial,

Inc.

2,138

Swiss

Prime

Site

AG

Class

A

730

Swiss

Re

AG

Swissquote

Group

Holding

SA

T

Rowe

Price

Group,

Inc.

TAG

Immobilien

AG

6,422

Talanx

AG

753

Tokio

Marine

Holdings,

Inc.

5,300

Toronto-Dominion

Bank

(The)

565

Travelers

Cos.,

Inc.

(The)

802

UBS

Group

AG

4,826

UDR,

Inc.(ö)

7,776

Unibail-Rodamco-Westfield(ö)

2,168

Unite

Group

PLC

(The)(ö)

4,071

United

Overseas

Bank,

Ltd.

800

Ventas,

Inc.(ö)

2,067

VGP

NV

621

VICI

Properties,

Inc.(ö)

7,288

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

768

Vonovia

SE

7,207

VTB

Bank

PJSC(Æ)(Š)

143,250

—

W.R.

Berkley

Corp.

1,519

Warehouses

De

Pauw

CVA(ö)

2,844

Webster

Financial

Corp.

7,720

Wells

Fargo

&

Co.

3,621

Welltower,

Inc.(ö)

10,913

1,665

Weyerhaeuser

Co.(ö)

7,790

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Wharf

Real

Estate

Investment

Co.,

Ltd.

52,000

Yellow

Cake

PLC(Æ)(Þ)

13,029

Yoma

Strategic

Holdings,

Ltd.(Æ)

417,882

Zurich

Insurance

Group

AG

42,567

Health

Care

-

4.1%

Abbott

Laboratories

2,147

AbbVie,

Inc.

790

Alcon,

Inc.

1,825

Align

Technology,

Inc.(Æ)

620

Ambu

A/S

Class

B

2,256

Amgen,

Inc.

AstraZeneca

PLC

2,328

Becton,

Dickinson

and

Co.

798

Boston

Scientific

Corp.(Æ)

Cencora,

Inc.

Class

A

Centene

Corp.(Æ)

Chemed

Corp.

ChemoMetec

A/S

1,756

Chong

Kun

Dang

Pharmaceutical

Corp.

635

Cigna

Group

(The)

968

Cooper

Cos,

Inc.

(The)(Æ)

1,402

Danaher

Corp.

622

Elevance

Health,

Inc.

Eli

Lilly

&

Co.

742

667

Enovis

Corp.

Class

W(Æ)

20,314

703

Euroapi

SA(Æ)

10,646

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

2,054

Fresenius

SE

&

Co.

KGaA

FUJIFILM

Holdings

Corp.

900

Genmab

A/S(Æ)

654

Gilead

Sciences,

Inc.

2,123

GSK

PLC

6,557

HCA

Healthcare,

Inc.

Henry

Schein,

Inc.(Æ)

Humana,

Inc.

IDEXX

Laboratories,

Inc.(Æ)

515

Innovent

Biologics,

Inc.(Æ)(Þ)

28,000

Innoviva,

Inc.(Æ)

13,996

Insulet

Corp.(Æ)

Intuitive

Surgical,

Inc.(Æ)

621

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

5,900

Johnson

&

Johnson

5,578

872

Kyorin

Pharmaceutical

Co.,

Ltd.

6,500

Labcorp

Holdings,

Inc.

Lifco

AB

Class

B

3,420

Lonza

Group

AG

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

3,000

Merck

&

Co.,

Inc.

4,674

Merck

KGaA

Molina

Healthcare,

Inc.(Æ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

664

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Novartis

AG

2,955

Novo

Nordisk

A/S

Class

B

8,128

541

Ono

Pharmaceutical

Co.,

Ltd.

1,200

Otsuka

Holdings

Co.,

Ltd.

PACS

Group,

Inc.(Æ)

2,347

Pfizer,

Inc.

7,509

Pro

Medicus,

Ltd.

702

Quest

Diagnostics,

Inc.

Regeneron

Pharmaceuticals,

Inc.

Roche

Holding

AG

692

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

Sanofi

SA

4,423

Sartorius

Stedim

Biotech

Shionogi

&

Co.,

Ltd.

1,500

Siemens

Healthineers

AG(Þ)

884

Smith

&

Nephew

PLC

16,181

Straumann

Holding

AG

Stryker

Corp.

Suzuken

Co.,

Ltd.

700

Teleflex,

Inc.

4,170

571

Terumo

Corp.

1,000

United

Therapeutics

Corp.(Æ)

UnitedHealth

Group,

Inc.

875

Vertex

Pharmaceuticals,

Inc.(Æ)

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

11,000

Zoetis,

Inc.

Class

A

11,707

Materials

and

Processing

-

3.6%

AddTech

AB

Class

B

1,702

Agnico

Eagle

Mines,

Ltd.

1,476

Aluminum

Corp.

of

China,

Ltd.

Class

A

91,400

Aluminum

Corp.

of

China,

Ltd.

Class

H

68,000

Amcor

PLC

1,272

Anglo

American

Platinum,

Ltd.

8,068

Anglo

American

PLC

4,536

Anglogold

Ashanti

PLC

12,346

521

Anhui

Conch

Cement

Co.,

Ltd.

Class

A

47,700

ArcelorMittal

SA

4,849

Aris

Mining

Corp.(Æ)

12,965

Atlas

Arteria,

Ltd.

20,638

Barrick

Gold

Corp.

15,433

Bear

Creek

Mining

Corp.(Æ)

25,338

Belimo

Holding

AG

BHP

Group,

Ltd.

3,728

BrightView

Holdings,

Inc.(Æ)

21,213

Carrier

Global

Corp.

1,901

CCL

Industries,

Inc.

Class

B

821

Cemex

SAB

de

CV

-

ADR

10,052

Century

Aluminum

Co.(Æ)

15,174

Copart,

Inc.(Æ)

1,779

CRH

PLC

666

Croda

International

PLC

7,113

Diploma

PLC

1,836

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Ecolab,

Inc.

Equinox

Gold

Corp.(Æ)

15,597

ERO

Copper

Corp.(Æ)

15,356

Fastenal

Co.

Ferroglobe

PLC

25,877

First

Quantum

Minerals,

Ltd.(Æ)

21,071

Freeport-McMoRan,

Inc.

4,107

Fresnillo

PLC

7,630

Gabriel

Resources,

Ltd.(Æ)

32,350

Geberit

AG

General

Electric

Co.

1,654

Givaudan

SA

Glencore

PLC(Æ)

78,410

Gold

Fields,

Ltd.

-

ADR

6,981

Heidelberg

Materials

AG

Holcim

AG(Æ)

1,068

Huntsman

Corp.

13,388

Impala

Platinum

Holdings,

Ltd.(Æ)

48,208

International

Tower

Hill

Mines,

Ltd.

(Æ)

18,199

Ivanhoe

Electric,

Inc.(Æ)

4,997

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

19,417

K+S

AG

10,211

Kinross

Gold

Corp.

1,672

Kronos

Worldwide,

Inc.

35,539

Linde

PLC

535

LKQ

Corp.

588

Lotte

Chemical

Corp.

1,010

Lundin

Mining

Corp.

2,822

LyondellBasell

Industries

NV

Class

A

Masco

Corp.

717

MHP

SE

-

GDR(Æ)(Þ)

14,421

Mitsui

Chemicals,

Inc.

1,700

Mondi

PLC

2,293

Newmont

Corp.

2,825

Northern

Dynasty

Minerals,

Ltd.(Æ)

61,643

Novagold

Resources,

Inc.(Æ)

22,678

Novonesis

(Novozymes)

B

Class

B

4,958

Nucor

Corp.

Nutrien,

Ltd.

866

Packaging

Corp.

of

America

Polyus

PJSC

(Æ)(Š)

—

Polyus

PJSC

-

GDR(Æ)(Þ)(Š)

57,760

—

PPG

Industries,

Inc.

Rio

Tinto

PLC

Rio

Tinto,

Ltd.

Royal

Gold,

Inc.

RPM

International,

Inc.

655

Sandstorm

Gold,

Ltd.

3,518

Seabridge

Gold,

Inc.(Æ)

13,837

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

6,250

Sherwin-Williams

Co.

(The)

Shin-Etsu

Chemical

Co.,

Ltd.

4,200

Sibanye

Stillwater,

Ltd.(Æ)

18,270

Siemens

AG

802

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

665

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

3,683

SOL

SpA

1,498

Southern

Copper

Corp.

Symrise

AG

2,115

Ternium

SA

-

ADR

1,540

thyssenkrupp

AG

7,733

UPM-Kymmene

OYJ

1,670

Vale

SA

Class

B

-

ADR

7,362

Vale

SA

13,671

Western

Copper

&

Gold

Corp.(Æ)

9,487

Zijin

Mining

Group

Co.,

Ltd.

Class

H

112,000

10,021

Producer

Durables

-

7.1%

Adyen

NV(Æ)(Þ)

Aena

SME

SA(Þ)

2,719

684

Aeroports

de

Paris

SA

1,072

Airbus

SE

1,618

Airtac

International

Group

5,000

Allfunds

Group

PLC

15,483

AO

Smith

Corp.

AP

Moller

-

Maersk

A/S

Class

B

AP

Moller

-

Maersk

A/S

Class

A

Atlas

Copco

AB

Class

B

12,268

Atlas

Copco

AB

Class

A

3,888

Auckland

International

Airport,

Ltd.

39,175

Automatic

Data

Processing,

Inc.

934

Avery

Dennison

Corp.

BAE

Systems

PLC

7,756

Brother

Industries,

Ltd.

4,100

BWX

Technologies,

Inc.

Canadian

National

Railway

Co.

1,278

Canadian

Pacific

Kansas

City,

Ltd.

2,569

Canon,

Inc.

5,800

Cellnex

Telecom

SA(Þ)

2,646

Central

Japan

Railway

Co.

800

Charoen

Pokphand

Foods

PCL

71,100

China

Communications

Services

Corp.,

Ltd.

Class

H

96,000

China

Merchants

Port

Holdings

Co.,

Ltd.

42,000

Cintas

Corp.

1,679

Cleanaway

Waste

Management,

Ltd.

43,212

Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

4,500

CSX

Corp.

10,147

Cummins,

Inc.

Custom

Truck

One

Source,

Inc.(Æ)

78,980

Danone

SA

2,192

Denso

Corp.

4,700

Deutsche

Post

AG

9,294

DL

E&C

Co.,

Ltd.

3,305

Dover

Corp.

East

Japan

Railway

Co.

1,000

Eiffage

SA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Embraer

SA

-

ADR(Æ)

869

EMCOR

Group,

Inc.

540

Enav

SpA(Þ)

6,096

Equifax,

Inc.

679

Expeditors

International

of

Washington,

Inc.

FedEx

Corp.

Fortive

Corp.

Fraport

AG

Frankfurt

Airport

Services

Worldwide(Æ)

703

Fukuda

Corp.

600

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

12,200

GE

Vernova,

Inc.

740

GEA

Group

AG

5,797

General

Dynamics

Corp.

1,114

Getlink

SE

7,751

Graco,

Inc.

1,183

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

Class

B

3,668

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

5,052

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

11,108

Guangshen

Railway

Co.,

Ltd.

Class

H

186,000

Halma

PLC

3,404

Hi

Sun

Technology

China,

Ltd.(Æ)

333,000

Holley,

Inc.(Æ)

54,701

Honeywell

International,

Inc.

1,193

Huntington

Ingalls

Industries,

Inc.

Illinois

Tool

Works,

Inc.

International

Container

Terminal

Services,

Inc.

12,690

Intertek

Group

PLC

3,543

Jacobs

Solutions,

Inc.

Japan

Airport

Terminal

Co.,

Ltd.

2,100

Jardine

Matheson

Holdings,

Ltd.

725

Kamigumi

Co.,

Ltd.

1,500

KION

Group

AG

850

Knorr-Bremse

AG

1,285

Kone

OYJ

Class

B

906

Kongsberg

Gruppen

ASA

1,635

Koninklijke

Vopak

NV

1,391

Korean

Air

Lines

Co.,

Ltd.

1,616

L3Harris

Technologies,

Inc.

Larsen

&

Toubro,

Ltd.

-

GDR(Þ)

5,062

Lockheed

Martin

Corp.

Logitech

International

SA

2,509

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

112,000

Mahindra

&

Mahindra,

Ltd.

-

GDR(Þ)

922

Marubeni

Corp.

6,700

Mettler-Toledo

International,

Inc.(Æ)

Mitsubishi

Corp.

9,911

Mitsubishi

Electric

Corp.

7,000

Mitsui

OSK

Lines,

Ltd.

3,100

Moody's

Corp.

531

Mueller

Industries,

Inc.

2,627

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

666

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MYR

Group,

Inc.(Æ)

2,052

Nestle

SA

3,478

Nippon

Yusen

4,200

Northrop

Grumman

Corp.

Otis

Worldwide

Corp.

1,416

PACCAR,

Inc.

Pan

Ocean

Co.,

Ltd.

15,317

Paychex,

Inc.

974

PHA

Co.,

Ltd.

2,491

Proficient

Auto

Logistics,

Inc.(Æ)

30,292

Qube

Holdings,

Ltd.

53,654

Real

Alloy(Š)

3,173

Republic

Services,

Inc.

Class

A

Rollins,

Inc.

5,069

Ryanair

Holdings

PLC

-

ADR

6,862

S&P

Global,

Inc.

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

5,775

Sandvik

AB

1,142

Schindler

Holding

AG

SF

Holding

Co.,

Ltd.

Class

H(Æ)

10,070

Snap-on,

Inc.

Techtronic

Industries

Co.,

Ltd.

11,000

Teledyne

Technologies,

Inc.(Æ)

Tenaris

SA

1,626

Textron,

Inc.

Trade

Desk,

Inc.

(The)

Class

A(Æ)

2,985

TransDigm

Group,

Inc.

Transurban

Group(Æ)

33,964

Trelleborg

AB

Class

B

1,631

Tutor

Perini

Corp.(Æ)

22,335

Union

Pacific

Corp.

1,060

Verisk

Analytics,

Inc.

Class

A

Vertiv

Holdings

Co.

Class

A

947

Vinci

SA

641

W.W.

Grainger,

Inc.

Wartsila

OYJ

Abp

Class

B

5,994

Waste

Connections,

Inc.

Waste

Management,

Inc.

Weir

Group

PLC

(The)

13,311

West

Japan

Railway

Co.

2,300

WSP

Global,

Inc.

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

11,500

Yangzijiang

Shipbuilding

Holdings,

Ltd.

51,937

20,198

Technology

-

8.8%

8x8,

Inc.(Æ)

145,845

AAC

Technologies

Holdings,

Inc.

27,500

Accenture

PLC

Class

A

Adobe,

Inc.(Æ)

Airbnb,

Inc.

Class

A(Æ)

2,302

Akamai

Technologies,

Inc.(Æ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Alpha

&

Omega

Semiconductor,

Ltd.

(Æ)

17,727

Alphabet,

Inc.

Class

A

5,220

829

Alphabet,

Inc.

Class

C

4,194

675

Amentum

Holdings,

Inc.(Æ)

806

ANSYS,

Inc.(Æ)

Apple,

Inc.

12,069

2,565

Applied

Materials,

Inc.

1,262

AppLovin

Corp.

Class

A(Æ)

ASM

International

NV

ASML

Holding

NV

Assa

Abloy

AB

Class

B

10,349

Atlassian

Corp.

Class

A(Æ)

1,106

Auto

Trader

Group

PLC(Þ)

5,018

Autodesk,

Inc.(Æ)

Baidu,

Inc.

Class

A(Æ)

16,150

BE

Semiconductor

Industries

NV

Bilibili,

Inc.

Class

Z(Æ)

4,160

Booking

Holdings,

Inc.

Broadcom,

Inc.

4,875

938

Cars.com,

Inc.(Æ)

19,992

CGI,

Inc.

Check

Point

Software

Technologies,

Ltd.(Æ)

Cisco

Systems,

Inc.

7,031

Cognizant

Technology

Solutions

Corp.

Class

A

Constellation

Software,

Inc.

Corning,

Inc.

3,858

DoorDash,

Inc.

Class

A(Æ)

1,462

Electronic

Arts,

Inc.

1,472

Fair

Isaac

Corp.(Æ)

Fiserv,

Inc.(Æ)

Fortinet,

Inc.(Æ)

1,068

GDS

Holdings,

Ltd.

Class

A(Æ)

7,500

Hewlett

Packard

Enterprise

Co.

1,690

Hon

Hai

Precision

Industry

Co.,

Ltd.

47,000

International

Business

Machines

Corp.

Juniper

Networks,

Inc.

2,954

Kanzhun,

Ltd.

-

ADR(Æ)

3,093

Keyence

Corp.

700

Kingsoft

Cloud

Holdings,

Ltd.(Æ)

39,731

KLA

Corp.

Lam

Research

Corp.

1,040

Leidos

Holdings,

Inc.

LG

Corp.

Class

H

2,674

Manhattan

Associates,

Inc.(Æ)

651

MediaTek,

Inc.

8,000

Meta

Platforms,

Inc.

Class

A

1,346

739

Microsoft

Corp.

5,513

2,179

MSCI,

Inc.

Class

A

504

NAVER

Corp.

592

NCR

Voyix

Corp.(Æ)

30,420

Nemetschek

SE

1,232

NetApp,

Inc.

1,116

NetEase,

Inc.

5,600

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

667

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Nokia

OYJ

32,273

NVIDIA

Corp.

11,495

1,252

Obic

Co.,

Ltd.

500

Oracle

Corp.

1,128

Orange

SA

1,553

Otsuka

Corp.

3,900

Palantir

Technologies,

Inc.

Class

A(Æ)

665

Parade

Technologies,

Ltd.

6,000

PAX

Global

Technology,

Ltd.

40,000

QUALCOMM,

Inc.

3,699

549

Reply

SpA

884

Roku,

Inc.(Æ)

923

Roper

Technologies,

Inc.

Salesforce,

Inc.

Samsung

Electronics

Co.,

Ltd.

20,610

808

SAP

SE

1,521

SES

SA

8,371

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

13,636

Silicon

Motion

Technology

Corp.

-

ADR

11,343

561

Singapore

Telecommunications,

Ltd.

124,300

SK

Hynix,

Inc.

2,180

Skyworks

Solutions,

Inc.

1,229

SoftBank

Corp.

33,000

Softcat

PLC

4,062

Spark

New

Zealand,

Ltd.

11,740

Swisscom

AG

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

41,000

1,169

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

3,334

556

Texas

Instruments,

Inc.

Tokyo

Electron,

Ltd.

1,000

Tower

Semiconductor,

Ltd.(Æ)

6,671

Trend

Micro,

Inc.

1,900

Trip.com

Group,

Ltd.

-

ADR

1,509

Uber

Technologies,

Inc.(Æ)

2,159

Vimeo,

Inc.(Æ)

103,150

520

Vivid

Seats,

Inc.

Class

A(Æ)

98,654

Vodafone

Group

PLC

110,750

25,035

Utilities

-

3.3%

Ameren

Corp.

843

American

Electric

Power

Co.,

Inc.

AT&T,

Inc.

6,595

Atmos

Energy

Corp.

BKV

Corp.(Æ)

15,290

Brookfield

Renewable

Corp.

1,859

Canadian

Natural

Resources,

Ltd.

3,787

CenterPoint

Energy,

Inc.

662

Centrais

Eletricas

Brasileiras

SA

20,470

CGN

Power

Co.,

Ltd.

Class

H(Þ)

269,000

Cheniere

Energy,

Inc.

China

Yangtze

Power

Co.,

Ltd.

Class

A

35,100

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chubu

Electric

Power

Co.,

Inc.

3,400

Cia

Paranaense

de

Energia

-

Copel

13,835

CMS

Energy

Corp.

ConocoPhillips

Consolidated

Edison,

Inc.

1,497

Constellation

Energy

Corp.

762

Deutsche

Telekom

AG

10,096

DTE

Energy

Co.

Duke

Energy

Corp.

1,086

Edison

International

2,791

EDP

Group

(Energias

de

Portugal)

SA

5,401

Elisa

OYJ

955

Emera,

Inc.

Empresa

Nacional

de

Telecomunicaciones

SA

19,136

Enbridge,

Inc.

2,935

Endesa

SA

1,011

Enel

SpA

32,407

Engie

SA

7,994

ENN

Energy

Holdings,

Ltd.

11,896

Entergy

Corp.

2,606

Evergy,

Inc.

913

Eversource

Energy

Exelon

Corp.

5,325

Expand

Energy

Corp.

1,118

Federal

Grid

Co.

-

Rosseti

PJSC(Æ)(Š)

410,745,540

—

FirstEnergy

Corp.

Fortis,

Inc.

GAIL

India,

Ltd.

-

GDR(Þ)

5,021

Gaztransport

Et

Technigaz

SA

1,329

Hong

Kong

&

China

Gas

Co.,

Ltd.

24,000

Iberdrola

SA

8,486

Inpex

Corp.

2,200

KDDI

Corp.

11,200

Kinetik

Holdings,

Inc.

838

Korea

Electric

Power

Corp.

6,393

Korea

Electric

Power

Corp.

-

ADR

3,098

Kosmos

Energy,

Ltd.(Æ)

9,337

KT

Corp.

-

ADR

7,738

LG

Uplus

Corp.

39,481

MEG

Energy

Corp.

Class

A

5,986

MTN

Group,

Ltd.

18,953

National

Grid

PLC

25,242

NextEra

Energy,

Inc.

4,254

Nippon

Telegraph

&

Telephone

Corp.

107,073

NiSource,

Inc.

2,578

Osaka

Gas

Co.,

Ltd.

2,400

Pembina

Pipeline

Corp.

6,255

PG&E

Corp.

12,923

Portland

General

Electric

Co.

7,424

Power

Assets

Holdings,

Ltd.

16,500

PPL

Corp.

2,100

PRIO

SA(Æ)

5,000

Public

Service

Enterprise

Group,

Inc.

1,662

Redeia

Corp.

SA

775

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

668

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
RusHydro

PJSC(Æ)(Š)

121,714,026

—

RWE

AG

2,503

Sempra

Energy

1,090

South

Bow

Corp.

Class

W

1,675

Southern

Co.

(The)

SSE

PLC

716

TC

Energy

Corp.

6,692

Telefonica

SA

4,022

Telstra

Group,

Ltd.

17,293

Tenaga

Nasional

BHD

25,100

Terna

-

Rete

Elettrica

Nazionale

3,742

T-Mobile

US,

Inc.

TXNM

Energy,

Inc.

1,274

Venture

Global,

Inc.

Class

A

5,353

Veolia

Environnement

SA

6,135

Verbund

AG

Class

A

824

Verizon

Communications,

Inc.

2,783

Vistra

Corp.

750

WEC

Energy

Group,

Inc.

1,970

Xcel

Energy,

Inc.

1,180

9,260

#### Total

#### Common

#### Stocks
(cost

$135,083)

149,232

#### Investments

#### in

#### Other

#### Funds

#### -

#### 0.3%
Investments

in

Other

Funds

-

0.3%

iShares

MSCI

India

ETF

16,238

870

#### Total

#### Investments

#### in

#### Other

#### Funds
(cost

$835)

870

#### Preferred

#### Stocks

#### -

#### 1.4%
Consumer

Discretionary

-

0.0%

Ford

Motor

Co.

6.500%

due

08/15/62

Consumer

Staples

-

0.1%

Dairy

Farmers

of

America,

Inc.(Þ)

7.875%

due

12/01/25(¢)

2,500

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

Energy

-

0.0%

Petroleo

Brasileiro

SA

11.216%

(Ÿ)

10,082

Financial

Services

-

1.1%

AEGON

Funding

Co.

LLC

5.100%

due

12/15/49

3,481

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

3,640

6.750%

due

03/30/64

1,814

Allstate

Corp.

(The)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $4.750%

due

07/15/25(¢)

1,426

5.100%

due

07/15/25(¢)

3,075

American

Financial

Group,

Inc.

5.125%

due

12/15/59

1,672

Apollo

Global

Management,

Inc.

7.625%

due

09/15/53

1,717

Arch

Capital

Group,

Ltd.

5.450%

due

06/15/25(¢)

1,730

4.550%

due

06/11/26(¢)

2,710

Athene

Holding,

Ltd.

7.250%

due

03/30/64

2,482

4.875%

due

12/30/25(¢)

3,149

7.750%

due

12/30/27(¢)

2,041

6.350%

due

06/30/29(¢)

3,827

Axis

Capital

Holdings,

Ltd.

5.500%

due

06/15/25(¢)

3,197

Bank

of

America

Corp.

5.000%

due

06/15/25(¢)

2,747

5.375%

due

06/15/25(¢)

2,020

5.875%

due

06/15/25(¢)

2,326

4.375%

due

11/03/25(¢)

4,038

4.125%

due

02/02/26(¢)

3,573

4.250%

due

11/17/26(¢)

3,205

4.750%

due

02/17/27(¢)

Brookfield

BRP

Holdings

Canada,

Inc.

4.875%

due

12/09/26(¢)

2,824

Brookfield

Finance,

Inc.

4.625%

due

10/16/80

1,856

Carlyle

Finance

LLC

4.625%

due

05/15/61

1,425

Corebridge

Financial,

Inc.

6.375%

due

12/15/64

Equitable

Holdings,

Inc.

5.250%

due

09/15/25(¢)

2,646

4.300%

due

03/15/26(¢)

1,887

F&G

Annuities

&

Life,

Inc.

7.950%

due

12/15/53

2,149

First

Horizon

Bank(Þ)

5.322%

due

06/16/25(¢)

Itau

Unibanco

Holding

SA

6.356%

(Ÿ)

17,669

JPMorgan

Chase

&

Co.

5.750%

due

09/01/25(¢)

1,628

4.550%

due

06/01/26(¢)

3,246

4.625%

due

06/01/26(¢)

5,698

4.200%

due

09/01/26(¢)

1,269

KKR

Group

Finance

Co.

IX

LLC

4.625%

due

04/01/61

3,168

Lincoln

National

Corp.

9.000%

due

12/01/27(¢)

1,238

M&T

Bank

Corp.

7.500%

due

06/15/29(¢)

3,852

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

669

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
MetLife,

Inc.

4.750%

due

09/15/25(¢)

3,447

Morgan

Stanley

6.375%

due

07/15/25(¢)

1,992

6.875%

due

07/15/25(¢)

1,351

5.850%

due

04/15/27(¢)

2,636

6.500%

due

10/15/27(¢)

890

6.625%

due

10/15/29(¢)

8,153

Public

Storage

4.700%

due

06/15/25(¢)

1,510

4.750%

due

06/15/25(¢)

764

4.625%

due

06/17/25(¢)

1,957

Regions

Financial

Corp.

5.700%

due

05/15/29(¢)

1,863

RenaissanceRe

Holdings,

Ltd.

4.200%

due

07/15/26(¢)

1,466

TPG

Operating

Group

II,

LP

6.950%

due

03/15/64

2,037

Truist

Financial

Corp.

5.250%

due

09/01/25(¢)

1,586

W.R.

Berkley

Corp.

5.100%

due

12/30/59

2,169

4.250%

due

09/30/60

1,313

Wells

Fargo

&

Co.

4.750%

due

09/15/25(¢)

7,813

4.700%

due

12/15/25(¢)

3,398

4.375%

due

03/15/26(¢)

2,192

4.250%

due

09/15/26(¢)

2,644

3,045

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

3.197%

(Ÿ)

855

Technology

-

0.0%

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

3,008

United

States

Cellular

Corp.

5.500%

due

06/01/70

1,555

Utilities

-

0.2%

AT&T,

Inc.

5.350%

due

11/01/66

1,443

4.750%

due

06/15/25(¢)

1,145

Brookfield

Infrastructure

Finance

ULC

5.000%

due

05/24/81

1,401

Brookfield

Infrastructure

Partners,

LP

5.125%

due

10/15/25(¢)

1,226

CMS

Energy

Corp.

5.875%

due

10/15/78

1,997

DTE

Energy

Co.

4.375%

due

10/15/80

1,350

4.375%

due

12/01/81

1,367

SCE

Trust

V

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.450%

due

03/15/26(¢)

1,224

SCE

Trust

VI

5.000%

due

06/15/25(¢)

1,596

SCE

Trust

VII

7.500%

due

11/22/28(¢)

4,098

SCE

Trust

VIII

6.950%

due

05/13/29(¢)

2,614

Southern

Co.

(The)

4.950%

due

01/30/80

2,172

6.500%

due

03/15/85

1,716

Telephone

and

Data

Systems,

Inc.

6.625%

due

03/31/26(¢)

1,893

United

States

Cellular

Corp.

6.250%

due

09/01/69

2,120

5.500%

due

03/01/70

1,039

594

#### Total

#### Preferred

#### Stocks
(cost

$4,333)

4,158

#### Short-Term

#### Investments

#### -

#### 7.2%
U.S.

Cash

Management

Fund(@)

20,301,261

(∞)

20,295

#### Total

#### Short-Term

#### Investments
(cost

$20,296)

20,295

#### Total

#### Investments

#### -

#### 96.7%
(identified

cost

$260,467)

273,933

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 3.3%
9,395

#### Net

#### Assets

#### -

#### 100.0%
283,328

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

670

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $17.5%

ABN

AMRO

Bank

NV

03/23/23

EUR

7,538

15.92 120

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/29/25

243,000

99.40 242

Abu

Dhabi

Government

International

Bond

11/02/22

682,000

69.39 473

Adnoc

Murban

Rsc,

Ltd.

09/04/24

356,000

99.05 353

Adyen

NV

09/10/24

EUR

1,434.65

Aena

SME

SA

11/09/15

EUR

2,719

162.71 398

684

Aeropuerto

Internacional

De

Tocumen

SA

02/16/23

662,000

79.56 527

African

Export-Import

Bank

(The)

12/15/22

548,000

90.48 496

511

AIB

Group

PLC

04/24/24

EUR

200,000

107.37 215

Allegro.eu

SA

03/20/25

PLN

4,703

8.02 38

Alpha

FX

Group

PLC

07/25/24

GBP

2,181

28.67 63

AltaGas,

Ltd.

09/16/24

77,000

99.99 77

Angolan

Government

International

Bond

03/04/25

289,000

80.07 231

Ares

Finance

Co.

III

LLC

06/24/21

60,000

100.00 60

Auto

Trader

Group

PLC

06/28/24

GBP

5,018

10.75 54

AXA

SA

03/30/23

100,000

103.98 104

Axian

Telecom

03/08/23

381,000

96.18 366

Bahrain

Government

International

Bond

09/24/24

200,000

104.58 209

Banco

del

Estado

de

Chile

04/24/25

200,000

103.92 208

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

02/16/23

200,000

93.80 188

Banco

Nacional

de

Panama

01/23/24

203,000

80.36 163

Bank

Negara

Indonesia

Persero

Tbk

PT

02/15/24

562,000

91.24 513

528

Bapco

Energies

BSC

Closed

03/22/22

572,000

104.66 599

606

BNP

Paribas

SA

08/08/22

200,000

100.00 200

BNP

Paribas

SA

11/21/22

200,000

103.25 206

BNP

Paribas

SA

04/02/25

200,000

104.25 208

CaixaBank

SA

01/16/25

EUR

200,000

103.77 208

CBB

International

Sukuk

Programme

Co.

WLL

07/18/24

400,000

96.00 384

Cellnex

Telecom

SA

10/07/22

EUR

2,646

31.87 84

Centrais

Eletricas

Brasileiras

SA

07/23/24

350,000

91.97 322

CFAMC

III

Co.,

Ltd.

02/16/23

595,000

94.46 562

589

CFAMC

IV

Co.,

Ltd.

03/09/23

377,000

78.90 297

CGN

Power

Co.,

Ltd.

10/28/22

HKD

269,000

0.28 75

China

Government

International

Bond

11/13/24

473,000

99.62 471

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

56,400

1.70 96

Comision

Federal

de

Electricidad

03/20/25

366,667

84.78 311

Commerzbank

AG

10/01/24

200,000

100.00 200

Corp.

Financiera

de

Desarrollo

SA

02/16/23

200,000

92.47 185

Corp.

Nacional

del

Cobre

de

Chile

03/22/22

871,000

81.05 706

527

Corp.

Nacional

del

Cobre

de

Chile

09/05/23

220,000

99.90 220

Costa

Rica

Government

International

Bond

10/23/24

232,000

103.74 241

Dai-ichi

Life

Insurance

Co.

Ltd.

(The)

01/07/25

200,000

100.00 200

Dairy

Farmers

of

America,

Inc.

08/05/16

2,500

106.50 266

Deutsche

Bank

AG

11/14/24

EUR

200,000

105.28 211

Development

Bank

of

Kazakhstan

JSC

03/27/25

200,000

99.68 199

Dominican

Republic

Government

International

Bond

03/20/23

269,000

98.40 265

DP

World

PLC

03/22/22

620,000

115.61 717

677

Ecuador

Government

International

Bond

10/03/22

269,662

47.20 127

Ecuador

Government

International

Bond

02/29/24

70,759

51.28 36

Ecuador

Government

International

Bond

02/13/25

86,404

69.76 60

Egypt

Government

International

Bond

06/28/24

400,000

75.22 301

Egypt

Government

International

Bond

01/28/25

200,000

100.00 200

El

Salvador

Government

International

Bond

03/06/25

171,000

103.54 177

Empresa

de

Transmision

Electrica

SA

03/22/22

732,000

99.98 732

537

Empresa

Nacional

del

Petroleo

03/22/22

921,000

84.03 774

687

Enav

SpA

04/11/25

EUR

6,096

4.04 25

Eskom

Holdings

SOC,

Ltd.

03/22/22

539,000

101.39 546

533

Export-Import

Bank

of

India

03/22/22

984,000

88.24 882

852

Farm

Credit

Bank

of

Texas

07/15/20

125,000

1.00 125

First

Horizon

Bank

12/07/22

808.04 104

Franshion

Brilliant,

Ltd.

07/26/22

342,000

78.29 268

Franshion

Brilliant,

Ltd.

10/19/22

300,000

90.04 270

Freeport

Indonesia

PT

04/22/24

200,000

94.72 189

GA

Global

Funding

Trust

06/24/21

115,000

99.03 114

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

671

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
GAIL

India,

Ltd.

10/04/24

5,021

1,673.55

Georgian

Railway

JSC

03/22/22

563,000

91.01 512

Ghana

Government

International

Bond

10/10/24

112,288

88.63 99

Ghana

Government

International

Bond

11/20/24

164,082

89.39 147

Global

Atlantic

Finance

Co.

06/04/24

82,000

100.04 82

Grupo

Energia

Bogota

SA

03/22/22

709,000

101.15 717

696

Guatemala

Government

International

Bond

06/06/23

294,000

100.00 294

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/02/22

1,688

8.82 15

Hartford

Financial

Services

Group,

Inc.

(The)

02/05/21

61,000

94.72 58

Hat

Holdings

I

LLC

10/13/23

271,000

100.00 271

Hazine

Mustesarligi

Varlik

Kiralama

AS

11/07/23

352,000

100.61 354

Hungary

Government

International

Bond

07/25/23

295,000

100.42 296

Hungary

Government

International

Bond

01/03/24

217,000

98.05 213

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

03/09/23

200,000

88.11 176

ING

Groep

NV

10/13/22

200,000

68.98 138

ING

Groep

NV

09/25/24

200,000

107.75 215

Innovent

Biologics,

Inc.

02/23/24

HKD

28,000

4.98 139

Instituto

Costarricense

de

Electricidad

03/22/22

762,000

79.73 608

675

Ivory

Coast

Government

International

Bond

01/23/24

200,000

98.21 196

Jordan

Government

International

Bond

01/17/24

273,000

99.13 271

KazMunayGas

National

Co.

JSC

03/22/22

464,000

91.11 423

Krung

Thai

Bank

PCL

10/19/22

600,000

78.57 471

582

Kuaishou

Technology

06/10/22

HKD

31,600

7.18 227

Land

O'Lakes,

Inc.

03/28/17

185,000

100.00 185

Larsen

&

Toubro,

Ltd.

05/10/22

5,062

36.64 185

Lebanon

Government

International

Bond

10/31/22

483,000

9.56 46

Lenta

International

Co.

PJSC

01/07/19

130,305

—

—

Longfor

Group

Holdings,

Ltd.

06/23/23

HKD

156,500

1.57 246

Mahindra

&

Mahindra,

Ltd.

02/10/25

922

36.49 34

Match

Group

Financeco,

Inc.

11/01/23

221,000

94.25 208

Mazoon

Assets

Co.

SAOC

03/22/22

545,000

101.84 555

543

Meiji

Yasuda

Life

Insurance

Co.

03/04/25

200,000

100.00 200

Meiji

Yasuda

Life

Insurance

Co.

04/15/25

200,000

96.25 192

Meituan

03/07/25

HKD

10,300

21.21 218

MetLife

Capital

Trust

IV

12/09/22

150,000

106.36 160

MetLife,

Inc.

07/14/16

125,000

138.87 174

Mexico

City

Airport

Trust

03/22/22

213,000

88.37 188

MHP

SE

03/16/21

14,421

5.59 81

MP

Materials

Corp.

03/19/24

463,000

94.24 436

MVM

Energetika

Zrt.

01/23/24

701,000

102.73 720

733

NAC

Kazatomprom

JSC

12/17/19

5,048

13.00 66

Nigeria

Government

International

Bond

02/14/25

200,000

101.87 204

Nigeria

Government

International

Bond

03/03/25

290,000

104.45 303

Nordea

Bank

Abp

09/15/20

200,000

113.66 227

OCP

SA

03/22/22

755,000

91.92 694

667

OCP

SA

04/24/24

103,000

97.29 100

Oman

Government

International

Bond

09/20/22

360,000

101.32 365

Oman

Government

International

Bond

12/03/24

231,000

99.96 231

OQ

SAOC

03/22/22

418,000

99.71 417

Pakistan

Government

International

Bond

01/21/25

218,000

92.67 202

Pakistan

Water

and

Power

Development

Authority

03/22/22

753,000

73.76 555

540

Paraguay

Government

International

Bond

02/25/25

200,000

100.00 200

Pertamina

Persero

PT

04/18/22

650,000

82.01 533

Perusahaan

Perseroan

(Persero)

PT

Perusahaan

Listrik

Negara

07/25/23

318,000

83.17 264

Petroleos

de

Venezuela

SA

01/15/25

77,000

11.57 9

Petroleos

de

Venezuela

SA

01/15/25

283,600

14.79 42

Petroleos

del

Peru

SA

03/22/22

1,231,000

68.87 900

751

Petroleos

Mexicanos

03/22/22

894,000

64.84 580

561

Petronas

Capital,

Ltd.

04/01/22

1,523,000

77.51 1,277

979

Petronas

Capital,

Ltd.

03/26/25

200,000

100.00 200

Petronas

Capital,

Ltd.

03/26/25

200,000

99.83 200

Polyus

PJSC

10/20/22

—

—

—

Porch

Group,

Inc.

12/20/24

467,000

83.65 391

Port

of

Spain

Waterfront

Development

02/11/25

200,000

99.34 199

Qatar

Government

International

Bond

10/30/23

344,000

98.11 337

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

672

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Qatar

Government

International

Bond

02/20/25

200,000

99.80 200

QazaqGaz

NC

JSC

03/22/22

200,000

95.70 191

Reliance

Industries,

Ltd.

03/21/22

5,193

58.00 301

Repay

Holdings

Corp.

05/26/23

92,000

93.99 86

Republic

of

Azerbaijan

Government

International

Bond

09/21/22

108,000

86.17 93

Republic

of

Kenya

Government

International

Bond

02/26/25

200,000

97.22 194

Republic

of

Serbia

Government

International

Bond

06/05/24

200,000

98.00 196

Republic

of

South

Africa

Government

International

Bond

04/16/25

200,000

93.26 187

Republic

of

Uzbekistan

Government

International

Bond

03/03/25

200,000

85.16 170

Republic

of

Zambia

Government

International

Bond

06/28/24

52,899

49.22 26

Republic

of

Zambia

Government

International

Bond

04/07/25

66,000

49.57 33

Romanian

Government

International

Bond

02/12/24

438,000

68.05 298

Romanian

Government

International

Bond

01/29/25

138,000

83.05 115

Romanian

Government

International

Bond

04/28/25

100,000

100.02 100

Samruk-Kazyna

JSC

03/22/22

200,000

95.26 190

Samsung

Biologics

Co.,

Ltd.

02/14/25

KRW

756.13 140

Saudi

Arabian

Oil

Co.

03/22/22

660,000

93.91 620

581

Saudi

Arabian

Oil

Co.

07/10/24

316,000

97.65 309

Saudi

Government

International

Bond

10/18/24

565,000

99.76 564

567

Saudi

Government

International

Bond

01/24/25

200,000

93.97 188

SBL

Holdings,

Inc.

02/04/20

85,000

85.44 73

SBL

Holdings,

Inc.

06/17/21

129,000

96.86 125

SBL

Holdings,

Inc.

12/09/24

39,000

91.32 36

Scout24

SE

07/25/24

EUR

1,170

88.60 104

Senegal

Government

International

Bond

03/03/25

200,000

78.65 157

Shandong

Gold

Mining

Co.,

Ltd.

04/23/25

HKD

6,250

3.02 19

Siemens

Healthineers

AG

10/14/22

EUR

884

47.03 42

Signify

NV

06/10/22

EUR

13,636

29.38 401

Societe

Generale

SA

11/07/23

200,000

100.00 200

Societe

Generale

SA

01/21/25

200,000

95.88 192

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

08/14/24

77,000

100.30 77

South

Bow

Canadian

Infrastructure

Holdings,

Ltd.

08/14/24

99,000

100.65 100

Southern

Gas

Corridor

CJSC

03/22/22

524,000

101.40 531

528

Sri

Lanka

Government

International

Bond

12/20/24

33,612

69.41 23

Sri

Lanka

Government

International

Bond

12/20/24

147,001

70.90 104

Sri

Lanka

Government

International

Bond

12/20/24

131,253

72.21 95

Stichting

AK

Rabobank

Certificaten

05/03/24

EUR

87,100

116.52 101

Svenska

Handelsbanken

AB

07/26/24

200,000

87.55 175

Swedbank

AB

02/06/24

200,000

100.00 200

TC

Ziraat

Bankasi

AS

01/15/25

665,000

102.69 683

676

Telecommunications

Co.

Telekom

Srbija

AD

Belgrade

12/12/24

632,000

100.09 633

627

Telefonica

Europe

BV

01/25/23

EUR

100,000

109.15 109

Thule

Group

AB

(The)

11/01/24

SEK

2,222

33.20 74

Tierra

Mojada

Luxembourg

II

Sarl

10/19/22

216,818

70.12 152

Transnet

SOC,

Ltd.

07/25/23

607,000

99.69 605

611

Trinidad

Generation

Unlimited

12/12/24

638,000

98.67 630

610

Turkiye

Ihracat

Kredi

Bankasi

AS

03/22/22

700,000

97.49 682

695

UBS

Group

AG

01/17/24

200,000

105.70 211

UBS

Group

AG

09/16/24

200,000

101.05 202

UBS

Group

AG

01/15/25

200,000

103.63 207

Ukraine

Government

International

Bond

08/30/24

72,086

43.23 31

Ukraine

Government

International

Bond

08/30/24

324,801

46.09 150

Ukraine

Government

International

Bond

10/10/24

152,819

57.17 87

Ukraine

Railways

Via

Rail

Capital

Markets

PLC

07/23/24

732,610

86.26 632

636

Unibail-Rodamco-Westfield

03/26/25

EUR

100,000

106.91 107

Uzbekneftegaz

JSC

03/22/22

687,000

85.34 586

621

Venezuela

Government

International

Bond

03/22/24

169,300

21.28 36

Venezuela

Government

International

Bond

07/30/24

130,700

15.01 20

Venezuela

Government

International

Bond

09/12/24

119,500

16.24 19

Venezuela

Government

International

Bond

03/07/25

79,800

18.49 15

Venezuela

Government

International

Bond

03/27/25

24,500

100.00 24

WH

Group,

Ltd.

09/10/24

HKD

170,379

0.81 137

WuXi

AppTec

Co.,

Ltd.

12/17/24

HKD

11,000

7.48 82

Yellow

Cake

PLC

09/23/19

GBP

13,029

2.54 33

YPF

SA

02/16/23

166,000

88.68 147

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

673

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
YPF

SA

07/25/23

523,000

90.64 474

524

Ziraat

Katilim

Varlik

Kiralama

AS

03/14/24

342,000

103.35 353

49,476

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

4,489

06/25

Long

Gilt

Futures

GBP

3,554

06/25

SPI

Index

Futures

AUD

814

06/25

TOPIX

Index

Futures

JPY

106,580

06/25

United

States

Year

Treasury

Note

Futures

USD

13,530

06/25

United

States

Year

Treasury

Note

Futures

USD

31,776

06/25

557

United

States

Year

Treasury

Note

Futures

USD

49,601

06/25

741

United

States

Year

Ultra

Treasury

Note

Futures

USD

8,261

06/25

United

States

Treasury

Long

Bond

Futures

USD

1,050

06/25

United

States

Treasury

Ultra

Bond

Futures

USD

5,930

06/25

(88) Short

Positions

Canadian

Year

Government

Bond

Futures

CAD

3,091

06/25

EURO

STOXX

Index

Futures

EUR

2,758

06/25

Euro-Bund

Futures

EUR

3,558

06/25

(20) FTSE

Index

Futures

GBP

1,270

06/25

Hang

Seng

Index

Futures

HKD

61,841

05/25

(66) Japanese

Year

Government

Bond

Futures

JPY

984,550

06/25

(145) MSCI

Emerging

Markets

Index

Futures

USD

944

06/25

NASDAQ

E-Mini

Index

Futures

USD

12,188

06/25

Russell

2000

E-Mini

Index

Futures

USD

7,978

06/25

S&P

500

E-Mini

Index

Futures

USD

8,381

06/25

S&P/TSX

Index

Futures

CAD

4,485

06/25

(42) United

States

Year

Treasury

Note

Futures

USD

1,092

06/25

(17) United

States

Treasury

Ultra

Bond

Futures

USD

06/25

Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

2,083

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

USD

795

CAD

1,100

06/18/25

Bank

of

America

PLN

USD

05/02/25

—

Bank

of

America

SEK

8,100

USD

832

06/18/25

(8) Bank

of

America

ZAR

3,793

USD

05/02/25

(1) Bank

of

New

York

USD

CAD

622

05/13/25

Bank

of

New

York

USD

GBP

05/13/25

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

674

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
BNP

Paribas

USD

AUD

06/18/25

BNP

Paribas

USD

1,048

CHF

918

06/18/25

BNP

Paribas

USD

JPY

12,798

06/18/25

BNP

Paribas

CAD

USD

06/18/25

(14) BNP

Paribas

DKK

4,682

USD

687

06/18/25

(25) BNP

Paribas

EUR

560

USD

613

06/18/25

(23) BNP

Paribas

GBP

648

USD

838

06/18/25

(26) BNP

Paribas

HKD

12,711

USD

1,639

06/18/25

(1) BNP

Paribas

NOK

2,018

USD

06/18/25

(5) Brown

Brothers

Harriman

EUR

918

USD

1,045

05/28/25

Citigroup

USD

AUD

06/18/25

Citigroup

USD

1,051

CHF

918

06/18/25

Citigroup

USD

1,112

EUR

975

06/18/25

(4) Citigroup

USD

832

GBP

625

06/18/25

Citigroup

USD

JPY

12,798

06/18/25

Citigroup

CAD

USD

06/18/25

(14) Citigroup

DKK

4,682

USD

688

06/18/25

(25) Citigroup

EUR

560

USD

614

06/18/25

(23) Citigroup

GBP

648

USD

839

06/18/25

(25) Citigroup

HKD

12,711

USD

1,639

06/18/25

(1) Citigroup

NOK

2,018

USD

06/18/25

(5) HSBC

USD

816

NOK

8,520

05/13/25

HSBC

SEK

8,124

USD

815

05/13/25

(25) JPMorgan

Chase

USD

EUR

05/13/25

JPMorgan

Chase

EUR

USD

05/13/25

—

JPMorgan

Chase

JPY

56,303

USD

05/13/25

(16) Royal

Bank

of

Canada

USD

AUD

06/18/25

Royal

Bank

of

Canada

USD

1,050

CHF

918

06/18/25

Royal

Bank

of

Canada

USD

JPY

12,798

06/18/25

Royal

Bank

of

Canada

CAD

USD

06/18/25

(14) Royal

Bank

of

Canada

DKK

4,682

USD

687

06/18/25

(26) Royal

Bank

of

Canada

EUR

560

USD

613

06/18/25

(23) Royal

Bank

of

Canada

GBP

648

USD

838

06/18/25

(26) Royal

Bank

of

Canada

HKD

12,711

USD

1,639

06/18/25

(1) Royal

Bank

of

Canada

NOK

2,018

USD

06/18/25

(5) Standard

Chartered

USD

AUD

06/18/25

Standard

Chartered

USD

1,050

CHF

918

06/18/25

Standard

Chartered

USD

JPY

12,798

06/18/25

Standard

Chartered

USD

1,109

NOK

11,800

06/18/25

Standard

Chartered

CAD

USD

06/18/25

(14) Standard

Chartered

DKK

4,682

USD

687

06/18/25

(26) Standard

Chartered

EUR

560

USD

613

06/18/25

(23) Standard

Chartered

GBP

648

USD

838

06/18/25

(26) Standard

Chartered

HKD

12,711

USD

1,639

06/18/25

(1) Standard

Chartered

NOK

2,018

USD

06/18/25

(5) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

675

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
State

Street

USD

CHF

05/13/25

—

State

Street

USD

JPY

3,727

05/13/25

—

State

Street

USD

SEK

05/13/25

—

State

Street

CAD

USD

05/13/25

—

State

Street

CHF

1,101

USD

1,251

05/13/25

(85) State

Street

GBP

USD

05/13/25

—

State

Street

NOK

USD

05/13/25

—

Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(125) #### 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

#### Fair

#### Value

#### $
CDX

NA

Emerging

Markets

Index

Bank

of

America

USD

9,500

(1.000%)

(2) 06/20/30

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

#### Credit

#### Indices

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/
(Received)

#### $

#### Unrealized

#### Appreciation

#### Fair

#### Value

#### $
CDX

NA

High

Yield

Index

Bank

of

America

USD

19,500

5.000%

(2) 06/20/30

620

851

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

620

851

Total

Open

Credit

Default

Swap

Contracts

(å)

961

1,260

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

40,725

$

—

$

—

$

40,725

.4

International

Debt

—

57,546

—

—

57,546

.3

Non-US

Bonds

—

1,107

—

—

1,107

.4

Common

Stocks

Consumer

Discretionary

8,420

9,844

—

—

18,264

.5

Consumer

Staples

4,821

2,533

—

—

7,354

.6

Energy

3,440

1,386

—

—

4,826

.7

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

676

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Financial

Services

26,346

16,221

—

—

42,567

.0

Health

Care

7,571

4,136

—

—

11,707

.1

Materials

and

Processing

5,586

4,435

—

—

10,021

.6

Producer

Durables

8,175

8,850

3,173

—

20,198

.1

Technology

17,769

7,266

—

—

25,035

.8

Utilities

5,473

3,787

—

—

9,260

.3

Investments

in

Other

Funds

870

—

—

—

870

.3

Preferred

Stocks

3,639

519

—

—

4,158

.4

Short-Term

Investments

—

—

—

20,295

20,295

.2

Total

Investments

92,110

158,355

3,173

20,295

273,933

.7

Other

Assets

and

Liabilities,

Net

.3

.0

Other

Financial

Instruments

Assets

Futures

Contracts

2,461

—

—

—

2,461

.9

Foreign

Currency

Exchange

Contracts

—

—

—

.1

Credit

Default

Swap

Contracts

—

1,260

—

—

1,260

.4

A

Liabilities

Futures

Contracts

(378)

—

—

—

(378)

(0

.1)

Foreign

Currency

Exchange

Contracts

(1)

(515)

—

—

(516)

(0

.2)

Total

Other

Financial

Instruments

\*

$

2,082

$

1,136

$

—

$

—

$

3,218

\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

.

Quantitative

Information

about

Level

Fair

Value

Measurements.

The

significant

inputs

used

in

determining

the

fair

value

levels

of

Level

securities

were

as

follows:

#### Category

#### and

#### Subcategory

#### Valuation

#### Technique(s)

#### Unobservable

#### Input(s)

#### Input/Range(s)

#### Fair

#### Value

#### ($)
Common

Stocks

Producer

Durables

Discounted

cash

flow\*\*

Discount

rate\*

13.5%

3,173

Market

approach\*\*

EBITDA

multiple\*\*\*

6.2x

Discount

to

guideline

25.3%

comparables

Total

Investments

3,173

\*

The

discount

rates

were

determined

by

calculating

the

weighted

average

cost

of

capital

for

the

companies.

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

677

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

\*\*

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

EBIDTA

multiple.

A

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

value

for

the

period

ended

April

30,

2025

were

as

follows:

#### Category

#### and

#### Subcategory

#### Beginning

#### Balance

#### 11/01/2024

#### Gross

#### Purchases

#### Gross

#### Sales

#### Accrued

#### Discounts/
(Premiums)

#### Realized

#### Gain
(Loss)

#### Net

#### Transfers

#### into

#### Level

#### 3

#### Net

#### Transfers

#### out

#### of

#### Level

#### 3

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### Ending

#### Balance

#### of

#### 4/30/2025

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### on

#### Investments

#### held

#### as

#### of

#### 4/30/2025
Long-Term

Fixed

Income

Investments

International

Debt

$13

$—

$11

$1

$(4)

$—

$—

$1

$—

$—

Common

Stocks

Producer

Durables

3,433

—

—

—

—

—

—

(260) 3,173

(260) Total

Investments

$3,446

$—

$11

$1

$(4)

$—

$—

$(259)

$3,173

$(260)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Angola

................................................................................................

Argentina

............................................................................................

1,272

Australia

.............................................................................................

3,051

Austria

................................................................................................

Azerbaijan

..........................................................................................

622

Bahrain

...............................................................................................

1,192

Belgium

..............................................................................................

Bermuda

.............................................................................................

Brazil

..................................................................................................

3,490

Canada

................................................................................................

8,003

Chile

...................................................................................................

2,242

China

..................................................................................................

10,458

Colombia

............................................................................................

1,900

Congo,

the

Democratic

Republic

of

the

.............................................

Costa

Rica

..........................................................................................

912

Denmark

.............................................................................................

1,374

Dominican

Republic

..........................................................................

Ecuador

..............................................................................................

Egypt

..................................................................................................

992

El

Salvador

.........................................................................................

Finland

...............................................................................................

716

France

.................................................................................................

5,002

Georgia

...............................................................................................

Germany

.............................................................................................

4,892

Ghana

.................................................................................................

Greece

................................................................................................

Guatemala

..........................................................................................

Hong

Kong

.........................................................................................

1,643

Hungary

..............................................................................................

1,242

India

...................................................................................................

2,796

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

678

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Indonesia

............................................................................................

3,119

Ireland

................................................................................................

868

Israel

...................................................................................................

1,633

Italy

....................................................................................................

1,587

Ivory

Coast

.........................................................................................

Japan

..................................................................................................

7,783

Jordan

.................................................................................................

Kazakhstan

.........................................................................................

1,202

Kenya

.................................................................................................

Lebanon

..............................................................................................

Luxembourg

.......................................................................................

Macao

.................................................................................................

Malaysia

.............................................................................................

1,532

Mauritius

............................................................................................

Mexico

...............................................................................................

3,817

Morocco

.............................................................................................

768

Myanmar

............................................................................................

Netherlands

........................................................................................

2,125

New

Zealand

......................................................................................

Nigeria

................................................................................................

Norway

...............................................................................................

Oman

..................................................................................................

1,558

Pakistan

..............................................................................................

731

Panama

...............................................................................................

1,647

Paraguay

.............................................................................................

Peru

....................................................................................................

1,388

Philippines

..........................................................................................

956

Poland

................................................................................................

745

Portugal

..............................................................................................

Qatar

...................................................................................................

551

Romania

.............................................................................................

Russia

.................................................................................................

—

Saudi

Arabia

.......................................................................................

1,701

Senegal

...............................................................................................

Serbia

.................................................................................................

825

Singapore

...........................................................................................

2,226

South

Africa

.......................................................................................

3,482

South

Korea

.......................................................................................

2,916

Spain

..................................................................................................

2,126

Sri

Lanka

............................................................................................

Sweden

...............................................................................................

2,106

Switzerland

........................................................................................

2,522

Taiwan

................................................................................................

3,066

Thailand

.............................................................................................

1,006

Trinidad

and

Tobago

..........................................................................

798

Turkey

................................................................................................

2,755

Ukraine

...............................................................................................

1,017

United

Arab

Emirates

.........................................................................

1,752

United

Kingdom

.................................................................................

8,223

United

States

......................................................................................

145,232

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

679

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Uruguay

..............................................................................................

503

Uzbekistan

..........................................................................................

791

Venezuela,

Bolivarian

Republic

of

....................................................

Zambia

...............................................................................................

Total

Investments

...............................................................................

273,933

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

680

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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\*

893

—

—

1,56

Credit

default

swap

contracts,

at

fair

value

—

1,260

—

—

Total

$

893

$

1,260

$

$

1,56

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

516

—

Total

$

$

—

$

516

$

#### Derivatives

#### not

#### accounted

#### for

#### as

#### hedging

#### instruments

#### Equity

#### Contracts

#### Credit

#### Contracts

#### Foreign

#### Currency

#### Contracts

#### Interest

#### Rate

#### Contracts
Location:

Statement

of

Operations

-

Net

realized

gain

(loss)

Investments\*\*

$

$

—

$

—

$

—

Futures

contracts

(4,343)

—

—

(3,040)

Options

written

—

—

—

Credit

default

swap

contracts

—

(156) —

—

Foreign

currency

exchange

contracts

—

—

2,075

—

Total

$

(4,071)

$

(156) $

2,075

$

(3,040)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Investments\*\*\*

$

$

—

$

—

$

—

Futures

contracts

,

846

—

—

,

Options

written

(45) —

—

—

Credit

default

swap

contracts

—

—

—

Foreign

currency

exchange

contracts

—

—

(1,221)

—

Total

$

1,

929

$

$

(1,221)

$

4,485

\*

Includes

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

\*\*

Includes

net

realized

gain

(loss)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

\*\*\*

Includes

net

change

in

unrealized

appreciation

(depreciation)

on

purchased

options

as

reported

in

the

Statement

of

Operations.

For

further

disclosure

on

derivatives

see

note

in

the

Notes

to

Financial

Statements.

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

681

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

1,260

—

1,260

Total

Financial

and

Derivative

Assets

1,651

—

1,651

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

1,651

$

—

$

1,651

#### Financial

#### Assets,

#### Derivative

#### Assets,

#### and

#### Collateral

#### Held

#### by

#### Counterparty

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### and

#### Derivative

#### Instruments

#### Collateral

#### Received^

#### Net

#### Amount
Bank

of

America

$

1,265

$

$

—

$

1,260

Bank

of

New

York

—

—

BNP

Paribas

—

—

Brown

Brothers

Harriman

—

—

Citigroup

—

—

HSBC

—

—

JPMorgan

Chase

—

Royal

Bank

of

Canada

—

—

Standard

Chartered

—

Total

$

1,65

$

$

—

$

1,303

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

682

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

$

516

$

—

$

516

Total

Financial

and

Derivative

Liabilities

516

—

516

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

516

$

—

$

516

#### 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

$

$

$

$

—

BNP

Paribas

—

Citigroup

—

HSBC

—

JPMorgan

Chase

—

—

Royal

Bank

of

Canada

—

Standard

Chartered

—

—

State

Street

—

—

Total

$

$

$

$

^&nbsp;&nbsp;&nbsp;&nbsp; Collateral

received

or

pledged

amounts

may

not

reconcile

to

those

disclosed

in

the

Statement

of

Assets

and

Liabilities

due

to

the

inclusion

of

off-Balance

Sheet

collateral

and

adjustments

made

to

exclude

overcollateralization.

For

further

disclosure

on

derivatives

and

counterparty

risk

see

note

in

the

Notes

to

Financial

Statements.

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

683

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

260,467

Investments,

at

fair

value(>)

........................................................................................................................................................

273,933

Foreign

currency

holdings(^)

.......................................................................................................................................................

504

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

1,915

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

609

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

9,908

Variation

margin

on

futures

contracts

..............................................................................................................................

2,086

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

1,260

Total

assets

...............................................................................................................................................................

290,964

#### Liabilities
Payables:

Due

to

custodian

..............................................................................................................................................................

Due

to

broker

(c) ..............................................................................................................................................................

5,913

Investments

purchased

.....................................................................................................................................................

580

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

516

Total

liabilities

...........................................................................................................................................................

7,636

#### Net

#### Assets

#### ...............................................................................................................................................................
$

283,328

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

684

Multi-Strategy

Income

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

(11,226)

Shares

of

beneficial

interest

.........................................................................................................................................................

Additional

paid-in

capital

............................................................................................................................................................

294,257

#### Net

#### Assets

#### ...............................................................................................................................................................
$

283,328

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

9.49 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

5.75%):

Class

A

.....................................................

$

10.07 Class

A

—

Net

assets

...........................................................................................................................................................

$

2,760,572

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

290,821

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

9.36 Class

C

—

Net

assets

...........................................................................................................................................................

$

3,014,262

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

322,137

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

9.53 Class

M

—

Net

assets

..........................................................................................................................................................

$

28,389,054

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

2,977,476

Net

asset

value

per

share:

Class

S

(#)

........................................................................................................................................

$

9.53 Class

S

—

Net

assets

..........................................................................................................................................................

$

167,748,796

Class

S

—

Shares

outstanding

($.01

par

value)

.................................................................................................................

17,601,979

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

9.56 Class

Y

—

Net

assets

...........................................................................................................................................................

$

81,415,776

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

8,520,415

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

502

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

961

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

20,295

(a) Receivable

from

Broker

for

Futures

$

9,695

(b) Receivable

from

Broker

for

Swaps

$

(c) Due

to

Broker

for

Options

$

5,913

(#)

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

685

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

4,0

Dividends

.........................................................................................................................................................................

2,16

Dividends

from

affiliated

funds

.......................................................................................................................................

Total

investment

income

..............................................................................................................................................................

6,57

#### Expenses
Advisory

fees

...................................................................................................................................................................

772

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

..............................................................................................................................................

1,340

Expense

reductions

..........................................................................................................................................................

(262) Net

expenses

................................................................................................................................................................................

1,078

Net

investment

income

(loss)

.......................................................................................................................................................

5,492

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

......................................................................................................................................................................

6,

700

Investments

in

affiliated

funds

.........................................................................................................................................

(4) Futures

contracts

..............................................................................................................................................................

(7,383)

Options

written

.................................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

2,075

Credit

default

swap

contracts

...........................................................................................................................................

(156) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

1,31

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

.....................................................................................................................................................................

(7,88

1)

Futures

contracts

..............................................................................................................................................................

6,33

Options

written

.................................................................................................................................................................

(45) Foreign

currency

exchange

contracts

...............................................................................................................................

(1,221)

Credit

default

swap

contracts

...........................................................................................................................................

Foreign

currency-related

transactions

..............................................................................................................................

(35) Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

(2,54

7)

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

(1,235)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

4,257

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

686

Multi-Strategy

Income

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

5,492

$

13,131

Net

realized

gain

(loss)

.......................................................................................................................

1,31

11,39

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

(2,54

7)

32,04

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

4,257

56,573

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(120) (110) Class

C

..........................................................................................................................................

(120) (88) Class

M

.........................................................................................................................................

(1,204)

(1,124)

Class

S

........................................................................................................................................

(7,378)

(7,033)

Class

Y

..........................................................................................................................................

(3,734)

(3,568)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(12,556)

(11,923)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(26,478)

(53,886)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(34,777)

(9,236)

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

318,105

327,341

End

of

period

.............................................................................................................................................

$

283,328

$

318,105

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

687

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(64)

(593)

(95)

(879)

Net

increase

(decrease)

(20)

(180)

(49)

(452)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(35)

(327)

(81)

(755)

Net

increase

(decrease)

(11)

(103)

(22)

(210)

Class

M

Proceeds

from

shares

sold

3,415

695

6,611

Proceeds

from

reinvestment

of

distributions

1,204

1,123

Payments

for

shares

redeemed

(687)

(6,622)

(972)

(9,151)

Net

increase

(decrease)

(198)

(2,003)

(157)

(1,417)

Class

S

Proceeds

from

shares

sold

1,239

11,880

2,344

22,143

Proceeds

from

reinvestment

of

distributions

793

7,377

753

7,027

Payments

for

shares

redeemed

(4,029)

(38,843)

(7,582)

(69,199)

Net

increase

(decrease)

(1,997)

(19,586)

(4,485)

(40,029)

Class

Y

Proceeds

from

shares

sold

747

Proceeds

from

reinvestment

of

distributions

3,734

3,568

Payments

for

shares

redeemed

(936)

(8,828)

(1,702)

(16,093)

Net

increase

(decrease)

(486)

(4,606)

(1,240)

(11,778)

Total

increase

(decrease)

(2,712)

$

(26,478)

(5,953)

$

(53,886)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

688

Multi-Strategy

Income

Fund

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain
Class

A

April

30,

2025\*

9.77 .16

(.04)

.12

(.40)

—

October

31,

2024

8.49 .36

1.24 1.60 (.32)

—

October

31,

2023

8.47 .36

.11

.47

(.45)

—

October

31,

2022

11.11 .05

(2.03)

(1.98)

(.30)

(.36)

October

31,

2021

9.39 .03

1.79 1.82 (.10)

—

October

31,

2020

10.03 .12

(.51)

(.39)

(.23)

(.02)

Class

C

April

30,

2025\*

9.63 .1

(.0

4)

.09

(.36)

—

October

31,

2024

8.38 .28

1.22 1.50 (.25)

—

October

31,

2023

8.37 .29

.11

.40

(.39)

—

October

31,

2022

10.99 (.02)

(2.00)

(2.02)

(.24)

(.36)

October

31,

2021

9.33 (.05)

1.77 1.72 (.06)

—

October

31,

2020

10.00 .04

(.50)

(.46)

(.19)

(.02)

Class

M

April

30,

2025\*

9.81 .1

(.0

5)

.13

(.41)

—

October

31,

2024

8.53 .39

1.25 1.64 (.36)

—

October

31,

2023

8.51 .39

.11

.50

(.48)

—

October

31,

2022

11.15 .08

(2.02)

(1.94)

(.34)

(.36)

October

31,

2021

9.40 .08

1.79 1.87 (.12)

—

October

31,

2020

10.05 .14

(.52)

(.38)

(.25)

(.02)

Class

S

April

30,

2025\*

9.81 .1

(.0

5)

.13

(.41)

—

October

31,

2024

8.53 .38

1.25 1.63 (.35)

—

October

31,

2023

8.50 .38

.12

.50

(.47)

—

October

31,

2022

11.15 .07

(2.03)

(1.96)

(.33)

(.36)

October

31,

2021

9.41 .06

1.79 1.85 (.11)

—

October

31,

2020

10.05 .13

(.51)

(.38)

(.24)

(.02)

Class

Y

April

30,

2025\*

9.83 .1

(.04)

.1

(.42)

—

October

31,

2024

8.55 .40

1.25 1.65 (.37)

—

October

31,

2023

8.52 .40

.12

.52

(.49)

—

October

31,

2022

11.17 .09

(2.03)

(1.94)

(.35)

(.36)

October

31,

2021

9.43 .09

1.77 1.86 (.12)

—

October

31,

2020

10.06 .15

(.50)

(.35)

(.26)

(.02)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Strategy

Income

Fund

689

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(Ɵ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.40)

9.49 1.29 2,760

1.2 2

1.0 5

3. 48

(.32)

9.77 19.12 3,032

1.24 1.01 3.81 88

(.45)

8.49 5.44 3,050

1.42 1.02 4.01 79

(.66)

8.47 (18.70)

3,893

1.40 1.02 .54

(.10)

11.11 19.41 5,074

1.35 1.02 .29

(.25)

9.39 (4.04)

4,800

1.37 1.02 1.28 174

(.36)

9.36 1.03 3,014

1.9 7

1. 80

2. 73

(.25)

9.63 18.15 3,209

1.99 1.76 3.06 88

(.39)

8.38 4.61 2,980

2.16 1.77 3.26 79

(.60)

8.37 (19.28)

3,397

2.15 1.77 (.25)

(.06)

10.99 18.45 5,081

2.10 1.77 (.46)

(.21)

9.33 (4.71)

5,172

2.12 1.77 .40

(.41)

9.53 1.47 28,389

.9

.

3. 82

(.36)

9.81 19.44 31,152

.99

.66

4.15 88

(.48)

8.53 5.79 28,422

1.16 .67

4.32 79

(.70)

8.51 (18.34)

37,206

1.15 .67

.84

(.12)

11.15 19.93 54,260

1.10 .67

.79

(.27)

9.40 (3.85)

55,626

1.12 .67

1.48 174

(.41)

9.53 1.42 167,749

.9

.

3. 71

(.35)

9.81 19.32 192,173

.99

.76

4.05 88

(.47)

8.53 5.81 205,321

1.16 .77

4.24 79

(.69)

8.50 (18.52)

243,635

1.15 .77

.74

(.11)

11.15 19.74 390,872

1.10 .77

.59

(.26)

9.41 (3.83)

565,161

1.12 .77

1.40 174

(.42)

9.56 1.62 81,416

.7

.

3. 92

(.37)

9.83 19.51 88,539

.80

.56

4.26 88

(.49)

8.55 6.01 87,568

.97

.57

4.46 79

(.71)

8.52 (18.32)

110,575

.96

.57

.93

(.12)

11.17 19.82 159,725

.90

.57

.81

(.28)

9.43 (3.57)

189,747

.92

.57

1.60 174

#### Russell

#### Investment

#### Company

#### Multi-Strategy

#### Income

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

690

Multi-Strategy

Income

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

82,433

Administrative

fees

11,011

Distribution

fees

2,383

Shareholder

servicing

fees

608

Transfer

agent

fees

30,545

Trustees'

fees

1,026

$

128,006

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

17,535

$

156,327

$

153,563

$

(4)

$

—

$

20,295

$

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

268,664,143

$

14,748,246

$

(7,308,427)

$

7,439,819

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

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $

#### Long-Term

#### Fixed

#### Income

#### Investments

#### -

#### 21.8%
Corporate

Bonds

and

Notes

-

14.7%

Consumer

Discretionary

-

3.8%

American

Airlines

Group,

Inc.

6.500%

due

07/01/25

1,546

1,546

Avianca

Midco

PLC

9.625%

due

02/14/30

(Þ)

Cable

One,

Inc.

6.668%

due

03/15/26

(ž)

2,113

1,996

Etsy,

Inc.

0.250%

due

06/15/28

2,243

1,916

FuboTV

,

Inc.

3.250%

due

02/15/26

1,411

1,362

Guess?,

Inc.

3.750%

due

04/15/28

739

691

JetBlue

Airways

Corp.

0.500%

due

04/01/26

1,590

1,498

Magnite

,

Inc.

0.250%

due

03/15/26

863

825

Marriott

Vacations

Worldwide

Corp.

6.577%

due

01/15/26

(ž)

629

601

3.250%

due

12/15/27

1,824

1,664

National

Vision

Holdings,

Inc.

2.500%

due

05/15/25

1,947

1,936

Peloton

Interactive,

Inc.

12.826%

due

02/15/26

(ž)

1,713

1,555

RealReal

,

Inc.

(The)

4.000%

due

02/15/31

Southwest

Airlines

Co.

1.250%

due

05/01/25

1,224

1,224

Vail

Resorts,

Inc.

5.987%

due

01/01/26

(ž)

2,286

2,198

Wayfair,

Inc.

0.625%

due

10/01/25

1,939

1,887

21,188

Consumer

Staples

-

0.3%

Alarm.com,

Inc.

5.591%

due

01/15/26

(ž)

1,556

1,497

Energy

-

0.5%

Array

Technologies,

Inc.

1.000%

due

12/01/28

752

519

Enphase

Energy,

Inc.

6.248%

due

03/01/26

(ž)

1,987

1,888

6.435%

due

03/01/28

(ž)

723

606

3,013

Financial

Services

-

2.8%

Affirm

Holdings,

Inc.

5.311%

due

11/15/26

(ž)

1,217

1,124

Blackstone

Mortgage

Trust,

Inc.

5.500%

due

03/15/27

2,197

2,129

Hat

Holdings

I

LLC

0.000%

due

05/01/25

(Þ)(ž)

639

695

Pebblebrook

Hotel

Trust

1.750%

due

12/15/26

1,715

1,597

PennyMac

Corp.

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $5.500%

due

03/15/26

1,932

1,906

Redfin

Corp.

0.500%

due

04/01/27

972

853

Redwood

Trust,

Inc.

7.750%

due

06/15/27

Series

REOP

7.750%

due

06/15/27

1,150

1,137

Repay

Holdings

Corp.

7.530%

due

02/01/26

(Þ)(ž)

1,492

1,412

Square,

Inc.

0.250%

due

11/01/27

Summit

Hotel

Properties,

Inc.

1.500%

due

02/15/26

903

867

Two

Harbors

Investment

Corp.

6.250%

due

01/15/26

1,610

1,592

Upstart

Holdings,

Inc.

0.250%

due

08/15/26

1,964

1,813

15,356

Health

Care

-

3.5%

BioMarin

Pharmaceutical,

Inc.

1.250%

due

05/15/27

Bridgebio

Pharma,

Inc.

2.250%

due

02/01/29

1,008

923

CONMED

Corp.

2.250%

due

06/15/27

2,065

1,912

DexCom

,

Inc.

0.250%

due

11/15/25

1,120

1,091

Envista

Holdings

Corp.

1.750%

due

08/15/28

1,509

1,368

Esperion

Therapeutics,

Inc.

4.000%

due

11/15/25

Guardant

Health,

Inc.

5.199%

due

11/15/27

(ž)

1,371

1,205

Haemonetics

Corp.

5.561%

due

03/01/26

(ž)

1,540

1,472

Herbalife,

Ltd.

4.250%

due

06/15/28

1,383

1,133

Integra

LifeSciences

Holdings

Corp.

0.500%

due

08/15/25

2,053

2,020

Livongo

Health,

Inc.

0.875%

due

06/01/25

1,276

1,267

NeoGenomics

,

Inc.

1.250%

due

05/01/25

604

602

0.250%

due

01/15/28

908

766

Novocure

,

Ltd.

6.598%

due

11/01/25

(ž)

527

510

Pacira

Pharmaceutical,

Inc.

0.750%

due

08/01/25

2,315

2,282

Retrophin

,

Inc.

2.500%

due

09/15/25

Teladoc

Health,

Inc.

1.250%

due

06/01/27

1,987

1,808

19,621

Materials

and

Processing

-

0.2%

MP

Materials

Corp.

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $0.250%

due

04/01/26

(Þ)

1,200

1,164

Producer

Durables

-

0.3%

Mesa

Laboratories,

Inc.

1.375%

due

08/15/25

1,666

1,640

Technology

-

3.3%

Airbnb,

Inc.

4.998%

due

03/15/26

(ž)

2,564

2,456

Bandwidth,

Inc.

0.500%

due

04/01/28

1,328

1,071

Cerence

,

Inc.

1.500%

due

07/01/28

Five9,

Inc.

0.500%

due

06/01/25

2,189

2,175

Fiverr

International,

Ltd.

6.166%

due

11/01/25

(ž)

1,398

1,356

Groupon,

Inc.

1.125%

due

03/15/26

1,115

1,075

Match

Group

Financeco

,

Inc.

0.875%

due

06/15/26

(Þ)

Okta

,

Inc.

0.125%

due

09/01/25

1,749

1,717

0.375%

due

06/15/26

578

554

PagerDuty

,

Inc.

1.250%

due

07/01/25

Porch

Group,

Inc.

0.750%

due

09/15/26

(Þ)

1,291

1,086

Snap,

Inc.

0.250%

due

05/01/25

0.125%

due

03/01/28

1,988

1,687

Unity

Software,

Inc.

5.089%

due

11/15/26

(ž)

986

913

Upwork

,

Inc.

0.250%

due

08/15/26

999

932

Ziff

Davis,

Inc.

1.750%

due

11/01/26

2,110

1,984

18,362

81,841

International

Debt

-

7.1%

Abu

Dhabi

Developmental

Holding

Co.

PJSC

4.500%

due

05/06/30

(Þ)

Abu

Dhabi

Government

International

Bond

Series

REGS

3.125%

due

09/30/49

(Þ)

783

528

Adnoc

Murban

Rsc

,

Ltd.

4.500%

due

09/11/34

(Þ)

518

500

Series

REGS

4.500%

due

09/11/34

(Þ)

Angolan

Government

International

Bond

Series

REGS

8.000%

due

11/26/29

(Þ)

9.125%

due

11/26/49

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Argentine

Republic

Government

International

Bond

0.750%

due

07/09/30

(~)(Ê)

4.125%

due

07/09/35

(~)(Ê)

931

618

3.500%

due

07/09/41

(~)(Ê)

Azerbaijan

Government

International

Bond

Series

REGS

3.500%

due

09/01/32

(Þ)

Bahrain

Government

International

Bond

Series

REGS

6.750%

due

09/20/29

(Þ)

688

699

Baiterek

National

Managing

Holding

JSC

5.450%

due

05/08/28

(Þ)

Bolivia

Government

International

Bond

Series

REGS

4.500%

due

03/20/28

(Þ)

Brazil

Government

International

Bond

6.625%

due

03/15/35

876

875

4.750%

due

01/14/50

CBB

International

Sukuk

Programme

Co.

WLL

Series

REGS

3.950%

due

09/16/27

(Þ)

China

Government

International

Bond

4.125%

due

11/20/27

(Þ)

Series

REGS

0.550%

due

10/21/25

(Þ)

Colombia

Government

International

Bond

8.500%

due

04/25/35

8.750%

due

11/14/53

633

606

Corp.

Nacional

del

Cobre

de

Chile

6.780%

due

01/13/55

(Þ)

Series

REGS

5.950%

due

01/08/34

(Þ)

6.780%

due

01/13/55

(Þ)

Costa

Rica

Government

International

Bond

Series

REGS

6.550%

due

04/03/34

(Þ)

Dominican

Republic

Government

International

Bond

Series

REGS

7.050%

due

02/03/31

(Þ)

503

Ecuador

Government

International

Bond

Series

REGS

6.900%

due

07/31/30

(~)(Ê)(Þ)

9.848%

due

07/31/30

(Þ)(ž)

5.493%

due

07/31/35

(~)(Ê)(Þ)

Egypt

Government

International

Bond

8.625%

due

02/04/30

(Þ)

Series

REGS

8.500%

due

01/31/47

(Þ)

817

594

El

Salvador

Government

International

Bond

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,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Series

REGS

9.650%

due

11/21/54

(Þ)

Export-Import

Bank

of

India

Series

REGS

3.250%

due

01/15/30

(Þ)

2.250%

due

01/13/31

(Þ)

First

Majestic

Silver

Corp.

0.375%

due

01/15/27

1,308

1,231

Ghana

Government

International

Bond

5.000%

due

07/03/29

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

5.000%

due

07/03/29

(~)(Ê)(Þ)

Guatemala

Government

International

Bond

6.600%

due

06/13/36

(Þ)

Hazine

Mustesarligi

Varlik

Kiralama

AS

Series

REGS

8.509%

due

01/14/29

(Þ)

Hungary

Government

International

Bond

5.500%

due

03/26/36

(Þ)

Series

REGS

6.125%

due

05/22/28

(Þ)

604

622

Indonesia

Government

International

Bond

4.550%

due

01/11/28

3.550%

due

03/31/32

809

743

5.650%

due

01/11/53

Ivory

Coast

Government

International

Bond

8.075%

due

04/01/36

(Þ)

8.250%

due

01/30/37

(Þ)

Jordan

Government

International

Bond

7.500%

due

01/13/29

(Þ)

Series

REGS

7.500%

due

01/13/29

(Þ)

Kingston

Airport

Revenue

Finance,

Ltd.

6.750%

due

12/15/36

(Þ)

Lebanon

Government

International

Bond

Series

REGS

6.650%

due

11/03/28

(Æ)(Ø)(Þ)

657

Ma'aden

Sukuk

,

Ltd.

5.250%

due

02/13/30

(Þ)

Mexico

Government

International

Bond

7.375%

due

05/13/55

512

507

Nice,

Ltd.

6.058%

due

09/15/25

(ž)

1,781

1,741

Nigeria

Government

International

Bond

Series

REGS

9.625%

due

06/09/31

(Þ)

601

564

7.375%

due

09/28/33

(Þ)

OCP

SA

7.500%

due

05/02/54

(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Oman

Government

International

Bond

Series

REGS

5.375%

due

03/08/27

(Þ)

6.750%

due

10/28/27

(Þ)

7.000%

due

01/25/51

(Þ)

Pakistan

Government

International

Bond

Series

REGS

6.875%

due

12/05/27

(Þ)

Panama

Government

International

Bond

2.252%

due

09/29/32

8.000%

due

03/01/38

4.500%

due

04/16/50

767

Paraguay

Government

International

Bond

6.650%

due

03/04/55

(Þ)

Peruvian

Government

International

Bond

2.783%

due

01/23/31

5.375%

due

02/08/35

5.875%

due

08/08/54

Petroleos

de

Venezuela

SA

5.375%

due

04/12/27

(Æ)(Ø)(Þ)

551

Series

REGS

6.000%

due

11/15/26

(Æ)(Ø)(Þ)

5.500%

due

04/12/37

(Æ)(Ø)(Þ)

Petroleos

del

Peru

SA

Series

REGS

5.625%

due

06/19/47

(Þ)

Petroleos

Mexicanos

Series

WI

6.750%

due

09/21/47

1,648

1,104

Petronas

Capital,

Ltd.

5.848%

due

04/03/55

(Þ)

Series

REGS

2.480%

due

01/28/32

(Þ)

3.404%

due

04/28/61

(Þ)

Philippine

Government

International

Bond

5.170%

due

10/13/27

1.950%

due

01/06/32

500

Philippines

Government

International

Bond

2.650%

due

12/10/45

Port

of

Spain

Waterfront

Development

7.875%

due

02/19/40

(Þ)

Qatar

Government

International

Bond

4.500%

due

02/27/28

(Þ)

Series

REGS

4.500%

due

04/23/28

(Þ)

584

592

Republic

of

Chile

Government

International

Bond

4.950%

due

01/05/36

Republic

of

Kenya

Government

International

Bond

9.500%

due

03/05/36

(Þ)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

694

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Republic

of

Poland

Government

International

Bond

4.875%

due

02/12/30

5.375%

due

02/12/35

5.500%

due

03/18/54

627

584

Republic

of

Serbia

Government

International

Bond

6.000%

due

06/12/34

(Þ)

Republic

of

South

Africa

Government

International

Bond

4.300%

due

10/12/28

508

5.750%

due

09/30/49

Series

REGS

7.100%

due

11/19/36

(Þ)

Republic

of

Uzbekistan

Government

International

Bond

Series

REGS

3.900%

due

10/19/31

(Þ)

Republic

of

Zambia

Government

International

Bond

5.750%

due

06/30/33

(~)(Ê)(Þ)

0.500%

due

12/31/53

(Þ)

Romanian

Government

International

Bond

Series

REGS

3.000%

due

02/14/31

(Þ)

7.500%

due

02/10/37

(Þ)

4.000%

due

02/14/51

(Þ)

702

Saudi

Arabian

Oil

Co.

5.875%

due

07/17/64

(Þ)

Saudi

Government

International

Bond

4.750%

due

01/16/30

(Þ)

707

710

Series

REGS

5.750%

due

01/16/54

(Þ)

Sea,

Ltd.

0.250%

due

09/15/26

2,336

2,186

Senegal

Government

International

Bond

Series

REGS

6.250%

due

05/23/33

(Þ)

Sri

Lanka

Government

International

Bond

3.600%

due

06/15/35

(~)(Ê)(Þ)

3.600%

due

05/15/36

(~)(Ê)(Þ)

3.600%

due

02/15/38

(~)(Ê)(Þ)

SSR

Mining,

Inc.

2.500%

due

04/01/39

950

956

TC

Ziraat

Bankasi

AS

7.250%

due

02/04/30

(Þ)

Turkiye

Government

International

Bond

6.500%

due

01/03/35

648

593

Series

7Y

7.125%

due

02/12/32

Ukraine

Government

International

Bond

1.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $1.750%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Series

REGS

3.000%

due

02/01/35

(~)(Æ)(Ê)

(Ø)(Þ)

Uruguay

Government

International

Bond

5.750%

due

10/28/34

5.442%

due

02/14/37

5.250%

due

09/10/60

Venezuela

Government

International

Bond

Series

REGS

7.750%

due

10/13/19

(Æ)(Ø)(Þ)

12.750%

due

08/23/22

(Æ)(Ø)(Þ)

8.250%

due

10/13/24

(Æ)(Ø)(Þ)

9.250%

due

05/07/28

(Æ)(Ø)(Þ)

11.950%

due

08/05/31

(Æ)(Ø)(Þ)

Wix.com,

Ltd.

5.600%

due

08/15/25

(ž)

1,618

1,592

39,267

#### Total

#### Long-Term

#### Fixed

#### Income

#### Investments
(cost

$120,900)

121,108

#### Common

#### Stocks

#### -

#### 69.2%
Consumer

Discretionary

-

9.3%

Adtalem

Global

Education,

Inc.(Æ)

1,753

Alibaba

Group

Holding,

Ltd.

218,508

3,279

Alibaba

Group

Holding,

Ltd.

-

ADR

,

979

Allegro.eu

SA(Æ)(Þ)

13,502

Amazon.com,

Inc.(Æ)

16,313

3,008

Americana

Restaurants

International

PLC

143,070

Anta

Sports

Products,

Ltd.

71,800

857

Aristocrat

Leisure,

Ltd.

5,690

Autoliv

,

Inc.

9,547

890

AutoZone,

Inc.(Æ)

1,046

Axon

Enterprise,

Inc.(Æ)

Bandai

Namco

Holdings,

Inc.

7,800

Bath

&

Body

Works,

Inc.

16,964

518

Best

Buy

Co.,

Inc.

1,796

Bridgestone

Corp.

5,600

BYD

Co.,

Ltd.

Class

H

15,000

723

Caesars

Entertainment,

Inc.(Æ)

15,950

Celestica,

Inc.(Æ)

822

Cie

Financiere

Richemont

SA

Class

A

8,497

1,495

Cie

Generale

des

Etablissements

Michelin

SCA

26,091

950

Comcast

Corp.

Class

A

12,892

Costco

Wholesale

Corp.

1,097

1,091

CTS

Eventim

AG

&

Co.

KGaA

1,711

Daiwa

House

Industry

Co.,

Ltd.

4,800

Dassault

Aviation

SA

Dave

&

Buster's

Entertainment,

Inc.

(Æ)

18,030

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

695

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Davide

Campari-Milano

NV

141,909

947

De'

Longhi

SpA

945

Deckers

Outdoor

Corp.(Æ)

2,566

Denny's

Corp.(Æ)

129,819

Diageo

PLC

12,579

DiDi

Global,

Inc.

-

ADR(Æ)

15,542

DR

Horton,

Inc.

1,397

DraftKings

,

Inc.

Class

A(Æ)

3,103

eBay,

Inc.

3,260

Ferguson

Enterprises,

Inc.

Ferrari

NV

1,120

510

Flutter

Entertainment

PLC(Æ)

2,975

717

Ford

Otomotiv

Sanayi

AS

4,767

Fox

Corp.

Class

B

5,994

Games

Workshop

Group

PLC

816

Gap,

Inc.

(The)

6,045

General

Motors

Co.

10,748

Genius

Sports,

Ltd.(Æ)

35,520

Genuine

Parts

Co.

764

Gildan

Activewear

,

Inc.

Class

A

16,719

771

Grab

Holdings,

Ltd.

Class

A(Æ)

44,950

Grand

Canyon

Education,

Inc.(Æ)

675

H

World

Group,

Ltd.

71,800

Hankook

Tire

&

Technology

Co.,

Ltd.

1,805

Hermes

International

Home

Depot,

Inc.

(The)

1,370

Honda

Motor

Co.,

Ltd.

19,000

Howden

Joinery

Group

PLC

69,945

720

Hyundai

Department

Store

Co.,

Ltd.

6,509

Industria

de

Diseno

Textil

SA

19,532

1,051

InterContinental

Hotels

Group

PLC

5,975

639

ITOCHU

Corp.

7,500

JB

Hi-Fi,

Ltd.

1,793

JD.com,

Inc.

Class

A

11,400

Kuaishou

Technology(Æ)(Þ)

72,300

Lennar

Corp.

Class

A

1,299

Li

Auto,

Inc.

-

ADR(Æ)

10,895

Li

Auto,

Inc.

Class

A(Æ)

18,600

Life

Time

Group

Holdings,

Inc.(Æ)

2,231

Lincoln

Educational

Services

Corp.(Æ)

17,534

Lithia

Motors,

Inc.

Class

A

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,897

1,047

Magnite

,

Inc.(Æ)

5,026

Mahindra

&

Mahindra,

Ltd.

38,178

1,325

Matthews

International

Corp.

Class

A

22,402

Mazda

Motor

Corp.

9,000

McDonald's

Corp.

1,544

Meituan

Class

B(Æ)(Þ)

21,700

MercadoLibre

,

Inc.(Æ)

Midea

Group

Co.,

Ltd.

Class

A

20,400

Moncler

SpA

1,798

Netflix,

Inc.

Class

B(Æ)

549

621

Next

PLC

3,452

569

Nintendo

Co.,

Ltd.

4,400

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Omnicom

Group,

Inc.

1,814

O'Reilly

Automotive,

Inc.(Æ)

Oriental

Holdings

BHD

55,067

Pernod

Ricard

SA

4,778

516

PulteGroup,

Inc.

1,540

Rational

AG

Rolls-Royce

Holdings

PLC

27,677

Rush

Street

Interactive,

Inc.(Æ)

36,502

Scout24

SE(Þ)

3,916

SEA,

Ltd.

-

ADR(Æ)

2,532

Secom

Co.,

Ltd.

5,000

Sekisui

Chemical

Co.,

Ltd.

6,700

SJM

Holdings,

Ltd.(Æ)

380,000

Spectris

PLC

37,154

1,000

Stride,

Inc.(Æ)

2,423

Target

Corp.

1,000

Tencent

Holdings,

Ltd.

63,166

3,920

Tencent

Holdings,

Ltd.

-

ADR

7,

897

Tesla,

Inc.(Æ)

1,019

Thule

Group

AB

(The)(Þ)

7,703

TJX

Cos.,

Inc.

(The)

7,243

932

Toyota

Industries

Corp.

5,900

694

Tri

Pointe

Homes,

Inc.(Æ)

26,694

821

Universal

Music

Group

NV

18,383

538

Universal

Technical

Institute,

Inc.(Æ)

6,966

Volkswagen

AG

750

Walmart,

Inc.

8,313

808

Weichai

Power

Co.,

Ltd.

Class

A

213,000

Williams-Sonoma,

Inc.

682

Wolters

Kluwer

NV

1,262

Wuliangye

Yibin

Co.,

Ltd.

Class

A

5,400

Yamaha

Corp.

89,700

655

51,380

Consumer

Staples

-

3.2%

Albertsons

Cos.,

Inc.

Class

A

6,865

Alimentation

Couche-Tard,

Inc.

2,724

Altria

Group,

Inc.

11,623

687

Ambev

SA

100,045

Anheuser-Busch

InBev

SA

3,878

Archer-Daniels-Midland

Co.

3,142

Asahi

Group

Holdings,

Ltd.

12,000

Astarta

Holding

PLC

10,517

Barry

Callebaut

AG

Beiersdorf

AG

1,101

BIM

Birlesik

Magazalar

AS

16,010

BrasilAgro

-

Companhia

Brasileira

de

Propiedades

Agricolas

13,161

British

American

Tobacco

PLC

8,456

Campbell

Co.

(The)

3,019

Carrefour

SA

18,199

Chagee

Holdings,

Ltd.

-

ADR(Æ)

3,213

China

Mengniu

Dairy

Co.,

Ltd.

329,000

828

China

Resources

Beverage

Holdings

Co,

Ltd.(Æ)

132,197

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

696

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chocoladefabriken

Lindt

&

Spruengli

AG

Church

&

Dwight

Co.,

Inc.

1,714

Clorox

Co.

(The)

928

Coca-Cola

Co.

(The)

4,331

Coca-Cola

Icecek

AS

122,279

Colgate-Palmolive

Co.

5,505

507

Conagra

Brands,

Inc.

4,314

CP

ALL

PCL

250,300

CVS

Health

Corp.

3,880

DO

&

CO

AG(Æ)

1,692

Essity

Aktiebolag

Class

B

4,911

First

Pacific

Co.,

Ltd.

150,000

First

Resources,

Ltd.

140,297

General

Mills,

Inc.

4,198

Genting

Plantations

BHD

48,600

George

Weston,

Ltd.

924

Golden

Agri-Resources,

Ltd.

2,450,000

Grocery

Outlet

Holding

Corp.(Æ)

28,452

GS

Holdings

Corp.

7,677

Haleon

PLC

151,443

759

Henkel

AG

&

Co.

KGaA

Hershey

Co.

(The)

760

Imperial

Tobacco

Group

PLC

6,219

Japan

Tobacco,

Inc.

5,200

JDE

Peet's

NV

2,595

JM

Smucker

Co.

(The)

1,080

Kao

Corp.

3,800

Kato

Sangyo

Co.,

Ltd.

2,400

Kellanova

1,879

Kimberly-Clark

Corp.

1,603

Kirin

Holdings

Co.,

Ltd.

10,900

Koninklijke

Ahold

Delhaize

NV

4,689

Kraft

Heinz

Co.

(The)

3,366

Kroger

Co.

(The)

4,862

Lenta

International

Co.

PJSC

-

GDR(Æ)(Š)(Þ)

105,913

—

Lifevantage

Corp.

4,070

Loblaw

Cos.,

Ltd.

1,167

Marks

&

Spencer

Group

PLC

26,704

Metro,

Inc.

Class

A

2,416

Mondelez

International,

Inc.

Class

A

2,470

Monster

Beverage

Corp.(Æ)

8,210

National

Vision

Holdings,

Inc.(Æ)

62,970

778

PepsiCo,

Inc.

4,675

634

Philip

Morris

International,

Inc.

4,781

819

Procter

&

Gamble

Co.

(The)

3,763

612

Puregold

Price

Club,

Inc.

207,600

Raia

Drogasil

SA

32,442

Sprouts

Farmers

Market,

Inc.(Æ)

502

Tyson

Foods,

Inc.

Class

A

2,833

Unicharm

Corp.

51,900

Unilever

PLC

2,317

Uni

-President

Enterprises

Corp.

58,000

Wal-Mart

de

Mexico

SAB

de

CV

91,076

WH

Group,

Ltd.(Þ)

215,669

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Zabka

Group

SA(Æ)

32,550

17,735

Energy

-

2.2%

ABB,

Ltd.

5,874

AltaGas

,

Ltd.

5,744

Baker

Hughes

Co.

10,463

Cenovus

Energy,

Inc.

45,530

536

Chevron

Corp.

3,526

Coterra

Energy,

Inc.

6,468

Ecopetrol

SA

-

ADR

13,826

EOG

Resources,

Inc.

2,125

EQT

Corp.

4,224

Equinor

ASA

Class

N

6,665

Eramet

SA

2,099

Expro

Group

Holdings

NV(Æ)

36,362

Exxon

Mobil

Corp.

8,358

883

Gazprom

PJSC(Æ)(Š)

332,583

—

Japan

Petroleum

Exploration

Co.,

Ltd.

12,600

Kinder

Morgan,

Inc.

19,263

507

LUKOIL

PJSC(Æ)(Š)

8,302

—

Matrix

Service

Co.(Æ)

25,963

NAC

Kazatomprom

JSC

-

GDR(Þ)

14,788

Natural

Gas

Services

Group,

Inc.(Æ)

3,609

Nexgen

Energy,

Ltd.(Æ)

24,361

NPK

International,

Inc.(Æ)

10,769

ONEOK,

Inc.

5,104

Paladin

Energy,

Ltd.(Æ)

96,390

Petroleo

Brasileiro

SA

-

ADR

42,504

Phillips

1,281

Range

Resources

Corp.

15,825

537

Reliance

Industries,

Ltd.

29,799

Schneider

Electric

SE

4,989

1,169

Shell

PLC

16,958

543

Suncor

Energy,

Inc.

6,865

Targa

Resources

Corp.

2,900

TechnipFMC

PLC

7,896

Teck

Resources,

Ltd.

Class

B

11,929

Tongwei

Co.,

Ltd.

Class

A

81,100

TotalEnergies

SE

3,977

Tourmaline

Oil

Corp.

3,728

Tullow

Oil

PLC(Æ)

213,313

United

States

Antimony

Corp.(Æ)

31,419

Viper

Energy,

Inc.

7,371

YPF

SA

-

ADR(Æ)

1,107

12,297

Financial

Services

-

17.7%

ABN

AMRO

Bank

NV(Þ)

19,429

Aedifica

SA(ö)

1,785

Aflac,

Inc.

2,921

Agree

Realty

Corp.(ö)

4,603

AIA

Group,

Ltd.

111,000

839

AIB

Group

PLC

25,676

Air

Lease

Corp.

Class

A

19,567

915

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

697

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Akbank

TAS

141,031

Allianz

SE

1,290

533

Allstate

Corp.

(The)

818

Alpha

FX

Group

PLC(Þ)

8,875

Alpha

Services

and

Holdings

SA

140,457

Amadeus

IT

Group

SA

Class

A

5,127

American

Homes

Rent

Class

A(ö)

6,853

Americold

Realty

Trust,

Inc.(ö)

21,431

Arch

Capital

Group,

Ltd.

2,551

ARGAN

SA(ö)

1,319

Ashmore

Group

PLC

23,350

Assurant,

Inc.

655

AvalonBay

Communities,

Inc.(ö)

1,163

Azrieli

Group,

Ltd.

Bajaj

Finance,

Ltd.

5,665

579

Baloise

Holding

AG

673

Banco

BTG

Pactual

SA(Æ)

32,192

Banco

Santander

SA

7,337

Bank

Central

Asia

Tbk

PT

1,543,022

829

Bank

Leumi

Le-Israel

BM

19,359

Bank

Mandiri

Persero

Tbk

PT

2,426,292

717

Bank

of

America

Corp.

17,816

711

Bank

of

China,

Ltd.

50,000

Bank

of

Ireland

Group

PLC

49,394

584

Bank

of

Montreal

1,235

Bank

of

New

York

Mellon

Corp.

(The)

3,102

Bank

of

Nova

Scotia

(The)

4,521

BDO

Unibank

,

Inc.

274,912

784

Beazley

PLC

36,138

Berkshire

Hathaway,

Inc.

Class

B(Æ)

2,119

1,130

BGC

Group,

Inc.

Class

A

153,243

1,388

Big

Yellow

Group

PLC(ö)

10,673

BlackRock,

Inc.

BNP

Paribas

SA

5,228

Brambles,

Ltd.

14,820

British

Land

Co.

PLC

(The)(ö)

12,481

Brixmor

Property

Group,

Inc.(ö)

24,103

600

Broadstone

Net

Lease,

Inc.(ö)

36,595

592

Brookfield

Corp.

1,744

Brown

&

Brown,

Inc.

1,601

BXP,

Inc.(ö)

1,910

Canadian

Imperial

Bank

of

Commerce

4,417

CapitaLand

Integrated

Commercial

Trust

Class

A(ö)

252,400

Capitec

Bank

Holdings,

Ltd.

1,594

Catena

AB

1,750

Chailease

Holding

Co.,

Ltd.

102,000

Charles

Schwab

Corp.

(The)

11,921

970

Charter

Hall

Group(ö)

31,924

China

Construction

Bank

Corp.

Class

H

418,694

China

International

Capital

Corp.,

Ltd.

Class

H(Þ)

147,600

China

Merchants

Bank

Co.,

Ltd.

Class

H

45,000

China

Resources

Land,

Ltd.

134,000

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Chubb,

Ltd.

1,692

Cincinnati

Financial

Corp.

1,114

CITIC

Securities

Co.,

Ltd.

Class

H

57,500

Citigroup,

Inc.

6,267

CK

Hutchison

Holdings,

Ltd.

Class

B

119,500

673

Close

Brothers

Group

PLC(Æ)

20,831

CME

Group,

Inc.

Class

A

4,247

1,177

Country

Garden

Services

Holdings

Co.,

Ltd.

190,000

Cresud

SACIF

y

A

-

ADR

9,463

Crown

Castle,

Inc.(ö)

10,622

1,123

Dai-ichi

Life

Holdings,

Inc.

5,300

Dave,

Inc.(Æ)

2,024

DBS

Group

Holdings,

Ltd.

5,500

Digital

Core

REIT

Management

Pte

,

Ltd.(ö)

201,600

Digital

Realty

Trust,

Inc.(ö)

12,799

2,055

DLF,

Ltd.

22,198

DNB

Bank

ASA

7,554

EastGroup

Properties,

Inc.(ö)

2,946

EQT

AB

3,348

Equinix

,

Inc.(ö)

1,408

1,212

Erste

Group

Bank

AG

3,767

Essex

Property

Trust,

Inc.(ö)

1,883

526

EXOR

NV

673

Extra

Space

Storage,

Inc.(ö)

7,861

1,152

Fairfax

Financial

Holdings,

Ltd.

Fastighets

AB

Balder

Class

B(Æ)

30,910

Fidelity

National

Financial,

Inc.

3,312

FinecoBank

Banca

Fineco

SpA

36,609

729

Franklin

Resources,

Inc.

11,074

Frasers

Centrepoint

Trust(ö)

124,200

FTAI

Aviation,

Ltd.

1,570

Generali

6,918

Goodman

Group(ö)

52,766

1,019

Grainger

PLC

63,116

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

30,649

Grupo

Financiero

Galicia

SA

-

ADR(Æ)

609

Halyk

Savings

Bank

of

Kazakhstan

JSC

-

GDR(Þ)

4,621

Hang

Seng

Bank,

Ltd.

12,700

Hankook

Technology

Group

Co.,

Ltd.

12,565

Hannover

Rueck

SE

709

Hartford

Financial

Services

Group,

Inc.

(The)

2,282

HDFC

Bank,

Ltd.

50,037

1,141

HDFC

Bank,

Ltd.

-

ADR

5,0

Healthcare

Realty

Trust,

Inc.(ö)

33,737

524

Highwoods

Properties,

Inc.(ö)

6,970

Hiscox

,

Ltd.

25,619

Hong

Kong

Exchanges

&

Clearing,

Ltd.

14,000

621

Hongkong

Land

Holdings,

Ltd.

16,200

Host

Hotels

&

Resorts,

Inc.(ö)

49,325

696

HSBC

Holdings

PLC

31,226

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

698

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
iA

Financial

Corp.,

Inc.

1,983

ICICI

Bank,

Ltd.

118,111

1,987

Industrivarden

AB

Class

A

732

Ingenia

Communities

Group(ö)

84,515

Intact

Financial

Corp.

820

Investor

AB

Class

B

8,068

Invitation

Homes,

Inc.(ö)

41,631

1,423

Iron

Mountain,

Inc.(ö)

11,634

1,043

Itau

Unibanco

Holding

SA

-

ADR

39,618

Japan

Metropolitan

Fund

Investment

Corp.(ö)

Japan

Post

Bank

Co.,

Ltd.

Class

A

19,600

Japan

Post

Holdings

Co.,

Ltd.

15,400

Japan

Real

Estate

Investment

Corp.(ö)

JPMorgan

Chase

&

Co.

4,910

1,201

Kasikornbank

PCL

20,000

KB

Financial

Group,

Inc.

2,849

KE

Holdings,

Inc.

-

ADR

44,573

905

Kemper

Corp.

25,332

1,498

Kilroy

Realty

Corp.(ö)

7,373

Kimco

Realty

Corp.(ö)

40,686

813

Klepierre

SA(ö)

11,916

Korean

Reinsurance

Co.

19,020

Lamar

Advertising

Co.

Class

A(ö)

845

Land

Securities

Group

PLC(ö)

34,775

LEG

Immobilien

SE

3,113

Link

REIT(ö)

90,300

London

Stock

Exchange

Group

PLC

7,172

1,113

LondonMetric

Property

PLC(ö)

224,296

577

Longfor

Group

Holdings,

Ltd.(Þ)

363,000

LSR

Group

PJSC(Æ)(Š)

33,861

—

LX

Holdings

Corp.

1,012

M&T

Bank

Corp.

887

Macrotech

Developers,

Ltd.(Þ)

10,860

Manulife

Financial

Corp.

10,278

Marex

Group

PLC

7,566

Markel

Group,

Inc.(Æ)

Marsh

&

McLennan

Cos.,

Inc.

1,845

MasterCard,

Inc.

Class

A

4,681

2,565

Mercialys

SA(ö)

4,973

MetLife,

Inc.

Mid-America

Apartment

Communities,

Inc.(ö)

660

Millrose

Properties,

Inc.

Class

A(ö)

649

Mirvac

Group(ö)

134,021

Mitsubishi

Estate

Co.,

Ltd.

47,599

836

Mitsubishi

UFJ

Financial

Group,

Inc.

10,000

Mitsui

Fudosan

Co.,

Ltd.

88,300

872

Mitsui

Fudosan

Logistics

Park,

Inc.(ö)

Mizuho

Financial

Group,

Inc.

12,200

Morgan

Stanley

1,729

Moscow

Exchange

MICEX-RTS

PJSC(Æ)(Š)

182,429

—

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,187

809

National

Bank

Holdings

Corp.

Class

A

20,094

727

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
NatWest

Group

PLC

84,049

537

New

China

Life

Insurance

Co.,

Ltd.

Class

H

127,100

Newmark

Group,

Inc.

Class

A

58,973

648

Nippon

Accommodations

Fund,

Inc.(ö)

Nippon

Building

Fund,

Inc.(ö)

Nippon

Prologis

REIT,

Inc.(ö)

Nomura

Holdings,

Inc.

20,700

Nomura

Real

Estate

Holdings,

Inc.

12,300

Nomura

Real

Estate

Master

Fund,

Inc.

(ö)

Northern

Trust

Corp.

1,397

Nyfosa

AB

10,772

Omega

Healthcare

Investors,

Inc.(ö)

13,495

527

Orix

JREIT,

Inc.(ö)

Oversea-Chinese

Banking

Corp.,

Ltd.

13,500

Palomar

Holdings,

Inc.(Æ)

1,242

Parkway

Life

Real

Estate

Investment

Trust(ö)

84,700

Perella

Weinberg

Partners

26,610

Ping

An

Insurance

Group

Co.

of

China,

Ltd.

Class

H

68,267

Piper

Sandler

Cos.

Piraeus

Financial

Holdings

SA

63,887

PNC

Financial

Services

Group,

Inc.

(The)

841

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

11,328

Progressive

Corp.

(The)

871

Prologis,

Inc.(ö)

14,911

1,524

Prosperity

Bancshares,

Inc.

16,044

1,089

Prosus

NV

16,385

768

Prudential

PLC

21,296

Public

Storage(ö)

3,405

1,023

Qifu

Technology,

Inc.

-

ADR

18,037

740

Raiffeisen

Bank

International

AG

1,540

Raymond

James

Financial,

Inc.

1,214

REA

Group,

Ltd.

822

Realty

Income

Corp.(ö)

10,857

628

Regions

Financial

Corp.

6,720

RELX

PLC

20,325

1,107

Resona

Holdings,

Inc.

62,500

500

Roko

AB(Æ)

554

Royal

Bank

of

Canada

3,522

Safestore

Holdings

PLC(ö)

29,966

Sampo

OYJ

Class

A

15,515

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

963

Saudi

National

Bank

(The)

17,980

SBA

Communications

Corp.(ö)

1,379

Sberbank

of

Russia

PJSC(Æ)(Š)

334,627

—

SBI

Life

Insurance

Co.,

Ltd.(Þ)

5,889

Schroders

PLC

48,179

SGS

SA

1,745

Shriram

Finance,

Ltd.

55,029

Shurgard

Self

Storage,

Ltd.(ö)

1,309

Simon

Property

Group,

Inc.(ö)

7,708

1,213

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

699

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Skyward

Specialty

Insurance

Group,

Inc.(Æ)

2,172

Societe

Generale

SA

1,224

Sprott

,

Inc.

1,145

Standard

Bank

Group,

Ltd.

11,007

Stockland(ö)

145,571

513

Sumitomo

Mitsui

Financial

Group,

Inc.

6,900

Sun

Communities,

Inc.(ö)

8,197

1,020

Sun

Hung

Kai

Properties,

Ltd.

35,000

Sun

Life

Financial,

Inc.

3,358

Swiss

Prime

Site

AG

Class

A

1,687

Swiss

Re

AG

1,109

Swissquote

Group

Holding

SA

775

T

Rowe

Price

Group,

Inc.

1,150

TAG

Immobilien

AG

10,994

Talanx

AG

952

Toronto-Dominion

Bank

(The)

2,852

Travelers

Cos.,

Inc.

(The)

955

UBS

Group

AG

19,133

577

UDR,

Inc.(ö)

16,658

698

Unibail

-

Rodamco

-Westfield(ö)

3,922

Unite

Group

PLC

(The)(ö)

5,191

United

Overseas

Bank,

Ltd.

6,200

Ventas,

Inc.(ö)

2,614

VGP

NV

963

VICI

Properties,

Inc.(ö)

14,084

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

Visa,

Inc.

Class

A

2,036

703

Vonovia

SE

13,783

VTB

Bank

PJSC(Æ)(Š)

58,930

—

W.R.

Berkley

Corp.

3,174

Warehouses

De

Pauw

CVA(ö)

5,305

Webster

Financial

Corp.

17,098

809

Wells

Fargo

&

Co.

4,524

Welltower

,

Inc.(ö)

21,088

3,218

Weyerhaeuser

Co.(ö)

14,801

Wharf

Real

Estate

Investment

Co.,

Ltd.

96,000

Wintrust

Financial

Corp.

790

Yellow

Cake

PLC(Æ)(Þ)

37,169

Yoma

Strategic

Holdings,

Ltd.(Æ)

978,808

Zurich

Insurance

Group

AG

611

98,135

Health

Care

-

6.2%

Abbott

Laboratories

2,085

AbbVie,

Inc.

2,354

Adaptive

Biotechnologies

Corp.(Æ)

7,756

ADMA

Biologics,

Inc.(Æ)

36,179

861

Alcon,

Inc.

6,435

627

Align

Technology,

Inc.(Æ)

783

Alignment

Healthcare,

Inc.(Æ)

5,416

Ambu

A/S

Class

B

11,685

Amgen,

Inc.

Artivion

,

Inc.(Æ)

3,692

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
AstraZeneca

PLC

9,565

1,371

AtriCure

,

Inc.(Æ)

7,512

Aurobindo

Pharma,

Ltd.(Æ)

46,178

674

Axogen

,

Inc.(Æ)

6,813

BioLife

Solutions,

Inc.(Æ)

4,516

Boston

Scientific

Corp.(Æ)

2,480

Butterfly

Network,

Inc.(Æ)

21,875

CareDx

,

Inc.(Æ)

9,106

Cencora

,

Inc.

Class

A

832

Centene

Corp.(Æ)

2,655

Chemed

Corp.

ChemoMetec

A/S

6,026

Chong

Kun

Dang

Pharmaceutical

Corp.

1,743

Cigna

Group

(The)

2,102

715

Cooper

Cos,

Inc.

(The)(Æ)

6,912

565

Corcept

Therapeutics,

Inc.(Æ)

3,945

Danaher

Corp.

2,354

Elevance

Health,

Inc.

785

Eli

Lilly

&

Co.

1,325

1,191

Enovis

Corp.

Class

W(Æ)

46,378

1,604

Euroapi

SA(Æ)

31,910

Fisher

&

Paykel

Healthcare

Corp.,

Ltd.

2,597

Fresenius

SE

&

Co.

5,418

FUJIFILM

Holdings

Corp.

6,900

GeneDx

Holdings

Corp.(Æ)

5,318

Genmab

A/S(Æ)

826

Gilead

Sciences,

Inc.

4,851

517

GSK

PLC

9,762

Guardian

Pharmacy

Services,

Inc.

Class

A(Æ)

2,907

HCA

Healthcare,

Inc.

988

Henry

Schein,

Inc.(Æ)

1,648

Humana,

Inc.

534

IDEXX

Laboratories,

Inc.(Æ)

651

Innovent

Biologics,

Inc.(Æ)(Þ)

134,000

935

Innoviva

,

Inc.(Æ)

31,955

597

Insmed

,

Inc.(Æ)

3,280

Insulet

Corp.(Æ)

Intuitive

Surgical,

Inc.(Æ)

785

iRadimed

Corp.

1,299

Jiangsu

Hengrui

Pharmaceuticals

Co.,

Ltd.

Class

A

17,200

Johnson

&

Johnson

9,910

1,549

Kyorin

Pharmaceutical

Co.,

Ltd.

18,500

Labcorp

Holdings,

Inc.

668

Lifco

AB

Class

B

10,988

Ligand

Pharmaceuticals,

Inc.

Class

B(Æ)

2,052

Lonza

Group

AG

711

507

Masimo

Corp.(Æ)

1,242

McKesson

Corp.

Medpace

Holdings,

Inc.(Æ)

Medtronic

PLC

6,753

572

Merck

&

Co.,

Inc.

6,293

536

Merck

KGaA

730

Mirum

Pharmaceuticals,

Inc.(Æ)

2,196

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

700

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Molina

Healthcare,

Inc.(Æ)

1,073

Natera

,

Inc.(Æ)

1,132

Novartis

AG

3,596

Novo

Nordisk

A/S

Class

B

27,246

1,815

Otsuka

Holdings

Co.,

Ltd.

2,600

PACS

Group,

Inc.(Æ)

3,576

Penumbra,

Inc.(Æ)

542

Pfizer,

Inc.

25,147

614

Phreesia

,

Inc.(Æ)

2,861

Pro

Medicus

,

Ltd.

865

Quest

Diagnostics,

Inc.

933

RadNet

,

Inc.(Æ)

3,670

Regeneron

Pharmaceuticals,

Inc.

Roche

Holding

AG

1,491

501

Samsung

Biologics

Co.,

Ltd.(Æ)(Þ)

620

Sanofi

SA

8,147

893

Sartorius

Stedim

Biotech

1,578

Shionogi

&

Co.,

Ltd.

11,100

SI-BONE,

Inc.(Æ)

6,665

Siemens

Healthineers

AG(Þ)

3,134

Smith

&

Nephew

PLC

44,765

630

Straumann

Holding

AG

1,743

Stryker

Corp.

558

Summit

Therapeutics,

Inc.(Æ)

2,574

Suzuken

Co.,

Ltd.

1,200

Teleflex,

Inc.

9,523

1,305

Terumo

Corp.

8,300

UFP

Technologies,

Inc.(Æ)

United

Therapeutics

Corp.(Æ)

UnitedHealth

Group,

Inc.

2,749

1,131

Universal

Health

Services,

Inc.

Class

B

848

Vertex

Pharmaceuticals,

Inc.(Æ)

1,499

764

WuXi

AppTec

Co.,

Ltd.

Class

H(Þ)

28,300

Zoetis,

Inc.

Class

A

840

34,488

Materials

and

Processing

-

5.4%

AddTech

AB

Class

B

6,031

Aluminum

Corp.

of

China,

Ltd.

Class

A

314,700

Aluminum

Corp.

of

China,

Ltd.

Class

H

196,000

Amcor

PLC

12,264

Anglo

American

Platinum,

Ltd.

23,831

823

Anglo

American

PLC

12,690

Anglogold

Ashanti

PLC

33,989

1,433

Anhui

Conch

Cement

Co.,

Ltd.

Class

A

231,500

769

ArcelorMittal

SA

13,153

Aris

Mining

Corp.(Æ)

36,956

Atlas

Arteria,

Ltd.

126,740

Barrick

Gold

Corp.

29,392

560

Bear

Creek

Mining

Corp.(Æ)

109,903

Belimo

Holding

AG

BHP

Group,

Ltd.

5,809

BrightView

Holdings,

Inc.(Æ)

48,430

664

Carpenter

Technology

Corp.

769

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Carrier

Global

Corp.

8,010

501

CCL

Industries,

Inc.

Class

B

2,632

Cemex

SAB

de

CV

-

ADR

25,015

Century

Aluminum

Co.(Æ)

34,642

568

Copart

,

Inc.(Æ)

8,322

508

CRH

PLC

1,737

Croda

International

PLC

19,609

770

Diploma

PLC

5,550

Ecolab,

Inc.

819

Equinox

Gold

Corp.(Æ)

45,164

ERO

Copper

Corp.(Æ)

35,058

Fastenal

Co.

3,996

Ferroglobe

PLC

59,078

First

Quantum

Minerals,

Ltd.(Æ)

43,891

589

Freeport-McMoRan,

Inc.

11,751

Fresnillo

PLC

19,267

Gabriel

Resources,

Ltd.(Æ)

80,280

Geberit

AG

603

General

Electric

Co.

2,089

Givaudan

SA

Glencore

PLC(Æ)

222,771

727

Gold

Fields,

Ltd.

-

ADR

16,305

Heidelberg

Materials

AG

1,494

Hindalco

Industries,

Ltd.

132,617

982

Holcim

AG(Æ)

2,765

Huntsman

Corp.

30,565

Impala

Platinum

Holdings,

Ltd.(Æ)

131,989

794

International

Tower

Hill

Mines,

Ltd.

(Æ)

104,920

Ivanhoe

Electric,

Inc.(Æ)

14,706

Ivanhoe

Mines,

Ltd.

Class

A(Æ)

45,155

K+S

AG

29,904

520

Kinross

Gold

Corp.

2,113

Knife

River

Corp.(Æ)

1,502

Kronos

Worldwide,

Inc.

81,137

626

Linde

PLC

2,277

1,032

LKQ

Corp.

2,576

Lotte

Chemical

Corp.

2,801

Luks

Group

Vietnam

Holdings

Co.,

Ltd.

224,000

Lundin

Mining

Corp.

12,643

LyondellBasell

Industries

NV

Class

A

1,791

MHP

SE

-

GDR(Æ)(Þ)

42,015

Mitsui

Chemicals,

Inc.

2,200

Mondi

PLC

7,834

Motiva

Infraestrutura

de

Mobilidade

SA

74,434

Newmont

Corp.

7,592

Northern

Dynasty

Minerals,

Ltd.(Æ)

162,260

NovaGold

Resources,

Inc.(Æ)

65,703

Novonesis

(Novozymes)

B

Class

B

13,775

894

Nucor

Corp.

952

Nutrien

,

Ltd.

1,980

Polyus

PJSC(Æ)(Š)

48,690

—

PPG

Industries,

Inc.

1,131

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

701

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

14,183

Rio

Tinto

PLC

2,628

Rio

Tinto,

Ltd.

2,111

Royal

Gold,

Inc.

845

RPM

International,

Inc.

1,488

Sandstorm

Gold,

Ltd.

9,051

Seabridge

Gold,

Inc.(Æ)

39,791

Shandong

Gold

Mining

Co.,

Ltd.

Class

H(Þ)

22,750

Sherwin-Williams

Co.

(The)

1,910

674

Shin-Etsu

Chemical

Co.,

Ltd.

15,000

Sibanye

Stillwater,

Ltd.(Æ)

55,666

Siemens

AG

2,787

639

Sociedad

Quimica

y

Minera

de

Chile

SA

-

ADR

8,746

SOL

SpA

5,311

Southern

Copper

Corp.

Symrise

AG

8,574

986

Ternium

SA

-

ADR

4,404

thyssenkrupp

AG

17,656

Vale

SA

39,848

Vale

SA

Class

B

-

ADR

22,444

Western

Copper

&

Gold

Corp.(Æ)

31,468

Zijin

Mining

Group

Co.,

Ltd.

Class

H

280,000

613

29,984

Producer

Durables

-

7.7%

Adyen

NV(Æ)(Þ)

Aena

SME

SA(Þ)

3,122

785

Aeroports

de

Paris

SA

2,515

Airbus

SE

4,487

751

Airtac

International

Group

22,000

608

Allfunds

Group

PLC

43,285

AP

Moller

-

Maersk

A/S

Class

A

AP

Moller

-

Maersk

A/S

Class

B

Argan

,

Inc.

1,460

Atlas

Copco

AB

Class

A

10,792

Atlas

Copco

AB

Class

B

10,264

Auckland

International

Airport,

Ltd.

36,807

Automatic

Data

Processing,

Inc.

526

Avery

Dennison

Corp.

818

BAE

Systems

PLC

27,880

641

Beijing

Capital

International

Airport

Co.,

Ltd.

Class

H(Æ)

398,000

BWX

Technologies,

Inc.

Canadian

Pacific

Kansas

City,

Ltd.

7,837

568

Canon,

Inc.

4,500

CECO

Environmental

Corp.(Æ)

1,490

Cellnex

Telecom

SA(Þ)

5,315

Central

Japan

Railway

Co.

6,500

Charoen

Pokphand

Foods

PCL

222,600

China

Communications

Services

Corp.,

Ltd.

Class

H

258,886

China

Tower

Corp.,

Ltd.

Class

H(Þ)

142,000

Cintas

Corp.

3,240

686

Construction

Partners,

Inc.

Class

A(Æ)

1,467

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Contemporary

Amperex

Technology

Co.,

Ltd.

Class

A

10,200

CSX

Corp.

31,381

881

Custom

Truck

One

Source,

Inc.(Æ)

180,316

727

Danone

SA

6,356

547

Deutsche

Post

AG

27,622

1,175

DL

E&C

Co.,

Ltd.

9,784

Dover

Corp.

991

Eiffage

SA

1,695

Embraer

SA

-

ADR(Æ)

4,678

EMCOR

Group,

Inc.

683

Equifax,

Inc.

2,564

667

ESCO

Technologies,

Inc.

Expeditors

International

of

Washington,

Inc.

1,227

FedEx

Corp.

1,067

Flughafen

Zurich

AG

1,786

Fortive

Corp.

2,075

Fukuda

Corp.

1,400

Fuyao

Glass

Industry

Group

Co.,

Ltd.

Class

A

58,800

GE

Vernova

,

Inc.

935

GEA

Group

AG

17,924

1,163

General

Dynamics

Corp.

1,578

Getlink

SE

38,970

740

GFL

Environmental,

Inc.

3,308

GMR

Infrastructure,

Ltd.(Æ)

300,707

Graco

,

Inc.

4,740

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

33,501

680

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

11,528

Guangshen

Railway

Co.,

Ltd.

Class

H

462,000

Halma

PLC

12,317

Hi

Sun

Technology

China,

Ltd.(Æ)

864,000

Holley,

Inc.(Æ)

124,878

Honeywell

International,

Inc.

1,152

Huntington

Ingalls

Industries,

Inc.

591

Illinois

Tool

Works,

Inc.

620

Infrastrutture

Wireless

Italiane

SpA

(Þ)

6,342

InterGlobe

Aviation,

Ltd.(Æ)(Þ)

17,409

1,083

Intertek

Group

PLC

10,545

645

Jacobs

Solutions,

Inc.

1,056

Japan

Airport

Terminal

Co.,

Ltd.

11,800

Jardine

Matheson

Holdings,

Ltd.

917

JSW

Infrastructure,

Ltd.

18,790

Kamigumi

Co.,

Ltd.

4,100

KION

Group

AG

1,075

Knorr-

Bremse

AG

4,658

Kone

OYJ

Class

B

3,592

Kongsberg

Gruppen

ASA

2,067

Korean

Air

Lines

Co.,

Ltd.

2,948

L3Harris

Technologies,

Inc.

593

Larsen

&

Toubro,

Ltd.

5,147

Latham

Group,

Inc.(Æ)

10,127

Limbach

Holdings,

Inc.(Æ)

2,902

Lockheed

Martin

Corp.

589

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

702

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Logitech

International

SA

3,168

Mama's

Creations,

Inc.(Æ)

31,107

Marubeni

Corp.

8,400

Mercury

Systems,

Inc.(Æ)

2,851

Mettler

-Toledo

International,

Inc.(Æ)

627

671

Mitsubishi

Corp.

12,535

Mitsubishi

Electric

Corp.

21,300

Mitsui

OSK

Lines,

Ltd.

3,900

Moody's

Corp.

2,392

1,084

Mueller

Industries,

Inc.

3,323

MYR

Group,

Inc.(Æ)

4,685

573

Nestle

SA

9,013

959

Nippon

Yusen

5,200

Norfolk

Southern

Corp.

Northrop

Grumman

Corp.

Otis

Worldwide

Corp.

5,558

535

PACCAR,

Inc.

2,370

Pan

Ocean

Co.,

Ltd.

54,216

Paychex,

Inc.

1,307

Paymentus

Holdings,

Inc.

Class

A(Æ)

2,836

PHA

Co.,

Ltd.

8,879

Proficient

Auto

Logistics,

Inc.(Æ)

69,158

575

Republic

Services,

Inc.

Class

A

740

Rollins,

Inc.

8,961

512

Ryanair

Holdings

PLC

-

ADR

19,071

913

S&P

Global,

Inc.

1,455

728

Samsung

Heavy

Industries

Co.,

Ltd.

(Æ)

15,718

Schindler

Holding

AG

Sezzle

,

Inc.(Æ)

1,308

SF

Holding

Co.,

Ltd.

Class

H(Æ)

28,856

Siam

Cement

PCL

(The)

14,600

Sterling

Infrastructure,

Inc.(Æ)

588

Techtronic

Industries

Co.,

Ltd.

52,500

534

Teledyne

Technologies,

Inc.(Æ)

Textron,

Inc.

1,911

Trade

Desk,

Inc.

(The)

Class

A(Æ)

3,776

TransDigm

Group,

Inc.

699

Transurban

Group(Æ)

97,483

881

Trelleborg

AB

Class

B

6,154

Tutor

Perini

Corp.(Æ)

50,994

1,094

Union

Pacific

Corp.

909

Verisk

Analytics,

Inc.

Class

A

556

Vertiv

Holdings

Co.

Class

A

3,272

Vinci

SA

3,419

W.W.

Grainger,

Inc.

Wartsila

OYJ

Abp

Class

B

7,571

Waste

Management,

Inc.

933

Weir

Group

PLC

(The)

40,014

1,201

West

Japan

Railway

Co.

11,000

WSP

Global,

Inc.

898

Wuxi

Lead

Intelligent

Equipment

Co.,

Ltd.

Class

A

33,000

Yangzijiang

Shipbuilding

Holdings,

Ltd.

65,543

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $42,760

Technology

-

12.7%

8x8,

Inc.(Æ)

332,978

589

AAC

Technologies

Holdings,

Inc.

128,500

617

Accenture

PLC

Class

A

585

Adobe,

Inc.(Æ)

1,149

Airbnb,

Inc.

Class

A(Æ)

6,341

773

Akamai

Technologies,

Inc.(Æ)

1,388

Alpha

&

Omega

Semiconductor,

Ltd.

(Æ)

40,469

762

Alphabet,

Inc.

Class

A

18,573

2,949

Alphabet,

Inc.

Class

C

11,587

1,864

Amentum

Holdings,

Inc.(Æ)

4,917

ANSYS,

Inc.(Æ)

1,335

Apple,

Inc.

32,282

6,860

Applied

Materials,

Inc.

5,935

894

AppLovin

Corp.

Class

A(Æ)

ASM

International

NV

961

ASML

Holding

NV

1,405

941

Assa

Abloy

AB

Class

B

28,747

863

Atlassian

Corp.

Class

A(Æ)

1,397

Auto

Trader

Group

PLC(Þ)

17,414

Autodesk,

Inc.(Æ)

AvePoint

,

Inc.(Æ)

18,322

Baidu,

Inc.

Class

A(Æ)

46,850

518

BE

Semiconductor

Industries

NV

1,761

Bilibili

,

Inc.

Class

Z(Æ)

11,500

Blend

Labs,

Inc.

Class

A(Æ)

7,990

Booking

Holdings,

Inc.

Broadcom,

Inc.

9,614

1,850

Cars.com,

Inc.(Æ)

45,645

531

Cellebrite

DI,

Ltd.(Æ)

3,768

CGI,

Inc.

1,952

Check

Point

Software

Technologies,

Ltd.(Æ)

1,014

Ciena

Corp.(Æ)

1,413

Cisco

Systems,

Inc.

14,238

822

Cognizant

Technology

Solutions

Corp.

Class

A

3,059

Constellation

Software,

Inc.

Credo

Technology

Group

Holding,

Ltd.

(Æ)

2,459

CyberArk

Software,

Ltd.(Æ)

595

DoorDash

,

Inc.

Class

A(Æ)

1,829

Electronic

Arts,

Inc.

2,741

EverQuote

,

Inc.

Class

A(Æ)

3,443

Extreme

Networks,

Inc.(Æ)

5,173

Fair

Isaac

Corp.(Æ)

Fiserv,

Inc.(Æ)

1,142

Fortinet,

Inc.(Æ)

1,352

GDS

Holdings,

Ltd.

Class

A(Æ)

20,800

Graham

Corp.(Æ)

3,167

Hewlett

Packard

Enterprise

Co.

9,799

Hon

Hai

Precision

Industry

Co.,

Ltd.

192,000

853

International

Business

Machines

Corp.

1,014

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

703

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Kanzhun

,

Ltd.

-

ADR(Æ)

6,292

Keyence

Corp.

2,700

1,134

Kingsoft

Cloud

Holdings,

Ltd.(Æ)

105,486

KLA

Corp.

Lam

Research

Corp.

6,532

Leidos

Holdings,

Inc.

1,291

LG

Corp.

Class

H

7,780

Lumentum

Holdings,

Inc.

Class

E(Æ)

2,306

Manhattan

Associates,

Inc.(Æ)

823

MediaTek

,

Inc.

21,000

890

Meta

Platforms,

Inc.

Class

A

3,784

2,077

Microsoft

Corp.

15,004

5,930

MSCI,

Inc.

Class

A

2,050

1,117

NAVER

Corp.

1,381

NCR

Voyix

Corp.(Æ)

69,452

595

Nemetschek

SE

4,578

604

NetEase

,

Inc.

12,400

Nokia

OYJ

70,056

NVIDIA

Corp.

22,212

2,419

Obic

Co.,

Ltd.

4,500

Oddity

Tech,

Ltd.

Class

A(Æ)

2,273

Okta

,

Inc.(Æ)

927

ON

Semiconductor

Corp.(Æ)

2,229

Oracle

Corp.

4,657

655

Orange

SA

12,739

Palantir

Technologies,

Inc.

Class

A(Æ)

841

PAR

Technology

Corp.(Æ)

1,769

Parade

Technologies,

Ltd.

27,000

PAX

Global

Technology,

Ltd.

70,000

Pegasystems

,

Inc.

1,834

Powerfleet

,

Inc.(Æ)

29,429

QUALCOMM,

Inc.

5,182

769

Red

Violet,

Inc.

5,562

Reply

SpA

2,919

519

Roku,

Inc.(Æ)

1,165

Roper

Technologies,

Inc.

552

Salesforce,

Inc.

2,018

542

Samsung

Electronics

Co.,

Ltd.

54,723

2,145

SAP

SE

5,337

1,544

Shopify,

Inc.

Class

A(Æ)

Signify

NV(Þ)

37,865

788

Silicon

Laboratories,

Inc.(Æ)

803

Silicon

Motion

Technology

Corp.

25,898

1,282

SimilarWeb

,

Ltd.(Æ)

7,631

Singapore

Telecommunications,

Ltd.

375,000

1,087

SiTime

Corp.(Æ)

645

SK

Hynix,

Inc.

9,604

1,207

Skyworks

Solutions,

Inc.

1,550

SoftBank

Corp.

181,000

Softcat

PLC

13,035

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

155,000

4,418

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

,779

2,297

Texas

Instruments,

Inc.

1,056

Tokyo

Electron,

Ltd.

1,200

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
Tower

Semiconductor,

Ltd.(Æ)

15,230

545

Trip.com

Group,

Ltd.

-

ADR

5,977

Uber

Technologies,

Inc.(Æ)

8,293

672

Vimeo,

Inc.(Æ)

235,500

1,187

Vivid

Seats,

Inc.

Class

A(Æ)

225,234

633

Vodafone

Group

PLC

411,550

Wix.com,

Ltd.(Æ)

Workiva

,

Inc.(Æ)

1,322

Zeta

Global

Holdings

Corp.

Class

A(Æ)

4,742

70,799

Utilities

-

4.8%

AES

Corp.

(The)

8,534

Ameren

Corp.

1,814

American

Electric

Power

Co.,

Inc.

7,493

812

AT&T,

Inc.

32,898

911

Atmos

Energy

Corp.

1,217

Bharti

Airtel,

Ltd.

86,451

1,909

BKV

Corp.(Æ)

34,907

633

Brookfield

Renewable

Corp.

2,350

Canadian

Natural

Resources,

Ltd.

11,575

Centrais

Eletricas

Brasileiras

SA

58,898

CGN

Power

Co.,

Ltd.

Class

H(Þ)

776,000

Cheniere

Energy,

Inc.

2,601

601

China

Gas

Holdings,

Ltd.

86,200

China

Yangtze

Power

Co.,

Ltd.

Class

A

202,900

824

CMS

Energy

Corp.

2,024

ConocoPhillips

2,553

Consolidated

Edison,

Inc.

2,924

Constellation

Energy

Corp.

1,009

Deutsche

Telekom

AG

17,720

636

Dominion

Energy,

Inc.

5,421

DT

Midstream,

Inc.

1,679

DTE

Energy

Co.

1,059

Duke

Energy

Corp.

6,416

783

Edison

International

5,058

EDP

SA

48,404

Elisa

OYJ

3,226

Emera

,

Inc.

4,536

Empresa

Nacional

de

Telecomunicaciones

SA

60,370

Enbridge,

Inc.

14,356

671

Endesa

SA

6,283

Enel

SpA

33,611

Engie

SA

17,916

ENN

Energy

Holdings,

Ltd.

23,500

Entergy

Corp.

2,004

Evergy

,

Inc.

1,705

Eversource

Energy

4,887

Exelon

Corp.

17,791

834

Expand

Energy

Corp.

3,249

Federal

Grid

Co.

-

Rosseti

PJSC(Æ)(Š)

381,588,279

—

FirstEnergy

Corp.

3,417

Fortis,

Inc.

3,360

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

704

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $
GAIL

India,

Ltd.

73,723

Gaztransport

Et

Technigaz

SA

3,184

517

Hera

SpA

47,324

Hong

Kong

&

China

Gas

Co.,

Ltd.

195,000

Iberdrola

SA

19,381

Inpex

Corp.

7,900

KDDI

Corp.

15,400

Korea

Electric

Power

Corp.

18,559

Korea

Electric

Power

Corp.

-

ADR

,

Kosmos

Energy,

Ltd.(Æ)

22,558

KT

Corp.

-

ADR

22,609

LG

Uplus

Corp.

116,832

987

MEG

Energy

Corp.

Class

A

17,232

MTN

Group,

Ltd.

37,740

National

Grid

PLC

77,205

1,116

NextEra

Energy,

Inc.

1,298

Nippon

Telegraph

&

Telephone

Corp.

321,963

Osaka

Gas

Co.,

Ltd.

6,300

PG&E

Corp.

10,502

Portland

General

Electric

Co.

16,950

714

Power

Assets

Holdings,

Ltd.

23,000

PRIO

SA(Æ)

7,183

Public

Service

Enterprise

Group,

Inc.

5,334

Redeia

Corp.

SA

7,131

RusHydro

PJSC(Æ)(Š)

104,654,642

—

RWE

AG

7,420

Sempra

Energy

3,379

Severn

Trent

PLC

Class

H

6,384

Southern

Co.

(The)

1,654

SSE

PLC

5,493

Telefonica

SA

45,189

Telstra

Group,

Ltd.

57,808

Terna

-

Rete

Elettrica

Nazionale

17,132

T-Mobile

US,

Inc.

923

UGI

Corp.

7,431

Veolia

Environnement

SA

16,974

621

Verbund

AG

Class

A

1,042

Verizon

Communications,

Inc.

17,420

768

WEC

Energy

Group,

Inc.

1,388

Xcel

Energy,

Inc.

7,921

560

26,893

#### Total

#### Common

#### Stocks
(cost

$339,082)

384,471

#### Preferred

#### Stocks

#### -

#### 0.2%
Consumer

Staples

-

0.0%

Henkel

AG

&

Co.

KGaA

2.885%

(Ÿ)

1,936

Energy

-

0.0%

Petroleo

Brasileiro

SA

11.216%

(Ÿ)

28,073

Financial

Services

-

0.1%

Itau

Unibanco

Holding

SA

Amounts

in

thousands

(except

share

amounts)

#### Principal

#### Amount

#### ($)

#### or

#### Shares

#### Fair

#### Value

#### $6.356%

(Ÿ)

42,079

Health

Care

-

0.0%

Draegerwerk

AG

&

Co.

KGaA

3.197%

(Ÿ)

2,414

Technology

-

0.1%

Samsung

Electronics

Co.,

Ltd.

3.107%

(Ÿ)

11,020

#### Total

#### Preferred

#### Stocks
(cost

$1,076)

1,089

#### Short-Term

#### Investments

#### -

#### 5.2%
U.S.

Cash

Management

Fund(@)

28,661,582

(∞)

28,653

#### Total

#### Short-Term

#### Investments
(cost

$28,655)

28,653

#### Total

#### Investments

#### -

#### 96.4%
(identified

cost

$489,713)

535,321

#### Other

#### Assets

#### and

#### Liabilities,

#### Net

#### -

#### 3.6%
19,901

#### Net

#### Assets

#### -

#### 100.0%
555,222

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

705

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $6.3%

ABN

AMRO

Bank

NV

03/22/23

EUR

19,429

16.33 317

Abu

Dhabi

Developmental

Holding

Co.

PJSC

04/29/25

329,000

99.40 327

Abu

Dhabi

Government

International

Bond

11/02/22

783,000

69.26 542

528

Adnoc

Murban

Rsc

,

Ltd.

09/04/24

518,000

99.15 514

500

Adnoc

Murban

Rsc

,

Ltd.

11/05/24

331,000

95.19 315

Adyen

NV

02/16/24

EUR

1,466.74

Aena

SME

SA

04/27/20

EUR

3,122

173.78 511

785

Allegro.eu

SA

03/20/25

PLN

13,502

8.02 108

Alpha

FX

Group

PLC

05/31/24

GBP

8,875

31.23 277

Angolan

Government

International

Bond

10/04/24

220,000

91.67 202

Angolan

Government

International

Bond

03/06/25

200,000

78.47 157

Auto

Trader

Group

PLC

02/02/24

GBP

17,414

9.30 162

Avianca

Midco

PLC

01/30/25

200,000

99.06 198

Azerbaijan

Government

International

Bond

09/21/22

197,000

86.17 170

Bahrain

Government

International

Bond

09/11/24

688,000

104.27 717

699

Baiterek

National

Managing

Holding

JSC

04/29/25

308,000

99.46 306

Bolivia

Government

International

Bond

12/07/23

119,000

57.67 69

CBB

International

Sukuk

Programme

Co.

WLL

07/18/24

213,000

96.06 205

Cellnex

Telecom

SA

08/11/23

EUR

5,315

35.92 191

CGN

Power

Co.,

Ltd.

09/30/22

HKD

776,000

0.27 208

China

Government

International

Bond

10/17/24

200,000

98.31 197

China

Government

International

Bond

11/13/24

472,000

99.62 470

China

International

Capital

Corp.,

Ltd.

09/11/23

HKD

147,600

1.74 257

China

Tower

Corp.,

Ltd.

02/27/25

HKD

142,000

1.36 193

Corp.

Nacional

del

Cobre

de

Chile

06/17/24

272,000

100.08 272

Corp.

Nacional

del

Cobre

de

Chile

01/08/25

200,000

99.96 200

Corp.

Nacional

del

Cobre

de

Chile

04/28/25

200,000

101.35 203

Costa

Rica

Government

International

Bond

05/01/24

298,000

101.06 301

Dominican

Republic

Government

International

Bond

03/20/23

487,000

98.34 479

503

Ecuador

Government

International

Bond

10/03/22

431,827

50.47 218

Ecuador

Government

International

Bond

02/29/24

113,536

51.85 59

Ecuador

Government

International

Bond

02/13/25

138,855

69.97 97

Egypt

Government

International

Bond

04/11/24

817,000

77.66 634

594

Egypt

Government

International

Bond

01/28/25

277,000

100.00 277

El

Salvador

Government

International

Bond

01/02/25

300,000

104.39 313

Export-Import

Bank

of

India

09/20/22

116,000

84.68 98

Export-Import

Bank

of

India

11/06/24

200,000

92.21 184

Ghana

Government

International

Bond

10/10/24

21,726

88.63 19

Ghana

Government

International

Bond

11/20/24

169,450

89.37 151

Guatemala

Government

International

Bond

06/06/23

401,000

100.00 401

Halyk

Savings

Bank

of

Kazakhstan

JSC

03/14/22

4,621

8.74 40

Hat

Holdings

I

LLC

10/13/23

639,000

100.00 639

695

Hazine

Mustesarligi

Varlik

Kiralama

AS

11/25/24

200,000

107.08 214

Hungary

Government

International

Bond

07/19/23

604,000

102.17 617

622

Hungary

Government

International

Bond

01/03/24

321,000

98.05 315

Infrastrutture

Wireless

Italiane

SpA

10/09/20

EUR

6,342

10.92 69

Innovent

Biologics,

Inc.

11/10/23

HKD

134,000

5.02 672

935

InterGlobe

Aviation,

Ltd.

06/10/22

INR

17,409

34.00 592

1,083

Ivory

Coast

Government

International

Bond

01/23/24

299,000

98.21 294

Ivory

Coast

Government

International

Bond

03/25/25

200,000

97.52 195

Jordan

Government

International

Bond

04/04/23

46,000

99.17 46

Jordan

Government

International

Bond

01/17/24

326,000

99.79 325

Kingston

Airport

Revenue

Finance,

Ltd.

09/25/24

200,000

99.97 200

Kuaishou

Technology

06/10/22

HKD

72,300

7.45 539

Lebanon

Government

International

Bond

10/31/22

657,000

9.56 63

Lenta

International

Co.

PJSC

12/17/18

105,913

—

—

Longfor

Group

Holdings,

Ltd.

07/14/23

HKD

363,000

1.64 594

Ma'aden

Sukuk

,

Ltd.

02/06/25

264,000

99.89 264

Macrotech

Developers,

Ltd.

04/05/24

INR

10,860

15.86 172

Match

Group

Financeco

,

Inc.

11/01/23

490,000

94.38 462

Meituan

03/20/25

HKD

21,700

21.05 457

MHP

SE

03/10/17

42,015

9.45 397

MP

Materials

Corp.

03/19/24

1,200,000

94.31 1,132

1,164

NAC

Kazatomprom

JSC

10/15/19

14,788

13.43 199

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

706

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

#### $
Nigeria

Government

International

Bond

09/20/22

200,000

72.17 144

Nigeria

Government

International

Bond

02/13/25

601,000

101.94 613

564

OCP

SA

04/24/24

355,000

97.29 345

Oman

Government

International

Bond

09/20/22

476,000

101.32 482

Oman

Government

International

Bond

11/06/24

200,000

106.40 213

Oman

Government

International

Bond

12/03/24

206,000

99.96 206

Pakistan

Government

International

Bond

08/29/24

212,000

89.48 190

Paraguay

Government

International

Bond

02/25/25

200,000

100.00 200

Petroleos

de

Venezuela

SA

08/14/24

78,662

17.35 14

Petroleos

de

Venezuela

SA

12/18/24

114,900

11.54 13

Petroleos

de

Venezuela

SA

01/07/25

550,800

14.86 82

Petroleos

del

Peru

SA

09/20/22

416,000

64.97 270

Petronas

Capital,

Ltd.

09/20/22

422,000

86.90 367

Petronas

Capital,

Ltd.

10/31/23

400,000

64.26 257

Petronas

Capital,

Ltd.

03/26/25

269,000

100.00 269

Porch

Group,

Inc.

12/20/24

1,291,000

83.78 1,082

1,086

Port

of

Spain

Waterfront

Development

02/11/25

200,000

99.34 199

Qatar

Government

International

Bond

10/30/23

584,000

98.05 573

592

Qatar

Government

International

Bond

02/20/25

400,000

100.06 400

Repay

Holdings

Corp.

05/22/23

1,492,000

95.07 1,418

1,412

Republic

of

Kenya

Government

International

Bond

02/26/25

325,000

97.22 316

Republic

of

Serbia

Government

International

Bond

06/05/24

232,000

98.00 227

Republic

of

South

Africa

Government

International

Bond

04/16/25

200,000

93.26 187

Republic

of

Uzbekistan

Government

International

Bond

02/12/25

222,000

83.67 186

Republic

of

Zambia

Government

International

Bond

06/28/24

61,980

49.52 31

Republic

of

Zambia

Government

International

Bond

06/28/24

62,354

88.28 55

Romanian

Government

International

Bond

02/12/24

702,000

68.64 482

Romanian

Government

International

Bond

01/29/25

262,000

83.22 218

Romanian

Government

International

Bond

04/29/25

122,000

99.62 122

Samsung

Biologics

Co.,

Ltd.

02/21/25

KRW

620

743.54 461

Saudi

Arabian

Oil

Co.

07/10/24

370,000

97.65 361

Saudi

Government

International

Bond

01/08/24

707,000

99.27 702

710

Saudi

Government

International

Bond

05/28/24

400,000

97.07 388

SBI

Life

Insurance

Co.,

Ltd.

01/24/25

INR

5,889

16.72 98

Scout24

SE

05/17/24

EUR

3,916

86.42 338

Senegal

Government

International

Bond

02/27/25

200,000

78.78 158

Shandong

Gold

Mining

Co.,

Ltd.

04/23/25

HKD

22,750

3.02 69

Siemens

Healthineers

AG

02/05/21

EUR

3,134

50.17 157

Signify

NV

06/24/22

EUR

37,865

26.06 987

788

Sri

Lanka

Government

International

Bond

12/20/24

44,658

69.41 31

Sri

Lanka

Government

International

Bond

12/20/24

233,688

70.63 165

Sri

Lanka

Government

International

Bond

12/20/24

161,353

71.87 116

TC

Ziraat

Bankasi

AS

01/28/25

200,000

99.51 199

Thule

Group

AB

(The)

11/08/24

SEK

7,703

33.14 255

Ukraine

Government

International

Bond

08/30/24

83,665

43.23 36

Ukraine

Government

International

Bond

08/30/24

498,275

46.15 230

Ukraine

Government

International

Bond

10/10/24

197,243

57.20 113

Venezuela

Government

International

Bond

03/22/24

254,800

21.28 54

Venezuela

Government

International

Bond

07/30/24

233,800

14.99 35

Venezuela

Government

International

Bond

09/11/24

144,700

15.88 23

Venezuela

Government

International

Bond

03/07/25

88,600

18.41 16

Venezuela

Government

International

Bond

03/27/25

39,300

100.00 39

WH

Group,

Ltd.

09/10/24

HKD

215,669

0.81 174

WuXi

AppTec

Co.,

Ltd.

12/19/24

HKD

28,300

7.47 211

Yellow

Cake

PLC

07/08/19

GBP

37,169

2.64 98

35,137

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.

Multi-Asset

Strategy

Fund

707

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

CAC40

Euro

Index

Futures

EUR

603

05/25

DAX

Index

Futures

EUR

1,695

06/25

(80) EURO

STOXX

Index

Futures

EUR

1,941

06/25

(96) FTSE

Index

Futures

GBP

2,116

06/25

(17) FTSE/MIB

Index

Futures

EUR

556

06/25

(30) Hang

Seng

Index

Futures

HKD

3,313

05/25

IBEX

Index

Futures

EUR

05/25

Japanese

Year

Mini

Government

Bond

Futures

JPY

42,195

06/25

—

Long

Gilt

Futures

GBP

7,482

06/25

MSCI

Emerging

Markets

Index

Futures

USD

7,881

06/25

(36) OMXS30

Index

Futures

SEK

2,173

05/25

S&P

500

E-Mini

Index

Futures

USD

82,688

06/25

(402) S&P/TSX

Index

Futures

CAD

4,186

06/25

SPI

Index

Futures

AUD

2,036

06/25

TOPIX

Index

Futures

JPY

319,740

06/25

United

States

Year

Treasury

Note

Futures

USD

32,471

06/25

United

States

Year

Treasury

Note

Futures

726

USD

79,276

06/25

1,389

United

States

Year

Treasury

Note

Futures

USD

55,660

06/25

832

United

States

Year

Ultra

Treasury

Note

Futures

USD

12,850

06/25

United

States

Treasury

Long

Bond

Futures

USD

4,898

06/25

United

States

Treasury

Ultra

Bond

Futures

USD

5,567

06/25

(22) Short

Positions

Canadian

Year

Government

Bond

Futures

CAD

6,430

06/25

EURO

STOXX

Index

Futures

EUR

24,769

06/25

1,666

Euro-Bund

Futures

EUR

7,380

06/25

(42) FTSE

Index

Futures

GBP

11,172

06/25

Hang

Seng

Index

Futures

HKD

96,074

05/25

(103) Japanese

Year

Government

Bond

Futures

JPY

2,109,750

06/25

(311) MSCI

Emerging

Markets

Index

Futures

677

USD

37,574

06/25

1,023

Russell

2000

E-Mini

Index

Futures

528

USD

52,003

06/25

2,143

S&P/TSX

Index

Futures

CAD

6,578

06/25

(62) Total

Value

and

Unrealized

Appreciation

(Depreciation)

on

Open

Futures

Contracts

(å)

7,009

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

America

GBP

1,600

USD

2,092

06/18/25

(40) Bank

of

America

PLN

USD

05/02/25

—

Bank

of

America

ZAR

15,362

USD

822

05/02/25

(4) Bank

of

New

York

USD

2,825

CAD

4,039

05/13/25

Bank

of

New

York

USD

2,438

GBP

1,884

05/13/25

Bank

of

New

York

DKK

6,388

USD

938

06/18/25

(34) Bank

of

New

York

EUR

2,338

USD

2,560

06/18/25

(95) Bank

of

New

York

GBP

2,031

USD

2,631

06/18/25

(76) Bank

of

New

York

HKD

6,579

USD

848

06/18/25

(1) See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

708

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Foreign

#### Currency

#### Exchange

#### Contracts
Amounts

in

thousands

#### Counterparty

#### Amount

#### Sold

#### Amount

#### Bought

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### $
Bank

of

New

York

SEK

5,844

USD

582

06/18/25

(25) Citigroup

USD

2,350

CAD

3,250

06/18/25

Citigroup

USD

570

EUR

500

06/18/25

(2) Citigroup

USD

1,930

GBP

1,450

06/18/25

Citigroup

USD

JPY

26,000

06/18/25

Citigroup

DKK

6,388

USD

938

06/18/25

(34) Citigroup

EUR

2,338

USD

2,561

06/18/25

(95) Citigroup

GBP

2,031

USD

2,630

06/18/25

(77) Citigroup

HKD

6,579

USD

848

06/18/25

(1) Citigroup

SEK

5,844

USD

582

06/18/25

(25) HSBC

USD

5,300

NOK

55,359

05/13/25

HSBC

SEK

52,783

USD

5,298

05/13/25

(166) JPMorgan

Chase

USD

2,842

EUR

2,627

05/13/25

JPMorgan

Chase

EUR

USD

05/13/25

JPMorgan

Chase

JPY

365,828

USD

2,459

05/13/25

(103) Royal

Bank

of

Canada

DKK

6,388

USD

938

06/18/25

(35) Royal

Bank

of

Canada

EUR

2,338

USD

2,559

06/18/25

(98) Royal

Bank

of

Canada

GBP

2,031

USD

2,626

06/18/25

(80) Royal

Bank

of

Canada

HKD

6,579

USD

848

06/18/25

(1) Royal

Bank

of

Canada

SEK

5,844

USD

582

06/18/25

(24) State

Street

USD

1,388

AUD

2,201

06/18/25

State

Street

USD

699

CAD

1,003

06/18/25

State

Street

USD

737

CHF

607

05/13/25

(1) State

Street

USD

JPY

24,974

05/13/25

(1) State

Street

USD

1,528

JPY

224,307

06/18/25

State

Street

USD

SEK

3,111

05/13/25

(1) State

Street

CAD

USD

05/13/25

(1) State

Street

CHF

7,155

USD

8,128

05/13/25

(549) State

Street

CHF

1,382

USD

1,582

06/18/25

(100) State

Street

DKK

6,388

USD

940

06/18/25

(32) State

Street

EUR

2,338

USD

2,566

06/18/25

(90) State

Street

GBP

USD

05/13/25

State

Street

GBP

2,031

USD

2,631

06/18/25

(76) State

Street

HKD

6,579

USD

848

06/18/25

(1) State

Street

NOK

1,964

USD

05/13/25

—

State

Street

SEK

5,844

USD

584

06/18/25

(22) Westpac

DKK

6,388

USD

939

06/18/25

(33) Westpac

EUR

2,338

USD

2,563

06/18/25

(92) Westpac

GBP

2,031

USD

2,626

06/18/25

(80) Westpac

HKD

6,579

USD

848

06/18/25

(1) Westpac

SEK

5,844

USD

583

06/18/25

(24) Total

Unrealized

Appreciation

(Depreciation)

on

Open

Foreign

Currency

Exchange

Contracts

(1,663)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

709

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Credit

#### Default

#### Swap

#### Contracts
Amounts

in

thousands

#### Corporate

#### 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

#### $
Schaeffler

AG

Morgan

Stanley

2.787%

EUR

(5.000%)

(2) 12/20/29

(27) 7

(20) Total

Open

Corporate

Issues

-

Purchase

Protection

Contracts

(27) 7

(20) #### 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

29,000

(1.000%)

(2) 06/20/30

1,039

1,249

Total

Open

Credit

Indices

-

Purchase

Protection

Contracts

1,039

1,249

#### Corporate

#### Issues

#### -

#### Sell

#### Protection

#### Reference

#### Entity

#### Counterparty

#### Implied

#### Credit

#### Spread

#### Notional

#### Amount

#### Fund

#### (Pays)/

#### Receives

#### Fixed

#### Rate

#### Termination

#### Date

#### Premiums

#### Paid/(Received)

#### $

#### Unrealized

#### Appreciation
(Depreciation)

#### $

#### Fair

#### Value

#### $
Schaeffler

AG

Morgan

Stanley

2.787%

EUR

5.000%

(2) 12/20/29

(9) 20

Total

Open

Corporate

Issues

-

Sell

Protection

Contracts

(9) 20

#### 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

41,000

5.000%

(2) 06/20/30

1,314

1,789

Total

Open

Credit

Indices

-

Sell

Protection

Contracts

1,314

1,789

Total

Open

Credit

Default

Swap

Contracts

(å)

2,355

683

3,038

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Long-Term

Fixed

Income

Investments

Corporate

Bonds

and

Notes

$

—

$

81,841

$

—

$

—

$

81,841

.7

International

Debt

—

39,267

—

—

39,267

.1

Common

Stocks

Consumer

Discretionary

21,878

29,502

—

—

51,380

.3

Consumer

Staples

9,699

8,036

—

—

17,735

.2

Energy

8,147

4,150

—

—

12,297

.2

Financial

Services

54,026

44,109

—

—

98,135

.7

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

710

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

#### Presentation

#### of

#### Portfolio

#### Holdings
Amounts

in

thousands

#### Fair

#### Value

#### Portfolio

#### Summary

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Practical

#### Expedient
(a) #### Total

#### %

#### of

#### Net

#### Assets
Health

Care

21,549

12,939

—

—

34,488

.2

Materials

and

Processing

15,215

14,769

—

—

29,984

.4

Producer

Durables

20,255

22,505

—

—

42,760

.7

Technology

48,283

22,516

—

—

70,799

.7

Utilities

14,591

12,302

—

—

26,893

.8

Preferred

Stocks

677

—

—

1,089

.2

Short-Term

Investments

—

—

—

28,653

28,653

.2

Total

Investments

214,055

292,613

—

28,653

535,321

.4

Other

Assets

and

Liabilities,

Net

.6

.0

Other

Financial

Instruments

Assets

Futures

Contracts

8,210

—

—

—

8,210

.5

Foreign

Currency

Exchange

Contracts

—

—

—

.1

Credit

Default

Swap

Contracts

—

3,058

—

—

3,058

.6

A

Liabilities

Futures

Contracts

(1,201)

—

—

—

(1,201)

(0

.2)

Foreign

Currency

Exchange

Contracts

(4)

(2,116)

—

—

(2,120)

(0

.4)

Credit

Default

Swap

Contracts

—

(20)

—

—

(20)

(—)\*

Total

Other

Financial

Instruments

\*\*

$

7,005

$

1,379

$

—

$

—

$

8,384

\*

Less

than

.05%

of

net

assets.

\*\*

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,

2025,

if

any,

see

note

in

the

Notes

to

Financial

Statements.

Investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

a

fair

value

as

of

April

30,

2025,

if

any,

were

less

than

1%

of

net

assets.

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Angola

................................................................................................

Argentina

............................................................................................

1,006

Australia

.............................................................................................

6,204

Austria

................................................................................................

781

Azerbaijan

..........................................................................................

Bahrain

...............................................................................................

903

Belgium

..............................................................................................

677

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

711

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Bolivia,

Plurinational

State

of

............................................................

Brazil

..................................................................................................

4,928

Canada

................................................................................................

13,048

Chile

...................................................................................................

1,649

China

..................................................................................................

28,861

Colombia

............................................................................................

1,171

Congo,

the

Democratic

Republic

of

the

.............................................

Costa

Rica

..........................................................................................

Denmark

.............................................................................................

3,792

Dominican

Republic

..........................................................................

503

Ecuador

..............................................................................................

Egypt

..................................................................................................

858

El

Salvador

.........................................................................................

Finland

...............................................................................................

1,041

France

.................................................................................................

10,294

Germany

.............................................................................................

12,939

Ghana

.................................................................................................

Greece

................................................................................................

703

Guatemala

..........................................................................................

Hong

Kong

.........................................................................................

4,125

Hungary

..............................................................................................

925

India

...................................................................................................

12,825

Indonesia

............................................................................................

3,606

Ireland

................................................................................................

1,649

Israel

...................................................................................................

4,733

Italy

....................................................................................................

4,502

Ivory

Coast

.........................................................................................

Jamaica

...............................................................................................

Japan

..................................................................................................

15,755

Jordan

.................................................................................................

Kazakhstan

.........................................................................................

914

Kenya

.................................................................................................

Lebanon

..............................................................................................

Luxembourg

.......................................................................................

577

Macao

.................................................................................................

Malaysia

.............................................................................................

1,032

Mexico

...............................................................................................

3,938

Morocco

.............................................................................................

Myanmar

............................................................................................

Netherlands

........................................................................................

4,014

New

Zealand

......................................................................................

Nigeria

................................................................................................

725

Norway

...............................................................................................

675

Oman

..................................................................................................

909

Pakistan

..............................................................................................

Panama

...............................................................................................

852

Paraguay

.............................................................................................

Peru

....................................................................................................

811

Philippines

..........................................................................................

1,905

Poland

................................................................................................

1,418

Portugal

..............................................................................................

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

712

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Schedule

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Country

#### Exposure

#### Fair

#### Value

#### $
Qatar

...................................................................................................

996

Romania

.............................................................................................

755

Russia

.................................................................................................

—

Saudi

Arabia

.......................................................................................

1,866

Senegal

...............................................................................................

Serbia

.................................................................................................

Singapore

...........................................................................................

5,350

South

Africa

.......................................................................................

5,351

South

Korea

.......................................................................................

8,727

Spain

..................................................................................................

3,427

Sri

Lanka

............................................................................................

Sweden

...............................................................................................

4,123

Switzerland

........................................................................................

5,988

Taiwan

................................................................................................

10,701

Thailand

.............................................................................................

1,361

Trinidad

and

Tobago

..........................................................................

Turkey

................................................................................................

2,012

Ukraine

...............................................................................................

746

United

Arab

Emirates

.........................................................................

1,760

United

Kingdom

.................................................................................

21,223

United

States

......................................................................................

297,678

Uruguay

..............................................................................................

735

Uzbekistan

..........................................................................................

Venezuela,

Bolivarian

Republic

of

....................................................

Zambia

...............................................................................................

678

Total

Investments

...............................................................................

535,321

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

713

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Fair

#### Value

#### of

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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\*

5,42

—

—

2,790

Credit

default

swap

contracts,

at

fair

value

—

3,058

—

—

Total

$

5,42

$

3,058

$

$

2,790

Location:

Statement

of

Assets

and

Liabilities

-

Liabilities

Variation

margin

on

futures

contracts\*

$

826

$

—

$

—

$

Unrealized

depreciation

on

foreign

currency

exchange

contracts

—

—

2,120

—

Credit

default

swap

contracts,

at

fair

value

—

—

—

Total

$

826

$

$

2,120

$

#### 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

$

(4,860)

$

—

$

—

$

(5,368)

Options

written

—

—

—

Credit

default

swap

contracts

—

(4

32)

—

—

Foreign

currency

exchange

contracts

—

—

586

—

Total

$

(4,761)

$

(4

32)

$

586

$

(5,368)

Location:

Statement

of

Operations

-

Net

change

in

unrealized

appreciation

(depreciation)

Futures

contracts

$

3,77

$

—

$

—

$

8,119

Options

written

(83) —

—

—

Credit

default

swap

contracts

—

694

—

—

Foreign

currency

exchange

contracts

—

—

(2,046)

—

Total

$

3,6

$

694

$

(2,046)

$

8,119

\*

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.

714

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments

#### —

#### April

#### 30,

#### 2025
(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

3,058

—

3,058

Total

Financial

and

Derivative

Assets

3,515

—

3,515

Financial

and

Derivative

Assets

not

subject

to

a

netting

agreement

—

—

—

Total

Financial

and

Derivative

Assets

subject

to

a

netting

agreement

$

3,515

$

—

$

3,515

#### 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

$

3,038

$

$

—

$

2,997

Bank

of

New

York

—

—

Citigroup

—

—

HSBC

—

—

JPMorgan

Chase

—

Morgan

Stanley

—

—

State

Street

—

—

Total

$

3,515

$

$

$

3,210

Amounts

in

thousands

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

715

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Balance

#### Sheet

#### Offsetting

#### of

#### Financial

#### and

#### Derivative

#### Instruments,

#### continued

#### —

#### April

#### 30,

#### 2025
(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

$

2,120

$

—

$

2,120

Credit

Default

Swap

Contracts

Credit

default

swap

contracts,

at

fair

value

—

Total

Financial

and

Derivative

Liabilities

2,140

—

2,140

Financial

and

Derivative

Liabilities

not

subject

to

a

netting

agreement

(4) —

(4) Total

Financial

and

Derivative

Liabilities

subject

to

a

netting

agreement

$

2,136

$

—

$

2,136

#### 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

—

—

Citigroup

—

HSBC

—

JPMorgan

Chase

—

—

Morgan

Stanley

—

—

Royal

Bank

of

Canada

—

—

State

Street

874

—

771

Westpac

—

—

Total

$

2,136

$

$

—

$

1,851

^&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.

716

Multi-Asset

Strategy

Fund

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Assets
Investments,

at

identified

cost

......................................................................................................................................................

$

489,713

Investments,

at

fair

value(>)

........................................................................................................................................................

535,321

Foreign

currency

holdings(^)

.......................................................................................................................................................

1,313

Unrealized

appreciation

on

foreign

currency

exchange

contracts

...............................................................................................

Receivables:

Dividends

and

interest

......................................................................................................................................................

2,01

Dividends

from

affiliated

funds

.......................................................................................................................................

Investments

sold

...............................................................................................................................................................

1,354

Fund

shares

sold

...............................................................................................................................................................

From

broker(a)(b)

............................................................................................................................................................

20,566

Variation

margin

on

futures

contracts

..............................................................................................................................

7,019

Prepaid

expenses

..........................................................................................................................................................................

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

3,058

Total

assets

...............................................................................................................................................................

571,610

#### Liabilities
Payables:

Due

to

broker

(c) ..............................................................................................................................................................

11,509

Investments

purchased

.....................................................................................................................................................

1,511

Fund

shares

redeemed

......................................................................................................................................................

Accrued

fees

to

affiliates

..................................................................................................................................................

Other

accrued

expenses

....................................................................................................................................................

Deferred

capital

gains

tax

liability

...................................................................................................................................

Unrealized

depreciation

on

foreign

currency

exchange

contracts

...............................................................................................

2,120

Credit

default

swap

contracts,

at

fair

value(+)

.............................................................................................................................

Total

liabilities

...........................................................................................................................................................

16,388

#### Net

#### Assets

#### ...............................................................................................................................................................
$

555,222

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

717

#### Statement

#### of

#### Assets

#### and

#### Liabilities,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

.............................................................................................................................................

$

25,91

Shares

of

beneficial

interest

.........................................................................................................................................................

515

Additional

paid-in

capital

............................................................................................................................................................

528,79

#### Net

#### Assets

#### ...............................................................................................................................................................
$

555,222

#### Net

#### Asset

#### Value

#### ,

#### offering

#### and

#### redemption

#### price

#### per

#### share:
Net

asset

value

per

share:

Class

A

(#)

..........................................................................................................................................

$

10.76 Maximum

offering

price

per

share

(Net

asset

value

plus

sales

charge

of

.75%):

Class

A

.....................................................

$

11. 42

Class

A

—

Net

assets

...........................................................................................................................................................

$

2,840,954

Class

A

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

264,142

Net

asset

value

per

share:

Class

C

(#)

..........................................................................................................................................

$

10.55 Class

C

—

Net

assets

...........................................................................................................................................................

$

509,201

Class

C

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

48,280

Net

asset

value

per

share:

Class

M

(#)

.........................................................................................................................................

$

10.80 Class

M

—

Net

assets

..........................................................................................................................................................

$

112,777,679

Class

M

—

Shares

outstanding

($.01

par

value)

..................................................................................................................

10,440,868

Net

asset

value

per

share:

Class

S

(#)

..........................................................................................................................................

$

10.78 Class

S

—

Net

assets

............................................................................................................................................................

$

353,414,337

Class

S

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

32,783,707

Net

asset

value

per

share:

Class

Y

(#)

..........................................................................................................................................

$

10.82 Class

Y

—

Net

assets

...........................................................................................................................................................

$

85,679,659

Class

Y

—

Shares

outstanding

($.01

par

value)

...................................................................................................................

7,921,081

Amounts

in

thousands

(^)&nbsp;&nbsp;&nbsp;&nbsp;

Foreign

currency

holdings

-

cost

$

1,309

(+)&nbsp;&nbsp;&nbsp;&nbsp;

Credit

default

swap

contracts

-

premiums

paid

(received)

$

2,355

(>)&nbsp;&nbsp;&nbsp;&nbsp;

Investments

in

affiliates,

U.S.

Cash

Management

Fund

$

28,653

(a) Receivable

from

Broker

for

Futures

$

20,548

(b) Receivable

from

Broker

for

Swaps

$

(c) Due

to

Broker

for

Options

$

11,509

(#)

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.

718

Multi-Asset

Strategy

Fund

#### Statement

#### of

#### Operations

#### —

#### For

#### the

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

Amounts

in

thousands

#### Investment

#### Income
Interest

..............................................................................................................................................................................

$

4,32

Dividends

.........................................................................................................................................................................

4,259

Dividends

from

affiliated

funds

.......................................................................................................................................

1,140

Total

investment

income

..............................................................................................................................................................

9,72

#### Expenses
Advisory

fees

...................................................................................................................................................................

2,040

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

..............................................................................................................................................

3,017

Expense

reductions

..........................................................................................................................................................

(567) Net

expenses

................................................................................................................................................................................

2,450

Net

investment

income

(loss)

.......................................................................................................................................................

7,27

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

on:

Investments

(net

of

foreign

capital

gains

taxes

of

$16)

...................................................................................................

10,332

Investments

in

affiliated

funds

.........................................................................................................................................

(14) Futures

contracts

..............................................................................................................................................................

(10,228)

Options

written

.................................................................................................................................................................

Foreign

currency

exchange

contracts

...............................................................................................................................

586

Credit

default

swap

contracts

...........................................................................................................................................

(432) Foreign

currency-related

transactions

..............................................................................................................................

Net

realized

gain

(loss)

................................................................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments (net

of

deferred

tax

liability

for

foreign

capital

gains

taxes

of

($60))

........................................................

(7,746)

Investments

in

affiliated

funds

.........................................................................................................................................

Futures

contracts

..............................................................................................................................................................

11,89

Options

written

.................................................................................................................................................................

(83) Foreign

currency

exchange

contracts

...............................................................................................................................

(2,046)

Credit

default

swap

contracts

...........................................................................................................................................

694

Foreign

currency-related

transactions

..............................................................................................................................

Net

change

in

unrealized

appreciation

(depreciation)

.................................................................................................................

2,830

Net

realized

and

unrealized

gain

(loss)

........................................................................................................................................

3,175

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations

#### ....................................................................................
$

10,45

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

719

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
Amounts

in

thousands

#### Period

#### Ended

#### April

#### 30,

#### 2025
(Unaudited)

#### Fiscal

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations
Net

investment

income

(loss)

..............................................................................................................

$

7,27

$

18,150

Net

realized

gain

(loss)

.......................................................................................................................

34,349

Net

change

in

unrealized

appreciation

(depreciation)

........................................................................

2,830

64,541

Net

increase

(decrease)

in

net

assets

from

operations

..............................................................................

10,45

117,040

#### Distributions
To

shareholders

Class

A

..........................................................................................................................................

(62) (68) Class

C

..........................................................................................................................................

(9) (10) Class

M

.........................................................................................................................................

(2,689)

(3,674)

Class

S

..........................................................................................................................................

(8,520)

(11,463)

Class

Y

..........................................................................................................................................

(2,209)

(3,076)

Net

decrease

in

net

assets

from

distributions

............................................................................................

(13,489)

(18,291)

#### Share

#### Transactions\*
Net

increase

(decrease)

in

net

assets

from

share

transactions

...................................................................

(31,62

9)

(64,594)

#### Total

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### ........................................................................
(34,666)

34,155

#### Net

#### Assets
Beginning

of

period

..................................................................................................................................

589,888

555,733

End

of

period

.............................................................................................................................................

$

555,222

$

589,888

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

720

Multi-Asset

Strategy

Fund

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets,

#### continued
\*

Share

transaction

amounts

(in

thousands)

for

the

periods

ended

April

30,

2025

and

October

31,

2024

were

as

follows:

#### 2025
(Unaudited)

#### 2024

#### Shares

#### Dollars

#### Shares

#### Dollars
Class

A

Proceeds

from

shares

sold

$

$

859

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(18) (187) (42) (444) Net

increase

(decrease)

Class

C

Proceeds

from

shares

sold

Proceeds

from

reinvestment

of

distributions

Payments

for

shares

redeemed

(12)

(118) (14) (138) Net

increase

(decrease)

(2) (19) Class

M

Proceeds

from

shares

sold

962

10,402

1,825

19,029

Proceeds

from

reinvestment

of

distributions

2,689

3,674

Payments

for

shares

redeemed

(2,14

0)

(23,171)

(2,112)

(21,830)

Net

increase

(decrease)

(92

5)

(10,080)

873

Class

S

Proceeds

from

shares

sold

2,552

27,681

2,669

27,575

Proceeds

from

reinvestment

of

distributions

802

8,490

1,104

11,422

Payments

for

shares

redeemed

(4,802)

(51,794)

(9,360)

(94,869)

Net

increase

(decrease)

(1,448)

(15,623)

(5,587)

(55,872)

Class

Y

Proceeds

from

shares

sold

868

Proceeds

from

reinvestment

of

distributions

2,209

3,076

Payments

for

shares

redeemed

(832) (8,851)

(1,349)

(14,002)

Net

increase

(decrease)

(577) (6,13

4)

(968) (10,058)

Total

increase

(decrease)

(2,932)

$

(31,62

9)

(6,442)

$

(64,594)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

722

Multi-Asset

Strategy

Fund

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund

#### Financial

#### Highlights

#### —

#### For

#### the

#### Periods

#### Ended
For

a

Share

Outstanding

Throughout

Each

Period.

#### $

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### $

#### Net

#### Investment

#### Income
(Loss)

(ƥ)(Ƃ)

#### $

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

#### $

#### Total

#### from

#### Investment

#### Operations

#### $

#### Distributions

#### from

#### Net

#### Investment

#### Income

#### $

#### Distributions

#### from

#### Net

#### Realized

#### Gain

#### $

#### Return

#### of

#### Capital
Class

A

April

30,

2025\*

10.81 .12

.07

.19

(.24)

—

—

October

31,

2024

9.11 .29

1.71 2.00 (.30)

—

—

October

31,

2023

8.66 .27

.42

.69

(.24)

—

—

October

31,

2022

11.32 (—)

(Ɵ)

(2.01)

(2.01)

(.11)

(.54)

—

October

31,

2021(ɸ)

9.54 —

(Ɵ)

1.81 1.81 (.03)

—

—

October

31,

2020(ɸ)

10.33 .04

(.53)

(.49)

(.26)

—

(.04)

Class

C

April

30,

2025\*

10.60 .08

.07

.15

(.20)

—

—

October

31,

2024

8.94 .21

1.67 1.88 (.22)

—

—

October

31,

2023

8.51 .20

.40

.60

(.17)

—

—

October

31,

2022

11.16 (.07)

(1.97)

(2.04)

(.07)

(.54)

—

October

31,

2021(ɸ)

9.46 (.07)

1.78 1.71 (.01)

—

—

October

31,

2020(ɸ)

10.30 (.04)

(.52)

(.56)

(.25)

—

(.03)

Class

M

April

30,

2025\*

10.86 .14

.06

.20

(.26)

—

—

October

31,

2024

9.14 .33

1.72 2.05 (.33)

—

—

October

31,

2023

8.69 .30

.42

.72

(.27)

—

—

October

31,

2022

11.34 .03

(2.00)

(1.97)

(.14)

(.54)

—

October

31,

2021(ɸ)

9.55 .05

1.79 1.84 (.05)

—

—

October

31,

2020(ɸ)

10.31 .10

(.53)

(.43)

(.28)

—

(.05)

Class

S

April

30,

2025\*

10.84 .13

.06

.19

(.25)

—

—

October

31,

2024

9.13 .32

1.71 2.03 (.32)

—

—

October

31,

2023

8.68 .30

.41

.71

(.26)

—

—

October

31,

2022

11.33 .02

(2.00)

(1.98)

(.13)

(.54)

—

October

31,

2021(ɸ)

9.54 .04

1.79 1.83 (.04)

—

—

October

31,

2020(ɸ)

10.31 .09

(.54)

(.45)

(.27)

—

(.05)

Class

Y

April

30,

2025\*

10.87 .14

.07

.21

(.26)

—

—

October

31,

2024

9.16 .34

1.71 2.05 (.34)

—

—

October

31,

2023

8.71 .32

.41

.73

(.28)

—

—

October

31,

2022

11.36 .04

(2.01)

(1.97)

(.14)

(.54)

—

October

31,

2021(ɸ)

9.55 .04

1.82 1.86 (.05)

—

—

October

31,

2020(ɸ)

10.32 .10

(.54)

(.44)

(.28)

—

(.05)

See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

Multi-Asset

Strategy

Fund

723

#### $

#### Total

#### Distributions

#### $

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### %

#### Total

#### Return
(ǿ)(±)

#### $

#### Net

#### Assets,

#### End

#### of

#### Period
(000) #### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Gross
(ɯ)

#### %

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets,

#### Net
(Ƃ)(ɯ)

#### %

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets
(Ƃ)(ɯ)

#### %

#### Portfolio

#### Turnover

#### Rate
(ǿ)

(.24)

10.76 1.80 2,841

1.35 1.16 2.30 47

(.30)

10.81 22.09 2,668

1.35 1.15 2.82 92

(.24)

9.11 7.89 1,812

1.47 1.18 2.91 73

(.65)

8.66 (18.73)

1,474

1.48 1.16 (.01)

(.03)

11.32 19.03 1,980

1.44 1.20 .03

(.30)

9.54 (4.85)

1,668

1.46 1.18 .45

(.20)

10.55 1.42 509

2.09 1.91 1.49 47

(.22)

10.60 21.13 495

2.10 1.90 2.07 92

(.17)

8.94 6.98 432

2.22 1.93 2.18 73

(.61)

8.51 (19.22)

2.23 1.91 (.70)

(.01)

11.16 18.11 271

2.19 1.95 (.69)

(.28)

9.46 (5.63)

2.21 1.93 (.40)

(.26)

10.80 1.88 112,778

1.09 .81

2.63 47

(.33)

10.86 22.63 123,393

1.11 .80

3.15 92

(.27)

9.14 8.23 103,326

1.22 .83

3.22 73

(.68)

8.69 (18.38)

126,529

1.23 .81

.34

(.05)

11.34 19.24 164,993

1.19 .85

.48

(.33)

9.55 (4.34)

176,565

1.20 .83

1.00 195

(.25)

10.78 1.83 353,414

1.09 .91

2. 52

(.32)

10.84 22.43 370,942

1.11 .90

3.04 92

(.26)

9.13 8.13 363,486

1.23 .93

3.15 73

(.67)

8.68 (18.46)

468,226

1.23 .91

.25

(.04)

11.33 19.22 656,179

1.20 .95

.37

(.32)

9.54 (4.52)

1,179,071

1.21 .93

.91

(.26)

10.82 2.02 85,680

.89

.71

2.71 47

(.34)

10.87 22.58 92,390

.91

.70

3.25 92

(.28)

9.16 8.32 86,677

1.03 .73

3.38 73

(.68)

8.71 (18.28)

112,849

1.03 .71

.44

(.05)

11.36 19.48 154,330

.99

.75

.39

(.33)

9.55 (4.36)

108,567

1.01 .73

1.03 195

#### Russell

#### Investment

#### Company

#### Multi-Asset

#### Strategy

#### Fund
See

accompanying

notes

which

are

an

integral

part

of

the

financial

statements.

724

Multi-Asset

Strategy

Fund

#### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
(Unaudited)

Accrued

fees

payable

to

affiliates

as

of

April

30,

2025

were

as

follows:

Transactions

(amounts

in

thousands)

during

the

period

ended

April

30,

with

underlying

f

unds

which

are,

or

were,

an

affiliat-

ed

company

are

as

follows:

#### Federal

#### Income

#### Taxes
(Unaudited)

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Advisory

fees

$

240,947

Administrative

fees

21,456

Distribution

fees

875

Shareholder

servicing

fees

Transfer

agent

fees

66,672

Trustees'

fees

1,041

$

331,092

#### Fair

#### Value,

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

#### Fair

#### Value,

#### End

#### of

#### Period

#### Income

#### Distributions

#### Capital

#### Gains

#### Distributions
U.S.

Cash

Management

Fund

$

75,312

$

161,182

$

207,829

$

(14)

$

$

28,653

$

1,140

$

—

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

$

507,599,316

$

51,794,766

$

(18,207,284)

$

33,587,482

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Schedules

#### of

#### Investments

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Schedules

of

Investments

725

#### Footnotes:

#### Abbreviations:
(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

.

ADR

-

American

Depositary

Receipt

ADS

-

American

Depositary

Share

AONIA

-

Australian

Overnight

Index

Average

BBR

-

Bank

Bill

Rate

BBSW

-

Bank

Bill

Swap

Reference

Rate

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

GDS

-

Global

Depositary

Share

GSCI

–

Goldman

Sachs

Commodity

Index

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Schedules

#### of

#### Investments,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

726

Notes

to

Schedules

of

Investments

#### Foreign

#### Currency

#### Abbreviations:
HIBOR

–

Hong

Kong

Interbank

Offered

Rate

HICP

–

Harmonized

Index

of

Consumer

Prices

JIBAR

-

Johannesburg

Interbank

Agreed

Rate

KSDA

–

Korean

Securities

Dealers

Association

LIBOR

-

London

Interbank

Offered

Rate

MIBOR

-

Mumbai

Interbank

Offered

Rate

NIBOR

-

Norwegian

Interbank

Offered

Rate

NSA

–

Not

Seasonally

Adjusted

NSERO

–

India

National

Stock

Exchange

Offered

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

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

-

Ghana

cedi

PHP

-

Philippine

peso

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Highlights

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Highlights

727

\*

For

the

period

ended

April

30,

2025

(Unaudited).

(ȸ)

For

the

period

November

13,

2019

(inception

date)

to

October

31,

2020. (ſ)

For

the

period

September

11,

2023

(inception

date)

to

October

31,

2023. (ƶ)

For

the

period

September

12,

2023

(inception

date)

to

October

31,

2023. (ɸ)

For

the

Multi-Asset

Strategy

Fund,

the

Financial

Highlights

are

consolidated

and

include

balances

of

the

Cayman

Multi-Asset

Growth

Strategy

Fund

Ltd.

(a

Cayman

Island

exempted

company

and

wholly-owned

subsidiary

of

the

Multi-Asset

Strategy

Fund).

Accordingly,

all

interfund

balances

and

transactions

have

been

eliminated.

Effective

March

1,

2022,

the

Cayman

Multi-Asset

Growth

Strategy

Fund,

Ltd.

was

liquidated

and

the

Multi-Asset

Strategy

Fund

no

longer

invests

indirectly

through

a

wholly

owned

subsidiary.

(ƥ)

Average

daily

shares

outstanding

were

used

for

this

calculation.

(ǿ)

The

ratios

or

returns

for

periods

less

than

one

year

are

not

annualized.

(±)

Total

return

for

Class

A

does

not

reflect

a

front-end

sales

charge.

If

sales

charges

were

included,

the

total

return

would

be

lower.

This

includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

value

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

value

and

returns

for

shareholder

transactions.

Periods

less

than

one

year

are

not

annualized,

if

applicable.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

by

Russell

Investment

Management,

LLC

("RIM")

and

/or

Russell

Investments

Fund

Services,

LLC

("RIFUS").

(ɯ)

The

ratios

for

periods

less

than

one

year

are

annualized.

(Ɵ)

Less

than

$.01

per

share.

(∆)

For

the

Sustainable

Aware

Equity

Fund,

the

respective

annualized

net

expense

ratios,

not

including

the

dividends

and

interest

expense

from

short

sales,

were

as

follows:

#### For

#### the

#### period

#### ended

#### Class

#### A

#### Class

#### C

#### Class

#### S

#### Class

#### Y
April

30,

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%

October

31,

2020

1.12%

1.87%

0.83%

0.67%

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,

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

October

31,

2020

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,

2025

1.29%

2.04%

0.90%

0.87%

1.00%

0.84%

October

31,

2024

1.26%

2.01%

0.87%

0.84%

0.97%

0.81%

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%

October

31,

2020

1.26%

2.01%

0.87%

0.81%

0.97%

0.82%

(∂)

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,

#### 2025
(Unaudited)

728

Notes

to

Financial

Statements

1. #### Organization
Russell

Investment

Company

(the

"Investment

Company"

or

"RIC")

is

a

series

investment

company

with

different

investment

portfolios

referred

to

as

funds.

These

financial

statements

report

on

of

these

funds

(each

a

"Fund"

and

collectively

the

"Funds").

The

Investment

Company

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

("Investment

Company

Act"),

as

an

open-end

management

investment

company.

It

is

organized

and

operated

as

a

Massachusetts

business

trust

under

a

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

7,

2020,

as

amended

("Master

Trust

Agreement"),

and

the

provisions

of

Massachusetts

law

governing

the

operation

of

a

Massachusetts

business

trust.

The

Investment

Company's

Master

Trust

Agreement

permits

the

Board

of

Trustees

(the

"Board")

to

issue

an

unlimited

number

of

shares

of

beneficial

interest.

Each

of

the

Funds

is

diversified.

Under

the

Investment

Company

Act,

a

diversified

company

is

defined

as

a

management

company

which

meets

the

following

requirements:

at

least

75%

of

the

value

of

its

total

assets

is

represented

by

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

of

other

investment

companies,

and

other

securities

for

the

purposes

of

this

calculation

limited

in

respect

of

any

one

issuer

to

an

amount

not

greater

in

value

than

five

percent

of

the

value

of

the

total

assets

of

such

management

company

and

to

not

more

than

10%

of

the

outstanding

voting

securities

of

such

issuer.

Unless

otherwise

specified,

"period"

(as

used

within

the

financial

statements)

refers

to

the

six

months

ended

April

30,

2025. 2. #### Significant

#### Accounting

#### Policies
The

Funds'

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

("U.S.

GAAP")

which

require

the

use

of

management

estimates

and

assumptions

at

the

date

of

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

follow

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

each

Fund

in

the

preparation

of

its

financial

statements.

Segment

Reporting

In

this

reporting

period,

the

Funds

adopted

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Update

2023-

07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

operating

results.

Topic

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.

The

Funds'

adviser,

Russell

Investment

Management,

LLC

("RIM"),

serves

as

the

CODM.

Since

RIM

evaluates

each

Fund

holistically,

each

Fund

is

a

single

reporting

segment.

RIM

uses

total

returns,

Fund

expense

information,

and

share

transactions

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

Funds'

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations,

respectively.

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

("ASU"),

ASU

2023-09,

Improvements

to

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

to

increase

disclosure

consistency,

bifurcate

income

tax

information

by

jurisdiction

and

remove

information

that

is

no

longer

beneficial.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

is

permitted.

At

this

time,

management

is

evaluating

the

implications

of

these

changes

on

the

financial

statements.

Security

Valuation

The

Funds

value

portfolio

instruments

according

to

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

a

description

of

the

pricing

sources

and

services

used

by

the

Funds.

With

respect

to

a

Fund's

investments

that

do

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM,

the

Funds'

adviser,

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

729

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

(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.

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.

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

730

Notes

to

Financial

Statements

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

(or

reported

on

the

NASDAQ

national

market)

will

be

valued

based

upon

the

net

asset

value

("NAV")

of

such

investments.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

of

investments

in

funds

that

have

calculated

NAV

per

share

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

of

an

investment

in

a

fund

using

the

NAV

per

share

without

further

adjustment

as

a

practical

expedient,

if

the

NAV

per

share

of

the

investment

is

determined

in

accordance

with

the

specialized

accounting

guidance

for

investment

companies

as

of

the

reporting

entity's

measurement

date.

Short-term

investments

having

a

maturity

of

days

or

less

are

generally

valued

at

amortized

cost,

which

approximates

fair

market

value.

These

investments

are

categorized

as

Level

of

the

fair

value

hierarchy.

Derivative

instruments

are

instruments

such

as

foreign

currency

exchange

contracts,

futures

contracts,

options

contracts,

or

swap

agreements

that

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

Derivatives

may

be

classified

into

two

groups

depending

upon

the

way

that

they

are

traded:

privately

traded

over-the-counter

("OTC")

derivatives

that

do

not

go

through

an

exchange

or

intermediary

and

exchange-traded

derivatives

that

are

traded

through

specialized

derivatives

exchanges

or

other

regulated

exchanges.

OTC

derivatives

are

normally

valued

on

the

basis

of

broker-dealer

quotations

or

pricing

service

providers.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivative

instrument

can

be

estimated

by

a

pricing

service

provider

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

yield

curves,

dividends

and

exchange

rates.

OTC

derivatives

that

use

these

and

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

of

the

fair

value

hierarchy,

with

the

exception

of

foreign

currency

spot

contracts

which

are

categorized

as

Level

of

the

fair

value

hierarchy.

OTC

derivatives

that

use

broker-dealer

quotations

are

categorized

as

Level

of

the

fair

value

hierarchy.

Exchange-traded

derivatives

are

valued

based

on

the

last

reported

sales

price

on

the

day

of

valuation

and

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

swaps

listed

or

traded

on

a

multilateral

or

trade

facility

platform,

such

as

a

registered

exchange,

are

valued

at

the

daily

settlement

price

determined

by

the

respective

exchange.

For

centrally

cleared

credit

default

swaps,

the

clearing

facility

requires

its

members

to

provide

actionable

levels

across

complete

term

structures.

These

levels

along

with

external

third-party

prices

are

used

to

produce

daily

settlement

prices.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Centrally

cleared

interest

rate

swaps

are

valued

using

a

pricing

model

that

references

the

underlying

rates

including

the

Overnight

Index

Swap

("OIS")

rate

and

Secured

Overnight

Financing

Rate

("SOFR")

forward

rate

to

produce

the

daily

settlement

price.

These

securities

are

categorized

as

Level

of

the

fair

value

hierarchy.

Events

or

circumstances

affecting

the

values

of

portfolio

instruments

that

occur

between

the

closing

of

the

principal

markets

on

which

they

trade

and

the

time

the

NAV

of

Fund

shares

is

determined

may

be

reflected

in

the

calculation

of

NAV

for

each

applicable

Fund

when

the

Fund

deems

that

the

particular

event

or

circumstance

would

materially

affect

such

Fund's

NAV.

Funds

that

invest

primarily

in

frequently

traded

exchange-listed

securities

will

use

fair

value

pricing

in

limited

circumstances

since

reliable

market

quotations

will

often

be

readily

available.

Funds

that

invest

in

foreign

securities

use

fair

value

pricing

more

often

(typically

daily)

since

significant

events

may

occur

between

the

close

of

foreign

markets

and

the

time

of

pricing

of

the

foreign

securities.

Although

there

are

observable

inputs

assigned

on

a

security

level,

prices

are

derived

from

factors

using

proprietary

models

or

matrix

pricing.

For

this

reason,

fair

value

factors

will

cause

movement

between

Levels

and

2. Examples

of

significant

events

that

generally

trigger

fair

value

pricing

of

one

or

more

securities

are:

any

market

movement

of

the

U.S.

securities

market

(defined

in

the

fair

value

procedures

as

the

movement

of

a

single

major

U.S.

index);

a

company

development

such

as

a

material

business

development;

a

natural

disaster,

a

public

health

emergency

affecting

one

or

more

countries

in

the

global

economy

(including

an

emergency

which

results

in

the

closure

of

financial

markets)

or

other

emergency

situation;

or

an

armed

conflict.

The

NAV

of

a

Fund's

portfolio

that

includes

foreign

securities

may

change

on

days

when

shareholders

will

not

be

able

to

purchase

or

redeem

Fund

shares,

since

foreign

securities

can

trade

on

non-business

days.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

731

The

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Aware

Equity,

U.S.

Strategic

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,

Tax-Managed

Real

Assets,

Long

Duration

Bond,

Strategic

Bond,

Short

Duration

Bond,

Tax-Exempt

High

Yield

Bond,

Tax-Exempt

Bond,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds

had

no

transfers

into

or

out

of

Level

for

the

period

ended

April

30,

2025. The

Opportunistic

Credit

Fund

and

Investment

Grade

Bond

Fund

had

transfers

out

of

Level

into

Level

representing

financial

instruments

for

which

approved

vendor

sources

became

available.

The

amounts

transferred

were

$459,555

and

$580

respectively.

The

U.S.

Small

Cap

Equity

Fund

had

transfers

out

of

Level

into

Level

representing

financials

instruments

for

which

quoted

prices

in

an

active

market

became

available

or

inputs

became

observable.

The

amount

transferred

was

$17,633.

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,

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.

These

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.

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

732

Notes

to

Financial

Statements

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

Since

the

Investment

Company

is

a

Massachusetts

business

trust,

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,

2025,

the

Funds

had

recorded

no

liabilities

for

net

unrecognized

tax

benefits

relating

to

uncertain

income

tax

positions

they

have

taken

or

expect

to

take

in

future

tax

returns.

While

the

statute

of

limitations

remains

open

to

examine

the

Funds'

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2021

through

October

31,

2023,

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

For

all

Funds,

income,

capital

gain

distributions

and

return

of

capital,

if

any,

are

recorded

on

the

ex-dividend

date.

Income

distributions

are

generally

declared

and

paid

according

to

the

following

schedule:

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

733

The

Funds

intend

to

distribute

substantially

all

of

the

distributions

they

receive

from

real

estate

investment

trust

("REIT")

investments,

less

expenses,

as

well

as

income

from

other

investments.

Such

distributions

may

be

comprised

of

income,

return

of

capital,

and

capital

gains.

The

Funds

may

also

realize

capital

gains

on

the

sale

of

REIT

shares

and

other

investments.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

An

additional

distribution

may

be

paid

by

the

Funds

to

avoid

imposition

of

federal

income

and

excise

tax

on

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

of

certain

income

and

capital

gain

distributions

are

determined

in

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

As

a

result,

net

investment

income

and

net

realized

gain

(or

loss)

on

investments

and

foreign

currency-related

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

to

investments

in

options,

futures,

forward

contracts,

swap

contracts,

passive

foreign

investment

companies,

foreign-denominated

investments,

mortgage-backed

securities,

certain

securities

sold

at

a

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

of

their

capital

accounts

without

impacting

their

NAVs.

Expenses

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

by

RIM,

the

Funds'

adviser,

or

Russell

Investments

Fund

Services,

LLC

("RIFUS"),

the

Funds'

administrator

and

transfer

agent.

Most

expenses

can

be

directly

attributed

to

the

individual

Funds.

Expenses

which

cannot

be

directly

attributed

to

a

specific

Fund

are

allocated

among

all

Funds

principally

based

on

their

relative

net

assets.

Class

Allocation

Each

of

the

Funds

presented

herein

may

offer

certain

of

the

following

classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R6,

Class

S,

and

Class

Y. All

share

classes

have

identical

voting,

dividend,

liquidation

and

other

rights,

preferences,

powers,

restrictions,

limitations,

qualifications

and

the

same

terms

and

conditions.

The

separate

classes

of

shares

differ

principally

in

the

applicable

sales

charges,

transfer

agent

fees,

distribution

fees

and

shareholder

servicing

fees.

Shareholders

of

each

class

bear

certain

expenses

that

pertain

to

that

particular

class.

Realized

and

unrealized

gains

(losses),

investment

income

and

expenses,

with

the

exception

of

class

level

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Foreign

Currency

Translations

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Foreign

currency

amounts

and

transactions

of

the

Funds

are

translated

into

U.S.

dollars

on

the

following

basis:

(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;

#### Declared

#### Payable

#### Funds
Monthly

Early in the following month

Opportunistic

Credit,

Long

Duration

Bond,

Strategic

Bond,

Investment

Grade

Bond,

Short

Duration

Bond,

Tax-Exempt

High

Yield

Bond

and

Tax-Exempt

Bond

Funds

Quarterly

April, July, October and December

Multifactor

U.S.

Equity,

Equity

Income,

Sustainable

Aware

Equity,

U.S.

Strategic

Equity,

Global

Infrastructure,

Global

Real

Estate

Securities,

Multi-Strategy

Income

and

Multi-Asset

Strategy

Funds

Annually

Mid-December

U.S.

Small

Cap

Equity,

International

Developed

Markets,

Multifactor

International

Equity,

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,

#### 2025
(Unaudited)

734

Notes

to

Financial

Statements

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,

2025. The

accrual

for

capital

gains

and

repatriation

taxes

is

included

in

total

distributable

earnings

(losses)

in

the

Statements

of

Assets

and

Liabilities.

The

amounts

related

to

capital

gains

and

repatriation

taxes

are

included

in

net

realized

gain

(loss)

on

investments

and

change

in

unrealized

gain

(loss)

on

investments

in

the

Statements

of

Operations.

Derivatives

The

Funds

may

invest

in

derivatives.

Derivatives

are

instruments

or

agreements

whose

value

is

derived

from

an

underlying

security

or

index.

They

include,

among

others,

options,

futures,

swaps

and

forwards.

These

instruments

offer

unique

characteristics

and

risks

that

facilitate

the

Funds'

investment

strategies.

The

Funds

typically

use

derivatives

in

three

ways:

exposing

cash

to

markets,

hedging

and

return

enhancement.

In

addition,

certain

Funds

may

enter

into

foreign

currency

exchange

contracts

for

trade

settlement

purposes.

Certain

Funds

may

pursue

their

strategy

of

being

fully

invested

by

exposing

cash

to

the

performance

of

appropriate

markets

by

purchasing

securities

and/or

derivatives.

This

is

intended

to

cause

such

Funds

to

perform

as

though

cash

were

actually

invested

in

those

markets.

Hedging

may

be

used

by

certain

Funds

to

limit

or

control

risks,

such

as

adverse

movements

in

exchange

rates

and

interest

rates.

Return

enhancement

can

be

accomplished

through

the

use

of

derivatives

in

a

Fund,

including

using

derivatives

as

a

substitute

for

holding

physical

securities,

and

using

them

to

express

various

macro

views

(e.g.,

interest

rate

movements,

currency

movements,

and

macro

credit

strategies).

By

purchasing

certain

instruments,

the

Funds

may

more

effectively

achieve

the

desired

portfolio

characteristics

that

assist

them

in

meeting

their

investment

objectives.

Depending

on

how

the

derivatives

are

structured

and

utilized,

the

risks

associated

with

them

may

vary

widely.

These

risks

include,

but

are

not

limited

to,

market

risk,

liquidity

risk,

leveraging

risk,

counterparty

risk,

basis

risk,

reinvestment

risk,

political

risk,

prepayment

risk,

extension

risk,

operational

risk,

legal

risk,

valuation

risk

and

credit

risk.

Futures,

certain

options

and

cleared

swaps

are

traded

or

cleared

on

an

exchange

or

central

exchange

clearing

house.

Exchange-

traded

or

exchange-cleared

transactions

generally

present

less

counterparty

risk

to

a

Fund.

The

exchange's

clearing

house

stands

between

the

Fund

and

the

broker

to

the

contract

and

therefore,

credit

risk

is

generally

limited

to

the

failure

of

the

clearing

house

and

the

clearing

member.

Cleared

swap

contracts

are

subject

to

clearing

house

rules,

including

initial

and

variation

margin

requirement,

daily

settlement

of

obligations

and

the

clearing

house

guarantee

of

payments

to

the

broker.

There

is,

however,

still

counterparty

risk

due

to

the

insolvency

of

the

broker

with

respect

to

any

margin

held

in

the

broker's

customer

accounts.

While

clearing

members

are

required

to

segregate

customer

assets

from

their

own

assets,

in

the

event

of

insolvency,

there

may

be

a

shortfall

in

the

amount

of

margin

held

by

the

broker

for

its

clients.

Collateral

and

margin

requirements

for

exchange-

traded

or

exchange-cleared

derivatives

are

established

through

regulation,

as

well

as

set

by

the

broker

or

applicable

clearing

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

735

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,

2025,

if

applicable,

are

disclosed

in

the

Fair

Value

of

Derivative

Instruments

table

following

each

applicable

Fund's

Schedule

of

Investments.

The

financial

derivative

instruments

outstanding

as

of

period

end

on

the

Schedules

of

Investments

and

the

amount

of

net

realized

gain

(loss)

and

net

change

in

unrealized

appreciation

(depreciation)

on

financial

derivative

instruments

during

the

period,

as

disclosed

on

the

Fair

Value

of

Derivative

Instruments

tables,

serve

as

indicators

of

the

volume

of

financial

derivative

activity

for

the

Funds.

Foreign

Currency

Exchange

Contracts

Certain

Funds

may

enter

into

foreign

currency

exchange

spot

contracts

and

forward

foreign

currency

exchange

contracts

("FX

contracts").

From

time

to

time,

certain

Funds

may

enter

into

FX

contracts

to

hedge

certain

foreign

currency-denominated

assets.

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,

2025,

the

following

Funds

entered

into

FX

contracts

primarily

for

the

strategies

listed

below:

Options

Certain

Funds

may

purchase

and

sell

(write)

both

call

and

put

options

on

securities,

securities

indexes,

foreign

currencies

and

other

assets.

Such

options

are

traded

on

a

national

securities

exchange

or

in

an

OTC

market.

The

Funds

may

also

purchase

and

sell

(write)

call

and

put

options

on

foreign

currencies.

When

a

Fund

writes

a

covered

call

or

a

put

option,

an

amount

equal

to

the

premium

received

by

the

Fund

is

included

in

the

Fund's

Statement

of

Assets

and

Liabilities

as

an

asset

and

as

an

equivalent

liability.

The

amount

of

the

liability

is

subsequently

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

#### Funds

#### Strategies
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

International

Equity

Fund

Return

enhancement,

hedging,

exposing

cash

to

markets,

and

trade

settlement

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

and

trade

settlement

Opportunistic

Credit

Fund

Return

enhancement

and

hedging

Strategic

Bond

Fund

Return

enhancement

and

hedging

Investment

Grade

Bond

Fund

Return

enhancement

and

hedging

Short

Duration

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

and

trade

settlement

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

and

trade

settlement

Multi-Strategy

Income

Fund

Return

enhancement

and

hedging

Multi-Asset

Strategy

Fund

Return

enhancement

and

hedging

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

736

Notes

to

Financial

Statements

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,

2025,

the

following

Funds

purchased

or

sold

options

primarily

for

the

strategies

listed

below:

Futures

Contracts

Certain

Funds

may

invest

in

futures

contracts

(i.e.,

interest

rate,

foreign

currency

and

index

futures

contracts).

The

face

or

contract

value

of

these

instruments

reflect

the

extent

of

the

Funds'

exposure

to

off

balance

sheet

risk.

The

primary

risks

associated

with

the

use

of

futures

contracts

are

an

imperfect

correlation

between

the

change

in

fair

value

of

the

securities

held

by

the

Funds

and

the

prices

of

futures

contracts,

and

the

possibility

of

an

illiquid

market.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

with

a

broker

an

amount,

termed

the

initial

margin,

which

typically

represents

5%

to

10%

of

the

purchase

price

indicated

in

the

futures

contract.

Payments

to

and

from

the

broker,

known

as

variation

margin,

are

typically

required

to

be

made

on

a

daily

basis

as

the

price

of

the

futures

contract

fluctuates.

Changes

in

initial

settlement

value

are

accounted

for

as

unrealized

appreciation

(depreciation)

until

the

contracts

are

terminated,

at

which

time

realized

gains

and

losses

are

recognized.

For

the

period

ended

April

30,

2025,

the

following

Funds

entered

into

futures

contracts

primarily

for

the

strategies

listed

below:

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

#### Funds

#### Strategies
Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Funds

#### Strategies
Multifactor

U.S.

Equity

Fund

Exposing

cash

to

markets

Equity

Income

Fund

Exposing

cash

to

markets

Sustainable

Aware

Equity

Fund

Exposing

cash

to

markets

U.S.

Strategic

Equity

Fund

Exposing

cash

to

markets

U.S.

Small

Cap

Equity

Fund

Exposing

cash

to

markets

Multifactor

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

International

Developed

Markets

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Global

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Emerging

Markets

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Managed

U.S.

Large

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

Exposing

cash

to

markets

Tax-Managed

International

Equity

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Managed

Real

Assets

Fund

Exposing

cash

to

markets

Opportunistic

Credit

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Long

Duration

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Investment

Grade

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Short

Duration

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Tax-Exempt

High

Yield

Bond

Fund

Return

enhancement

and

hedging

Global

Infrastructure

Fund

Exposing

cash

to

markets

Global

Real

Estate

Securities

Fund

Exposing

cash

to

markets

Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

737

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.

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

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

738

Notes

to

Financial

Statements

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

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,

2025,

for

which

a

Fund

is

the

seller

of

protection,

are

disclosed

in

the

Schedules

of

Investments.

These

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

respective

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

from

the

settlement

of

buy

protection

credit

default

swap

agreements

entered

into

by

a

Fund

for

the

same

referenced

entity

or

entities.

Credit

default

swaps

could

result

in

losses

if

the

Funds

do

not

correctly

evaluate

the

creditworthiness

of

the

company

or

companies

on

which

the

credit

default

swap

is

based.

Credit

default

swap

agreements

may

involve

greater

risks

than

if

the

Funds

had

invested

in

the

reference

obligation

directly

since,

in

addition

to

risks

relating

to

the

reference

obligation,

credit

default

swaps

are

subject

to

illiquidity

and

counterparty

risk.

A

Fund

will

generally

incur

a

greater

degree

of

risk

when

it

sells

a

credit

default

swap

than

when

it

purchases

a

credit

default

swap.

As

a

buyer

of

a

credit

default

swap,

a

Fund

may

lose

its

investment

and

recover

nothing

should

a

credit

event

fail

to

occur

and

the

swap

is

held

to

its

termination

date.

As

seller

of

a

credit

default

swap,

if

a

credit

event

were

to

occur,

the

value

of

any

deliverable

obligation

received

by

a

Fund,

coupled

with

the

upfront

or

periodic

payments

previously

received,

may

be

less

than

what

it

pays

to

the

buyer,

resulting

in

a

loss

of

value

to

the

Fund.

If

the

creditworthiness

of

a

Fund's

swap

counterparty

declines,

the

risk

that

the

counterparty

may

not

perform

could

increase,

potentially

resulting

in

a

loss

to

the

Fund.

To

limit

the

counterparty

risk

involved

in

swap

agreements,

the

Funds

will

only

enter

into

swap

agreements

with

counterparties

that

meet

certain

standards

of

creditworthiness.

Although

there

can

be

no

assurance

that

the

Funds

will

be

able

to

do

so,

the

Funds

may

be

able

to

reduce

or

eliminate

their

exposure

under

a

swap

agreement

either

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

739

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,

2025,

the

following

Funds

entered

into

credit

default

swaps

primarily

for

the

strategies

listed

below:

Interest

Rate

Swaps

Certain

Funds

may

enter

into

interest

rate

swaps.

The

use

of

interest

rate

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

If

RIM

or

a

money

manager

using

this

technique

is

incorrect

in

its

forecast

of

fair

values,

interest

rates

and

other

applicable

factors,

the

investment

performance

of

a

Fund

might

diminish

compared

to

what

it

would

have

been

if

this

investment

technique

were

not

used.

Interest

rate

swaps

do

not

involve

the

delivery

of

securities

or

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

interest

rate

swaps

is

limited

to

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

obligated

to

make.

Interest

rate

swaps

are

traded

on

exchanges

and

are

subject

to

central

clearing.

If

the

clearing

house

or

futures

commission

merchant

defaults,

a

Fund's

risk

of

loss

consists

of

the

net

amount

of

interest

payments

that

a

Fund

is

contractually

entitled

to

receive.

The

counterparty

risk

for

cleared

derivatives

is

generally

lower

than

for

uncleared

derivatives.

However,

clearing

may

subject

a

Fund

to

increased

costs

or

margin

requirements.

For

the

period

ended

April

30,

2025,

the

following

Fund

entered

into

interest

rate

swaps

primarily

for

the

strategies

listed

below:

Total

Return

Swaps

Certain

Funds

may

enter

into

total

return

swap

agreements

to

expose

cash

to

markets

or

to

effect

investment

transactions.

Total

return

swap

agreements

are

two-party

contracts

entered

into

primarily

by

institutional

investors

for

periods

ranging

from

a

few

weeks

to

more

than

one

year.

In

a

standard

total

return

swap

transaction,

the

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

investments

or

instruments.

The

returns

to

be

exchanged

between

the

parties

are

calculated

with

respect

to

a

"notional

amount"

(i.e.,

a

specified

dollar

amount

that

is

hypothetically

invested

in

a

"basket"

of

securities

representing

a

particular

index).

For

the

period

ended

April

30,

2025,

the

Funds

did

not

enter

into

any

total

return

swaps.

Currency

Swaps

Certain

Funds

may

enter

into

currency

swap

agreements

to

enhance

returns

or

for

hedging

purposes.

Currency

swap

agreements

are

agreements

where

two

parties

exchange

specified

amounts

of

different

currencies

which

are

followed

by

paying

the

other

a

series

of

interest

payments

that

are

based

on

the

principal

cash

flow.

At

maturity,

the

principal

amounts

are

exchanged.

For

the

period

ended

April

30,

2025,

the

Funds

did

not

enter

into

any

currency

swaps.

Master

Agreements

Certain

Funds

are

parties

to

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

("ISDA

Master

Agreements")

with

counterparties

that

govern

transactions

in

OTC

derivative

and

foreign

exchange

contracts

entered

into

by

the

#### Funds

#### Strategies
Multi-Strategy

Income

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Multi-Asset

Strategy

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

Strategic

Bond

Fund

Return

enhancement,

hedging,

and

exposing

cash

to

markets

#### Funds

#### Strategies
Strategic

Bond

Fund

Return

enhancement

and

hedging

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

740

Notes

to

Financial

Statements

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.

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,

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

741

the

secondary

markets

on

which

the

local

access

products

are

traded

may

be

less

liquid

than

the

markets

for

other

securities,

or

may

be

completely

illiquid.

Credit

Linked

Notes

Certain

Funds

may

invest

in

credit

linked

notes.

Credit

linked

notes

are

obligations

between

two

or

more

parties

where

the

payment

of

principal

and/or

interest

is

based

on

the

performance

of

some

obligation,

basket

of

obligations,

index

or

economic

indicator

(a

"reference

instrument").

In

addition

to

the

credit

risk

associated

with

the

reference

instrument

and

interest

rate

risk,

the

buyer

and

seller

of

a

credit

linked

note

or

similar

structured

investment

are

subject

to

counterparty

risk.

Short

Sales

The

Sustainable

Aware

Equity,

U.S.

Strategic

Equity

and

U.S.

Small

Cap

Equity

Funds

may

enter

into

short

sale

transactions.

In

a

short

sale,

the

seller

sells

a

security

that

it

does

not

own,

typically

a

security

borrowed

from

a

broker

or

dealer.

Because

the

seller

remains

liable

to

return

the

underlying

security

that

it

borrowed

from

the

broker

or

dealer,

the

seller

must

purchase

the

security

prior

to

the

date

on

which

delivery

to

the

broker

or

dealer

is

required.

A

Fund

will

incur

a

loss

as

a

result

of

the

short

sale

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

must

return

the

borrowed

security.

A

Fund

will

realize

a

gain

if

the

security

declines

in

price

between

those

dates.

Short

sales

expose

a

Fund

to

the

risk

of

liability

for

the

fair

value

of

the

security

that

is

sold

(the

amount

of

which

increases

as

the

fair

value

of

the

underlying

security

increases),

in

addition

to

the

costs

associated

with

establishing,

maintaining

and

closing

out

the

short

position.

Although

a

Fund's

potential

for

gain

as

a

result

of

a

short

sale

is

limited

to

the

price

at

which

it

sold

the

security

short

less

the

cost

of

borrowing

the

security,

its

potential

for

loss

is

theoretically

unlimited

because

there

is

no

limit

to

the

cost

of

replacing

the

borrowed

security.

When

a

Fund

makes

a

short

sale,

the

Fund

may

use

all

or

a

portion

of

the

cash

proceeds

of

short

sales

to

purchase

other

securities

or

for

any

other

permissible

Fund

purpose.

Each

of

the

Sustainable

Aware

Equity

Fund,

U.S.

Strategic

Equity

Fund

and

U.S.

Small

Cap

Equity

Fund

may

engage

in

short

sale

transactions

that

are

effected

through

State

Street

Bank

and

Trust

Company

("State

Street")

but

reserve

the

right

to

engage

in

short

sale

transactions

through

one

or

more

other

counterparties.

For

short

sale

transactions

effected

through

State

Street,

the

Funds

typically

expect

to

collateralize

short

sale

transactions

through

the

Funds'

respective

reciprocal

lending

activity

with

State

Street

(i.e.,

short

sale

transactions

are

collateralized

by

securities

loaned

to

State

Street

for

purposes

of

securities

lending

activities).

The

Funds

may

also

deliver

cash

to

State

Street

for

purposes

of

collateralizing

their

short

sales

transactions

or

"memo

pledge"

securities

as

collateral,

whereby

assets

are

designated

as

collateral

by

State

Street

on

State

Street's

books

but

remain

in

a

Fund's

custody

account.

Similar

to

the

risks

generally

applicable

to

securities

lending

arrangements,

participation

in

the

reciprocal

lending

program

subjects

these

Funds

to

the

risk

that

State

Street

could

fail

to

return

a

security

lent

to

it

by

a

Fund,

or

fail

to

return

the

Fund's

cash

collateral,

a

risk

which

would

increase

with

any

decline

in

State

Street's

credit

profile.

However,

the

impact

of

State

Street's

failure

to

return

a

security

lent

to

it

by

a

Fund,

or

failure

to

return

a

Fund's

cash

collateral,

would

be

mitigated

by

the

Fund's

right

under

such

circumstances

to

decline

to

return

the

securities

the

Fund

initially

borrowed

from

State

Street

with

respect

to

its

short

sale

transactions.

This

risk

may

be

heightened

during

periods

of

market

stress

and

volatility,

particularly

if

the

type

of

collateral

provided

is

different

than

the

type

of

security

borrowed

(e.g.,

cash

is

provided

as

collateral

for

a

loan

of

an

equity

security).

To

the

extent

necessary

to

meet

collateral

requirements

associated

with

a

short

sale

transaction

involving

a

counterparty

other

than

State

Street,

the

Funds

are

required

to

pledge

assets

in

a

segregated

account

maintained

by

the

Funds'

custodian

for

the

benefit

of

the

broker.

The

Funds

may

also

use

securities

they

own

to

meet

any

such

collateral

obligations.

These

requirements

may

result

in

the

Funds

being

unable

to

purchase

or

sell

securities

or

instruments

when

it

would

otherwise

be

favorable

to

do

so,

or

in

the

Funds

needing

to

sell

holdings

at

a

disadvantageous

time

to

satisfy

their

obligations.

If

the

Fund's

prime

broker

fails

to

make

or

take

delivery

of

a

security

as

part

of

a

short

sale

transaction,

or

fails

to

make

a

cash

settlement

payment,

the

settlement

of

the

transaction

may

be

delayed

and

the

Fund

may

lose

money.

Dividend

expenses

for

short

sales

are

recorded

on

the

ex-dividend

date

while

interest

expenses

on

short

sales

are

accrued

daily.

As

of

April

30,

2025,

the

Funds

had

securities

on

loan

through

the

reciprocal

lending

program

with

a

market

value

as

follows:

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

742

Notes

to

Financial

Statements

As

of

April

30,

2025,

the

Funds

held

collateral

for

short

sales

as

follows:

Securities

Lending

The

Investment

Company

has

a

securities

lending

program

whereby

each

Fund

can

loan

securities

with

a

value

up

to

1/3%

of

each

Fund's

total

assets.

The

maturity

associated

with

these

securities

is

considered

continuous.

The

Fund

receives

cash

(U.S.

currency),

U.S.

government

or

U.S.

government

agency

obligations

as

collateral

against

the

loaned

securities.

The

collateral

cannot

be

resold,

repledged

or

rehypothecated.

The

collateral

received

is

recorded

on

a

lending

Fund's

Statement

of

Assets

and

Liabilities

along

with

the

related

obligation

to

return

the

collateral.

To

the

extent

that

a

loan

is

secured

by

non-cash

collateral,

brokers

pay

the

Fund

negotiated

lenders'

fees,

which

are

divided

between

the

Fund

and

the

securities

lending

agent

and

are

recorded

as

securities

lending

income

for

the

Fund.

All

collateral

received

will

be

in

an

amount

at

least

equal

to

102%

(for

loans

of

U.S.

securities)

or

105%

(for

loans

of

non-U.S.

securities)

of

the

fair

value

of

the

loaned

securities

at

the

inception

of

each

loan.

The

fair

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

the

next

day.

Should

the

borrower

of

the

securities

fail

financially,

there

is

a

risk

of

delay

in

recovery

of

the

securities

or

loss

of

rights

in

the

collateral.

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

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

settlement

procedures

for

such

securities.

Inflation

and

rapid

fluctuations

in

inflation

rates

have

had,

and

may

continue

to

have,

negative

effects

on

the

economies

and

securities

markets

of

certain

emerging

market

countries.

Emerging

market

countries

may

be

more

likely

to

experience

the

imposition

of

economic

sanctions

by

foreign

governments.

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.

U.S.

regulatory

authorities'

ability

to

enforce

legal

and/or

regulatory

obligations

against

individuals

or

entities,

and

shareholders'

ability

to

bring

derivative

litigation

or

otherwise

enforce

their

legal

rights,

in

emerging

market

countries

may

be

limited.

#### Funds

#### Amount
Sustainable

Aware

Equity

Fund

$

3,740,508

U.S.

Strategic

Equity

Fund

58,329,859

U.S.

Small

Cap

Equity

Fund

11,425,534

#### Funds

#### Amount
Sustainable

Aware

Equity

Fund

$

11,393,182

U.S.

Strategic

Equity

Fund

186,121,731

U.S.

Small

Cap

Equity

Fund

27,646,265

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

743

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,

#### 2025
(Unaudited)

744

Notes

to

Financial

Statements

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,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

745

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

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,

#### 2025
(Unaudited)

746

Notes

to

Financial

Statements

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

economies

and

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.

This

could

cause

a

Fund

to

underperform

other

types

of

investments.

From

time

to

time,

outbreaks

of

infectious

illness,

public

health

emergencies

and

other

similar

issues

("public

health

events")

may

occur

in

one

or

more

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

on

both

the

country

in

which

the

event

is

first

identified

as

well

as

other

countries

in

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

in

one

or

more

countries

subject

to

the

public

health

event,

resulted

in

restrictions

on

trading

and

market

closures

(including

for

extended

periods

of

time),

increased

substantially

the

volatility

of

financial

markets,

and,

more

generally,

have

had

a

significant

negative

impact

on

the

economy

of

the

country

or

countries

subject

to

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

in

which

the

Funds

invest

across

a

number

of

industries,

sectors

and

asset

classes.

The

extent

of

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

of

any

such

public

health

event.

Public

health

events

have

resulted

in

the

governments

of

affected

countries

taking

potentially

significant

measures

to

seek

to

mitigate

the

transmission

of

the

infectious

illness

or

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

of

non-essential

businesses.

Any

of

these

events

could

adversely

affect

a

Fund's

investments

and

performance,

including

by

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

to

such

events

with

fiscal

and/or

monetary

policy

changes.

It

is

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

it

is

possible

that

the

implementation

of

or

subsequent

reversal

of

such

policy

changes

could

increase

volatility

in

financial

markets,

which

could

adversely

affect

a

Fund's

investments

and

performance.

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,

2025,

the

Funds'

purchases

and

sales

of

investment

securities

(excluding

U.S.

government

and

agency

obligations,

short-term

investments,

options

and

repurchase

agreements)

were

as

follows:

#### Funds

#### Purchases

#### Sales
Multifactor

U.S.

Equity

Fund

$

45,756,568

$

118,905,005

Equity

Income

Fund

18,068,512

49,317,851

Sustainable

Aware

Equity

Fund

63,865,041

88,348,746

U.S.

Strategic

Equity

Fund

991,454,511

1,201,582,369

U.S.

Small

Cap

Equity

Fund

276,149,702

446,894,778

Multifactor

International

Equity

Fund

20,777,378

56,816,607

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

747

During

the

period

ended

April

30,

2025,

the

Funds'

purchases

and

sales

of

U.S.

government

and

agency

obligations

(excluding

short-term

investments,

options

and

repurchase

agreements)

were

as

follows:

4. #### Related

#### Party

#### Transactions,

#### Fees

#### and

#### Expenses
Adviser,

Administrator,

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
International

Developed

Markets

Fund

139,454,374

222,012,463

Global

Equity

Fund

462,103,661

560,269,400

Emerging

Markets

Fund

235,661,360

274,203,858

Tax-Managed

U.S.

Large

Cap

Fund

1,804,982,014

1,606,037,822

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

462,157,024

485,302,277

Tax-Managed

International

Equity

Fund

641,270,765

514,987,536

Tax-Managed

Real

Assets

Fund

316,453,372

251,297,291

Opportunistic

Credit

Fund

172,990,821

128,864,212

Long

Duration

Bond

Fund

22,205,998

3,317,467

Strategic

Bond

Fund

597,413,602

498,902,835

Investment

Grade

Bond

Fund

211,237,982

212,585,923

Short

Duration

Bond

Fund

146,881,449

150,172,420

Tax-Exempt

High

Yield

Bond

Fund

398,026,748

256,643,322

Tax-Exempt

Bond

Fund

1,778,448,297

1,565,623,599

Global

Infrastructure

Fund

122,131,334

143,305,241

Global

Real

Estate

Securities

Fund

129,023,120

165,395,665

Multi-Strategy

Income

Fund

119,464,767

153,609,725

Multi-Asset

Strategy

Fund

240,679,891

235,501,960

#### Funds

#### Purchases

#### Sales
Opportunistic

Credit

Fund

$

1,917,625

$

2,790,318

Long

Duration

Bond

Fund

191,078,790

94,405,855

Strategic

Bond

Fund

50,254,934

30,739,916

Investment

Grade

Bond

Fund

210,059,317

210,748,184

Short

Duration

Bond

Fund

63,820,033

81,805,616

#### Funds

#### Asset

#### Level

#### Fee
Multifactor

U.S.

Equity

Fund

All

assets

.30

%

Equity

Income

Fund

All

assets

.55

%

Sustainable

Aware

Equity

Fund

All

assets

.55

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

748

Notes

to

Financial

Statements

#### Funds

#### Asset

#### Level

#### Fee
U.S.

Strategic

Equity

Fund

First

$1

billion

.58

%

Next

$2

billion

.54

%

Next

$3

billion

.51

%

In

excess

of

$6

billion

.49

%

U.S.

Small

Cap

Equity

Fund

All

assets

.70

%

Multifactor

International

Equity

Fund

All

assets

.45

%

International

Developed

Markets

Fund

All

assets

.70

%

Global

Equity

Fund

First

$1

billion

.73

%

Next

$2

billion

.69

%

Next

$3

billion

.66

%

In

excess

of

$6

billion

.64

%

Emerging

Markets

Fund

First

$1

billion

.93

%

Next

$2

billion

.89

%

Next

$3

billion

.86

%

In

excess

of

$6

billion

.84

%

Tax-Managed

U.S.

Large

Cap

Fund

First

$1

billion

.70

%

Next

$2

billion

.66

%

Next

$3

billion

.63

%

Next

$2

billion

.61

%

In

excess

of

$8

billion

.59

%

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

First

$1

billion

.98

%

Next

$2

billion

.94

%

Next

$3

billion

.91

%

In

excess

of

$6

billion

.89

%

Tax-Managed

International

Equity

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Tax-Managed

Real

Assets

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Opportunistic

Credit

Fund

First

$1

billion

.58

%

Next

$2

billion

.54

%

Next

$3

billion

.51

%

In

excess

of

$6

billion

.49

%

Long

Duration

Bond

Fund

All

assets

.15

%

Strategic

Bond

Fund

First

$1

billion

.40

%

Next

$2

billion

.36

%

Next

$3

billion

.33

%

In

excess

of

$6

billion

.31

%

Investment

Grade

Bond

Fund

All

assets

.25

%

Short

Duration

Bond

Fund

First

$1

billion

.35

%

Next

$2

billion

.31

%

Next

$3

billion

.28

%

In

excess

of

$6

billion

.26

%

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

749

The

annual

administrative

fee

of

up

to

0.05%

specified

in

the

table

below

is

based

on

the

average

daily

net

assets

of

each

Fund

and

is

payable

monthly

to

RIFUS.

#### Funds

#### Asset

#### Level

#### Fee
Tax-Exempt

High

Yield

Bond

Fund

All

assets

.47

%

Tax-Exempt

Bond

Fund

All

assets

.30

%

Global

Infrastructure

Fund

First

$1

billion

.85

%

Next

$2

billion

.81

%

Next

$3

billion

.78

%

In

excess

of

$6

billion

.76

%

Global

Real

Estate

Securities

Fund

First

$1

billion

.80

%

Next

$2

billion

.76

%

Next

$3

billion

.73

%

In

excess

of

$6

billion

.71

%

Multi-Strategy

Income

Fund

First

$1

billion

.53

%

Next

$2

billion

.49

%

Next

$3

billion

.46

%

In

excess

of

$6

billion

.44

%

Multi-Asset

Strategy

Fund

First

$1

billion

.72

%

Next

$2

billion

.68

%

Next

$3

billion

.65

%

In

excess

of

$6

billion

.63

%

#### Funds

#### Fee\*
Multifactor

U.S.

Equity

Fund

.05

%

Equity

Income

Fund

.05

Sustainable

Aware

Equity

Fund

.05

U.S.

Strategic

Equity

Fund

.05

U.S.

Small

Cap

Equity

Fund

.05

Multifactor

International

Equity

Fund

.05

International

Developed

Markets

Fund

.05

Global

Equity

Fund

.05

Emerging

Markets

Fund

.05

Tax-Managed

U.S.

Large

Cap

Fund

.05

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

.05

Tax-Managed

International

Equity

Fund

.05

Tax-Managed

Real

Assets

Fund

.05

Opportunistic

Credit

Fund

.05

Long

Duration

Bond

Fund

.05

Strategic

Bond

Fund

.05

Investment

Grade

Bond

Fund

.05

Short

Duration

Bond

Fund

.05

Tax-Exempt

High

Yield

Bond

Fund

.05

Tax-Exempt

Bond

Fund

.05

Global

Infrastructure

Fund

.05

Global

Real

Estate

Securities

Fund

.05

Multi-Strategy

Income

Fund

.05

Multi-Asset

Strategy

Fund

.05

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

750

Notes

to

Financial

Statements

\*

Administrative

fees

are

assessed

on

total

Fund

assets

based

on

a

tiered

fee

schedule.

The

following

shows

the

respective

totals

for

advisory

and

administrative

fees

for

the

period

ended

April

30,

2025. RIM

has

agreed

to

certain

waivers

of

its

advisory

fees

as

follows:

For

the

Equity

Income

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Direct

Fund-

level

expenses

do

not

include

Rule

12b-1

distribution

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.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$87,422.

There

were

no

reimbursements

for

the

period

ended

April

30,

2025. For

the

Sustainable

Aware

Equity

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses,

excluding

dividend

and

interest

expenses

on

short

sales,

to

the

extent

that

direct

Fund-level

expenses

exceed

0.67%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Direct

Fund-

level

expenses

do

not

include

Rule

12b-1

distribution

fees,

shareholder

services

fees,

transfer

agency

fees,

contingency

fees

paid

#### Funds

#### Advisory

#### Administrative
Multifactor

U.S.

Equity

Fund

$

589,782

$

94,075

Equity

Income

Fund

476,019

41,415

Sustainable

Aware

Equity

Fund

466,592

40,596

U.S.

Strategic

Equity

Fund

8,676,717

754,065

U.S.

Small

Cap

Equity

Fund

2,470,811

168,896

Multifactor

International

Equity

Fund

301,653

32,076

International

Developed

Markets

Fund

3,589,802

245,438

Global

Equity

Fund

6,907,483

465,323

Emerging

Markets

Fund

3,402,137

175,076

Tax-Managed

U.S.

Large

Cap

Fund

30,113,103

2,277,620

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

7,828,304

388,420

Tax-Managed

International

Equity

Fund

16,589,419

978,384

Tax-Managed

Real

Assets

Fund

4,391,856

247,794

Opportunistic

Credit

Fund

1,360,772

112,295

Long

Duration

Bond

Fund

286,074

91,283

Strategic

Bond

Fund

3,838,589

483,944

Investment

Grade

Bond

Fund

1,215,344

232,665

Short

Duration

Bond

Fund

761,495

104,126

Tax-Exempt

High

Yield

Bond

Fund

5,035,943

512,817

Tax-Exempt

Bond

Fund

8,670,310

1,383,239

Global

Infrastructure

Fund

1,434,952

80,797

Global

Real

Estate

Securities

Fund

1,514,171

90,577

Multi-Strategy

Income

Fund

772,497

69,755

Multi-Asset

Strategy

Fund

2,040,339

135,620

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

751

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.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$99,017.

There

were

no

reimbursements

for

the

period

ended

April

30,

2025. For

the

U.S.

Strategic

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.47%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.47%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$1,270,644.

For

the

Multifactor

International

Equity

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-

level

expenses

exceed

0.64%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.64%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Direct

Fund-level

expenses

do

not

include

Rule

12b-1

distribution

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.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$109,140.

There

were

no

reimbursements

for

the

period

ended

April

30,

2025. For

the

International

Developed

Markets

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.02%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.02%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$102,566.

For

the

Global

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.68%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.68%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$

295,590.

For

the

Emerging

Markets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.83%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.83%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$365,821.

For

the

Tax-Managed

U.S.

Large

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.65%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.65%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

There

were

no

waived

amounts

for

the

period

ended

April

30,

2025. For

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.96%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.96%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$36,017.

For

the

Tax-Managed

International

Equity

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.74%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.74%.

This

waiver

may

not

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

752

Notes

to

Financial

Statements

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$1,462,338.

For

the

Tax-Managed

Real

Assets

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.76%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.76%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$456,846.

For

the

Opportunistic

Credit

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.493%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.493%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$204,116.

For

the

Long

Duration

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.34%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

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.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

Direct

Fund-level

expenses

do

not

include

Rule

12b-1

distribution

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.

There

were

no

waived

amounts

for

the

period

ended

April

30,

2025. There

were

no

reimbursements

for

the

period

ended

April

30,

2025. For

the

Strategic

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.32%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.32%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$585,769.

For

the

Investment

Grade

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.01%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.01%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$48,614.

For

the

Short

Duration

Bond

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.292%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.292%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$126,191.

For

the

Tax-Exempt

High

Yield

Bond

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

0.12%

of

its

advisory

fee.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

0.12%

of

its

advisory

fee.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$1,285,773.

For

the

Global

Infrastructure

Fund,

RIM

contractually

agreed,

until

February

28,

2025,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.83%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

Effective

March

1,

2025,

RIM

has

contractually

agreed,

until

February

28,

2026,

to

waive

up

to

the

full

amount

of

its

advisory

fee

and

then

to

reimburse

the

Fund

for

other

direct

Fund-level

expenses

to

the

extent

that

direct

Fund-level

expenses

exceed

0.83%

of

the

average

daily

net

assets

of

the

Fund

on

an

annual

basis.

This

waiver

and

reimbursement

may

not

be

terminated

during

the

relevant

period

except

with

Board

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

753

approval.

Direct

Fund-level

expenses

do

not

include

Rule

12b-1

distribution

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.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$343,424.

There

were

no

reimbursements

for

the

period

ended

April

30,

2025. For

the

Global

Real

Estate

Securities

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.72%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.72%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$151,417.

For

the

Multi-Strategy

Income

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.36%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.36%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$247,782.

For

the

Multi-Asset

Strategy

Fund,

RIM

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2025,

that

resulted

in

an

effective

advisory

fee

not

to

exceed

0.54%.

Effective

March

1,

2025,

RIM

has

entered

into

a

contractual

fee

waiver

agreement,

until

February

28,

2026,

that

results

in

an

effective

advisory

fee

not

to

exceed

0.54%.

This

waiver

may

not

be

terminated

during

the

relevant

period

except

with

Board

approval.

The

total

amount

of

the

waiver

for

the

period

ended

April

30,

2025

was

$510,085.

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,

2025

were

as

follows:

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

754

Notes

to

Financial

Statements

RIFUS

has

contractually

agreed

to

waive,

through

February

28,

2026,

a

portion

of

its

transfer

agency

fees

for

certain

classes

of

certain

Funds

as

set

forth

below:

#### Funds

#### Amount
Multifactor

U.S.

Equity

Fund

$

73,530

Equity

Income

Fund

160,096

Sustainable

Aware

Equity

Fund

160,039

U.S.

Strategic

Equity

Fund

2,995,783

U.S.

Small

Cap

Equity

Fund

624,477

Multifactor

International

Equity

Fund

36,444

International

Developed

Markets

Fund

982,586

Global

Equity

Fund

1,286,701

Emerging

Markets

Fund

622,880

Tax-Managed

U.S.

Large

Cap

Fund

9,518,628

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

1,623,393

Tax-Managed

International

Equity

Fund

4,088,401

Tax-Managed

Real

Assets

Fund

1,035,529

Opportunistic

Credit

Fund

408,885

Long

Duration

Bond

Fund

296,492

Strategic

Bond

Fund

1,748,050

Investment

Grade

Bond

Fund

794,958

Short

Duration

Bond

Fund

234,695

Tax-Exempt

High

Yield

Bond

Fund

2,142,955

Tax-Exempt

Bond

Fund

5,780,206

Global

Infrastructure

Fund

290,739

Global

Real

Estate

Securities

Fund

316,317

Multi-Strategy

Income

Fund

208,304

Multi-Asset

Strategy

Fund

478,856

#### Funds/Classes

#### Waivers
Multifactor

U.S.

Equity

Fund-Class

M

.15%

Multifactor

U.S.

Equity

Fund-Class

R6

.02

Equity

Income

Fund-Class

S

.04

Sustainable

Aware

Equity

Fund-Class S

.04

U.S.

Strategic

Equity

Fund-Class A,

C,

&

S

.02

U.S.

Strategic

Equity

Fund-Class M

.12

U.S.

Small

Cap

Equity

Fund-Class M

.14

U.S.

Small

Cap

Equity

Fund-Class R6

.02

U.S.

Small

Cap

Equity

Fund-Class S

.04

Multifactor

International

Equity

Fund-Class

M

.15

Multifactor

International

Equity

Fund-Class

R6

.02

International

Developed

Markets

Fund-Class

M

.14

International

Developed

Markets

Fund-Class

S

.04

Global

Equity

Fund-Class M

.10

Emerging

Markets

Fund-Class A,

C,

R6

&

S

.02

Emerging

Markets

Fund-Class M

.12

Tax-Managed

U.S.

Large

Cap

Fund-Class

M

.10

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

A

.02

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

C

&

S

.05

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund-Class

M

.15

Tax-Managed

International

Equity

Fund-Class

M

.10

Tax-Managed

Real

Assets

Fund-Class

M

.10

Opportunistic

Credit

Fund-Class

A,C

&

S

.12

Opportunistic

Credit

Fund-Class

M

.17

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

755

For

the

period

ended

April

30,

2025,

the

total

transfer

agency

fee

waivers

were

as

follows:

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

"Distributor"),

a

wholly

owned

subsidiary

of

RIM,

serves

as

the

distributor

for

RIC,

pursuant

to

a

distribution

agreement

with

RIC.

#### Funds/Classes

#### Waivers
Long

Duration

Bond

Fund-Class

M

.15

Strategic

Bond

Fund-Class A

&

C

.04

Strategic

Bond

Fund-Class M

.16

Strategic

Bond

Fund-Class S

.06

Strategic

Bond

Fund-Class R6

.02

Investment

Grade

Bond

Fund-Class M

.14

Investment

Grade

Bond

Fund-Class S

.04

Investment

Grade

Bond

Fund-Class R6

.02

Short

Duration

Bond

Fund-Class

A,C

&

S

.12

Short

Duration

Bond

Fund-Class

M

.17

Short

Duration

Bond

Fund-Class

R6

.02

Tax-Exempt

High

Yield

Bond

Fund-Class

M

.10

Tax-Exempt

High

Yield

Bond

Fund-Class

S

.03

Tax-Exempt

Bond

Fund-Class

A

.02

Tax-Exempt

Bond

Fund-Class

C

&

S

.06

Tax-Exempt

Bond

Fund-Class

M

.16

Global

Infrastructure

Fund-Class

A,C

&

S

.02

Global

Infrastructure

Fund-Class

M

.12

Global

Real

Estate

Securities

Fund-Class

M

.10

Global

Real

Estate

Securities

Fund-Class

R6

.02

Multi-Strategy

Income

Fund-Class

M

.10

Multi-Asset

Strategy

Fund-Class

M

.10

#### Funds

#### Amount
Multifactor

U.S.

Equity

Fund

$

1,025

Equity

Income

Fund

25,238

Sustainable

Aware

Equity

Fund

24,256

U.S.

Strategic

Equity

Fund

589,589

U.S.

Small

Cap

Equity

Fund

167,482

Multifactor

International

Equity

Fund

1,132

International

Developed

Markets

Fund

287,653

Global

Equity

Fund

144,520

Emerging

Markets

Fund

115,126

Tax-Managed

U.S.

Large

Cap

Fund

1,258,958

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

602,542

Tax-Managed

International

Equity

Fund

570,468

Tax-Managed

Real

Assets

Fund

151,346

Opportunistic

Credit

Fund

258,478

Long

Duration

Bond

Fund

43,988

Strategic

Bond

Fund

689,343

Investment

Grade

Bond

Fund

236,940

Short

Duration

Bond

Fund

148,434

Tax-Exempt

High

Yield

Bond

Fund

514,744

Tax-Exempt

Bond

Fund

2,527,375

Global

Infrastructure

Fund

49,881

Global

Real

Estate

Securities

Fund

29,134

Multi-Strategy

Income

Fund

14,264

Multi-Asset

Strategy

Fund

56,786

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

756

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,

2025:

Affiliated

Brokerage

Transactions

Substantially

all

of

the

equity

transactions

that

RIM

effects

for

the

Funds

are

executed

through

Russell

Investments

Implementation

Services,

LLC

("RIIS"),

a

registered

broker

and

an

affiliate

of

RIM.

This

presents

a

conflict

of

interest

because

RIIS

generates

revenue

from

executing

equity

transactions

for

the

Funds,

which

is

a

financial

incentive

for

RIM

to

favor

the

ongoing

selection

of

RIIS

for

execution

of

the

Funds'

equity

transactions.

To

oversee

its

use

of

RIIS

to

execute

equity

transactions

for

the

Funds,

RIM

reviews

third-party

reports

regarding

RIIS'

trade

execution

quality

and

commission

rates

relative

to

commission

rates

for

#### Funds

#### CDSC

#### Retained

#### by

#### Distributor

#### Aggregate

#### Front-End

#### Sales

#### Charges

#### Front-End

#### Sales

#### Charges

#### Retained

#### by

#### Distributor
Multifactor

U.S.

Equity

Fund

$

—

$

23,280

$

3,643

Equity

Income

Fund

—

1,566

Sustainable

Aware

Equity

Fund

—

7,165

1,026

U.S.

Strategic

Equity

Fund

—

8,792

1,606

U.S.

Small

Cap

Equity

Fund

—

3,151

513

International

Developed

Markets

Fund

—

Global

Equity

Fund

—

2,102

Emerging

Markets

Fund

—

Tax-Managed

U.S.

Large

Cap

Fund

—

108,187

16,821

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

—

36,840

6,916

Tax-Managed

International

Equity

Fund

1,640

24,998

4,227

Tax-Managed

Real

Assets

Fund

736

4,972

909

Opportunistic

Credit

Fund

—

2,056

Long

Duration

Bond

Fund

—

—

—

Strategic

Bond

Fund

—

2,023

Investment

Grade

Bond

Fund

—

1,842

Short

Duration

Bond

Fund

—

Tax-Exempt

High

Yield

Bond

Fund

—

14,913

2,986

Tax-Exempt

Bond

Fund

—

24,448

4,975

Global

Infrastructure

Fund

—

1,003

Global

Real

Estate

Securities

Fund

—

3,170

506

Multi-Strategy

Income

Fund

—

6,764

1,249

Multi-Asset

Strategy

Fund

—

#### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

757

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,

2025,

the

Funds

engaged

in

purchases

and

sales

of

securities

pursuant

to

Rule

17a-7

of

the

Investment

Company

Act,

as

follows

(amounts

in

thousands):

Board

of

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

of

RIC,

Russell

Investment

Funds

("RIF"),

Russell

Investments

Exchange

Traded

Funds

("RIETF"),

the

Russell

Investments

Strategic

Credit

Fund

("RISCF"),

and

the

Russell

Investments

New

Economy

Infrastructure

Fund

("RINEIF").

Each

of

the

Trustees

on

the

Board

is

a

Trustee

of

RIC,

RIF,

RIETF,

RISCF,

and

RINEIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

is

not

an

employee

of

RIM

or

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

to

each

Fund

based

on

its

net

assets

relative

to

other

funds

in

the

Russell

Investments

fund

complex.

For

the

period

ended

April

30,

2025,

the

regular

compensation

paid

to

the

Trustees

by

the

Russell

Investments

fund

complex

was

$1,149,000.

Trustees'

fees

accrued

for

each

Fund

for

the

period

ended

April

30,

2025

are

shown

in

each

Fund's

Statement

of

Operations.

5. #### Federal

#### Income

#### Taxes
As

of

April

30,

2025,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

be

applied

against

any

net

realized

taxable

gains,

if

any.

Available

capital

loss

carryforwards

are

as

follows:

#### Funds

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

Tax-Exempt

High

Yield

Bond

Fund

$

6,804

$

8,765

$

(377) Tax-Exempt

Bond

Fund

21,905

37,693

(524) #### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

758

Notes

to

Financial

Statements

6. #### Record

#### Ownership
As

of

April

30,

2025,

the

following

table

includes

shareholders

of

record

with

greater

than

10%

of

the

total

outstanding

shares

of

each

respective

Fund:

7. #### Commitments

#### and

#### Contingencies
Certain

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

The

#### No

#### Expiration

#### Funds

#### Short-Term

#### Long-Term

#### Totals
Multifactor

International

Equity

Fund

$

8,325,816

$

24,415,356

$

32,741,172

International

Developed

Markets

Fund

—

10,802,646

10,802,646

Emerging

Markets

Fund

48,010,592

—

48,010,592

Tax-Managed

U.S.

Large

Cap

Fund

202,812,020

—

202,812,020

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

18,614,377

—

18,614,377

Tax-Managed

International

Equity

Fund

534,440,753

24,277,064

558,717,817

Tax-Managed

Real

Assets

Fund

85,559,674

8,830,302

94,389,976

Opportunistic

Credit

Fund

32,232,310

106,987,780

139,220,090

Long

Duration

Bond

Fund

547,298

3,734,838

4,282,136

Strategic

Bond

Fund

234,196,334

337,779,198

571,975,532

Investment

Grade

Bond

Fund

35,512,679

48,554,722

84,067,401

Short

Duration

Bond

Fund

2,589,705

11,993,397

14,583,102

Tax-Exempt

High

Yield

Bond

Fund

44,907,451

42,963,220

87,870,671

Tax-Exempt

Bond

Fund

76,933,366

156,333,684

233,267,050

Global

Real

Estate

Securities

Fund

48,337,940

16,159,878

64,497,818

Multi-Strategy

Income

Fund

24,459,227

—

24,459,227

Multi-Asset

Strategy

Fund

19,026,205

—

19,026,205

#### Funds

#### #

#### of

#### Shareholders

#### %
Multifactor

U.S.

Equity

Fund

70.9 Equity

Income

Fund

48.2 Sustainable

Aware

Equity

Fund

49.7 U.S.

Strategic

Equity

Fund

73.4 U.S.

Small

Cap

Equity

Fund

64.9 Multifactor

International

Equity

Fund

90.5 International

Developed

Markets

Fund

80.3 Global

Equity

Fund

49.3 Emerging

Markets

Fund

65.6 Tax-Managed

U.S.

Large

Cap

Fund

78.8 Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

88.5 Tax-Managed

International

Equity

Fund

82.1 Tax-Managed

Real

Assets

Fund

77.9 Opportunistic

Credit

Fund

59.2 Long

Duration

Bond

Fund

58.6 Strategic

Bond

Fund

67.7 Investment

Grade

Bond

Fund

81.9 Short

Duration

Bond

Fund

61.6 Tax-Exempt

High

Yield

Bond

Fund

90.7 Tax-Exempt

Bond

Fund

80.6 Global

Infrastructure

Fund

60.6 Global

Real

Estate

Securities

Fund

70.2 Multi-Strategy

Income

Fund

50.7 Multi-Asset

Strategy

Fund

72.2 #### Russell

#### Investment

#### Company

#### Notes

#### to

#### Financial

#### Statements,

#### continued

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Notes

to

Financial

Statements

759

unfunded

loan

commitments

are

footnoted

in

the

Schedules

of

Investments.

As

of

April

30, 2025,

the

Funds

had

no

unfunded

loan

commitments.

8. #### Line

#### of

#### Credit
The

Funds

participate

in

a

$200

million

unsecured

line

of

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

"Credit

Agreement"),

which

is

currently

in

effect

through

March

11,

2026,

but

may

be

renewed

on

an

annual

basis

thereafter.

Borrowings

made

by

the

Funds

will

be

utilized

solely

for

temporary

or

emergency

purposes

as

contemplated

by

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

on

borrowing

is

charged

to

a

Fund

at

a

variable

rate

as

determined

in

accordance

with

the

Credit

Agreement.

In

addition,

a

commitment

fee

computed

at

an

annual

rate

of

0.20%

on

the

daily

unused

portion

of

the

line

of

credit

is

allocated

among

the

participating

Funds

pro-rata

based

on

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

to

certain

covenants

contained

in

the

Credit

Agreement.

Failure

to

comply

with

these

covenants

could

cause

the

acceleration

of

the

repayment

of

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

of

credit,

such

as

legal

fees

and

the

commitment

fee,

are

shown

on

the

Statement

of

Operations

as

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

of

credit

during

the

period

ended

April

30,

2025. 9. #### Subsequent

#### Events
Management

has

evaluated

the

events

and/or

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

determined

no

events

have

occurred

that

require

disclosure.

#### Russell

#### Investment

#### Company

#### Affiliated

#### Brokerage

#### Transactions

#### —

#### April

#### 30,

#### 2025
(Unaudited)

760

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

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,

2025

to

any

broker

that

is

an

affiliated

person

of

a

Fund,

RIM

or

the

relevant

money

manager;

(2) for

RIIS,

an

affiliated

person

of

RIM,

the

net

amount

of

the

RIIS

commission

after

payment

by

RIIS

of

any

commissions

or

fees

to

third

party

brokers,

generally

for

clearing

and

settlement

services;

and

(3) agency

fees

paid

to

RIIS

for

effecting

foreign

currency

transactions

("FX

Fees").

#### Funds

#### Affiliated

#### Broker

#### Total

#### Commissions

#### RIIS

#### Net

#### RIIS

#### FX

#### Fees
Multifactor

U.S.

Equity

Fund

RIIS

$

4,788

$

4,259

$

—

Equity

Income

Fund

RIIS

2,924

2,655

—

Sustainable

Aware

Equity

Fund

RIIS

1,542

1,386

—

U.S.

Strategic

Equity

Fund

RIIS

29,403

26,504

—

U.S.

Small

Cap

Equity

Fund

RIIS

74,718

63,494

Multifactor

International

Equity

Fund

RIIS

7,784

6,362

7,011

International

Developed

Markets

Fund

RIIS

37,863

29,449

30,012

Global

Equity

Fund

RIIS

43,538

35,334

30,305

Emerging

Markets

Fund

RIIS

85,419

52,237

15,135

Tax-Managed

U.S.

Large

Cap

Fund

RIIS

161,490

148,104

—

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund

RIIS

145,455

127,655

—

Tax-Managed

International

Equity

Fund

RIIS

171,046

126,903

51,264

Tax-Managed

Real

Assets

Fund

RIIS

63,766

46,792

16,421

Global

Infrastructure

Fund

RIIS

17,337

13,549

9,315

Global

Real

Estate

Securities

Fund

RIIS

20,368

17,200

9,540

Multi-Strategy

Income

Fund

RIIS

7,446

5,282

2,203

Multi-Asset

Strategy

Fund

RIIS

21,979

15,637

7,468

#### Russell

#### Investment

#### Company

#### Basis

#### for

#### Approval

#### of

#### Investment

#### Advisory

#### Contracts

#### —
(Unaudited)

Basis

for

Approval

of

Investment

Advisory

Contracts

761

#### Quarterly

#### Approval

#### of

#### Money

#### Manager

#### Contracts
At

the

quarterly

Board

meeting

held

on

December

10,

2024,

the

Board

received

a

proposal

from

RIM

to

approve

a

new

portfolio

management

contract

for

the

Strategic

Bond

Fund

with

an

affiliate

of

an

existing

money

manager.

At

the

quarterly

Board

meeting

held

on

February

25,

2025,

the

Board

received

proposals

from

RIM

to

approve

new

portfolio

management

contracts

for

the

U.S.

Small

Cap

Equity

Fund

and

the

Tax-Managed

U.S.

Mid

&

Small

Cap

Fund.

The

Trustees

approved

the

terms

of

each

of

the

proposed

new

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;

performance

information

for

the

new

Money

Managers;

information

as

to

any

significant

business

relationships

between

the

Money

Manager

and

RIM

or

Russell

Investments

Financial

Services,

LLC,

the

Fund's

underwriter

("RIFIS");

the

CCO's

current

or

prior

evaluation

of

the

Money

Manager's

compliance

program,

policies

and

procedures

in

relation

to

the

Money

Manager's

role

in

the

management

of

the

Fund's

investment

portfolio,

and

current

or

prior

certification

that

they

were

consistent

with

applicable

legal

standards;

RIM's

explanation

as

to

the

lack

of

relevance

of

Money

Manager

profitability

to

the

evaluation

of

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's

awareness

of

the

standard

fee

rates

charged

by

the

Money

Manager

to

other

clients;

RIM's

belief

that

the

proposed

Money

Manager

fees

would

be

reasonable

in

light

of

the

anticipated

quality

of

investment

advisory

services

to

be

rendered;

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

Trustees'

approvals

also

reflected

their

findings

at

prior

meetings,

including

their

May

20,

2024

meeting,

in

connection

with

their

evaluation

and

approval

of

the

Funds'

existing

investment

advisory

agreement

with

RIM

and

portfolio

management

contracts

with

then-current

Money

Managers

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

in

the

case

of

the

existing

Money

Managers

and

the

reasonableness

of

the

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

Managers'

investment

advisory

fees

are

paid

by

RIM.

#### Russell

#### Investment

#### Company

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### April

#### 30,

#### 2025
(Unaudited)

762

Adviser,

Money

Managers

and

Service

Providers

#### Interested

#### Trustee
Vernon

Barback

#### Independent

#### Trustees
Michelle

L. Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

M. Needham

Jeannie

Shanahan

Raymond

P. Tennison,

Jr.

Jack

R. Thompson

#### Officers
Vernon

Barback,

President

and

Chief

Executive

Officer

Cheryl

Wichers,

Chief

Compliance

Officer

Kari

Seabrands,

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

1301

Second

Avenue

Seattle, WA

98101

#### Administrator

#### and

#### Transfer

#### and

#### Dividend

#### Disbursing

#### Agent
Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle, WA

98101

#### Custodian
State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

MA

02171

#### Office

#### of

#### Shareholder

#### Inquiries
1301

Second

Avenue

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

1301

Second

Avenue

Seattle, WA

98101

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle, WA

98101

#### Money

#### Managers
Equity

Income

Fund

Barrow,

Hanley,

Mewhinney

&

Strauss,

LLC,

Dallas,

TX

Brandywine

Global

Investment

Management,

LLC,

Philadelphia,

PA

Sustainable

Aware

Equity

Fund

Beutel,

Goodman

&

Company

Ltd.,

Toronto,

Ontario,

Canada

Coho

Partners,

Ltd.,

Berwyn,

PA

Jacobs

Levy

Equity

Management,

Inc., Florham

Park, NJ

Mar

Vista

Investment

Partners,

LLC,

Los

Angeles,

CA

Sustainable

Growth

Advisers,

LP,

Stamford,

CT

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

W1B

5LU,

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

W1B

5LU,

UK

and

Intermede

Global

Partners

Inc.,

San

Francisco,

CA

Sanders

Capital,

LLC,

New York, NY

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

J.P.

Morgan

Investment

Management

Inc.,

New York, NY

Sustainable

Growth

Advisers,

LP,

Stamford,

CT

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

W1B

5LU,

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

#### Russell

#### Investment

#### Company

#### Adviser,

#### Money

#### Managers

#### and

#### Service

#### Providers

#### —

#### April

#### 30,

#### 2025
(Unaudited)

Adviser,

Money

Managers

and

Service

Providers

763

Tax-Managed

Real

Assets

Fund

First

Sentier

Investors

(Australia)

IM

Ltd,

Sydney,

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,

United

Kingdom

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

(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

Tax-Exempt

Bond

Fund

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,

Sydney,

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,

United

Kingdom,

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

W1B

5LU,

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,

Sydney,

Australia

Intermede

Investment

Partners

Limited,

London

W1B

5LU,

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

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

1301

Second

Avenue

Seattle,

Washington

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) Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. [ex99_cert](ex99_cert_v2.htm)

(b) Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. [ex99.906_cert](ex99_906cert_v2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Russell Investment Company**

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: June 25, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: June 25, 2025

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kari Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Kari Seabrands

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

Date: June 25, 2025

## 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, 2025

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Vernon Barback President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

**Exhibit (a)**

EX-99.CERT

**<u>CERTIFICATION</u>**

I, Kari Seabrands, 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, 2025

<u>/s/ Kari Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Kari Seabrands

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

## 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 Kari Seabrands, 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, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to Russell Investment Company and will be retained by Russell Investment Company and furnished to the Securities and Exchange Commission or its staff upon request.

Russell Investment Company

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Vernon Barback&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

By: <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kari Seabrands&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; Kari Seabrands

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

Date: June 25, 2025

\*These certifications are being furnished solely pursuant to 18 U.S.C. Section 1350 and are not being filed as part of this Form N-CSR or as a separate disclosure document.