UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-03153

Russell Investment Company

(Exact name of registrant as specified in charter)

1301 2nd Avenue 18^th Floor, Seattle Washington 98101
(Address of principal executive offices) (Zip code)

Mary Beth Albaneze, Secretary and Chief Legal Officer

1301 2nd Avenue

18^th Floor

Seattle, Washington 98101

206-505-4846

______________________________________________

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2023 to October 31, 2024

EXPLANATORY NOTE

The Registrant is filing this Certified Shareholder Report on Form N-CSR in three (3) separate submissions due to file size limitations on EDGAR submissions. This initial submission provides the information required by Item 1 for a limited number of the Registrant’s reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30e-1). The two companion submissions (the “first companion submission” and the “second companion submission”) to this Certified Shareholder Report on Form N-CSR will follow immediately and will provide the information required by Item 1 for the other reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). Apart from Item 1, the companion submissions will be identical in all material respects to this initial submission, including with respect to Items 6 and 7, which cover all of the Registrant’s reports submitted with this submission, the first companion submission and the second companion submission.

Item 1. Reports to Stockholders

Conservative Strategy Fund

Class A

RCLAX

Annual Shareholder Report

October 31, 2024

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$56	0.52%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

	Class A	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	9,426	10,000	10,000
2015	9,436	10,167	10,196
2016	9,811	10,682	10,641
2017	10,298	10,870	10,737
2018	10,107	10,658	10,517
2019	10,862	11,869	11,727
2020	10,945	12,576	12,453
2021	11,935	12,636	12,393
2022	9,931	10,641	10,450
2023	10,116	10,768	10,487
2024	11,569	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	7.74%	0.08%	1.47%
Class A - no sales charge	14.37%	1.27%	2.07%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Until February 29, 2024, Russell Investment Management, LLC ("RIM") contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.12% on an annual basis. Effective March 1, 2024, RIM contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.17% on an annual basis.

This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025 at https://connect.rightprospectus.com/russellinvestmentsor upon a request at 1-800-787-7354.

Additional Information

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

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class A

Annual Shareholder Report

RCLAX

October 31, 2024

Conservative Strategy Fund

Class C

RCLCX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$136	1.27%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,936	10,167	10,196
2016	10,255	10,682	10,641
2017	10,678	10,870	10,737
2018	10,405	10,658	10,517
2019	11,100	11,869	11,727
2020	11,100	12,576	12,453
2021	12,016	12,636	12,393
2022	9,934	10,641	10,450
2023	10,042	10,768	10,487
2024	11,400	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	13.52%	0.53%	1.32%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class C

Annual Shareholder Report

RCLCX

October 31, 2024

Conservative Strategy Fund

Class R1

RCLRX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$21	0.20%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,050	10,167	10,196
2016	10,487	10,682	10,641
2017	11,046	10,870	10,737
2018	10,886	10,658	10,517
2019	11,742	11,869	11,727
2020	11,863	12,576	12,453
2021	12,973	12,636	12,393
2022	10,831	10,641	10,450
2023	11,062	10,768	10,487
2024	12,690	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	14.72%	1.56%	2.41%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class R1

Annual Shareholder Report

RCLRX

October 31, 2024

Conservative Strategy Fund

Class R4

RCLUX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R4	$49	0.46%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R4	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,023	10,167	10,196
2016	10,435	10,682	10,641
2017	10,956	10,870	10,737
2018	10,775	10,658	10,517
2019	11,587	11,869	11,727
2020	11,678	12,576	12,453
2021	12,747	12,636	12,393
2022	10,618	10,641	10,450
2023	10,808	10,768	10,487
2024	12,331	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R4	14.10%	1.25%	2.12%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class R4

Annual Shareholder Report

RCLUX

October 31, 2024

Conservative Strategy Fund

Class R5

RCLVX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$75	0.70%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,997	10,167	10,196
2016	10,385	10,682	10,641
2017	10,882	10,870	10,737
2018	10,669	10,658	10,517
2019	11,451	11,869	11,727
2020	11,512	12,576	12,453
2021	12,536	12,636	12,393
2022	10,415	10,641	10,450
2023	10,587	10,768	10,487
2024	12,086	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	14.16%	1.09%	1.91%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class R5

Annual Shareholder Report

RCLVX

October 31, 2024

Conservative Strategy Fund

Class S

RCLSX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$35	0.33%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,036	10,167	10,196
2016	10,458	10,682	10,641
2017	11,001	10,870	10,737
2018	10,819	10,658	10,517
2019	11,655	11,869	11,727
2020	11,766	12,576	12,453
2021	12,850	12,636	12,393
2022	10,719	10,641	10,450
2023	10,933	10,768	10,487
2024	12,531	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	14.61%	1.46%	2.28%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$71,960
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$141
Portfolio Turnover Rate	6%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	72.2%
Domestic Equities	11.9%
Multi-Asset	8.0%
International Equities	6.0%
Alternative	2.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Conservative Strategy Fund

Class S

Annual Shareholder Report

RCLSX

October 31, 2024

Moderate Strategy Fund

Class A

RMLAX

Annual Shareholder Report

October 31, 2024

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$55	0.50%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	9,427	10,000	10,000
2015	9,423	10,167	10,196
2016	9,921	10,682	10,641
2017	10,763	10,870	10,737
2018	10,423	10,658	10,517
2019	11,288	11,869	11,727
2020	10,818	12,576	12,453
2021	12,678	12,636	12,393
2022	10,522	10,641	10,450
2023	10,872	10,768	10,487
2024	12,904	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	11.92%	1.51%	2.58%
Class A - no sales charge	18.69%	2.71%	3.19%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class A

Annual Shareholder Report

RMLAX

October 31, 2024

Moderate Strategy Fund

Class C

RMLCX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$136	1.25%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,920	10,167	10,196
2016	10,369	10,682	10,641
2017	11,170	10,870	10,737
2018	10,726	10,658	10,517
2019	11,539	11,869	11,727
2020	10,978	12,576	12,453
2021	12,763	12,636	12,393
2022	10,518	10,641	10,450
2023	10,784	10,768	10,487
2024	12,698	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	17.75%	1.93%	2.42%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class C

Annual Shareholder Report

RMLCX

October 31, 2024

Moderate Strategy Fund

Class R1

RMLRX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$27	0.25%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,018	10,167	10,196
2016	10,579	10,682	10,641
2017	11,505	10,870	10,737
2018	11,164	10,658	10,517
2019	12,140	11,869	11,727
2020	11,660	12,576	12,453
2021	13,685	12,636	12,393
2022	11,399	10,641	10,450
2023	11,799	10,768	10,487
2024	14,042	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	19.01%	2.95%	3.45%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class R1

Annual Shareholder Report

RMLRX

October 31, 2024

Moderate Strategy Fund

Class R4

RMLUX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R4	$57	0.52%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R4	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,999	10,167	10,196
2016	10,526	10,682	10,641
2017	11,427	10,870	10,737
2018	11,066	10,658	10,517
2019	11,994	11,869	11,727
2020	11,485	12,576	12,453
2021	13,454	12,636	12,393
2022	11,169	10,641	10,450
2023	11,538	10,768	10,487
2024	13,648	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R4	18.29%	2.62%	3.16%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class R4

Annual Shareholder Report

RMLUX

October 31, 2024

Moderate Strategy Fund

Class R5

RMLVX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$82	0.75%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,973	10,167	10,196
2016	10,477	10,682	10,641
2017	11,338	10,870	10,737
2018	10,949	10,658	10,517
2019	11,844	11,869	11,727
2020	11,320	12,576	12,453
2021	13,224	12,636	12,393
2022	10,959	10,641	10,450
2023	11,285	10,768	10,487
2024	13,361	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	18.40%	2.44%	2.94%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class R5

Annual Shareholder Report

RMLVX

October 31, 2024

Moderate Strategy Fund

Class S

RMLSX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$36	0.33%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund outperformed its primary benchmark for the fiscal year. The Fund’s strategic asset allocation positioning maintained a slight overweight to key risk factors, including equity beta (volatility in relation to the overall market), which contributed positively. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	Bloomberg U.S. Universal Index^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,016	10,167	10,196
2016	10,560	10,682	10,641
2017	11,478	10,870	10,737
2018	11,142	10,658	10,517
2019	12,090	11,869	11,727
2020	11,609	12,576	12,453
2021	13,615	12,636	12,393
2022	11,327	10,641	10,450
2023	11,716	10,768	10,487
2024	13,927	11,974	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	18.87%	2.87%	3.37%
Bloomberg U.S. Universal Index^{Footnote Reference(a)}	11.20%	0.18%	1.82%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$131,586
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$252
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	52.2%
International Equities	19.9%
Domestic Equities	17.0%
Multi-Asset	8.0%
Alternative	3.0%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the Bloomberg U.S. Universal Index effective May 1, 2024, as RIM believes the Bloomberg U.S. Universal Index better represents the largest asset classes invested in by the Fund.

Moderate Strategy Fund

Class S

Annual Shareholder Report

RMLSX

October 31, 2024

Balanced Strategy Fund

Class A

RBLAX

Annual Shareholder Report

October 31, 2024

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$59	0.53%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	9,424	10,000	10,000
2015	9,395	9,997	10,196
2016	9,823	10,201	10,641
2017	11,007	12,568	10,737
2018	10,619	12,503	10,517
2019	11,530	14,078	11,727
2020	10,827	14,766	12,453
2021	13,786	20,270	12,393
2022	11,393	16,225	10,450
2023	11,986	17,929	10,487
2024	14,724	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	15.80%	3.77%	3.94%
Class A - no sales charge	22.84%	5.01%	4.56%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Until February 29, 2024, Russell Investment Management, LLC ("RIM") contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.12% on an annual basis. From March 1, 2024 until May 31, 2024, RIM contractually agreed to waive 0.03% of its advisory fee. Effective June 1, 2024, RIM contractually agreed to waive 0.05% of its advisory fee.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class A

Annual Shareholder Report

RBLAX

October 31, 2024

Balanced Strategy Fund

Class C

RBLCX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$142	1.28%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,895	9,997	10,196
2016	10,271	10,201	10,641
2017	11,414	12,568	10,737
2018	10,928	12,503	10,517
2019	11,788	14,078	11,727
2020	10,977	14,766	12,453
2021	13,885	20,270	12,393
2022	11,382	16,225	10,450
2023	11,887	17,929	10,487
2024	14,497	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	21.95%	4.22%	3.78%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class C

Annual Shareholder Report

RBLCX

October 31, 2024

Balanced Strategy Fund

Class R1

RBLRX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$36	0.32%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	10,004	9,997	10,196
2016	10,474	10,201	10,641
2017	11,756	12,568	10,737
2018	11,365	12,503	10,517
2019	12,367	14,078	11,727
2020	11,639	14,766	12,453
2021	14,850	20,270	12,393
2022	12,294	16,225	10,450
2023	12,967	17,929	10,487
2024	15,968	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	23.15%	5.24%	4.79%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class R1

Annual Shareholder Report

RBLRX

October 31, 2024

Balanced Strategy Fund

Class R4

RBLUX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R4	$68	0.61%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R4	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,969	9,997	10,196
2016	10,414	10,201	10,641
2017	11,657	12,568	10,737
2018	11,244	12,503	10,517
2019	12,215	14,078	11,727
2020	11,455	14,766	12,453
2021	14,594	20,270	12,393
2022	12,040	16,225	10,450
2023	12,676	17,929	10,487
2024	15,498	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R4	22.27%	4.88%	4.48%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class R4

Annual Shareholder Report

RBLUX

October 31, 2024

Balanced Strategy Fund

Class R5

RBLVX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$91	0.82%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,952	9,997	10,196
2016	10,368	10,201	10,641
2017	11,578	12,568	10,737
2018	11,137	12,503	10,517
2019	12,068	14,078	11,727
2020	11,282	14,766	12,453
2021	14,335	20,270	12,393
2022	11,807	16,225	10,450
2023	12,393	17,929	10,487
2024	15,178	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	22.47%	4.69%	4.26%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class R5

Annual Shareholder Report

RBLVX

October 31, 2024

Balanced Strategy Fund

Class S

RBLSX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$42	0.38%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of approximately 25% and 24%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Bloomberg U.S. Aggregate Bond Index
2014	10,000	10,000	10,000
2015	9,987	9,997	10,196
2016	10,459	10,201	10,641
2017	11,726	12,568	10,737
2018	11,331	12,503	10,517
2019	12,327	14,078	11,727
2020	11,592	14,766	12,453
2021	14,787	20,270	12,393
2022	12,233	16,225	10,450
2023	12,898	17,929	10,487
2024	15,867	23,808	11,593

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	23.02%	5.18%	4.72%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Bloomberg U.S. Aggregate Bond Index	10.55%	(0.23)%	1.49%

Key Fund Statistics

Net Assets (thousands)	$642,113
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$1,206
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	36.0%
Fixed Income	31.4%
Domestic Equities	20.1%
Multi-Asset	8.1%
Alternative	4.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Bloomberg U.S. Aggregate Bond Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Balanced Strategy Fund

Class S

Annual Shareholder Report

RBLSX

October 31, 2024

Growth Strategy Fund

Class A

RALAX

Annual Shareholder Report

October 31, 2024

This annual shareholder report contains important information about Growth Strategy Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$65	0.57%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	9,425	10,000	10,000
2015	9,285	9,997	10,486
2016	9,610	10,201	10,933
2017	11,146	12,568	13,520
2018	10,832	12,503	14,464
2019	11,708	14,078	16,511
2020	10,926	14,766	18,305
2021	14,824	20,270	26,269
2022	12,225	16,225	21,967
2023	13,063	17,929	24,050
2024	16,535	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	19.27%	5.89%	5.16%
Class A - no sales charge	26.58%	7.15%	5.78%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Until February 29, 2024, Russell Investment Management, LLC ("RIM") contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.099% on an annual basis. Effective March 1, 2024, RIM contractually agreed to waive 0.13% of its advisory fee.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class A

Annual Shareholder Report

RALAX

October 31, 2024

Growth Strategy Fund

Class C

RALCX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$149	1.32%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,769	9,997	10,486
2016	10,041	10,201	10,933
2017	11,560	12,568	13,520
2018	11,149	12,503	14,464
2019	11,960	14,078	16,511
2020	11,083	14,766	18,305
2021	14,929	20,270	26,269
2022	12,209	16,225	21,967
2023	12,959	17,929	24,050
2024	16,262	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	25.49%	6.34%	4.98%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class C

Annual Shareholder Report

RALCX

October 31, 2024

Growth Strategy Fund

Class R1

RALRX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$31	0.27%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,885	9,997	10,486
2016	10,258	10,201	10,933
2017	11,932	12,568	13,520
2018	11,637	12,503	14,464
2019	12,615	14,078	16,511
2020	11,804	14,766	18,305
2021	16,066	20,270	26,269
2022	13,288	16,225	21,967
2023	14,247	17,929	24,050
2024	18,074	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	26.86%	7.46%	6.10%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class R1

Annual Shareholder Report

RALRX

October 31, 2024

Growth Strategy Fund

Class R4

RALUX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R4	$59	0.52%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R4	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,858	9,997	10,486
2016	10,207	10,201	10,933
2017	11,843	12,568	13,520
2018	11,516	12,503	14,464
2019	12,455	14,078	16,511
2020	11,633	14,766	18,305
2021	15,787	20,270	26,269
2022	13,028	16,225	21,967
2023	13,917	17,929	24,050
2024	17,552	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R4	26.12%	7.10%	5.79%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class R4

Annual Shareholder Report

RALUX

October 31, 2024

Growth Strategy Fund

Class R5

RALVX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$87	0.77%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,829	9,997	10,486
2016	10,160	10,201	10,933
2017	11,755	12,568	13,520
2018	11,407	12,503	14,464
2019	12,300	14,078	16,511
2020	11,457	14,766	18,305
2021	15,517	20,270	26,269
2022	12,769	16,225	21,967
2023	13,616	17,929	24,050
2024	17,200	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	26.32%	6.94%	5.57%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class R5

Annual Shareholder Report

RALVX

October 31, 2024

Growth Strategy Fund

Class S

RALSX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$36	0.32%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,877	9,997	10,486
2016	10,244	10,201	10,933
2017	11,914	12,568	13,520
2018	11,606	12,503	14,464
2019	12,580	14,078	16,511
2020	11,765	14,766	18,305
2021	16,012	20,270	26,269
2022	13,236	16,225	21,967
2023	14,176	17,929	24,050
2024	17,987	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	26.88%	7.41%	6.05%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$610,909
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$1,142
Portfolio Turnover Rate	3%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	41.0%
Domestic Equities	31.2%
Fixed Income	14.3%
Multi-Asset	8.1%
Alternative	5.5%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Growth Strategy Fund

Class S

Annual Shareholder Report

RALSX

October 31, 2024

Equity Growth Strategy Fund

Class A

REAAX

Annual Shareholder Report

October 31, 2024

This annual shareholder report contains important information about Equity Growth Strategy Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$65	0.57%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	9,423	10,000	10,000
2015	9,253	9,997	10,486
2016	9,582	10,201	10,933
2017	11,410	12,568	13,520
2018	11,058	12,503	14,464
2019	11,970	14,078	16,511
2020	10,984	14,766	18,305
2021	15,288	20,270	26,269
2022	12,568	16,225	21,967
2023	13,515	17,929	24,050
2024	17,373	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	21.12%	6.47%	5.68%
Class A - no sales charge	28.55%	7.73%	6.31%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Until February 29, 2024, Russell Investment Management, LLC ("RIM") contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.09% on an annual basis. Effective March 1, 2024, RIM contractually agreed to a Fund-level expense cap (with certain exclusions) of 0.13% on an annual basis.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class A

Annual Shareholder Report

REAAX

October 31, 2024

Equity Growth Strategy Fund

Class C

RELCX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$150	1.32%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,749	9,997	10,486
2016	10,014	10,201	10,933
2017	11,840	12,568	13,520
2018	11,388	12,503	14,464
2019	12,245	14,078	16,511
2020	11,151	14,766	18,305
2021	15,391	20,270	26,269
2022	12,560	16,225	21,967
2023	13,406	17,929	24,050
2024	17,109	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	27.62%	6.92%	5.52%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class C

Annual Shareholder Report

RELCX

October 31, 2024

Equity Growth Strategy Fund

Class R1

RELRX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$27	0.24%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,855	9,997	10,486
2016	10,238	10,201	10,933
2017	12,236	12,568	13,520
2018	11,890	12,503	14,464
2019	12,913	14,078	16,511
2020	11,893	14,766	18,305
2021	16,597	20,270	26,269
2022	13,681	16,225	21,967
2023	14,774	17,929	24,050
2024	19,057	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	28.99%	8.09%	6.66%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class R1

Annual Shareholder Report

RELRX

October 31, 2024

Equity Growth Strategy Fund

Class R4

RELUX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R4	$58	0.51%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R4	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,834	9,997	10,486
2016	10,191	10,201	10,933
2017	12,141	12,568	13,520
2018	11,782	12,503	14,464
2019	12,767	14,078	16,511
2020	11,724	14,766	18,305
2021	16,319	20,270	26,269
2022	13,426	16,225	21,967
2023	14,458	17,929	24,050
2024	18,544	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R4	28.26%	7.75%	6.37%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class R4

Annual Shareholder Report

RELUX

October 31, 2024

Equity Growth Strategy Fund

Class R5

RELVX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$84	0.74%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,806	9,997	10,486
2016	10,139	10,201	10,933
2017	12,051	12,568	13,520
2018	11,657	12,503	14,464
2019	12,598	14,078	16,511
2020	11,542	14,766	18,305
2021	16,036	20,270	26,269
2022	13,153	16,225	21,967
2023	14,137	17,929	24,050
2024	18,131	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	28.25%	7.55%	6.13%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class R5

Annual Shareholder Report

RELVX

October 31, 2024

Equity Growth Strategy Fund

Class S

RELSX

Annual Shareholder Report

October 31, 2024

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$37	0.32%

How did the Fund perform last year and what affected its performance?

Equity markets advanced as expectations for a soft landing in the U.S. economy grew. The Russell 1000^® Index posted an approximately 38% return, with U.S. mid cap and small cap equities delivering gains of approximately 35% and 34%, respectively. In comparison, emerging markets and developed markets outside the U.S. generated relatively lower returns of 25% and 23%, respectively. In fixed income markets, the Fed implemented a 50 basis point rate cut in September, coinciding with a decline in inflation. This environment favored longer-duration fixed income assets, which outperformed their shorter-duration counterparts. Credit spreads remained tight, reflecting the continued expectation of a soft landing in the U.S.

The Fund underperformed its primary benchmark for the fiscal year, primarily due to the detractive impact of its diversification across asset classes. The Fund’s strategic asset allocation positioning maintained exposures to key risk factors, including duration and credit exposure, to enable portfolio diversification. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)^{Footnote Reference(a)}	Russell 1000^® Index
2014	10,000	10,000	10,000
2015	9,846	9,997	10,486
2016	10,221	10,201	10,933
2017	12,205	12,568	13,520
2018	11,854	12,503	14,464
2019	12,864	14,078	16,511
2020	11,832	14,766	18,305
2021	16,499	20,270	26,269
2022	13,600	16,225	21,967
2023	14,672	17,929	24,050
2024	18,898	23,808	33,206

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	28.80%	8.00%	6.57%
MSCI ACWI Index (Net)^{Footnote Reference(a)}	32.79%	11.08%	9.06%
Russell 1000^® Index	38.07%	15.00%	12.75%

Key Fund Statistics

Net Assets (thousands)	$309,060
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$559
Portfolio Turnover Rate	4%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	44.9%
Domestic Equities	36.3%
Multi-Asset	8.1%
Alternative	6.4%
Fixed Income	4.4%
Other	(0.1)%

Material Fund Changes

Effective March 1, 2024, the Fund’s annual contractual advisory fee, calculated as a percentage of the Fund’s average daily net assets, was changed from 0.20% to 0.17%.

Additional Information

Householding

Footnote	Description
Footnote^(a)	The Fund's primary benchmark was changed from the Russell 1000^® Index to the MSCI ACWI Index (Net) effective May 1, 2024, as RIM believes the MSCI ACWI Index (Net) better represents the largest asset classes invested in by the Fund.

Equity Growth Strategy Fund

Class S

Annual Shareholder Report

RELSX

October 31, 2024

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”). There have been no amendments to, or waivers in connection with, the Code during the period covered by this Report. The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2023 $1,312,997

2024 $1,404,849

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2023 $447, 591 Tax Services performed in connection with the Audit

2024 $469,963 Tax Services performed in connection with the Audit

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Fees Nature of Services

2023 $436,495 Tax services

2024 $419,548 Tax services

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2023 $0

2024 $0

(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant’s accountants:

Russell Investment Company

Russell Investments Funds

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: August 25, 2020

I. Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the joint Audit Committee (the “Audit Committee”) of Russell Investment Company (“RIC”) and Russell Investment Funds (“RIF”) to apply to any and all engagements of the independent auditor with: (1) RIC and RIF, respectively, for audit and permissible non-audit services and (2) the Funds’ adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Funds’ operations or financial reporting (“fund-related services”).¹ The term “Fund” shall collectively refer to each series of RIC and RIF. The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.

II. Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds. As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds. In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered. In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

(a) Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

(b) Results in the auditor acting as management or an employee of the audit client;

(d) Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”).

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.² As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III. Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

IV. Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

V. Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including reports required to be filed with the SEC pursuant to applicable requirements.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VI. Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States. The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy.

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VII. All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule. Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

A list of the SEC’s prohibited non-audit services are as follows:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

VIII. De Minimis Waiver.

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

(a) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, to the independent auditor during the fiscal year in which the services were provided;

(b) Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

(c) Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by RIC or RIF, as applicable, and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

IX. Pre-Approval Fee Levels or Budgeted Amounts.

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

X. Procedures

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “RIC & RIF Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.

Russell Investments’ associates and the officers of RIC and RIF will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of RIC or RIF.

XI. Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and RIC, RIF, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

Footnotes

1 Adviser Entities include the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2 As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

Audit Fees 0%

Audit-Related Fees 0%

Tax Fees 0%

All Other Fees 0%

(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

2023 $0

2024 $0

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable, as the registrant has not been identified by the SEC as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) Not applicable, as the registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedules of Investments

(a) The registrant’s Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

2024

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

LifePoints

Funds

OCTOBER

31,

2024

FUND

CLASS

Conservative

Strategy

Fund

R1,

R4,

R5,

Moderate

Strategy

Fund

R1,

R4,

R5,

Balanced

Strategy

Fund

R1,

R4,

R5,

Growth

Strategy

Fund

R1,

R4,

R5,

Equity

Growth

Strategy

Fund

R1,

R4,

R5,

Russell

Investment

Company

Russell

Investment

Company

series

investment

company

with

different

investment

portfolios

referred

Funds.

These

financial

statements

report

five

these

Funds.

Page

Our

Shareholders

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

Conservative

Strategy

Fund

(Form

N-CSR

Item

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

Moderate

Strategy

Fund

(Form

N-CSR

Item

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

Balanced

Strategy

Fund

(Form

N-CSR

Item

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

Growth

Strategy

Fund

(Form

N-CSR

Item

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

Equity

Growth

Strategy

Fund

(Form

N-CSR

Item

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

Notes

Financial

Highlights

(Form

N-CSR

Item

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

Notes

Financial

Statements

(Form

N-CSR

Item

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

Report

Independent

Registered

Public

Accounting

Firm

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

Tax

Information

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

Basis

for

Approval

Investment

Advisory

Contracts

(Form

N-CSR

Item

11)

Adviser

and

Service

Providers

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

Russell

Investment

Company

LifePoints

Funds

Annual

Financial

Statements

and

Other

Information

October

31,

2024

Table

Contents

Russell

Investment

Company

LifePoints

Funds.

Russell

Investments

2024.

All

rights

reserved.

Russell

Investments’

ownership

composed

majority

stake

held

funds

managed

Associates

Management,

L.P.,

with

significant

minority

stake

held

funds

managed

Reverence

Capital

Partners,

L.P.

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-

controlling,

ownership

stakes.

Frank

Russell

Company

the

owner

the

Russell

trademarks

contained

this

material

and

all

trademark

rights

the

Russell

trademarks,

which

the

members

the

Russell

Investments

group

companies

are

permitted

use

under

license

from

Frank

Russell

Company.

The

members

the

Russell

Investments

group

companies

are

not

affiliated

any

manner

with

Frank

Russell

Company

any

entity

operating

under

the

“FTSE

RUSSELL”

brand.

Fund

objectives,

risks,

charges

and

expenses

should

carefully

considered

before

investing.

prospectus

containing

this

and

other

important

information

must

precede

accompany

this

material.

Please

read

the

prospectus

carefully

before

investing.

Securities

distributed

through

Russell

Investments

Financial

Services,

LLC,

member

FINRA,

part

Rus-

sell

Investments.

Indices

and

benchmarks

are

unmanaged

and

cannot

invested

directly.

Returns

represent

past

performance,

are

not

guarantee

future

performance,

and

are

not

indicative

any

specific

investment.

Index

return

information

provided

vendors

and

although

deemed

reliable,

not

guaranteed

Russell

Investments

its

affiliates.

S&P

registered

trademark

Standard

Poor’s

Financial

Services

LLC.

Performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

The

investment

return

and

principal

value

investment

will

fluctuate

that

shares,

when

redeemed,

may

worth

less

than

their

original

cost.

Current

performance

may

lower

higher

than

the

performance

data

quoted.

Current

the

most

recent

month-end

performance

for

Russell

Investment

Company

mutual

funds

available

visiting

https://russellinvestments.com/us/fund-center/performance-pricing.

Our

Shareholders

Our

Shareholders

Fellow

Investors,

take

your

financial

security

seriously.

believe

that

the

combination

our

investment

solutions,

sound

plan

and

timely

investment

advice

provides

the

best

route

achieving

your

desired

outcomes.

Your

financial

security—

that’s

the

reason

work

hard

maintain

time-tested,

disciplined

investment

approach,

focused

meeting

the

financial

needs

investors

you.

The

year

2024

has

been

one

that

has

delivered

strong

total

returns,

but

also

demanded

constant

focus,

both

markets

and

investing,

volatility

and

uncertainty

persisted.

For

the

fiscal

one-year

period

ending

October

31,

2024,

U.S.

equities

returned

approximately

38.02%,

according

the

S&P

500

Index.*

comparison,

over

the

same

time

period,

developed

non-U.S.

equities,

measured

the

MSCI

EAFE

index,

provided

return

22.97%.*

With

strong

market

performance,

inflation

coming

under

control,

and

the

U.S.

Federal

Reserve

(the

Fed)

starting

lower

interest

rates,

2024

further

proves

the

importance

staying

invested.

While

vital

challenge

prior

thinking,

continue

emphasize

that

prioritizing

long-term

investment

plan

over

short-term

market

fluctuations

most

consistently

rewarded.

approach

the

end

another

unprecedented

year,

maintain

our

focus

and

look

position

our

funds

for

the

period

ahead,

not

the

one

that

has

just

passed.

With

this

mind,

hold

the

following

views

markets:

believe

the

tactical

opportunity

set

equity

regions,

sectors,

and

styles

less

likely

rewarded

this

environment.

Across

global

equities,

while

value

and

momentum

factors

appear

relatively

cheap,

they

are

accompanied

poor

sentiment.

prefer

maintain

balanced

exposure

and

allow

stock

selection

the

key

driver.

Even

with

the

market

recently

pushing

rates

higher,

believe

that

government

bonds

are

fairly

valued

and

offer

potential

for

gains

than

losses,

should

economic

growth

hit

road

bump.

expect

continued

volatility

rates,

which

could

create

tactical

opportunities,

but

the

threshold

high.

Latest

data

suggests

the

U.S.

economy

headed

toward

soft

landing

rather

than

recession.

With

the

Fed

rate

cuts

underway,

markets

are

backing

this

view,

creating

risks

for

portfolios

recession

does

materialize.

Improving

financial

security

for

people.

For

than

years,

that

has

been

our

primary

purpose.

We’ve

been

providing

solutions

help

investors

you

reach

those

financial

goals,

whether

you’re

saving

for

retirement,

already

depending

retirement

income

building

college

fund.

value

the

trust

you

have

placed

our

firm—there’s

nothing

work

harder

earn.

All

Russell

Investments

appreciate

the

opportunity

help

you

achieve

your

own

financial

security.

Best

regards,

Kate

El-Hillow

Global

Chief

Investment

Officer,

Russell

Investments

Source:

MarketWatch;

fiscal

one-year

period

defined

11/1/2023

–

10/31/2024.

Indexes

are

unmanaged

and

cannot

invested

directly.

The

S&P

500

Index

index,

with

dividends

reinvested,

500

issues

representative

leading

companies

the

U.S.

large

cap

securities

market.

The

MSCI

EAFE

(Europe,

Australasia,

Far

East)

index

free

float-adjusted

market

capitalization

index

that

designed

measure

the

equity

market

performance

developed

markets,

excluding

the

U.S.

and

Canada.

Russell

Investment

Company

Conservative

Strategy

Fund

Schedule

Investments

—

October

31,

2024

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.1%

Alternative

2.0%

Global

Real

Estate

Securities

Fund

Class

46,588

1,434

Domestic

Equities

11.9%

Multifactor

U.S.

Equity

Fund

Class

368,070

7,141

U.S.

Small

Cap

Equity

Fund

Class

50,455

1,434

8,575

Fixed

Income

72.2%

Investment

Grade

Bond

Fund

Class

705,189

12,997

Long

Duration

Bond

Fund

Class

811,670

6,485

Opportunistic

Credit

Fund

Class

167,495

1,444

Short

Duration

Bond

Fund

Class

383,701

7,221

Strategic

Bond

Fund

Class

2,629,189

23,820

51,967

International

Equities

6.0%

Emerging

Markets

Fund

Class

84,732

1,429

Global

Equity

Fund

Class

134,901

1,430

Multifactor

International

Equity

Fund

Class

134,000

1,436

4,295

Multi-Asset

8.0%

Multi-Strategy

Income

Fund

Class

586,558

5,766

Total

Investments

Affiliated

Funds

(cost

$68,092)

72,037

Total

Investments

100.1%

(identified

cost

$68,092)

72,037

Other

Assets

and

Liabilities,

Net

(0.1)%

(77)

Net

Assets

100.0%

71,960

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Statement

Assets

and

Liabilities

—

October

31,

2024

Amounts

thousands

Assets

Investments,

identified

cost

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

68,092

Investments,

fair

value(>)

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

72,037

Receivables:

Investments

sold

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

352

Fund

sold

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

From

affiliates

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

Total

assets

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

72,420

Liabilities

Payables:

Fund

redeemed

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

372

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

460

Net

Assets

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

71,960

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Statement

Assets

and

Liabilities,

continued

—

October

31,

2024

Amounts

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

(4,34

)

beneficial

interest

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

Additional

paid-in

capital

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

76,22

Net

Assets

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

71,960

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

Class

(#)

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

8.83

Maximum

offering

price

per

(Net

asset

value

plus

sales

charge

5.75%):

Class

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

9.37

Class

—

Net

assets

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

34,865,610

Class

—

outstanding

($.01

par

value)

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

3,947,831

Net

asset

value

per

Class

(#)

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

8.56

Class

—

Net

assets

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

27,330,111

Class

—

outstanding

($.01

par

value)

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

3,192,629

Net

asset

value

per

Class

(#)

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

8.97

Class

—

Net

assets

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

325,781

Class

—

outstanding

($.01

par

value)

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

36,299

Net

asset

value

per

Class

(#)

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

8.91

Class

—

Net

assets

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

46,983

Class

—

outstanding

($.01

par

value)

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

5,274

Net

asset

value

per

Class

(#)

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

8.92

Class

—

Net

assets

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

3,030,150

Class

—

outstanding

($.01

par

value)

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

339,641

Net

asset

value

per

Class

(#)

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

8.96

Class

—

Net

assets

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

6,360,936

Class

—

outstanding

($.01

par

value)

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

709,821

Amounts

thousands

(>)

Investments

affiliated

funds

72,037

(#)

Net

asset

value

per

equals

class

level

net

assets

divided

class

level

beneficial

interest

outstanding.

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

October

31,

2024

Amounts

thousands

Investment

Income

distributions

from

affiliated

funds

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

2,861

Expenses

Advisory

fees

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

141

Administrative

fees

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

Custodian

fees

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

Distribution

fees

Class

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

Distribution

fees

Class

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

234

Distribution

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

956

Expense

reductions

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

(322)

Net

expenses

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

634

Net

investment

income

(loss)

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

2,227

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

(26

)

Capital

gain

distributions

from

affiliated

funds

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

Net

realized

gain

(loss)

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

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

8,219

Net

change

unrealized

appreciation

(depreciation)

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

8,219

Net

realized

and

unrealized

gain

(loss)

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

8,26

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

10,49

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

For

the

Periods

Ended

October

31,

2024

2023

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

(loss)

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

2,227

1,905

Net

realized

gain

(loss)

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

(5,848)

Net

change

unrealized

appreciation

(depreciation)

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

8,219

5,964

Net

increase

(decrease)

net

assets

from

operations

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

10,49

2,021

Distributions

shareholders

Class

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

(1,07

)

(879)

Class

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

(779)

(663)

Class

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

(11)

(10)

Class

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

(55)

(72)

Class

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

(93)

(87)

Class

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

(206)

(225)

Net

decrease

net

assets

from

distributions

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

(2,22

)

(1,936)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(14,930

)

(15,761)

Total

Net

Increase

(Decrease)

Net

Assets

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

(6,65

)

(15,676)

Net

Assets

Beginning

period

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

78,618

94,294

End

period

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

71,960

78,618

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Statements

Changes

Net

Assets,

continued

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2024

and

October

31,

2023

were

follows:

2024

2023

Dollars

Class

Proceeds

from

sold

338

2,982

531

4,441

Proceeds

from

reinvestment

distributions

123

1,073

107

874

Payments

for

redeemed

(778

)

(6,742

)

(890

)

(7,401

)

Net

increase

(decrease)

(317

)

(2,687

)

(252

)

(2,086

)

Class

Proceeds

from

sold

149

1,264

228

1,855

Proceeds

from

reinvestment

distributions

776

657

Payments

for

redeemed

(1,205

)

(10,183

)

(1,262

)

(10,171

)

Net

increase

(decrease)

(965

)

(8,143

)

(951

)

(7,659

)

Class

Proceeds

from

sold

Proceeds

from

reinvestment

distributions

Payments

for

redeemed

(16

)

(138

)

(18

)

(155

)

Net

increase

(decrease)

)

(70

)

(76

)

Class

Proceeds

from

sold

131

336

Proceeds

from

reinvestment

distributions

Payments

for

redeemed

(328

)

(2,876

)

(161

)

(1,346

)

Net

increase

(decrease)

(306

)

(2,690

)

(112

)

(939

)

Class

Proceeds

from

sold

296

533

Proceeds

from

reinvestment

distributions

Payments

for

redeemed

(104

)

(912

)

(199

)

(1,682

)

Net

increase

(decrease)

(59

)

(523

)

(125

)

(1,062

)

Class

Proceeds

from

sold

119

1,069

574

Proceeds

from

reinvestment

distributions

205

223

Payments

for

redeemed

(239

)

(2,091

)

(559

)

(4,736

)

Net

increase

(decrease)

(97

)

(817

)

(465

)

(3,939

)

Total

increase

(decrease)

(1,752

)

(14,930

)

(1,914

)

(15,761

)

Russell

Investment

Company

Conservative

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

For

Outstanding

Throughout

Each

Period.

Net

Asset

Value,

Beginning

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

Capital

Class

October

31,

2024

.96

.27

.87

.14

(

.27)

—

October

31,

2023

.00

.19

(

.04)

.15

(

.19)

—

October

31,

2022

.32

.28

.88)

.60)

(

.26)

(

.45)

(

.01)

October

31,

2021

.65

.15

.72

.87

(

.16)

(

.04)

—

October

31,

2020

.85

.18

(

.10)

.08

(

.19)

(

.09)

—

Class

October

31,

2024

.73

.20

.84

.04

(

.21)

—

October

31,

2023

.78

.13

(

.04)

.09

(

.14)

—

October

31,

2022

.07

.22

.85)

.63)

(

.20)

(

.45)

(

.01)

October

31,

2021

.47

.08

.70

.78

(

.14)

(

.04)

—

October

31,

2020

.71

.11

(

.11)

—

(Ɵ)

(

.15)

(

.09)

—

Class

October

31,

2024

.08

.31

.87

.18

(

.29)

—

October

31,

2023

.12

.23

(

.05)

.18

(

.22)

—

October

31,

2022

.45

.40

.99)

.59)

(

.27)

(

.45)

(

.02)

October

31,

2021

.75

.21

.69

.90

(

.16)

(

.04)

—

October

31,

2020

.94

.21

(

.11)

.10

(

.20)

(

.09)

—

Class

October

31,

2024

.98

.30

.82

.12

(

.19)

—

October

31,

2023

.03

.21

(

.06)

.15

(

.20)

—

October

31,

2022

.35

.31

.91)

.60)

(

.26)

(

.45)

(

.01)

October

31,

2021

.67

.17

.71

.88

(

.16)

(

.04)

—

October

31,

2020

.87

.18

(

.10)

.08

(

.19)

(

.09)

—

Class

October

31,

2024

.04

.26

.87

.13

(

.25)

—

October

31,

2023

.08

.20

(

.06)

.14

(

.18)

—

October

31,

2022

.42

.28

.92)

.64)

(

.24)

(

.45)

(

.01)

October

31,

2021

.75

.14

.72

.86

(

.15)

(

.04)

—

October

31,

2020

.96

.15

(

.10)

.05

(

.17)

(

.09)

—

Class

October

31,

2024

.07

.29

.88

.17

(

.28)

—

October

31,

2023

.11

.23

(

.06)

.17

(

.21)

—

October

31,

2022

.44

.32

.92)

.60)

(

.27)

(

.45)

(

.01)

October

31,

2021

.75

.18

.71

.89

(

.16)

(

.04)

—

October

31,

2020

.94

.20

(

.10)

.10

(

.20)

(

.09)

—

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Total

Distributions

Net

Asset

Value,

End

Period

Total

Return

(±)

Net

Assets,

End

Period

(000)

Ratio

Expenses

Average

Net

Assets,

Gross

(

≠

)

Ratio

Expenses

Average

Net

Assets,

Net

(Ƃ)(

≠

)

Ratio

Net

Investment

Income

Average

Net

Assets

(‡)(Ƃ)

Portfolio

Turnover

Rate

(

.27)

.83

.37

34,866

.93

.52

.11

(

.19)

.96

.86

33,933

.91

.49

.33

(

.72)

.00

(16

.58)

36,149

.86

.49

.14

(

.20)

.32

.05

50,481

.84

.49

.50

(

.28)

.65

.76

49,281

.84

.49

.89

(

.21)

.56

.52

27,330

.68

.27

.39

(

.14)

.73

.09

32,126

.66

.24

.65

(

.66)

.78

(17

.21)

39,763

.61

.24

.48

(

.18)

.07

.25

61,402

.59

.24

.78

(

.24)

.47

(

—)

69,247

.59

.24

.14

(

.29)

.97

.72

326

.68

.20

.48

(

.22)

.08

.13

358

.66

.17

.76

(

.74)

.12

(16

.26)

432

.60

.17

.21

(

.20)

.45

.36

1,994

.59

.17

.05

(

.29)

.75

.03

3,442

.59

.17

.12

(

.19)

.91

.10

.95

.46

.45

(

.20)

.98

.79

2,486

.91

.42

.53

(

.72)

.03

(16

.49)

3,399

.86

.42

.40

(

.20)

.35

.15

6,251

.84

.42

.62

(

.28)

.67

.78

6,461

.84

.42

.88

(

.25)

.92

.16

3,030

.18

.70

.93

(

.18)

.04

.65

3,206

.16

.67

.33

(

.70)

.08

(16

.73)

4,231

.11

.67

.10

(

.19)

.42

.90

6,087

.09

.67

.38

(

.26)

.75

.53

6,510

.09

.67

.59

(

.28)

.96

.61

6,361

.68

.33

.34

(

.21)

.07

.00

6,509

.66

.30

.73

(

.73)

.11

(16

.36)

10,320

.61

.30

.53

(

.20)

.44

.21

20,922

.59

.30

.77

(

.29)

.75

.95

22,557

.59

.30

.04

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

affiliates

October

31,

2024

were

follows:

Transactions

(amounts

thousands)

during

the

period

ended

October

31,

2024

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Federal

Income

Taxes

October

31,

2024,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

and

components

distributable

earnings

for

income

tax

purposes

were

follows:

For

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Administrative

fees

2,672

Distribution

fees

26,448

Shareholder

servicing

fees

6,761

Transfer

agent

fees

7,681

Trustee

fees

213

43,775

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Income

Distributions

Capital

Gains

Distributions

Global

Real

Estate

Securities

Fund

1,560

131

628

(92

)

463

1,434

—

Multifactor

U.S.

Equity

Fund

7,800

700

3,481

418

1,704

7,141

284

U.S.

Small

Cap

Equity

Fund

1,542

244

737

367

1,434

Investment

Grade

Bond

Fund

14,192

682

2,770

857

12,997

541

—

Long

Duration

Bond

Fund

7,092

423

1,602

(267

)

839

6,485

249

—

Opportunistic

Credit

Fund

1,578

104

370

121

1,444

—

Short

Duration

Bond

Fund

7,887

583

1,498

215

7,221

305

—

Strategic

Bond

Fund

26,029

1,465

5,025

(613

)

1,964

23,820

1,195

—

Emerging

Markets

Fund

1,572

139

585

252

1,429

—

Global

Equity

Fund

1,563

619

372

1,430

—

Multifactor

International

Equity

Fund

1,570

133

538

196

1,436

—

Multi-Strategy

Income

Fund

6,310

301

1,741

869

5,766

248

—

78,695

4,986

19,594

(269

)

8,219

72,037

2,861

317

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

69,974,683

2,917,363

(855,275)

2,062,088

4,766

(6,409,740)

October

31,

2024

October

31,

2023

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Excess

2,222,4

—

1,905,403

—

30,742

Russell

Investment

Company

Conservative

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Conservative

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

due

foreign

currency

gains

losses,

reclassifications

dividends

and

/or

differences

treatment

income

from

swaps.

These

adjustments

have

impact

the

net

assets.

October

31,

2024,

there

were

adjustments

the

Statement

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

—

Additional

paid-in

capital

—

Federal

Income

Taxes,

continued

Russell

Investment

Company

Moderate

Strategy

Fund

Schedule

Investments

—

October

31,

2024

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.1%

Alternative

3.0%

Global

Real

Estate

Securities

Fund

Class

127,313

3,919

Domestic

Equities

17.0%

Multifactor

U.S.

Equity

Fund

Class

981,704

19,045

U.S.

Small

Cap

Equity

Fund

Class

115,251

3,276

22,321

Fixed

Income

52.2%

Investment

Grade

Bond

Fund

Class

1,366,687

25,188

Long

Duration

Bond

Fund

Class

813,751

6,502

Opportunistic

Credit

Fund

Class

308,710

2,661

Short

Duration

Bond

Fund

Class

354,004

6,662

Strategic

Bond

Fund

Class

3,060,909

27,732

68,745

International

Equities

19.9%

Emerging

Markets

Fund

Class

152,585

2,572

Global

Equity

Fund

Class

1,917,440

20,325

Multifactor

International

Equity

Fund

Class

303,165

3,250

26,147

Multi-Asset

8.0%

Multi-Strategy

Income

Fund

Class

1,074,461

10,562

Total

Investments

Affiliated

Funds

(cost

$117,931)

131,694

Total

Investments

100.1%

(identified

cost

$117,931)

131,694

Other

Assets

and

Liabilities,

Net

(0.1)%

(108)

Net

Assets

100.0%

131,586

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statement

Assets

and

Liabilities

—

October

31,

2024

Amounts

thousands

Assets

Investments,

identified

cost

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

117,931

Investments,

fair

value(>)

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

131,694

Receivables:

Fund

sold

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

From

affiliates

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

Total

assets

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

131,707

Liabilities

Payables:

Investments

purchased

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

Fund

redeemed

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

Accrued

fees

affiliates

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

Other

accrued

expenses

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

Total

liabilities

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

121

Net

Assets

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

131,586

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statement

Assets

and

Liabilities,

continued

—

October

31,

2024

Amounts

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

4,0

beneficial

interest

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

139

Additional

paid-in

capital

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

127,39

Net

Assets

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

131,586

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

Class

(#)

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

9.57

Maximum

offering

price

per

(Net

asset

value

plus

sales

charge

5.75%):

Class

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

10.15

Class

—

Net

assets

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

68,913,135

Class

—

outstanding

($.01

par

value)

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

7,201,834

Net

asset

value

per

Class

(#)

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

9.13

Class

—

Net

assets

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

38,975,732

Class

—

outstanding

($.01

par

value)

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

4,268,070

Net

asset

value

per

Class

(#)

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

9.73

Class

—

Net

assets

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

1,233,229

Class

—

outstanding

($.01

par

value)

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

126,738

Net

asset

value

per

Class

(#)

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

9.62

Class

—

Net

assets

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

236,272

Class

—

outstanding

($.01

par

value)

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

24,564

Net

asset

value

per

Class

(#)

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

9.58

Class

—

Net

assets

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

3,869,909

Class

—

outstanding

($.01

par

value)

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

404,149

Net

asset

value

per

Class

(#)

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

9.69

Class

—

Net

assets

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

18,357,861

Class

—

outstanding

($.01

par

value)

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

1,894,109

Amounts

thousands

(>)

Investments

affiliated

funds

131,694

(#)

Net

asset

value

per

equals

class

level

net

assets

divided

class

level

beneficial

interest

outstanding.

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

October

31,

2024

Amounts

thousands

Investment

Income

distributions

from

affiliated

funds

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

4,295

Expenses

Advisory

fees

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

252

Administrative

fees

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

Custodian

fees

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

Distribution

fees

Class

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

171

Distribution

fees

Class

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

322

Distribution

fees

Class

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

Transfer

agent

fees

Class

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

137

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

Class

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

107

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

1,435

Expense

reductions

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

(446)

Net

expenses

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

989

Net

investment

income

(loss)

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

3,306

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

1,051

Capital

gain

distributions

from

affiliated

funds

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

791

Net

realized

gain

(loss)

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

1,842

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

18,660

Net

change

unrealized

appreciation

(depreciation)

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

18,660

Net

realized

and

unrealized

gain

(loss)

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

20,502

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

23,808

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

For

the

Periods

Ended

October

31,

2024

2023

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

(loss)

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

3,306

3,804

Net

realized

gain

(loss)

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

1,842

(9,195)

Net

change

unrealized

appreciation

(depreciation)

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

18,660

10,995

Net

increase

(decrease)

net

assets

from

operations

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

23,808

5,604

Distributions

shareholders

Class

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

(1,751)

(2,730)

Class

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

(860)

(1,738)

Class

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

(35)

(58)

Class

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

(98)

(217)

Class

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

(92)

(189)

Class

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

(505)

(827)

Net

decrease

net

assets

from

distributions

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

(3,341)

(5,759)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(26,115)

(19,728)

Total

Net

Increase

(Decrease)

Net

Assets

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

(5,648)

(19,883)

Net

Assets

Beginning

period

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

137,234

157,117

End

period

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

131,586

137,234

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Statements

Changes

Net

Assets,

continued

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2024

and

October

31,

2023

were

follows:

2024

2023

Dollars

Class

Proceeds

from

sold

480

4,552

668

5,741

Proceeds

from

reinvestment

distributions

187

1,744

327

2,719

Payments

for

redeemed

(1,414

)

(13,040

)

(1,792

)

(15,435

)

Net

increase

(decrease)

(747

)

(6,744

)

(797

)

(6,975

)

Class

Proceeds

from

sold

148

1,319

268

2,219

Proceeds

from

reinvestment

distributions

859

218

1,737

Payments

for

redeemed

(1,340

)

(11,907

)

(1,471

)

(12,106

)

Net

increase

(decrease)

(1,095

)

(9,729

)

(985

)

(8,150

)

Class

Proceeds

from

sold

107

103

Proceeds

from

reinvestment

distributions

Payments

for

redeemed

(49

)

(463

)

(27

)

(228

)

Net

increase

(decrease)

(34

)

(321

)

(67

)

Class

Proceeds

from

sold

319

592

Proceeds

from

reinvestment

distributions

217

Payments

for

redeemed

(662

)

(6,216

)

(188

)

(1,632

)

Net

increase

(decrease)

(617

)

(5,799

)

(93

)

(823

)

Class

Proceeds

from

sold

400

449

Proceeds

from

reinvestment

distributions

189

Payments

for

redeemed

(86

)

(802

)

(252

)

(2,178

)

Net

increase

(decrease)

(33

)

(310

)

(177

)

(1,540

)

Class

Proceeds

from

sold

102

948

307

2,661

Proceeds

from

reinvestment

distributions

504

822

Payments

for

redeemed

(501

)

(4,664

)

(650

)

(5,656

)

Net

increase

(decrease)

(346

)

(3,212

)

(245

)

(2,173

)

Total

increase

(decrease)

(2,872

)

(26,115

)

(2,305

)

(19,728

)

Russell

Investment

Company

Moderate

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

For

Outstanding

Throughout

Each

Period.

Net

Asset

Value,

Beginning

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

October

31,

2024

.27

.24

.30

.54

(

.24)

—

October

31,

2023

.32

.23

.05

.28

(

.22)

(

.11)

October

31,

2022

.11

.37

.09)

.72)

(

.37)

(

.70)

October

31,

2021

.59

.18

.46

.64

(

.12)

—

October

31,

2020

.40

.21

(

.62)

(

.41)

(

.17)

(

.23)

Class

October

31,

2024

.91

.16

.24

.40

(

.18)

—

October

31,

2023

.99

.16

.04

.20

(

.17)

(

.11)

October

31,

2022

.73

.28

.99)

.71)

(

.33)

(

.70)

October

31,

2021

.32

.10

.41

.51

(

.10)

—

October

31,

2020

.17

.13

(

.60)

(

.47)

(

.15)

(

.23)

Class

October

31,

2024

.40

.27

.32

.59

(

.26)

—

October

31,

2023

.45

.26

.04

.30

(

.24)

(

.11)

October

31,

2022

.25

.39

.10)

.71)

(

.39)

(

.70)

October

31,

2021

.70

.22

.45

.67

(

.12)

—

October

31,

2020

.50

.23

(

.63)

(

.40)

(

.17)

(

.23)

Class

October

31,

2024

.29

.26

.25

.51

(

.18)

—

October

31,

2023

.34

.22

.06

.28

(

.22)

(

.11)

October

31,

2022

.13

.37

.09)

.72)

(

.37)

(

.70)

October

31,

2021

.61

.19

.45

.64

(

.12)

—

October

31,

2020

.43

.22

(

.64)

(

.42)

(

.17)

(

.23)

Class

October

31,

2024

.28

.21

.31

.52

(

.22)

—

October

31,

2023

.34

.23

.02

.25

(

.20)

(

.11)

October

31,

2022

.13

.36

.09)

.73)

(

.36)

(

.70)

October

31,

2021

.63

.15

.46

.61

(

.11)

—

October

31,

2020

.46

.18

(

.62)

(

.44)

(

.16)

(

.23)

Class

October

31,

2024

.37

.26

.31

.57

(

.25)

—

October

31,

2023

.42

.25

.04

.29

(

.23)

(

.11)

October

31,

2022

.22

.41

.12)

.71)

(

.39)

(

.70)

October

31,

2021

.68

.22

.44

.66

(

.12)

—

October

31,

2020

.48

.23

(

.63)

(

.40)

(

.17)

(

.23)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Total

Distributions

Net

Asset

Value,

End

Period

Total

Return

(±)

Net

Assets,

End

Period

(000)

Ratio

Expenses

Average

Net

Assets,

Gross

(≠)

Ratio

Expenses

Average

Net

Assets,

Net

(Ƃ)(≠)

Ratio

Net

Investment

Income

Average

Net

Assets

(‡)(Ƃ)

Portfolio

Turnover

Rate

(

.24)

.57

.69

68,913

.82

.50

.56

(

.33)

.27

.33

65,753

.83

.49

.69

.07)

.32

(17

.00)

72,796

.81

.49

.87

(

.12)

.11

.18

100,956

.80

.49

.70

(

.40)

.59

.16)

95,780

.79

.49

.12

(

.18)

.13

.75

38,976

.57

.25

.83

(

.28)

.91

.52

42,428

.58

.24

.98

.03)

.99

(17

.59)

50,723

.56

.24

.06

(

.10)

.73

.26

74,867

.55

.24

.94

(

.38)

.32

.86)

83,799

.54

.24

.39

(

.26)

.73

.01

1,233

.58

.25

.89

(

.35)

.40

.51

1,355

.58

.24

.96

.09)

.45

(16

.70)

1,425

.56

.24

.12

(

.12)

.25

.37

1,851

.54

.24

.04

(

.40)

.70

.95)

3,208

.54

.24

.31

(

.18)

.62

.29

236

.85

.52

.85

(

.33)

.29

.31

5,319

.83

.49

.59

.07)

.34

(16

.99)

6,128

.81

.49

.94

(

.12)

.13

.14

9,821

.80

.49

.81

(

.40)

.61

.25)

11,316

.79

.49

.24

(

.22)

.58

.40

3,870

.07

.75

.29

(

.31)

.28

.98

3,619

.08

.74

.69

.06)

.34

(17

.13)

5,117

.06

.74

.76

(

.11)

.13

.82

7,431

.05

.74

.41

(

.39)

.63

.43)

6,881

.04

.74

.81

(

.25)

.69

.87

18,358

.57

.33

.76

(

.34)

.37

.44

18,760

.58

.32

.88

.09)

.42

(16

.81)

20,928

.56

.32

.30

(

.12)

.22

.28

35,516

.55

.32

.07

(

.40)

.68

.98)

46,826

.54

.32

.36

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

affiliates

October

31,

2024

were

follows:

Transactions

(amounts

thousands)

during

the

period

ended

October

31,

2024

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Federal

Income

Taxes

October

31,

2024,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

and

components

distributable

earnings

for

income

tax

purposes

were

follows:

For

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Administrative

fees

4,842

Distribution

fees

41,075

Shareholder

servicing

fees

9,329

Transfer

agent

fees

14,952

Trustee

fees

352

70,550

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Income

Distributions

Capital

Gains

Distributions

Global

Real

Estate

Securities

Fund

4,068

163

1,291

(204

)

1,183

3,919

—

Multifactor

U.S.

Equity

Fund

19,848

953

7,195

1,086

4,353

19,045

186

719

U.S.

Small

Cap

Equity

Fund

3,345

124

1,023

257

573

3,276

Investment

Grade

Bond

Fund

26,181

1,210

3,868

1,609

25,188

1,015

—

Long

Duration

Bond

Fund

6,860

396

1,309

(241

)

796

6,502

246

—

Opportunistic

Credit

Fund

2,763

154

491

221

2,661

147

—

Short

Duration

Bond

Fund

6,904

320

782

210

6,662

272

—

Strategic

Bond

Fund

28,961

1,644

4,392

(657

)

2,176

27,732

1,352

—

Emerging

Markets

Fund

2,739

102

804

147

388

2,572

—

Global

Equity

Fund

21,221

369

6,816

526

5,025

20,325

319

—

Multifactor

International

Equity

Fund

3,430

136

912

142

454

3,250

123

—

Multi-Strategy

Income

Fund

11,029

456

2,510

(85

)

1,672

10,562

439

—

137,349

6,027

31,393

1,051

18,660

131,694

4,295

791

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

119,460,931

15,826,724

(3,593,981)

12,232,743

6,627

(8,190,246)

October

31,

2024

October

31,

2023

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

3,341,338

—

3,763,753

1,995,335

—

Russell

Investment

Company

Moderate

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Moderate

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

due

foreign

currency

gains

losses,

reclassifications

dividends

and

/or

differences

treatment

income

from

swaps.

These

adjustments

have

impact

the

net

assets.

October

31,

2024,

there

were

adjustments

the

Statement

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

—

Additional

paid-in

capital

—

Federal

Income

Taxes,

continued

Russell

Investment

Company

Balanced

Strategy

Fund

Schedule

Investments

—

October

31,

2024

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.1%

Alternative

4.5%

Global

Infrastructure

Fund

Class

1,351,777

12,950

Global

Real

Estate

Securities

Fund

Class

517,263

15,921

28,871

Domestic

Equities

20.1%

Multifactor

U.S.

Equity

Fund

Class

5,493,884

106,581

U.S.

Small

Cap

Equity

Fund

Class

787,402

22,378

128,959

Fixed

Income

31.4%

Investment

Grade

Bond

Fund

Class

6,268,118

115,522

Long

Duration

Bond

Fund

Class

3,137,078

25,065

Opportunistic

Credit

Fund

Class

1,508,342

13,002

Short

Duration

Bond

Fund

Class

690,445

12,994

Strategic

Bond

Fund

Class

3,878,907

35,143

201,726

International

Equities

36.0%

Emerging

Markets

Fund

Class

1,135,659

19,147

Global

Equity

Fund

Class

18,216,570

193,096

Multifactor

International

Equity

Fund

Class

1,782,544

19,109

231,352

Multi-Asset

8.1%

Multi-Strategy

Income

Fund

Class

5,255,603

51,663

Total

Investments

Affiliated

Funds

(cost

$526,142)

642,571

Total

Investments

100.1%

(identified

cost

$526,142)

642,571

Other

Assets

and

Liabilities,

Net

(0.1)%

(458)

Net

Assets

100.0%

642,113

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statement

Assets

and

Liabilities

—

October

31,

2024

Amounts

thousands

Assets

Investments,

identified

cost

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

526,142

Investments,

fair

value(>)

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

642,571

Receivables:

Investments

sold

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

469

Fund

sold

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

105

Total

assets

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

643,145

Liabilities

Payables:

Fund

redeemed

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

547

Accrued

fees

affiliates

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

402

Other

accrued

expenses

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

Total

liabilities

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

1,032

Net

Assets

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

642,113

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statement

Assets

and

Liabilities,

continued

—

October

31,

2024

Amounts

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

79,147

beneficial

interest

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

606

Additional

paid-in

capital

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

562,360

Net

Assets

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

642,113

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

Class

(#)

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

10.72

Maximum

offering

price

per

(Net

asset

value

plus

sales

charge

5.75%):

Class

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

11.37

Class

—

Net

assets

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

331,560,496

Class

—

outstanding

($.01

par

value)

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

30,917,800

Net

asset

value

per

Class

(#)

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

10.19

Class

—

Net

assets

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

190,013,870

Class

—

outstanding

($.01

par

value)

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

18,642,646

Net

asset

value

per

Class

(#)

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

10.98

Class

—

Net

assets

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

9,584,026

Class

—

outstanding

($.01

par

value)

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

873,168

Net

asset

value

per

Class

(#)

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

10.75

Class

—

Net

assets

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

1,835,171

Class

—

outstanding

($.01

par

value)

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

170,716

Net

asset

value

per

Class

(#)

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

10.72

Class

—

Net

assets

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

17,893,618

Class

—

outstanding

($.01

par

value)

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

1,668,884

Net

asset

value

per

Class

(#)

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

10.96

Class

—

Net

assets

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

91,226,148

Class

—

outstanding

($.01

par

value)

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

8,324,177

Amounts

thousands

(>)

Investments

affiliated

funds

642,571

(#)

Net

asset

value

per

equals

class

level

net

assets

divided

class

level

beneficial

interest

outstanding.

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

October

31,

2024

Amounts

thousands

Investment

Income

distributions

from

affiliated

funds

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

16,556

Expenses

Advisory

fees

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

1,206

Administrative

fees

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

285

Custodian

fees

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

Distribution

fees

Class

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

829

Distribution

fees

Class

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

1,538

Distribution

fees

Class

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

Transfer

agent

fees

Class

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

664

Transfer

agent

fees

Class

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

410

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

184

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

Class

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

513

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

6,106

Expense

reductions

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

(1,119)

Net

expenses

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

4,987

Net

investment

income

(loss)

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

11,569

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

8,847

Capital

gain

distributions

from

affiliated

funds

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

4,323

Net

realized

gain

(loss)

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

13,170

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

111,318

Net

change

unrealized

appreciation

(depreciation)

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

111,318

Net

realized

and

unrealized

gain

(loss)

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

124,488

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

136,057

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

For

the

Periods

Ended

October

31,

2024

2023

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

(loss)

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

11,569

11,434

Net

realized

gain

(loss)

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

13,170

(42,756)

Net

change

unrealized

appreciation

(depreciation)

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

111,318

70,863

Net

increase

(decrease)

net

assets

from

operations

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

136,057

39,541

Distributions

shareholders

Class

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

(6,165)

(14,098)

Class

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

(2,994)

(8,670)

Class

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

(190)

(363)

Class

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

(228)

(1,087)

Class

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

(292)

(786)

Class

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

(1,764)

(3,916)

Net

decrease

net

assets

from

distributions

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

(11,633)

(28,920)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(121,099)

(94,519)

Total

Net

Increase

(Decrease)

Net

Assets

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

3,325

(83,898)

Net

Assets

Beginning

period

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

638,788

722,686

End

period

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

642,113

638,788

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Statements

Changes

Net

Assets,

continued

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2024

and

October

31,

2023

were

follows:

2024

2023

Dollars

Class

Proceeds

from

sold

1,747

18,330

1,609

14,881

Proceeds

from

reinvestment

distributions

578

6,134

1,558

14,029

Payments

for

redeemed

(6,586

)

(67,071

)

(6,689

)

(61,982

)

Net

increase

(decrease)

(4,261

)

(42,607

)

(3,522

)

(33,072

)

Class

Proceeds

from

sold

610

5,943

719

6,343

Proceeds

from

reinvestment

distributions

297

2,989

1,009

8,658

Payments

for

redeemed

(5,353

)

(52,555

)

(5,897

)

(52,018

)

Net

increase

(decrease)

(4,446

)

(43,623

)

(4,169

)

(37,017

)

Class

Proceeds

from

sold

815

583

Proceeds

from

reinvestment

distributions

190

363

Payments

for

redeemed

(117

)

(1,240

)

(165

)

(1,561

)

Net

increase

(decrease)

(21

)

(235

)

(64

)

(615

)

Class

Proceeds

from

sold

105

1,073

231

2,152

Proceeds

from

reinvestment

distributions

228

120

1,087

Payments

for

redeemed

(2,393

)

(24,768

)

(887

)

(8,185

)

Net

increase

(decrease)

(2,266

)

(23,467

)

(536

)

(4,946

)

Class

Proceeds

from

sold

319

3,255

223

2,055

Proceeds

from

reinvestment

distributions

292

786

Payments

for

redeemed

(318

)

(3,253

)

(1,128

)

(10,501

)

Net

increase

(decrease)

294

(818

)

(7,660

)

Class

Proceeds

from

sold

644

6,787

854

8,133

Proceeds

from

reinvestment

distributions

162

1,758

424

3,901

Payments

for

redeemed

(1,914

)

(20,006

)

(2,461

)

(23,243

)

Net

increase

(decrease)

(1,108

)

(11,461

)

(1,183

)

(11,209

)

Total

increase

(decrease)

(12,074

)

(121,099

)

(10,292

)

(94,519

)

Russell

Investment

Company

Balanced

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

For

Outstanding

Throughout

Each

Period.

Net

Asset

Value,

Beginning

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

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

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

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

October

31,

2024

8.93

.22

1.77

1.99

(.17)

—

October

31,

2023

8.84

.16

.31

.47

(.16)

(.22)

October

31,

2022

12.45

.38

(2.27)

(1.89)

(.40)

(1.32)

October

31,

2021

9.96

.25

2.47

2.72

(.23)

—

October

31,

2020

11.12

.28

(.95)

(.67)

(.22)

(.27)

Class

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

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

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Total

Distributions

Net

Asset

Value,

End

Period

Total

Return

(±)

Net

Assets,

End

Period

(000)

Ratio

Expenses

Average

Net

Assets,

Gross

(≠)

Ratio

Expenses

Average

Net

Assets,

Net

(Ƃ)(≠)

Ratio

Net

Investment

Income

Average

Net

Assets

(‡)(Ƃ)

Portfolio

Turnover

Rate

(.20)

10.72

22.84

331,560

.71

.53

1.94

(.38)

8.89

5.21

312,806

.73

.47

1.80

(1.72)

8.81

(17.35)

340,785

.74

.47

3.71

(.23)

12.40

27.33

469,854

.73

.47

2.09

(.50)

9.93

(6.10)

419,101

.73

.47

2.66

(.15)

10.19

21.95

190,014

1.46

1.28

1.18

(.34)

8.48

4.44

195,869

1.48

1.22

1.06

(1.66)

8.44

(18.03)

230,023

1.49

1.22

3.02

(.15)

11.97

26.49

345,256

1.48

1.22

1.20

(.44)

9.59

(6.88)

343,712

1.48

1.22

1.86

(.21)

10.9

23.15

9,584

.46

.32

2.11

(.39)

9.09

5.47

8,129

.48

.26

2.07

(1.74)

8.99

(17.21)

8,608

.49

.26

3.98

(.25)

12.62

27.59

12,249

.48

.26

2.49

(.52)

10.10

(5.88)

16,852

.48

.26

2.78

(.17)

10.75

22.27

1,835

.77

.61

2.20

(.38)

8.93

5.28

21,758

.73

.51

1.75

(1.72)

8.84

(17.50)

26,286

.74

.51

3.69

(.23)

12.45

27.40

41,735

.73

.51

2.08

(.49)

9.96

(6.22)

38,924

.73

.51

2.69

(.18)

10.72

22.47

17,894

.96

.82

1.65

(.36)

8.90

4.97

14,598

.98

.76

1.70

(1.69)

8.82

(17.64)

21,682

.99

.76

3.68

(.20)

12.42

26.93

32,161

.98

.76

1.79

(.47)

9.95

(6.41)

30,254

.98

.76

2.28

(.21)

10.96

23.02

91,226

.46

.38

2.09

(.39)

9.08

5.44

85,628

.48

.32

1.98

(1.74)

8.98

(17.27)

95,302

.49

.32

4.18

(.25)

12.61

27.56

157,073

.48

.32

2.38

(.51)

10.09

(5.96)

166,658

.48

.32

3.11

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

affiliates

October

31,

2024

were

follows:

Transactions

(amounts

thousands)

during

the

period

ended

October

31,

2024

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Federal

Income

Taxes

October

31,

2024,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

and

components

distributable

earnings

for

income

tax

purposes

were

follows:

For

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

66,934

Administrative

fees

23,705

Distribution

fees

199,766

Shareholder

servicing

fees

45,555

Transfer

agent

fees

64,708

Trustee

fees

1,576

402,244

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

12,796

408

3,177

171

2,752

12,950

368

—

Global

Real

Estate

Securities

Fund

15,709

409

4,042

417

3,428

15,921

378

—

Multifactor

U.S.

Equity

Fund

105,454

5,152

33,413

3,542

25,846

106,581

1,017

3,851

U.S.

Small

Cap

Equity

Fund

21,859

735

5,707

661

4,830

22,378

165

472

Investment

Grade

Bond

Fund

115,329

4,721

11,967

237

7,202

115,522

4,577

—

Long

Duration

Bond

Fund

25,592

1,009

3,623

2,009

25,065

937

—

Opportunistic

Credit

Fund

12,827

727

1,660

1,062

13,002

697

—

Short

Duration

Bond

Fund

12,824

607

855

408

12,994

516

—

Strategic

Bond

Fund

35,250

1,741

3,722

(473

)

2,347

35,143

1,683

—

Emerging

Markets

Fund

19,177

626

4,457

352

3,449

19,147

530

—

Global

Equity

Fund

191,821

2,913

52,572

3,508

47,426

193,096

2,907

—

Multifactor

International

Equity

Fund

19,192

792

4,247

604

2,768

19,109

692

—

Multi-Strategy

Income

Fund

51,272

2,148

9,242

(306

)

7,791

51,663

2,089

—

639,102

21,988

138,684

8,847

111,318

642,571

16,556

4,323

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

533,998,839

111,682,634

(3,110,859)

108,571,775

37,009

(29,461,599)

October

31,

2024

October

31,

2023

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

11,633,034

—

11,332,258

17,587,442

—

Russell

Investment

Company

Balanced

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Balanced

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

due

foreign

currency

gains

losses,

reclassifications

dividends

and

/or

differences

treatment

income

from

swaps.

These

adjustments

have

impact

the

net

assets.

October

31,

2024,

there

were

adjustments

the

Statement

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

—

Additional

paid-in

capital

—

Federal

Income

Taxes,

continued

Russell

Investment

Company

Growth

Strategy

Fund

Schedule

Investments

—

October

31,

2024

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.1%

Alternative

5.5%

Global

Infrastructure

Fund

Class

1,286,958

12,329

Global

Real

Estate

Securities

Fund

Class

688,186

21,183

33,512

Domestic

Equities

31.2%

Multifactor

U.S.

Equity

Fund

Class

5,552,756

107,723

U.S.

Small

Cap

Equity

Fund

Class

960,045

27,285

U.S.

Strategic

Equity

Fund

Class

3,118,357

55,413

190,421

Fixed

Income

14.3%

Long

Duration

Bond

Fund

Class

2,600,747

20,780

Opportunistic

Credit

Fund

Class

1,430,934

12,335

Strategic

Bond

Fund

Class

6,007,945

54,432

87,547

International

Equities

41.0%

Emerging

Markets

Fund

Class

1,621,255

27,

334

Global

Equity

Fund

Class

16,792,030

177,995

Multifactor

International

Equity

Fund

Class

4,233,539

45,384

250,713

Multi-Asset

8.1%

Multi-Asset

Growth

Strategy

Fund

Class

4,521,075

49,144

Total

Investments

Affiliated

Funds

(cost

$489,507)

611,337

Total

Investments

100.1%

(identified

cost

$489,507)

611,337

Other

Assets

and

Liabilities,

Net

(0.1)%

(428)

Net

Assets

100.0%

610,909

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Statement

Assets

and

Liabilities

—

October

31,

2024

Amounts

thousands

Assets

Investments,

identified

cost

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

489,507

Investments,

fair

value(>)

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

611,337

Receivables:

Investments

sold

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

1,664

Fund

sold

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

279

Total

assets

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

613,280

Liabilities

Payables:

Fund

redeemed

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

1,933

Accrued

fees

affiliates

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

366

Other

accrued

expenses

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

Total

liabilities

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

2,371

Net

Assets

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

610,909

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Statement

Assets

and

Liabilities,

continued

—

October

31,

2024

Amounts

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

122,454

beneficial

interest

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

493

Additional

paid-in

capital

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

487,962

Net

Assets

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

610,909

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

Class

(#)

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

12.60

Maximum

offering

price

per

(Net

asset

value

plus

sales

charge

5.75%):

Class

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

13.37

Class

—

Net

assets

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

346,435,657

Class

—

outstanding

($.01

par

value)

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

27,496,642

Net

asset

value

per

Class

(#)

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

11.64

Class

—

Net

assets

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

153,148,895

Class

—

outstanding

($.01

par

value)

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

13,151,647

Net

asset

value

per

Class

(#)

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

12.96

Class

—

Net

assets

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

4,098,

Class

—

outstanding

($.01

par

value)

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

316,188

Net

asset

value

per

Class

(#)

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

12.70

Class

—

Net

assets

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

249,946

Class

—

outstanding

($.01

par

value)

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

19,680

Net

asset

value

per

Class

(#)

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

12.59

Class

—

Net

assets

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

13,155,656

Class

—

outstanding

($.01

par

value)

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

1,045,268

Net

asset

value

per

Class

(#)

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

12.94

Class

—

Net

assets

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

93,820,490

Class

—

outstanding

($.01

par

value)

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

7,252,682

Amounts

thousands

(>)

Investments

affiliated

funds

611,337

(#)

Net

asset

value

per

equals

class

level

net

assets

divided

class

level

beneficial

interest

outstanding.

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

October

31,

2024

Amounts

thousands

Investment

Income

distributions

from

affiliated

funds

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

14,070

Expenses

Advisory

fees

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

1,142

Administrative

fees

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

270

Custodian

fees

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

Distribution

fees

Class

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

851

Distribution

fees

Class

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

1,227

Distribution

fees

Class

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

Transfer

agent

fees

Class

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

680

Transfer

agent

fees

Class

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

327

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

200

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

Class

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

409

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

5,556

Expense

reductions

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

(967)

Net

expenses

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

4,589

Net

investment

income

(loss)

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

9,481

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

13,213

Capital

gain

distributions

from

affiliated

funds

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

5,858

Net

realized

gain

(loss)

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

19,071

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

119,819

Net

change

unrealized

appreciation

(depreciation)

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

119,819

Net

realized

and

unrealized

gain

(loss)

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

138,890

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

148,371

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

For

the

Periods

Ended

October

31,

2024

2023

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

(loss)

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

9,481

8,682

Net

realized

gain

(loss)

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

19,071

(11,903)

Net

change

unrealized

appreciation

(depreciation)

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

119,819

48,159

Net

increase

(decrease)

net

assets

from

operations

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

148,371

44,93

Distributions

shareholders

Class

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

(5,386)

(13,631)

Class

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

(2,018)

(7,579)

Class

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

(67)

(195)

Class

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

(186)

(952)

Class

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

(210)

(755)

Class

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

(1,586)

(5,318)

From

return

capital

Class

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

—

(470)

Class

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

—

(214)

Class

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

—

(5)

Class

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

—

(33)

Class

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

—

(21)

Class

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

—

(184)

Net

decrease

net

assets

from

distributions

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

(9,453)

(29,357)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(133,09

)

(60,714)

Total

Net

Increase

(Decrease)

Net

Assets

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

5,8

(45,133)

Net

Assets

Beginning

period

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

605,0

650,222

End

period

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

610,909

605,0

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Statements

Changes

Net

Assets,

continued

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2024

and

October

31,

2023

were

follows:

2024

2023

Dollars

Class

Proceeds

from

sold

1,251

15,263

1,882

19,529

Proceeds

from

reinvestment

distributions

433

5,355

1,393

14,014

Payments

for

redeemed

(4,271

)

(50,933

)

(4,336

)

(45,272

)

Net

increase

(decrease)

(2,587

)

(30,315

)

(1,061

)

(11,729

)

Class

Proceeds

from

sold

430

4,731

616

5,953

Proceeds

from

reinvestment

distributions

177

2,014

833

7,782

Payments

for

redeemed

(3,637

)

(40,541

)

(3,945

)

(38,226

)

Net

increase

(decrease)

(3,030

)

(33,796

)

(2,496

)

(24,491

)

Class

Proceeds

from

sold

285

537

Proceeds

from

reinvestment

distributions

200

Payments

for

redeemed

(23

)

(274

)

(243

)

(2,612

)

Net

increase

(decrease)

(173

)

(1,875

)

Class

Proceeds

from

sold

887

163

1,719

Proceeds

from

reinvestment

distributions

186

985

Payments

for

redeemed

(1,806

)

(22,010

)

(834

)

(8,708

)

Net

increase

(decrease)

(1,716

)

(20,937

)

(573

)

(6,004

)

Class

Proceeds

from

sold

917

169

1,789

Proceeds

from

reinvestment

distributions

210

776

Payments

for

redeemed

(314

)

(3,825

)

(915

)

(9,580

)

Net

increase

(decrease)

(219

)

(2,698

)

(668

)

(7,015

)

Class

Proceeds

from

sold

571

7,017

1,353

14,475

Proceeds

from

reinvestment

distributions

125

1,577

533

5,497

Payments

for

redeemed

(4,569

)

(54,024

)

(2,776

)

(29,572

)

Net

increase

(decrease)

(3,873

)

(45,430

)

(890

)

(9,600

)

Total

increase

(decrease)

(11,419

)

(133,098

)

(5,861

)

(60,714

)

Russell

Investment

Company

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

For

Outstanding

Throughout

Each

Period.

Net

Asset

Value,

Beginning

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

Capital

Class

October

31,

2024

.11

.19

.49

.68

(

.19)

—

October

31,

2023

.90

.15

.52

.67

(

.13)

(

.31)

(

.02)

October

31,

2022

.22

.45

.57)

.12)

(

.48)

.72)

—

October

31,

2021

.62

.26

.51

.77

(

.16)

(

.01)

—

October

31,

2020

.18

.28

.02)

(

.74)

(

.22)

(

.60)

—

(Ɵ)

Class

October

31,

2024

.39

.09

.30

.39

(

.14)

—

October

31,

2023

.26

.07

.49

.56

(

.11)

(

.31)

(

.01)

October

31,

2022

.48

.33

.40)

.07)

(

.43)

.72)

—

October

31,

2021

.09

.12

.38

.50

(

.10)

(

.01)

—

October

31,

2020

.63

.17

(

.95)

(

.78)

(

.16)

(

.60)

—

(Ɵ)

Class

October

31,

2024

.39

.23

.56

.79

(

.22)

—

October

31,

2023

.14

.23

.49

.72

(

.14)

(

.31)

(

.02)

October

31,

2022

.51

.49

.63)

.14)

(

.51)

.72)

—

October

31,

2021

.82

.32

.57

.89

(

.19)

(

.01)

—

October

31,

2020

.40

.31

.04)

(

.73)

(

.25)

(

.60)

—

(Ɵ)

Class

October

31,

2024

.18

.25

.40

.65

(

.13)

—

October

31,

2023

.97

.16

.51

.67

(

.13)

(

.31)

(

.02)

October

31,

2022

.30

.49

.61)

.12)

(

.49)

.72)

—

October

31,

2021

.67

.27

.53

.80

(

.16)

(

.01)

—

October

31,

2020

.24

.29

.04)

(

.75)

(

.22)

(

.60)

—

(Ɵ)

Class

October

31,

2024

.11

.17

.49

.66

(

.18)

—

October

31,

2023

.91

.15

.50

.65

(

.13)

(

.31)

(

.01)

October

31,

2022

.24

.47

.62)

.15)

(

.46)

.72)

—

October

31,

2021

.63

.23

.53

.76

(

.14)

(

.01)

—

October

31,

2020

.20

.24

.01)

(

.77)

(

.20)

(

.60)

—

(Ɵ)

Class

October

31,

2024

.37

.27

.51

.78

(

.21)

—

October

31,

2023

.13

.19

.52

.71

(

.14)

(

.31)

(

.02)

October

31,

2022

.50

.51

.65)

.14)

(

.51)

.72)

—

October

31,

2021

.81

.31

.57

.88

(

.18)

(

.01)

—

October

31,

2020

.39

.29

.02)

(

.73)

(

.25)

(

.60)

—

(Ɵ)

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Total

Distributions

Net

Asset

Value,

End

Period

Total

Return

(±)

Net

Assets,

End

Period

(000)

Ratio

Expenses

Average

Net

Assets,

Gross

(≠)

Ratio

Expenses

Average

Net

Assets,

Net

(Ƃ)(≠)

Ratio

Net

Investment

Income

Average

Net

Assets

(‡)(Ƃ)

Portfolio

Turnover

Rate

(

.19)

.60

.58

346,436

.72

.57

.59

(

.46)

.11

.85

304,194

.74

.55

.45

.20)

.90

(17

.53)

308,433

.74

.55

.98

(

.17)

.22

.55

421,040

.74

.57

.97

(

.82)

.62

.60)

349,360

.74

.57

.50

(

.14)

.64

.49

153,149

.47

.32

.81

(

.43)

.39

.14

151,867

.49

.30

.69

.15)

.26

(18

.22)

173,038

.49

.30

.11

(

.11)

.48

.70

247,152

.49

.32

.94

(

.76)

.09

.33)

226,670

.49

.32

.67

(

.22)

.96

.86

4,098

.47

.27

.87

(

.47)

.39

.21

3,220

.49

.25

.15

.23)

.14

(17

.29)

4,899

.49

.25

.24

(

.20)

.51

.98

6,672

.49

.27

.39

(

.85)

.82

.35)

6,931

.49

.27

.80

(

.13)

.70

.12

250

.73

.52

.10

(

.46)

.18

.82

17,676

.74

.50

.51

.21)

.97

(17

.48)

23,014

.74

.50

.28

(

.17)

.30

.72

45,566

.74

.52

.05

(

.82)

.67

.60)

41,098

.74

.52

.58

(

.18)

.59

.32

13,156

.97

.77

.39

(

.45)

.11

.63

12,777

.99

.75

.42

.18)

.91

(17

.71)

19,144

.99

.75

.14

(

.15)

.24

.44

29,994

.99

.77

.73

(

.80)

.63

.86)

23,354

.99

.77

.26

(

.21)

.94

.88

93,820

.47

.32

.21

(

.47)

.37

.10

115,355

.49

.30

.77

.23)

.13

(17

.34)

121,694

.49

.30

.38

(

.19)

.50

.98

168,847

.49

.32

.31

(

.85)

.81

.40)

145,026

.49

.32

.60

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

affiliates

October

31,

2024

were

follows:

Transactions

(amounts

thousands)

during

the

period

ended

October

31,

2024

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Federal

Income

Taxes

October

31,

2024,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

and

components

distributable

earnings

for

income

tax

purposes

were

follows:

For

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

21,313

Administrative

fees

22,646

Distribution

fees

178,419

Shareholder

servicing

fees

36,487

Transfer

agent

fees

105,770

Trustee

fees

1,471

366,106

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

12,140

351

2,943

163

2,618

12,329

351

—

Global

Real

Estate

Securities

Fund

20,859

553

5,361

(857

)

5,989

21,183

494

—

Multifactor

U.S.

Equity

Fund

105,965

4,994

32,593

9,096

20,261

107,723

1,031

3,961

U.S.

Small

Cap

Equity

Fund

26,561

930

6,883

797

5,880

27,285

207

590

U.S.

Strategic

Equity

Fund

54,602

2,432

16,549

1,474

13,454

55,413

1,125

1,307

Long

Duration

Bond

Fund

21,191

779

2,950

1,664

20,780

765

—

Opportunistic

Credit

Fund

12,229

663

1,604

1,009

12,335

662

—

Strategic

Bond

Fund

54,852

2,618

5,962

(909

)

3,833

54,432

2,597

—

Emerging

Markets

Fund

27,261

780

6,079

421

4,951

27,334

766

—

Global

Equity

Fund

175,398

2,730

46,590

2,377

44,080

177,995

2,721

—

Multifactor

International

Equity

Fund

45,408

1,674

9,645

545

7,402

45,384

1,673

—

Multi-Asset

Growth

Strategy

Fund

48,719

1,678

9,903

(28

)

8,678

49,144

1,678

—

605,185

20,182

147,062

13,213

119,819

611,337

14,070

5,858

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

497,035,775

123,584,792

(9,283,895)

114,300,897

248,436

7,904,310

October

31,

2024

October

31,

2023

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

9,452,947

—

8,080,202

20,350,120

927,154

Russell

Investment

Company

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Growth

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

due

foreign

currency

gains

losses,

reclassifications

dividends

and

/or

differences

treatment

income

from

swaps.

These

adjustments

have

impact

the

net

assets.

October

31,

2024,

there

were

adjustments

the

Statement

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

—

Additional

paid-in

capital

—

Federal

Income

Taxes,

continued

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Schedule

Investments

—

October

31,

2024

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Amounts

thousands

(except

amounts)

Fair

Value

Investments

Affiliated

Funds

100.1%

Alternative

6.4%

Global

Infrastructure

Fund

Class

650,947

6,236

Global

Real

Estate

Securities

Fund

Class

442,202

13,611

19,847

Domestic

Equities

36.3%

Multifactor

U.S.

Equity

Fund

Class

3,222,941

62,525

U.S.

Small

Cap

Equity

Fund

Class

591,281

16,804

U.S.

Strategic

Equity

Fund

Class

1,847,735

32,835

112,164

Fixed

Income

4.4%

Long

Duration

Bond

Fund

Class

930,797

7,437

Opportunistic

Credit

Fund

Class

721,295

6,218

13,655

International

Equities

44.9%

Emerging

Markets

Fund

Class

1,091,860

18,409

Global

Equity

Fund

Class

8,496,451

90,062

Multifactor

International

Equity

Fund

Class

2,828,267

30,319

138,790

Multi-Asset

8.1%

Multi-Asset

Growth

Strategy

Fund

Class

2,283,286

24,819

Total

Investments

Affiliated

Funds

(cost

$250,378)

309,275

Total

Investments

100.1%

(identified

cost

$250,378)

309,275

Other

Assets

and

Liabilities,

Net

(0.1)%

(215)

Net

Assets

100.0%

309,060

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Statement

Assets

and

Liabilities

—

October

31,

2024

Amounts

thousands

Assets

Investments,

identified

cost

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

250,378

Investments,

fair

value(>)

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

309,275

Receivables:

Investments

sold

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

303

Fund

sold

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

Total

assets

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

309,643

Liabilities

Payables:

Fund

redeemed

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

350

Accrued

fees

affiliates

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

180

Other

accrued

expenses

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

Total

liabilities

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

583

Net

Assets

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

309,060

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Statement

Assets

and

Liabilities,

continued

—

October

31,

2024

Amounts

thousands

Net

Assets

Consist

of:

Total

distributable

earnings

(losses)

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

51,683

beneficial

interest

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

209

Additional

paid-in

capital

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

257,168

Net

Assets

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

309,060

Net

Asset

Value

offering

and

redemption

price

per

Net

asset

value

per

Class

(#)

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

15.54

Maximum

offering

price

per

(Net

asset

value

plus

sales

charge

5.75%):

Class

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

16.49

Class

—

Net

assets

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

157,803,711

Class

—

outstanding

($.01

par

value)

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

10,152,917

Net

asset

value

per

Class

(#)

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

13.07

Class

—

Net

assets

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

86,956,554

Class

—

outstanding

($.01

par

value)

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

6,652,713

Net

asset

value

per

Class

(#)

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

15.82

Class

—

Net

assets

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

2,593,407

Class

—

outstanding

($.01

par

value)

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

163,980

Net

asset

value

per

Class

(#)

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

15.18

Class

—

Net

assets

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

646,771

Class

—

outstanding

($.01

par

value)

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

42,606

Net

asset

value

per

Class

(#)

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

14.81

Class

—

Net

assets

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

4,388,104

Class

—

outstanding

($.01

par

value)

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

296,258

Net

asset

value

per

Class

(#)

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

15.74

Class

—

Net

assets

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

56,671,378

Class

—

outstanding

($.01

par

value)

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

3,599,803

Amounts

thousands

(>)

Investments

affiliated

funds

309,275

(#)

Net

asset

value

per

equals

class

level

net

assets

divided

class

level

beneficial

interest

outstanding.

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Statement

Operations

—

For

the

Period

Ended

October

31,

2024

Amounts

thousands

Investment

Income

distributions

from

affiliated

funds

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

5,913

Expenses

Advisory

fees

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

559

Administrative

fees

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

132

Custodian

fees

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

Distribution

fees

Class

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

382

Distribution

fees

Class

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

669

Distribution

fees

Class

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

Transfer

agent

fees

Class

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

306

Transfer

agent

fees

Class

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

178

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

Transfer

agent

fees

Class

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

112

Professional

fees

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

Registration

fees

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

Shareholder

servicing

fees

Class

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

223

Shareholder

servicing

fees

Class

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

Shareholder

servicing

fees

Class

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

Trustees’

fees

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

Printing

fees

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

Miscellaneous

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

Expenses

before

reductions

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

2,864

Expense

reductions

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

(577)

Net

expenses

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

2,287

Net

investment

income

(loss)

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

3,626

Net

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

on:

Investments

affiliated

funds

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

3,422

Capital

gain

distributions

from

affiliated

funds

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

3,099

Net

realized

gain

(loss)

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

6,521

Net

change

unrealized

appreciation

(depreciation)

on:

Investments

affiliated

funds

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

65,185

Net

change

unrealized

appreciation

(depreciation)

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

65,185

Net

realized

and

unrealized

gain

(loss)

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

71,706

Net

Increase

(Decrease)

Net

Assets

from

Operations

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

75,332

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Statements

Changes

Net

Assets

Amounts

thousands

For

the

Periods

Ended

October

31,

2024

2023

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

(loss)

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

3,626

3,767

Net

realized

gain

(loss)

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

6,521

(10,270)

Net

change

unrealized

appreciation

(depreciation)

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

65,185

28,103

Net

increase

(decrease)

net

assets

from

operations

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

75,332

21,600

Distributions

shareholders

Class

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

(1,827)

(5,598)

Class

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

(870)

(4,286)

Class

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

(33)

(115)

Class

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

(67)

(372)

Class

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

(55)

(285)

Class

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

(760)

(2,320)

From

return

capital

Class

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

—

(145)

Class

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

—

(82)

Class

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

—

(3)

Class

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

—

(10)

Class

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

—

(6)

Class

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

—

(62)

Net

decrease

net

assets

from

distributions

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

(3,612)

(13,284)

Transactions*

Net

increase

(decrease)

net

assets

from

transactions

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

(36,835)

(18,825)

Total

Net

Increase

(Decrease)

Net

Assets

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

34,885

(10,509)

Net

Assets

Beginning

period

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

274,175

284,684

End

period

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

309,060

274,175

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Statements

Changes

Net

Assets,

continued

transaction

amounts

(in

thousands)

for

the

periods

ended

October

31,

2024

and

October

31,

2023

were

follows:

2024

2023

Dollars

Class

Proceeds

from

sold

375

5,518

841

10,723

Proceeds

from

reinvestment

distributions

120

1,814

474

5,707

Payments

for

redeemed

(1,129

)

(16,551

)

(935

)

(11,762

)

Net

increase

(decrease)

(634

)

(9,219

)

380

4,668

Class

Proceeds

from

sold

391

4,747

403

4,312

Proceeds

from

reinvestment

distributions

861

429

4,355

Payments

for

redeemed

(1,575

)

(19,441

)

(1,992

)

(21,345

)

Net

increase

(decrease)

(1,116

)

(13,833

)

(1,160

)

(12,678

)

Class

Proceeds

from

sold

247

414

Proceeds

from

reinvestment

distributions

118

Payments

for

redeemed

(27

)

(380

)

(87

)

(1,127

)

Net

increase

(decrease)

)

(100

)

(45

)

(595

)

Class

Proceeds

from

sold

896

764

Proceeds

from

reinvestment

distributions

382

Payments

for

redeemed

(660

)

(9,631

)

(178

)

(2,194

)

Net

increase

(decrease)

(593

)

(8,668

)

(83

)

(1,048

)

Class

Proceeds

from

sold

442

102

1,264

Proceeds

from

reinvestment

distributions

291

Payments

for

redeemed

(118

)

(1,660

)

(326

)

(3,930

)

Net

increase

(decrease)

(83

)

(1,163

)

(198

)

(2,375

)

Class

Proceeds

from

sold

460

6,792

512

6,445

Proceeds

from

reinvestment

distributions

755

194

2,367

Payments

for

redeemed

(762

)

(11,399

)

(1,226

)

(15,609

)

Net

increase

(decrease)

(253

)

(3,852

)

(520

)

(6,797

)

Total

increase

(decrease)

(2,687

)

(36,835

)

(1,626

)

(18,825

)

Russell

Investment

Company

Equity

Growth

Strategy

Fund

Financial

Highlights

—

For

the

Periods

Ended

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

For

Outstanding

Throughout

Each

Period.

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)

(

)(‡)(Ƃ)

Net

Realized

and

Unrealized

Gain

(Loss)

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Net

Realized

Gain

Return

Capital

Class

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

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

October

31,

2024

12.43

.25

3.35

3.60

(.21)

—

October

31,

2023

12.06

.24

.71

(.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

October

31,

2024

11.95

.27

3.10

3.37

(.14)

—

October

31,

2023

11.63

.19

.69

(.17)

(.38)

(.01)

October

31,

2022

15.55

.62

(3.14)

(2.52)

(.57)

(.83)

—

October

31,

2021

11.29

.26

4.15

4.41

(.15)

—

October

31,

2020

12.91

.32

(1.36)

(1.04)

(.31)

(.27)

—

Class

October

31,

2024

11.68

.18

3.11

3.29

(.16)

—

October

31,

2023

11.38

.17

.67

(.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

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

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Total

Distributions

Net

Asset

Value,

End

Period

Total

Return

(±)

Net

Assets,

End

Period

(000)

Ratio

Expenses

Average

Net

Assets,

Gross

(≠)

Ratio

Expenses

Average

Net

Assets,

Net

(Ƃ)(≠)

Ratio

Net

Investment

Income

Average

Net

Assets

(‡)(Ƃ)

Portfolio

Turnover

Rate

(.18)

15.54

28.55

157,804

.75

.57

1.36

(.55)

12.23

7.53

131,965

.77

.54

1.48

(1.39)

11.90

(17.79)

123,791

.77

.55

4.34

(.14)

15.88

39.19

161,572

.77

.57

1.85

(.57)

11.52

(8.24)

132,157

.78

.57

2.68

(.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

(.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

(.21)

15.82

28.99

2,593

.50

.24

1.71

(.58)

12.43

7.99

2,142

.52

.21

1.90

(1.43)

12.06

(17.57)

2,629

.52

.22

4.80

(.17)

16.08

39.55

3,145

.52

.24

2.56

(.62)

11.66

(7.90)

5,005

.53

.24

2.93

(.14)

15.18

28.26

647

.78

.51

1.91

(.56)

11.95

7.69

7,597

.77

.46

1.58

(1.40)

11.63

(17.73)

8,362

.77

.47

4.67

(.15)

15.55

39.19

14,544

.77

.49

1.82

(.58)

11.29

(8.16)

12,609

.78

.49

2.75

(.16)

14.81

28.25

4,388

1.00

.74

1.26

(.54)

11.68

7.48

4,425

1.02

.71

1.38

(1.37)

11.38

(17.98)

6,567

1.02

.72

3.78

(.12)

15.26

38.94

7,713

1.02

.74

1.37

(.56)

11.08

(8.38)

6,605

1.03

.74

2.39

(.20)

15.74

28.80

56,671

.50

.32

1.61

(.57)

12.38

7.88

47,682

.52

.29

1.80

(1.42)

12.02

(17.57)

52,542

.52

.30

4.96

(.17)

16.02

39.45

78,256

.52

.32

2.17

(.60)

11.62

(8.03)

71,250

.52

.32

3.52

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Party

Transactions,

Fees

and

Expenses

Accrued

fees

payable

affiliates

October

31,

2024

were

follows:

Transactions

(amounts

thousands)

during

the

period

ended

October

31,

2024

with

Underlying

Funds

which

are,

were,

affiliated

company

are

follows:

Federal

Income

Taxes

October

31,

2024,

the

cost

investments,

net

unrealized

appreciation

(depreciation),

and

components

distributable

earnings

for

income

tax

purposes

were

follows:

For

the

fiscal

years

ended

October

31,

2024

and

October

31,

2023,

respectively,

the

Fund

made

the

following

tax

basis

distributions:

Advisory

fees

3,298

Administrative

fees

11,411

Distribution

fees

91,960

Shareholder

servicing

fees

20,002

Transfer

agent

fees

53,186

Trustee

fees

565

180,422

Fair

Value,

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Change

Unrealized

Gain

(Loss)

Fair

Value,

End

Period

Income

Distributions

Capital

Gains

Distributions

Global

Infrastructure

Fund

5,515

545

1,146

1,267

6,236

171

—

Global

Real

Estate

Securities

Fund

12,241

1,415

3,168

(478

)

3,601

13,611

321

—

Multifactor

U.S.

Equity

Fund

54,934

2,681

11,242

1,771

14,381

62,525

572

2,069

U.S.

Small

Cap

Equity

Fund

14,784

1,078

2,909

207

3,644

16,804

116

333

U.S.

Strategic

Equity

Fund

28,870

1,333

5,729

603

7,758

32,835

613

697

Long

Duration

Bond

Fund

6,868

909

905

548

7,437

272

—

Opportunistic

Credit

Fund

5,526

717

523

492

6,218

315

—

Emerging

Markets

Fund

16,495

966

2,480

105

3,323

18,409

464

—

Global

Equity

Fund

79,593

1,250

12,994

1,002

21,211

90,062

1,242

—

Multifactor

International

Equity

Fund

27,489

1,163

3,334

257

4,744

30,319

1,017

—

Multi-Asset

Growth

Strategy

Fund

22,053

1,324

2,651

(123

)

4,216

24,819

810

—

274,368

13,381

47,081

3,422

65,185

309,275

5,913

3,099

Cost

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

(Capital

Loss

Carryforward)

253,041,737

56,404,037

(171,114)

56,232,923

14,142

(4,564,623)

October

31,

2024

October

31,

2023

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

Ordinary

Income

Distributions

Long-Term

Capital

Gain

Distributions

Return

Capital

3,611,947

—

3,453,301

9,522,018

308,256

Russell

Investment

Company

Equity

Growth

Strategy

Fund

See

accompanying

notes

which

are

integral

part

the

financial

statements.

Equity

Growth

Strategy

Fund

Net

investment

income

and

net

realized

gains

(losses)

the

financial

statements

may

differ

from

taxable

net

investment

income

and

net

realized

gains

(losses).

Capital

accounts

within

the

financial

statements

are

adjusted

for

permanent

differences

between

book

and

tax

accounting.

These

differences

may

due

foreign

currency

gains

losses,

reclassifications

dividends

and

/or

differences

treatment

income

from

swaps.

These

adjustments

have

impact

the

net

assets.

October

31,

2024,

there

were

adjustments

the

Statement

Assets

and

Liabilities.

Total

distributable

earnings

(losses)

—

Additional

paid-in

capital

—

Federal

Income

Taxes,

continued

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Highlights

—

October

31,

2024

Notes

Financial

Highlights

(ƥ)

Average

daily

outstanding

were

used

for

this

calculation.

(‡)

Recognition

net

investment

income

the

Fund

affected

the

timing

the

declaration

dividends

the

Underlying

Funds

which

the

Fund

invests.

(±)

Total

return

for

Class

does

not

reflect

front-end

sales

charge.

sales

charges

were

included,

the

total

return

would

lower.

(Ƃ)

May

reflect

amounts

waived

and/or

reimbursed

Russell

Investment

Management,

LLC

(“RIM”)

and/or

Russell

Investments

Fund

Services,

LLC

(“RIFUS”).

(Ɵ)

Less

than

$.01

per

share.

(≠)

The

calculation

includes

only

those

expenses

charged

directly

the

Fund

and

does

not

include

expenses

charged

the

Underlying

Funds

which

the

Fund

invests.

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements

—

October

31,

2024

Notes

Financial

Statements

Organization

Russell

Investment

Company

(the

“Investment

Company”

“RIC”)

series

investment

company

with

different

investment

portfolios

referred

funds.

These

financial

statements

report

five

these

funds

(each

“Fund”

and

collectively

the

“Funds”).

The

Investment

Company

registered

under

the

Investment

Company

Act

1940,

amended

(“Investment

Company

Act”),

open-end

management

investment

company.

organized

and

operated

Massachusetts

business

trust

under

Fourth

Amended

and

Restated

Master

Trust

Agreement

dated

December

2020,

amended

(“Master

Trust

Agreement”),

and

the

provisions

Massachusetts

law

governing

the

operation

Massachusetts

business

trust.

The

Investment

Company’s

Master

Trust

Agreement

permits

the

Board

Trustees

(the

“Board”)

issue

unlimited

number

beneficial

interest.

Each

the

Funds

diversified.

Under

the

Investment

Company

Act,

diversified

company

defined

management

company

which

meets

the

following

requirements:

least

75%

the

value

its

total

assets

represented

cash

and

cash

equivalents

(including

receivables),

government

securities,

securities

other

investment

companies,

and

other

securities

for

the

purposes

this

calculation

limited

respect

any

one

issuer

amount

not

greater

value

than

five

percent

the

value

the

total

assets

such

management

company

and

not

than

10%

the

outstanding

voting

securities

such

issuer.

Unless

otherwise

specified,

“period”

(as

used

within

the

financial

statements)

refers

the

twelve

months

ended

October

31,

2024.

Each

the

Funds

listed

the

table

below

“fund

funds”

and

diversifies

its

assets

investing

several

other

RIC

funds

(the

“Underlying

Funds”).

These

financial

statements

should

read

conjunction

with

the

financial

statements

the

Underlying

Funds,

which

can

obtained

russellinvestments.com.

Each

Fund

seeks

achieve

its

specific

investment

objective

investing

different

combinations

Underlying

Funds.

The

following

table

shows

each

Fund’s

approximate

target

strategic

asset

allocation

equity,

fixed

income,

multi-asset

and

alternative

asset

classes

October

31,

2024.

The

equity

Underlying

Funds

which

the

Funds

may

invest

include

the

Multifactor

U.S.

Equity,

Sustainable

Equity,

U.S.

Strategic

Equity,

U.S.

Small

Cap

Equity,

Multifactor

International

Equity,

Global

Equity

and

Emerging

Markets

Funds.

The

fixed

income

Underlying

Funds

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

which

the

Funds

may

invest

include

the

Multi-Strategy

Income

and

Multi-Asset

Growth

Strategy

Funds.

The

alternative

Underlying

Funds

which

the

Funds

may

invest

include

the

Global

Infrastructure

and

Global

Real

Estate

Securities

Funds.

Each

Fund

intends

its

strategy

investing

combinations

equity,

fixed

income,

multi-asset

and

alternative

Underlying

Funds

result

investment

diversification

that

investor

could

otherwise

achieve

only

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

the

Underlying

Funds

which

Fund

invests,

from

time

time.

RIM’s

allocation

decisions

are

generally

based

RIM’s

outlook

the

business

and

economic

cycle,

relative

market

valuations

and

market

sentiment.

RIM

may

change

Fund’s

target

strategic

asset

allocation

+/-

the

equity,

fixed

income,

multi-asset

alternative

asset

class

level

based

RIM’s

capital

markets

research.

Fund’s

actual

allocation

may

vary

from

the

target

strategic

asset

allocation

any

point

time

due

market

movements

and/or

due

the

implementation

over

period

time

change

the

target

strategic

asset

allocation

including

the

addition

new

Underlying

Fund.

Fund’s

target

strategic

asset

allocation

and

the

Underlying

Funds

which

Fund

may

invest

may

changed

from

time

without

shareholder

notice

approval.

described

above,

actual

asset

allocation

may

vary.

Alternative

Underlying

Funds

pursue

investment

strategies

that

differ

from

those

traditional

broad

market

equity

fixed

income

funds.

Significant

Accounting

Policies

The

Funds’

financial

statements

are

prepared

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

which

require

the

use

management

estimates

and

assumptions

the

date

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

The

Funds

are

considered

investment

companies

under

U.S.

GAAP

and

the

accounting

and

Asset

Allocation*

Conservative

Strategy

Fund

Moderate

Strategy

Fund

Balanced

Strategy

Fund

Growth

Strategy

Fund

Equity

Growth

Strategy

Fund

Equity

18%

37%

56%

72%

81%

Fixed

Income

72%

52%

31.5%

14.5%

4.5%

Multi-Asset

Alternative#

4.5%

5.5%

6.5%

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

reporting

guidance

applicable

investment

companies.

The

following

summary

the

significant

accounting

policies

consistently

followed

each

Fund

the

preparation

its

financial

statements.

Security

Valuation

The

Underlying

Funds

value

portfolio

instruments

according

securities

valuation

procedures,

which

include

market

value

procedures,

fair

value

procedures,

other

key

valuation

procedures

and

description

the

pricing

sources

and

services

used

the

Underlying

Funds.

With

respect

Underlying

Fund’s

investments

that

not

have

readily

available

market

quotations,

the

Board

has

designated

RIM

the

valuation

designee

perform

fair

valuations

pursuant

Rule

2a-5

under

the

Investment

Company

Act.

However,

the

Board

retains

oversight

over

the

valuation

process.

The

Funds

value

the

Underlying

Funds

the

current

net

asset

value

(“NAV”)

per

each

Underlying

Fund.

The

Funds

have

adopted

the

authoritative

guidance

under

U.S.

GAAP

for

estimating

the

fair

value

investments

funds

that

have

calculated

NAV

per

accordance

with

the

specialized

accounting

guidance

for

investment

companies.

Accordingly,

the

Funds

estimate

the

fair

value

investment

fund

using

the

NAV

per

without

further

adjustment

practical

expedient,

the

NAV

per

the

investment

determined

accordance

with

the

specialized

accounting

guidance

for

investment

companies

the

reporting

entity’s

measurement

date.

U.S.

GAAP

defines

fair

value

the

price

that

Fund

would

receive

sell

asset

pay

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

establishes

fair

value

hierarchy

that

prioritizes

inputs

valuation

methods,

requires

separate

disclosure

the

fair

value

hierarchy

for

each

major

category

assets

and

liabilities,

and

segregates

fair

value

measurements

into

levels

(Level

and

3).

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Levels

and

the

fair

value

hierarchy

are

defined

follows:

Level

—

Quoted

prices

(unadjusted)

active

markets

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

liabilities

markets

that

are

active,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

and

inputs

such

interest

rates,

yield

curves,

implied

volatilities,

credit

spreads

other

market

corroborated

inputs.

Level

—

Significant

unobservable

inputs

based

the

best

information

available

the

circumstances,

the

extent

observable

inputs

are

not

available,

which

may

include

assumptions

made

RIM,

that

are

used

determining

the

fair

value

investments.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

valuation

techniques

and

significant

inputs

used

determining

the

fair

market

values

financial

instruments

categorized

Level

and

Level

the

fair

value

hierarchy

are

follows:

Equity

securities,

including

common

and

preferred

stock,

short

securities,

registered

open-end

investment

companies,

ETFs

and

restricted

securities

that

are

traded

national

securities

exchange

(or

reported

the

NASDAQ

national

market),

are

stated

the

last

reported

sales

price

the

day

valuation

official

closing

price,

applicable.

the

extent

these

securities

are

actively

traded,

and

valuation

adjustments

are

not

applied,

they

are

categorized

Level

the

fair

value

hierarchy.

Investments

investment

funds

that

are

not

traded

national

securities

exchange

(or

reported

the

NASDAQ

national

market)

will

valued

based

upon

the

NAV

such

investments

without

further

adjustment

practical

expedient.

October

31,

2024,

all

investments

held

were

classified

Level

within

the

fair

value

hierarchy.

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

Investment

Transactions

Investment

transactions

are

reflected

the

trade

date

for

financial

reporting

purposes.

This

may

cause

the

NAV

stated

the

financial

statements

different

from

the

NAV

which

shareholders

may

transact.

Realized

gains

and

losses

from

securities

transactions,

applicable,

are

recorded

the

basis

specific

identified

cost

incurred.

Investment

Income

Distributions

income

and

capital

gains

from

the

Funds

Underlying

Funds

are

recorded

the

ex-dividend

date.

Federal

Income

Taxes

Since

the

Investment

Company

Massachusetts

business

trust,

each

Fund

separate

corporate

taxpayer

and

determines

its

net

investment

income

and

capital

gains

(or

losses)

and

the

amounts

distributed

each

Fund’s

shareholders

without

regard

the

income

and

capital

gains

(or

losses)

the

other

Funds.

Each

Fund

intends

qualify

continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

1986,

amended

(the

“Code”),

and

intends

distribute

all

its

taxable

income

and

capital

gains.

Therefore,

federal

income

tax

provision

required

for

the

Funds.

The

Funds

comply

with

the

authoritative

guidance

for

uncertainty

income

taxes

which

requires

management

determine

whether

tax

position

the

Funds

likely

than

not

sustained

upon

examination,

including

resolution

any

appeals

litigation

processes,

based

the

technical

merits

the

position.

For

tax

positions

meeting

the

likely

than

not

threshold,

the

tax

amount

recognized

the

financial

statements

reduced

the

largest

benefit

that

has

greater

than

50%

likelihood

being

realized

upon

ultimate

settlement

with

the

relevant

taxing

authority.

Management

determined

that

accruals

need

made

the

financial

statements

due

uncertain

tax

positions.

Management

continually

reviews

and

adjusts

the

Funds’

liability

for

income

taxes

based

analyses

tax

laws

and

regulations,

well

their

interpretations,

and

other

relevant

factors.

Each

Fund

files

U.S.

tax

return.

October

31,

2024,

the

Funds

had

recorded

liabilities

for

net

unrecognized

tax

benefits

relating

uncertain

income

tax

positions

they

have

taken

expect

take

future

tax

returns.

While

the

statute

limitations

remains

open

examine

the

Funds’

U.S.

tax

returns

filed

for

the

fiscal

years

ended

October

31,

2021

through

October

31,

2023,

examinations

are

progress

anticipated

this

time.

The

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

twelve

months.

Dividends

and

Distributions

Shareholders

Income

dividends,

capital

gain

distributions

and

return

capital,

any,

are

recorded

the

ex-dividend

date.

Income

dividends

are

generally

declared

and

paid

quarterly.

Capital

gain

distributions

are

generally

declared

and

paid

annually.

additional

distribution

may

paid

the

Funds

avoid

imposition

federal

income

and

excise

tax

any

remaining

undistributed

capital

gains

and

net

investment

income.

The

timing

and

characterization

certain

income

and

capital

gain

distributions

are

determined

accordance

with

federal

tax

regulations

which

may

differ

from

U.S.

GAAP.

result,

net

investment

income

and

net

realized

gain

(or

loss)

investments

and

foreign

currency-related

transactions

for

reporting

period

may

differ

significantly

from

distributions

during

such

period.

The

differences

between

tax

regulations

and

U.S.

GAAP

primarily

relate

investments

the

Underlying

Funds

sold

loss,

wash

sale

deferrals

and

capital

loss

carryforwards.

Accordingly,

the

Funds

may

periodically

make

reclassifications

among

certain

their

capital

accounts

without

impacting

their

NAVs.

Expenses

included

the

accompanying

financial

statements

reflect

the

expenses

each

Fund

and

not

include

those

expenses

incurred

the

Underlying

Funds.

Because

the

Underlying

Funds

have

varied

expense

and

fee

levels

and

the

Funds

may

own

different

proportions

the

Underlying

Funds

different

times,

the

amount

the

Underlying

Funds’

fees

and

expenses

incurred

indirectly

the

Funds

will

vary.

The

Funds

pay

their

own

expenses

other

than

those

expressly

assumed

RIM,

the

Funds’

adviser,

Russell

Investments

Fund

Services,

LLC

(“RIFUS”),

the

Funds’

administrator

and

transfer

agent.

Most

expenses

can

directly

attributed

the

individual

Funds.

Expenses

which

cannot

directly

attributed

specific

Fund

are

allocated

among

all

Funds

principally

based

their

relative

net

assets.

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

Class

Allocation

October

31,

2024,

each

the

Funds

presented

herein

may

offer

certain

the

following

classes

Class

R1,

Class

R4,

Class

and

Class

All

classes

have

identical

voting,

dividend,

liquidation

and

other

rights,

preferences,

powers,

restrictions,

limitations,

qualifications

and

the

same

terms

and

conditions.

The

separate

classes

differ

principally

the

applicable

sales

charges,

transfer

agent

fees,

distribution

fees

and

shareholder

servicing

fees.

Shareholders

each

class

bear

certain

expenses

that

pertain

that

particular

class.

Realized

and

unrealized

gains

(losses),

investment

income,

and

expenses

with

the

exception

class

level

expenses,

are

allocated

daily

each

class

based

upon

the

relative

proportion

net

assets

each

class.

Guarantees

the

normal

course

business,

the

Funds

may

enter

into

contracts

that

contain

variety

representations

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not

yet

occurred.

However,

the

Funds

expect

the

risk

loss

remote.

Market,

Credit

and

Counterparty

Risk

the

normal

course

business,

the

Underlying

Funds

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

potential

loss

exists

due

changes

the

market

(market

risk)

failure

the

other

party

transaction

perform

(credit

risk).

Similar

credit

risk,

the

Underlying

Funds

may

also

exposed

counterparty

risk

that

institution

other

entity

with

which

the

Underlying

Funds

have

unsettled

open

transactions

will

default.

The

potential

loss

could

exceed

the

value

the

relevant

assets

recorded

the

Underlying

Funds’

financial

statements

(the

“Assets”).

The

Assets

consist

principally

cash

due

from

counterparties

and

investments.

The

extent

the

Underlying

Funds’

exposure

market,

credit

and

counterparty

risks

with

respect

the

Assets

approximates

their

carrying

value

recorded

the

Underlying

Funds’

Statements

Assets

and

Liabilities.

Global

economies

and

financial

markets

are

increasingly

interconnected

and

political

and

economic

conditions

(including

instability

and

volatility

due

international

trade

disputes)

and

events

(including

natural

disasters,

pandemics,

epidemics,

social

unrest

and

government

shutdowns)

one

country,

region

financial

market

may

adversely

impact

issuers

different

country,

region

financial

market.

result,

issuers

securities

held

Underlying

Fund

may

experience

significant

declines

the

value

their

assets

and

even

cease

operations.

This

could

occur

whether

not

the

Underlying

Fund

invests

securities

issuers

located

with

significant

exposure

the

countries

directly

affected.

Such

conditions

and/or

events

may

not

have

the

same

impact

all

types

securities

and

may

expose

Underlying

Fund

greater

market

and

liquidity

risk

and

potential

difficulty

valuing

portfolio

instruments

held

Underlying

Fund.

This

could

cause

Underlying

Fund

underperform

other

types

investments.

From

time

time,

outbreaks

infectious

illness,

public

health

emergencies

and

other

similar

issues

(“public

health

events”)

may

occur

one

countries

around

the

globe.

Such

public

health

events

have

had

significant

impacts

both

the

country

which

the

event

first

identified

well

other

countries

the

global

economy.

Public

health

events

have

reduced

consumer

demand

and

economic

output

one

countries

subject

the

public

health

event,

resulted

restrictions

trading

and

market

closures

(including

for

extended

periods

time),

increased

substantially

the

volatility

financial

markets,

and,

generally,

have

had

significant

negative

impact

the

economy

the

country

countries

subject

the

public

health

event.

Public

health

events

have

also

adversely

affected

the

global

economy,

global

supply

chains

and

the

securities

which

the

Underlying

Funds

invest

across

number

industries,

sectors

and

asset

classes.

The

extent

the

impact

depends

on,

among

other

factors,

the

scale

and

duration

any

such

public

health

event.

Public

health

events

have

resulted

the

governments

affected

countries

taking

potentially

significant

measures

seek

mitigate

the

transmission

the

infectious

illness

other

public

health

issue

including,

among

other

measures,

imposing

travel

restrictions

and/or

quarantines

and

limiting

the

operations

non-essential

businesses.

Any

these

events

could

adversely

affect

Underlying

Fund’s

investments

and

performance,

including

exacerbating

other

pre-existing

political,

social

and

economic

risks.

Governmental

authorities

and

other

entities

may

respond

such

events

with

fiscal

and/or

monetary

policy

changes.

not

guaranteed

that

these

policy

changes

will

have

their

intended

effect

and

possible

that

the

implementation

subsequent

reversal

such

policy

changes

could

increase

volatility

financial

markets,

which

could

adversely

affect

Underlying

Fund’s

investments

and

performance.

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

Investment

Transactions

Underlying

Funds

During

the

period

ended

October

31,

2024,

purchases

and

sales

Underlying

Funds

were

follows:

Party

Transactions,

Fees

and

Expenses

Adviser,

Administrator,

Transfer

and

Dividend

Disbursing

Agent

RIM

provides

oversees

the

provision

all

investment

advisory

and

portfolio

management

services

for

the

Funds.

RIFUS

the

Funds’

administrator

and

transfer

agent.

RIFUS,

its

capacity

the

Funds’

administrator,

provides

oversees

the

provision

all

administrative

services

for

the

Funds.

RIFUS,

its

capacity

the

Funds’

transfer

agent

and

dividend

disbursing

agent,

responsible

for

providing

transfer

agency

and

dividend

disbursing

services

the

Funds.

RIFUS

wholly-owned

subsidiary

RIM.

RIM

indirect,

wholly-owned

subsidiary

Russell

Investments

Group,

Ltd.

affiliated

company

which

Fund

has

ownership

least

the

voting

securities

which

the

Fund

controls,

controlled

under

common

control

with.

See

each

Fund’s

Party

Transactions,

Fees

and

Expenses

for

disclosure

transactions

with

affiliated

companies.

Effective

March

2024,

each

Fund

pays

annual

advisory

fee

0.17%

RIM.

Prior

March

2024,

each

Fund

paid

annual

advisory

fee

0.20%

RIM.

addition,

each

Fund

pays

annual

administrative

fee

0.0425%

RIFUS

based

upon

the

average

daily

net

assets

the

Fund

payable

monthly

basis.

Administrative

fees

are

assessed

total

Fund

net

assets

based

tiered

fee

schedule.

The

following

shows

the

total

amount

each

these

fees

paid

the

Funds

for

the

period

ended

October

31,

2024:

Waivers

and

Reimbursements

RIM

has

agreed

certain

waivers

its

advisory

fees

follows:

For

the

Conservative

Strategy

Fund,

RIM

contractually

agreed,

until

February

29,

2024,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.12%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

March

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.17%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund-level

expenses

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

These

waivers

and

reimbursements

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Moderate

Strategy

Fund,

RIM

contractually

agreed,

until

February

29,

2024,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.12%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

March

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-

Funds

Purchases

Sales

Conservative

Strategy

Fund

4,985,847

19,593,610

Moderate

Strategy

Fund

6,02

,311

31,393,417

Balanced

Strategy

Fund

21,987

,867

138,683,529

Growth

Strategy

Fund

20,181,831

147,061,748

Equity

Growth

Strategy

Fund

13,381,392

47,081

,438

Funds

Advisory

Administrative

Conservative

Strategy

Fund

141,216

33,288

Moderate

Strategy

Fund

251,771

59,394

Balanced

Strategy

Fund

1,206,495

284,894

Growth

Strategy

Fund

1,142,

380

269

735

Equity

Growth

Strategy

Fund

558,639

132,213

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund-level

expenses

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

These

waivers

and

reimbursements

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Balanced

Strategy

Fund,

RIM

contractually

agreed,

until

February

29,

2024,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.12%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund

level

expenses

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

From

March

2024

until

May

31,

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

0.03%

its

0.17%

advisory

fee.

Effective

June

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

0.05%

its

0.17%

advisory

fee.

These

waivers

and

reimbursements

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Growth

Strategy

Fund,

RIM

contractually

agreed,

until

February

29,

2024,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.099%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund

level

expenses

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

Effective

March

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

0.13%

its

0.17%

advisory

fee.

These

waivers

and

reimbursements

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

For

the

Equity

Growth

Strategy

Fund,

RIM

contractually

agreed,

until

February

29,

2024,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.09%

the

average

daily

net

assets

the

Fund

annual

basis.

Effective

March

2024,

RIM

contractually

agreed,

until

February

28,

2025,

waive

the

full

amount

its

advisory

fee

and

then

reimburse

the

Fund

for

other

direct

Fund-

level

expenses

the

extent

that

direct

Fund-level

expenses

exceed

0.13%

the

average

daily

net

assets

the

Fund

annual

basis.

Direct

Fund-level

expenses

not

include

transfer

agency

fees,

Rule

12b-1

distribution

fees,

shareholder

servicing

fees,

infrequent

and/or

unusual

expenses

(including

litigation

expenses),

the

expenses

other

investment

companies

which

the

Fund

invests

which

are

borne

indirectly

the

Fund.

These

waivers

and

reimbursements

may

not

terminated

during

the

relevant

period

except

with

Board

approval.

Transfer

and

Dividend

Disbursing

Agent

RIFUS

serves

transfer

agent

and

provides

dividend

disbursing

services

the

Funds.

For

this

service,

RIFUS

paid

fee

based

upon

the

average

daily

net

assets

the

Funds

for

transfer

agency

and

dividend

disbursing

services.

Transfer

agency

fees

are

class-level

expenses

and

may

differ

class.

RIFUS

retains

portion

this

fee

for

services

provided

the

Funds

and

pays

the

balance

unaffiliated

agents

who

assist

providing

these

services.

Transfer

agency

fees

paid

the

Funds

presented

herein

for

the

period

ended

October

31,

2024

were

follows:

RIFUS

has

contractually

agreed

waive,

through

February

28,

2025,

portion

its

transfer

agency

fees

for

certain

classes

certain

Funds

set

forth

below:

Funds

Amount

Conservative

Strategy

Fund

156,633

Moderate

Strategy

Fund

279,472

Balanced

Strategy

Fund

1,340,586

Growth

Strategy

Fund

1,269,248

Equity

Growth

Strategy

Fund

622,140

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

October

31,

2024,

RIM

and

RIFUS

waived

and

reimbursed

the

following

expenses:

RIM

does

not

have

the

ability

recover

amounts

waived

reimbursed

from

periods.

Distributor

and

Shareholder

Servicing

Russell

Investments

Financial

Services,

LLC

(the

“Distributor”),

wholly

owned

subsidiary

RIM,

serves

distributor

for

RIC,

pursuant

distribution

agreement

with

RIC.

The

Investment

Company

has

distribution

plans

pursuant

Rule

12b-1

(the

“Plans”)

under

the

Investment

Company

Act.

Under

the

Plans,

the

Investment

Company

authorized

make

payments

the

Distributor

any

selling

agents,

defined

the

Plans,

for

sales

support

services

provided,

and

expenses

incurred

which

are

primarily

intended

result

the

sale

the

Class

and

Class

subject

the

Plan.

12b-1

distribution

payments

are

0.25%

the

average

daily

net

assets

Fund’s

Class

and

Class

and

0.75%

the

average

daily

net

assets

Fund’s

Class

annual

basis.

addition,

the

Investment

Company

has

adopted

shareholder

services

plans

under

which

the

Funds

may

make

payments

the

Distributor

any

servicing

agent

for

any

activities

expenses

primarily

intended

assist,

support

service

the

servicing

agents’

clients

who

beneficially

own

Class

and

Class

the

Funds.

The

shareholder

servicing

payments

will

not

exceed

0.25%

the

average

daily

net

assets

Fund’s

Class

and

Class

annual

basis.

The

aggregate

initial

sales

charges,

contingent

deferred

sales

charges

(“CDSC”)

and

asset-based

sales

charges

Class

and

Class

the

Funds

may

not

exceed

7.25%,

6.25%,

6.25%

and

6.25%,

respectively,

total

gross

sales,

subject

certain

exclusions.

Pursuant

the

rules

the

Financial

Industry

Regulatory

Authority,

Inc.

(“FINRA”),

these

limitations

are

imposed

the

class

level

each

class

each

Fund

rather

than

per

shareholder

basis.

Therefore,

long-term

shareholders

Class

and

Class

may

pay

than

the

economic

equivalent

the

maximum

sales

charges

permitted

FINRA.

Aggregate

initial

sales

charges

and

CDSC

not

represent

expenses

the

Funds.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment,

from

redemption

proceeds

prior

remittance,

applicable.

The

Distributor

has

advised

the

Funds

the

following

commission

transactions

the

sales

and

redemptions

the

Funds’

Class

for

the

period

ended

October

31,

2024:

Funds/Classes

Waivers

Conservative

Strategy

Fund

–

Class

0.08%

Conservative

Strategy

Fund

–

Class

0.02%

Conservative

Strategy

Fund

–

Class

R1,

0.15%

Moderate

Strategy

Fund

–

Class

R1,

0.08%

Balanced

Strategy

Fund

–

Class

0.10%

Balanced

Strategy

Fund

–

Class

R1,

0.06%

Growth

Strategy

Fund

–

Class

R1,

0.05%

Equity

Growth

Strategy

Fund

–

Class

R1,

0.08%

Funds

RIM

Waiver

RIM

Reimbursement

RIFUS

Waiver

Total

Conservative

Strategy

Fund

141,216

118,318

62,648

322,182

Moderate

Strategy

Fund

251,771

97,300

96,494

445,565

Balanced

Strategy

Fund

557,333

—

561,671

1,119,004

Growth

Strategy

Fund

170

—

966,

Equity

Growth

Strategy

Fund

558,639

8,47

10,298

577,4

Funds

CDSC

Retained

Distributor

Aggregate

Front-End

Sales

Charges

Front-End

Sales

Charges

Retained

Distributor

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

Board

Trustees

(Form

N-CSR

Item

10)

The

Russell

Investments

fund

complex

consists

RIC,

which

has

funds,

and

Russell

Investment

Funds

(“RIF”),

which

has

nine

funds.

Each

the

Trustees

the

Board

Trustee

RIC

and

RIF.

The

Russell

Investments

fund

complex

compensates

each

Trustee

who

not

employee

RIM

its

affiliates.

Trustee

compensation

and

expenses

are

allocated

each

Fund

based

its

net

assets

relative

other

funds

the

Russell

Investments

fund

complex.

For

the

period

ended

October

31,

2024,

the

total

compensation

paid

the

Trustees

the

Russell

Investments

fund

complex

was

$2,010,000.

Federal

Income

Taxes

October

31,

2024,

the

following

Funds

had

net

tax

basis

capital

loss

carryforwards

which

may

applied

against

any

net

realized

taxable

gains,

any.

Available

capital

loss

carryforwards

are

follows:

Record

Ownership

October

31,

2024,

the

following

table

includes

shareholders

record

with

greater

than

10%

the

total

outstanding

each

respective

Fund:

Line

Credit

The

Funds

participate

$200

million

unsecured

line

credit

agreement

with

State

Street

Bank

and

Trust

Company

(the

“Credit

Agreement”),

which

currently

effect

through

March

12,

2025,

but

may

renewed

annual

basis

thereafter.

Borrowings

made

the

Funds

will

utilized

solely

for

temporary

emergency

purposes

contemplated

the

Investment

Company

Act

including,

without

limitation,

funding

shareholder

redemptions.

Interest

borrowing

charged

Fund

variable

rate

determined

accordance

with

the

Credit

Agreement.

addition,

commitment

fee

computed

annual

rate

0.20%

the

daily

unused

portion

the

line

credit

allocated

among

the

participating

Funds

pro-rata

based

average

daily

net

assets

for

the

applicable

period.

The

Funds

are

subject

certain

covenants

contained

the

Credit

Agreement.

Failure

comply

with

these

covenants

could

cause

the

acceleration

the

repayment

the

amount

outstanding

under

the

Credit

Agreement.

Expenses

associated

with

the

line

credit,

such

legal

fees

and

the

commitment

fee,

are

shown

the

Statement

Operations

miscellaneous

fees.

The

Funds

did

not

make

any

borrowings

under

the

line

credit

during

the

period

ended

October

31,

2024.

Conservative

Strategy

Fund

278

9,971

5,061

Moderate

Strategy

Fund

291

15,237

5,941

Balanced

Strategy

Fund

898

131,775

25,747

Growth

Strategy

Fund

171,320

28,580

Equity

Growth

Strategy

Fund

—

68,834

11,324

Expiration

Funds

Short-Term

Long-Term

Totals

Conservative

Strategy

Fund

—

6,409,740

Moderate

Strategy

Fund

—

8,190,246

Balanced

Strategy

Fund

—

29,461,599

Equity

Growth

Strategy

Fund

33,640

4,530,983

4,564,623

Funds

Shareholders

Conservative

Strategy

Fund

70.0

Moderate

Strategy

Fund

59.6

Balanced

Strategy

Fund

69.2

Growth

Strategy

Fund

72.3

Equity

Growth

Strategy

Fund

65.1

Russell

Investment

Company

LifePoints

Funds

Notes

Financial

Statements,

continued

—

October

31,

2024

Notes

Financial

Statements

Subsequent

Events

meeting

held

August

27,

2024,

the

Board,

upon

the

recommendation

RIM,

approved

Plan

Reclassification

reclassify

Class

the

Funds

Class

Shares.

Effective

December

11,

2024,

Class

all

Funds

were

reclassified

Class

Shares.

The

value

shareholder’s

investment

did

not

change

result

the

reclassification.

Report

Independent

Registered

Public

Accounting

Firm

Report

Independent

Registered

Public

Accounting

Firm

the

Board

Trustees

Russell

Investment

Company

and

Shareholders

Conservative

Strategy

Fund,

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund

Opinions

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities,

including

the

schedules

investments,

Conservative

Strategy

Fund,

Moderate

Strategy

Fund,

Balanced

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund

(five

the

funds

constituting

Russell

Investment

Company,

hereafter

collectively

referred

the

“Funds”)

October

31,

2024,

the

statements

operations

for

the

year

ended

October

31,

2024,

the

statements

changes

net

assets

for

each

the

two

years

the

period

ended

October

31,

2024,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

October

31,

2024

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

October

31,

2024,

the

results

each

their

operations

for

the

year

then

ended,

the

changes

each

their

net

assets

for

each

the

two

years

the

period

ended

October

31,

2024

and

each

the

financial

highlights

for

each

the

five

years

the

period

ended

October

31,

2024

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

the

Funds’

management.

Our

responsibility

express

opinion

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

October

31,

2024

correspondence

with

the

transfer

agent.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

December

23,

2024

have

served

the

auditor

one

investment

companies

the

Russell

Investments

family

funds

since

1981.

PricewaterhouseCoopers

LLP,

1420

Fifth

Avenue,

Suite

2800,

Seattle,

98101

(206)

398

3000,

(206)

398

3100,

www.pwc.com/us

Russell

Investment

Company

LifePoints

Funds

Tax

Information—

October

31,

2024

(Unaudited)

Tax

Information

For

the

tax

year

ended

October

31,

2024,

the

Funds

designate

100%,

the

maximum

amount

allowable,

their

net

taxable

income

qualified

dividends

taxed

individual

net

capital

gain

rates.

For

the

tax

year

ended

October

31,

2024,

the

Funds

designate

under

Section

871(k)(2)(c)

the

Code,

the

maximum

amount

allowable

short

term

capital

gain

dividend

for

purposes

the

tax

imposed

under

Section

871(a)(1)(A)

the

Code.

This

applies

nonresident

alien

shareholders

only.

The

Form

1099

you

receive

January

2025

will

show

the

tax

status

all

distributions

paid

your

account

calendar

year

2024.

The

Funds

designate

dividends

distributed

during

the

fiscal

year

qualifying

for

the

dividends

received

deduction

for

corporate

shareholders

follows:

The

Funds

listed

below

paid

foreign

taxes

and

recognized

foreign

source

income

during

the

taxable

year

ended

October

31,

2024.

Pursuant

Section

853

the

Code,

the

Funds

designate

the

following

per

amounts

foreign

taxes

paid

and

income

earned

from

foreign

sources:

Please

consult

tax

adviser

for

any

questions

about

federal

state

income

tax

laws.

Conservative

Strategy

Fund

3.5%

Moderate

Strategy

Fund

8.5%

Balanced

Strategy

Fund

18.1%

Growth

Strategy

Fund

30.1%

Equity

Growth

Strategy

Fund

41.1%

Fund

Name

Foreign

Taxes

Paid

Foreign

Taxes

Paid

Per

Foreign

Source

Income

Foreign

Source

Income

Per

Conservative

Strategy

Fund

13,004

0.0016

80,624

0.0098

Moderate

Strategy

Fund

24,988

0.0018

169,083

0.0121

Balanced

Strategy

Fund

173,947

0.0029

1,075,402

0.0177

Growth

Strategy

Fund

291,220

0.0059

2,187,616

0.0444

Equity

Growth

Strategy

Fund

195,546

0.0094

1,464,447

0.0700

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts

—

October

31,

2024

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

Approval

Investment

Advisory

Agreement

The

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

requires

that

the

Board

Trustees

(the

“Board”),

including

majority

its

members

who

are

not

considered

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

for

initial

term

not

exceed

two

years

and,

thereafter,

approve

the

continuation

the

advisory

agreement

with

Russell

Investment

Management,

LLC

(“RIM”)

(the

“RIM

Agreement”)

and

the

portfolio

management

contract

with

each

Money

Manager

the

funds

(collectively,

the

“portfolio

management

contracts”

and,

with

the

RIM

Agreement,

the

“Agreements”)

which

the

Funds

invest

(the

“Underlying

Funds”)

least

annual

basis

and

that

the

terms

and

conditions

the

RIM

Agreement

and

the

terms

and

conditions

each

portfolio

management

contract

provide

for

its

termination

continuation

not

approved

annually.

The

Board,

including

all

the

Independent

Trustees,

considered

and

approved

the

continuation

the

Agreements

meeting

held

person

May

20,

2024

(the

“Agreement

Evaluation

Meeting”).

During

the

course

year,

the

Trustees

receive

wide

variety

materials

regarding,

among

other

things,

the

investment

performance

the

Funds

and

Underlying

Funds,

sales

and

redemptions

the

Funds’

and

Underlying

Funds’

shares,

management

the

Funds

and

the

Underlying

Funds

and

other

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

and

compliance

with

applicable

regulatory

requirements.

preparation

for

the

annual

review,

the

Independent

Trustees,

with

the

advice

and

assistance

their

independent

counsel

(“Independent

Counsel”),

also

requested

and

the

Board

considered:

(1)

information

and

reports

prepared

RIM

relating

the

services

provided

RIM

(and

its

affiliates)

and

the

Money

Managers

the

Funds

and

the

Underlying

Funds;

(2)

information

and

reports

prepared

RIM

relating

the

profitability

each

Fund

and

Underlying

Fund

RIM

(and

its

affiliates);

and

(3)

information

received

from

independent,

nationally

recognized

provider

investment

company

information

comparing

(i)

the

performance

the

Funds

and

the

Underlying

Funds

over

various

time

periods

and

(ii)

the

Funds’

and

the

Underlying

Funds’

respective

operating

expenses

each

Fund’s

last

fiscal

year

end,

with

other

peer

funds

not

managed

RIM,

believed

the

provider

generally

comparable

the

Funds

and

the

Underlying

Funds

(the

“Third-Party

Information”).

The

Third-Party

Information

provided

performance

comparisons

for

Class

and

operating

expense

comparisons

for

Class

the

Funds,

and

performance

comparisons

and

operating

expense

comparisons

for

Class

the

Underlying

Funds,

except

for

the

Long

Duration

Bond

Fund,

for

which

the

Third-Party

Information

showed

performance

comparisons

for

Class

since

first

being

issued

September

11,

2023,

and

for

Class

prior

that

date.

the

case

each

Fund,

its

other

peer

funds

are

collectively

hereinafter

referred

the

Fund’s

“Comparable

Funds,”

and,

with

the

Fund,

such

Comparable

Funds

are

collectively

hereinafter

referred

the

Fund’s

“Performance

Universe”

the

case

performance

comparisons,

and

the

Fund’s

“Expense

Group”

the

case

operating

expense

comparisons.

The

foregoing

and

other

information

received

the

Board,

including

the

Independent

Trustees,

connection

with

its

evaluations

the

Agreements

are

collectively

called

the

“Agreement

Evaluation

Information.”

The

Trustees’

evaluations

also

reflected

the

knowledge

and

familiarity

gained

Board

members

the

Funds

and

the

other

RIM-managed

funds

for

which

the

Board

has

supervisory

responsibility,

including

the

Underlying

Funds

(“Other

RIM

Funds”),

with

respect

services

provided

RIM,

RIM’s

affiliates

and

each

Money

Manager.

The

Trustees

received

memorandum

from

counsel

the

Funds

and

the

Underlying

Funds

(“Fund

Counsel”)

discussing

the

legal

standards

for

their

consideration

the

continuations

the

Agreements,

and

the

Independent

Trustees

separately

received

memorandum

regarding

their

responsibilities

from

their

Independent

Counsel.

meetings

held

virtually

April

2024

and

April

15,

2024,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information

received

those

dates.

meeting

held

person

April

22,

2024,

the

Independent

Trustees

met

privately

with

Independent

Counsel

discuss

the

Agreement

Evaluation

Information

received

that

date.

meeting

held

person

April

23,

2024

(the

“Agreement

Information

Review

Meeting”),

the

Board,

including

the

Independent

Trustees,

preparation

for

the

Agreement

Evaluation

Meeting,

met:

(1)

executive

session

with

representative

Associates

Management,

L.P.

(“TA

Associates”),

which

(i)

Independent

Counsel,

(ii)

Fund

Counsel,

(iii)

the

Chief

Financial

Officer

RIM

and

RIM’s

ultimate

parent

company,

and

(iv)

the

President,

Chief

Executive

Officer

and

non-Independent

Trustee

the

Funds,

who

also

Director

RIM

and

the

Chief

Operating

Officer

RIM’s

ultimate

parent

company,

were

present;

(2)

met

with

representatives

RIM;

and

then

(3)

the

Independent

Trustees

met

private

session

with

Independent

Counsel

which

representatives

RIM

the

Funds’

management

were

present

further

review

and

discuss

the

Agreement

Evaluation

Information

received

that

date.

the

basis

that

review,

the

conclusion

the

Agreement

Information

Review

Meeting,

the

Independent

Trustees

communicated

additional

questions

and

requested

additional

Agreement

Evaluation

Information.

Certain

additional

Agreement

Evaluation

Information

requested

verbally

the

Agreement

Information

Review

Meeting

was

provided

the

Board

May

2024.

May

13,

2024,

the

Independent

Trustees

met

video

conference

private

session

with

Independent

Counsel

further

discuss

the

Agreement

Evaluation

Information

and

review

the

additional

Agreement

Evaluation

Information

provided

date.

After

the

conclusion

such

meeting,

the

Independent

Trustees

provided

follow-up

comments

and

questions

relating

the

additional

Agreement

Evaluation

Information.

May

16,

2024

and

the

Agreement

Evaluation

Meeting,

the

Board

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

was

provided

with

responses

the

follow-up

comments

and

questions

relating

certain

the

additional

Agreement

Evaluation

Information

requested

the

Agreement

Information

Review

Meeting

and

subsequent

thereto.

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

again

met

person

private

session

with

Independent

Counsel

review

the

additional

updated

Agreement

Evaluation

Information

received

that

date.

the

Agreement

Evaluation

Meeting,

the

Board,

including

the

Independent

Trustees,

considered

the

proposed

continuance

the

Agreements

with

RIM,

Fund

management,

Independent

Counsel

and

Fund

Counsel.

The

Board

considered

that

the

Agreement

Evaluation

Information

and

presentations

made

RIM

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting

part

this

review

encompassed

the

Funds

and

all

Other

RIM

Funds.

Information

received

the

Board,

including

the

Independent

Trustees,

prior

and

the

Agreement

Information

Review

Meeting,

the

Agreement

Evaluation

Meeting,

and

other

meetings

identified

above

included

the

Agreement

Evaluation

Information.

Prior

voting

the

Agreement

Evaluation

Meeting,

the

Independent

Trustees

met

private

session

with

Independent

Counsel

consider

Agreement

Evaluation

Information

received

from

RIM

and

management

and

prior

the

Agreement

Evaluation

Meeting.

The

discussion

below

reflects

all

these

reviews.

evaluating

the

Agreements,

the

Board

considered

that

most

the

Underlying

Funds

(the

“Manager-of-Managers

Underlying

Funds”)

employ

manager-of-managers

method

investment

and

that

the

Manager-of-Managers

Underlying

Funds,

employing

manager-of-managers

method

investment,

operate

manner

that

different

from

many

other

investment

companies.

Specifically,

the

Board

considered

that

RIM

has

engaged

multiple

unaffiliated

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds

and

responsible

for

paying

fees

the

Money

Managers

(“Money

Manager

Fees”)

out

the

advisory

fees

paid

the

Manager-of-Managers

Underlying

Funds

RIM

for

its

services

under

the

RIM

Agreement.

Money

Manager

may

have

(1)

discretionary

asset

management

assignment

pursuant

which

allocated

portion

Manager-of-Managers

Underlying

Fund’s

assets

manage

directly

and

for

which

selects

and

trades

the

individual

portfolio

securities

for

the

assets

assigned

it;

(2)

non-discretionary

assignment

pursuant

which

provides

model

portfolio

RIM

representing

its

investment

recommendations,

based

upon

which

RIM

purchases

and

sells

securities

for

Manager-of-Managers

Underlying

Fund;

(3)

both

discretionary

and

non-discretionary

assignment.

Money

Manager

Fees

for

non-discretionary

assignment

may

the

same

as,

lower

than,

the

fees

would

for

discretionary

assignment

with

the

same

Money

Manager.

The

Multifactor

U.S.

Equity

Fund,

Multifactor

International

Equity

Fund

and

Long

Duration

Bond

Fund

not

employ

manager-of-managers

method

investment

and

are

instead

managed

only

RIM.

The

Board

considered

that

RIM

(rather

than

any

Money

Manager

the

case

Manager-of-Managers

Underlying

Funds)

responsible

under

the

RIM

Agreement

for

determining,

implementing

and

maintaining

the

investment

program

for

each

Fund

and,

conducting

each

Fund’s

investment

program,

allocating

assets

such

Fund

principally

among

its

Underlying

Funds.

The

assets

each

Fund

are

principally

invested

different

combinations

the

Underlying

Funds

pursuant

target

strategic

asset

allocations

set

RIM.

RIM

analyzes

opportunities

and

risks

the

aggregate

level

the

four

main

asset

classes

–

equities,

fixed

income,

multi-asset

and

alternatives

–

and

monitors

exposure

such

asset

classes

using

analytical

tools

seek

ensure

that

any

deviations

from

the

target

strategic

asset

allocations

are

intentional

and

tactical.

RIM

periodically

evaluates

each

Fund’s

allocation

between

asset

classes

seek

ensure

that

the

allocations

optimally

match

the

Fund’s

stated

investment

objectives

and

risk

profile.

RIM

may

modify

the

target

strategic

asset

allocation

for

any

Fund,

including

changes

the

Underlying

Funds

which

the

Funds

invest

from

time

time.

The

overall

performance

each

Fund

therefore

has

reflected,

part,

the

performance

RIM

designing

the

investment

program

the

Fund

and

determining

the

Funds’

target

strategic

asset

allocations.

The

overall

performance

each

Fund

also

has

reflected

the

performance

RIM

managing

its

Underlying

Funds.

Assets

each

Manager-of-Managers

Underlying

Fund

are

allocated

among

RIM

and

the

multiple

Money

Manager

strategies

selected

RIM

for

that

Manager-of-Managers

Underlying

Fund.

RIM

may

change

Manager-of-Managers

Underlying

Fund’s

target

strategic

asset

allocation

Money

Manager

any

time,

including

allocating

Manager-of-Managers

Underlying

Fund

assets

one

Money

Manager

strategies.

addition,

RIM

continues

manage

the

investment

each

Manager-of-Managers

Underlying

Fund’s

cash

and

portions

Manager-of-Managers

Underlying

Fund

during

transitions

between

discretionary

Money

Managers.

RIM

also

continues

manage

directly

any

portion

each

Manager-of-Managers

Underlying

Fund’s

assets

that

RIM

determines

not

allocate

Money

Manager

strategies.

Most

Underlying

Funds

usually,

but

not

always,

pursue

strategy

being

fully

invested

exposing

all

portion

their

cash

the

performance

certain

markets

purchasing

equity

securities,

fixed

income

securities

and/or

derivatives.

This

cash

“equitization”

strategy

managed

RIM

and

intended

cause

Fund

perform

though

its

cash

were

actually

invested

those

specified

markets

strategies.

With

respect

the

portion

Manager-

of-Managers

Underlying

Fund

that

RIM

manages

based

upon

non-discretionary

Money

Manager

model

portfolios,

RIM

constructs

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

portfolio

that

represents

the

aggregation

the

model

portfolios

based

upon

RIM’s

allocation

each

Money

Manager’s

strategy

through

“enhanced

portfolio

implementation,”

“emulation,”

process

designed

capture

return

streams

multiple

Money

Managers

centralized

portfolio.

RIM

then

implements

the

portfolio

consistent

with

the

aggregation

the

model

portfolios,

but

may

deviate

from

such

aggregation

for

the

purposes

exposure

and

transaction

cost

management.

RIM

stated

its

belief

that

the

Manager-of-Managers

Underlying

Funds

benefit

from

emulation

through,

among

other

things,

improved

incremental

returns

over

time

due

lower

aggregate

transaction

costs

(including

the

impact

lower

trading

volume

custody

charges)

and

turnover

from

reduced

trading

volumes,

the

potential

for

additional

commission

recapture,

improved

portfolio

efficiency

and

control

enabling

the

implementation

team

options

for

controlling

investment

exposures,

managing

cash

flows

and

rebalances

between

Money

Manager

strategies,

and

managing

Money

Manager

transitions.

The

Board

noted

the

variety

and

complexity

investment

advisory

services

that

RIM

provides

directly

or,

through

the

Underlying

Funds,

indirectly

the

Funds

under

the

RIM

Agreement.

the

case

Manager-of-Managers

Underlying

Funds,

RIM

responsible

for

selecting

(subject

Board

approval),

overseeing

and

evaluating

the

performance

results

the

Money

Managers

for

each

Manager-of-Managers

Underlying

Fund

and

for

actively

managing

allocations

and

reallocations

its

assets

among

Money

Manager

strategies

and

RIM

itself.

Each

discretionary

Money

Manager

for

Manager-of-Managers

Underlying

Fund

effect

performs

the

function

individual

portfolio

manager

who

responsible

for

researching,

selecting

and

trading

portfolio

securities

for

the

portion

the

Manager-of-Managers

Underlying

Fund

assigned

RIM

accordance

with

the

Manager-of-Managers

Underlying

Fund’s

applicable

investment

objective,

policies

and

restrictions,

any

specific

guidelines

placed

RIM

upon

their

selection

portfolio

securities,

and

the

Money

Manager’s

specified

role

Manager-of-Managers

Underlying

Fund.

Money

Manager’s

primary

role

pursue

particular

investment

strategy

that

has

been

selected

and

assigned

RIM

through

sector

and

security

selection

and

risk

control

measures

manner

that

consistent

with

its

RIM-assigned

guidelines.

The

Money

Managers

operate

subject

the

oversight

of,

and

instructions

from,

RIM.

For

each

Manager-of-Managers

Underlying

Fund,

RIM

responsible

for,

among

other

things,

providing

each

Money

Manager

with

the

investment

guidelines

and

policies

for

the

Manager-of-Managers

Underlying

Fund

and

any

specific

investment

restrictions;

monitoring

the

performance

each

Money

Manager

and

Manager-of-Managers

Underlying

Fund;

generally

supervising

compliance

the

discretionary

Money

Managers

and,

applicable,

the

non-discretionary

Money

Managers

with

each

Manager-of-Managers

Underlying

Fund’s

investment

objective

and

policies;

with

respect

Manager-of-Managers

Underlying

Funds

with

non-discretionary

Money

Managers,

purchasing

and

selling

securities

for

the

Manager-of-Managers

Underlying

Funds

based

model

portfolios

representing

the

investment

recommendations

the

non-discretionary

Money

Managers;

managing

Manager-of-Managers

Underlying

Fund

assets

that

are

not

allocated

Money

Manager

strategies;

managing

the

Manager-of-

Managers

Underlying

Funds’

cash

balances;

and

recommending

least

annually

the

Board

whether

portfolio

management

contracts

should

renewed,

modified

terminated.

addition

its

annual

recommendation

the

renewal,

modification

termination

portfolio

management

contracts,

RIM

responsible

for

recommending

the

Board

additions

new

Money

Managers,

terminations

replacements

existing

Money

Managers

any

time

when,

based

RIM’s

research

and

ongoing

review

and

analysis,

such

actions

are,

RIM’s

judgment,

appropriate.

RIM

provides

each

Money

Manager

with

specific

investment

guidelines

based

Manager-of-Managers

Underlying

Fund’s

investment

program

and

RIM’s

assessment

the

Money

Manager’s

expertise

and

investment

style

whereby

RIM

attempts

capitalize

the

strengths

each

Money

Manager

and

combine

the

investment

activities

Money

Managers

for

the

Manager-of-Managers

Underlying

Fund

complementary

fashion.

Therefore,

RIM’s

selection

Money

Managers

for

Manager-of-Managers

Underlying

Fund

made

not

only

the

basis

performance

considerations

but

also

the

basis

other

factors,

including

anticipated

compatibility

with

other

Money

Managers

the

same

Manager-of-Managers

Underlying

Fund.

light

the

foregoing,

the

overall

performance

each

Manager-of-Managers

Underlying

Fund

has

reflected,

great

part,

the

performance

RIM

designing

the

Manager-of-Managers

Underlying

Fund’s

investment

program,

structuring

the

Manager-of-Managers

Underlying

Fund,

selecting

effective

Money

Managers,

and

allocating

assets

among

the

Money

Manager

strategies

and

RIM

manner

designed

achieve

the

investment

objectives

the

Manager-

of-Managers

Underlying

Fund.

the

Agreement

Evaluation

Information,

RIM

noted

the

broad

array

investment

management

services

provided

the

Manager-of-Managers

Underlying

Funds

RIM

and

the

relatively

narrow

portfolio

management

services

provided

the

Manager-of-Managers

Underlying

Funds

Money

Managers.

RIM

has

advised

the

Board

that

its

portfolio

construction

process

investment

led

and

designed

conducted

manner

that

consistent

with

its

fiduciary

duties.

The

objective

RIM’s

portfolio

construction

meet

portfolio’s

investment

objective

and

established

excess

return

target.

the

Agreement

Evaluation

Information,

RIM

noted

that

while

has

general

goals

for

Money

Manager

Fees

the

aggregate

globally,

there

are

specific

fee

targets

that

are

established

for

individual

portfolios,

which

includes

each

the

Manager-of-Managers

Underlying

Funds.

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

Money

Manager

Fees,

the

aggregate,

must

allow

RIM

remain

going

concern

with

sufficient

resources

provide

required

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

services

the

Funds

and

earn

reasonable

profit.

RIM

advised

the

Board

that

RIM

portfolio

managers

utilize

number

tools

the

portfolio

construction

process

order

meet

Manager-of-Managers

Underlying

Fund’s

objective

taking

into

account

Money

Manager

Fees.

These

tools

include,

among

others,

Money

Manager

selection,

Money

Manager

allocation,

Money

Manager

Fee

negotiations,

guideline

customization

and

RIM’s

direct

management

portion

the

Manager-of-Managers

Underlying

Funds’

assets

(as

further

described

below).

The

Board

considered

that

the

prospectuses

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

and

other

public

disclosures

have

emphasized,

and

continue

emphasize,

investors

RIM’s

role

the

principal

investment

manager

for

each

such

Manager-of-Managers

Underlying

Fund,

rather

than

the

investment

selection

recommendation

role

the

Money

Managers,

and

describe

the

manner

which

the

Funds

Manager-of-Managers

Underlying

Funds

operate.

The

Board

further

considered

that

Fund

investors

pursuing

their

investment

goals

and

objectives

likely

purchased

their

the

basis

this

information

and

RIM’s

reputation

and

experience

managing

the

structure

the

Manager-of-Managers

Underlying

Funds.

The

Board

also

considered

the

demands

and

complexity

managing

the

Manager-of-Managers

Underlying

Funds

pursuant

the

manager-of-managers

structure,

the

special

expertise

RIM

with

respect

the

manager-of-managers

structure

the

Manager-of-

Managers

Underlying

Funds

and

the

possibility

that,

the

current

expense

ratio

each

Manager-of-Managers

Underlying

Fund,

there

might

acceptable

alternative

investment

managers

replace

RIM

comparable

terms

given

the

need

continue

the

manager-of-managers

strategy

such

Manager-of-Managers

Underlying

Fund.

addition

these

general

factors

relating

the

structure

the

Manager-of-Managers

Underlying

Funds,

the

Trustees

considered,

with

respect

each

Fund

and

Underlying

Fund,

various

specific

factors

evaluating

the

renewal

the

RIM

Agreement,

including

the

following:

The

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

expected

provided,

the

Fund

the

Underlying

Fund

RIM;

The

advisory

fee

paid

the

Fund

the

Underlying

Fund

RIM

for

its

services

under

the

RIM

Agreement

(the

“Advisory

Fee”),

and

the

fact

that

encompasses

all

investment

advisory

fees

paid

the

Fund

Underlying

Fund,

including,

the

case

Manager-of-Managers

Underlying

Funds,

the

fact

that

RIM

pays

all

Money

Manager

Fees

out

its

Advisory

Fee;

The

combined

Advisory

Fee

paid

RIM

and

the

administrative

fee

paid

RIM’s

wholly

owned

subsidiary

for

administrative

services

(the

“Administrative

Fee,”

and

together

with

the

Advisory

Fee,

the

“Management

Fee”);

The

performance

the

Funds

and

the

Underlying

Funds

relative

their

respective

benchmark

indices

and

Comparable

Funds;

Information

provided

RIM

other

fees

and

benefits

received

RIM

its

affiliates

connection

with

the

Fund

the

Underlying

Fund,

including

any

administrative

transfer

agent

fees,

any

fees

received

for

management

administration

funds

which

the

Underlying

Funds

invest

their

uninvested

cash

and

securities

lending

cash

collateral,

and

commissions

other

compensation

connection

with

the

execution

portfolio

securities

and

foreign

exchange

transactions;

Information

provided

RIM

expenses

incurred

the

Fund

Underlying

Fund;

Information

provided

RIM

the

profits

that

RIM

derives

from

its

mutual

fund

operations

generally

and

from

the

Fund

the

Underlying

Fund

(excluding

sales

and

client

service

expenses);

and

Information

provided

RIM

concerning

economies

scale

and

whether

any

scale

economies

are

adequately

shared

with

the

Fund

the

Underlying

Fund.

connection

with

the

Trustees’

consideration

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided,

and

which

are

expected

provided,

the

Funds

and

the

Underlying

Funds,

including

Fund

portfolio

management

services,

the

Board

discussed

with

senior

representatives

RIM

who

are

also

senior

representatives

RIM’s

ultimate

parent

company

certain

initiatives

involving

cost

management

and

optimization

efforts,

potential

new

client

relationships,

initial

thoughts

potential

new

product

offerings,

certain

changes

senior

personnel

and

the

impact

other

recent

changes

Russell

Investments’

(as

defined

below)

personnel

providing

services

the

Funds

and

the

Underlying

Funds.

The

Chief

Investment

Officer

Russell

Investments

discussed

with

the

Board

the

performance

certain

Funds

and

Underlying

Funds,

how

measures

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

performance

success,

and

recent

investment

process

enhancements

which

were

previously

discussed

with

the

Board

regarding

changes

the

level

and

composition

risk

the

Underlying

Funds.

The

Board

also

discussed

the

Funds’

compliance

program

with

the

Funds’

Chief

Compliance

Officer

(“CCO”),

including

certain

items

reported

the

annual

report

the

CCO

required

under

Rule

38a-1

the

1940

Act

(the

“Annual

CCO

Report”).

The

Annual

CCO

Report

included

the

status

the

goals

for

the

past

year

the

compliance

program

that

the

CCO

identified

connection

with

last

year’s

Annual

CCO

Report.

The

Annual

CCO

Report

also

included

information

the

resources

the

compliance

program

and

the

status

various

compliance,

operations

and

technology

initiatives

previously

discussed

with

the

Board.

The

CCO

and

Russell

Investments’

Global

Chief

Compliance

Officer

discussed

with

the

Board,

and

the

Board

noted,

certain

enhancements

made

the

compliance

programs

RIM

and

the

Funds

over

the

past

year

and

suggestions

for

additional

enhancements

going

forward,

certain

staffing

changes

and

areas

focus

for

the

upcoming

year.

The

CCO

advised

the

Board

that

the

Funds

and

RIM,

with

respect

the

services

RIM

provides

the

Funds,

have

each

adopted

and

effectively

implemented

written

policies

and

procedures

that

are

reasonably

designed

prevent

violation

the

Federal

Securities

Laws

(as

such

term

defined

the

1940

Act).

The

Board

also

received

information

from

and

discussed

with

the

CCO

interactions

between

RIM

and

its

principal

regulators

over

the

past

twelve

months.

RIM

indirect

wholly

owned

subsidiary

Russell

Investments

Group,

Ltd.,

through

which

the

limited

partners

certain

private

equity

funds

affiliated

with

Associates

indirectly

have

majority

ownership

interest

through

alternative

investment

vehicles

and

the

limited

partners

certain

private

equity

funds

affiliated

with

Reverence

Capital

Partners,

L.P.

(“Reverence

Capital”)

indirectly

have

significant

minority

controlling

ownership

interest

through

certain

Reverence

Capital

funds

and

alternative

investment

vehicles

RIM

and

its

affiliates

(“Russell

Investments”).

Certain

Russell

Investments’

employees

and

Hamilton

Lane

Advisors,

LLC

also

hold

minority,

non-controlling

positions

Russell

Investments.

connection

with

the

Board’s

initial

approval

the

RIM

Agreement

2015,

Associates

advised

the

Board

its

plans

ultimately

effect

sale

other

disposition

its

ownership

interest

Russell

Investments.

Any

such

future

transaction

(“Transaction”)

could

cause

change

control

RIM

resulting,

among

other

things,

assignment

and

termination

the

RIM

Agreement,

required

the

1940

Act

and

the

terms

and

conditions

the

RIM

Agreement.

the

event

Transaction,

the

Board

would

required

consider

the

approval

the

terms

and

conditions

replacement

agreement

(“Successor

Agreement”)

for

the

RIM

Agreement

and,

thereafter,

submit

the

Successor

Agreement

each

Fund’s

shareholders

for

approval,

required

the

1940

Act.

During

the

executive

session

with

representative

Associates

held

connection

with

the

Agreement

Information

Review

Meeting,

among

other

things,

the

status

Associates’

indirect

investment

RIM

and

RIM’s

access

sufficient

resources

support

its

activities

respect

the

Funds,

including

light

the

current

market

environment,

current

debt

levels,

capital

structure

and

liquidity

Russell

Investments

Group,

Ltd.,

and

the

impact

certain

changes

Russell

Investments’

senior

management

were

discussed.

The

Board

was

not

advised

any

change

Associates’

ultimate

plans

regarding

its

ownership

interest

Russell

Investments.

The

Board

was

advised

Associates’

commitment

continue

support

the

same

level

services

currently

being

provided

RIM

and

its

affiliates

the

Funds.

noted

above,

RIM,

addition

managing

the

investment

each

Manager-of-Managers

Underlying

Fund’s

cash,

directly

manages

portion

(which

may

represent

significant

portion)

the

Manager-of-Managers

Underlying

Funds

pursuant

the

RIM

Agreement,

with

the

actual

allocation

Manager-of-Managers

Underlying

Fund

assets

among

Money

Manager

strategies

and

RIM

being

determined

from

time

the

RIM

portfolio

manager(s).

the

management

Manager-of-Managers

Underlying

Funds’

assets

that

are

not

allocated

Money

Manager

strategies,

RIM

utilizes

quantitative

and/or

rules-based

processes

and

qualitative

analysis

assess

Manager-of-Managers

Underlying

Fund

characteristics

and

invests

securities

and

instruments

which

are

intended

provide

the

desired

exposures

(such

lower

volatility,

momentum,

value,

growth,

quality,

capitalization

size,

industry,

sector,

region,

currency,

credit

mortgage

exposure,

country

risk,

yield

curve

positioning

interest

rates).

For

example,

RIM

may

utilize

tools

such

“optimization,”

which

involves

the

analysis

tradeoffs

between

various

risk

and

return

factors

well

turnover

and

transaction

costs,

order

estimate

optimal

portfolio

positioning.

RIM

may

use

strategies

based

indexes,

including

optimized

index

sampling

(strategies

that

seek

purchase

sampling

securities

using

optimization

and

risk

models)

and/or

index

replication.

For

certain

Underlying

Funds,

RIM

may

invest

derivative

instruments

and

may

use

derivatives

take

both

long

and

short

positions.

RIM’s

direct

management

assets

for

these

purposes

hereinafter

referred

the

“Direct

Management

Services.”

While

new

direct

management

strategies

were

implemented

2023,

the

Board

has

been

advised

that,

where

appropriate

its

judgment,

RIM

may

continue

exploring

the

possible

addition

new

expansion

existing

Direct

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

Management

Services.

Therefore,

larger

portions

certain

Manager-of-Managers

Underlying

Funds

may

managed

directly

RIM

pursuant

the

Direct

Management

Services.

According

RIM,

for

the

Manager-of-Managers

Underlying

Funds,

its

portfolio

managers

combine

Money

Manager

strategies

and,

through

RIM’s

Direct

Management

Services,

align

exposures

with

RIM’s

preferred

positioning

seeking

precisely

manage

portfolio

exposures

well

generate

alpha

they

construct

portfolios.

RIM’s

Direct

Management

Services

are

customized

portfolios

directly

managed

RIM

for

use

within

the

total

portfolio

Manager-of-Managers

Underlying

Fund.

RIM’s

Direct

Management

Services

are

used

conjunction

with

allocations

Money

Manager

strategies

fully

reflect

RIM’s

strategic

and

dynamic

insights

with

integrated

liquidity

and

risk

management.

The

Board

considered

that

RIM

not

required

pay

Money

Manager

Fees

any

Money

Managers

with

respect

assets

for

which

provides

Direct

Management

Services

and

that

the

profits

derived

RIM

generally

and

from

the

Manager-of-Managers

Underlying

Funds

consequently

may

increased,

although

RIM

noted

that

incurs

additional

costs

providing

Direct

Management

Services.

RIM

advised

the

Board

that

allocations,

increased

allocations,

Manager-of-Managers

Underlying

Fund

assets

Direct

Management

Services,

together

with

Money

Manager

selection,

allocations

among

Money

Manager

strategies,

renegotiation

Money

Manager

Fees

and

changes

existing

Money

Manager

assignments

from

discretionary

non-discretionary

assignments

where

there

Money

Manager

Fee

reduction

may

reduce

its

costs

providing

investment

advisory

services

the

Manager-of-Managers

Underlying

Funds,

which

would

benefit

RIM.

The

Board

considered

RIM’s

advice

that

any

such

benefit,

including

any

increased

profits

RIM,

ultimately

may

partially

offset

the

impact

any

new

additional

fee

waivers

expense

caps

separately

agreed

upon

and

implemented

from

time

for

the

affected

Manager-of-Managers

Underlying

Funds

and

any

costs

incremental

investments

increased

cost

allocations

that

RIM

may

incur

support

Direct

Management

Services.

The

Board

also

considered

information

provided

RIM

the

potential

benefits

the

Direct

Management

Services

the

Manager-of-Managers

Underlying

Funds

and

the

fact

that

the

aggregate

Advisory

Fees

paid

the

Manager-of-Managers

Underlying

Funds

are

not

increased

result

RIM’s

direct

management

Manager-of-Managers

Underlying

Fund

assets

part

the

Direct

Management

Services

otherwise.

The

Board

noted

that

changes

the

allocation

assets

among

Money

Manager

strategies,

Direct

Management

Services

connection

with

asset

allocation

programs

offered

RIM,

well

changes

the

allocation

Fund

assets

among

the

Underlying

Funds,

may

result

directly

higher

costs

affected

Underlying

Funds,

including

higher

brokerage

commissions

and

other

transaction

costs,

portion

which

paid

RIM’s

affiliated

broker

connection

with

execution

portfolio

transactions

connection

with

such

changes.

RIM

advised

the

Board

that,

order

preserve

flexibility

and

manage

risks,

and

consistent

with

the

terms

the

manager-of-

managers

exemptive

order,

2019,

RIM

created

Money

Manager

“bench”

lineups

for

certain

Manager-of-Managers

Underlying

Funds,

whereby

those

Manager-of-Managers

Underlying

Funds

have

Board-approved

portfolio

management

contracts

with

Money

Managers

that

are

not

funded

(i.e.,

have

asset

allocation

zero).

the

Agreement

Evaluation

Information,

RIM

advised

the

Board

that

the

opportunity

decrease

Money

Manager’s

allocation

zero,

but

not

terminate

the

Money

Manager,

allows

RIM

potentially

realize

gains

from

strategies

that

may

have

been

overly

rewarded

the

marketplace

over

the

short

medium

term,

provide

the

opportunity

retain

capacity

with

Money

Manager

that

may

otherwise

closed

new

business.

The

Board

noted

that

RIM

does

not

believe

there

are

any

detriments

the

Manager-of-Managers

Underlying

Funds

RIM

from

the

use

Money

Manager

bench.

RIM

has

advised

the

Board

that

RIM

may

add

Money

Managers

to,

remove

Money

Managers

from,

Money

Manager

bench

lineup

for

Manager-of-Managers

Underlying

Funds,

create

Money

Manager

bench

lineups

for

additional

Manager-of-Managers

Underlying

Funds.

The

Agreement

Evaluation

Information

outlined

various

changes

that

have

been

implemented

the

investment

program

for

the

Funds

and

the

Manager-of-Managers

Underlying

Funds

recent

years

and

described

additional

changes

that

have

been

implemented

are

underway,

and

the

impact

such

changes,

the

investment

advisory

services

provided

the

Underlying

Funds

RIM,

which

the

Trustees

took

into

account

their

contract

renewal

deliberations,

including

the

following:

•

The

Direct

Management

Services

described

above.

•

Most

discretionary

Money

Manager

equity

assignments

for

Manager-of-Managers

Underlying

Funds

were

previously

converted

non-discretionary

assignments,

thereby

implementing

emulation

for

those

Money

Manager

equity

assignments.

The

Board

considered

the

potential

impacts

described

the

Agreement

Evaluation

Information,

both

positive

and

negative,

the

Manager-

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

of-Managers

Underlying

Funds

emulation.

RIM

noted

that,

implementing

emulation

for

most

equity

assignments

for

the

Manager-of-Managers

Underlying

Funds,

assumes

various

additional

risks,

including

trade

error

risk

takes

over

responsibility

for

trading.

RIM

generally

effects

Underlying

Fund

equity

portfolio

transactions

through

affiliated

broker

that

receives

portion

the

commissions

paid

the

Funds

for

effecting

some

these

transactions.

For

such

equity

transactions,

the

Underlying

Funds

pay

RIM’s

affiliated

broker

dealer

commission

rates

that

are

determined

oversight

committee

RIM.

According

RIM,

the

Underlying

Funds

pay

the

same

commission

rates

regardless

whether

the

affiliated

broker

dealer

receives

any

portion

the

commission.

RIM

noted

certain

enhancements

recent

years

the

emulation

process

for

Manager-of-Managers

Underlying

Funds,

including

increasing

the

frequency

receipt

certain

Money

Manager

model

portfolios,

the

utilization

risk-based

portfolio

dashboard

and

model

liquidity

monitoring.

While

RIM

generally

implements

Money

Manager

equity

strategies

via

emulation,

RIM

has

determined

and

may

determine

that

certain

Money

Manager

equity

strategies

should

implemented

Money

Managers

discretionary

basis.

•

RIM

has

renegotiated

fees

with

certain

Money

Managers

lower

levels

and

advised

the

Board

that

will

continue

assess

opportunities

for

Money

Manager

Fee

reductions

the

future.

RIM

advised

the

Board

that

has

not

experienced,

and

does

not

expect

experience,

any

diminution

the

nature,

scope

quality

services

provided

Money

Managers

result

renegotiated

Money

Manager

Fees.

•

Benchmark

changes

for

certain

Underlying

Funds

comply

with

new

SEC

regulations.

•

adjustments

the

overall

credit

quality

and

risk

exposures

for

certain

fixed-income

Underlying

Funds

better

align

these

Funds

with

their

peer

group

constituents

which

expected

result

higher

level

differentiation

between

those

Underlying

Funds.

•

Modifications

the

target

strategic

asset

allocation

the

Funds

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

•

The

reduction

contractual

advisory

fee

rates

for

the

Funds

and

certain

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

reimbursing

Fund

expenses

under

expense

cap,

and

the

implementation

new

waivers

and/or

expense

caps

for

such

Funds.

evaluating

the

Funds’

and

Underlying

Funds’

Advisory

Fees

and

Management

Fees,

the

Board

considered

that,

the

Agreement

Evaluation

Information

and

past

meetings,

RIM

noted

differences

between

the

investment

strategies

certain

Underlying

Funds

and

their

respective

Comparable

Funds

pursuing

their

investment

objectives.

The

Board

considered

that,

effective

March

2024,

the

contractual

advisory

fee

rates

were

reduced

for

the

Funds

and

certain

Underlying

Funds

for

which

RIM

was

consistently

waiving

advisory

fees

reimbursing

Fund

expenses

under

expense

cap,

and

new

waivers

and/or

expense

caps

for

the

Funds

and

certain

Underlying

Funds

were

implemented

upon

the

expiration

the

prior

waivers

and/or

expense

caps.

assist

the

Board’s

evaluation

the

Advisory

Fees,

Management

Fees

and

total

expenses

the

Funds

and

the

Underlying

Funds,

RIM

provided

comparisons

and

discussion

the

Management

Fees

and

total

expenses

each

Fund

and

Underlying

Fund

annualized

pro

forma

basis

(i.e.,

adjusted

reflect

the

changes

contractual

Advisory

Fees

and

Advisory

Fee

waivers

and

expense

caps,

applicable)

relative

the

management

fees

and

total

expenses

such

Fund’s

Comparable

Funds

included

the

Third-Party

Information

(the

“Pro

Forma

Information”).

The

Pro

Forma

Information

included,

among

other

things,

comparisons

the

Funds’

Management

Fees

with

the

management

fees

their

Comparable

Funds

actual

basis

(i.e.,

giving

effect

any

fee

waivers

and/or

expense

caps

implemented

RIM

with

respect

Fund

and

the

managers

such

Fund’s

Comparable

Funds).

The

Pro

Forma

Information

showed,

among

other

things,

that

the

Balanced

Strategy

Fund

and

Equity

Growth

Strategy

Fund

each

had

Management

Fee

which,

compared

with

the

management

fees

its

respective

Comparable

Funds

pro

forma

basis,

was

ranked

the

fourth

quintile

its

Expense

Group

for

that

expense

component.

The

Management

Fees

for

each

the

other

Funds

ranked

the

third

quintile

its

Expense

Group,

better.

these

rankings,

the

first

quintile

represents

funds

with

the

lowest

management

fees

among

funds

the

Expense

Group,

and

the

fifth

quintile

represents

funds

with

the

highest

management

fees

among

funds

the

Expense

Group.

The

comparisons

were

based

upon

the

latest

fiscal

years

for

the

Expense

Group

funds

and

the

Pro

Forma

Information.

discussing

the

Management

Fees

for

the

Underlying

Funds

generally,

RIM

noted,

among

other

things,

that

its

Management

Fees

for

the

Underlying

Funds

encompass

services

that

are

typical

services

provided

investment

advisers

the

Underlying

Funds’

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

Comparable

Funds,

well

transition

management

services

that

enable

efficient

and

cost-effective

asset

transition

events

and

the

administration

cash

equitization

program.

RIM

also

advised

the

Board

that

its

pre-tax

profit

margins

from

its

relationships

with

the

Funds

and

Underlying

Funds

increased

slightly

2023,

and

RIM’s

2023

pre-tax

profit

margins

providing

investment

advisory

services

the

Funds

modestly

higher

than

the

median

the

operating

profit

margins

public

investment

management

company

peers

(in

each

case,

including

sales

and

client

service

expenses)

based

survey

conducted

September

30,

2023

reflecting

the

prior

months.

RIM

has

expressed

its

view

that

Advisory

Fees

should

also

considered

not

only

isolation,

but

also

the

context

Fund’s

Underlying

Fund’s

total

expense

ratio

obtain

complete

picture.

The

Board

considers

each

Fund’s

and

Underlying

Fund’s

Advisory

Fee

and

Management

Fee

both

standalone

basis

and

the

context

the

Fund’s

Underlying

Fund’s

total

expense

ratio.

The

Board

also

considers

the

various

expense

components,

other

than

the

Advisory

Fee

and

Management

Fee,

that

comprise

each

Fund’s

total

expense

ratio,

and

the

extent

which

such

expense

components

contribute

each

Fund’s

total

expense

rankings

within

its

Expense

Group.

The

Board

has

engaged,

and

continues

engage,

discussions

with

RIM

identify

opportunities,

where

appropriate,

for

improving

the

Advisory

Fee,

Management

Fee

and/or

total

expense

comparisons

for

certain

Underlying

Funds

relative

their

respective

Comparable

Funds

through

Advisory

Fee

waivers

expense

caps.

the

Agreement

Information

Review

Meeting

and

the

Agreement

Evaluation

Meeting,

the

Board

reviewed

and

discussed

with

RIM

the

Management

Fees

and

total

expense

ratios

the

Underlying

Funds

relative

their

respective

Comparable

Funds,

including

the

fee

waivers

expense

caps

RIM

had

implemented

and

agreed

implement

subsequently

2024

reduce

Management

Fees

and/or

total

expenses

for

certain

Underlying

Funds,

and

the

Underlying

Funds’

Comparable

Fund

fee

and

expense

trending

year-

over-year.

Based

that

review

and

discussions

with

RIM,

including

discussions

with

RIM

regarding

the

reasonableness

various

components

certain

Underlying

Funds’

total

expense

ratio

other

than

its

Management

Fee,

the

Independent

Trustees

will

continue

evaluate

and

engage

ongoing

discussions

with

management

regarding

Management

Fee

and

total

expense

comparisons

the

Underlying

Funds.

With

respect

the

Balanced

Strategy

Fund

and

Equity

Growth

Strategy

Fund,

RIM

expressed

its

belief

that

each

Fund’s

Management

Fee

was

fair

and

reasonable

notwithstanding

the

Pro

Forma

Information

comparisons,

based

on,

and

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

the

Balanced

Strategy

Fund,

RIM

noted

the

small

number

and

variability

the

constituents

the

Fund’s

Expense

Group.

The

Board

considered

that,

after

considering

request

from

the

Independent

Trustees,

RIM

agreed

implement

Advisory

Fee

waiver

for

the

Fund

2024.

The

Board

noted

that,

while

effect,

the

Advisory

Fee

waiver

would

have

beneficial

effect

comparisons

the

Fund’s

Management

Fee

relative

the

management

fees

its

Comparable

Funds.

The

Board

expressed

would

continue

monitor

the

Fund’s

fees

and

expenses

relative

its

Expense

Group.

With

respect

the

Equity

Growth

Strategy

Fund,

the

Board

considered

that

the

Fund’s

Management

Fee

had

small

variance

the

third

quintile

its

Expense

Group.

RIM

noted

the

small

number

constituent

funds

the

Fund’s

Expense

Group.

Based

upon

information

provided

RIM,

the

Board

considered

for

each

Fund

and

Underlying

Fund

whether

economies

scale

have

been

realized

and

whether

the

Advisory

Fee

for

such

Fund

Underlying

Fund

appropriately

reflects

should

revised

reflect

any

such

economies.

The

Board

considered,

among

other

things,

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure

employed

the

Manager-of-Managers

Underlying

Funds

well

net

Fund

redemptions

purchases

recent

years.

With

respect

each

Underlying

Fund,

the

Board

considered

any

Advisory

Fee

waivers

expense

limitation

arrangements

that

had

been

implemented

the

past

year

and

those

proposed

implemented

2024.

addition,

the

Board,

the

case

certain

Underlying

Funds,

considered

Advisory

Fee

breakpoints

that

previously

had

been

implemented

for

those

Underlying

Funds.

The

Board

also

considered

that

the

fee

rates

payable

RIM

its

affiliates

institutional

clients

with

investment

objectives

similar

those

the

Funds

some

cases

are

lower

than

the

advisory

fee

rates

paid

the

Funds

(including

indirect

expenses

investing

Underlying

Funds).

The

Trustees

considered

the

differences

the

nature

and

scope

services

RIM

provides

institutional

clients

and

the

Funds

and

the

Underlying

Funds.

RIM

explained,

among

other

things,

that

institutional

products

have

fewer

compliance,

administrative,

client

servicing/communication

and

other

needs

than

the

Funds

and

the

Underlying

Funds.

RIM

also

noted

that

due

the

number

and

nature

investors,

along

with

their

varied

needs

for

liquidity,

there

portfolio

liquidity

management

and

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

cash

flow

management

required

for

the

Underlying

Funds

than

for

RIM’s

and

its

affiliates’

institutional

clients,

where

assets

are

relatively

stable.

addition,

RIM

noted

that

the

Funds

and

the

Underlying

Funds

are

subject

heightened

regulatory

requirements

relative

institutional

clients,

including

new

rules

recently

adopted

the

U.S.

Securities

and

Exchange

Commission.

Accordingly,

the

Trustees

concluded

that

the

services

provided

the

Funds

and

Underlying

Funds

are

sufficiently

different

from

the

services

provided

such

institutional

clients

that

comparisons

are

not

probative

and

should

not

given

significant

weight.

With

respect

the

Funds’

total

expenses,

the

Pro

Forma

Information

showed

that

the

total

direct

expenses

(i.e.,

not

including

indirect

expenses

the

Underlying

Funds)

for

the

Balanced

Strategy

Fund

and

Equity

Growth

Strategy

Fund

each

ranked

the

fifth

quintile

its

Expense

Group,

and

the

total

direct

expenses

for

the

Growth

Strategy

Fund

ranked

the

fourth

quintile

its

Expense

Group.

these

rankings,

the

first

quintile

represents

the

funds

with

the

lowest

total

expenses

among

funds

the

Expense

Group

and

the

fifth

quintile

represents

funds

with

the

highest

total

expenses

among

the

Expense

Group

funds.

With

respect

the

Balanced

Strategy

Fund,

Growth

Strategy

Fund

and

Equity

Growth

Strategy

Fund,

RIM

expressed

its

belief

that

each

Fund’s

total

expense

ratio

was

fair

and

reasonable

notwithstanding

the

Pro

Forma

Information

comparisons,

based

on,

and

discussed

in,

the

Agreement

Evaluation

Information.

With

respect

the

Balanced

Strategy

Fund,

RIM

noted

the

small

number

and

variability

the

constituents

the

Fund’s

Expense

Group.

The

Board

considered

that,

after

considering

request

from

the

Independent

Trustees,

RIM

agreed

implement

Advisory

Fee

waiver

for

the

Fund

2024.

The

Board

noted

that,

while

effect,

the

Advisory

Fee

waiver

would

have

beneficial

effect

comparisons

the

Fund’s

total

expenses

relative

the

total

expenses

its

Comparable

Funds.

The

Board

expressed

would

continue

monitor

the

Fund’s

fees

and

expenses

relative

its

Expense

Group.

With

respect

the

Growth

Strategy

Fund,

the

Board

considered

that

the

Fund’s

total

expenses

had

small

variance

the

third

quintile

its

Expense

Group.

With

respect

the

Equity

Growth

Strategy

Fund,

the

Board

considered

the

variance

the

Fund’s

total

expenses

the

third

quintile

its

Expense

Group.

RIM

noted

the

small

number

constituent

funds

the

Fund’s

Expense

Group.

the

basis

the

Agreement

Evaluation

Information,

and

other

information

previously

received

the

Board

from

RIM

during

the

course

the

year

and

prior

years,

presented

connection

with

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting

RIM

and

its

affiliates,

the

Board,

respect

each

Fund

and

Underlying

Fund,

after

giving

effect

any

applicable

fee

waivers

and/or

expense

caps

for

the

Underlying

Funds,

and

considering

any

differences

the

investment

strategies

their

respective

Comparable

Funds

and

light

other

factors

discussed

above:

(1)

found

that

the

Advisory

Fee

and

Administrative

Fee

were

acceptable

light

the

nature,

scope

and

overall

quality

the

investment

advisory

and

other

services

provided,

and

expected

provided,

the

Fund

Underlying

Fund

and

provide

continuity

investment

advisory

and

other

services

RIM

and

its

affiliates

the

Fund

Underlying

Fund;

(2)

either

found

that

the

relative

expense

ratio

each

Fund

and

Underlying

Fund

was

comparable

those

its

Comparable

Funds

took

into

account

the

factors

noted

above,

and

other

factors

respect

the

Underlying

Funds,

considering

the

relative

expense

ratio

compared

those

its

Comparable

Funds;

(3)

found

that

the

other

benefits

and

fees

received

RIM

its

affiliates

from

the

Fund

Underlying

Fund

identified

the

Agreement

Evaluation

Information

were

not

considered

excessive;

(4)

found

that

RIM’s

reported

profitability

with

respect

the

Fund

and

Underlying

Fund

was

not

considered

excessive

light

the

nature,

scope

and

overall

quality

the

investment

management

and

other

services

provided

RIM

and

applicable

judicial

and

regulatory

guidance;

and

(5)

found

that

the

Advisory

Fee

charged

RIM

appropriately

reflects

any

economies

scale

realized

such

Fund

Underlying

Fund

light

various

factors,

including

the

Advisory

Fee

breakpoints

that

are

place

for

certain

Underlying

Funds;

the

case

Manager-of

Managers

Underlying

Funds,

the

variability

Money

Manager

Fees

and

other

factors

associated

with

the

manager-of-managers

structure;

and

RIM’s

advice

that

does

not

believe

will

experience

meaningful

economies

scale.

The

Board

concluded

that,

under

the

circumstances

and

based

RIM’s

performance

information

and

reviews

for

each

Fund

and

Underlying

Fund,

the

performance

each

the

Funds

and

Underlying

Funds

supported

the

continuation

the

RIM

Agreement.

assessing

the

performance

the

Funds

and

the

Underlying

Funds

with

least

three

years

performance

history,

the

Board

focused

upon

each

Fund’s

performance

for

the

3-year

period

ended

December

31,

2023

most

relevant,

but

also

considered

Fund

and

Underlying

Fund

performance

for

the

1-year

and,

where

applicable,

5-year

periods

ended

such

date.

reviewing

the

performance

the

Funds

and

Underlying

Funds

generally,

the

Board

took

into

consideration

various

steps

taken

RIM

the

past

few

years

enhance

the

performance

certain

Manager-of-Managers

Underlying

Funds,

including

changes

Money

Managers

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

their

allocations,

changes

investment

strategies,

and

RIM’s

implementation

expansion

its

Direct

Management

Services

and

other

strategies,

which

may

not

yet

fully

reflected

Manager-of-Managers

Underlying

Fund

investment

results.

With

respect

the

Conservative

Strategy

Fund

(Class

S),

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fifth

quintile

its

Performance

Universe

for

each

the

and

5-year

periods

ended

December

31,

2023,

and

was

ranked

the

third

quintile

its

Performance

Universe

for

the

1-year

period

ended

such

date.

With

respect

the

Moderate

Strategy

Fund

(Class

S),

the

Third-Party

Information

showed

that

the

Fund’s

performance

was

ranked

the

fourth

quintile

its

Performance

Universe

for

the

3-year

period

ended

December

31,

2023,

and

was

ranked

the

second

quintile

its

Performance

Universe

for

the

1-year

period

and

the

fifth

quintile

the

5-year

period

ended

such

date.

The

performance

each

the

other

Funds

ranked

the

third

quintile

its

Performance

Universe

better

for

the

3-year

period

ended

December

31,

2023.

The

Board

considered

RIM’s

explanation

that

the

underperformance

the

Conservative

Strategy

Fund

and

the

Moderate

Strategy

Fund

relative

their

respective

Comparable

Funds

for

the

3-year

period

was

primarily

driven

asset

allocation

differences.

RIM

noted,

among

other

things,

that

comparison

the

Funds’

Performance

Universes,

the

Funds

have

exposure

diversified,

growth-oriented

asset

classes

beyond

traditional

equities,

such

global

high

yield

debt,

emerging

market

debt,

global

real

estate,

infrastructure,

and

commodities,

which

are

included

provide

diversification

benefits

and

dampen

volatility,

but

detracted

from

the

Funds’

performance

strong

equity

environment

over

the

3-year

period.

The

Board

also

considered

RIM’s

explanation

that

the

Funds’

relative

overweight

non-U.S.

equities

versus

U.S.

equities

negatively

impacted

peer-relative

performance,

U.S.

equities

outperformed

non-U.S.

equities

annualized

basis

during

the

period.

RIM

noted

that,

within

fixed

income,

the

Funds’

higher

allocation

government

bonds

and

longer

duration

compared

their

Comparable

Funds

detracted

from

peer-relative

performance.

RIM

further

noted

that

the

Funds’

target

strategic

asset

allocations

were

modified

2021,

with

the

objective

improving

return

potential

given

the

current

capital

markets

environment

and

capital

markets

forecasts,

and

improving

asset

class

and

performance

attribution

transparency.

RIM

also

noted

that

modified

the

target

strategic

asset

allocation

the

Funds

2023

reflect

market

conditions,

capital

market

forecasts

and

RIM’s

desired

asset

class

exposures.

evaluating

performance,

the

Board

considered

each

Fund’s

and

Underlying

Fund’s

performance

not

only

relative

its

Comparable

Funds,

but

also

absolute

terms

and

relative

appropriate

benchmarks

and

indices.

The

Board

considered

the

Manager-of-Managers

Underlying

Funds’

performance

relative

their

primary

benchmarks

light

RIM’s

advice

that

its

investment

philosophy

and

process

seek

combine

investment

managers

produce

benchmark-beating

returns

with

above-

average

consistency.

Among

the

Manager-of-Managers

Underlying

Funds

which

the

Funds

were

invested

December

31,

2023,

for

the

1-year

period

ended

December

31,

2023,

Opportunistic

Credit

Fund,

Short

Duration

Bond

Fund,

Global

Infrastructure

Fund,

Global

Real

Estate

Securities

Fund

and

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

for

the

3-year

period

ended

December

31,

2023,

the

U.S.

Small

Cap

Equity

Fund,

Global

Equity

Fund,

Opportunistic

Credit

Fund

and

Multi-Strategy

Income

Fund

outperformed

their

respective

benchmarks;

and

for

the

5-year

period

ended

December

31,

2023,

the

U.S.

Small

Cap

Equity

Fund,

Opportunistic

Credit

Fund,

Short

Duration

Bond

Fund,

Global

Infrastructure

Fund

and

Global

Real

Estate

Securities

Fund

outperformed

their

respective

benchmarks.

With

respect

the

Underlying

Funds

that

are

not

Manager-of-

Managers

Funds,

for

the

3-year

period

ended

December

31,

2023,

the

Multifactor

U.S.

Equity

Fund

and

Multifactor

International

Equity

Fund

outperformed

their

respective

benchmarks.

The

Board

also

considered

the

Money

Manager

changes

that

have

been

made

during

the

past

year

and

that

the

performance

Money

Managers

continues

impact

the

performance

the

Funds

and

Manager-of-Managers

Underlying

Funds

for

periods

prior

and

subsequent

their

termination.

Further,

the

Board

considered

the

implementation

additional

strategies

refinements

strategies

discussed

the

Agreement

Evaluation

Information

and/or

prior

Board

meetings

that

have

been

and

may

employed

RIM

respect

certain

Underlying

Funds.

After

considering

the

foregoing

and

other

relevant

factors,

including

factors

described

above,

the

Board

concluded

respect

each

Fund

and

Underlying

Fund

that

continuation

the

RIM

Agreement

would

the

best

interest

such

Fund

and

its

shareholders

and

voted

approve

the

continuation

the

RIM

Agreement.

the

Agreement

Information

Review

Meeting

and

Agreement

Evaluation

Meeting,

with

respect

the

evaluation

the

terms

portfolio

management

contracts

with

Money

Managers

for

the

Manager-of-Managers

Underlying

Funds,

the

Board

received

and

considered

information

from

RIM

reporting,

among

other

things,

for

each

Money

Manager,

the

Money

Manager’s

performance

Russell

Investment

Company

LifePoints

Funds

Basis

for

Approval

Investment

Advisory

Contracts,

continued

—

(Unaudited)

Basis

for

Approval

Investment

Advisory

Contracts

over

various

periods;

RIM’s

assessment

the

performance

each

Money

Manager;

any

significant

business

relationships

between

the

Money

Manager

and

RIM

Russell

Investments

Financial

Services,

LLC,

the

Funds’

and

Underlying

Funds’

underwriter;

and

RIM’s

recommendation

retain

each

discretionary

non-discretionary

Money

Manager

the

current

terms

and

conditions,

including

the

current

fee

rate.

The

Board

received

reports

during

the

course

the

year

from

the

Funds’

CCO

regarding

her

assessments

Money

Manager

compliance

programs

and

any

compliance

issues.

RIM

did

not

identify

any

benefits

from

the

Manager-of-Managers

Underlying

Funds’

portfolio

transactions

received

Money

Managers

their

affiliates

other

than

potential

benefits

from

soft

dollar

arrangements

commissions

paid

any

affiliated

broker-dealer

through

which

discretionary

Money

Manager

may

execute

trades.

RIM

recommended

that

each

the

Money

Managers

retained

for

its

current

discretionary

non-discretionary

assignment

its

current

fee

rate.

doing

so,

RIM,

has

the

past,

advised

the

Board

that

does

not

regard

Money

Manager

profitability

economies

scale

relevant

its

evaluation

the

portfolio

management

contracts

with

Money

Managers

because

the

willingness

Money

Managers

serve

such

capacity

depends

upon

arm’s-length

negotiations

with

RIM;

RIM

aware

the

standard

fee

rates

charged

Money

Managers

other

clients;

and

RIM

believes

that

the

fees

agreed

upon

with

Money

Managers

are

reasonable

and

appropriate

light

the

anticipated

quality

investment

advisory

services

rendered.

The

Board

accepted

RIM’s

explanation

the

relevance

Money

Manager

profitability

light

RIM’s

belief

that

such

fees

are

reasonable;

the

Board’s

findings

the

acceptability

the

Advisory

Fee

paid

each

Manager-of-Managers

Underlying

Fund;

and

the

fact

that

each

Money

Manager’s

fee

paid

RIM.

Based

upon

RIM’s

recommendations,

together

with

relevant

Agreement

Evaluation

Information,

the

Board

concluded

that

the

fees

paid

the

Money

Managers

each

Manager-of-Managers

Underlying

Fund

are

acceptable

light

RIM’s

assessment

quality

the

investment

advisory

services

provided

and

that

continuation

the

portfolio

management

contract

with

each

Money

Manager

each

Manager-of-Managers

Underlying

Fund

would

the

best

interests

the

Manager-of-Managers

Underlying

Fund

and

its

shareholders.

This

discussion

not

intended

include

all

the

factors

and

information

considered

the

Board.

their

deliberations,

the

Trustees

did

not

identify

any

particular

information

the

RIM

Agreement

or,

other

than

RIM’s

recommendation,

the

portfolio

management

contract

with

any

Money

Manager

for

Manager-of-Managers

Underlying

Fund

that

was

all-important

controlling,

except,

the

case

the

RIM

Agreement,

the

need

continue

the

managers-of-managers

structure

the

Manager-of-Managers

Underlying

Funds,

and

each

Trustee

attributed

different

weights

the

various

factors

considered.

The

Trustees

evaluated

all

information

available

them

Fund-by-Fund

basis

and

their

determinations

were

made

respect

each

Fund

and

Underlying

Fund.

Russell

Investment

Company

LifePoints

Funds

Adviser

and

Service

Providers

—

October

31,

2024

(Unaudited)

Adviser

and

Service

Providers

Interested

Trustee

Vernon

Barback

Independent

Trustees

Michelle

Cahoon

Michael

Day

Julie

Dien

Ledoux

Jeremy

May

Ellen

Needham

Jeannie

Shanahan

Raymond

Tennison,

Jr.

Jack

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,

98101

Administrator

and

Transfer

and

Dividend

Disbursing

Agent

Russell

Investments

Fund

Services,

LLC

1301

Second

Avenue

Seattle,

98101

Custodian

State

Street

Bank

and

Trust

Company

1776

Heritage

Drive

North

Quincy,

02171

Office

Shareholder

Inquiries

1301

Second

Avenue

Seattle,

98101

(800)

787-7354

Legal

Counsel

Dechert

LLP

One

International

Place,

40th

Floor

100

Oliver

Street

Boston,

02110

Distributor

Russell

Investments

Financial

Services,

LLC

1301

Second

Avenue

Seattle,

98101

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

1420

5th

Avenue,

Suite

2800

Seattle,

98101

This

report

prepared

from

the

books

and

records

the

Funds

and

submitted

for

the

general

information

shareholders

and

not

authorized

for

distribution

prospective

investors

unless

accompanied

preceded

effective

Prospectus.

Nothing

herein

contained

considered

offer

sale

solicitation

offer

buy

Russell

Investment

Company.

Such

offering

made

only

Prospectus,

which

includes

details

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) Code of Ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as codeofethics

(b) Certification for principal executive officer of registrant as required by Rule 30a-2(a) under the Act and certification for principal financial officer of registrant as required by Rule 30a-2(a) under the Act. ex99_cert

(c) Certification for principal executive officer and principal financial officer of registrant as required by Rule 30a-2(b) under the Act. ex99.906_cert

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: /s/ Vernon Barback

Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: December 27, 2024

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: /s/ Vernon Barback

Vernon Barback

President & Chief Executive Officer (Principal Executive Officer), Russell Investment Company

Date: December 27, 2024

By: /s/ Kari Seabrands

Kari Seabrands

Treasurer, Chief Accounting Officer (Principal Accounting Officer) and Chief Financial Officer (Principal Financial Officer), Russell Investment Company

Date: December 27, 2024